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251205.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, December 5, 2025, Vol. 29, No. 338 Headlines 19 SCHUYLER AVE: Seeks Chapter 11 Bankruptcy in New Jersey 210 AT HARRISON: Seeks Chapter 11 Bankruptcy in Alabama 23ANDME HOLDINGS: Court Approves Cyber Insurance Deal 30 EAST 40TH: Case Summary & One Unsecured Creditor 82SUFFIELD SQUARE: Seeks Chapter 11 Bankruptcy in Illinois AARTI WESTERN: Seeks Chapter 11 Bankruptcy in Texas AIO US: Mediation Not Appropriate in Insurers' Lawsuit ALGORHYTHM HOLDINGS: Seven Key Proposals OK'd at Annual Meeting ALL AMERICAN: Seeks to Use Cash Collateral AMERICAN SIGNATURE: To Close Value City Furniture Stores in La. ANNALEE DOLLS: Plan Exclusivity Period Extended to December 9 API GP VENTURE: Hires Hilco Real Estate as Real Estate Broker ARTIFICIAL INTELLIGENCE: Reports Record $762,000 October Billings ASSOCIATION MOTOR: SBA Wins Bid to Strike Expert Testimony BAFFINLAND IRON: S&P Upgrades ICR to 'CCC-', Outlook Negative BASIC ENERGY: Court Narrows Claims in Suit vs First, et al. BMH 95 RE CARUTHERSVILLE: Case Summary & Four Unsecured Creditors BMH 96 RE MARION: Case Summary & One Unsecured Creditor BODYWORX PHYSICAL: Hires Blackwood Law Firm as Bankruptcy Counsel BOY SCOUTS: Coalition Loses Bid for Payment of $21MM in Atty Fees BROADWAY REALTY: Unsecureds to Recover Up to 100% of Claims in Plan BROOKE RODD: Court OKs Deal to Use SBA's Cash Collateral BUDDY MAC ONE: Voluntary Chapter 11 Case Summary CANTERBURY GROUP: Chapter 15 Case Summary CANTONI ENTERPRISES: Hire Johnson Legal Services as Legal Counsel CE INTERMEDIATE: S&P Withdraws 'B-' ICR Following Acquisition CELSIUS NETWORK: Beaudry's Bid to Withdraw Reference Denied CHARLES BRENT ALLEN: Wins Bid to Vacate Confessed Judgment CLEARSIDE BIOMEDICAL: Suspends Nasdaq Trading, Shifts to OTC Market CONKLIN MEDIA: Court Extends Cash Collateral Access to Dec. 9 COSMETIC SURGERY: Seeks Chapter 11 Bankruptcy in North Carolina CREATIVE WAY: Voluntary Chapter 11 Case Summary DAN LEPORE & SONS: Gets Interim OK to Use Cash Collateral DATAVAULT AI: Approves All Four Proposals at Annual Meeting DAVID JOHN MOTH: Creditor Wins Bid for Automatic Stay Relief DEPLOYED SOLDIERS: Court Extends Cash Collateral Access to Jan. 31 DKC ENTERPRISES: Taps Chris Farmand & Company as Advisor DYNAMISM LLC: Gets Final OK to Use Cash Collateral E.W. SCRIPPS: Board Adopts One-Year Shareholder Rights Plan EAGLE LANDSCAPING: Seeks to Hire George Oliver PLLC as Counsel ECO-PRESERVATION: Judgment Creditors Lose Stay Relief Bid EKROOP LLC: Claims to be Paid from Continued Operations ELDER CONTRACTING: Has Deal on Cash Collateral Access EMPIRE TRIMODAL: Gets Interim OK to Use Cash Collateral ENERFLEX LTD: Moody's Raises CFR to Ba2 & Alters Outlook to Stable EVOFEM BIOSCIENCES: Approves All Key Proposals at Annual Meeting FENTON TOWE: Seeks to Hire Ayers & Haidt P.A. as Legal Counsel FREEDOM MORTGAGE: S&P Rates $500MM Senior Unsecured Notes 'B' FRONTIERSMEN INC: Plan Exclusivity Period Extended to Feb. 9, 2026 GAMIL EDHAH: Seeks to Hire Michael L. Walker as Bankruptcy Counsel GENIE INVESTMENTS: Cohan Loses Bid to Appeal Compromise Approval GLOBAL CONSULTING: Gets Interim OK to Use Cash Collateral GREAT CIRCLE: Gets Interim OK to Use Cash Collateral Until Jan. 23 GREEN WOODS: S&P Affirms 'BB+' Long-Term Rating on 2022 Bonds HIAWATHA MANOR: Seeks to Hire HREC Investment Advisors as Broker HILL INVESTMENTS: Seeks Chapter 11 Bankruptcy in Pennsylvania HIMATLAL INVEST: Seeks Chapter 11 Bankruptcy in New Jersey IMAGE LOCATIONS: Gets OK to Use Cash Collateral Until March 31 IT IS WELL: U.S. Trustee Unable to Appoint Committee JASMINE HOMES: Case Summary & One Unsecured Creditor KCAP DOMINIK: Voluntary Chapter 11 Case Summary KCAP RE FUND: Voluntary Chapter 11 Case Summary LAW OFFICES OF EDWARD: Case Summary & 20 Top Unsecured Creditors LEFEVER MATTSON: Files Amendment to Disclosure Statement LEGENDARY FIELD: Court Clears Dundon Capital of $180MM Debt LG PARENT: S&P Places 'B-' ICR on CreditWatch Negative LM FINLEY: Case Summary & 11 Unsecured Creditors LUNAI BIOWORKS: Raises $3.13M in Private Placement LUTHERAN HOME: Seeks to Hire Chuhak & Tecson as Special Counsel MAILTROPOLIS LLC: Case Summary & 11 Unsecured Creditors MARK L. OBMAN: Unsecureds to Split $30K via Quarterly Payments MATTAMY GROUP: S&P Assigns 'BB+' Rating on Senior Unsecured Notes MAXIMILLIAN KOLBE: Seeks Chapter 11 Bankruptcy in Texas MCCALLSON TAX: Gets Court OK to Use Cash Collateral MCHUGH JUNK: Gets Court OK to Use Cash Collateral MDA SPACE: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable MEXCOOL GROUP: Seeks Chapter 11 Bankruptcy in Michigan MIRACLE MILE: Unsecureds Will Get 100% of Claims in Plan MIRROR TRADING: Liquidator Wins Summary Judgment in Foutch Case MIRROR TRADING: Liquidator Wins Summary Judgment in Tran Case MJD ENGINEERING: Has Deal on Cash Collateral Access N.K.G. CORP: Seeks to Hire Alter & Barbaro as Bankruptcy Counsel NATIONAL FOOD: Hires Felicity Property as Real Estate Broker NATIONAL MENTOR: S&P Rates New Term Loan and Secured Notes 'B-' NAVACORD CORP: S&P Affirms 'B-' ICR Following Debt Financing NEELY MOTORSPORTS: Case Summary & Six Unsecured Creditors NORTH AMERICAN: Case Summary & 20 Largest Unsecured Creditors NXT ENERGY: Secures US$2MM Strategic Investment from Mork Capital OMNI HEALTH: Gets Interim OK to Use Cash Collateral OMNICARE LLC: Gets Court OK to Proceed w/ Bankruptcy Sale Process ORB ENERGY: Seeks to Extend Plan Exclusivity to February 2, 2026 OREGON BREWING: Seeks Chapter 7 Bankruptcy in Oregon ORION PORTFOLIO: Plan Exclusivity Period Extended to Jan. 30, 2026 PFS LTD: Chapter 15 Case Summary POST HOLDINGS: Moody's Rates New Sr. Unsecured Notes Due 2036 'B2' PRND3L INC: Court Extends Cash Collateral Access to Jan. 15 PROFESSIONAL DIVERSITY: Acquires Music Copyrights for $1.58 Million RAZZOO'S INC: Seeks to Hire Ordinary Course Professional REBORN COFFEE: Inks Securities Subscription Deal with Two Investors RETREAT AT CK7: Seeks Chapter 11 Bankruptcy in Texas RHODIUM ENCORE: Fee Fight Stalls Chapter 11 Plan RK PARISI: Case Summary & 20 Largest Unsecured Creditors ROCKY MOUNTAIN: Lands Commitments for 34 Stores in Growth Surge ROSE RENTAL: Case Summary & One Unsecured Creditor ROYALE ENERGY: Narrows Net Loss to $550,293 in 2025 Q3 S&B GROUP: Unsecureds Will Get 100% of Claims over 60 Months SERRA GAUCHA: Gets Court OK to Use Cash Collateral SHAHINAZ SOLIMAN: Unsecureds Will Get 5% of Claims over 60 Months SILVERROCK DEVELOPMENT: Unsecureds' Recovery "TBD" in Plan SLEEP QUARTERS: Case Summary & Three Unsecured Creditors SME DUBLIN: Case Summary & 20 Largest Unsecured Creditors SOUTHWEST MATTRESS: Dec. 8 Status Conference on Wind-Down SPLASHY'S LLC: Seeks to Hire Slocum Law as Bankruptcy Counsel STANDARD BUILDING: S&P Rates New Senior Unsecured Notes 'BB+' TECHNICAL ARTS: Hires Trenk Isabel Siddiqi as Bankruptcy Counsel TRAXX CONSTRUCTION: Seeks to Use Cash Collateral TRINITY REALTY: Seeks Chapter 11 Bankruptcy in New York TRUETT MEMORIAL: Voluntary Chapter 11 Case Summary UFP HOLDING I: Court Dismisses Chapter 11 Bankruptcy Case UNITED HAULING: Court Says New Investments Decision Not Applicable US FERTILITY: S&P Affirms 'B-' ICR on Announced Ownership Change VILLAGE ROADSHOW: Paramount Raises Warner Bros. Termination Fee VILLAGE ROADSHOW: Plan Exclusivity Extended to March 12, 2026 VIVAKOR INC: JJ Astor Converts Junior Note to Equity VMP LLC: Seeks Court Approval to Tap David C. Johnston as Attorney VOYAGER DIGITAL: BAM Fails to Toss Counterclaims in Adversary Case WC 707 CESAR: Case Summary & Two Unsecured Creditors WELLPATH HOLDINGS: Parker Claims Discharged Under Chapter 11 Plan WHITESTONE CROSSING: Plan Exclusivity Period Extended to Dec. 10 WML LLC: Voluntary Chapter 11 Case Summary WORKHORSE GROUP: All Proposals Approved at Annual Meeting WORKHORSE GROUP: Shareholders Approve Merger with Motiv Electric WORKSPORT LTD: Strengthens B2B Sales with $869 HD3 Tonneau Launch WORLD ACCEPTANCE: S&P Withdraws 'B-' Issuer Credit Rating WT REPAIR: Bank Loses Bid to Delay Ruling on Automatic Stay Motion WT REPAIR: Bank's Bid for Automatic Stay Relief Denied in Part X & N VENTURES: Seeks Chapter 11 Bankruptcy in Texas YIHE FORBES: Court Upholds City of Chelsea's Automatic Stay Relief ZMETRA LAND: Gets Extension to Access Cash Collateral [] Corporate Bankruptcies Near 15-Year Peak in 2025 [^] BOOK REVIEW: Go Directly To Jail ********* 19 SCHUYLER AVE: Seeks Chapter 11 Bankruptcy in New Jersey ---------------------------------------------------------- On December 2, 2025, 19 Schuyler Ave LLC sought Chapter 11 protection in the District of New Jersey. According to the court filing, the Debtor reports between $0–$100,000 in debt owed to 1–49 creditors. About 19 Schuyler Ave LLC 19 Schuyler Ave LLC is a single asset real estate company. 19 Schuyler Ave LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22790) on December 2, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $0–$100,000. 210 AT HARRISON: Seeks Chapter 11 Bankruptcy in Alabama ------------------------------------------------------- On December 2, 2025, 210 at Harrison Court LLC sought Chapter 11 protection in the Northern District of Alabama. According to court filings, the Debtor reports between $1 million and $10 million in assets owed to 1-49 creditors. About 210 at Harrison Court LLC 210 at Harrison Court, LLC specializes in real estate investment and property management. The company acquires, develops, and manages residential and commercial properties, ensuring efficient operations and tenant services in its Alabama-based holdings. 210 at Harrison Court LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-03649) on December 2, 2025. In its petition, the Debtor reported estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Tamara O. Mitchell handles the case. 23ANDME HOLDINGS: Court Approves Cyber Insurance Deal ----------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that a bankruptcy judge has approved 23andMe's $16.5 million settlement with its cyber insurers, clearing the way for remaining policy proceeds to be used to compensate victims of the company's massive data breach. The agreement directs the balance of available insurance coverage toward resolving claims tied to the incident. During a Wednesday, December 3, 2025, hearing, Judge Brian C. Walsh of the US Bankruptcy Court for the Eastern District of Missouri found the settlement fair, reasonable, and beneficial to the estate. He noted that the arrangement helps streamline the administration of claims stemming from the breach, according to report. Under the deal, the insurers—including underwriters at Lloyd's, HCC Global, Allied World Specialty Insurance Co., and Landmark American Insurance Co.—are released from any future defense, contribution, or indemnity obligations tied to the 2023 breach, which compromised data for approximately 7 million users. 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. 30 EAST 40TH: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: 30 East 40th, L.L.C. 30 East 40th St. New York, NY 10016 Business Description: 30 East 40th, L.L.C. is a single-asset real estate company, as defined under 11 U.S.C. Section 101(51B), and holds fee simple ownership of the property at 30 East 40th Street, New York, NY 10016, which has an estimated value of $28 million according to a broker's assessment. Chapter 11 Petition Date: December 2, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12696 Judge: Hon. Michael E Wiles Debtor's Counsel: Mark Frankel, Esq. BACKENROTH FRANKEL & KRINSKY, LLP 488 Madison Avenue FL 23 New York NY 10022-7658 Tel: 212-593-1100 E-mail: mfrankel@bfklaw.com Total Assets: $28,874,191 Total Liabilities: $21,704,893 The petition was signed by Stephen Bernstein as authorized representative of the Debtor. The Debtor identified Olshan Frome Wolosky LLP, based at 1325 Avenue of the Americas, New York, NY 10019, as its only unsecured creditor, holding a claim of $63,497 for services rendered. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TPPEVHA/30_East_40th_LLC__nysbke-25-12696__0001.0.pdf?mcid=tGE4TAMA 82SUFFIELD SQUARE: Seeks Chapter 11 Bankruptcy in Illinois ---------------------------------------------------------- On December 2, 2025, 82Suffield Square LLC sought Chapter 11 protection in the Northern District of Illinois. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About 82Suffield Square LLC 82Suffield Square LLC is a single asset real estate company. 82Suffield Square LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18489) on December 2, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. AARTI WESTERN: Seeks Chapter 11 Bankruptcy in Texas --------------------------------------------------- On December 2, 2025, AARTI Western sought Chapter 11 protection in the Southern District of Texas. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About AARTI Western AARTI Western is a company operating in the commercial services space, managing operations designed to support its core business objectives. The organization executes its business activities through streamlined processes and structured oversight. AARTI Western filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37297) on December 2, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Eduardo V. Rodriguez. AIO US: Mediation Not Appropriate in Insurers' Lawsuit ------------------------------------------------------ Magistrate Judge Christopher J. Burke of the United States District Court for the District of Delaware determined that mediation is not appropriate in the appeal styled CERTAIN UNDERWRITERS AT LLOYDS, LONDON, et al., Appellants, v. AIO US, INC., et al., Appellees, Case No. 25-1245-MN (D. Del.) pursuant to Section 1 of the Procedures to Govern Mediation of Appeals from the United States Bankruptcy Court for the District of Delaware, dated July 19, 2023. The parties do not jointly agree that their disputes in the matter can be resolved through mediation. The District Court finds it unlikely that mediation will resolve the pending claims on appeal. The District Court recommends that the assigned District Judge issue an order withdrawing the matter from mediation and setting the following appellate briefing schedule (agreed to by the parties in the event that mediation does not move forward): 1. Appellants' Opening Brief shall be filed on January 14, 2026. 2. Appellees' Answering Brief shall be filed on February 13, 2026. 3. Appellants' Reply Brief shall be filed on February 27, 2026. As reported by the Troubled Company Reporter on Oct. 31, 2025, Judge Craig T. Goldblatt of the United States Bankruptcy Court for the District of Delaware denied the motion for a stay filed by certain insurers pending appeal of the order confirming AIO US, Inc.'s plan of reorganization. The insurers are Certain Underwriters at Lloyds, London, Tenecom Limited, f/k/a The Yasuda Fire & Marine Ins. Co. of Europe, Ltd., Tenecom Limited, f/k/a Winterthur Swiss Insurance Company, Cavello Bay Reinsurance Limited (as successor-in-interest to: (i) Brittany Insurance Company Limited; and (ii) Harper Insurance Limited (f/k/a Turegurn Insurance Company)), River Thames Insurance Company Limited (as successor-in-interest to Unionamerica Insurance Company Limited, which was in turn successor-in-interest to certain business of St. Katherine Insurance Company Limited), Accredited Insurance Europe Limited (as successor-in-interest to Ancon (UK) Insurance Company Limited), Wellfleet New York Insurance Company, f/k/a Atlanta International Insurance Company, as successor to Drake Insurance Company of New York, AIG-affiliated underwriting companies including Lexington Insurance Company, AIU Insurance Company, and Granite State Insurance Company, and Starr Indemnity & Liability Company, as successor-in-interest to Republic Insurance Company. In July 2025 the Bankruptcy Court held a two-day hearing on confirmation of the plan. It issued an order confirming the plan on September 24, 2025. On October 7, 2025, the plan became effective. The next day, Certain Insurers filed a notice of appeal and motion for a stay pending appeal. The trust (that was formed under the confirmed plan) and the trust's advisory committee opposed the motion for a stay. Certain Insurers contended that the plan improperly cuts off inter-insurer contribution claims, which the Insurers argued is a form of non-consensual third-party release prohibited by the Supreme Court's decision in Purdue Pharma. Certain Insurers also argued that the Bankruptcy Court improperly entered a solicitation order that permitted the holders of talc claimants to vote without having filed proofs of claim. The Bankruptcy Court held the Insurers' argument for a stay falters on the required showing of irreparable injury. As evidence of an irreparable injury, Certain Insurers argued primarily that without a stay their appeal may be deemed to be equitably moot. According to the Bankruptcy Court, while the the equitable mooting of an otherwise meritorious appeal would count as irreparable injury, the problem with Certain Insurers' argument is that they allowed the plan to become effective before even asking for a stay pending appeal. A copy of the Court's Order dated November 17, 2025, is available at https://urlcurt.com/u?l=cq8ZGB About AIO US, Inc. AIO US Inc., Avon Products Inc. and some of its affiliates are manufacturers and marketers of beauty, fashion, and home products with operations and customers across the globe. AIO US and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 24-11836) on Aug. 12, 2024. In the petition filed by Philip J. Gund as chief restructuring officer, AIO US disclosed $1 billion to $10 billion in assets and debt. Weil, Gotshal & Manges LLP and Richards, Layton & Finger, P.A. are counsel to the Debtors. Ankura Consulting Group LLC serves as restructuring advisor to the Debtors. Rothschild & Co US Inc is the Debtors' investment banker and financial advisor. Epiq Corporate Restructuring LLC acts as claims and noticing agent to the Debtors. The official committee of unsecured creditors retained Cooley LLP as counsel; A.M. Saccullo Legal, LLC as its co-counsel; Caplin & Drysdale, Chartered as special asbestos counsel; Province, LLC as financial advisor; and Houlihan Lokey Capital, Inc. as its investment banker. ALGORHYTHM HOLDINGS: Seven Key Proposals OK'd at Annual Meeting --------------------------------------------------------------- Algorhythm 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 held the Annual Meeting. A total of 1,194,491 shares of common stock, par value $0.01 per share, representing 45.2% of the aggregate shares of Common Stock outstanding and eligible to vote and constituting a quorum, were represented in person or by valid proxies at the Annual Meeting. 1. Election of Directors: Gary Atkinson, Bernardo Melo, Harvey Judkowitz, Jay B. Foreman, Ajesh Kapoor, Scott Thorn, and Kapil Gupta were elected as directors of the Company to serve until the Company's 2026 annual meeting of stockholders. 2. Reverse Stock Split Proposal: The stockholders approved a proposal to authorize the board of directors to: (i) amend the Company's certificate of incorporation to combine outstanding shares of Common Stock into a lesser number of outstanding shares, or complete a reverse stock split, at a specific ratio within a range of one-for-two (1-for-2) to a maximum of one-for-ten (1-for-10), with the exact ratio to be determined by the board of directors in its sole discretion, without further stockholder approval, and (ii) effect the reverse stock split, if at all, within one year of November 20, 2025. 3. Nevada Reincorporation Proposal: The stockholders approved the reincorporation of the Company from the State of Delaware to the State of Nevada by conversion. 4. 2022 Plan Amendment Proposal: The stockholders approved and adopted an amendment to the Company's 2022 Equity Incentive Plan, as amended, to increase the number of shares of Common Stock authorized for issuance thereunder to 5,000,000. 5. Pre-Paid Financing Proposal: The stockholders approved the issuance of shares of Common Stock to Streeterville Capital, LLC in pre-paid financing transactions that may collectively equal or exceed 20% of the Company's issued and outstanding shares of Common Stock. 6. Ratification of M&K CPAs Proposal: The stockholders ratified the selection of M&K CPAs as the Company's independent registered public accounting firm to audit the Company's consolidated financial statements for its fiscal year ending December 31, 2025. 7. Adjournment Proposal: The stockholders approved one or more adjournments of the Annual Meeting, if necessary or appropriate, to solicit additional proxies in favor of the Reverse Stock Split Proposal, the Nevada Reincorporation Proposal, the 2022 Plan Amendment Proposal and the Pre-Paid Financing Proposal if there are not sufficient votes at the Annual Meeting to approve and adopt these proposals. About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $10,845,000 in total assets, $10,745,000 in total liabilities, and a total stockholders' equity of $100,000. ALL AMERICAN: Seeks to Use Cash Collateral ------------------------------------------ All American Holdings, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral and provide adequate protection. Specifically, the Debtors seek authority to use cash collateral consisting of $300,000 in escrowed proceeds from a court-approved sale of real property. The escrowed sale proceeds are subject to asserted liens by three creditors: Kathy B. Scott, the senior secured creditor with a claim exceeding $1.57 million and a lien on both the real property and various classic automobiles; Lawrence A. LaValley, who holds a junior judgment-lien claim of approximately $250,650; and Tampa Bay Surgery Center, which asserts claims secured by personal property totaling $82,176, plus an unsecured claim of $17,824. The Debtors note that the combined value of the escrowed funds and the Automobiles exceeds all secured claims. They report that after mediation, a comprehensive settlement with LaValley has been reached and is pending approval through a contemporaneously filed Rule 9019 compromise motion. With creditor consent from Scott and LaValley, the Debtors seek authorization under Bankruptcy Code section 363 to use the escrowed funds to make adequate protection payments of $150,000 to Scott and $50,000 to LaValley, thereby reducing their secured claims and to use the remaining funds to purchase insurance on the Automobiles and pay necessary administrative expenses. The Debtors argue that Tampa Bay Surgery will be adequately protected through payment of the senior liens and the granting of a replacement lien on the Automobiles, which will become senior once Scott and LaValley are paid in full, and that Tampa Bay Surgery is also slated to be paid fully through the Debtors' Chapter 11 plan. A court hearing is scheduled for December 8. A copy of the motion is available at https://urlcurt.com/u?l=HjMhxL from PacerMonitor.com. About All American Holdings LLC All American Holdings, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02066) on April 1, 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 Catherine Peek McEwen handles the case. The Debtor is represented by Harry E. Riedel, Esq. at STICHTER, RIEDEL, BLAIN & POSTLER, P.A. AMERICAN SIGNATURE: To Close Value City Furniture Stores in La. --------------------------------------------------------------- Marina Johnson and Saleen Martin of Louisville Courier Journal reports that American Signature Inc., the parent company of Value City Furniture, has filed for Chapter 11 bankruptcy, signaling plans to sell company assets and close multiple stores across Kentucky and other states. The filing, announced on November 23, allows the company to restructure its operations while maintaining business activity and addressing its obligations to creditors. According to court filings, locations affected by store closures or inventory liquidation sales include 9070 Dixie Highway in Louisville and 945 E. Lewis and Clark Parkway, Suite 200, in Clarksville, Indiana. In October, the company had already announced the closure of four Tennessee stores, a plan that has since expanded to dozens of other sites, including in Southern Indiana. Financial disclosures indicate that American Signature has over 1,000 creditors, assets exceeding $100 million, and liabilities surpassing $500 million. The company emphasized that its store footprint will ultimately be determined by the outcome of the ongoing asset sale process and thanked employees and customers for their continued loyalty. American Signature has launched store closing sales offering "deep discounts" while supplies last. Company officials said that Value City Furniture and American Signature Furniture stores and online platforms will remain open during the Chapter 11 process. The company will continue processing orders and providing customer support, including a scheduled Black Friday sale, the report states. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verbita Global is claims and noticing agent to the Debtors. ANNALEE DOLLS: Plan Exclusivity Period Extended to December 9 ------------------------------------------------------------- Judge Kimberly Bacher of the U.S. Bankruptcy Court for the District of New Hampshire extended Annalee Dolls, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 9, 2025 and February, 9, 2026, respectively. In a court filing, the Debtor explains that this Case is still relatively young. The Debtor has not been idle during this case. The Debtor claims that the history of this case suggests that there is a reasonable possibility of a consensual plan of reorganization based on the distinctly limited value of the property of the estate and the undeniable need for financing to purchase new inventory from a lender or plan funder other than Customers Bank. Earlier in this case, Debtor found the DIP Lender, Burr Ridge Advisors, LLC, requested and received permission to enter into a 3-part DIP Financing Arrangement with the DIP Lender and closed the financial transactions. The Debtor notes that the history and record of this case shows that Debtor has addressed or responded objectively and in good faith to objections made and concerns expressed by parties in interest. It has managed to accommodate most of the concerns expressed by parties in interest. The Debtor asserts that the record shows that the company is not holding any creditors hostage. Debtor has made substantial adequate protection payments to Customers in this case. All other creditors that claim to be secured have tacitly consented to Debtor's use of cash collateral. None of them have filed a pleading in this case, let alone sought relief from the automatic stay. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by: William S. Gannon, Esq. William S. Gannon PLLC Tel: 603-621-0833 bgannon@gannonlawfirm.com API GP VENTURE: Hires Hilco Real Estate as Real Estate Broker ------------------------------------------------------------- API GP Venture Partners, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Hilco Real Estate, LLC as real estate advisors. The firm will render consulting and real estate advisory services, including: (a) soliciting interested parties for the sale of the Properties and marketing the Properties for sale through an accelerated sales process; and (b) at the Debtors' direction and on the Debtors' behalf, negotiating the terms of the sale of the Properties. The broker will earn a fee equal to four percent of the gross sale proceeds. The Debtors will reimburse the broker for all reasonable and customary reimbursable expenses incurred in connection with the performance of the services. Hilco Real Estate is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, as required by section 327(a) of the Bankruptcy Code, and does not hold or represent an interest adverse to the Debtors' estates, according to court filings. The firm can be reached through: Eric W. Kaup Hilco Real Estate LLP 5 Revere Dr., Ste. 410 Northbrook, IL 60062 Telephone: (855) 755-2300 About API GP Venture Partners API GP Venture Partners, LLC and its affiliates own and operate student housing properties in Goleta, California, providing accommodations for about 70 students. The group is managed by IRC Ashland I LLC, which holds roughly 90% of the equity, while Ashland Pacific, LLC holds the remaining 10% as a non-managing member. Operations are governed by limited liability company agreements and a master property management agreement defining ownership, management, and operational structures. API GP Venture Partners and affiliates, Ashland Pacific Integrated UCSB Holdings I, LLC, API UCSB Holdings I, LLC and API 6590 Holdings, LLC, filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11640) on September 4, 2025. The petitions were signed by J. Michael Issa as chief restructuring officer. At the time of the filing, API GP Venture Partners reported up to $50,000 in both assets and liabilities. Judge Karen B. Owens oversees the cases. The Debtors are represented by: Mette H. Kurth, Esq. Pierson Ferdinand, LLP 3411 Silverside Road Baynard Building, Suite 104-13 Wilmington, DE 19810 Tel: (310) 245-8784 mette.kurth@pierferd.com - and - Lynnette R. Warman, Esq. Pierson Ferdinand, LLP 1341 W. Mockingbird Lane, Suite 600W Dallas, TX 75247 Tel: (214) 872-6319 lynnette.warman@pierferd.com ARTIFICIAL INTELLIGENCE: Reports Record $762,000 October Billings ----------------------------------------------------------------- Artificial Intelligence Technology Solutions, Inc. reported that October 2025 delivered the strongest billing results in its history. The Company invoiced approximately $762,000 for the month compared with $609,000 in September, a 20% increase, in part due to a client request for a full year's ROAMEO(TM) invoicing in October. This performance places AITX within reach of a possible $10 million-dollar annual recurring revenue run rate as adoption of RAD technology continues to rise. "We are focused on accelerating growth and delivering stronger results every quarter," said Steve Reinharz, CEO/CTO and founder of AITX and its subsidiaries. "Our momentum is the direct result of clients choosing autonomous security solutions that deliver performance, reliability and clear value. We plan to build on these results and continue pushing the industry forward." The Company noted that October's record performance reflects only the activity within subsidiaries Robotic Assistance Devices, Inc. (RAD-I) and Robotic Assistance Devices Residential, Inc. (RAD-R) as no Robotic Assistance Devices Group (RAD-G) or SARA(TM) (Speaking Autonomous Responsive Agent), the Company's multiple award-winning agentic AI platform related opportunities have been included to date. Management expects these programs to add meaningful revenue as deployments progress and new accounts are activated, supporting the Company's outlook for continued double digit growth. "We remain on track to potentially reach positive operational cash flow in the spring of 2026," Reinharz added. "The combination of rising recurring revenue, expanding client deployments and disciplined execution gives us confidence in the path ahead." 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. ASSOCIATION MOTOR: SBA Wins Bid to Strike Expert Testimony ---------------------------------------------------------- Judge Lisa Ritchey Craig of the United States Bankruptcy Court for the Northern District of Georgia granted the motion of the Small Business Administration, pursuant to Federal Rule of Evidence 702, to strike the expert testimony of Creeana Jefferson in the bankruptcy case of Association Motor Club, LLC on the basis that Ms. Jefferson's opinions regarding income projections were not based on sufficient facts and data and were not the result of the application of reliable principles and methods to such facts and data. The Motion was supported by the United States Trustee. The Court finds Ms. Jefferson's forward-looking conclusions regarding the Debtor's expected profit and any testimony explaining her assumptions should be stricken for failure to comply with the requirements of Rule 702. The Court agrees with the SBA that Ms. Jefferson's conclusions were improperly based on the speculation regarding future income and expenses provided to her by the Debtor's principal, rather than sufficient facts and data, and were not the product of established principles and methods applied in her professional field. The Court will not consider the opinion testimony given by Ms. Jefferson. A copy of the Court's Order dated November 20, 2025, is available at https://urlcurt.com/u?l=jceX51 from PacerMonitor.com. About Association Motor Club Association Motor Club, LLC, doing business as Auto Spa Bistro, is an Atlanta-based company engaged in cleaning, washing and waxing automotive vehicles. Association Motor Club sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 24-57098) on July 9, 2024, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Lemont Bradley, company owner, signed the petition. Judge Lisa Ritchey Craig oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC is the Debtor's legal counsel. First Savings Bank, as lender, is represented by: Christopher P. Butler, Esq. Christopher Butler LLC P.O. Box 13487 Atlanta, GA 30324 Tel: 404.295.1985 E-mail: cbutlerlaw@outlook.com BAFFINLAND IRON: S&P Upgrades ICR to 'CCC-', Outlook Negative ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Baffinland Iron Mines Corp. to 'CCC-' from 'SD' (selective default). The outlook is negative. S&P said, "Our 'CCC-' rating reflects Baffinland's sizable debt maturities through July 2026, a modest cash position, and limited free operating cash flow (FOCF) prospects through 2026. In our view, this increases the likelihood the company could face a liquidity event and pursue a transaction we view as tantamount to a default within the next six months. "Our 'CCC-' issue level rating on the senior secured notes (recovery rating: '4') is unchanged." The negative outlook on Baffinland reflects the risk of a default or debt restructuring within the next six months given the company's significant near-term debt maturities, and potentially difficult capital market conditions. S&P Global Ratings reassessed Baffinland Iron Mines Corp.'s credit profile following its recent debt restructuring transaction to convert its revolver balance to a term loan and extend its 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 extended its $75 million Export Development Canada (EDC) term credit facility with the same maturity profile as the converted term loan and upsized the letters of credit available under its credit facility by $25 million. S&P said, "Our 'CCC-' rating reflects Baffinland's heightened refinancing risk over the next six months. We expect the company will exhaust its liquidity well within the next 12 months, increasing the likelihood of a transaction we would view as a tantamount to a default or debt restructuring. This could include a payment default or an extension of the company's senior secured notes and term credit facilities (including lines of credit) such that we believe the context and timing of the transaction is distressed and a conventional default would have occurred without the extension. "We now estimate Baffinland's liquidity includes about $6 million of cash as of Sept. 30, 2025, and about $25 million of available letters of credit under its credit agreement and we assume negative FOCF generation over the next year. "As a result, we do not assume Baffinland to have sufficient sources of liquidity to meet its debt maturities of about $800 million within the next 12 months. This includes $575 million of senior secured notes due July 15, 2026, $126 million of a converted term loan, and $31 million of outstanding letters of credit due 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), and $75 million EDC term credit facility with the same maturity profile as the converted term loan. "In our opinion, Baffinland's ability to repay these upcoming debt maturities depends on obtaining funding for its Steensby railway expansion project." The company is pursuing debt financing of about $3 billion in addition to about $1.5 billion of equity financing for this project, which it expects to obtain over the next few quarters. This could provide adequate funding to refinance its current capital structure and bolster its credit profile. However, refinancing risk remains heightened. Baffinland's weak cash flow prospects and weak liquidity increases the risk that the company will be unable to secure external financing with the coming months. This risk would be heightened if credit markets are less receptive to deeply speculative-grade debt offerings. S&P said, "Our rating also reflects our view that cash flows prospects have deteriorated. Baffinland is focused on raising funding so that it may launch the Steensby project by the first half of 2026. However, we believe the company has limited cash flow prospects from its operations over the next few quarters. The company lowered its base operations this year to 4.2 million tons per year (Mtpa) from about 6 Mtpa (historically) until the Steensby project is complete, by the first second half of 2029 at the earliest. "In our view, the lower production from the company's base operations combined with our expectation for moderating iron ore prices to about $90 per dry metric ton (dmt) from 2026 onwards (compared to our expectation for about $100/dmt in 2025 and $110/dmt in 2024) will likely generate negative FOCF for Baffinland over the next few quarters despite cutting operating costs and lowering capital expenditure (capex) close to sustaining levels. "The negative outlook on Baffinland reflects our view of the likelihood of a default or distressed debt restructuring within the next six months due in large part to the company's significant near-term debt maturities, weak liquidity, and limited FOCF generation. "We could lower our ratings on Baffinland within the next 6 to 12 months if the company defaults or announces a debt restructuring that we view as tantamount to default. This could include a payment default or an extension of the company's senior secured notes and term credit facilities (including lines of credit) such that we believe the context and timing of the transaction is distressed and a conventional default would have occurred without the extension. "We could raise our ratings on Baffinland within the next 6 to 12 months if the company refinances its near-term debt maturities under terms that we do not view as distressed. This scenario would likely include Baffinland obtaining funding for its Steensby project, which would strengthen its liquidity profile." BASIC ENERGY: Court Narrows Claims in Suit vs First, et al. ----------------------------------------------------------- Judge Christopher Lopez of the United States Bankruptcy Court for the Southern District of Texas granted in part and denied in part the motion filed by former directors of Basic Energy Services, Inc. in the adversary proceeding captioned as DAVID DUNN, AS TRUSTEE OF THE BASIC ENERGY LITIGATION TRUST, Plaintiff, VS.LAWRENCE FIRST, et al., Defendants, ADVERSARY NO. 23-03061 (Bankr. S.D. Tex.). David Dunn is the Trustee of the Basic Energy Litigation Trust. The Trust is the successor-in-interest to certain causes of action of Basic Energy Services, Inc. -- Basic HoldCo -- and its debtor-affiliates. The Trustee started an adversary proceeding seeking damages based on alleged breaches of fiduciary duties by the Defendants. The Defendants are former Directors of Basic HoldCo. Keith Schilling is also the sole manager of the Subsidiaries. The Defendants moved to dismiss the complaint under Rule 12(b)(6). The Trustee seeks damages based on four breaches of fiduciary duties allegedly committed by the Defendants. In Count I, the Trustee alleges breaches of fiduciary duties committed by Julio Quintana, Timothy Day, John Jackson, James Kern, Samuel Langford, and Keith Schilling ("C&J Directors"). The Trustee alleges the C&J Directors recklessly caused Basic to acquire C&J Well Services, Inc. ("C&J") from NexTier Holding Co. at an alleged massively inflated price. The Trustee claims that Basic, while facing financial difficulties in 2020, pursued the C&J Acquisition because it benefited its de facto controlling shareholder named Ascribe Capital LLC. The C&J Directors' breach of fiduciary duties allegedly damaged Basic HoldCo and its creditors by, among other things: (i) harming and diminishing the value of Basic HoldCo and deepening Basic HoldCo's insolvency by causing Basic HoldCo to spend all of its cash on hand to buy a company the C&J Directors knew or should have known would decrease cash flow given market conditions at the time of the C&J Acquisition, and (ii) approving a sale of Basic to its controlling shareholder for little to no consideration without any process that would allow for a meaningful opportunity for competitive bidding and by refusing to consider, investigate, or promote available competitive alternative transactions. In Count II, the Trustee alleges a breach of fiduciary duty committed by Schilling, in his capacity as sole manager of Subsidiary Basic Energy Services, L.P. ("Basic LP"), in connection with the C&J Acquisition. In Count III, the Trustee seeks damages for breaches of fiduciary duty committed by Quintana, Jackson, Schilling, Kern, Lawrence E. First, Ross Solomon, and Derek Jeong ("Post-C&J Directors") for delaying a bankruptcy filing allegedly for the sole benefit of Ascribe. In Count IV, the Trustee seeks damages for breaches of fiduciary duty committed by Schilling, in his capacity as sole director or manager of the Subsidiaries, in connection with a March 31, 2021 transaction ("Make-Whole Transaction") whereby Schilling caused the Subsidiaries to become obligated to Ascribe to satisfy an obligation of Basic HoldCo alone. Day, Jackson, Kern, Langford, Quintana, and Schilling moved to the dismiss the complaint under Rule 12(b)(6). These Directors contest the validity of the Trustee's assertions about the C&J Acquisition. The Directors argue that the complaint should be dismissed because the Trustee failed to plead Basic was insolvent. The Court disagrees as it relates to Basic HoldCo. According to the Court, the complaint contains more than sufficient allegations that, assuming as true for purposes of a Rule 12(b)(6) challenge, Basic HoldCo was insolvent at the time of the C&J Acquisition, the Make-Whole Transaction, and at the time Basic started the chapter 11 cases. The Court finds that the Trustee plead a plausible breach of loyalty and good faith claim. But the motions are granted under Count I as to alleged breaches of the duty of care committed by the C&J Director. The Court finds that the Trustee sufficiently pled that Schilling breached fiduciary duties of care, loyalty, and good faith owed to the Subsidiaries with respect to the C&J Acquisition under Count II. The Court also finds that the Trustee sufficiently plead that Schilling breached fiduciary duties of care, loyalty, and good faith owed to the Subsidiaries with respect to the Make-Whole Transaction. The Court finds that the complaint does not sufficiently plead facts about Basic LP or any other Subsidiaries' insolvency (such as relating to liabilities, assets or whether a Subsidiary was ever unable to pay its bills). Thus, the Court will dismiss Counts II and IV of the complaint. The Motions to Dismiss as to Count I are denied as to breaches of the duty of loyalty and the duty of good faith, but are granted as to breaches of the duty of care. The Motions to Dismiss as to Counts II, III, and IV are granted. A copy of the Court's Order dated November 25, 2025, is available at https://urlcurt.com/u?l=tCVchW from PacerMonitor.com. About Basic Energy Services Basic Energy Services, Inc. -- http://www.basices.com/-- provides wellsite services essential to maintaining production from the oil and gas wells within its operating areas. Its operations are managed regionally and are concentrated in major United States onshore oil-producing regions located in Texas, California, New Mexico, Oklahoma, Arkansas, Louisiana, Wyoming, North Dakota, Colorado and Montana. Specifically, Basic Energy Services has a significant presence in the Permian Basin, Bakken, Los Angeles and San Joaquin Basins, Eagle Ford, Haynesville and Powder River Basin. Basic Energy Services and 12 affiliates sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 21-90002) on Aug. 17, 2021. As of March 31, 2021, Basic Energy disclosed total assets of $331 million and debt of $549 million. Judge David R. Jones oversees the cases. The Debtors tapped Weil, Gotshal & Manges LLP as legal counsel, Alixpartners LLP as restructuring advisor, and Lazard Freres & Company as financial advisor. Prime Clerk is the claims agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases. Snow & Green, LLP and Brown Rudnick, LLP serve as the committee's legal counsel. * * * C&J Well Services had been owned by Fort Worth-based Basic Energy Services Inc., which last 2021 paid about $94 million for its California operations. Dallas-based Berry bought it out of Basic's bankruptcy case, effective Oct. 1, 2021 for about $43 million. Already under Berry's control, C&J formally became a subsidiary of the oil producer by Nov. 1, 2021 and its 910 employees -- 97% of its payroll under Basic -- joined Berry's 347 employees engaged in oil exploration and production. BMH 95 RE CARUTHERSVILLE: Case Summary & Four Unsecured Creditors ----------------------------------------------------------------- Debtor: BMH 95 RE Caruthersville, LLC 400 East Centre Park Boulevard Suite 101 DeSoto, TX 75115 Business Description: BMH 95 RE Caruthersville, LLC operates as a real estate lessor with principal properties situated at 810 West 13th Street, Caruthersville, Missouri 63830. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-34790 Debtor's Counsel: John J. Kane, Esq. KANE RUSSELL COLEMAN LOGAN PC 901 Main Street Suite 5200 Dallas, TX 75202 Tel: 214-777-4200 Fax: 214-777-4299 Email: jkane@krcl.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by William Ian MacDonald as manager. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FXKS5FA/BMH_95_RE_Caruthersville_LLC__txnbke-25-34790__0001.0.pdf?mcid=tGE4TAMA BMH 96 RE MARION: Case Summary & One Unsecured Creditor ------------------------------------------------------- Debtor: BMH 96 RE Marion, LLC 400 East Centre Park Boulevard Suite 101 DeSoto, TX 75115 Business Description: BMH 96 RE Marion, LLC is a single-asset real estate company that leases a property located at 103 N. Carbon, Marion, IL 62959. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-34791 Debtor's Counsel: John J. Kane, Esq. KANE RUSSELL COLEMAN LOGAN PC 901 Main Street Suite 5200 Dallas, TX 75202 Tel: 214-777-4200 Fax: 214-777-4299 Email: jkane@krcl.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by William Ian MacDonald as manager. AGMAIN Insurance, located at PO Box 2642, Carol Stream, IL 60132-2642, is listed as the Debtor's sole unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/F62EETY/BMH_96_RE_Marion_LLC__txnbke-25-34791__0001.0.pdf?mcid=tGE4TAMA BODYWORX PHYSICAL: Hires Blackwood Law Firm as Bankruptcy Counsel ----------------------------------------------------------------- Bodyworx Physical Therapy, PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Blackwood Law Firm, PLLC as to handle the bankruptcy proceedings. The firm's regular rates are: Attorneys $450 per hour Legal Assistants $100 per hour Blackwood Law Firm does not hold or represent an interest adverse to the above-captioned bankruptcy estate, and is a disinterested person, according to court filings. The firm can be reached through: Amanda R. Blackwood, Esq. BLACKWOOD LAW FIRM, PLLC 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 309-3600 Facsimile: (405) 378-4466 Email: amanda@blackwoodlawfirm.com About Bodyworx Physical Therapy PLLC Bodyworx Physical Therapy, PLLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-13588) on November 18, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC represents the Debtor as bankruptcy counsel. BOY SCOUTS: Coalition Loses Bid for Payment of $21MM in Atty Fees ----------------------------------------------------------------- Judges Patty Shwartz, Paul B. Matey, and Tamika R. Montgomery-Reeves of the United States Court of Appeals for the Third Circuit affirmed the order of the United States District Court for the District of Delaware that upheld the judgment of the United States Bankruptcy Court for the District of Delaware denying the request of the Coalition of Abused Scouts for Justice for the payment of its professional fees under 11 U.S.C. Secs. 363(b) and 503(b)(3)(D) and (4). The Coalition of Abused Scouts for Justice is an ad hoc group of sexual abuse tort claimants who participated in the bankruptcy of the Boy Scouts of America and Delaware BSA, LLC. A few months after the Debtor's modified fifth amended plan was confirmed, the Coalition moved to approve the Debtors' Proposed Payment of the "Coalition Restructuring Expenses," seeking $21 million in fees and expenses billed by its retained professionals either: (1) under Sec. 363(b) as a sound exercise of the Debtors' business judgment, or (2) as a substantial contribution award under Sec. 503(b)(3)(D) and (4). The Bankruptcy Court denied the Coalition's motion, concluding that: (1) Sec. 363(b) was not applicable because the motion was brought by the Coalition rather than the Debtors, and the Debtors did not move to pay the Coalition's professional fees after the plan was confirmed, and (2) the Coalition had not satisfied the standard for reimbursement of professional fees under Sec. 503(b) because the Coalition's professionals' services duplicated many of the services that the TCC's or the Debtors' professionals provided, the Coalition's work did not transcend the Coalition's self-interest, and the Coalition's Verified Fee Statements included many services that, on their face, benefited only the Coalition and were not reasonable or necessary for the estate. The District Court affirmed the Bankruptcy Court's order. As to Sec. 363(b), the District Court concluded that: (1) the Coalition was not statutorily authorized to file for relief under that section; (2) the Coalition could not challenge the Bankruptcy Court's orders concerning the Debtors' fee requests that preceded the confirmation order because these orders merged into the confirmation order, which was a final order that the Coalition did not appeal; and (3) with respect to the denial of the Coalition's motion, the Bankruptcy Court did not clearly err in concluding that the Coalition did not prove that the Debtors exercised business judgment in seeking to pay the Coalition's fees. The Coalition appeals. According to the Appeals Circuit, because the Sec. 363(b) permits only the "trustee" to act, and the Coalition is neither the trustee nor the debtor in possession, it is not authorized to seek relief under Sec. 363(b), and thus the statute's business judgment standard does not apply to the Coalition's request for professional fees. The Circuit Judges hold, "Because the record supports the Bankruptcy Court's determination that the professional services for which the Coalition requests fees (1) were 'designed primarily, to serve their own interests,' (2) were not actually or necessarily incurred in making a substantial contribution, and (3) were duplicative, the Bankruptcy Court did not clearly err in concluding that the Coalition did not make a 'substantial contribution' under Sec. 503(b). For these reasons, we will affirm." A copy of the Court's Opinion dated November 21, 2025, is available at https://urlcurt.com/u?l=riA1mu About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BROADWAY REALTY: Unsecureds to Recover Up to 100% of Claims in Plan ------------------------------------------------------------------- Broadway Realty I Co., LLC and its debtor affiliates submitted a Disclosure Statement describing First Amended Joint Chapter 11 Plan dated December 1, 2025. Following the filing of the Chapter 11 Cases, the Debtors commenced a process to market to sell or refinance (the "Marketing Process") all or substantially all of the Debtors' portfolio of residential real estate properties (together, the "Assets"). The Marketing Process remains ongoing. Final binding bids for each of the Debtor Properties and other Assets are currently due December 12, 2025 at 5:00 p.m. It is anticipated that a transaction for each of the Debtors will take the form of either (a) a refinancing, in whole or in part, of the Mortgage Obligations with respect to one or more Debtor Properties pursuant to a Successful Bid (a "Refinancing Transaction"), or (b) a sale of one or more Debtor Properties and any related Assets pursuant to the applicable Asset Purchase Agreement, including without limitation, any sale to the Mortgage Lender following an exercise of its credit bid rights pursuant to section 363(k) of the Bankruptcy Code, and any sale pursuant to section 363 of the Bankruptcy Code implemented pursuant to the Plan (a "Sale Transaction" and, together with any Refinancing Transaction, each a "Transaction"). Class 4 consists of General Unsecured Claims. Except to the extent that a holder of an Allowed General Unsecured Claim against a Debtor agrees to less favorable treatment with the Debtors or the PostEmergence Entities, as applicable, in full and final satisfaction, settlement, release, and discharge of an Allowed General Unsecured Claim, each such holder thereof shall receive its pro rata share of any Available Cash up to the Allowed amount of such General Unsecured Claim. This Class will receive a distribution of 0% to 100% of their allowed claims. In addition to the Classes of Claims and Interests, the Plan provides for the payment in full of all Allowed Administrative Expense Claims and Priority Tax Claims. The Plan provides for the appointment of a Plan Administrator to oversee the wind-down and dissolution of the Liquidating Debtors for the completion of each Transaction and to make any remaining distributions in accordance with Article IV of the Plan. Any remaining Assets that are not transferred in connection with the proposed Transactions will be assigned to, and vest with, the Plan Administrator. It is anticipated that a significant number of the Debtors' executory contracts and unexpired leases will be assumed or assumed and assigned in connection with the proposed Transactions. The Plan provides for the rejection of all executory contracts and unexpired leases that are not specifically assumed or assumed and assigned under the Plan or in connection with the Transaction(s). Transactions will not impact the existing tenant leases at any of the Debtors' properties. Prior to the Effective Date, the Debtors' properties will continue to operate, and tenant services will continue to be provided, uninterrupted and in the ordinary course. In accordance with the Bidding Procedures, any bidder that seeks to purchase or refinance all or a portion of the Assets will be required to do so subject to the existing tenant leases. Ballots to vote to accept or reject the Plan will be provided for holders of Voting Claims as of the Voting Record Date on December 2, 2025. A full-text copy of the Disclosure Statement dated December 1, 2025 is available at https://urlcurt.com/u?l=HQcRZV from PacerMonitor.com at no charge. Attorneys for the Debtors: Gary T. Holtzer, Esq. Garrett A. Fail, Esq. Matthew P. Goren, Esq. Philip L. DiDonato, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. Flagstar Bank, N.A., as creditor, is represented by: Harvey A. Strickon, Esq. Brett Lawrence, Esq. Justin Rawlins, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com BROOKE RODD: Court OKs Deal to Use SBA's Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation between Brooke Rodd Designs, LLC and the U.S. Small Business Administration regarding the use of cash collateral. Under the stipulation, the SBA agreed to allow the Debtor to use its cash collateral from November 18 through March 1, 2026, for payment of expenses incurred after the Debtor's Chapter 11 filing. The Debtor is also permitted to use cash collateral to redeem gift cards, provided that only valid pre-bankruptcy gift cards are honored and solely through merchandise or services, not cash refunds or exchanges. As adequate protection, the SBA will receive a replacement lien on post-petition revenues, retroactive to November 11, to the same extent and priority as its pre-bankruptcy lien. These replacement liens do not extend to claims under Bankruptcy Code sections 506(c), 544, 545, 547, 548, and 549. In addition, the Debtor is required to make monthly payments of $1,970 to the SBA via the SBA Loan Portal, check, or wire transfer. The stipulation also provides that the SBA retains a priority claim to the extent of any diminution in the value of its collateral. Any renewal of cash collateral use requires a further stipulation or court order. The Debtor is not allowed to use cash collateral to pay insiders unless all Bankruptcy Code and local rule requirements are satisfied. Finally, the Debtor is obligated to diligently pursue confirmation of a Chapter 11 plan of reorganization, while the SBA reserves all rights to object to any proposed plan and maintains its claims and interests in the case. A copy of the stipulation is available at https://is.gd/JvkJ7K from PacerMonitor.com. Prior to Chapter 11 filing, the Debtor had obtained a COVID Economic Injury Disaster Loan from the SBA. It obtained an initial loan of $150,000 on May 19, 2020, which was later increased by $350,000 through a modification on December 27, 2021, for a total loan of $500,000. The loan bears interest at 3.75% per year, requires monthly payments of $2,448 beginning 24 months from the original note, and may be prepaid without penalty. As of the petition date, the outstanding balance of the SBA loan was $524,665. The loan is secured by a broad range of tangible and intangible personal property, including inventory, equipment, instruments, accounts, deposit accounts, chattel paper, and general intangibles. About Brooke Rodd Designs LLC Brooke Rodd Designs, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C. D. Calif. Case No. 25-20061) on November 11, 2025. In the petition signed by Brooke Rodd, chief executive officer, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Vincent P. Zurzolo oversees the case. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger, represents the Debtor as bankruptcy counsel. BUDDY MAC ONE: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: Buddy Mac One, LLC d/b/a Buddy's Home Furnishings f/d/b/a MacAaron's One, LLC 400 East Centre Park Boulevard Suite 101 DeSoto, TX 75115 Business Description: Buddy Mac One, LLC, doing business as Buddy's Home Furnishings, operates a franchise store offering rent-to-own furniture, appliances, and home goods at 1404 W. Gentry Parkway in Tyler, Texas. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-34788 Debtor's Counsel: John J. Kane, Esq. KANE RUSSELL COLEMAN LOGAN PC 901 Main Street Suite 5200 Dallas, TX 75202 Tel: 214-777-4200 Fax: 214-777-4299 Email: jkane@krcl.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $10 million to $50 million The petition was signed by William Ian MacDonald as manager. As stated in the petition, the Debtor has no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FHEOZBY/Buddy_Mac_One_LLC__txnbke-25-34788__0001.0.pdf?mcid=tGE4TAMA CANTERBURY GROUP: Chapter 15 Case Summary ----------------------------------------- Chapter 15 Debtor: Canterbury Group c/o Chris Johnson Assoc. Shedden Rd Grand Cayman KY1-1104 Cayman Islands Business Description: Canterbury Group Ltd. is a Cayman Islands-registered exempted limited company incorporated on October 4, 2016, to operate as a holding company. It is wholly owned and directed by Erin Winczura. The Company is described as a holding entity without identified ongoing business operations. Chapter 15 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12705 Judge: Hon. Michael E. Wiles Foreign Representatives: Karen Scott and Russell Homer Shedden Road PO Box 2499 Grand Cayman KY1-1104 Cayman Islands Foreign Proceeding: Grand Court of Cayman Islands, Fin. Service Div., Case No. FSD 310 of 2024 Debtor's U.S. Counsel: John E. Jureller, Jr., Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York NY 10036 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: jjureller@klestadt.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IS7KB5Y/Canterbury_Group_and_Karen_Scott__nysbke-25-12705__0001.0.pdf?mcid=tGE4TAMA CANTONI ENTERPRISES: Hire Johnson Legal Services as Legal Counsel ----------------------------------------------------------------- Cantoni Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Ryan W. Johnson of Johnson Legal Services, PLLC as its legal counsel. Mr. Johnson will provide these services: (a) advising the Debtor regarding its rights, duties, and responsibilities; (b) preparing motions, applications, schedules, and a plan of reorganization; (c) representing the Debtor in proceedings before the Court; (d) communicating with creditors, parties in interest, and other professionals; and (e) filing such adversary proceeding as may be necessary in furtherance of the Debtor's goals in Chapter 11. The firm will bill hourly, with the attorney's rate at $450 and the paraprofessional rate at $110. Prior to filing, the firm received $5,000 from the Debtor, of which $1,738 was paid to the Court for the filing fee, $1,000 is held in trust for the appointed subchapter V trustee, and $2,262 was a fully earned pre-petition attorney's fee. Johnson Legal Services, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to the verified statement. The firm can be reached at: Ryan W. Johnson, Esq. Johnson Legal Services, PLLC 1049 Market Street Wheeling, WV 26003 Telephone: (304) 212-4950 E-mail: Johnson.legal.services.pllc@gmail.com About Cantoni Enterprises, LLC Cantoni Enterprises, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-bk-681) on November 26, 2025. Honorable Judge David L. Bissett oversees the case. Johnson Legal Services, PLLC is the Debtor's legal counsel. CE INTERMEDIATE: S&P Withdraws 'B-' ICR Following Acquisition ------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on CE Intermediate I LLC (Clubessential), including the 'B-' issuer credit rating, following the company's acquisition. Clubessential is now a wholly owned subsidiary of Xplor T1 LLC. As part of the transaction, the company's $625 million first-lien term loan B was repaid in full. At the time of withdrawal, our outlook on Clubessential was stable. CELSIUS NETWORK: Beaudry's Bid to Withdraw Reference Denied ----------------------------------------------------------- Judge Dale E. Ho of the United States District Court for the Southern District of New York denied without prejudice the motion of Jeremie Beaudry to withdraw the reference to the United States Bankruptcy Court for the Southern District of New York of the claims asserted against him in the captioned as MOHSIN Y. MEGHJI, as Representative for the Post-Effective Date Debtors, Plaintiff, v. ALEXANDER MASHINSKY et al., Defendants, Case No. 25-cv-1414-DEH (S.D.N.Y.). Beaudry's motion to stay discovery pending resolution of the withdrawal motion is denied as moot. Beaudry contends that the reference, at least with respect to the Celsius Network bankruptcy estate's claims against him, should be withdrawn because: (1) the common law and state statutory claims alleged against him are noncore claims, and (2) the Bankruptcy Court lacks constitutional authority to render a final decision on the remaining claims against him, because Beaudry did not file a proof of claim in the bankruptcy proceeding, and has asserted his Seventh Amendment right to a jury trial before an Article III court. Plaintiff argues that the withdrawal motion is premature, because even where a party is entitled to an Article III jury trial on certain claims, a case may remain with the Bankruptcy Court until it is ready for trial. The District Court agrees. Judge Ho explains, "The movant failed to seek an initial determination from the Bankruptcy Court that the claims at issue are non-core. Even if a claim is non-core and the movant has a right to a jury trial, the issue of withdrawal of a reference becomes ripe only once the case is trial ready." A copy of the Court's Memorandum Opinion and Order dated November 20, 2025, is available at https://urlcurt.com/u?l=81ZHAe from PacerMonitor.com. About Celsius Network Celsius Network LLC -- http://www.celsius.network/-- is a financial services company that generates revenue through cryptocurrency trading, lending, and borrowing, as well as by engaging in proprietary trading. Celsius helps over a million customers worldwide to find the path towards financial independence through a compounding yield service and instant low-cost loans accessible via a web and mobile app. Celsius has a blockchain-based fee-free platform where membership provides access to curated financial services that are not available through traditional financial institutions. The Celsius Wallet claims to be one of the only online crypto wallets designed to allow members to use coins as collateral to get a loan in dollars, and in the future, to lend their crypto to earn interest on deposited coins (when they're lent out). Crypto lenders such as Celsius boomed during the COVID-19 pandemic, drawing depositors with high interest rates and easy access to loans rarely offered by traditional banks. But the lenders' business model came under scrutiny after a sharp sell-off in the crypto market spurred by the collapse of major tokens terraUSD and luna in May 2022. New Jersey-based Celsius froze withdrawals in June 2022, citing "extreme" market conditions, cutting off access to savings for individual investors and sending tremors through the crypto market. The list of major crypto firms that have filed for bankruptcy protection in 2022 now includes Celsius Network, Three Arrows Capital and Voyager Digital. Celsius Network, LLC and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10964) on July 14, 2022. In the petition filed by CEO Alex Mashinsky, the Debtors estimated assets and liabilities between $1 billion and $10 billion. The Debtors tapped Kirkland & Ellis, LLP and Kirkland & Ellis International, LLP as bankruptcy counsels; Fischer (FBC & Co.) as special counsel; Centerview Partners, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Stretto is the claims agent and administrative advisor. On July 27, 2022, the U.S. Trustee appointed an official committee of unsecured creditors. The committee tapped White & Case, LLP as its bankruptcy counsel; Elementus Inc. as its blockchain forensics advisor; M3 Advisory Partners, LP as its financial advisor; and Perella Weinberg Partners, LP as its investment banker. Shoba Pillay, Esq., is the examiner appointed in the Debtors' Chapter 11 cases. Jenner & Block, LLP and Huron Consulting Services, LLC, serve as the examiner's legal counsel and financial advisor, respectively. * * * On November 9, 2023, the Bankruptcy Court entered the Findings of Fact, Conclusions of Law, and Order Confirming the Modified Joint Chapter 11 Plan of Celsius Network LLC and Its Debtor Affiliates. The Effective Date of the Plan occurred January 31, 2024. CHARLES BRENT ALLEN: Wins Bid to Vacate Confessed Judgment ---------------------------------------------------------- Judge Deborah L. Thorne of the United States Bankruptcy Court for the Northern District of Illinois granted Charles Brent Allen's motion to vacate the confessed judgment entered by the Circuit Court of Cook County in the adversary proceeding captioned as SMS Financial Recovery Services, LLC, Plaintiff(s), v. Falkor Group, LLC and Charles Brent Allen Defendant(s), Adv. Pro. 25-00028 (Bankr. N.D. Ill.). American Chartered Bank loaned Falkor Group, LLC $300,000 in 2006, evidenced by a Promissory Note. At the same time, the Debtor, Charles Brent Allen, a member of Falkor, guaranteed repayment of the Note. The Guaranty Agreement contained a confessed judgment clause allowing an attorney to enter a judgment against Mr. Allen if the Note was not repaid. The Guaranty did not state the amount guaranteed by Mr. Allen. Several years later, in August of 2009, Mr. Allen executed a mortgage on his residence in Wheeling, Illinois to secure the obligation under the Guaranty. The mortgage did not refer to the Guaranty or to the confessed judgment. On February 26, 2024, SMS, as the purchaser of the claim against Mr. Allen, filed a Verified Complaint for Confession of Judgment in the Circuit Court of Cook County seeking judgment against Mr. Allen. On March 12, 2024, SMS obtained an ex parte Order of Judgment by Confession for $538,811.60 plus attorney's fees. From 2007 to 2013, Falkor executed six additional agreements titled "Change in Terms Agreements" with American Chartered, which typically extended the Note's maturity date and increased the principal balance owed. In August of 2010, American Chartered executed a Loan Modification and Forebearance Agreement as Lender and Falkor as Borrower. Mr. Allen and a Benjamin S. Wilson signed the Agreement as guarantors. The Agreement reaffirmed several of the terms in the Note and Guaranty signed in 2006, including the principal amount of $415,869.68, plus accrued interest, advances, fees, and costs as of August 2, 2010. The Agreement does not contain a confessed judgment against Mr. Allen and did not incorporate the earlier Guaranty which contained the confessed judgment clause. Mr. Allen filed an emergency motion to vacate the confessed judgment in the Circuit Court of Cook County, which was granted on July 2, 2024, with the court entering an order to stay enforcement. In November 2024, SMS initiated a foreclosure action on Mr. Allen's home. Mr. Allen alleges that the burden of defending the confessed judgment and the foreclosure action led him to seek protection under chapter 11 of the Bankruptcy Code in December 2024. On August 26, 2025, Mr. Allen filed a Motion in the Bankruptcy court seeking an order holding that the confessed judgment was void and therefore should be vacated. On January 24, 2025, Mr. Allen removed the confessed judgment action to the Bankruptcy Court. The Bankruptcy Court finds that the confessed judgment is void as the four corners of the Guaranty did not contain the amount that was being guaranteed. Judge Thorne explains, "The Guaranty signed in 2006 did not state an amount certain and certainly did not equate to the amount owed by Falkor throughout the many agreements. The simple fact that the loan number was on certain documents does not equate to the Illinois requirement that the amount of the guaranty be stated on the document containing the confessed judgment." A copy of the Court's Memorandum Opinion dated November 25, 2025, is available at https://urlcurt.com/u?l=adrRJh from PacerMonitor.com. Charles Brent Allen filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ill. Case No. 24-18092) on December 3, 2024, listing under $1 million in both assets and liabilities. The Debtor is represented by William Factor, Esq. CLEARSIDE BIOMEDICAL: Suspends Nasdaq Trading, Shifts to OTC Market ------------------------------------------------------------------- Clearside Biomedical, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 24, 2025, the Company received written notice from the staff of The Nasdaq Stock Market LLC notifying the Company that, as a result of the Chapter 11 Bankruptcy and in accordance with Nasdaq Listing Rules 5101, 5110(b) and IM-5101-1, the staff of Nasdaq has determined that the Company's common stock, par value $0.001 per share, will be delisted from Nasdaq. In addition, on August 28, 2025, the Company received written notice from Nasdaq notifying the Company that it is not in compliance with the minimum Market Value of Listed Securities of $50,000,000 required for continued listing on The Nasdaq Global Market, as set forth in Nasdaq Listing Rule 5450(b)(2)(A). In the Delisting Notice, the staff of Nasdaq referenced concerns about the Company's ability to sustain compliance with all requirements for continued listing on Nasdaq, specifically referencing that certain MVLS Notice. Trading of the Common Stock is suspended at the opening of business on December 1, 2025 and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Common Stock from listing on Nasdaq. The Delisting Notice also indicated that the Company may appeal Nasdaq's determination, pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series. The Company does not intend to appeal the determination and, therefore, it is expected that the Common Stock will be delisted. As a result, the Common Stock is expected to begin trading exclusively on the over-the-counter market on December 1, 2025. On the OTC market, shares of the Common Stock, which previously traded on Nasdaq under the symbol CLSD, is expected to trade under the symbol CLSDQ. About Clearside Biomedical Inc. Clearside Biomedical, Inc. is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $50 million to $100 million. The Debtor is represented by Daniel J. DeFranceschi, Esq., at Richards, Layton & Finger. CONKLIN MEDIA: Court Extends Cash Collateral Access to Dec. 9 ------------------------------------------------------------- Conklin Media, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The bankruptcy court on December 4 issued its second interim order extending the Debtor's authority to access cash collateral to December 9 to fund operations in accordance with its budget. The order permits a 10% variance from the budget on either a cumulative or line-item basis without constituting default. The court previously allowed the Debtor to use cash collateral from November 17 to December 3. As adequate protection, East Hudson Capital, LLC will be granted replacement liens on the Debtor's post-petition assets and their proceeds, maintaining the same priority and validity as the secured creditor's pre-bankruptcy liens. Meanwhile, any other creditor asserting a lien on cash collateral will receive a similar replacement lien consistent with its pre-bankruptcy rights. East Hudson Capital holds a security interest in all of the Debtor's future receipts. Its secured interest in the Debtor's assets is perfected by the filing of a UCC-1 with the Pennsylvania Department of State on September 4. The second interim order also provides for a carveout for Subchapter V trustee fees, $10,000 in Chapter 7 trustee expenses, and avoidance actions under Bankruptcy Code Section 544, 547, 548, 549, and 550. In the event of an actual default, EHC may request a hearing within 14 days or within 48 hours if immediate harm is shown. The automatic stay is modified only as necessary to enforce the provisions of the order. The second interim order is available at https://is.gd/hWnUW7 from PacerMonitor.com. The next hearing is set for December 9. The deadline for filing objections is on December 8. About Conklin Media LLC Conklin Media, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14673) on November 17, 2025, listing up to $50,000 in assets and liabilities. Leona Mogavero, Esq., at Zarwin Baum serves as Subchapter V trustee. Judge Patricia M. Mayer oversees the case. Lawrence V. Young, Esq., at CGA Law Firm, represents the Debtor as legal counsel. COSMETIC SURGERY: Seeks Chapter 11 Bankruptcy in North Carolina --------------------------------------------------------------- On December 2, 2025, Cosmetic Surgery Associates LLC sought Chapter 11 protection in the Western District of North Carolina. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Cosmetic Surgery Associates LLC Cosmetic Surgery Associates LLC is a single asset real estate company. Cosmetic Surgery Associates LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31298) on December 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laura T. Beyer handles the case. The Debtor is represented by Richard S. Wright, Esq. of Moon Wright & Houston, PLLC. CREATIVE WAY: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: The Creative Way, LLC 275 Walker Street Staten Islan, NY 10303 Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45807 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Christopher S. Martone, Esq. MARTONE & ASSOCIATES, LLC 2500 Lemoine Avenue Fort Lee, NJ 07024 Tel: 201-944-5004 E-mail: martonelawgmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Nicole McGill as managing member. 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/UOV6QSA/The_Creative_Way__nyebke-25-45807__0001.0.pdf?mcid=tGE4TAMA DAN LEPORE & SONS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Dan Lepore & Sons Company received interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through December 7 to pay operating expenses, including trust fund payroll and sales taxes, strictly in accordance with its budget. The budget projects total operating disbursement of $226,992 for the period from the week ending November 23 through the week ending December 21. The court granted Wells Fargo Bank, N.A. post-petition replacement liens on the Debtor's assets to protect the secured creditor from any diminution in the value of its collateral. These replacement liens carry the same validity, priority, and enforceability as Wells Fargo's pre-bankruptcy liens. Dan Lepore & Sons has a Wells Fargo revolving credit line, reduced from $2.5 million to $2 million, with about $1.6 million outstanding. The loan is secured by a broad lien on nearly all of the Debtor's personal property, perfected by UCC-1 filings since 2012. About Dan Lepore & Sons Company Dan Lepore & Sons Company provides construction and restoration services through divisions focused on stonework, unit masonry, and restoration, offering design and build capabilities along with rigging and scaffolding. It specializes in new building construction, maintenance, dismantlement, reconstruction, and the preservation of historic structures for industrial, commercial, and institutional clients across the United States. Dan Lepore & Sons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14757) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Gregory J. Lepore, president of Dan Lepore & Sons, signed the petitions. Judge Ashely M. Chan oversees the case. Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as legal counsel. DATAVAULT AI: Approves All Four Proposals at Annual Meeting ----------------------------------------------------------- Datavault AI Inc. held its 2025 annual meeting of stockholders on November 24, 2025. As of the close of business on September 26, 2025, the record date for the Annual Meeting, there were an aggregate of 186,842,741 shares of Common Stock issued, outstanding and entitled to vote. Stockholders holding an aggregate of 85,796,677 shares of Common Stock were present at the Annual Meeting, in person or represented by proxy, which constituted a quorum. Proposal 1: Nathaniel Bradley, Brett Moyer, Kimberly Briskey, Dr. Jeffrey M. Gilbert, David Howitt, Helge Kristensen, Sriram Peruvemba, Robert Tobias, and Wendy Wilson were elected at the Annual Meeting to serve as the Company's directors until the Company's 2026 annual meeting of stockholders and until each of their respective successors are elected and qualified or until each of their earlier resignation or removal. Proposal 2: The appointment of BPM LLP as the independent registered public accounting firm of the Company for the fiscal year ending December 31, 2025 was ratified by the Company's stockholders at the Annual Meeting. Proposal 3: The approval of an amendment to the Certificate of Incorporation to increase the Company's authorized shares of capital stock from 320,000,000 shares to 2,020,000,000 shares, of which 2,000,000,000 shares would be Common Stock, was approved by the Company's stockholders at the Annual Meeting. Proposal 4: For purposes of Rule 5635(a) and Rule 5635(b) of The Nasdaq Stock Market LLC, the issuance of 20% or more of outstanding shares of Common Stock issuable upon exercise of the Pre-Funded Warrant by the Purchaser was approved by the Company's stockholders at the Annual Meeting. About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DAVID JOHN MOTH: Creditor Wins Bid for Automatic Stay Relief ------------------------------------------------------------ Judge Grace E. Robson of the United States Bankruptcy Court for the Middle District of Florida granted the motion filed by Adam Money for relief from the automatic stay to pursue in rem and monetary relief against David John Moth as well as property owned by the Debtor. The Creditor sought relief on an emergency basis because Mr. Moth intends to close on a sale of the properties at issue on December 1, 2025. The Court confirmed Mr. Moth's chapter 11 plan by order entered on April 28, 2025. The "Effective Date" of the Plan was May 13, 2025. The Creditor's claims were unimpaired by the Plan and were to be paid in full from the sale of properties defined as "Class 6 Collateral." The Plan was to be implemented by a sale of the "Sale Property" to an entity called McCraney Property Company. However, the proposed sale fell through, and Mr. Moth sought to modify the Plan so that instead of a private sale to McCraney, the Debtor would sell the properties through a proposed 90-day sale process. The Creditor seeks relief from the automatic stay under Sec. 362(d)(1) for "cause" based on Mr. Moth's failure to timely perform under the Plan and the impending sale of the collateral securing the debt owed to the Creditor. The Court finds cause exists to grant relief from the automatic stay. Judge Robson explains, "First, Mr. Moth admits there is a default, as the Plan has not been implemented as proposed and he is seeking to sell his real property to a new entity. Second, the Court lacks jurisdiction to resolve this post-confirmation dispute, as Creditor seeks to enforce rights that do not pertain to the Plan's execution or implementation nor otherwise have the requisite close nexus to the confirmed Plan." The Creditor is granted relief from the automatic stay to pursue all rights and remedies against Mr. Moth and any property owned by the Debtor. A copy of the Court's Order dated November 24, 2025, is available at https://urlcurt.com/u?l=Mu01Ia from PacerMonitor.com. David John Moth filed for Chapter 11 bankruptcy protection (Bankr. M.D. Fla. Case No. 24-06278) on November 19, 2024, listing under $1 million in both assets and liabilities. DEPLOYED SOLDIERS: Court Extends Cash Collateral Access to Jan. 31 ------------------------------------------------------------------ Deployed Soldiers Network, LLC received interim approval from the U.S. Bankruptcy Court for the District of Maryland to use cash collateral through January 31, 2026. The court authorized the Debtor to use cash collateral, which consists of cash, receivables and future receivables, to fund operations in accordance with its budget. Any expenditure exceeding 10% of any line item of the budget requires approval from the Subchapter V trustee, the U.S. trustee and First Business Bank, Inc., the Debtor's secured lender. The Debtor projects total operational expenses of $43,438.04 for December and $40,738.04 for January 2026. As adequate protection, First Business Bank (also known as First Business Specialty Finance, LLC) will be granted replacement liens on its pre-bankruptcy collateral and the proceeds generated by the Debtor's use of the collateral. These replacement liens will have the same validity, priority and extent as the lender's pre-bankruptcy liens. A final hearing is scheduled for January 29, 2026. Objections are due by January 20, 2026. Deployed Soldiers Network previously entered into a loan agreement with First Business Bank, which asserts a first-position lien on the Debtor's cash and cash equivalents under a UCC-1 financing statement filed on June 10. However, the Debtor argued that no lien has been perfected on its bank accounts and that any such lien may be avoidable or wholly unsecured under bankruptcy law. The Debtor's operations include providing internet services to U.S. service members deployed in Kosovo, as well as offering roofing and consulting services. The business currently generates approximately $39,375 in monthly revenue and owns equipment, tools, and bank accounts, including unsecured vehicle assets valued at around $25,000. About Deployed Soldiers Network LLC Deployed Soldiers Network, LLC is an information technology company that appears to provide specialized IT services related to military personnel or veterans. Deployed Soldiers Network sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-17821) on August 26, 2025. In its petition, the Debtor reported between $500,000 and $1 million in assets and liabilities. The Debtor is represented by: David Erwin Cahn Law Office Of David Cahn, LLC Tel: 301-799-8072 Email: david@cahnlawoffice.com DKC ENTERPRISES: Taps Chris Farmand & Company as Advisor -------------------------------------------------------- DKC Enterprises, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ Chris Farmand & Company, PLLC d/b/a Small Batch Standard as its accounting advisor. Chris Farmand & Company, PLLC will continue to provide accounting services as necessary during the Debtor's Chapter 11 Case. The firm will: (b) charge a fixed fee of $1,300 per month for its services; (c) bill the Debtor on the 1st day of each month; and (d) debit $1,300 from the Debtor's account on the 11th day of each month. According to court filings, CFC is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Chris Farmand & Company PLLC 9309 Old Kings Rd S Ste 4 Craven - Jacksonville, FL 32257 Telephone: (904) 239-5241 About DKC Enterprises LLC DKC Enterprises, LLC, doing business as Henceforth DC, operates a brewery and wine bar located at 1335 H Street NE in Washington, DC. It serves handcrafted beers, wines, and other beverages in a community-oriented venue that also hosts private events and social gatherings. DKC Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00500) on October 30, 2025, with $3,073,243 in assets and $3,208,735 in liabilities as of September 30, 2025. Michael Spinello, managing member, signed the petition. Judge Elizabeth L. Gunn presides over the case. Lawrence A. Katz, Esq., at Hirschler Fleischer, PC represents the Debtor as legal counsel. DYNAMISM LLC: Gets Final OK to Use Cash Collateral -------------------------------------------------- Dynamism, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral consistent with its budget. Except in the event of emergency, no funds should be spent in excess of 110% of the amount set forth in the budget without further court order and consent from secured creditors. As adequate protection, the secured creditors will be granted post-petition replacement liens on property securing the Debtor's pre-bankruptcy debt. The creditors asserting liens on the cash collateral through UCC filings include the U.S. Small Business Administration, Ulster Savings Bank, Pinnacle Business Funding, LLC and Titan Funding, LLC. The final order is available at https://is.gd/KNtKcb from PacerMonitor.com. The Debtor said it has no alternative financing and needs to use the secured creditors' cash collateral to cover essential operational expenses. About Dynamism LLC Dynamism LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-35951) on September 8, 2025, listing up to $500,000 in assets and liabilities. Michael Lockwood, managing member, signed the petition. Judge Kyu Young Paek oversees the case. Michael D. Pinsky, Esq., at Michael D. Pinsky, Esq., represents the Debtor as legal counsel. E.W. SCRIPPS: Board Adopts One-Year Shareholder Rights Plan ----------------------------------------------------------- The E.W. Scripps Company disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on November 25, 2025, the Board Of Directors declared a dividend of one right for each outstanding Class A Common share, par value $0.01 per share, of the Company and each outstanding Common Voting share, par value $0.01 per share, of the Company. The dividend is payable on December 8, 2025 to stockholders of record as of the close of business on that date. Each Right, once exercisable, entitles the registered holder of: (a) Class A Common Shares to purchase from the Company one Class A Common Share and (b) Common Voting Shares to purchase from the Company one Common Voting Share (subject to adjustment), at a price of $2.19, subject to certain adjustments. The description and terms of the Rights are set forth in a Rights Agreement, dated as of November 26, 2025, as it may be amended from time to time, by and between the Company and Computershare Trust Company, N.A., as rights agent. Distribution and Exercise of Rights; Distribution Date and Expiration Date Subject to the terms and conditions of the Rights Agreement, the Rights will be issued in respect of all Class A Common Shares and Common Voting Shares, as applicable, outstanding on the Record Date, and in respect of all Class A Common Shares and Common Voting Shares issued after the Record Date and prior to the earliest to occur of the Distribution Date (as defined below) and the Expiration Date. In addition, following the Distribution Date and prior to the Expiration Date, the Company may issue Rights in respect of any voting shares of the Company issued or sold pursuant to any of the following, to the extent already existing or outstanding prior to the Distribution Date: the exercise of stock options, under any employee plan or arrangement, upon the exercise, conversion or exchange of securities, notes or debentures issued by the Company or pursuant to contractual obligations of the Company. The Rights are not exercisable until the Distribution Date and will expire upon the close of business on the earliest to occur of: (i) November 26, 2026, (ii) the date on which the rights are redeemed or exchanged by the Board of Directors in accordance with the Rights Agreement or (iii) the date of the Company's 2026 annual meeting of stockholders if requisite stockholder approval of the Rights Agreement is not obtained at such meeting. Subject to certain exceptions specified in the Rights Agreement, the Rights will separate from the Class A Common Shares and Common Voting Shares and become exercisable upon the close of business on the day which is the earlier to occur of: (i) the 10th business day following a public announcement that a person or group of affiliated or associated persons (subject to certain exceptions set forth in the Rights Agreement) has acquired beneficial ownership of 10% or more of the outstanding Class A Common Shares and (ii) the 10th business day (or such later date as may be determined by the Board of Directors prior to such time as any person or group of affiliated or associated persons becomes an Acquiring Person) after the date of the commencement of, or the first public announcement of the intention to commence, by any person (other than an Exempt Person, as defined in the Rights Agreement) a tender or exchange offer, the consummation of which would result in such person or group of affiliated or associated persons becoming an Acquiring Person. For purposes of calculating beneficial ownership under the Rights Agreement, certain synthetic interests in securities created by derivative positions are treated as beneficial ownership of the number of Class A Common Shares equivalent to the economic exposure created by the derivative security. Transfer of Rights prior to the Distribution Date; Right Certificates: Prior to the Distribution Date, the Rights will not be represented by a separate certificate, and will be evidenced by the certificate or book-entry account, as applicable, representing record ownership of the associated Class A Common Shares or Common Voting Shares, as applicable. Until the earlier of the Distribution Date and the Expiration Date, any new Class A Common Share certificate or Common Voting Share certificates issued after the Record Date will, in each case, contain a legend incorporating the Rights Agreement by reference. Notice of such legend will also be provided to holders of any new uncertificated Class A Common Shares or Common Voting Shares, as applicable. The Rights Agreement provides that, prior to the Distribution Date (or the earlier occurrence of the Expiration Date), the Rights will be transferrable only together with the transfer of the Class A Common Shares and the Common Voting Shares. During such period, the surrender for transfer of any Share Certificates or Voting Share Certificates, as applicable (or the effectuation of a book-entry transfer of Class A Common Shares or Common Voting Shares, as applicable) will also constitute the transfer of the Rights associated with such Class A Common Shares or Common Voting Shares, as applicable, represented thereby. As soon as practicable following the Distribution Date, separate certificates evidencing the Rights will be mailed to holders of record of the Class A Common Shares and Common Voting Shares, as of the close of business on the Distribution Date, and such separate certificates alone will evidence the Rights from and after the Distribution Date. The Company and the Rights Agent may from time to time amend the Rights Agreement to provide for uncertificated Rights in addition to or in place of Rights evidenced by Rights Certificates. Class A Common Shares and Common Voting Shares Purchasable Upon Exercise of Rights: After the Distribution Date, each Right (other than Rights beneficially owned by an Acquiring Person and certain affiliates, associates and transferees thereof, whose Rights will have become null and void) will entitle the holder to purchase, upon payment of the Exercise Price, one Class A Common Share or Common Voting Share, as applicable (subject to certain anti-dilution adjustments set forth in the Rights Agreement). Anti-Dilution: The Exercise Price, the number of outstanding Rights and the number of Class A Common Shares or Common Voting Shares, as applicable, issuable upon exercise of the Rights are subject to certain adjustments from time to time to prevent dilution in the event of a stock dividend on, stock split affecting or a subdivision or combination of, or a reclassification of, the Class A Common Shares or Common Voting Shares, as applicable, or if a person or group becomes an Acquiring Person. With certain exceptions, no adjustment in the Exercise Price will be required until cumulative adjustments require an adjustment, upward or downward, of at least 1% in such Exercise Price. Consequences of a Person or Group Becoming an Acquiring Person: -- Flip-In Trigger. In the event that a person or group becomes an Acquiring Person, each Right (other than Rights beneficially owned by an Acquiring Person and certain affiliates, associates and transferees thereof, whose Rights will have become null and void), will thereafter entitle the holder to purchase (in lieu of acquiring one Class A Common Share or Common Voting Share, as applicable), upon payment of the Exercise Price, a number of Class A Common Shares or Common Voting Shares having a fair market value (determined pursuant to the Rights Agreement) equal to approximately two times the Exercise Price in accordance with the terms of the Rights Agreement. -- Flip-Over Trigger. In the event that, after the time that a person or group becomes an Acquiring Person, the Company is acquired in a merger or other business combination (in which any Class A Common Shares or Common Voting Shares are changed into or exchanged for other securities or assets) or more than 50% of the consolidated assets or earning power of the Company and its subsidiaries are sold, proper provision will be made so that each holder of record of a Right (other than Rights beneficially owned by an Acquiring Person and certain affiliates, associates and transferees thereof, whose Rights will have become null and void) will thereafter have the right to receive, upon exercise of the Right, that number of shares of common stock of the Principal Party (as such term is defined in the Rights Agreement) having a fair market value at the time of such transaction determined in accordance with the Rights Agreement equal to approximately two times the Exercise Price. -- Exchange of Rights. At any time after any person or group becomes an Acquiring Person (but prior to the acquisition by such person or group of fifty percent (50%) or more of the outstanding Class A Common Shares), the Board of Directors may exchange the Rights (other than Rights owned by such person or group which will have become null and void), in whole or in part, at an exchange ratio of one Class A Common Share or Common Voting Share, as applicable, for each Right (subject to adjustment to reflect any stock split, stock dividend or similar transaction occurring after the date of the Rights Agreement) in accordance with the Rights Agreement. Redemption of Rights: The Rights are redeemable by the Board of Directors (in its sole discretion) at any time prior to a person or group becoming an Acquiring Person. The Board of Directors must redeem all outstanding Rights, at a redemption price of $0.001 per Right, subject to adjustment for stock dividends, subdivisions, splits, combinations or consolidations with respect to the Class A Common Shares or Common Voting Shares, as applicable payable, at the option of the Company, in cash, Class A Common Shares or Common Voting Shares, as applicable. The right to exercise the Rights will terminate immediately upon the effective time of the redemption, and thereafter the only right of the holders of Rights will be to receive the Redemption Price. No Rights of Holders as a Stockholder: Until a Right is exercised, the holder, in their capacity as such, will have no rights as a stockholder of the Company, including, without limitation, the right to vote or to receive dividends or to be deemed (or have the rights of a) holder of Class A Common Shares, Common Voting Shares or other securities that may at any time be issuable upon exercise thereof. Amendments: For as long as the Rights are then redeemable, the Company may amend the Rights Agreement in any manner without the approval of any holders of the Rights. After the Rights are no longer redeemable, the Company may amend the Rights Agreement (other than the Redemption Price or in a manner that would cause the Rights to again become redeemable) without the approval of any holders of the Rights so long as amendment does not materially adversely affect the interests of the holders of Rights (other than an Acquiring Person or any other person in whose hands Rights have become null and in accordance with the Rights Agreement). Commenting on the Shareholder Rights Plan, Kim Williams, the chair of Scripps' board, said, "The board is committed to acting in the best interests of all Scripps shareholders. The rights plan safeguards shareholders' ability to receive appropriate value for their investment and ensures that the board can assess the recently received proposal, and any strategic alternatives, in a thoughtful and orderly manner." Full-text copy of the Rights Agreement is available at https://tinyurl.com/3r83k3hv About Scripps The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation's largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of more than 60 stations in 40+ markets. Scripps reaches households across the U.S. with national news outlets Scripps News and Court TV and popular entertainment brands ION, ION Plus, ION Mystery, Bounce, Grit and Laff. Scripps is the nation's largest holder of broadcast spectrum. Scripps is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps' long-time motto is: "Give light and the people will find their own way." As of September 30, 2025, the Company had $5.1 billion in total assets, $3.8 billion in total liabilities, and $1.3 million in total stockholders' equity. * * * In July 2025, S&P Global Ratings assigned its 'CCC+' issue-level rating and '3' recovery rating to The E.W. Scripps Co.'s proposed $650 million senior secured second-lien notes due 2030. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery for lenders in the event of a payment default. E.W. Scripps plans to use the proceeds from these notes to fully repay its 5.875% senior unsecured notes due 2027 ($426 million outstanding) and repay $220 million of its senior secured first-lien term loan B-2 maturing 2028 ($545 million outstanding). Moreover, in August 2025, Fitch Ratings has upgraded The E.W. Scripps Company's Long-Term Issuer Default Rating (IDR) to 'CCC' from 'CCC-'. Fitch has also upgraded Scripps' senior secured debt to 'B' with a Recovery Rating of 'RR1', from 'B-'/'RR1', and senior unsecured debt to 'CC'/'RR6' from 'C'/'RR6'. In addition, Fitch has assigned a 'CCC-'/'RR5' rating to Scripps' new senior secured second-lien debt. Moody's Ratings subsequently assigned a Caa2 rating to The Scripps (E.W.) Company's proposed $650 million senior secured second-lien notes due 2030. In connection with this rating action, Moody's affirmed the Caa1 corporate family rating, B2 ratings on the senior secured debt instruments and Caa3 ratings on the senior unsecured notes. Moody's also upgraded the probability of default rating to Caa1-PD from Caa2-PD and changed the outlook to stable from negative. Scripps' SGL-3 Speculative Grade Liquidity rating remains unchanged. EAGLE LANDSCAPING: Seeks to Hire George Oliver PLLC as Counsel -------------------------------------------------------------- Eagle Landscaping, LLC seeks approval from the U.S. Bankruptcy court for the Eastern District of North Carolina to hire The Law Offices of George Oliver, PLLC, as counsel. The firm will provide these services: (a) represent and assist the Debtor in carrying out its duties under Chapter 11 of the Bankruptcy Code; (b) advise and represent the Debtor generally throughout the administration of the Chapter 11 proceeding; and (c) perform all legal services necessary to advise and represent the Debtor in the course of this bankruptcy case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $7,500. George Mason Oliver, Esq., a partner at The Law Offices of George Oliver, PLLC, 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: George Mason Oliver, Esq. The Law Offices of George Oliver, PLLC PO Box 1548 New Bern, NC 28563 Tel: (252) 633-1930 Fax: (252) 633-1950 E-mail: george@georgeoliverlaw.com About Eagle Landscaping LLC Eagle Landscaping, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04493) on November 12, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Joseph N. Callaway presides over the case. Benjamin R. Eisner, Esq., at The Law Offices of George Oliver, PLLC represents the Debtor as bankruptcy counsel. ECO-PRESERVATION: Judgment Creditors Lose Stay Relief Bid --------------------------------------------------------- Judge D. Sims Crawford of the United States Bankruptcy Court for the Northern District of Alabama denied the motion filed by Lindsay and Benjamin Davis, Nicole Slone, and Monica and John Lawrence as Judgment Creditors to annul the automatic stay or alternatively for relief from the automatic stay in the bankruptcy case of ECO-Preservation Services, LLC. Knobloch, Inc., Tannehill Sewer, LLC, SERMA Funding, LLC, Shandi R. White, and M. Paula White as Non-Debtor Defendants oppose the motion. According to the Bankruptcy Court, its jurisdiction to grant the relief sought by the Judgment Creditors is questionable at this time given the appeal pending in United States District Court for the Northern District of Alabama. That appeal concerns the Bankruptcy Court's Order of August 28, 2025, which concluded, among other things, that the Judgment Creditors violated the automatic stay; in particular, that the stay was violated when the Judgment Creditors commenced a civil action in Tuscaloosa County Circuit Court asserting fraudulent transfer claims against certain Non-Debtor Defendants (namely, Knobloch, Tannehill Sewer, Serma Funding, collectively the "Sewer System Defendants"). The Judgment Creditors now seek to annul the stay, or get relief from the automatic stay, to again pursue the fraudulent transfer actions against the Sewer System Defendants. This time, the Judgment Creditors wish to proceed on an Amended Complaint that they assert cannot be interpreted as to thwart the position of the Trustee or interfere with property of the Estate or operations of the sewer system. The Judgment Creditors perceive no jurisdictional impediment to the Bankruptcy Court annulling or granting stay relief due to the pending appeal; this is so, they contend, because the appeal concerns the alter-ego and veil piercing claims and whether the Tuscaloosa County complaint was stayed as to Shandi R. White and Mary Paula White (in addition to the Sewer System defendants), not the stay-violating fraudulent transfer claims they want relief to pursue on take number two. Notwithstanding that these claims are part and parcel of the same Order on appeal, this argument credits certain holdings within the Order as sufficiently distinct from those being appealed for jurisdictional purposes. The Bankruptcy Court is unconvinced of the same. There is no dispute that the Judgment Creditors had notice of the bankruptcy, but they contend their conduct cannot be perceived as an intentional disregard of the automatic stay because they relied on the reversion theory. The Bankruptcy Court is unpersuaded that the reversion theory automatically lifted the stay by implicitly reverting the claims back to the Judgment Creditors and it is likewise unpersuaded that this theory somehow weighs in favor of granting annulment in this case. According to the Bankruptcy Court, the Judgment Creditors were aware of the pendency of the bankruptcy case, but they commenced a state court proceeding nonetheless -- circumstances unchanged by the reversion theory. When considering the relief sought by the Judgment Creditors, the Bankruptcy Court is unpersuaded that annulling or lifting the stay at this time would not interfere with the integrity of the appeal process and the jurisdiction of the District Court. Because the pending appeal renders the Bankruptcy Court's jurisdiction to grant the relief requested questionable, the Motion for Relief should be denied. It should also be denied at this time for a lack of cause to grant the relief requested pursuant to Sec. 362(d)(1). A copy of the Court's Order dated November 21, 2025, is available at https://urlcurt.com/u?l=qtRp1a from PacerMonitor.com. About ECO-Preservation Services, LLC ECO-Preservation Services, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ala. Case No. 22-02429) on Oct. 5, 2022, listing up to $10 million in both assets and liabilities. Judge D. Sims Crawford oversees the case. The Law Offices of Harry P. Long, LLC serves as the Debtor's counsel. Brian Walding is appointed as trustee in this Chapter 11 case. He tapped Walding, LLC as counsel and Barry Strickland & Company, Certified Public Accountants as accountant. EKROOP LLC: Claims to be Paid from Continued Operations ------------------------------------------------------- Ekroop, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Arkansas a Disclosure Statement describing Plan of Reorganization dated December 1, 2025. The Debtor is incorporated with the Arkansas Secretary of State. The primary purpose of Debtor is the operation of a liquor store in Pulaski County, Arkansas. The Debtor holds a liquor license in order to conduct such business. Insider of Debtor is Gurpreet Kaur, who is the 100% shareholder. Kaur, along with her husband, Sandeep Singh, manage the upkeep and maintenance of the Debtor's property and manage the financial and office operations of the Debtor. Kaur will retain her ownership interests under the proposed Plan. She and Sandeep Singh will continue to manage the Debtor's property and business operations. The event that led to the need for Debtor to file for relief under Chapter 11 of the Bankruptcy Code was the entry of a judgment entered by the Circuit Court of Pulaski County, Arkansas, in case number 60CV-22-6207. On or about September 14, 2021, the Judgment Creditor, Nikki Munnerlyn, and another individual drove through the drive through at the Debtor's business location. Class 2(a) consists of Priority and General Unsecured Claims of DFA. This class consists of the priority and general unsecured debt of the DFA's claim in the amount of $24,066.76. Debtor proposes to pay this claim at $401.11 over 60 months of the plan. Class 2(b) consists of Priority and General Unsecured Claims of IRS. This class consists of the priority and general unsecured debt of the IRS's claim in the amount of $31,343.31. Debtor proposes to pay this claim at $522.39 over 60 months of the plan. Class 3 consists of General Unsecured Claim of American Express National Bank. This class consists of the priority and general unsecured debt of the IRS's claim in the amount of $1555.03. Debtor proposes to pay this claim at $25.92 over 60 months of the plan. Class 4 consists of Equity Interest Holder Gurpreet Kaur. This class consists of the priority and general unsecured debt of the IRS’s claim in the amount of $1555.03. Debtor proposes to pay this claim at $25.92 over 60 months of the plan. This Class is impaired. The Debtor will maintain and continue its current business operations and commit its available income to the Plan for the required five-years period, as required under Section 1129 of the Bankruptcy Code. This plan shall be in effect and subject to the jurisdiction of the Bankruptcy Court, for up to and including 120 months (ten years) from the effective date of the plan, or so long as it takes to pay priority tax claims, administrative claims, secured claims and unsecured claims as provided for in the Debtor's plan, whichever is less. A full-text copy of the Disclosure Statement dated December 1, 2025 is available at https://urlcurt.com/u?l=EaNAn1 from PacerMonitor.com at no charge. Counsel to the Debtor: Joel G. Hargis, Esq. CADDELL REYNOLDS LAW FIRM 740 Southwest Drive Jonesboro, AR 724012 PH (870) 336-6407 FX (479) 230-2002 Email: jhargis@caddellreynolds.com About Ekroop, LLC Ekroop, LLC operates a liquor store in Pulaski County, Arkansas. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-11861) on June 2, 2025, listing $100,001 to $500,000 in assets and $100,001 to $500,000 in liabilities. Judge Richard D Taylor presides over the case. Joel G. Hargis, at Caddell Reynolds, represents the Debtor as counsel. ELDER CONTRACTING: Has Deal on Cash Collateral Access ----------------------------------------------------- Elder Contracting, LLC and Stearns Bank National Association advise the U.S. Bankruptcy Court for the District of Arizona that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. The stipulation arises from a prepetition $3 million revolving line-of-credit loan executed on December 31, 2024, for which the Debtor pledged all inventory, equipment, accounts, and other personal property, perfected by UCC-1 filings in February and October 2024. As of the petition date, the Debtor owed the Lender approximately $2,849,000 and held roughly $4 million in accounts receivable, with all other personal property being of minimal value. The parties agree that the collateral securing the loan constitutes the Lender's cash collateral, and Stearns Bank consents to the Debtor's use of that collateral for ordinary and necessary operating expenses—including payroll, payment of professionals upon proper court approval, and compensation to insider employee Ramon J. Patino—so long as Elder Contracting pays the Lender $10,000 per month in adequate protection beginning December 15, 2025. The Debtor must also file a good-faith Chapter 11 Plan and Disclosure Statement within 30 days of the petition date; failure to do so permits the Lender to issue a Notice of Non-Compliance, which, upon court approval, terminates the Debtor's right to use cash collateral. The stipulation remains effective until May 31, 2026, confirmation of a Chapter 11 plan, or revocation for noncompliance, whichever occurs first, though it may be extended or modified only by written agreement or court order. Both parties retain all objections and rights regarding the plan process and the Lender's proof of claim, and the stipulation expressly preserves all lender rights under the original loan documents, making clear that it does not waive defaults, reinstate the loan, or modify loan terms. The Debtor must continue providing monthly financial reports, and any defaults under the stipulation trigger a notice-and-cure process with a ten-day cure period followed by an additional ten days to seek court intervention if the parties cannot resolve the issue. The stipulation is binding on the parties and their successors, with the Lender permitted to assign its rights, and is intended as the final and complete agreement regarding cash collateral. A court hearing is set for January 8, 2026. A copy of the motion is available at https://urlcurt.com/u?l=DyruNK from PacerMonitor.com. About Elder Contracting, LLC Elder Contracting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-11296-EPB) on November 24, 2025. In the petition signed by Ramon J. Patino, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eddward P. Ballinger Jr oversees the case. Michael Tafoya, Esq., at Law Office of Michael G. Tafoya, represents the Debtor as legal counsel. EMPIRE TRIMODAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Empire Trimodal Terminal, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral strictly in accordance with its budget. The Debtor may exceed any individual budget line item by up to 15%, but total disbursements may not surpass the overall budget without court approval or consent from the U.S. Small Business Administration. As adequate protection, the SBA will receive valid replacement liens on post-petition assets of the same type as its pre-bankruptcy collateral (excluding Chapter 5 avoidance actions), as well as bi-weekly payments of $1,962.50, beginning 14 days after November 26. The replacement liens are subject to a carveout, which covers: (i) statutory fees owed to the Clerk or U.S. Trustee; (ii) up to $25,000 in fees and expenses of Debtor's court-approved professionals; and (iii) up to $15,000 in fees and expenses of a professional employed by the Subchapter V trustee. The Debtor's authority to use cash collateral may be terminated for missed adequate protection payments, improper use of funds, lack of required reporting, case dismissal or conversion, or other material breaches. A final hearing is scheduled for December 11, with objections due by December 8. The interim order is available at https://is.gd/6HEGiw from PacerMonitor.com. Empire Trimodal Terminal, a Delaware corporation operating the Port of West Virginia inland terminal facility in Follansbee, WV, filed for Chapter 11 protection on November 19, and continues to operate as a debtor-in-possession. Prior to bankruptcy, the Debtor obtained $26 million in bond financing, with UMB Bank, N.A. serving as trustee for bondholders and holding perfected security interests—via UCC filings in 2020 and 2025—covering project revenues, including accounts receivable. UMB's claim totals approximately $22.8 million, while the collateral is valued at about $41 million. UMB Bank is represented by: Ellen S. Cappellanti, Esq. Angela L. Beblo, Esq. Jackson Kelly PLLC 500 Lee Street, East, Suite 1600 Post Office Box 553 Charleston, WV 25322 Telephone: (304) 340-1000 Fax: (304) 340-1130 ecappellanti@jacksonkelly.com angela.beblo@jacksonkelly.com -and- Seth P. Hayes, Esq. 3000 Swiss Pine Way, Suite 200 Morgantown, WV 26501 Telephone: (304) 284-4100 Fax: (304) 284 shayes@jacksonkelly.com About Empire Trimodal Terminal LLC Empire Trimodal Terminal, LLC operates an inland multi-modal port facility in Follansbee, West Virginia, providing barge, rail, and truck logistics services. The Company manages bulk and breakbulk cargo, container storage, liquid transfer and storage, and associated warehousing and laydown yards. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Case No. 25-00668) on November 19, 2025. In the petition signed by Frank J. Rosso, CEO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge David L. Bissett oversees the case. Ryan W. Johnson, Esq., at Johnson Legal Services, PLLC, represents the Debtor as bankruptcy counsel. ENERFLEX LTD: Moody's Raises CFR to Ba2 & Alters Outlook to Stable ------------------------------------------------------------------ Moody's Ratings upgraded Enerflex Ltd.'s (Enerflex) corporate family rating to Ba2 from Ba3 and probability of default rating to Ba2-PD from Ba3-PD. The speculative grade liquidity rating (SGL) remains unchanged at SGL-2. At the same time, Moody's assigned a Ba3 rating to Enerflex Inc.'s proposed senior unsecured $400 million notes due 2031. The B1 rating on Enerflex Ltd.'s first lien senior secured notes was reviewed in rating committee and is unchanged, and will be withdrawn at close. Enerflex's outlook was revised to stable from positive, and Enerflex Inc.'s outlook was assigned stable. "The upgrade reflects Moody's expectation for leverage sustained comfortably below 2x, an improved maturity profile, and supportive industry tailwinds underpinned by power and natural gas demand," said Whitney Leavens, Moody's Ratings analyst. Proceeds from the new notes will be used to redeem the company's senior secured notes due 2027 (about $560 million outstanding). A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. RATINGS RATIONALE Enerflex's Ba2 CFR is supported by: (1) low leverage; (2) recurring revenue stream in growing, high-demand verticals including natural gas and power; (3) significant contribution from multiyear, fee-based contracts underpinned by a high quality customer base; and (4) an international geographic presence with vertical integration providing good revenue diversification. Credit constraints include: (1) inherent industry cyclicality exposing the company to pricing pressures on shorter-term contract renewals and periods of lower capital investment by industry players; (2) free cash flow constrained by modest margins and capital intensity tied to infrastructure projects; and (3) exposure to geopolitical and emerging market risks. Enerflex Inc.'s proposed US$400 million senior unsecured notes are rated Ba3, one notch below Enerflex's CFR, reflecting their junior position relative to the sizeable $800 million secured revolver ranking ahead of them. Enerflex has good liquidity (SGL-2). As of Q3 2025 and pro-forma for the proposed issuance, sources total about $565 million, consisting of about $65 million in cash and $500 million available under the $800 million revolving credit facility expiring July 2028. The company's secured revolver is subject to interest and leverage maintenance covenants, including net debt to EBITDA below 4x. Moody's expect the company to remain in compliance with all financial covenants. Enerflex has some flexibility to raise alternate sources of liquidity through asset sales. The stable outlook reflects Moody's expectation that Enerflex will sustain leverage under 2x while generating stable EBITDA and steady free cash flow. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Enerflex increases scale substantially while establishing a track record of consistent and meaningful free cash flow, significant growth of contracted revenues and maintenance of excellent liquidity. The ratings could be downgraded if debt to EBITDA rises above 2.5x, there is material negative free cash flow, or financial policies become more aggressive. Headquartered in Calgary, Alberta, Enerflex primarily provides infrastructure and energy transition solutions to the natural gas production industry. The principal methodology used in these ratings was Oilfield Services published in October 2025. EVOFEM BIOSCIENCES: Approves All Key Proposals at Annual Meeting ---------------------------------------------------------------- Evofem Biosciences, Inc. held its Annual Meeting of Stockholders on November 26, 2025. The Meeting was held at 9:00 a.m. Pacific Daylight Time at the Company's headquarters at 12636 High Bluff Drive, Suite 400, San Diego, California, 92130 pursuant to a definitive notice and proxy statement filed with the Securities and Exchange Commission on October 29, 2025. Of the Company's 268,232,641 eligible votes as of October 24, 2025, 213,227,083 votes (approximately 79.5% of the total eligible votes) were represented by proxy or in person, which constituted a quorum for the purposes of the Annual Meeting. Approximately 56.6% of holders of the Company's Common Stock issued and outstanding as of the Record Date were present in person or represented by proxy. All holders of the Company's series E-1 convertible preferred stock and Series G-1 convertible preferred stock issued and outstanding, and eligible to vote on an as-converted basis, as of the Record Date were present in person or represented by proxy. Each of the matters at the Annual Meeting are described in detail in the Company's Definitive Proxy. Proposals voted on at the Annual Meeting, including the number of votes cast for, against, and the number of votes withheld and broker non-votes, with respect to each proposal: Proposal 1: Election of the following nominees as Class I or Class II directors of the Company, to serve three-year terms until the 2028 Annual Meeting of Stockholders and until their successor is duly elected and qualified. 1. Kim Kamdar, Ph.D. (Class I Director) * Votes For: 167,426,206 * Votes Against: 0 * Votes Withheld: 1,831,252 * Broker Non-Votes: 43,969,625 2. Colin Rutherford (Class I Director) * Votes For: 167,375,794 * Votes Against: 0 * Votes Withheld: 1,881,664 * Broker Non-Votes: 43,969,625 3. Lisa Rarick (Class I Director) * Votes For: 167,416,947 * Votes Against: 0 * Votes Withheld: 1,840,511 * Broker Non-Votes: 43,969,625 4. Tony O'Brien (Class II Director) * Votes For: 167,357,011 * Votes Against: 0 * Votes Withheld: 1,900,447 * Broker Non-Votes: 43,969,625 Each of the four nominees were elected to the Board by the Company's stockholders, each to hold office until the 2028 Annual Meeting of Stockholders and until his or her successor has been duly elected or until his or her resignation or removal. Proposal 2: Approval, on a non-binding advisory basis, of the compensation of the named executive officers. * Votes For: 155,458,669 * Votes Against: 13,342,767 * Abstentions: 456,023 * Broker Non-Votes: 43,969,624 This proposal was approved by the Company's stockholders voting together as a class. Proposal 3: Approval of the Evofem Biosciences, Inc. 2025 Equity Incentive Plan. * Votes For: 161,228,017 * Votes Against: 7,369,458 * Abstentions: 659,984 * Broker Non-Votes: 43,969,624 The Evofem Biosciences, Inc. 2025 Equity Incentive Plan was approved by the Company's stockholders voting together as a class. Proposal 4: Approval of an amendment to the Company's Certificate of Incorporation to authorize a reverse stock split of the outstanding Common Stock by a ratio of not less than 1-for-500 and no more than 1-for-1,500, with the exact range to be set a whole number within such range by the Board, in its sole discretion, at any time prior to November 26, 2026. 1. Common, Series E-1 and Series G-1 Combined * Votes For: 171,747,197 * Votes Against: 41,462,277 * Abstentions: 17,606 * Broker Non-Vote: 3 2. Series E-1 * Votes For: 37,967,769 * Votes Against: 0 * Abstentions: 0 * Broker Non-Vote: 0 3. Series G-1 * Votes For: 103,578,947 * Votes Against: 0 * Abstentions: 0 * Broker Non-Vote: 0 Approval of this proposal required: (i) the affirmative vote of a majority of the combined voting power of the outstanding shares of Common Stock, Series E-1, and Series G-1, voting together as a single class, and (ii) the affirmative vote of a majority of the outstanding shares of each of Series E-1 and Series G-1 Preferred Stock, voting separately as classes. Proposal 4 was approved by a majority of the combined voting power of the Common Stock, Series E-1, and Series G-1 voting together as a single class and by a majority of each of Series E-1 and Series G-1 voting separately as classes. Proposal 5: Ratification of the appointment of BPM LLP as the Company's Independent Registered Public Accounting firm for the year ending December 31, 2025. * Votes For: 210,500,099 * Votes Against: 2,289,164 * Abstentions: 437,817 * Broker Non-Vote: 3 The appointment was ratified by the Company's stockholders, voting together as a class. Proposal 6: Because a quorum was present and sufficient votes were received to approve all other proposals, no vote on Proposal 6 was required or taken. About Evofem Evofem Biosciences, Inc. is a San Diego-based biopharmaceutical company focused on sexual and reproductive health innovations. Its first commercial product, PHEXXI, is a hormone-free prescription contraceptive gel that was FDA-approved in 2020. In November 2024, they re-launched SOLOSEC, an oral antimicrobial agent for treating two common sexual health infections, following its acquisition of global rights. The Company aims to expand its global presence through partnerships and licensing agreements, such as the recent licensing of PHEXXI commercial rights in the Middle East to Pharma 1 Drug Store, LLC. In its report dated March 23, 2025, the Company's auditor, BPM, LLP, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, noting that the Company has experienced recurring operational losses, negative cash flows from operations since its inception, and a net capital deficiency, all of which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $13.8 million in total assets, $83.9 million in total liabilities, $4.9 million in convertible and redeemable preferred stock, and $75.1 million in total stockholders' deficit. FENTON TOWE: Seeks to Hire Ayers & Haidt P.A. as Legal Counsel -------------------------------------------------------------- Fenton Towe Eure, IV seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Ayers & Haidt, P.A. to serve as legal counsel in its Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $17,500. David J. Haidt, Esq., a partner at Ayers & Haidt, PA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David J. Haidt, Esq. AYERS & HAIDT, PA P.O. Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: (252) 638-2955 Email: davidhaidt@embarqmail.com About Fenton Towe Eure, IV Fenton Towe Eure, IV sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-04555) on November 14, 2025. David J. Haidt, Esq. at Ayers & Haidt, P.A. serves as the Debtor's counsel. FREEDOM MORTGAGE: S&P Rates $500MM Senior Unsecured Notes 'B' ------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue rating and a '4' recovery rating to Freedom Mortgage Holdings LLC's $500 million senior unsecured notes due 2031. The '4' recovery rating indicates its expectation of average (30%-50%; rounded estimate: 45%) recovery in a simulated default. S&P expects the transaction to be leverage neutral. The company intends to use the net proceeds to repay borrowings under its Ginnie Mae mortgage servicing rights (MSR) facility of $300 million and a portion under the MSR position of its KeyBank credit facility. Prior to this transaction, the company also paid down its 12% $800 million senior unsecured notes due 2028 and $340 million under the MSR position of its KeyBank credit facility, funded through the $750 million private financing that the company raised in September 2025 and $390 million in cash and cash equivalents (driven by opportunistic MSR sales proceeds). In S&P's view, the transaction doesn't affect the company's credit quality, so its issuer credit rating on Freedom (B/Stable/--) is unchanged. S&P said, "The stable outlook reflects our expectation that Freedom will maintain debt to EBITDA below 5x, debt to tangible equity below 2x, and EBITDA interest coverage above 2x. We also expect the company will continue to maintain its servicing book organically and through purchases while maintaining sufficient liquidity." Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default occurs in 2028 due to a rapid decline in MSR valuations. There could also be financial strain from regulatory changes or operational issues. -- As the company approaches default in our scenario, S&P assumes its assets will shrink as it sells MSRs for additional liquidity to fund operations. -- Ultimately, S&P assumes the company would breach the advance rates on its secured funding facilities, leading to covenant violations. This would activate cross-acceleration provisions, allowing unsecured creditors to submit a claim for excess collateral after selling MSR assets pledged as collateral for priority claims. In such a default scenario, S&P thinks creditors would liquidate the company's assets. The challenge of selling assets when the company is distressed incurs an additional realization factor, or discount. Simulated default assumptions -- High delinquency rates leading to depressed MSR valuations. -- A sustained period of rapid amortization of MSRs with limited ability to refinance the repayments. -- Limited new originations, an increase in borrower delinquencies, and an increase in the discount rate to value MSRs. Simplified waterfall -- Net enterprise value (after 5% administrative costs): $7.5 billion -- Collateral value available to secured debt: $7.5 billion. -- Total first-lien debt at default: $5.3 billion -- Collateral value available to senior unsecured note claims: $2.1 billion -- Total unsecured debt at default: $5.3 billion --Recovery expectations: 45% ('4') Note: All debt amounts include six months of prepetition interest. FRONTIERSMEN INC: Plan Exclusivity Period Extended to Feb. 9, 2026 ------------------------------------------------------------------ Judge Robert Grant of the U.S. Bankruptcy Court for the Northern District of Indiana extended Frontiersmen Inc.'s exclusive periods to file a plan of liquidation to February 9, 2026. As shared by Troubled Company Reporter, the Debtor's counsel is now in receipt of remaining funds from the building sale to distribute. Until receipt of the building sale proceeds, the Debtor did not have sufficient information to advise creditors on their treatment in a plan. The Debtor explains that it is in need of additional time to review claims prior to submitting a plan, including one extraordinary claim of the IRS. The Debtor claims that it must hire an accountant to review the IRS claim. The Debtor was reluctant to hire an accountant before the building sale closed, as the Debtor wanted to be respectful of the estate funds and did not wan to incur professional fees without knowing how large the estate is and what can be distributed. In addition, as a result of the current government shutdown, it is presumed that engaging in discussions with the IRS about their claim will likely not occur. The Debtor asserts that the interests of all parties are best served by allowing the Debtor an extension of time for the exclusivity period so as to be able to submit a feasible plan of liquidation. Frontiersmen Inc., is represented by: Jeffrey M. Hester, Esq. Hester Baker Krebs LLC Suite 1330 One Indiana Square Indianapolis, IN 46204 Telephone: (317) 608-1129 Facsimile: (317) 833-3031 Email: jhester@hbkfirm.com About Frontiersmen Inc. Frontiersmen Inc., doing business as Funk's Frontiersmen, is a seed company based in Kentland, Indiana. Founded in 1979, the family-owned business provides hybrid corn and soybean varieties tailored for local agricultural needs. Frontiersmen Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-40144) on May 13, 2025. In its petition, the Debtor reports total assets of $296,040 and total liabilities of $6,972,465. The Debtors are represented by Jeffrey Hester, Esq. at HESTER BAKER KREBS LLC. GAMIL EDHAH: Seeks to Hire Michael L. Walker as Bankruptcy Counsel ------------------------------------------------------------------ Gamil Edhah LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire The Law Offices of Michael L. Walker, Esq., PLLC as its counsel. The firm will render these services: (a) advise the Debtor of its rights, powers, and duties in the management of its business and property under Chapter 11; (b) prepare on behalf of the Debtor all necessary and appropriate legal documents and review financial and other reports to be filed in this Chapter 11 case; (c) advise the Debtor concerning, and prepare responses to, legal papers that may be filed by other parties in this bankruptcy case; (d) advise the Debtor with respect to, and assist in the negotiation, and documentation of, financing agreements and related transactions; (e) review the nature and validity of any liens asserted against the Debtor's property and advise concerning the enforceability of such liens; (f) advise the Debtor regarding its ability to initiate actions to collect and property for the benefit of its estate; (g) advise and assist the Debtor in connection with any potential asset sales and property dispositions; (h) advise the Debtor concerning executory contract and unexpired lease assumptions, assignments, and rejections as well as lease restructuring and re-characterizations; (i) advise the Debtor in connection with the formulation, negotiation, and promulgation of a plan or plans of reorganization, and related transactional documents; (j) assist the Debtor in reviewing, estimating, and resolving claims asserted against its estate; (k) commence and conduct litigation necessary and appropriate to assert rights held by the Debtor, protect the assets of its Chapter 11 estate, or otherwise further the goal of completing its successful reorganizations; and (l) provide non-bankruptcy services for the Debtor. Michael Walker, Esq., will be paid at his hourly rate of $400, plus reimbursement for expenses incurred. Mr. Walker disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael L. Walker, Esq. The Law Offices of Michael L. Walker, Esq., PLLC 9052 Fort Hamilton Parkway, 2nd Floor Suite Brooklyn, NY 11209 Telephone: (718) 680-9700 Email: mwalker@michaelwalkerlaw.com About Gamil Edhah LLC Gamil Edhah LLC is a limited liability company. Gamil Edhah LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44937) on October 6, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Michael L. Walker, Esq. of The Law Office Of Michael Walker. GENIE INVESTMENTS: Cohan Loses Bid to Appeal Compromise Approval ---------------------------------------------------------------- Judge Jason A. Burgess of the United States Bankruptcy Court for the Middle District of Florida entered findings of fact and conclusions of Law on the order denying the motion for leave to appeal in forma pauperis filed by John-Michael Cohan in the bankruptcy case of filed by Genie Investments NV, Inc. The Equity Holders are the former principals of the Debtor, with each owning a 50% interest. The Debtor's schedules listed a legal malpractice cause of action against Warren Law, which arose out of an ill-fated joint venture the Debtor entered into with Velanos Principal Capital. While the Trustee was executing his statutory duty of pursuing the cause of action, the Equity Holders filed a pro se complaint in the United States District Court, for the Middle District of Florida, Jacksonville Division asserting various claims arising from the Velanos joint venture against the successor in interest to the Warren Law Group and its attorney, Scott Oh. In response, the Trustee filed a Motion to Enforce Automatic Stay. The Court granted the motion and an Interim Order on Motion to Enforce Automatic Stay was entered which stayed the action in the District Court. On September 30, 2025, the Court entered an Order Granting Trustee's Motion to Enforce Automatic Stay and Denying with Prejudice Equity Holders' Motions for Sanctions. In the Order Enforcing, the Court found that the Equity Holders' causes of action against Velanos and Warren Law are property of the estate, and that their attempts to pursue such causes of action are a violation of the automatic stay. On October 9, 2025, the Trustee filed a Motion to Compromise Claims with Christopher D. Warren, P.C., Warren Law Group, PLLC, and Scott Oh and Enjoin Certain Claims. The Motion to Compromise is based on the Trustee's business judgment that the deal is in the best interests of the estate and its creditors because of the time and high costs associated with pursuing the Debtor's claims against WLG and Oh. Aside from an objection filed by the Equity Holders, which was stricken by the Court, no other responses were timely filed to the Motion to Compromise. On November 4, 2025, the Court entered an Order Granting the Motion to Compromise. By the Motion for Leave, Mr. Cohan seeks to appeal the Order Granting Motion to Approve Compromise or Settlement. The issue before the Court is whether Mr. Cohan may proceed in forma pauperis to appeal the Compromise Order. In considering the issue of objective good faith, the Court reaches the conclusion that Mr. Cohan's appeal of the Order Granting Compromise is frivolous and meritless. Judge Burgess explains, "In the Motion for Leave, Mr. Cohan states the basis for the appeal is to challenge fundamental due process violations and the bankruptcy court's abuse of discretion. Importantly, an appeal is not taken in good faith when the party appealing fails to articulate a basis for the appeal. The record before the Court clearly reflects that there are no non-frivolous issues to be litigated on appeal. The Motion to Compromise was properly served and noticed, and no valid objections were timely filed. The Court has spent an inordinate amount of time on this Case and is extremely familiar with the intricacy of the various issues involved. There is simply no legitimate basis which exists to support the conclusion that the entry of the Order Granting Compromise involves due process violations or an abuse of discretion by the Court." A copy of the Court's Findings of Fact and Conclusions of Law on Order Denying Motion for Leave to Appeal in Forma Pauperis dated November 25, 2025, is available at https://urlcurt.com/u?l=oFOTmr from PacerMonitor.com. About Genie Investments NV, Inc. Genie Investments NV Inc. filed a Chapter 11 bankruptcy petition (Bankr. M.D. Fla. Case No. 24-00496) on Feb. 21, 2024, disclosing under $1 million in both assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor tapped the Law Offices of Mickler & Mickler, LLP as counsel, Susan Ray as accountant/bookkeeper, and Jimmy D. Chambers as certified public accountant. The case was converted to Chapter 7 on Aug. 12, 2024. Aaron R. Cohen is the Chapter 7 trustee. GLOBAL CONSULTING: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Global Consulting and Investment Network, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use the cash collateral of secured creditor, Metropolitan Financial Corporation. The court authorized the Debtor to use cash collateral pending a final hearing to pay operating expenses in accordance with its budget, subject to a 10% variance. The Debtor's use of cash collateral automatically terminates if it violates key provisions of the interim order, fails to make required payments, or loses debtor-in-possession status. As adequate protection, Metropolitan will receive a replacement lien on all of the Debtor's property of the same type and priority as its pre-bankruptcy lien and monthly payments of $3,000. These payments apply to post-petition interest. The final hearing will be held December 16, with objections due by December 9. Metropolitan holds a valid, perfected, first-position lien on the Debtor's property in Surprise, Arizona, along with all related rents and proceeds. It also holds an allowed secured claim of $512,636.78 as of September 8. About Global Consulting and Investment Network Global Consulting and Investment Network, LLC is a single asset real estate business based in Phoenix, Arizona. Global Consulting and Investment Network sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-06519) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Brenda Moody Whiner handles the case. The Debtor is represented by Patrick F. Keery, Esq., and Martin J. McCue, Esq., at Keery McCue, PLLC. GREAT CIRCLE: Gets Interim OK to Use Cash Collateral Until Jan. 23 ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of New York approved a second stipulation granting Great Circle Park, LLC an extension to use the cash collateral of its lender, Flagstar Bank, N.A. Under the stipulation, the Debtor is authorized to use up to $24,151.04 in cash collateral from November 21 through January 23, 2026 or earlier upon default. Events of default include the appointment of a Chapter 11 trustee; conversion of the Debtor's bankruptcy case to one under Chapter 7; stay relief; or breach of the stipulation terms. Upon default, the lender may move for relief from stay on seven days' notice. The Debtor must comply with the budget and must not exceed any line item by more than 5% without lender approval. Flagstar consented to the Debtor's use of its cash collateral in order to preserve the value of its collateral and fund the Debtor's business operations. As adequate protection, Flagstar will receive monthly non-default interest payments of $23,801.04 and retain all pre-bankruptcy liens on the collateral. The stipulation is available at https://shorturl.at/Vau8C from PacerMonitor.com. A final hearing is scheduled for January 12, 2026. About Great Circle Park LLC Great Circle Park, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-11767) on August 12, 2025, listing up to $10 million in both assets and liabilities. Pamela Frost, managing member, signed the petition. Judge Martin Glenn oversees the case. Tracy L. Klestadt, Esq., at Klestadt Winters Jureller Southard & Stevens, LLP, represents the Debtor as legal counsel. Flagstar Bank, N.A., as lender, is represented by: Phillip S. Pavlick, Esq. McCarter & English, LLP Four Gateway Center, 100 Mulberry Street Newark, NJ 07102 Tel: (973) 849-4181 ppavlick@mccarter.com GREEN WOODS: S&P Affirms 'BB+' Long-Term Rating on 2022 Bonds ------------------------------------------------------------- S&P Global Ratings revised the outlook to positive from stable and affirmed its 'BB+' long-term rating on the Philadelphia Authority for Industrial Development, Pa.'s series 2022 revenue and refunding bonds, issued for Green Woods Charter School (Green Woods). S&P said, "The outlook revision reflects our view of the school's healthy liquidity position and trend of solid operating performance, which, if sustained without the support of pandemic relief funds, could support a higher rating. "We analyzed the school's environmental, social, and governance factors and consider them neutral in our credit rating analysis. "The positive outlook reflects our view of Green Woods' healthy liquidity position, which is expected to remain consistent, coupled with its trend of solid operating results, which, if sustained following the roll-off of pandemic relief funds, could result in a higher rating. While the Commonwealth of Pennsylvania's budget was delayed for the current fiscal year, Green Woods did not experience any withholding of funds from its authorizing district, and we do not expect any corresponding impact to the fiscal 2026 operating results. "We could consider revising the outlook to stable if operating margins and lease-adjusted MADS coverage soften to levels below those of higher-rated peers or if liquidity metrics weaken. In addition, if there are significant cuts to per-pupil funding, we could revise the outlook back to stable. "We could consider raising the rating if per-pupil funding trends remain stable, the school's financial performance metrics are sustained in line with those of higher-rated peers following the expiration of Elementary & Secondary School Emergency Relief (ESSER) funds, and the school maintains its current demand and liquidity while moderating debt metrics. In addition, we expect the school will maintain its good standing with its authorizing district, resulting in a timely renewal of its charter." HIAWATHA MANOR: Seeks to Hire HREC Investment Advisors as Broker ---------------------------------------------------------------- Hiawatha Manor Association, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to employ D&C Hospitality Investments LLC, d/b/a HREC Investment Advisors, as commercial real estate broker. The firm will market and sell the Debtor's property located at 8005 Cherokee Trail, Crossville, Tennessee 37863, which is commonly known as the "Hiawatha Manor Resort" and that certain 70-unit development located at 8007 Cherokee Trail, Crossville, Tennessee 37863, which is commonly known as the "Hiawatha Manor West at Lake Tansi Village". The broker will receive a commission equal to 2.5 percent of gross proceeds. As disclosed in the court filing, HREC Investment Advisors is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Mike Cahill HREC Investment Advisors 6400 S. Fiddler's Green Circle, Suite 1730 Greenwood Village, CO 80111 Tel: (303) 267-0057 ext. 101 Email: mcahill@hrec.com About Hiawatha Manor Association Hiawatha Manor Association, Inc. oversees the management of the timeshare condominiums known as Hiawatha Manor and Hiawatha Manor I. Hiawatha Manor Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-01916) on May 6, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Randal S. Mashburn handles the case. The Debtor is represented by Blake D. Roth, Esq., at Holland & Knight, LLP. HILL INVESTMENTS: Seeks Chapter 11 Bankruptcy in Pennsylvania ------------------------------------------------------------- On December 2, 2025, Hill Investments LLC sought Chapter 11 protection in the Eastern District of Pennsylvania. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Hill Investments LLC Hill Investments LLC is a U.S.-based investment company focused on real estate, asset management, and diversified financial holdings. The firm manages a portfolio of commercial and residential properties while providing advisory services to investors. Hill Investments LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-14916) on December 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Derek J. Baker handles the case. HIMATLAL INVEST: Seeks Chapter 11 Bankruptcy in New Jersey ---------------------------------------------------------- On December 2, 2025, Himatlal Invest Group LLC sought Chapter 11 protection in the District of New Jersey Bankruptcy Court. According to the court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Himatlal Invest Group LLC Himatlal Invest Group LLC operates as a multi-sector investment firm with a focus on disciplined growth and portfolio diversification. The company seeks opportunities that align with its long-term objectives, prioritizing assets and ventures that demonstrate strong fundamentals and sustainable potential. Himatlal Invest Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-22771) on December 2, 2025. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of the same amount. The Honorable Judge Vincent F. Papalia handles the case. The Debtor is represented by David Chapman, Esq. of the Law Offices of David L. Chapman. IMAGE LOCATIONS: Gets OK to Use Cash Collateral Until March 31 -------------------------------------------------------------- Image Locations, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash on hand and cash equivalents received post-petition to pay operating expenses through March 31, 2026, in accordance with its budget. The Debtor may carry over unused but authorized funds from month to month. The Debtor may exceed any budget line item by up to 15% per month, provided the overage for all items in the aggregate does not exceed 15% of the total budget amount for that month. The U.S. Small Business Administration and other secured creditors asserting an interest in cash collateral will be granted replacement liens on proceeds of their respective collateral to the extent such liens were valid on the petition date. As additional protection, the SBA will receive monthly payments of $9,697 as set forth in the budget. The interim order is available at https://shorturl.at/bbFGM from PacerMonitor.com. The next hearing is set for January 6, 2026. Image Locations owes $1,945,155.62 to SBA as of the petition date. The other secured creditors asserting claims against the Debtor are Transportation Alliance Bank, Advance Service Group, LLC, Samson Funding, QFS Capital, and Forward Financing. The secured creditors are protected by personal guarantees of the Debtor's principal, Paul Kim. Moreover, Image Locations is expected to generate new receivables from bookings ranging from approximately $100,000 to $300,000 per week based on its budget and will continue to collect accounts receivables weekly from past and future bookings. Meanwhile, the Debtor's bankruptcy schedules list additional assets: about $18,000 in computer and office equipment and roughly $158,000 in website and current accounts receivables. About Image Locations Inc. Image Locations Inc. is a business that specializes in offering rental spaces and locations for film and television production. Image Locations Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18780) on October 2, 2025. In its petition, the Debtor reports estimated assets up to $500,000 and estimated liabilities up to $10 million. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by Jeffrey S. Shinbrot, Esq., at The Shinbrot Firm. IT IS WELL: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 21 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of It Is Well Healthcare, LLC. About It Is Well Healthcare LLC It Is Well Healthcare LLC provides primary care and wellness services in Dallas, Georgia. The clinic offers medical evaluations, chronic care management, physical exams, immunizations, and diagnostic testing, along with treatment for conditions such as hypertension, diabetes, and thyroid disorders. It also provides aesthetic and wellness treatments including hormone replacement therapy, facials, dermal fillers, microdermabrasion, and body contouring procedures. It Is Well Healthcare LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11533) on October 9, 2025. In its petition, the Debtor listed up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Paul Baisier oversees the case. The Debtor tapped J. Nevin Smith, Esq., at Smith Conerly, LLP as legal counsel and Villa Rica Tax Service, Inc. as accountant. JASMINE HOMES: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Jasmine Homes, LLC 252 Deppners Road Blakeslee, PA 18610 Business Description: Jasmine Homes, LLC holds and leases a single-family residence at 252 Deppners Road, Blakeslee, Pennsylvania 18610, featuring six bedrooms and six bathrooms. Chapter 11 Petition Date: December 4, 2025 Court: United States Bankruptcy Court Middle District of Pennsylvania Case No.: 25-03478 Judge: Hon. Mark J Conway Debtor's Counsel: Jason Zac Christman, Esq. J. ZAC CHRISTMAN, ESQUIRE 538 Main Street Suite 102 Stroudsburg PA 18360 Email: zac@jzacchristman.com Total Assets: $1,507,000 Total Liabilities: $1,533,158 The petition was signed by Puneet Sinha as sole member. The Debtor identified Rajkumar Babani of 1144 NW 139th Avenue, Pembroke Pines, Florida 33028, as its sole unsecured creditor with a claim totaling $165,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/REQ7RTY/Jasmine_Homes_LLC__pambke-25-03478__0001.0.pdf?mcid=tGE4TAMA KCAP DOMINIK: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: KCAP Dominik LLC d/b/a The Dominik Apartments 2730 Fyke Road Dallas TX 75234 Business Description: KCAP Dominik LLC, doing business as The Dominik Apartments, operates a residential apartment community in College Station, Texas, offering one-, two-, and three- bedroom units for rent. The property features amenities including a swimming pool, fitness center, clubhouse, playground, bark park, and landscaped grounds, with in- unit facilities such as all-electric kitchens, air conditioning, washers and dryers, and Wi-Fi. The Company serves residents seeking pet-friendly, amenity-rich apartment living with convenient access to local shopping, dining, entertainment, and major highways. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-44740 Judge: Hon. Mark X Mullin Debtor's Counsel: Jeff Carruth, Esq. CONDON TOBIN SLADEK SPARKS NERENBERG, PLLC 8080 Park Lane 700 Dallas TX 75231 Tel: 214-265-3834 E-mail: jcarruth@condontobin.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Tie Lasater as CEO. The Debtor failed to include a list of its 20 largest unsecured creditors in the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/EG3V7UQ/KCAP_Dominik_LLC__txnbke-25-44740__0001.0.pdf?mcid=tGE4TAMA KCAP RE FUND: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: KCAP RE Fund II LLC 2730 Fyke Road Dallas TX 75234 Business Description: KCAP RE Fund II LLC is a land development company in Southwest Florida that holds properties in Cape Coral and Fort Myers, including 310-312 Hancock Bridge Parkway, 611–613 SE Van Loon Terrace, 1021–1023 SE 39th Terrace, 4124 SE 9th Court, and 1944 Sunset Place. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-44741 Judge: Hon. Mark X Mullin Debtor's Counsel: Jeff Carruth, Esq. CONDON TOBIN SLADEK SPARKS NERENBERG, PLLC 8080 Park Lane 700 Dallas TX 75231 Tel: 214-265-3834 Email: jcarruth@condontobin.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Tie Lasater as CEO. 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/EDUNTOQ/KCAP_RE_Fund_II_LLC__txnbke-25-44741__0001.0.pdf?mcid=tGE4TAMA LAW OFFICES OF EDWARD: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: The Law Offices of Edward J. Lake, LLC d/b/a The Lake Law Firm 270 W. Main St. Suite 3 Sayville NY 11782 Business Description: The Law Offices of Edward J. Lake, LLC, doing business as The Lake Law Firm, operates as a sole proprietorship providing legal services in the United States, focusing on personal injury, mass tort, and class action litigation. The firm represents clients affected by serious injuries or death resulting from negligence, defective products, or faulty medical devices, and has a network of attorneys who have litigated over 20,000 cases. Its practice areas include Employee Retention Tax Credit (ERTC) claims, pharmaceutical and consumer product litigation, and environmental or chemical exposure cases. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-74647 Judge: Hon. Louis A Scarcella Debtor's Counsel: Edward J. Lake, Esq. THE LAW OFFICES OF EDWARD J. LAKE, PC DBA THE LAKE LAW FIRM 270 W Main St, Suite 3 Savyville NY 11782 Tel: (631) 365-9077 Email: edlakelaw@yahoo.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Edward J. Lake as principal. 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/CPA2TRY/The_Law_Offices_of_Edward_J_Lake__nyebke-25-74647__0001.0.pdf?mcid=tGE4TAMA LEFEVER MATTSON: Files Amendment to Disclosure Statement -------------------------------------------------------- Lefever Mattson and its affiliates, and the Official Committee of Unsecured Creditors submitted a Second Amended Disclosure Statement in support of Second Amended Joint Plan of Liquidation dated December 1, 2025. The Plan is a "single pot" plan, meaning that it pools and consolidates all of the assets and liabilities of all of the Debtors and the KSMP Investment Entities for distribution purposes. This pooling is known as substantive consolidation. Under the Plan, no third parties, including Mr. Mattson and Mr. Timothy LeFever, will receive a release for their conduct related to the Debtors. The Plan further provides, in accordance applicable Ponzi scheme case law, that Investor claims will be "netted" to make sure all Investors are treated fairly. Specifically, pursuant to the Global Settlement, each Investor will receive (a) a claim for the total amount of money (or value of property) it invested in the Debtors over time less the total amount of any distributions the Investor received over the seven years prior to September 12, 2024 (referred to as the Investor Tranche 1 Claim) and (b) a separate claim for the amount of those deducted distributions (referred to as the Investor Tranche 2 Claim) (if any). A key consideration of the Global Settlement is that rather than net distributions from the suspected Ponzi start date (more than a decade ago), the Investor Tranche 1 Claim will be calculated based on payments made to Investors seven years prior to September 12, 2024. In other words, under the Global Settlement, an Investor that has received distributions from the Debtors for 15 years will have its claim reduced by the amount of distributions over the last seven years, not the full 15 years. This is necessary because of the state of the business records, the costs required to net the claims from an earlier date, and to assure all Investors are treated the same. To effectuate distributions to Investors, the Plan provides for the creation of the Plan Recovery Trust. The Plan Recovery Trust will take ownership of the Debtors' assets, sell or otherwise dispose of those assets to generate cash, and distribute that cash to Investors. The Plan Recovery Trust also will own litigation claims against third parties, including Mr. Mattson and Mr. LeFever, and may generate cash through prosecution or settlement of those claims. The Plan Recovery Trust will distribute cash to Investors and creditors over time, as it monetizes the Plan Recovery Trust Assets. On the Effective Date, the Plan Recovery Trustee will execute the Plan Recovery Trust Agreement and shall take any other action necessary to establish the Plan Recovery Trust in accordance with the Plan and the beneficial interests therein. The purpose of the Plan Recovery Trust will be to pursue, collect, or monetize the Plan Recovery Trust Assets and make Distributions from the proceeds of such assets to the Plan Recovery Trust Beneficiaries in accordance with Treasury Regulation section 301.7701-4(d), with no objective to continue or engage in the conduct of a trade or business. After (i) all administrative and priority claims (including, without limitation, Administrative Expense Claims, Involuntary Gap Claims, Priority Tax Claims, and Priority Claims), and (ii) all Plan Recovery Trust expenses, including any litigation financing expenses, are paid or reserved for, the Plan Recovery Trust will make Distributions of Available Cash to the Plan Recovery Trust Beneficiaries pursuant to the Plan Recovery Trust Waterfall: * Class A Plan Recovery Trust Units. First, the Plan Recovery Trust shall distribute the proceeds of the Plan Recovery Trust Assets to each Holder of Class A Plan Recovery Trust Units on a Pro Rata basis until all Allowed Trade Claims (if applicable, if Class 4 votes to reject the Plan) and Investor Tranche 1 Claims have been paid in full; * Class B Plan Recovery Trust Units. Second, the Plan Recovery Trust shall distribute the proceeds of the Plan Recovery Trust Assets to each Holder of Class B Plan Recovery Trust Units on a Pro Rata basis until all Investor Tranche 2 Claims have been paid in full; * Class C Plan Recovery Trust Units. Notwithstanding anything to the contrary contained in the Plan or in the Confirmation Order, the Plan Recovery Trust shall distribute the net proceeds of any Contributed Claims solely to Holders of Class C Plan Recovery Trust Units on a Pro Rata basis. As of October 31, 2025, approximately 44 sale notices have been filed pursuant to the Sale Procedures Orders and 6 Property sales were approved in connection with an omnibus sale motion. The Debtors expect to close additional real estate sales before the Effective Date. Nonetheless, the Debtors expect that there will be Properties retained by the Debtors and transferred to the Plan Recovery Trust upon the Effective Date (the "Retained Real Properties"). Section 1129(a)(11) of the Bankruptcy Code requires that confirmation of the plan is not likely to be followed by the liquidation, or the need for further financial reorganization, of the Debtors or any successor to the Debtors (unless such liquidation or reorganization is proposed in the plan). The Plan Proponents believe that this requirement is satisfied, and the Debtors believe the Debtors' Cash and any additional proceeds from the Plan Recovery Trust Assets will be sufficient to allow the Plan Recovery Trustee to make all payments required to be made under the Plan. Accordingly, the Plan Proponents believe that the Plan is feasible. The deadline to vote on the Plan is January 21, 2026 at 11:59 p.m. (the "Voting Deadline"). In order for vote to be counted, Ballot must be properly completed in accordance with the Voting Instructions on the Ballot and actually received no later than the Voting Deadline. Objections to Confirmation of the Plan must be Filed and served on the Plan Proponents and certain other entities, all in accordance with the Confirmation Hearing Notice, so that such objections are actually received by no later than January 21, 2026 at 11:59 p.m. A full-text copy of the Second Amended Disclosure Statement dated December 1, 2025 is available at https://urlcurt.com/u?l=AMZmnW from Kurtzman Carson Consultants, LLC, claims agent. Attorneys for the Lefever Mattson Debtors: Tobias S. Keller, Esq. David A. Taylor, Esq. Thomas B. Rupp, Esq. Keller Benvenutti Kim LLP 425 Market Street, 26th Floor San Francisco, California 94105 Telephone: (415) 496-6723 Facsimile: (650) 636-9251 Email: tkeller@kbkllp.com dtaylor@kbkllp.com Attorneys for the KSMP Debtors: HOGAN LOVELLS US LLP Richard L. Wynne, Esq. Erin N. Brady, Esq. Edward J. McNeilly, Esq. Todd M. Schwartz, Esq. 1999 Avenue of the Stars, Suite 1400 Los Angeles, California 90067 Telephone: (310) 785-4600 Email: richard.wynne@hoganlovells.com erin.brady@hoganlovells.com edward.mcneilly@hoganlovells.com todd.schwartz@hoganlovells.com Attorneys for the Official Committee of Unsecured Creditors: Debra I. Grassgreen, Esq. Pachulski Stang Ziehl & Jones LLP One Sansome Street, Suite 3430 San Francisco, CA 94104 Tel: (415) 263-7000 Fax: (415) 263-7010 Email: dgrassgreen@pszjlaw.com About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Keller Benvenutti Kim LLP, led by Thomas B. Rupp, is the Debtors' counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. LEGENDARY FIELD: Court Clears Dundon Capital of $180MM Debt ----------------------------------------------------------- The Dallas Morning News reports that a San Antonio bankruptcy judge has ruled that Dallas-based Dundon Capital Partners (DCP), the largest investor in the failed Alliance of American Football, does not owe $180 million to the league's creditors. In a 199-page opinion issued Tuesday, November 25, 2025, Chief U.S. Bankruptcy Judge Craig Gargotta rejected claims that DCP and executives Tom Dundon and John Zutter were liable for breach of contract, fraud or breach of fiduciary duty connected to the league's collapse and 2019 Chapter 7 filing. The trustee had argued that Dundon reneged on an alleged oral agreement to invest $250 million to fund the league, triggering its shutdown during its inaugural season. But the judge found no credible evidence that such an agreement existed, noting that references to the $250 million figure appeared only in media statements and in testimony from AAF founder Charlie Ebersol. Without agreed-upon terms, the judge concluded no binding commitment had been reached. Although the court dismissed the bulk of the claims, Judge Gargotta did find that Dundon engaged in self-dealing by offering free or discounted advertising to major brands such as AT&T, Carvana, Sony Pictures, Invisalign and TopGolf. He determined that the trustee failed to prove any resulting financial harm, awarding only $1 in symbolic damages for the conduct. The judge noted that this outcome may seem harsh but was consistent with the evidence, the report states. The ruling comes after a 20-day trial held over five weeks, concluding in June 2025. The adversary proceeding, filed by Chapter 7 trustee Randolph Osherow in 2022, also recounted how the league's original financier, Reggie Fowler, was later convicted in a $700 million cryptocurrency scheme and found to have misrepresented his investment in the AAF. With Fowler's finances unraveling, Dundon emerged as the primary investor, committing $70 million before the league ultimately failed, according to report. About Legendary Field Exhibitions LLC Legendary Field Exhibitions LLC operated football teams in various cities throughout the United States, including in Salt Lake City, under the name "Alliance of American Football".[BN] Legendary Field Exhibitions LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 19-50900) on April 17, 2019. Honorable Bankruptcy Judge Craig A. Gargotta handles the case. The Debtor is represented by William A. (Trey) Wood, III, Esq. of Bracewell LLP. LG PARENT: S&P Places 'B-' ICR on CreditWatch Negative ------------------------------------------------------ S&P Global Ratings placed all its ratings on U.S.-based LG Parent Holdco Inc. (the parent of operating entity Libbey Glass LLC), including the 'B-' issuer credit rating, on CreditWatch with negative implications. S&P expects to resolve the CreditWatch placement over the coming weeks depending on the timing and outcome of the company's union contract negotiations. Libbey striking workers failed to ratify its latest contract proposal. Therefore, S&P Global Ratings believes the company's operating performance and liquidity could deteriorate significantly due to the ongoing strike by certain of its union employees. The company could face customer service disruptions or higher costs depending on the duration of the strike and the outcome of its contract negotiations, which could impair its ability to meet its debt service requirements. The CreditWatch reflects the potential for a lower rating if liquidity becomes constrained due to the ongoing labor strike. Libbey's labor contracts with certain unions at its Toledo, Ohio manufacturing facilities expired in September 2024. In addition, the company's manufacturing employees at the facilities have been on strike since Aug. 22, 2025, which has negatively affected its manufacturing and distribution operations. That said, Libbey is operating certain lines at the Toledo manufacturing facility with temporary and non-striking workers. The company's dinnerware and flatware businesses have been largely unaffected by the strike because it sources those products from third parties. Libbey built up safety stock ahead of the strike and increased production at its Monterrey, Mexico and Langfang, China manufacturing facilities to offset the lower production at its Toledo facility and support its customer deliveries. However, the strike has now stretched well over 90 days with no clear signs of when an agreement may be reached. While S&P believes the company will likely maintain good borrowing availability through the end of the year, a prolonged strike that extends into the first quarter of 2026 could impair Libbey's ability to satisfy its customer orders, weaken its cash flows, and constrain its liquidity. Furthermore, a potential renewed labor contract could include terms that materially increase its labor costs, which would weigh on the company's profitability and cash flows such that S&P no longer view its capital structure as sustainable. S&P said, "We expect to resolve the CreditWatch negative placement over the coming weeks, depending on the outcome of the union contract negotiations or the company's ability to ramp up its production with non-striking workers. In resolving the CreditWatch, we could lower or affirm our ratings on Libbey depending on the timing and terms of the renegotiated union contract, as well as our assessment of its operating performance, which has been negatively affected by soft macroeconomic conditions. We could lower our ratings on the company by up to two notches if we expect the strike will be prolonged or believe the terms of the renewed contracts will weaken its liquidity profile and potentially impair its ability to meet its debt service requirements." LM FINLEY: Case Summary & 11 Unsecured Creditors ------------------------------------------------ Debtor: LM Finley Investors, LLC 2505 S. Finley Road Suite 150 Lombard, IL 60148 Business Description: LM Finley Investors, LLC is a single-asset real estate company that leases its sole property. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-18581 Judge: Hon. Michael B Slade Debtor's Counsel: Keevan D. Morgan, Esq. MORGAN & BLEY, LTD. 900 W. Jackson Blvd. Suite 4 East Chicago, IL 60607 Tel: 312-243-0006 E-mail: kmorgan@morganandbleylimited.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tad Lagestee as manager. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/TQYA6NY/LM_Finley_Investors_LLC__ilnbke-25-18581__0001.0.pdf?mcid=tGE4TAMA LUNAI BIOWORKS: Raises $3.13M in Private Placement -------------------------------------------------- Lunai Bioworks 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 an accredited investor, pursuant to which the Company agreed to sell, and the Investor agreed to purchase, in a private placement, 3,133,333 shares of its common stock, par value $0.001 per share, at a purchase price of $1.00 per share, and 1,044,444 three-year warrants, executable after 60 days for aggregate gross proceeds of $3,133,333. The issuance and sale of the Shares and Warrants were made in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506(b) of Regulation D. The Investor represented that it is an accredited investor and that the Shares and Warrants were acquired for investment purposes only and not with a view to distribution. No underwriting discounts or commissions were paid in connection with the sale. The Shares are subject to resale restrictions under Rule 144 and are not registered under the Securities Act or any state securities laws. The Purchase Agreement contains customary representations, warranties, and covenants of the parties. A full-text copy of the Purchase Agreement is available at https://tinyurl.com/487cndsw About Lunai Bioworks Headquartered in Los Angeles, Calif., Lunai Bioworks Inc. (formerly Renovaro Inc.) is an AI-powered drug discovery and biodefense company pioneering safe and responsible generative biology. With proprietary neurotoxicity datasets, advanced machine learning, and a focus on dual-use risk management, Lunai is redefining how artificial intelligence can accelerate therapeutic innovation while safeguarding society from emerging threats. As of June 30, 2025, the Company had total assets of $8.23 million, $29.58 million in total liabilities, and $21.35 million in total shareholders' deficit. Draper, Utah-based Sadler, Gibb & Associates, LLC, the Company's auditor since 2018, issued a "going concern" qualification in its report dated September 29, 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 incurred substantial recurring losses from operations, has used cash in the Company's continuing operations, and is dependent on additional financing to fund operations, which raises substantial doubt about its ability to continue as a going concern. LUTHERAN HOME: Seeks to Hire Chuhak & Tecson as Special Counsel --------------------------------------------------------------- Lutheran Home and Services for the Aged, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Chuhak & Tecson, P.C. as special counsel. The firm will provide legal advice and services in connection with the Debtors' issuance of new bonds, including: (a) reviewing and commenting on bond documents, which are anticipated to include an amended and restated master trust indenture, loan agreements, bond indentures, continuing covenant agreements, notes, supplements to the mortgages, a disclosure document, and other ancillary documents; (b) providing a customary borrower's counsel opinion; and (c) reviewing documents related to the Illinois Finance Authority and the TEFRA notice. The firm's hourly rates are: Principals $515 to $615 Associates $420 to $520 Paralegals $300 to $350 Chuhak & Tecson does not have any interest adverse to the Debtor's creditors and equity security holders, according to court filings. The firm can be reached through: Kimberly T. Boike , Esq. Chuhak & Tecson, P.C. 30 S Wacker Dr Ste 2600 Chicago, IL 60606 Phone: (312) 444-9300 About Lutheran Home and Services for the Aged, Inc. Lutheran Home and Services for the Aged, Inc. is a non-profit, mission-driven community offering a range of services including assisted living, memory care, skilled nursing, and short-term rehabilitation, along with extensive outpatient rehabilitation therapy. Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 25-01705). At the time of the filing, Lutheran Home reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy counsel; McDonald Hopkins, LLC as Illinois counsel; and one point Partners, LLC as financial advisor. Stretto is the claims, noticing, solicitation, balloting, and tabulation agent. MAILTROPOLIS LLC: Case Summary & 11 Unsecured Creditors ------------------------------------------------------- Debtor: Mailtropolis LLC d/b/a We Are Kymera 10219 General Drive Orlando, FL 32824 Business Description: Mailtropolis LLC, doing business as We Are Kymera, provides full-service marketing solutions that include strategy and consulting, branding and design, website development, and digital marketing services across multiple channels. The Company offers lead-generation programs, social media management, search engine optimization, and campaign execution along with print and direct-mail capabilities. It serves businesses seeking integrated marketing support across both digital and traditional platforms. Chapter 11 Petition Date: December 2, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-07813 Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 E-mail: jeff@bransonlaw.com Total Assets: $107,570 Total Liabilities: $1,720,840 The petition was signed by Robert L. Heid Jr. as manager. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Z6WJLXY/Mailtropolis_LLC__flmbke-25-07813__0001.0.pdf?mcid=tGE4TAMA MARK L. OBMAN: Unsecureds to Split $30K via Quarterly Payments -------------------------------------------------------------- Mark L. Obman, DDS, P.A. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated December 1, 2025. The Debtor was incorporated on July 22, 1999. The Debtor provides general, restorative, and implant dentistry services in Pinellas County, Florida. The Plan under Chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from the Debtor=s current and future earnings. This Plan provides for five classes of secured claims; one class of general unsecured claims; and one class of equity security holders. Unsecured creditors holding allowed claims will receive a pro rata distribution on their allowed claim over five years. This Plan also provides for the payment of administrative and priority claims under the terms to the extent permitted by the Code or by agreement between the Debtor and the claimant. Class 6 consists of General Unsecured Claims. Claimants will be paid their pro rata share of $30,000 in sixteen quarterly payments of $1,875, without interest, with payments commencing on the start of the calendar quarter commencing one year after the Effective Date of the Plan and continuing for a total of sixteen consecutive quarters. This Class is impaired. Promissory notes will be issued to each creditor in this class with allowed claims to evidence payments, which promissory notes shall be enforceable in any Court of Competent Jurisdiction. The amount of the pro rata distribution will be considered final and binding thirty days after the filing of the Certificate of Substantial Consummation by the Debtor. Class 7 consists of Equity Security Holders of the Debtor. Equity will retain ownership in the Debtor post-confirmation. No distributions will be made to equity until such time as all payments in Class 6 have been made. Dr. Mark L. Obman, D.D.S. will continue to manage the Debtor postconfirmation. The Plan will be funded by the continued operations of the Debtor. A full-text copy of the Plan of Reorganization dated December 1, 2025 is available at https://urlcurt.com/u?l=6ecbOO from PacerMonitor.com at no charge. Counsel to the Debtor: Buddy D. Ford, Esq. Jonathan A. Semach, Esq. Heather M. Reel, Esq. 9301 West Hillsborough Avenue Tampa, Florida 33615-3008 Telephone: (813) 877-4669 Office Email: All@tampaesq.com Email: Buddy@tampaesq.com Email: Jonathan@tampaesq.com About Mark L. Obman DDS Mark L. Obman, DDS, P.A. provides general, restorative, and implant dentistry services in Pinellas County, Florida. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06496) on September 8, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Jonathan A. Semach, Esq., at Ford & Semach, P.A. represents the Debtor as legal counsel. MATTAMY GROUP: S&P Assigns 'BB+' Rating on Senior Unsecured Notes ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '3' recovery rating to Mattamy Group Corp.'s (BB+/Stable/--) proposed USD$450 million senior unsecured notes due 2033, and the proposed CAD$350 million senior unsecured notes due 2032. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery in the event of a default. Mattamy intends to use the proceeds to refinance its existing USD$500 million 5.25% senior unsecured notes due 2027 and its outstanding CAD$250 million 4.625% senior unsecured notes due July 2028. S&P views the refinancing as positive because it is effectively neutral to its calculation of debt to EBITDA and extends the company's nearest maturity to 2027, when its aggregate revolving credit facilities come due. As of first-quarter fiscal 2026, Mattamy's trailing-12-month leverage was 2.0x. MAXIMILLIAN KOLBE: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- On December 2, 2025, Maximillian Kolbe Investment Capital LLC entered Chapter 11 bankruptcy protection in the Southern District of Texas. The court filing indicates the Debtor owes between $1 million and $10 million to 1–49 creditors. About Maximillian Kolbe Investment Capital LLC Maximillian Kolbe Investment Capital LLC is an investment-focused company that manages and develops financial assets across multiple sectors. The firm is involved in capital investment, strategic asset management, and portfolio optimization initiatives designed to enhance overall returns. The company filed its Chapter 11 petition (Bankr. S.D. Tex., Case No. 25-37298) on December 2, 2025. In the filing, the Debtor lists estimated assets in the range of $10 million to $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez presides over the case. MCCALLSON TAX: Gets Court OK to Use Cash Collateral --------------------------------------------------- McCallson Tax & Accounting, LLC got the green light from the U.S. Bankruptcy Court for the District of Kansas to use cash collateral. At the December 2 hearing, the court granted the Debtor's motion for use of cash collateral and set a final hearing for February 12, 2026. McCallson intends to use its cash collateral to continue operations, pay expenses, and preserve the value of its estate. The Debtor's cash collateral comes from its accounts receivable, inventory, and other property, subject to a UCC blanket lien held by 22nd State Bank. To protect creditor interests, the Debtor offers replacement liens on post-petition property of the same type and priority as the pre-bankruptcy liens, and monthly payments of $2,000 to 22nd State Bank, beginning December 28. About McCallson Tax & Accounting LLC McCallson Tax & Accounting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21728) on November 24, 2025. In the petition signed by Lori McCallson, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Dale L. Somers oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. MCHUGH JUNK: Gets Court OK to Use Cash Collateral ------------------------------------------------- McHugh Junk Removal, Inc. received approval from the U.S. Bankruptcy Court for the District of Massachusetts, Central Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral to pay the expenses set forth in its budget. The budget projects receipts and expenses from November 24 through December 21, including total receipts of $180,000, payroll of $43,750, insurance of $6,500, equipment loans of $2,750, and payments to Clinton Savings Bank of $4,200. As protection for any diminution in the value of their collateral, secured creditors will be granted replacement liens and security interests, maintaining the same validity, enforceability and extent as their security interests as of the petition date. The next hearing is scheduled for December 18. The order is available at https://is.gd/AFcYEt from PacerMonitor.com. McHugh provides residential trash removal to over 1,000 customers and project-based refuse services in Central Massachusetts. It filed for Chapter 11 on November 24 and continues to operate as a debtor-in-possession. Key secured creditors include Clinton Savings Bank, holding a first lien on vehicles, equipment, and accounts receivable valued at approximately $250,000; and M&T Equipment Financing, which holds a first lien on a 2022 Freightliner valued at $100,000. Other potential creditors, including merchant cash advance providers, may hold unsecured claims. Clinton Savings Bank is represented by: Mark S. Foss, Esq. Fletcher Tilton PC 100 Front Street, 5th Floor Boston, MA 02110 Worcester, MA 01608 Phone: 508.459.8018 mfoss@fletchertilton.com About McHugh Junk Removal Inc. McHugh Junk Removal, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-41270) on November 24, 2025. In the petition signed by William F. McHugh, president, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Elizabeth D. Katz oversees the case. Louis S. Robin, Esq., at Law Offices of Louis S. Robin, represents the Debtor as legal counsel. MDA SPACE: S&P Assigns 'BB-' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' issuer credit rating to Ontario-based satellite manufacturer MDA Space Ltd. S&P also assigned its 'B' issue-level rating and '6' recovery rating to the company's proposed senior unsecured notes due 2030. S&P said, "We base the rating on MDA's solid growth prospects, with capabilities in space robotics, earth observation, and satellite manufacturing, along with relatively low adjusted debt to EBITDA of 1.8x-2.0x this year. The rating also incorporates our view of the company's relatively small scale, significant customer concentration, and execution risks on large constellation orders. "The stable outlook reflects our expectation that MDA will generate adjusted debt to EBITDA of 2x-3x as it executes on its sizable backlog that includes satellite constellations for Telesat and GlobalStar." MDA Space Ltd. is planning to issue approximately C$250 million of senior unsecured notes and use the net proceeds primarily to repay amounts drawn under the company's revolving credit facility (RCF). MDA is Canada's largest space technology developer and manufacturer and is well-positioned to benefit from a growing space economy. S&P said, "The company operates within the rapidly expanding space economy, a market that we estimate could grow about 10% annually over the next decade, fueled by decreasing launch costs, technological advancements, rising global demand for connectivity and surveillance, and space exploration." It is strategically positioned to capitalize on this growth with design and manufacturing capabilities in satellite systems (about 66% of revenue during the last 12 months [LTM] ended Sept. 31, 2025), space robotics (about 21%), and earth observation services (about 13%). MDA specializes in providing communication systems, including the relatively high-growth Low Earth Orbit (LEO) segment of the market, and has secured significant contracts with Telesat (CCC-/Negative/--) and GlobalStar in recent years to manufacture satellite constellations under the company's MDA AURORA line. These contracts transitioned MDA from a component supplier to a prime contractor and significantly increased its backlog, which stood at about C$4.4 billion on Sept. 30, 2025 (more than 3x its LTM revenue). The company's Montreal facility was recently expanded to about 185,000 square feet, with an increase in production capacity to about two LEO satellites per day once fully operational in the first half of 2026, making it one of the largest manufacturers in the world within that class of satellites. This should enable it to deliver on existing contracts and pursue new opportunities within its C$13 billion pipeline to diversify its customer base over time. The company faces a challenging and evolving competitive landscape shaped by larger, more established prime contractors and vertically integrated satellite operators. MDA operates in a highly competitive satellite systems market with several larger prime contractors with a longer track record, including Airbus SE (A/Stable/A-1), Thales S.A. (A-/Stable/A-2), and Northrop Grumman Corp. (BBB+/Stable/A-2), among others. When selecting prime contractors, satellite communication companies place high importance on demonstrated capabilities, how quickly they can deliver, capacity, and what their cost per bit would be. In our view, MDA currently sits between start-up companies that don't have a track record or large-scale operating facilities and larger prime contractors that may not be as nimble. Vertically integrated satellite operators also pose a threat to MDA's growth, the most notable of which is SpaceX, which manufactures and operates thousands of LEO satellites for its subsidiary, Starlink. For instance, on Sept. 8, 2025, the U.S. satellite communications company, EchoStar, cancelled its C$1.8 billion contract for MDA to manufacture 100 LEO satellites awarded about a month earlier, because EchoStar sold its spectrum licenses to SpaceX. Even Amazon has its own large-scale satellite manufacturing facility in Kirkland, Wash., for its LEO satellite network (Amazon Leo), which could have more than 3,000 satellites. Amazon plans on providing broadband internet service that compete directly with Starlink (a subsidiary of SpaceX), OneWeb (the LEO division of Eutelsat), and Telesat Lightspeed. MDA has a narrow product focus, with a backlog that is concentrated in a few customers, presenting both opportunities and execution risks. S&P said, "As of Sept .30, 2025, the company had a C$4.4 billion backlog, which we consider to be highly concentrated, with its top customers including Telesat, the Canadian Space Agency, and Globalstar. Telesat and Globalstar are the anchor customers for the company's MDA AURORA broadband product line within its satellite systems business. In August 2023, MDA was awarded the Telesat contract, valued at about C$2.4 billion, to design, manufacture, and test 198 satellites (with the option for 100 more) for its LEO constellation that we expect it will begin to deliver in late 2026. Globalstar entered a contract with MDA in February 2022 for 17 satellites to expand its existing LEO constellation (valued at about C$415 million at the time) that we assume will start delivering in early 2026 and another contract awarded in February 2025 for more than 50 MDA AURORA next-generation LEO satellites, valued at about C$1.1 billion, with deliveries to start in late 2026. Next year will be important for MDA, as the company ramps up production at its recently expanded Montreal facility and delivers large constellation orders as a prime contractor for the first time." While these contracts provide an opportunity for MDA to demonstrate its capabilities as a prime contractor and open the door for more orders, the undertaking carries execution risks. These risks could include equipment issues or supply chain difficulties that delay orders and compress margins. The concentration of these orders also exposes MDA to potential scope changes and counterparty risk on milestone payments, particularly in the case of Telesat. MDA acquired SatixFy Communications Ltd. in July 2025 for about C$450 million (including debt assumed), which introduces some integration risk while enhancing its in-house satellite chipset capabilities. Beyond its core satellite manufacturing business, MDA's space robotics and geointelligence operations provide diversification and a more resilient earnings base. MDA is not just a satellite manufacturer. The company generates about 21% of revenue from robotics and space operations and 13% from geointelligence. S&P expects these segments will generate higher and more resilient margins when compared with the company's satellite systems and provides some diversification. MDA is a leader within space robotics and operations, providing end-to-end robotics, sensors, and services mostly to government-led space agencies, that include the Canadian Space Agency and NASA. The company has a long history in space robotics having developed Canadarm in the 1970s for NASA. It has since worked on more than 100 space shuttle missions, including the NASA-led Artemis program for which MDA is developing Canadarm3 out of its Brampton, Ont. facility. Within its geointelligence segment, MDA owns and operates RADAR satellites used to collect earth and space imaging data for commercial and government customers, including defence and intelligence agencies. The data is also used for environmental monitoring, including ice flows, ships in the ocean, deforestation, and so forth. MDA currently collects these images using its RADARSTAT-2 synthetic aperture RADAR earth observation satellite, that launched in 2007 and is based on older technology. The company has been developing MDA CHORUS, a new observation satellite constellation that it plans to launch in late 2026. S&P estimates this constellation will be about a C$400 million investment by the company that is largely complete and should expand MDA's Earth Observation offerings and spur earnings growth for the segment. S&P said, "We expect MDA will generate adjusted debt to EBITDA of 2x-3x as it funds working capital and delivers satellite constellations for Telesat and GlobalStar. Our rating on MDA incorporates our view of the company's relatively low debt level following its proposed refinancing, which we estimate would be composed of the proposed senior unsecured notes of approximately C$250 million, about C$142 million of lease liabilities, about C$45 million outstanding under its Investissement Quebec (IQ) loans, and a largely undrawn C$700 million RCF. We treat the IQ loan as debt but recognize it will be forgiven if certain requirements are met. With adjusted EBITDA that we assume to be about C$243 million in 2025, we expect adjusted debt to EBITDA will be about 1.8x. We expect annual adjusted EBITDA will increase to about C$325 million by 2028 (average annual growth rate of about 10%) as the company delivers on its existing backlog and generates adjusted EBITDA margins of about 16%, and for annual capital expenditures (capex) to decline to about C$150 million following investments the company has made to expand its Montreal facility and develop MDA CHORUS. Despite this, we expect leverage will increase to about 3x in 2027 based on our assumption that MDA is not awarded any large new constellation contracts until at least 2027, and that tend to come with large upfront milestone payments. As a result, we assume MDA's backlog will decrease and that the company will draw on its RCF to fund working capital needs, contributing to higher leverage and free operating cash flow (FOCF) deficits over the next couple of years. The scenario we envision reflects our views of the uncertainty regarding future contract wins and the execution risks MDA faces with its existing backlog. That said, we also recognize that the company is pursuing growth opportunities with a pipeline of about C$20 billion over the next five years, including about C$13 billion in satellite systems. If the company is awarded a large LEO satellite constellation sooner than we anticipate, it could bolster MDA's cash flows and contribute to lower leverage than we forecast. "The stable outlook reflects our expectation that MDA will generate adjusted debt to EBITDA of 2x-3x as it executes on its sizable backlog that includes satellite constellations for Telesat and GlobalStar. "We could downgrade MDA over the next 12 months if we expect it to sustain adjusted debt to EBITDA above 3x. In our view, this could occur if FOCF deficits are larger than our base-case forecast, potentially resulting from supply chain challenges, higher operating costs, or delivery delays. We could also downgrade the company if its growth prospects weaken, potentially from the loss of a significant contract. "We view an upgrade as unlikely within the next 12 months due to MDA's concentration from an operating and customer perspective, along with the execution risk associated with its existing satellite constellation contracts. However, we could upgrade MDA if its backlog growth far exceeds our expectations with milestone payments that contribute to sustained adjusted debt to EBITDA well below 2x and an adjusted FOCF-to-debt ratio above 10%." MEXCOOL GROUP: Seeks Chapter 11 Bankruptcy in Michigan ------------------------------------------------------ On December 2, 2025, Mexcool Group LLC sought Chapter 11 protection in the Eastern District of Michigan Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Mexcool Group LLC Mexcool Group LLC is a U.S-based distribution company providing cooling, refrigeration, and HVAC-related products to commercial and industrial clients. Mexcool Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-52229) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of the same range. The Honorable Judge Mark A. Randon handles the case. The Debtor is represented by George E. Jacobs, Esq., of the Bankruptcy Law Offices. MIRACLE MILE: Unsecureds Will Get 100% of Claims in Plan -------------------------------------------------------- Fred Stevens, Chapter 11 trustee of the estates of Miracle Mile Properties 2, LLC and affiliates, submitted a Disclosure Statement describing Plan of Reorganization for the Debtors dated December 2, 2025. The Debtors are three limited liability companies which own real property consisting of commercial office buildings located in Great Neck, New York. Specifically, (i) Miracle Mile 2 holds real property located at 287 Northern Boulevard, Great Neck, NY 11021 (the "Miracle Mile 2 Property"); (ii) Miracle Mile 3 holds real property located at 295 Northern Boulevard, Great Neck, NY 11021 (the "Miracle Mile 3 Property"); and (iii) Miracle Mile 4 holds real property located at 305 Northern Boulevard, Great Neck, NY 11021 (the "Miracle Mile 4 Property" and, together with the Miracle Mile 2 Property and the Miracle Mile 3 Property, the "Properties"). The Debtors are family-owned and managed through three trusts, each holding a 33% membership interest in each Debtor: (i) the SGJ 2015 Irrevocable Trust, (ii) the Mara 2015 Irrevocable Trust, and (iii) the NDBE 23015 Irrevocable Trust (collectively, the "Trusts"). The Trusts are administered by and for the benefit of members of the Golyan family, which for years has owned and managed numerous properties in Queens and Nassau Counties, including the Debtors' Properties. In connection with the Court's confirmation of the Plan, the Trustee seeks the Court's authority for the Plan Administrator to sell the Miracle Mile 3 Property and Miracle Mile 4 Property (and the Miracle Mile 2 Property if circumstances warrant) fee and clear of all liens, claims and encumbrances. Provided that the sales will generate sufficient proceeds net of all expenses incurred in connection therewith (the "Properties Net Sales Proceeds") and each of the Trusts consents to the proposed transaction(s), the Plan Administrator may sell the properties in private sales pursuant to one or more sale agreements (each a "Sale Agreement," collectively, "Sale Agreement(s)"). However, if each of the Trusts does not consent to any proposed private sale pursuant to the Sale Agreement(s), the Plan Administrator will sell the properties pursuant to a formal marketing process subject to the independent approval of this Court pursuant to one or more sale orders (each a "Sale Order," collectively, the "Sale Order(s)"). The Properties Net Sales Proceeds, together with Cash on hand and other Assets of the Debtors including any proceeds of Causes of Action, will be used to fund the Distributions to Creditors to be made in accordance with the terms of the Plan. The Trustee believes that the Sale(s) of these Properties is in the best interests of the Debtors and their Estates and Creditors and will allow for the Debtors' reorganization and the Distributions to Creditors proposed in the Plan. The Trustee believes that the flexibility of proceeding by private sale, rather than through a public auction process, is in the best interests of the Debtors' estates, provided that each of the Trusts consents, because it (i) allows for a more expedited sale process, which will minimize accruing taxes and other maintenance obligations and prevent any further deterioration of these Properties, (ii) saves the brokerage and sale agent expenses and commissions associated with a formal process, and (iii) does not prejudice the rights of Creditors who are Unimpaired under the Plan. Class 3 (General Unsecured Claims. On the Distribution Date, or as soon thereafter as is reasonably practical, each Holder of an Allowed Class 3 Claim shall receive (a) an amount in Cash equal to 100% of the Allowed amount of its Class 3 Claim, plus interest from and after the applicable Petition Date pursuant to any applicable contract rate or, if there is no applicable contract rate, the applicable federal rate, to be paid from the Properties Net Sales Proceeds, or (b) such other treatment as to which the Trustee or Plan Administrator and the Holder of such Allowed Class 3 Claim shall have agreed upon in writing. In the event any Disputed General Unsecured Claims exist on the Distribution Date, the Plan Administrator shall hold and maintain Cash in an amount equal to that portion of a Disputed Claims Reserve attributable to all Disputed General Unsecured Claims until such dispute is resolved consensually or by order of the Bankruptcy Court. For the avoidance of doubt, the above totals exclude the Class 3 Claim filed by the SGJ Trust in the amount of $5,000,000 against each of the Debtors, which Class 3 Claims were expunged upon mutual agreement pursuant to the Stipulation and Agreed Order Resolving Objections to Proofs of Claim Filed Against Debtors entered by the Court on February 7, 2025. For purposes of this disclosure statement, the Trustee estimates that after reconciliation of Claims is complete and either negotiations or objections are concluded, Class 3 Claims against all Debtors will total an aggregate amount of approximately $618,000. Class 3 is Unimpaired, and Holders of Class 3 Claims are conclusively deemed to have accepted the Plan pursuant to section 1126(f). Holders of Class 3 Claims are not entitled to vote on the Plan. Each Holder of an Interest in any the Debtors shall retain such Interest. The Plan shall be funded by the proceeds of the Sale of one or more of the Properties. The Trustee presumes that the Sales of the Miracle Mile 3 Property and/or the Miracle Mile 4 Property, together with Cash on hand and other Assets of the Debtors including any proceeds of Causes of Action, will be sufficient to satisfy all Claims against all Debtors in full. Accordingly, the Trustee contemplates only selling the Miracle Mile 3 Property and/or Miracle Mile 4 Property and leaving the Miracle Mile 2 Property with the Reorganized Debtors. However, the Plan Administrator shall have the right to liquidate any or all of the Properties if necessary to fulfill his or her obligations under the Plan. A full-text copy of the Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=PLvplq from PacerMonitor.com at no charge. Counsel to Fred Stevens, as Chapter 11 Trustee of the Debtors' Estates: Fred Stevens, Esq. Sean C. Southard, Esq. Kevin Collins, Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street, 17th Floor New York, NY 10036-7203 Tel: (212) 972-3000 Fax: (212) 972-2245 Email: fstevens@klestadt.com ssouthard@klestadt.com kcollins@klestad About Miracle Mile Properties 2 Miracle Mile Properties 2, LLC, filed a Chapter 11 bankruptcy petition (Bankr. E.D.N.Y. Case No. 23-43874) on Oct. 25, 2023, with up to $10 million in both assets and liabilities. Pari Golian, an authorized representative, signed the petition. Judge Nancy Hershey Lord oversees the case. Berger, Fischoff, Shumer, Wexler & Goodman, LLP, serves as the Debtor's legal counsel. MIRROR TRADING: Liquidator Wins Summary Judgment in Foutch Case --------------------------------------------------------------- Judge Peter D. Russin of the United States Bankruptcy Court for the Southern District of Florida granted the motion for partial summary judgment on setoff affirmative defense filed by Chavonnes Badenhorst St Clair Cooper, in his capacity as the Foreign Representative of Mirror Trading International (PTY) Ltd, in the adversary proceeding captioned as CHAVONNES BADENHORST ST CLAIR COOPER, in his capacity as the Foreign Representative of Mirror Trading International (PTY) Ltd, Plaintiff, v. JACKSON FOUTCH, Defendant. Adv. Pro. No. 24-01393-PDR (Bankr. S.D. Fla.). Foutch's seventh affirmative defense is stricken. The motion is directed to Defendant Jackson Foutch's seventh affirmative defenses. The seventh affirmative defense alleges that the Defendant is entitled to setoff of the funds he lost in the Ponzi scheme against the amounts claimed in the alleged preference. Plaintiff requests that the Court determine that the seventh affirmative defense is legally unavailable under South African law. Investigations by South Africa's Financial Sector Conduct Authority concluded Mirror Trading International (PTY) Ltd was a pyramid scheme. MTI was then placed into an involuntary final liquidation in the Republic of South Africa by order dated June 30, 2021, issued by the South African Court. On March 18, 2023, the Court entered an order granting recognition of the South African Proceeding as a foreign main proceeding under 11 U.S.C. Sec. 1517. The Recognition Order designated the Liquidator as the foreign representative, and authorized him, pursuant to Secs. 1520 and 1521(a)(1)(5), to exercise trustee-like powers in the United States, including the administration and realization of MTI's assets located in the United States. On September 24, 2024, the Liquidator filed this adversary proceeding, against Foutch, asserting claims under section 29 of the South African Insolvency Act. Plaintiff contends that under well-established South African law, a defendant cannot offset or recoup a pre-liquidation claim against a liquidator's post-liquidation avoidance claim. It argues that the seventh affirmative defense therefore fails as a matter of law and that no factual development is necessary because the issue turns solely on the legal effect of the South African concursus creditorum and the absence of mutuality between the parties. The Court adopts and incorporates its order and memorandum opinion in Cooper v. Tran, Adv. Proc. No. 24-01082-PDR, Dkt. No. 81 (Bankr. S.D. Fla. (November 24, 2025) in its entirety and grants the motion. Judge Russin holds, "Foutch's Seventh Affirmative Defense asserts that he is entitled to set off the funds he lost in the MTI scheme against the amounts the Liquidator seeks to recover as alleged preferences. In essence, Foutch contends that any losses he suffered as a participant in MTI should be netted against the value of any withdrawals he received. Under South African law, however, the doctrine of setoff requires strict mutuality. Mutuality exists only where the debts are of the same nature, between the same parties, and owed in the same legal capacities. The avoidance claims asserted in this proceeding arise only upon liquidation and are prosecuted by the Liquidator in a postliquidation capacity for the collective benefit of all creditors. Any claim Foutch may have for losses sustained prior to liquidation would constitute a pre-liquidation claim against MTI's estate, not a reciprocal debt owed to him by the Liquidator in the same capacity. Because the requisite mutuality is absent, Foutch's asserted right of setoff or recoupment is not legally cognizable under South African law for the reasons explained in the Tran Memorandum Opinion." A copy of the Court's Order and Memorandum Opinion dated November 24, 2025, is available at https://urlcurt.com/u?l=vLOZHk from PacerMonitor.com. Mirror Trading International (PTY) Ltd. purportedly was a fund manager trading in cryptocurrency, particularly Bitcoin, based in Cape Town, South Africa. The Company sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11046) on February 9, 2023. The Honorable Peter D. Russin handles the Chapter 15 case. Chavonnes Badenhorst St Clair Cooper is the foreign representative. Gregory S. Grossman, Esq., at Sequor Law, P.A., is the Foreign Representative's Counsel. The Debtors marked both estimated assets and debts as unknown. MIRROR TRADING: Liquidator Wins Summary Judgment in Tran Case ------------------------------------------------------------- Judge Peter D. Russin of the United States Bankruptcy Court for the Southern District of Florida granted the motion for partial summary judgment on setoff affirmative defense filed by Chavonnes Badenhorst St Clair Cooper, in his capacity as the Foreign Representative of Mirror Trading International (PTY) Ltd, in the adversary proceeding captioned as CHAVONNES BADENHORST ST CLAIR COOPER, in his capacity as the Foreign Representative of Mirror Trading International (PTY) Ltd, Plaintiff, v. JOHNNY TRAN, Defendant, Adv. Pro. No. 24-01082−PDR (Bankr. S.D. Fla.). Tran's sixth affirmative defense is stricken. This dispute arises out of the collapse of Mirror Trading International (Pty) Ltd. Investigations by South Africa's Financial Sector Conduct Authority concluded MTI was a pyramid scheme. MTI was then placed into an involuntary final liquidation in the Republic of South Africa by order dated June 30, 2021, issued by the South African Court. On March 18, 2023, the Court entered an order granting recognition of the South African Proceeding as a foreign main proceeding under 11 U.S.C. Sec. 1517. The Recognition Order designated the Liquidator as the foreign representative, and authorized him, pursuant to Secs. 1520 and 1521(a)(1)(5), to exercise trustee-like powers in the United States, including the administration and realization of MTI's assets located in the United States. On March 15, 2024, the Liquidator filed this adversary proceeding, against Defendant Johnny Tran, asserting claims under sections 26, 29, and 30 of the South African Insolvency Act. Tran was served on March 19, 2024. On June 11, 2024, the Liquidator filed the Amended Complaint. In the Amended Complaint, the Liquidator alleges that Tran received avoidable dispositions of bitcoin from MTI within the meaning of sections 29 and 30 of the Insolvency Act, recoverable under section 32(3). On November 26, 2024, Tran filed his answer and affirmative defenses to the Amended Complaint, including his sixth affirmative defense of "recoupment" which is the subject of the motion. Tran's sixth affirmative defense asserts that all of the transfers made to Tran (to the extent that the withdrawals do not exceed the deposits), are just the return of Tran's property and has never been property of the estate. The Liquidator argues the defense fails as a matter of law because any claim Mr. Tran might hold would be a pre-liquidation claim against MTI, whereas the claims asserted here are post-liquidation statutory avoidance claims that vest only in the Liquidator. Because the Liquidator is a different "person" acting in a different capacity than MTI, mutuality fails. The Liquidator contends that permitting recoupment would undermine the concursus (the collective, pari passu administration that begins at liquidation and routes recoveries through the liquidation proceedings) by granting a preference defendant a private, full-value recovery outside the established claims process. The motion further relies on section 46 of the Insolvency Act, which authorizes the Liquidator, with requisite approval, to disregard setoffs not effected in the ordinary course, an exception particularly relevant in the context of a pyramid scheme. Tran asserts that he is a net loser in his dealings with MTI, having deposited more bitcoins than he received in return. He contends that his remaining 7.9296571 bitcoins were never property of MTI but instead were held in a custodial capacity and are being wrongfully retained by the estate. According to Tran, this circumstance gives rise to a post-liquidation obligation of the estate to return his property, which he argues may be recouped or set off against any liability arising under the Liquidator's avoidance claims. Judge Russin holds, "As pleaded, the recoupment defense does not allege reciprocal, mutual debts between the same persons in the same capacities. It states simply that Tran's withdrawals up to the amount of bitcoin he deposited were 'the return of Tran's property' and 'never property of the estate.' That assertion is not a recoupment defense at all under South African law. It is a denial that the transfers were avoidable dispositions of estate property (since he asserts it was his property), which is a merits issue already framed by the Liquidator's causes of action and Tran's denials and counterclaim. Because the recoupment defense, as pleaded, cannot meet South African law's requirements and because recognizing such a defense would subvert the concursus, summary judgment will be entered in favor of the Plaintiff on that defense." A copy of the Court's Order and Memorandum Opinion dated November 24, 2025, is available at https://urlcurt.com/u?l=CeehiZ from PacerMonitor.com. Mirror Trading International (PTY) Ltd. purportedly was a fund manager trading in cryptocurrency, particularly Bitcoin, based in Cape Town, South Africa. The Company sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 23-11046) on February 9, 2023. The Honorable Peter D. Russin handles the Chapter 15 case. Chavonnes Badenhorst St Clair Cooper is the foreign representative. Gregory S. Grossman, Esq., at Sequor Law, P.A., is the Foreign Representative's Counsel. The Debtors marked both estimated assets and debts as unknown. MJD ENGINEERING: Has Deal on Cash Collateral Access --------------------------------------------------- MJD Engineering Inc. asks the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral in accordance with its agreement with the U.S. Small Business Administration. The SBA holds a secured claim of $2,205,152 against the Debtor, secured by cash collateral and personal property collateral. The Debtor requires use of cash collateral to fund ordinary and necessary post-petition operations and maintain the business. Under the stipulation, the SBA consents to the Debtor's continued use of cash collateral through confirmation of the Debtor's Chapter 11 plan. In return, the Debtor will provide adequate protection in the form of a replacement lien on post-petition revenues, with the same priority and validity as the SBA's pre-petition liens, and make monthly adequate protection payments of $1,000. A hearing on the matter is set for January 5, 2026. A copy of the motion is available at https://urlcurt.com/u?l=T4rDXr from PacerMonitor.com. About MJD Engineering Inc. MJD Engineering, Inc. is a company in Marysville, Calif., which is engaged in the construction of utility systems. MJD Engineering sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-20487) on February 3, 2025, listing between $500,000 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Fredrick E. Clement handles the case. The Debtor is represented by Michael Jay Berger, Esq.at Law Offices of Michael Jay Berger. N.K.G. CORP: Seeks to Hire Alter & Barbaro as Bankruptcy Counsel ---------------------------------------------------------------- N.K.G. Corp. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Alter & Barbaro, P.A. as counsel. The firm's services include: a. advising the Debtor of its powers and duties as a debtor-in-possession in a chapter 11; b. advising the Debtor regarding matters of bankruptcy law; c. representing the Debtor in proceedings and hearings in the United States District and Bankruptcy Courts for the Eastern District of New York; d. preparing on behalf of the Debtor any necessary motions, applications, orders and other legal papers; e. providing assistance, advice and representation concerning the confirmation of any proposed plan(s) and solicitation of any acceptances or responding to rejections of such plan(s); f. providing assistance, advice and representation concerning any investigation of the assets, liabilities and financial condition of the Debtor that may be required under local, state or federal law; g. prosecuting and defending litigation matters and such other matters that might arise during this Chapter 11 Case; h. providing counseling and representation with respect to assumption or rejection of executory contracts and leases, sales of assets and other bankruptcy-related matters arising from this Chapter 11 Case; i. rendering advice with respect to general corporate and litigation issues relating to this Chapter 11 Case, including, but not limited to, securities, corporate finance, labor, tax and commercial matters; and j. performing such other legal services as may be necessary and appropriate for the efficient and economical administration of this Chapter 11 Case. The firm's hourly rates are: Partners $500 Paraprofessionals $150 Alter & Barbaro received an initial retainer of $17,000. Alter & Barbaro is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached through: Troy J. Lambert, Esq. Alter & Barbaro, P.A. 26 Court St #1812 Brooklyn, NY 11242 Phone: (718) 237-0880 About N.K.G. Corp. N.K.G. Corp. provides residential construction and renovation services, including remodeling, woodwork, painting, electrical, and plumbing work. N.K.G. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-44858) on October 8, 2025, with $1 million to $10 million in assets and liabilities. Neville Greaves, president of N.K.G., signed the petition. Judge Nancy Hershey Lord presides over the case. Troy J. Lambert, Esq., at Alter & Barbaro Esq represents the Debtor as legal counsel. NATIONAL FOOD: Hires Felicity Property as Real Estate Broker ------------------------------------------------------------ National Food & Beverage Foundation seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to employ Felicity Property Co., LLC as real estate broker. The firm will market the Debtor's property located at 1504 Oretha Castle Haley Blvd., New Orleans, Louisiana 70113. The firm agreed to a discounted commission of 5 percent of the gross sale amount. Felicity Property Co., LLC is a "disinterested person" as such term is defined in 11 U.S.C. Sec.101(14) and as required by 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached through: Jack E. Egle Felicity Property Co., LLC 1470 Urania Street New Orleans, LA 70130 Tel: (504) 586-8305 Fax: (504) 523-1967 About National Food & Beverage Foundation National Food & Beverage Foundation, d/b/a Southern Food and Beverage Museum, based in New Orleans, is a nonprofit organization focused on the study and celebration of food, drink, and related cultural traditions in America and globally. Its Southern Food and Beverage Museum houses multiple entities, including the Museum of the American Cocktail, SoFAB Research Center, and Deelightful Roux School of Cooking, among others, and serves as a versatile event venue. National Food & Beverage Foundation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. La. Case No. 25-10974) on May 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtors are represented by Leo D. Congeni, Esq. at CONGENI LAW FIRM, LLC. NATIONAL MENTOR: S&P Rates New Term Loan and Secured Notes 'B-' --------------------------------------------------------------- S&P Global Ratings assigned its 'B-' issue-level rating and '3' recovery rating to National Mentor Holdings Inc.'s (B-/Stable/--) proposed $1.25 billion first-lien term loan and $1.25 billion senior secured notes, both of which are due 2030. The '3' recovery rating reflects its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of default. The rating on the previously announced $314 million revolving credit facility is unchanged. The combination of the first-lien term loan and notes reflects a revision from the previously announced $2.507 billion first-lien term loan, which S&P previously rated. The term loan will be a single tranche that will consist of an $875 million first-lien term loan and a $375 million first-lien delayed-draw term loan. Although the mix of debt now includes senior secured notes, the total debt of $2.5 billion is unchanged from S&P's previous expectation. The company, which does business as Sevita, intends to use the proceeds from the debt package to refinance its existing $1.8 billion first-lien term loan. Debt proceeds, in conjunction with $137 million of equity contributed by its private equity sponsors and borrowings under its expanded accounts receivable (AR) facility, will fund the acquisition of BrightSpring Community Living (ResCare) for $835 million. Our other ratings on Sevita are unchanged. S&P's current base case assumes the acquisition of ResCare will close in the second quarter of 2026 (fiscal year ending September 2026). Issue Ratings--Recovery Analysis Key analytical factors -- Sevita's proposed capital structure will consist of a $225 million AR securitization facility having a priority claim (assumed 100% drawn in a hypothetical default scenario), a $314 million revolving credit facility (assumed 85% drawn), a $1.25 billion first-lien term loan, $1.25 billion of senior secured notes, and a $180 million senior secured second-lien term loan. -- S&P assumes a base rate of 250 basis points at default, following a covenant breach. -- Sevita's leading national position and the demand for the company's services to must-serve populations lead S&P to believe it would remain a viable business even in default and that it would likely reorganize rather than liquidate. -- S&P values the company on a going-concern basis using a 5.5x multiple of its projected EBITDA at default. This is consistent with the multiples it uses for similar companies. Simulated default assumptions -- Simulated year of default: 2027 -- EBITDA at emergence: $341 million -- EBITDA multiple: 5.5x Simplified waterfall -- Net enterprise value (after 5% administrative costs): $1,780 million -- Less priority claims: $228 million -- Valuation split in % (obligors/nonobligors): 100%/0% -- Collateral value available to secured lenders: $1,552 million -- First-lien secured debt: $2.9 billion -- Recovery expectations: 50%-70% (rounded estimate: 50%) -- Second-lien secured debt: $189 million -- Recovery expectations: 0%-10% (rounded estimate: 0%) Note: All debt amounts include six months of prepetition interest. NAVACORD CORP: S&P Affirms 'B-' ICR Following Debt Financing ------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' rating on Navacord Corp. and assigned its 'B-' issue-level rating and '3' recovery rating to the proposed incremental term loan. The stable outlook reflects our expectation that Navacord will continue to demonstrate healthy growth and margins and reduce leverage over the next 12 months as it successfully absorbs Acera. Navacord Corp. has signed a definitive agreement to acquire Canadian middle market broker Acera Insurance (Acera) for $1.8 billion. While Navacord's leverage will deteriorate because of the incremental debt to fund the transaction, it'll remain within the bounds for the rating, and S&P expects that the company will reduce leverage modestly over the next 12 months. S&P said, "We view Navacord's acquisition of Acera as strategically sound and opportunistic. Acera, which is about a third of the size of Navacord, will add meaningful scale and will bring combined pro forma revenue to about $1.2 billion. Acera is a pure Canadian broker with operations primarily in British Columbia and Alberta, and so the transaction will broaden Navacord's footprint in these provinces (where it already had a sizable presence) while reducing overall concentration in Ontario (to around 35% from around 45%). Acera has also been seeing healthy organic growth, and the two companies are similar with respect to profitability, business mix, and operating philosophy. As a result, we view integration and deal risk as limited. "S&P Global Ratings-adjusted leverage will modestly weaken following the debt financing. Navacord is funding the transaction with a new $660 million (C$920 million) first-lien term loan, $400 million in new preferred equity, and $456 million of rollover equity. We treat the preferred equity instrument (which upon transaction close will ultimately be held by a consortium of external investors) as debt in our credit ratios, since we expect its redemption features to conflict with our criteria requirements for equity credit." Pro forma for the new debt as well as Acera's full-year 2025 EBITDA, S&P Global Ratings-adjusted debt to EBITDA at Navacord is about 10x including the preferred equity instrument or 9x excluding it, compared with 8.4x for the 12 months ended July 31, 2025. Pro forma adjusted EBITDA coverage is in the mid-1x range, largely similar to recent levels given lower benchmark rates, favorable term loan repricing earlier in the year, and lower coupon rates on its unsecured tranches (following the refinancing activity in September). S&P said, "Our expectation is that credit metrics will improve modestly over the next 12 months on healthy growth and margins as well as no further incremental debt." Navacord has continued to demonstrate solid performance this year despite a tough market backdrop. It saw healthy organic revenue growth of 6.6% for the nine months ended July 31, 2025, though it was down notably from 9.5% in 2024. New business generation and sales velocity actually improved from the prior year, but a softer commercial property and casualty market plus the impact of more challenging social and economic conditions on some business lines led to slower organic revenue growth. S&P said, "S&P Global Ratings-adjusted EBITDA margin for the 12 months ended July 31, 2025, remained robust at 31.1%. This was a modest decline from 31.8% for full-year 2024, predominantly on higher add-back exclusions that the company adjusts for in EBITDA (adjustments we don't make), as well as lower fiduciary interest income. "The stable outlook reflects our view that Navacord's leverage has peaked following its acquisition of Acera, as well as our view that the company will reduce its leverage modestly over the next year through performance gains. We also expect that Navacord will continue to see healthy organic growth and margin trends, and we expect it to successfully absorb Acera without notable operational disruption. "Given the company's healthy performance trajectory and liquidity, we view any downside rating movement over the next 12 months as unlikely. However, we would consider a downgrade if the company's capital structure becomes unsustainable, in our view, which could occur with leverage sustained above 10x or coverage below 1x. "While it's unlikely in the next 12 months given the recent uptick in Navacord's leverage, we could raise the rating if Navacord reduces its debt burden so that it's more in line with those of peers with similar size and scope. This would include leverage sustained below 7x excluding preferred equity or 8x including preferred equity and coverage nearing 2x." NEELY MOTORSPORTS: Case Summary & Six Unsecured Creditors --------------------------------------------------------- Debtor: Neely Motorsports, Inc. d/b/a AN Plumbing.com d/b/a Earls Store 1 d/b/a Earls Performance Plumbing 4040 Spencer St., Suite A Torrance, CA 90503 Business Description: Neely Motorsports, Inc. engages in wholesale and retail sales of motorsports-related products, serving both individual consumers and businesses in the automotive and racing sectors. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20834 Judge: Hon. Sheri Bluebond Debtor's Counsel: Michael G. Spector, Esq. LAW OFFICES OF MICHAEL G. SPECTOR 2122 N. Broadway Santa Ana, CA 92706 Tel: 714-835-3130 Fax: 714-558-7435 E-mail: mgspector@aol.com Total Assets: $205,763 Total Liabilities: $2,771,336 The petition was signed by Thomas J. Neely as president. 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/OSR45ZY/Neely_Motorsports_Inc__cacbke-25-20834__0001.0.pdf?mcid=tGE4TAMA NORTH AMERICAN: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: North American Builders Supply, Inc. 1111 S. Bridge Street Yorkville, IL 60560 Business Description: North American Builders Supply, Inc., based in Yorkville, Illinois, supplies building materials including lumber, siding, millwork, cabinetry, windows, doors, decking, metal studs, ceiling systems, commercial windows and doors, and drywall, and offers design and delivery services. The Company serves builders, contractors, and homeowners through its showroom and product lines. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-18572 Debtor's Counsel: Joel Schechter, Esq. LAW OFFICES OF JOEL A. SCHECHTER 53 West Jackson Blvd, Suite 860 Suite 1522 Chicago, IL 60604 Tel: (312) 332-0267 E-mail: joelschechter1953@gmail.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Paul McCue as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JOU4BII/North_American_Builders_Supply__ilnbke-25-18572__0001.0.pdf?mcid=tGE4TAMA NXT ENERGY: Secures US$2MM Strategic Investment from Mork Capital ----------------------------------------------------------------- NXT Energy Solutions Inc. received a US$2,000,000 strategic investment by way of a private placement of common shares to its largest shareholder MCAPM LP to advance the application of the Company's proprietary Stress Field Detection technology within select areas of Western Canada. The Investment proceeds provide NXT with enhanced balance sheet flexibility to accelerate widespread usage of SFD(R) data in Canada while preserving its core business model as a technology and service provider. As part of this process, the Company has engaged Baycrest Energy Ltd. to assist in evaluating strategic pathways related to this initiative. The Board of Directors believes this initiative represents a meaningful opportunity to unlock shareholder value from NXT's extensive proprietary SFD(R) data library, which includes more than 50,000 line-kilometers of airborne geophysical data in the Western Canadian sedimentary basin. In alignment with this strategic initiative, NXT also announced that Bruce G. Wilcox, NXT's CEO, has recommended the appointment of Eugene Woychyshyn as President & Chief Financial Officer, effective immediately, with full support from the Board. Mr. Woychyshyn has served as CFO of NXT since 2018 and brings extensive experience across finance, operations, and capital markets to his expanded leadership role. Mork Capital has been issued 7,050,500 common shares of the Company at a price of CAD$0.40 per share for total gross proceeds of approximately US$2,000,000. Mork Capital now owns approximately 32.3% of the outstanding common shares of the Company. The common shares issued as a result of the Investment will be subject to a hold period of four months plus a day from the date of issuance. The Company has received conditional approval from the Toronto Stock Exchange for the Investment. The Company looks forward to updating shareholders on this initiative at the appropriate time as milestones are reached. About NXT Energy NXT Energy Solutions Inc. is a Calgary-based technology company whose proprietary SFD survey system utilizes quantum-scale sensors to detect gravity field perturbations in an airborne survey method. This system can be used both onshore and offshore to remotely identify areas with exploration potential for traps and reservoirs. The SFD survey system enables the Company's clients to focus their hydrocarbon exploration decisions concerning land commitments, data acquisition expenditures, and prospect prioritization on areas with the greatest potential. SFD is environmentally friendly and unaffected by ground security issues or difficult terrain and is the registered trademark of NXT Energy Solutions Inc. NXT Energy Solutions provides its clients with an effective and reliable method to reduce time, costs, and risks related to exploration. Calgary, Canada-based MNP LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, citing that the Company's current cash position is not expected to be sufficient to meet the Company's obligations and planned operations for a year beyond the date of auditor's report, unless additional financing is obtained or new revenue contracts are completed. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had C$18.06 million in total assets, C$5.56 million in total liabilities, and C$12.5 million in total stockholders' equity. OMNI HEALTH: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Omni Health Services, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court authorized the Debtor to use cash collateral in accordance with its budget until the next hearing scheduled for December 17. The Debtor said it needs to use the cash collateral of secured creditors to fund operations, payroll, and other expenses totaling $1,039,262 for December. As adequate protection, Berkshire Bank and other secured creditors that may have interest in the cash collateral will be granted replacement liens on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy liens. In addition, the Debtor was directed to make its regular debt service payments to Berkshire Bank for December on account of its loans. The order is available at https://is.gd/4c5O1U from PacerMonitor.com. Omni Health Services holds cash and certain accounts receivable constituting cash collateral, which is subject to claims from several pre-bankruptcy secured creditors, including Berkshire Bank, the U.S. Small Business Administration, Graybar Financial Services, IOU Central, Inc., Global Merchant Cash, Inc., and Likety Capital, LLC. The Debtor, a provider of clinic-based outpatient mental health services for children and adults, has faced financial difficulties due to declining in-person patient visits, staffing shortages, and increased competition from telehealth services, prompting it to close 10 unprofitable locations and consolidate operations in an effort to reorganize successfully. About Omni Health Services Inc. Omni Health Services, Inc. is a community-based mental health services provider operating 12 locations across Pennsylvania and New Jersey. Omni Health Services sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14727) on November 20, 2025, listing between $1 million and $10 million in assets and liabilities. Michael Thevar, president of Omni Health Services, signed the petition. Judge Ashely M. Chan oversees the case. David B. Smith, Esq., at Smith Kane Holman, LLC, represents the Debtor as legal counsel. OMNICARE LLC: Gets Court OK to Proceed w/ Bankruptcy Sale Process ----------------------------------------------------------------- Randi Love of Bloomberg Law reports Omnicare LLC secured court approval for its asset bidding procedures after a bankruptcy judge rejected an objection raised by the International Association of Machinists and Aerospace Workers regarding employee protections. The ruling allows the company to move forward with its proposed sale process. Judge Stacey G. Jernigan approved the procedures during a Wednesday, December 3, 2025, hearing in the US Bankruptcy Court for the Northern District of Texas, following Omnicare's agreement that all bidders will disclose which employees they plan to retain. The union had argued that worker rights needed stronger safeguards, the report states. Under the approved timeline, the deadline to finalize a lead, stalking horse bid is January 31, 2026. Omnicare anticipates conducting an auction in March, with a sale hearing set for mid-April 2026, according to company counsel Derek. About Omnicare, LLC Omnicare, LLC is a subsidiary of CVS Health that provides comprehensive pharmacy services. Omnicare and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80486). In its petition, Omnicare reported estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Judge Stacey G. Jernigan oversees the cases. The Debtors tapped Jenner & Block, LLP and Haynes Boone as legal counsel; Houlihan Lokey as investment banker; Alvarez & Marsal as restructuring advisor; and Stretto, Inc. as claims agent. ORB ENERGY: Seeks to Extend Plan Exclusivity to February 2, 2026 ---------------------------------------------------------------- ORB Energy Co. asked the U.S. Bankruptcy Court for the Southern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 2, 2026 and March 6, 2026, respectively. The Debtor explains that cause exists to extend the exclusivity period and the deadline by which the Debtor must obtain acceptance of a plan. The Debtor is moving in good faith towards proposing a Chapter 11 Plan which would likely involve the assumption of its contracts with Bitmain. However, the viability of such a plan is in question until the Court rules on the pending matters. The Debtor is not seeking such extension as a tactical measure. The Debtor merely seeks to maintain the status quo by extending the time periods for a Chapter 11 plan and confirmation of same. The Debtor claims that extending exclusivity is proper because the matters currently under this Court's advisement will materially impact the Debtor ability to propose a plan and as such additional time is necessary. Granting the relief requested herein is proper as sufficient cause exists. ORB Energy Co. is represented by: Steven Shurn, Esq. Hughes Watters Askanase, LLP TotalEnergies Tower 1201 Louisiana, 28th Floor Houston, Texas 77002 Tel: (713) 590-4200 Fax: (713) 590-4230 Cell: (713) 410-2139 Email: sshurn@hwa.com About Orb Energy Co. ORB Energy Co. is engaged in the business of mining Bitcoin. The Company was formed to develop a bespoke data center using proprietary infrastructure compatible only with Bitmain Technologies' equipment, following a term sheet agreement that positioned it as a designated "Bitmain Host." ORB Energy operates from a rural property where it invested in electrical and operational infrastructure to support large-scale Bitcoin mining. ORB Energy Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80363) on August 5, 2025. In its petition, the Debtor reports total assets of $70,320,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Steven Shurn, Esq. at HUGHES WATTERS ASKANASE LLP. OREGON BREWING: Seeks Chapter 7 Bankruptcy in Oregon ---------------------------------------------------- Matthew Kish of oregonlive.com reports that about a week after unexpectedly shutting its doors, Rogue Ales & Spirits filed for Chapter 7 bankruptcy on Monday, highlighting the economic impact of its abrupt closure. The filing covers the company and two subsidiaries, a process in which assets are liquidated to pay creditors. Rogue Ales & Spirits, legally known as Oregon Brewing Co., along with Rogue River Brewing Co. and Yaquina Bay Beverage Co., reported combined assets of $5.6 million against $19.6 million in liabilities. Major debts include $594,000 in rent owed to the Port of Newport, $511,000 in taxes to Lincoln County, and $66,000 in federal alcohol taxes, the report states. The companies also owe numerous smaller vendors for services ranging from cleaning and internet access to canning equipment. As of now, Rogue's bankruptcy attorney has not commented, and company executives have not publicly explained the reasons behind the sudden closures, according to report. The craft beer sector has faced challenges in recent years due to growing competition and changing consumer habits. Last year, six of Oregon’s ten largest craft breweries experienced sales declines, with Rogue’s revenue dropping 18%. The recent closures included pubs in Astoria, West Salem, Southeast Portland, and prior shutdowns in Northwest Portland and near Portland State University, the report cites. About Oregon Brewing Oregon Brewing, operating as Rogue Ales & Spirits, is an Oregon-based craft brewery and distillery founded in 1988, known for producing a diverse range of beers, spirits, and specialty beverages. The company operates multiple brewpub locations across Oregon and distributes its products nationally, offering a portfolio that includes year-round and seasonal craft beers, barrel-aged brews, and small-batch spirits. Oregon Brewing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-33945) on November 24, 2025. In its petition, the Debtor reports assets of $5.6 million against $19.6 million in liabilities. Honorable Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor is represented by Peter C. Mckittrick handles the case. The Debtor is represented by Daniel Kubitz, Esq. of Schwabe, Williamson & Wyatt PC. ORION PORTFOLIO: Plan Exclusivity Period Extended to Jan. 30, 2026 ------------------------------------------------------------------ Judge Carlota Bohm of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended Orion Portfolio Management, LLC's exclusive periods to file a plan of reorganization to January 30, 2026. As shared by Troubled Company Reporter, the Debtor initiated this Chapter 11 case to restructure secured mortgage debts. The Debtor's obligations consist mostly of secured debts on real property. The Debtor explains that it intends to sell its real estate, and is working to ensure tenants are fully moved out, and also making renovations which make the property more marketable. Debtor is currently looking to engage the services of a real estate broker. Moreover, under Section 1121(b), a party filing for Chapter 11 has one-hundred twenty days from the order for relief to exclusively file a plan for reorganization, after that, creditors or other parties in interest may file their own proposed plans. This 120 day period was the period initially granted to the Debtors by the Court to file its Plan. Orion Portfolio Management LLC is represented by: Brian C. Thompson, Esq. THOMPSON LAW GROUP, P.C. 301 Smith Drive, Suite 6 Cranberry Township, PA 16066 Telephone: (724) 799-8404 Facsimile: (724) 799-8409 E-mail: bthompson@thompsonattorney.com About Orion Portfolio Management Orion Portfolio Management LLC is a single asset real estate company that owns and manages property at 714-714 Armandale Street in Pittsburgh, Pennsylvania. Orion Portfolio Management sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21767) on July 3, 2025. In its petition, the Debtor estimated assets and liabilities between $500,000 and $1 million. The Debtors are represented by Brian C. Thompson, Esq. at Thompson Law Group, PC. PFS LTD: Chapter 15 Case Summary -------------------------------- Chapter 15 Debtor: PFS Ltd. c/o Chris Johnson Assoc. Shedden Rd Grand Cayman KY1-1104 Cayman Islands Business Description: PFS Ltd. is a Cayman Islands exempted company that serves as an investment vehicle for Erin Winczura and engages in market and off-market equity derivatives trading, with investment advisory activities handled through Westrade Capital Corporation. Its investor funds are held by Canterbury Securities Ltd., an affiliated entity. PFS is wholly owned by Winczura, a Canadian citizen who resides in the Cayman Islands. Chapter 15 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12706 Judge: Hon. Michael E. Wiles Foreign Representatives: Karen Scott and Russell Homer Shedden Road PO Box 2499 Grand Cayman KY1-1104 Cayman Islands Foreign Proceeding: Grand Court of Cayman Islands, Fin. Service Div., Case No. FSD 309 of 2024 Foreign Representatives' Counsel: John E. Jureller, Jr., Esq. KLESTADT WINTERS JURELLER SOUTHARD & STEVENS, LLP 200 West 41st Street 17th Floor New York NY 10036 Tel: (212) 972-3000 Email: jjureller@klestadt.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PE3T3ZY/Karen_PFS_LTD_and_Karen_Scott__nysbke-25-12706__0001.0.pdf?mcid=tGE4TAMA POST HOLDINGS: Moody's Rates New Sr. Unsecured Notes Due 2036 'B2' ------------------------------------------------------------------ Moody's Ratings assigned a B2 rating to Post Holdings, Inc.'s ("Post") proposed senior unsecured notes due 2036. At the same time, Moody's affirmed the company's B1 Corporate Family Rating, B1-PD Probability of Default Rating, the Ba1 ratings on the existing senior secured revolver and notes, and the B2 ratings on the existing senior unsecured notes. The SGL-1 speculative grade liquidity rating remains unchanged. The outlook is stable. Post expects to utilize the proceeds from the $1.3 billion offering to redeem, on or after December 15, 2025, the $1.235 billion outstanding balance on the 5.50% senior unsecured notes due 2029, and cover transaction related fees and redemption premiums. Post expects to utilize any remaining net proceeds to add cash to the balance sheet for general corporate purposes. The proposed financing is credit positive because it extends Post's maturity profile and strengthens its already very good liquidity. Moody's will withdraw the rating on the 2029 notes if they are retired as part of the refinancing. Post's $1.0 billion revolving credit facility had $440 million drawn as of September 30, 2025. Moody's expect Post to utilize the estimated $375 million proceeds from the sale of the 8th Avenue pasta business, anticipated close in fiscal 1Q26, to reduce the revolver balance. Moody's expect the company to use free cash flow to repay the remaining balance over the next 12 months. Post's cash balance was $177 million as of September 30, 2025, and the proposed offering could increase cash further, depending on the final use of any remaining net proceeds. Improved liquidity will provide more flexibility for acquisitions. Moody's estimate Post's gross debt-to-EBITDA leverage at 5.2x (Moody's-adjusted) as of September 30, 2025, pro forma for the 8th Avenue acquisition and pasta business sale. The proposed financing transaction would increase gross leverage modestly, while net leverage would remain unchanged at 5.1x. The affirmation of the B1 CFR and stable outlook reflects Moody's expectation that Post will maintain high financial leverage while pursuing growth through acquisitions. Absent additional acquisitions, Moody's expect gross debt-to-EBITDA leverage to remain in the 5.0x–5.5x range over the next 12–18 months, positioning Post strongly in its rating category. Moody's project more than $550 million of free cash flow in fiscal 2026, assuming capital expenditures of $350–$390 million. Moody's expect most free cash flow will be allocated to share repurchases in addition to the revolver repayment. There is some risk of debt-funded buybacks, as seen in fiscal 2025 when repurchases exceeded free cash flow. Post is likely to continue pursuing acquisitions and is comfortable operating with net leverage about one turn higher than current levels for such transactions. RATINGS RATIONALE Post's B1 CFR reflects its aggressive financial policy including its growth-through-acquisitions strategy, comfort with high financial leverage, and large share repurchase program. Most product categories are mature with some, such as cereal, experiencing modest long-term declines. This creates growth challenges for the firm and can lead to acquisition event risk as the company expands the portfolio. The acquisitive strategy and portfolio shifting creates some uncertainty about the composition of the asset base and thus the overall business risks. Share repurchases weaken the credit profile but are more discretionary than dividends. Post does not pay a dividend and the company can redirect free cash flow to repay debt and reduce leverage. The company's credit profile is supported by a growing revenue base and good product diversity, solid brand equities in high margin product categories, strong free cash flow and very good liquidity. The free cash flow provides good reinvestment flexibility and the ability to repay debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The stable outlook reflects Moody's expectation that Post will continue to maintain high financial leverage over the next two years because of its growth by acquisition strategy and large share repurchase program. In the absence of acquisitions, Moody's expect Post to maintain debt-to-EBITDA leverage (Moody's adjusted) at a low to mid 5x range over the next 12-18 months, positioning it strongly in its rating category. Moody's also project Post will generate strong free cash flow and maintain very good liquidity. A rating upgrade could occur if organic sales growth is good, the operating profit margin remains stable, free cash flow remains strong and the company maintains a financial policy consistent with sustaining debt-to-EBITDA below 5.5x. A rating downgrade could occur if operating earnings deteriorate due to factors such as revenue declines, market share losses, pricing pressure or commodity cost increases, debt-to-EBITDA is sustained above 6.5x, or if free cash flow or liquidity deteriorate. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Packaged Goods published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Based in St. Louis, Missouri, Post Holdings, Inc. manufactures, markets, and distributes branded and private label food products in categories including RTE cereal, retail and foodservice egg and potato products, and retail side dishes, sausage, cheese and other dairy and refrigerated products. The company also added a portfolio of branded and private label pet food products following the acquisition of a portion of The J.M. Smucker Company's ("Smucker") pet food business in April 2023. Some of the company's well-known brands include Honey Bunches of Oats, Pebbles, Weetabix, Alpen, Peter Pan, Papetti's, Abbotsford Farms, Egg Beaters, Simply Potatoes, Bob Evans, and Crystal Farms. Pet food brands include Nutrish, Nature's Recipe, 9Lives, Kibbles 'n Bits and others. The company is publicly-traded under the ticker "POST". Revenue for the 12 months ended September 30, 2025 was $8.2 billion. PRND3L INC: Court Extends Cash Collateral Access to Jan. 15 ----------------------------------------------------------- PRND3L, Inc. received another extension from the U.S. Bankruptcy Court for the District of Massachusetts, Worcester Division, to use the cash collateral of First Internet Bank of Indiana. The court's order authorized the Debtor's interim use of cash collateral through January 15, 2026, to pay the expenses set forth in its budget. As adequate protection for any diminution in the value of its collateral, First Internet Bank of Indiana will be granted a replacement lien on assets acquired by the Debtor after its Chapter 11 filing, with the same priority, validity, and enforceability as its pre-bankruptcy lien. As additional protection, the Debtor was authorized to pay the bank $5,113.42, representing the regular monthly principal and interest payment on its debt. First Internet Bank of Indiana, the Debtor's sole secured creditor, holds a $331,062 claim. The next hearing is set for January 15. Objections are due by January 12, 2026. The Debtor, a franchisee of MY SALON SUITES, filed for bankruptcy to protect its business from cross-default provisions triggered by the financial troubles of a related business, Bay State Suites, Inc., owned by the same principals, Edward and Amy Boulter. Although the Debtor is profitable, its franchise and loan agreements contain clauses linking its obligations to Bay State's defaults. First Internet Bank of Indiana is represented by: Cara Sgobba, Esq. Gordon Rees Scully Mansukhani 28 State Street, Suite 1050 Boston, MA 02109 Tel: (857) 262-5087 Fax: (857) 264-2836 csgobba@grsm.com About PRND3L Inc. PRND3L Inc., operating as MY SALON Suite of Westborough, operates a salon suite rental facility at 153 Turnpike Rd. in Westborough, Mass., where beauty professionals can lease private, fully-equipped salon suites to run their independent businesses. PRND3L Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-40801) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $100,000 and $500,000. The Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Joseph S.U. Bodoff, Esq. and Rion Vaughan, Esq., at Rubin and Rudman LLP. PROFESSIONAL DIVERSITY: Acquires Music Copyrights for $1.58 Million ------------------------------------------------------------------- Professional Diversity Network, 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 Copyright Transfer Agreement with Shohan Event Organizers Co., L.L.C., a non-affiliated accredited investor. Pursuant to the Copyright Agreement, the Company agreed to acquire five original musical works from the Copyright Seller for $1,576,920. Under the terms of the Copyright Agreement, consideration could be paid in cash, shares of the Company's common stock, par value $0.01 per share, or a combination thereof. The Board of Directors approved payment of the consideration through the issuance of 927,600 shares of Common Stock, subject to the limitations of Listing Rule 5635 of The Nasdaq Stock Market LLC. The Copyright Shares will be issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act of 1933, as amended, and/or Regulation D promulgated thereunder. The Copyright Agreement contains customary representations, warranties and covenants. A full-text copy of the Copyright Agreement is available at https://tinyurl.com/5yebje7y About Professional Diversity Professional Diversity Network, Inc., headquartered in Chicago, Ill., 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. RAZZOO'S INC: Seeks to Hire Ordinary Course Professional -------------------------------------------------------- Razzoo's Inc. and Razzoo's Holdings, Inc. seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain non-bankruptcy professionals 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: CliftonLarsonAllen LLP Attn: Adam Matheson 5847 San Felipe St., #2502 Houston, Texas 77057 -- Accountant - Tax Services About Razzoo's Inc. Razzoo's, Inc. operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's, Inc. and Razzoo's Holdings, Inc. filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, chief executive officer, signed the petitions. The case is jointly administered in Case No. 25-90522. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry LLP as counsel; Stout Capital, LLC as investment banker; and Stout Risius Ross, LLC as financial advisor. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. REBORN COFFEE: Inks Securities Subscription Deal with Two Investors ------------------------------------------------------------------- Reborn Coffee, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on October 20, 2025, the Company entered into a Securities Subscription Agreement with Charles Jeong, an "accredited investor," as defined in Rule 501(a) of Regulation D under the Securities Act of 1933, as amended, pursuant to which the Company agreed to issue 825,688 shares of the Company's common stock, par value $0.0001 per share, to Jeong. Pursuant to the October Agreement, Jeong committed to pay $1,000,000 on October 20, $1,000,000 on October 30, $1,000,000 on November 14, and $1,500,000 on December 24, 2025, and upon each payment, the Company agreed to issue shares of Common Stock to Jeong at $5.45 per share. The October Agreement contains customary representations, warranties and covenants. The Company intends to use the net proceeds from the sale of the October Shares for working capital and general corporate purposes. Similarly, on November 14, 2025, the Company entered into a Securities Subscription Agreement with Zonglin Guo, an "accredited investor," as defined in Rule 501(a) of Regulation D under the Securities Act, pursuant to which the Company agreed to issue 366,972 shares of Common Stock to Guo. Pursuant to the November Agreement, Guo committed to pay $500,000 on November 20, 2025, and $1,500,000 on December 15, 2025, and upon each payment, the Company agreed to issue shares of Common Stock to Guo at $5.45 per share. The November Agreement contains customary representations, warranties and covenants. The Company intends to use the net proceeds from the sale of the November Shares for working capital and general corporate purposes. Full-text copies of the October Agreement and November Agreement are available at https://tinyurl.com/5cktkxmp and https://tinyurl.com/3pkydzxv, respectively. 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. RETREAT AT CK7: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On December 2, 2025, The Retreat at CK7 LLC sought Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to 1–49 creditors. About The Retreat at CK7 LLC The Retreat at CK7 LLC specializes in real estate development and property operations, with a particular emphasis on residential and hospitality projects. The Retreat at CK7 LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex., Case No. 25-10236) on December 2, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1 million. The case is assigned to Honorable Bankruptcy Judge Brad W. Odell. The Debtor is represented by Stephen W. Sather of Barron & Newburger, P.C. RHODIUM ENCORE: Fee Fight Stalls Chapter 11 Plan ------------------------------------------------ Ben Zigterman of Law360 reports that bitcoin miner Rhodium Encore's Chapter 11 confirmation hearing will stretch into a second day after the court was unable to resolve a dispute over fees requested by Lehotsky Keller Cohn LLP for its work as special litigation counsel. The firm's compensation has become a sticking point in the case, prompting extended argument among the parties. The unresolved fee issue has delayed final consideration of the company’s reorganization plan, with the court directing the parties to continue discussions before the hearing resumes. Until the dispute is settled, approval of Rhodium Encore's Chapter 11 plan remains on hold, the report states. 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. RK PARISI: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: RK Parisi Enterprises, Inc. PoshHaus, Shop Design Build, New England Home Goods 104 Emerald Street Keene NH 03431 Business Description: RK Parisi Enterprises, Inc., operating as PoshHaus, sells home-improvement and home- furnishing products, including kitchen and bathroom fixtures, cabinetry, lighting, appliances, and flooring, through an online platform and a physical showroom in Keene, New Hampshire. The Company targets homeowners, builders, and interior designers seeking products for residential renovations. Chapter 11 Petition Date: December 1, 2025 Court: United States Bankruptcy Court District of New Hampshire Case No.: 25-10842 Judge: Hon. Kimberly Bacher Debtor's Counsel: William J. Amann, Esq. AMANN BURNETT, PLLC 757 Chestnut Street Manchester NH 03104 Tel: 603-696-5404 Email: wamann@amburlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert M. Parisi, Jr. as president and owner. A copy of the Debtor's list of 20 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ENUBTEY/RK_Parisi_Enterprises_Inc__nhbke-25-10842__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/H2NEPMA/RK_Parisi_Enterprises_Inc__nhbke-25-10842__0001.0.pdf?mcid=tGE4TAMA ROCKY MOUNTAIN: Lands Commitments for 34 Stores in Growth Surge --------------------------------------------------------------- Rocky Mountain Chocolate Factory, Inc. announced a major milestone in its long-term transformation strategy with the continued rollout of its new store prototype and the signing of four area development agreements totaling 34 new stores. This addition represents nearly 25% incremental growth in full franchise stores and marks the largest surge in development activity for the brand in Company history. The momentum reflects renewed interest from new and existing franchise operators who embrace the Company's vision, strength of the refreshed rebrand, and an elevated chocolatier experience. The Company's new store prototype is designed to highlight handcrafted chocolate making, incorporating a warm interior design, and in-store sampling that showcases fresh products made daily. Supported by improved operational systems and an upgraded franchise platform, the store model is attracting operators who seek a scalable, craft-focused brand with strong growth potential. "This is more than a redesign. It is a reaffirmation of our heritage and the craft that built this brand. Rocky Mountain Chocolate Factory was founded on the joy of making chocolate and sharing that experience with guests," said Jeff Geygan, Interim CEO. "It underscores meaningful progress in our transformational strategy. Our new store model brings that spirit to life in a way that is relevant, scalable and positioned for national growth. We are committed to bringing this model to many more communities through sophisticated multi-unit operators." Vice President of Franchise Development, David Denker, emphasized the strong development interest the brand is experiencing. "Our franchise model is resonating with operators who want a brand with real craft, authenticity and a clear pathway to multi-unit growth. The acceleration we are experiencing is the result of a disciplined sales strategy, improved operational processes, and a reenergized development platform. With a fleet of over 140 current stores, we are building a world-class franchise program designed for sustainable long-term expansion that appeals to established multi-unit operators desiring to join our system." "We believe these new commitments reinforce confidence in the Company's leadership, financial strategy and long-term value creation for franchisees and stockholders." * New Multi-Unit Developers, Southeast Florida -- Perla and James C. Perla and James are launching a nine-store development plan across Southeast Florida with potential for further expansion. They bring strong entrepreneurial and operational experience to the system. "We were drawn to the energy behind this rebrand and the quality of the product. The new prototype delivers a guest experience that feels modern and authentic. We are excited to bring this to Florida and help grow the next era of Rocky Mountain Chocolate Factory." * Chicago, Ill. Metro Area -- Tyson M. A seasoned franchisee with more than 12 years in our system is expanding across the greater Chicago metro area through a ten-store development agreement. His newest location at One State Street opens in December. "I have been with Rocky for more than a decade, and the direction of the brand has been completely revitalized. The new leadership, clear vision, and momentum behind the new store model put us in a great position to deliver the premier chocolatier experience Chicago guests expect. As a long-time Chicago resident, I am excited to develop Rocky Mountain Chocolate Factory across the city and build a real, lasting presence in neighborhoods and downtown for years to come." * Charleston SC, Denver Colo., and Santa Fe, N.M. -- Ross T. Ross recently opened the Company's first new prototype store in Charleston, South Carolina, with the Grand Opening held on November 13. He will expand with eight additional stores across three key markets: Charleston, Denver and Santa Fe. "Launching the first prototype store has shown the power of what this next phase of the brand can become. Guests feel the difference the moment they walk in. I believe in the direction of the brand and am excited to grow these three regions." * Central New Jersey -- David S. David is adding to his Central New Jersey location with a seven-store plan as the Company returns to a region where it once held a strong presence. "I see the vision, the leadership and the potential of this new model. This is the right time to bring Rocky Mountain Chocolate Factory back to the Northeast in a meaningful way." With experienced operators committing to development in major markets, the Company believes the brand is positioned to achieve significant long-term expansion that honors its handcrafted roots while delivering a modern, scalable guest experience. About Rocky Mountain Chocolate Factory Durango, Colo.-based Rocky Mountain Chocolate Factory, Inc. is an international franchisor, confectionery producer, and retail operator. Founded in 1981, the Company produces an extensive line of premium chocolate candies and other confectionery products. New York, N.Y.-based CohnReznick LLP, the Company's auditor since 2023, 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 year ended February 29, 2025, citing that the Company has incurred recurring losses and negative cash flows from operations in recent years and is dependent on debt financing to fund its operations, all of which raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $22.25 million in total assets, $16.13 million in total liabilities, and a total stockholders' equity of $6.13 million. ROSE RENTAL: Case Summary & One Unsecured Creditor -------------------------------------------------- Debtor: Rose Rental Properties, LLC d/b/a Rose Rental Properties, MS, LLC 1920 Bellewood Rd Jackson, MS 39211 Business Description: Rose Rental Properties, LLC is a Mississippi-based real estate rental business that operates from Jackson and is associated with residential property activities. Chapter 11 Petition Date: December 4, 2025 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 25-03091 Judge: Hon. Jamie A Wilson Debtor's Counsel: Thomas C. Rollins, Jr., Esq. THE ROLLINS LAW FIRM, PLLC P.O. Box 13767 Jackson, MS 39236 Tel: 601-500-5533 Email: trollins@therollinsfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Jerrick W Rose as member-manager. The Debtor listed American Express, P.O. Box 981537, El Paso, TX 79998, as its only unsecured creditor, holding a $4,000 claim related to credit card debt. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JFSWNII/Rose_Rental_Properties_LLC__mssbke-25-03091__0001.0.pdf?mcid=tGE4TAMA ROYALE ENERGY: Narrows Net Loss to $550,293 in 2025 Q3 ------------------------------------------------------ Royale Energy, Inc. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $550,293 for the three months ended September 30, 2025, compared to a net loss of $1,184,291 for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $1,651,014, compared to a net loss of $2,065,017 for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $589,737 and $562,812, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $1,393,199 and $1,762,324, respectively. At September 30, 2025, the Company had current assets totaling $8,765,809 and current liabilities totaling $20,992,223, resulting in a $12,226,414 working capital deficit. The Company had $796,979 in cash and $5,476,900 in restricted cash at September 30, 2025, compared to $1,877,163 in cash and $6,025,000 in restricted cash at December 31, 2024. At September 30, 2025, the Company's other receivables, which consist of joint interest billing receivables from direct working interest investors and industry partners, totaled $663,775 compared to $868,429 at December 31, 2024, a $204,654 or 23.6% decrease, mainly due to lower joint interest billing receivables. At September 30, 2025, revenue receivable was $573,638, a decrease of $191,015, compared to $764,653 at December 31, 2024, due to lower production volumes and commodity prices during the period in 2025 when compared to the fourth quarter of 2024. At September 30, 2025, accounts payable and accrued expenses totaled $5,261,628, a decrease of $1,704,977 from the accounts payable at December 31, 2024 of $6,966,605, which was mainly due to lower revenue payables at the end of the third quarter 2025 and accounts payable payments and accrued liability settlements during the period in 2025. Royale Energy had recurring operating and net losses and cash used in operations and the condensed consolidated financial statements reflect a working capital deficiency of $12,226,414 and an accumulated deficit of $95,155,483. These factors raise substantial doubt about the Company's ability to continue as a going concern, and the Company anticipates that its primary sources of liquidity will be from the sale of oil and gas in the course of normal operations, the sale of oil and gas properties, sales of participation interests in oil and gas wells and possible issuance of debt and/or equity. The Company said, "If we are unable to generate sufficient cash from operations or financing sources, it may become necessary to curtail, suspend or cease operations, sell property, or enter into financing transaction(s) on less favorable terms; any such outcomes could have a material adverse effect on our business, results of operations, financial position, and liquidity. Management has plans to increase revenues by making commitments to participate with industry partners in drilling wells in the Permian basin and will also continue to drill and workover wells in our Texas Jameson field." Although there are no assurances, Management believes that expected increases in revenue together with reduced capital expenditures for drilling should allow the Company to meet its liquidity needs through the remainder of 2025. A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/mrxy9st6 About Royale Energy, Inc. Royale Energy, Inc. (OTCQB: ROYL) is an independent exploration and production company headquartered in San Diego, California. The Company focuses on the acquisition, development, and marketing of oil and natural gas, with primary operations in Texas's Permian Basin. In its April 8, 2025 audit report, Horne LLP issued a "going concern" qualification, noting that the Company's recurring operating losses and liabilities exceeding its assets raise substantial doubt about its ability to continue operations. As of September 30, 2025, the Company had $15,386,535 in total assets, $29,366,864 in total liabilities, and $13,980,329 in total stockholders' deficit. S&B GROUP: Unsecureds Will Get 100% of Claims over 60 Months ------------------------------------------------------------ S&B Group Inc. filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated December 1, 2025. The Debtor owns a freestanding commercial building located at 6000 Renaissance Parkway, Fairburn, Georgia 30213 (the "Property"). One side of the building contains a two-story restaurant/lounge space with patios on both levels; the other side contains a single-story restaurant and kitchen space currently leased to a breakfast restaurant that operates under the "Kiss My Grits" brand (the "Kiss My Grits Lease"). The Debtor has now entered (or is in final negotiations to enter) into the Renaissance Lease for the two-story space with Renaissance, Inc., an entity formed to operate an upscale supper club concept (the "Renaissance Supper Club"). The Renaissance Lease provides for base monthly rent of $15,000, with annual escalations of approximately 4% per year. The Renaissance Supper Club is expected to open and begin paying rent on or about December 19, 2025. The Debtor's business model going forward is essentially to own and lease the Property, receiving rental income from these two tenants and potentially participating in some upside from the supper club operations through related agreements or equity participation. The plan is designed so that rental income alone is sufficient to support debt service and plan payments, with any additional operating or equity income providing a cushion. Under this Plan, the Debtor proposes to pay all Allowed Claims in full over time. The Plan is funded primarily by rental income from the two leases, supplemented as necessary by capital contributions from the Debtor's principal, Brian Boulware, and other equity owners. Class 4 consists of all Allowed General Unsecured Claims that are not (i) Administrative Claims, (ii) Priority Claims or Priority Tax Claims, or (iii) Utility Claims in Class 3. The allowed unsecured claims total $107,800 in the aggregate (per Schedule E/F, including any Utility Claims that are not separately classified or are de minimis). This Class is impaired. Each holder of an Allowed Class 4 Claim shall receive cash payments equal to 100% of the Allowed amount of its Claim, paid in equal quarterly installments over the 60-month Plan Term, beginning on the last calendar day of the first full quarter after the Effective Date. Distributions to Class 4 holders shall be made pro rata based on the ratio that each holder's Allowed Claim bears to the total of all Allowed Class 4 Claims. Class 5 consists of all Equity Interests in the Debtor. As of the Petition Date, Brian Boulware held 100% of the equity of S&B Group, Inc. As part of the Debtor's financing and restructuring, Mr. Boulware has entered into or will enter into arrangements with additional partners in connection with the Renaissance Supper Club project. After these transactions and under this Plan, the Debtor anticipates that: * Brian Boulware will own 51% of the equity interests in the reorganized Debtor; and * The remaining 49% will be held by one or more new equity owners (the "New Equity Owners"), whose names and respective percentage interests will be set forth on an amended additional exhibit prior to confirmation. On the Effective Date, Equity Interests shall be reallocated in accordance with the new capital structure described herein and as may be further detailed in any amended schedules or confirmation order, such that Brian Boulware holds 51% and the New Equity Owners collectively hold 49%. Class 5 does not receive any distribution on account of prepetition Equity Interests; instead, the reorganized Debtor's equity structure is reset as provided herein. Because this is a Subchapter V case and all creditor classes are being paid in full over time, the absolute priority rule does not bar this equity structure. The Plan will be implemented through: * Continued Ownership and Leasing of the Property. The Debtor will continue to own the Property and receive monthly rental income from the Kiss My Grits Lease and the Renaissance Lease. * Net Operating Cash Flow. After paying taxes, insurance, CAM, and other ordinary expenses, net operating income will be used to (a) pay Bank OZK under Class 2, (b) pay Priority Tax Claims under Class 1, and (c) fund distributions to Classes 3 and 4. * Equity Contributions. Brian Boulware and the New Equity Owners have contributed or will contribute capital for build-out, working capital, and Plan support. To the extent necessary, those contributions will be used as a backstop to ensure timely plan payments, particularly during the initial ramp-up period before the supper club operations fully stabilize. * Management. Post-confirmation, the Debtor will continue to be managed by Brian Boulware or such other manager(s) as may be designated by the reorganized Debtor's board or shareholders consistent with the equity structure described in Class 5. A full-text copy of the Plan of Reorganization dated December 1, 2025 is available at https://urlcurt.com/u?l=NM7QPH from PacerMonitor.com at no charge. Counsel to the Debtor: Brad Fallon, Esq. FALLON LAW PC 1201 W. Peachtree St. NW, Suite 2625 Atlanta, GA 30309 Telephone: (404) 849-2199 Facsimile: (470) 994-0579 Email: brad@fallonbusinesslaw.com About S&B Group Inc. S&B Group Inc. owns a freestanding commercial building located at 6000 Renaissance Parkway, Fairburn, Georgia 30213 (the "Property"). The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60011) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Lisa Ritchey Craig handles the case. The Debtor is represented by Brad Fallon, Esq. at FALLON LAW PC. SERRA GAUCHA: Gets Court OK to Use Cash Collateral -------------------------------------------------- Serra Gaucha Brazilian Steakhouse, LLC got the green light from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral. The court authorized the Debtor to use cash collateral through December 9 in accordance with its budget. A final hearing is scheduled for December 9. Serra said it requires ongoing access to revenue including funds in its Wells Fargo account, accounts receivable, and various restaurant assets subject to asserted liens to cover essential operating expenses. The Debtor has identified WebBank and OnDeck as the primary secured creditors, both allegedly merchant cash advance lenders holding liens on receivables and, in OnDeck's case, all assets. As of the petition date, WebBank claims a balance of $123,232 and OnDeck claims $174,026, with each having been receiving daily or weekly payments prepetition. The Debtor offers to protect these creditors through replacement liens, preservation of going-concern value, and monthly adequate protection payments of $1,500 to WebBank and $1,750 to OnDeck. About Serra Gaucha Brazilian Steakhouse LLC Serra Gaucha Brazilian Steakhouse LLC operates as a restaurant business focused on delivering authentic Brazilian churrasco-style cuisine. Serra Gaucha Brazilian Steakhouse LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11201) on November 20, 2025. In its petition, the Debtor reports estimated assets of $100,001â€“$1,000,000 and estimated liabilities of the same range. Honorable Bankruptcy Judge Scott H. Gan handles the case. The Debtor is represented by Chris D. Barski, Esq. of Barski Law. SHAHINAZ SOLIMAN: Unsecureds Will Get 5% of Claims over 60 Months ----------------------------------------------------------------- Shahinaz Soliman Clinic Corp., filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated December 2, 2025. The Debtor operates a medical facility established by Dr. Shahinaz Soliman in November 2003. The center specializes in providing comprehensive and continuous healthcare services, catering to pediatric, adolescent, geriatric, and adult patients. The principal of the Debtor is Shahinaz Soliman, who is the President and a 100% owner of the Debtor. The present case was filed to reorganize the business obligations and resolve the dispute between the Debtor and its creditors, including the dispute with Creditors Teresa Trutanic and Change Healthcare Operations, LLC. The Debtor's proposed 5-year projections itemize the Debtor's revenue source and the expenses for the next 5 years. The Debtor intends to fund its plan from the continued operation of its business. Debtor's projections were prepared by carefully analyzing the historical income and expenses, the Debtor's performance during the present case, and the prospective income and expenses, with the recent changes made to its business operation. Class 2(A) consists of unsecured claim of Chrysler Capital for Debtor's leased Jeep Wrangler. The Debtor proposes to continue making payments of $818.05 to Chrysler Capital until the lease end date, at which time the Debtor intends to exercise its right to purchase the vehicle and enter into monthly installment agreement with Chrysler Capital. This Class is unimpaired. Class 2(B) consists of the general unsecured claim of Debtor's landlord, WCCP Airport Atrium LLC c/o West Coast Capital Partners ("WCCP"). Treatment of WCCP's claim shall be pursuant to the terms of the Lease Assumption Stipulation and Order approving the Stipulation at dkt. nos. 104 and 108. Debtor wishes to assume the Lease and cure the arrears by paying $19,780.24 on the Effective Date, followed by 3 consecutive monthly thereafter, each in the amount of $6,593.42 until the arrears are paid in full. Debtor will pay WCCP the monthly rent obligations pursuant to the governing Lease Agreement. This Class is impaired. Class 2(C) includes all other unsecured claims, with an estimated total amount of $2,725,431.11. Holders of General Unsecured Claims in Class 2(C) will receive an estimated 5% of their claims over 60 months of Debtor's confirmed plan. The first payment of $2,271.19 will be due on the Effective Date, followed by 59 monthly consecutive payments thereafter, each in the amount of $2,271.19 to satisfy the proposed 5% pro-rata distribution. This Class is impaired. The Debtor's interest holder is Shahinaz Soliman, who is the Debtor's President and 100% shareholder. Mrs. Soliman is not a creditor of the Debtor and will retain her equity interest in the Debtor. The Debtor will fund the Plan from the continued operation of its business. A full-text copy of the Disclosure Statement dated December 2, 2025 is available at https://urlcurt.com/u?l=kIdsb7 from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Sofya Davtyan, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.Berger@bankruptcypower.com E-mail: Sofya.Davtyan@bankruptcypower.com About Shahinaz Soliman Clinic Corp. Shahinaz Soliman Clinic Corp., dba Soliman Care Family Practice Center Inc., is a family practice health center that offers comprehensive healthcare services for individuals of all ages, from pediatrics to geriatrics. The clinic specializes in both acute and chronic care, focusing on prevention, diagnosis, and holistic treatment. Led by Dr. Shahinaz Soliman, the center is committed to providing compassionate, culturally competent, and patient centered care to the community. Shahinaz Soliman Clinic Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-12747) on April 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Barry Russell handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. SILVERROCK DEVELOPMENT: Unsecureds' Recovery "TBD" in Plan ---------------------------------------------------------- SilverRock Development Company, and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for the Joint Plan of Liquidation dated December 1, 2025. The Debtors in the Chapter 11 Cases were involved in owning and developing a large-scale resort and mixed-use real estate project in La Quinta, California (the "Project"). Initially under the management of the Robert Green Company ("RGC"), the Debtors began development of the Project in 2014 after entering into a Purchase, Sale, and Development Agreement (the "PSDA") and Development Agreement (the "Development Agreement") with the City of La Quinta, California (the "City"). On June 5, 2025, the Debtors, in consultation with the Consultation Parties and the City, selected TBE RE Acquisition Co II LLC ("Turnbridge") as the proposed Stalking Horse Bidder and determined that its Stalking Horse LOI (the "Designated Stalking Horse LOI") represented the highest or otherwise best offer then available for the Purchased Assets. Also on June 5, 2025, the Debtors filed a motion requesting entry of an order approving the Debtors' selection of the Stalking Horse Bidder and a $2 million break-up fee payable in accordance with the terms of such order (the "Break-Up Fee" and such motion, the "Stalking Horse Motion"). The purchase price for the Purchased Assets under the Designated Stalking Horse LOI was $60 million dollars. Pursuant to the terms of the Designated Stalking Horse LOI, certain required documents for the development of the real property (the "Amended Development Documents") were required to be negotiated and substantially finalized with the City by the Bid Deadline. Numerous parties including Builders Capital, Poppy Bank, Cypress, and the EB-5 Lenders objected to approval of the Sale to the Successful Bidder. On October 14, 16, 17, and 21, 2025, the Court held a contested hearing (the "Sale Hearing") to consider approval of the Sale. Thereafter, on October 23, 2025, the Court entered the Sale Order. Class 16 consists of all General Unsecured Claims, including, for the avoidance of doubt, all Deficiency Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtors or the Litigation Trustee, as applicable, agree to less favorable treatment for such Holder, each Holder of an Allowed General Unsecured Claim shall, in full and final satisfaction, settlement and release of, and in exchange for, such Claim, receive its Pro Rata Share of the GUC Beneficial Interests in the Litigation Trust. Class 16 is Impaired under the Plan. Holders of other general unsecured claims in Class 16 are impaired and their projected recovery is still "to be determined", according to the Disclosure Statement. Class 19 consists of all Interests. On the Effective Date, all Interests shall be canceled, released and extinguished and will be of no further force or effect. The Debtors or the Litigation Trustee, as applicable, shall fund distributions under the Plan with the Debtors' Cash and the Litigation Trust Assets, including the proceeds of any Retained Causes of Action, after accounting for the expenses of the Litigation Trust. Each distribution and issuance referred to in Article VI of the Plan shall be governed by the terms and conditions set forth herein applicable to any distribution and by the terms and conditions of the instruments or other documents evidencing or relating to such distribution, which terms and conditions shall bind each Entity receiving such distribution. The Plan will be implemented by, among other things, the appointment of the Litigation Trustee and the making of Distributions from the Litigation Trust Assets, including all Cash and the proceeds, if any, from the prosecution, settlement, or other disposition of any Retained Causes of Action, in accordance with the Plan and the Litigation Trust Agreement. Except as otherwise provided in the Plan, on and after the Effective Date, all assets of the Estates, including all claims, rights, Retained Causes of Action and any property acquired by the Debtors under or in connection with the Plan, shall vest in the Litigation Trust, free and clear of all Liens, Claims, and Interests, subject to the substantive consolidation provided for in the Plan. On or prior to the Effective Date, the Litigation Trust shall be established in accordance with the Litigation Trust Agreement for the purpose of liquidating the Litigation Trust Assets, resolving all Disputed Claims, making all distributions to Holders of Allowed Claims in accordance with the terms of the Plan and otherwise implementing the Plan. A full-text copy of the Disclosure Statement dated December 1, 2025 is available at https://urlcurt.com/u?l=u9qlWz from PacerMonitor.com at no charge. Counsel to the Debtors: ARMSTRONG TEASDALE LLP Jonathan M. Stemerman, Esq. Eric M. Sutty, Esq. 1007 North Market Street, Third Floor Wilmington, Delaware 19801 Telephone: (302) 416-9670 Email: jstemerman@atllp.com esutty@atllp.com -and- Victor A. Vilaplana, Esq. 823 La Jolla Rancho Rd. La Jolla, CA 92037 Telephone: (619) 840-4130 Email: vavilaplana@g -and- Benjamin M. Carson, Esq. 5965 Village Way, STE E105 San Diego, CA 92130 Telephone: (858) 255-4529 Email: ben@benjamincarsonlaw.com About SilverRock Development Company SilverRock Development Company, LLC, is a San Diego, Calif.-based company primarily engaged in renting and leasing real estate properties. SilverRock filed Chapter 11 petition (Bankr. D. Del. Lead Case No. 24-11647) on Aug. 5, 2024, with $100 million to $500 million in both assets and liabilities. Robert S. Green, Jr., chief executive officer, signed the petition. Judge Mary F. Walrath handles the case. The Debtor is represented by Jonathan M. Stemerman, Esq., at Armstrong Teasdale. SLEEP QUARTERS: Case Summary & Three Unsecured Creditors -------------------------------------------------------- Debtor: Sleep Quarters Plus, Inc 500 N. Hwy 77 Waxahachie, TX 75165 Chapter 11 Petition Date: December 2, 2025 Court: United States Bankruptcy Court Northern District of Texas Case No.: 25-34803 Judge: Hon. Scott W. Everett Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gaye Mitschke as owner. A copy of the Debtor's list of three unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/O2PCARY/Sleep_Quarters_Plus_Inc__txnbke-25-34803__0003.0.pdf?mcid=tGE4TAMA 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/5UJ6GSQ/Sleep_Quarters_Plus_Inc__txnbke-25-34803__0001.0.pdf?mcid=tGE4TAMA SME DUBLIN: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: SME Dublin, LLC 487 Cherry Street 3rd Floor Macon, GA 31201 Business Description: SME Dublin, LLC is a privately held limited liability company whose main assets are situated at 330 Dewey Warnock Rd., East Dublin, GA 31027. Chapter 11 Petition Date: December 2, 2025 Court: United States Bankruptcy Court Middle District of Georgia Case No.: 25-51942 Judge: Hon. Robert M. Matson Debtor's Counsel: David L. Bury, Jr., Esq. STONE & BAXTER, LLP 577 Third Street Macon, GA 31201 Tel: 478-750-9898 Fax: 478-750-9899 Email: dbury@stoneandbaxter.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Hugh F. Smisson, III as CEO, president and general manager. 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/BJDJ7II/SME_Dublin_LLC__gambke-25-51942__0001.0.pdf?mcid=tGE4TAMA SOUTHWEST MATTRESS: Dec. 8 Status Conference on Wind-Down --------------------------------------------------------- Judge Shad M. Robinson of the United States Bankruptcy Court for the Western District of Texas granted Southwest Mattress Sales, Inc.'s motion for status conference pursuant to Section 105(d) of the Bankruptcy Code related to its wind-down. The hearing will be held on December 8. A copy of the Court's Order dated November 25, 2025, is available at https://urlcurt.com/u?l=Ixt6qh from PacerMonitor.com. Attorneys for Reorganized Debtor: Jason B. Binford, Esq. J. Casey Roy, Esq. KANE RUSSELL COLEMAN & LOGAN PC 401 Congress Ave., Suite 2100 Austin, TX 78701 Telephone: (512) 487-6650 Email: mweiss@krcl.com croy@krcl.com About Southwest Mattress Sales, Inc. Southwest Mattress Sales, Inc. is a retailer of mattresses based in Austin, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-10652) on June 7, 2024. In the petition signed by Stephen Frey, president, the Debtor disclosed up to $10 million in both assets and liabilities. Jason Binford, Esq., at ROSS, SMITH & BINFORD, PC, represents the Debtor as legal counsel. SPLASHY'S LLC: Seeks to Hire Slocum Law as Bankruptcy Counsel ------------------------------------------------------------- Splashy's LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to hire Slocum Law as counsel. The firm's services include: a. advising the Debtor as to the rights, duties, and powers as Debtor-in Possession; b. preparing and filing statements and schedules, plans, and other documents and pleadings necessary to be filed by the Debtor in this proceeding; c. representing the Debtor at all hearings, meetings of creditors, conferences, trials, and any other proceedings in this case; and d. performing such other legal services as may be necessary in connection with this case. Keith Slocum, Esq., an attorney at Slocum Law, will be paid $475 per hour for time spent in court, and $425 per hour for time spent out of court. The paralegals are billed $150 per hour. Prior to the petition date, the firm received a total of $21,738, as retainer. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Keith D. Slocum, Esq., a partner at Slocum Law, 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: Keith D. Slocum, Esq. Slocum Law 370 Mallory Station Road Suite 504 Franklin TN, TN 37067 Tel: (615) 656-3344 Fax: (615) 647-0651 Email: keith@keithslocum.com About Splashy's LLC Splashy's LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-04841) on November 17, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Charles M. Walker presides over the case. Keith David Slocum, Esq. at Slocum Law represents the Debtor as legal counsel. STANDARD BUILDING: S&P Rates New Senior Unsecured Notes 'BB+' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issue-level rating and '4' recovery rating to Standard Building Solutions Inc.'s proposed senior unsecured notes due 2034. The '4' recovery rating indicates its expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a payment default. The proposed notes will rank pari passu with the company's existing unsecured debt. Standard intends to use the proceeds from this issuance to pay down a portion of its existing senior unsecured notes due 2026. Therefore, S&P views this transaction to be broadly leverage and net debt neutral. TECHNICAL ARTS: Hires Trenk Isabel Siddiqi as Bankruptcy Counsel ---------------------------------------------------------------- Technical Arts Group LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Trenk Isabel Siddiqi & Shahdanian P.C. as counsel. The firm's services include: a. advising the Debtor with respect to the power, duties and responsibilities in the continued management of the financial affairs as a debtor, including the rights and remedies of the debtor-in-possession with respect to its assets and with respect to the claims of creditors; b. advising the Debtor with respect to preparing and obtaining approval of a Disclosure Statement and Plan of Reorganization; c. preparing on behalf of the Debtor, as necessary, applications, motions, complaints, answers, orders, reports and other pleadings and documents; d. appearing before this Court and other officials and tribunals, if necessary, and protecting the interests of the Debtor in federal, state and foreign jurisdictions and administrative proceedings; e. negotiating and preparing documents relating to the use, reorganization and disposition of assets, as requested by the Debtor; f. negotiating and formulating a Disclosure Statement and Plan of Reorganization; g. advising the Debtor concerning the administration of its estate as a debtor-in-possession; and h. performing such other legal services for the Debtor, as may be necessary and appropriate. The firm's hourly rates are: Richard D. Trenk (Shareholder) $750 Robert S. Roglieri (Partner) $500 Stephen M. Gengaro (Associate) $350 Partners $450 to $750 Associates $310 to $350 Law Clerks $225 Paralegals $225 to $300 As disclosed in the court filings, Trenk Isabel Siddiqi & Shahdanian P.C. is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Richard D. Trenk, Esq. TRENK ISABEL SIDDIQI & SHAHDA 290 W Mount Pleasant Ave., Suite 2370 Livingston, NJ 07039 Telephone: (973) 533-1000 Facsimile: (973) 216-7000 Email: rtrenk@tisslaw.com About Technical Arts Group LLC Technical Arts Group LLC, a Delaware limited liability company headquartered in Moonachie, New Jersey, provides event production and premium equipment rental services, specializing in lighting, audio, video, staging, special effects, and event management for large-scale music festivals, corporate gatherings, weddings, and international events. Technical Arts Group LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-22241) on November 18, 2025, listing $10,944,828 in assets and $8,654,532 in liabilities. Kevin Mignone signed the petition as co-president and chief revenue officer. Judge Vincent F Papalia presides over the case. Richard D. Trenk, Esq. at Trenk Isabel Siddiqi & Shahdanian P.C. represents the Debtor as counsel. TRAXX CONSTRUCTION: Seeks to Use Cash Collateral ------------------------------------------------ Traxx Construction, Inc. asks the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, for authority to use cash collateral and provide adequate protection. The Debtor filed for Chapter 11 protection on November 21 after experiencing severe cash-flow challenges stemming from pandemic-era revenue losses and ongoing delayed payments from significant clients, including Baker Electric on the Cedars Sinai Medical Center project, Grahovac Construction on San Diego Gas & Electric work, and Pinner Construction on multiple Los Angeles Unified School District projects. Although it expanded into sewer and drain excavation post-pandemic to rebuild revenue, persistent payment delays forced the Debtor to take on multiple merchant cash advance loans. These MCA lenders filed UCC-1 financing statements and then issued payment-direction letters to the Debtor's customers, causing customers to freeze payments and leaving the Debtor with nearly $2 million in unpaid receivables that are immediately due but not yet collected. The Debtor currently employs 20 non-insider employees and two insiders -- president and sole shareholder, Charles Rezner, and his daughter, Sage Rezner -- and asserts that continued access to cash is essential to meeting payroll, payroll taxes, insurance, utilities, fuel, vendor obligations, supplies, marketing, and other ongoing costs critical to field operations. The Debtor's asset base includes three parcels of vacant land at 55, 57, and 61 Acoma Blvd. South in Lake Havasu City, Arizona, collectively valued at approximately $699,000, along with roughly $1.23 million in personal property assets such as banked funds, heavy equipment, and construction vehicles. Total assets as of the petition date are estimated at $1,928,387, excluding the $2 million in receivables. Secured claims exceed $5.59 million, according to Schedule D. Because its cash, equipment, vehicles, and receivables constitute cash collateral under 11 U.S.C. Section 363(a), the Debtor seeks authorization to use these assets for necessary operating expenses as identified in an interim cash collateral budget. The Debtor emphasizes that any interruption in its ability to use cash collateral would halt operations, prevent it from paying employees and subcontractors, disrupt ongoing construction work, and destroy the feasibility of reorganization. The Debtor requests flexibility to deviate up to 15% from the budget to address fluctuating business needs while staying within authorized categories of expenses. To provide adequate protection to secured creditors, the Debtor reviewed the filing dates of all UCC-1 statements and concluded that the U.S. Small Business Administration holds the senior blanket lien on all assets. The Debtor proposes making monthly adequate protection payments to the SBA beginning within seven days of entry of an interim cash collateral order and continuing on the first day of each month thereafter. The Debtor also offers replacement liens on all post-petition assets, limited to any actual diminution in prepetition collateral resulting from the use of cash collateral. At this stage, the Debtor does not propose cash adequate protection to junior secured creditors but does provide replacement liens of equal extent, validity, and priority. A copy of the motion is available at https://urlcurt.com/u?l=60ax9W from PacerMonitor.com. About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million-$10 million each. Judge Julia W. Brand oversees the case. The Debtor is represented by Michael Jay Berger, Esq. TRINITY REALTY: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On December 2, 2025, Trinity Realty Corp. sought Chapter 11 protection in the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Trinity Realty Corp. Trinity Realty Corp. is a real estate investment and management firm focused on enhancing the value of residential and commercial properties. The company provides end-to-end solutions, including property acquisition, redevelopment, leasing, and portfolio management, aiming to deliver consistent returns for investors while maintaining high standards of operational excellence. Trinity Realty Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12690) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge [Name not provided] handles the case. The Debtor is represented by H. Bruce Bronson, Jr., Esq., of Bronson Law Offices, P.C. TRUETT MEMORIAL: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Truett Memorial Southern Baptist Church 3435 San Anseline Avenue Long Beach, CA 90808 Business Description: Truett Memorial Southern Baptist Church operates as a religious organization in Long Beach, California, providing worship services, faith-based programs, and community ministry activities at its San Anseline Avenue location. The church serves local residents through spiritual gatherings, pastoral care, and charitable outreach such as food assistance programs. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-20816 Judge: Hon. Neil W Bason Debtor's Counsel: RoseAnn Frazee, Esq. FRAZEE LAW GROUP 5133 Eagle Rock Blvd Los Angeles, CA 90041 Tel: (323) 274-4287 E-mail: roseann@frazeelawgroup.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Lance Riley as chief executive officer. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/W2YV4YA/Truett_memorial_southern_baptist__cacbke-25-20816__0001.0.pdf?mcid=tGE4TAMA UFP HOLDING I: Court Dismisses Chapter 11 Bankruptcy Case --------------------------------------------------------- Judge John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York granted the motion filed by the United States Trustee to dismiss the Chapter 11 case of Debtor UFP Holding I, LLC pursuant to Section 1112(b) of the Bankruptcy Code. Debtor lists its assets and liabilities as $48,831,025.00 and $23,515,817.18, respectively. Further, Debtor states that the assets it seeks to reorganize in the Chapter 11 include 241 townhomes, 39 buildings, and 20 clubhouses. As Movant points out, without insurance, the Debtor's estate faces serious potential legal liabilities, risk of loss and litigation, and harm to the public. Based on these facts, the Court agrees with Movant that a lack of appropriate insurance poses a significant risk to the estate. Despite alerts and requests in hearings, emails, and the Motion, Debtor has failed to provide requisite insurance information and failed to provide a 1007 Affidavit. These deficiencies have caused multiple delays of the 341 meeting, which is a mandatory component of the bankruptcy proceeding. Debtor has had months to at least fix the insurance issues and 1007 affidavit issues, but has failed to provide information that has been reasonably requested by Movant. The Court finds Debtor's failure to provide the documents constitutes "cause" under section 1112(b)(4)(H). Providence Lending Fund LP also raises their own independent reasons for dismissal. Providence asserts that this bankruptcy is a sham Chapter 11 filing designed solely to pursue vexatious litigation against a lender who properly conducted a foreclosure sale against a non-debtor entity. On July 15, 2025, Debtor filed the Emergency Motion for Sanctions for the Violation of the Automatic Stay alleging that Providence had violated the automatic stay by conducting a non-judicial foreclosure on July 9, 2025, on certain property in Idaho. The Court finds that "cause" exists to warrant conversion or dismissal. Movant and Providence have both requested dismissal of Debtor's Chapter 11 case. Movant requests dismissal based on the continued incomplete and misleading information provided by Debtor. Movant also notes that throughout the duration of the case, Debtor has appeared to have been more concerned with its discovery dispute than prosecuting its bankruptcy case. Providence supports dismissal based on Debtor's lack of adequate filings and lack of a reasonable likelihood that a plan will be confirmed. The Court agrees with Movant that because there appears to be issues concerning the Debtor's prosecution of its bankruptcy case, the disclosure of various information, the formation of the Debtor, as well as the purported transfer of assets to it by a nondebtor entity, it is unclear to the Court whether Debtor has necessary assets for a Chapter 7 Trustee to administer. The Court finds that it is in the best interest of the creditors and the bankruptcy estate to dismiss Debtor's Chapter 11 case. A copy of the Court's Memorandum Opinion and Order dated November 25, 2025, is available at https://urlcurt.com/u?l=15u2K7 from PacerMonitor.com. Attorneys for Debtor UFP Holding I, LLC: T. Edward Williams, Esq. WILLIAMS LLP 420 Lexington Avenue, Suite 875 New York, NY 10170 Mark Bruh UNITED STATES TRUSTEE Office of the United States Trustee - Region 2 Alexander Hamilton Custom House One Bowling Green, Room 534 New York, NY 10004 Attorneys for Providence Lending Fund, LP: Adam H. Friedman, Esq. Jonathan T. Koevary, Esq. Dean M. Oswald, Esq. OLSHAN FROME WOLOSKY LLP 1325 Avenue of the Americas New York, NY 10019 About UFP Holding I LLC UFP Holding I LLC is a real estate holding company based in New York. The company operates in the lessors of real estate property sector (NAICS code 531190), which typically involves owning and leasing real estate assets. UFP Holding I LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11526) on July 9, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Hon. Bankruptcy Judge John P. Mastando III handles the case. The Debtors are represented by T. Edward Williams, Esq. at Williams LLP. UNITED HAULING: Court Says New Investments Decision Not Applicable ------------------------------------------------------------------ Judge Daniel P. Collins of the United States Bankruptcy Court for the District of Arizona issues its Under Advisement Order with respect to the applicability of the Ninth Circuit's New Investments decision in the bankruptcy case of United Hauling, LLC. Before this Court is the Motion for Relief from the Automatic Stay filed by Iron Rings Holdings, LLC and IG Holdings, Inc. On March 6, 2024, Joseph Smith and Leah DeLozier-Smith, owners and principals of the Debtor, executed a promissory note on behalf of the Debtor for a loan secured by a second position deed of trust recorded against real property located at 5443 E. Skinner Dr., Cave Creek, AZ 85331. The Note was payable to Iron Rings and Igstar, LLC. Just before executing the Note, the Smiths transferred title on the Property to United Hauling. The Loan was then made to United Hauling for the principal amount of $400,000. The Note terms called for monthly interest-only payments of $8,666.67 at a 26% annual interest rate with a balloon payment due on March 6, 2025. The Note provided that, in the event of default, there would be a 31% increase in the interest rate for any payment received 30 days past due, 9 and a daily late fee of $100 for any payment more than 10 days overdue. United Hauling defaulted on the Loan in August 2024, and has been in default since that date. The Debtor lists the value of the Property at $1,400,000 on its schedules but indicates that the Debtor holds "bare legal title only." The Debtor's Schedule D indicates that the Property was subject to two liens: the Lender's second lien and a first lien amounting to $462,749.74. On July 3, 2025, the Lenders filed their Proof of Claim for $594,193.6619 which includes the unpaid principal, accrued interest at an annual interest rate of 31%, late fees, and other charges. Lenders filed an Amended Claim on October 21, 2025 for $566,826.99 which amount included charges at an annual default interest rate of 57%. The parties agree that the Lenders are oversecured, at least as of October 21, 2025. On July 24, 2025, the Debtor filed its Plan of Reorganization which recognizes the Lenders hold a secured claim against the Property in the amount of $495,000. That claim was to be amortized over 40 years at an interest rate of 8% with a balloon payment due in year 10. On August 8, 2025, Lenders filed the Motion for Relief claiming the Plan does not propose to resume payments in the amounts called for under the Note, does not promptly cure the defaults under the Loan, and that the Lenders' interests are not adequately protected in view of the $1,230,000 valuation of the Property obtained by the Lenders. The Debtor asserts there is substantial equity in the Property, adequate protection payments are being made, the Property is essential for reorganization, and the default interest rate and daily penalties are not be legally enforceable. However, the Lenders argue that relief is warranted because the Plan extends the Loan and slashes the interest rate, making the Plan "patently unconfirmable." A preliminary hearing on the Motion for Relief was held on September 4, 2025. The Court requested additional briefing from both parties regarding confirmability of the Debtor's Plan in light of the New Investments case. On September 30, 2025, the Debtor filed an Amended Plan of Reorganization which, among other things, reflects the need for the determination of the secured claim by the Court, pays no less than $4,000 a month to the Lenders, and provides for a balloon payment seven years after the original maturity date. The Debtor argues that New Investments applies only to an effort by a debtor to cure a pre-petition default which differs from the loan modifications the Debtor's Plan proposes. The Court finds that the Debtor's Amended Plan does not propose to "cure" the Loan under Sec. 1123(a)(5)(G). The holding of New Investments do not apply to the facts of this case. The Court further finds an extension of the Loan's maturity date, adjustment of the interest rate and removal of late fees on the Loan is permissible within a Chapter 11 Subchapter V plan of reorganization even though, pre-petition, the Loan matured. Such plan modification may apply to post-petition and/or post-confirmation interest and fees but not to pre-petition claims of the Lenders, unless applicable non-bankruptcy law so provides. To do so, however, the Debtor will need to satisfy the standards set forth in Sec. 1129(a). A copy of the Court's Order dated November 12, 2025, is available at https://urlcurt.com/u?l=iywmHy About United Hauling United Hauling LLC, based in Cave Creek, Ariz., specializes in providing horse transportation services. Founded in 2017, the Company offers both local and long-distance hauling options, utilizing specialized trailers designed to ensure the safety and comfort of horses during transit. United Hauling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-03680) on April 25, 2025. In its petition, the Debtor reports total assets of $1,498,601 and total liabilities of $1,010,614. Judge Daniel P. Collins oversees the case. James F. Kahn, at Kahn & Ahart, PLLC, serves as the Debtor's counsel. US FERTILITY: S&P Affirms 'B-' ICR on Announced Ownership Change ---------------------------------------------------------------- S&P Global Ratings affirmed our 'B-' issuer credit rating on US Fertility Holdings LLC (USF). At the same time, S&P assigned a 'B-' issue-level rating to the new senior secured debt, along with a recovery rating of '3', indicating our expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. The stable outlook reflects S&P's expectation for continued scale enhancement through high-single-digit percent organic growth, strategic tuck-in acquisitions, and modest cash flow in 2026. USF current majority owner, Amulet, is selling 42.5% ownership interest to private-equity sponsor L Catterton concurrent with the closing of an acquisition of an additional ancillary service provider. The transaction will be financed with a new $825 million first-lien term loan B due 2032 and $1.71 billion of new cash and rollover equity. The company is also replacing its current revolver with a new $120 million revolving credit facility due 2030 and issuing a $125 million delayed-draw term loan (DDTL) that will likely finance future growth activity. Pro forma the transaction, S&P projects S&P Global Ratings-adjusted leverage of approximately 5.5x in 2026, decreasing to 5.4x in 2027. S&P expects S&P Global Ratings-adjusted leverage of 5.5x in 2026 pro forma for the transaction, declining to 5.4x in 2027. L Catterton plans to acquire a 42.5% ownership stake in USF. Following the transaction, Amulet's ownership interest will decline, and it will also hold a 42.5% ownership stake, resulting in equal ownership and governance between the two private-equity sponsors. Management and physician shareholders will retain the remaining 15% ownership (14% physicians/1% management), which is a decline from the current ownership percentage. The transaction will be financed through a $825 million first-lien term loan B due in 2032 and $1.71 billion of new cash and rollover equity--L Catterton: $727 million, Amulet: $727 million, and physicians/management roll over equity ($245 million/$11 million). S&P said, "We project 14.4% growth in USF's revenue, on $122 million from the acquisition in 2026, and anticipate a further 8% increase in 2027. Assuming a transaction close in December 2025, we forecast a full-year revenue contribution from the acquisition of the additional ancillary service provider in 2026. The newly acquired ancillary service provider will expand USF's ancillary service offerings and geographic footprint. The acquired company has operations across 16 states and services patients nationwide and internationally. "While we believe the acquisition will enhance and complement USF's capabilities, we estimate the combined entity will have a market share of approximately 16%, operating within the highly fragmented and competitive $6 billion fertility services market. We project the combined entity will generate an S&P Global Ratings-adjusted EBITDA margin of approximately 20.4%. "We expect reported discretionary cash flow (DCF) to reach break-even to modestly positive levels in 2026, driven by the incremental contribution from the acquisition. This is an acceleration from our previous expectation of 2027. We continue to project a reported DCF deficit in 2025, primarily attributable to temporary working capital fluctuations related to the transition to an independent billing platform. We anticipate further improvements in cash collection efficiency in 2026. We define DCF after cash distributions for tax, physician partners' profit portions, and noncontrolling interest holders. "The stable outlook reflects our expectation for continued scale enhancement through high-single-digit percent organic growth, strategic tuck-in acquisitions, projected S&P Global Ratings-adjusted leverage declining to approximately 5.5x by year-end 2026 and 5.4x in 2027, and modest cash flow in 2026. "We could lower our rating on USF if we view its capital structure as unsustainable. This could occur if we expect the company will generate persistent DCF deficits, potentially because of heightened competition or operational challenges related to its growth strategy. "We could raise our rating on USF if we expect it will achieve and sustain reported DCF to debt of more than 2.5% ($22 million-$25 million) and S&P Global Ratings-adjusted debt to EBITDA below 7x, inclusive of potential future acquisitions and shareholder returns." VILLAGE ROADSHOW: Paramount Raises Warner Bros. Termination Fee --------------------------------------------------------------- Lucas Shaw of Bloomberg Law reports that Paramount Skydance Corp. has significantly increased the breakup fee included in its bid to acquire Warner Bros. Discovery Inc., raising the amount to $5 billion, according to people familiar with the offer. The enhanced fee is part of a broader effort to strengthen its proposal and set it apart from competing suitors. Under the terms, Warner Bros. Discovery would receive the $5 billion payment if the companies reach an agreement but the transaction ultimately fails to close. The sizable fee reflects Paramount's confidence that the merger can withstand regulatory scrutiny, the people said. The newly proposed amount more than doubles Paramount's earlier offer, which included a $2.1 billion breakup fee. Discussions remain confidential, and those familiar with the matter requested anonymity because the details have not been publicly disclosed. About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VILLAGE ROADSHOW: Plan Exclusivity Extended to March 12, 2026 ------------------------------------------------------------- Judge Thomas M. Horan of the U.S. Bankruptcy Court for the District of Delaware extended Village Roadshow Entertainment Group USA Inc. and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 12, 2026 and May 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they continue to work with parties in interest, including the Debtors' prepetition and postpetition lenders, Warner Bros., the Committee, the U.S. Trustee, and others to finalize the Sales and ultimately forge a consensual path towards confirmation. The Debtors submit that the demands of these chapter 11 cases warrant the extension of the Exclusive Periods so that the Debtors can continue to focus their efforts on finalizing the Sales for the remainder of their Assets and efficiently transition to filing a viable chapter 11 plan and related disclosure statement. The Debtors claim that in addition to finalizing the Sales and advancing toward confirmation, the companies and their professionals will continue to focus on maximizing the value of their estates by efficiently managing ongoing chapter 11 administrative tasks for the benefit of their stakeholders. An extension of the Exclusive Periods as requested herein will allow the Debtors to finalize a chapter 11 plan that meets the requirements of the Bankruptcy Code. Accordingly, the Debtors' efforts to date and the tasks that remain to be completed justify the extension of the Exclusive Periods. Importantly, the Debtors are not seeking the extension of the Exclusive Periods to delay administration of these chapter 11 cases or to exert pressure on its creditors, but rather to continue the orderly, efficient, and cost-effective chapter 11 process. Thus, this factor also weighs in favor of the requested extension of the Exclusive Periods. The Debtors assert that termination of the Exclusive Periods would adversely impact the administration of these chapter 11 cases. If the Court were to deny the Debtors' request for an extension of the Exclusive Periods, upon the expiration of the Exclusive Filing Period, any party in interest would be free to propose a chapter 11 plan for the Debtors and solicit acceptances thereof. Such a ruling could undermine the Debtors' progress in these chapter 11 cases and thwart any meaningful opportunity for the Debtors to emerge from chapter 11 with maximum value for their creditors and other stakeholders. Co-Counsel for the Debtors: Joseph M. Mulvihill, Esq. Benjamin C. Carver, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, DE 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: jmulvihill@ycst.com bcarver@ycst.com Co-Counsel for the Debtors: Justin R. Bernbrock, Esq. Matthew T. Benz, Esq. SHEPPARD, MULLIN, RICHTER & HAMPTON LLP 321 North Clark Street, 32nd Floor Chicago, Illinois 60654 Tel: (312) 499-6300 Fax: (312) 499-6301 Email: jbernbrock@sheppardmullin.com mbenz@sheppardmullin.com - and - Jennifer L. Nassiri, Esq. 1901 Avenue of the Stars, Suite 1600 Los Angeles, CA 90067 Tel: (310) 228-3700 Fax: (310) 228-3701 Email: jnassiri@sheppardmullin.com - and - Alyssa Paddock, Esq. 30 Rockefeller Plaza, 39th Floor New York, NY 10112 Tel: (212) 653-8700 Fax: (212) 653-8701 Email: apaddock@sheppardmullin.com About Village Roadshow Entertainment Group Village Roadshow Entertainment Group USA Inc. and its affiliates are a prominent independent producer and financier of major Hollywood films, having produced over 100 successful movies since 1997. Their portfolio includes globally recognized blockbusters such as "Joker," "The Great Gatsby," and the "Matrix" trilogy. Before the WB Arbitration, which began in 2022, the Company had a profitable and well-established co-production and co-financing partnership with Warner Bros. Entertainment Inc. and its affiliates ("WB"), resulting in many successful projects. The Debtor's most valuable assets include its Film Library and Derivative Rights, stemming from its extensive and enduring film industry presence. Village Roadshow Entertainment Group USA Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-10475) on March 17, 2025. In the petitions signed by Keith Maib, chief restructuring officer, the Debtors disclosed up to $500 million in estimated assets and up to $1 billion in estimated liabilities. Bankruptcy Judge Thomas M. Horan handles the cases. The Debtors tapped Young Conaway Stargatt & Taylor, LLP as local counsel; Sheppard, Mullin, Richter & Hampton LLP as bankruptcy counsel; Kirkland & Ellis LLP as special litigation counsel; Accordion Partners, LLC as financial and restructuring advisor; and Solic Capital Advisors, LLC as investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent and administrative advisor. VIVAKOR INC: JJ Astor Converts Junior Note to Equity ---------------------------------------------------- Vivakor, Inc., on November 20, 2025, received a Notice of Conversion from J.J. Astor & Co. each converting $123,693.24 of the Principal Amount of the Initial Note into 1,928,188 shares of the Company's common stock, respectively. On March 17, 2025, Vivakor, Inc., issued a junior secured convertible promissory note to J.J. Astor, in the principal amount of $6,625,000, in relation to a Loan and Security Agreement by and between the Company, its subsidiaries, and the Lender. The Company received $5,000,000, before fees. The Company received the funds on March 18, 2025. Pursuant to the terms of the Initial Note and the Notices of Conversion, the Company issued the Shares. The Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the 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. The issuance of the Shares fully satisfied the Company's obligations under the Initial Note. 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. VMP LLC: Seeks Court Approval to Tap David C. Johnston as Attorney ------------------------------------------------------------------ VMP LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ David C. Johnston, a professional practicing law in California, as its attorney. Mr. Johnston will provide these services: (a) giving the Debtor legal advice about various bankruptcy options, including relief under Chapters 7 and 11, and legal advice about non-bankruptcy alternatives for dealing with the claims against it; (b) giving the Debtor in Possession legal advice about its rights, powers, and obligations in the Chapter 11 case and in the management of the estate; (c) taking necessary action to enforce the automatic stay and to oppose motions for relief from the automatic stay; (d) taking necessary action to recover and avoid any preferential or fraudulent transfers and to exercise the Debtor in Possession's strong-arm powers; (e) appearing with the Debtor's Managing Member at the meeting of creditors, status conference, and other hearings held before the Court; (f) reviewing and if necessary, objecting to proofs of claim; (g) taking steps to obtain Court authority for the sale or refinancing of assets if necessary; (h) preparing a plan of reorganization and a disclosure statement and taking all steps necessary to bring the plan to confirmation, if possible; and (i) representing the Debtor in Possession in all adversary proceedings and other matters before this Court. Mr. Johnston will receive an hourly rate of $500. The Debtor paid Mr. Johnston a retainer of $5,000 and paid the Clerk's filing fee of $1,738. According to the application, Mr. Johnston "does not hold any interest adverse to the estate" and "is a disinterested person as defined in 11 United States Code § 101(14)." The attorney can be reached at: David C. Johnston, Esq. Attorney at Law 1600 G Street, Suite 102 Modesto, CA 95354 Telephone: (209) 579-1150 Facsimile: (209) 900-9199 About VMP LLC VMP LLC, formerly doing business as Valley Meal Prep, provided meal preparation and delivery services in Modesto, California, focusing on gourmet and healthy meals for individual customers. VMP LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-25929) on October 27, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Christopher M. Klein handles the case. The Debtor is represented by David C. Johnston, Esq. VOYAGER DIGITAL: BAM Fails to Toss Counterclaims in Adversary Case ------------------------------------------------------------------ Judge Michael E. Wiles of the United States Bankruptcy Court for the Southern District of New York denied BAM Trading Services Inc.'s motion to dismiss Voyager Digital, LLC's counterclaims in the adversary proceeding captioned as BAM TRADING SERVICES INC. d/b/a BINANCE.US, Plaintiff, v. VOYAGER DIGITAL, LLC, VOYAGER DIGITAL HOLDINGS, INC., VOYAGER DIGITAL LTD., AND MICHAEL WYSE, IN HIS CAPACITY AS THE PLAN ADMINISTRATOR OF THE WIND-DOWN DEBTOR, Defendants, Adv. Pro. No. 24-04049-MEW (Bankr. S.D.N.Y.). BAM filed this adversary proceeding to recover a $10 million deposit that it made in connection with an agreement to buy assets from Voyager. Voyager, acting through Michael Wyse (the Plan Administrator for the Wind-Down Debtor that was established under the confirmed plan of reorganization for Voyager and its affiliates), has filed counterclaims. BAM has moved to dismiss Voyager's counterclaims in their entirety. Voyager and BAM entered into a conditional purchase agreement (one that was subject to this Court's approval) on December 18, 2022. They executed an amended Asset Purchase Agreement on January 9, 2023. The APA contemplated that certain cryptocurrencies and cash held by Voyager, including the amounts that Voyager's customers and other creditors eventually would be entitled to receive as distributions under a plan of reorganization, would be transferred to BAM. BAM would then make the actual distributions to Voyager's customers and other creditors that a plan of reorganization would require. Customers and creditors also were to have the right (but not the obligation) to become customers of BAM. On April 25, 2023, BAM purported to terminate the APA on the ground that the deadline for the completion of a closing had passed on April 18, 2023. The Counterclaims Voyager has asserted four Counterclaims. The First Counterclaim alleges that BAM wrongly terminated and repudiated the APA. Voyager contends that it was damaged by BAM's wrongful termination and seeks damages of "at least $20 million," which was the minimum cash payment that BAM was to have made if the deal had closed. The Second Counterclaim alleges "fraud in the inducement." It contends: (a) that BAM falsely represented that it intended to honor the "trust" covenant and to segregate customer property from its own, (b) that BAM falsely represented that it had the "power" and infrastructure necessary to do so, and (c) that BAM made false and materially misleading statements and representations to the Court about its physical segregation of customer assets and failed to correct them. Voyager claims that it suffered damages "in the form of the lost opportunity to pursue alternative transactions" and "in the form of administrative, professional and legal expenses incurred in pursuing consummation of the APA and confirmation of a Plan that included the APA -- expenses that would have been avoided had BAM told the truth." The Third Counterclaim is pleaded in the alternative. It alleges that even if the APA was validly terminated Voyager has the right to retain a $10 million deposit as a "Reverse Termination Fee" pursuant to section 8.3 of the APA. The Fourth Counterclaim also is pleaded in the alternative. It alleges that even if the APA was validly terminated Voyager would be entitled to retain BAM's $10 million deposit pursuant to the terms of section 2.2(b) of the APA. BAM's Motion to Dismiss BAM has moved to dismiss all of Voyager's counterclaims for failure to state a claim upon which relief may be granted. Most of BAM's ire is directed to the Counterclaim that alleges that BAM committed fraud. BAM also contends that Voyager's three contract-based counterclaims have not pleaded genuine claims for relief, and it contends that all of Voyager's damage claims are subject to certain caps set forth in the APA. BAM argues that it did not "repudiate" its obligations but that instead it merely asserted that it had practical difficulties in complying with those obligations. According to Judge Wiles, "The termination notice that BAM sent was much more than a statement that compliance with the contract would be difficult; it was an unequivocal refusal to go forward. The Counterclaims also allege that BAM was required to segregate customer assets and that in advance of sending the termination notice BAM had made clear that it did not intend to comply with this requirement." BAM argues that a Reverse Termination Fee is only payable following a "valid" termination of the APA and that it is inconsistent for Voyager to contend that the APA was not validly terminated (as Voyager has primarily argued) and then also to contend that Voyager is entitled to a Reverse Termination Fee. However, the Court says pleading in the alternative is permitted by the applicable rules. BAM contends that the termination was valid, and there is nothing improper in Voyager's contention that even if this were the case Voyager would still be entitled to the Reverse Termination Fee. BAM argues that Voyager cannot assert claims based on the invalid termination of the APA and then also assert a claim that depends on a valid termination. However, the Court emphasizes that pleading in the alternative is permitted by the applicable rules. BAM contends that the termination was valid, and there is nothing improper about Voyager's contention that even if that were true Voyager would still be entitled to retain the deposit. BAM argues that Voyager could not have terminated the APA because Voyager had not sent the notice of termination that the APA would have required. However, the Court points out section 2.2(b) refers to situations in which Voyager would have been "entitled" to terminate the APA, and not just to situations in which Voyager had actually invoked a termination right. BAM also has argued that a commingling of customer assets with BAM assets would at most have been a "future" breach of the "trust" provisions of the APA and did not constitute a breach at the time that the APA was terminated. Voyager has alleged that the "trust" provision required a segregation of assets and that BAM had made very clear, in advance, that BAM did not intend to comply with that obligation. The Court finds Voyager has stated a valid claim that this constituted an anticipatory repudiation and breach of the APA. BAM asserted in its motion papers that certain provisions of the APA limit the damages that Voyager may seek. BAM argues that these provisions somehow cap its maximum liability, under all of Voyager's claims, at $10 million. However, the Court finds the relevant sections of the APA (sections 2.2(b), 6.21 and 8.3) all contemplate a situation in which a "valid" termination of the APA has occurred. If the termination was invalid (as Voyager claims it was) then the limitations of section 8.3 do not apply. Judge Wiles concludes, "It is enough to say, at the pleading stage, that I cannot agree with BAM's contention that Voyager's potential damages are contractually capped." A copy of the Court's decision dated November 25, 2025, is available at https://urlcurt.com/u?l=JxCfkl from PacerMonitor.com. Counsel to BAM Trading Services Inc. d/b/a Binance.US: Robert J. Malionek, Esq. Thomas J. Humphrey, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 E-mail: robert.malionek@lw.com thomas.humphrey@lw.com Counsel to Michael Wyse, as the Plan Administrator for the Voyager Wind-Down Debtor: John J. Calandra, Esq. Lisa Gerson, Esq. Jacob Hollinger, Esq. Antonios G. Koulotouros, Esq. McDERMOTT WILL & SCHULTE LLP 919 Third Avenue New York, NY 10022 Telephone: (212) 756-2000 E-mail: jcalandra@mwe.com jhollinger@mwe.com About Voyager Digital Holdings Based in Toronto, Canada, Voyager Digital Holdings Inc. -- https://www.investvoyager.com/ -- ran a cryptocurrency platform. Voyager claimed to offer a secure way to trade over 100 different crypto assets using its easy-to-use mobile application. Through its subsidiary Coinify ApS, Voyager provided crypto payment solutions for both consumers and merchants around the globe. Voyager Digital Holdings Inc. and two affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-10943) on July 5, 2022. In the petition filed by Stephen Ehrlich, chief executive officer, the Debtors estimated assets and liabilities between $1 billion and $10 billion. Judge Michael E. Wiles oversees the cases. The Debtors tapped Kirkland & Ellis, LLP as general bankruptcy counsel; Berkeley Research Group, LLC, as financial advisor; Moelis & Company as investment banker; Consello Group as strategic financial advisor; Deloitte Tax, LLP as tax services provider; and Deloitte & Touche, LLP, as accounting advisor. Stretto, Inc., is the claims agent. On July 19, 2022, the U.S. Trustee for Region 2 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped McDermott Will & Emery, LLP as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; Cassels Brock & Blackwell, LLP as Canadian counsel; and Epiq Corporate Restructuring, LLC, as noticing and information agent. The committee also tapped the services of Harney Westwood & Riegels, LP, in connection with Three Arrows Capital Ltd.'s liquidation proceedings in British Virgin Islands. On July 6, 2022, the Debtors filed a joint Chapter 11 plan of reorganization. * * * Following an auction process, the Debtors in September 2022 selected the bid submitted by FTX US' West Realm Shires Inc. as the winning bid for the assets. But after a series of events, FTX collapsed in November 2022, before the sale could be completed. After reopening bidding, Voyager Digital selected the offer from U.S. exchange BAM Trading Services Inc. (doing business as "Binance.US") as the highest and best bid for its assets. Binance's bid is valued at $1.022 billion. In April 2023, Binance.US called off its deal to buy assets of bankrupt crypto lender Voyager Digital, citing a "hostile and uncertain regulatory climate." WC 707 CESAR: Case Summary & Two Unsecured Creditors ---------------------------------------------------- Debtor: WC 707 Cesar Chavez, LLC 814 Lavaca Street Austin TX 78701 Business Description: WC 707 Cesar Chavez, LLC operates as a single-asset real estate entity, leasing the property located at 707 E Cesar Chavez Street in Austin, Texas. Chapter 11 Petition Date: December 2, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-11915 Debtor's Counsel: Ron Satija, Esq. HAYWARD PLLC 7600 Burnet Road, Suite 530 Austin TX 78757 Tel: (737) 881-7100 E-mail: rsatija@haywardfirm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Natin Paul as president of World Class Holdings III, LLC, the manager of the Debtor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6A4SHQQ/WC_707_Cesar_Chavez_LLC__txwbke-25-11915__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Two Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Scale LLP $111,199 2261 Market Street, Ste. 85604 San Francisco, CA 94114 2. Julia Clark & Associates $250 1700 West Avenue Austin, TX 78701 WELLPATH HOLDINGS: Parker Claims Discharged Under Chapter 11 Plan ----------------------------------------------------------------- The Honorable Tanya Walton Pratt of the United States District Court for the Southern District of Indiana granted the motions for judgment on the pleadings filed by Defendants Wellpath LLC and Irina Paterson in the case captioned as COURTNEY LAMAR PARKER, Plaintiff, v. G GUGINO, IRINA PATERSON, WELLPATH LLC, Defendants, Case No. 1:23-cv-01874-TWP-CSW (S.D. Ind.). The motion for summary judgment filed by Plaintiff Courtney Parker is denied. Parker, who is incarcerated by the Indiana Department of Correction, alleges that he was denied food and medication when he was held at the Marion County Adult Detention Center. Wellpath and Patterson argue that all claims against them have been discharged in a bankruptcy proceeding. Parker filed the motion for summary judgment arguing that he is entitled to judgment as a matter of law, because these defendants filed an untimely status report regarding the bankruptcy proceedings. On April 22, 2025, Wellpath filed its First Amended Joint Chapter 11 Plan of Reorganization of Wellpath Holdings, Inc. and Certain of Its Debtor Affiliates (with Technical Modifications) in the bankruptcy case. Under the Plan, among other things, all claims against Wellpath were discharged. The Bankruptcy Court confirmed this plan on May 1, 2025, and the Plan became effective on May 9, 2025. On July 23, 2025 Parker filed a Notice and confirmed his desire to stay opted in the third-party release in the reorganization plan. Judge Pratt holds, "Because the record from the Bankruptcy Court confirms that claims against Wellpath and its employees (such as Patterson) that occurred before the bankruptcy petition had been discharged, Wellpath's and Patterson's motions for judgment on the pleadings must be granted." The clerk will terminate Wellpath and Ms. Patterson as defendants. The Court will set a separate schedule for the claims that remain against Defendant G. Gugino. A copy of the Court's Order dated November 21, 2025, is available at https://urlcurt.com/u?l=nv1nwt About Wellpath Holdings Wellpath Holdings, Inc., formerly known as CCS-CMGC Holdings, Inc., is a provider of medical and mental healthcare in jails, prisons, and inpatient and residential treatment facilities. Wellpath Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 24-90533) on Nov. 11, 2024. Timothy Dragelin, chief restructuring officer and chief financial officer, signed the petitions. At the time of the filing, the Debtors reported $1 billion to $10 billion in assets and liabilities. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Marcus A. Helt, Esq., at McDermott Will & Emery, LLP, as bankruptcy counsel; FTI Consulting, Inc., as financial advisor; and Lazard Freres & Co., LLC and MTS Partners, LP as investment banker. The Bankruptcy Court confirmed the chapter 11 plan on May 1, 2025. WHITESTONE CROSSING: Plan Exclusivity Period Extended to Dec. 10 ---------------------------------------------------------------- Judge Stacey G. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas extended Whitestone Crossing Austin LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to December 10, 2025 and February 9, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that cause exists to grant the relief requested in this Motion. First, the refinancing efforts of the Debtor have been ongoing and are beginning to bear fruit from which a plan may be constructed. The Debtor just this week received a term sheet for a refinance of the property that could serve as the exit financing for a plan in this case provided the property can meet the underwriting criteria. The Debtor is working diligently on that process now. Second, a major disputed secured claim is the judgment granted to plaintiffs in mold litigation brought against the Debtor (the "Judgment"). The Debtor has retained special litigation counsel to pursue appellate relief of the Judgment and is concurrently with filing this Motion filing a motion to modify the automatic stay to allow the appeal process to proceed. Additionally, the Debtor has been operating within the protection of chapter 11 for slightly under six months and has generated sufficient revenues to satisfy its post-petition obligations as they come due through the authorized use of cash collateral. The Debtor's ongoing rental revenue and its operating cash on hand is sufficient to permit it to continue to meet its post petition obligations. Whitestone Crossing Austin, LLC is represented by: J. Mark Chevallier Michael T. Pipkin ROCHELLE MCCULLOUGH LLP 901 Main Street, Suite 3200 Dallas, TX 75202 Telephone: (214) 953-0182 Facsimile: (888) 467-5979 Email: mchevallier@romclaw.com mpipkin@romclaw.com About Whitestone Crossing Austin Whitestone Crossing Austin, LLC operates Whitestone Crossing, an apartment community located in Cedar Park, Texas. The property offers one- and two-bedroom units featuring modern amenities such as nine-foot ceilings, fiber-ready internet, and in-home washers and dryers. The community also provides facilities including a swimming pool, clubhouse, and fitness center. Whitestone Crossing Austin sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31768) on May 12, 2025. In its petition, the Debtor listed assets and liabilities between $10 million and $50 million. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Abhijit Modak, Esq., at Abhijit Modak, Attorney at Law. LFT CRE 2021-FL1, Ltd., acting through Lument Real Estate Capital, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 brent.mcilwain@hklaw.com WML LLC: Voluntary Chapter 11 Case Summary ------------------------------------------ Debtor: WML, LLC 1452 W. Horizon Ridge Pkwy Henderson, NV 89012-4422 Business Description: WML, LLC owns real estate located at 1152 Alpine Ledge Drive, Henderson, Nevada 89012. Chapter 11 Petition Date: December 3, 2025 Court: United States Bankruptcy Court District of Nevada Case No.: 25-17315 Debtor's Counsel: David A. Riggi, Esq. RIGGI LAW FIRM 7900 W Sahara Ave Suite 100 Las Vegas NV 89117 E-mail: riggilaw@gmail.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Gerry Lee as authorized signatory/responsible person. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IGS3WVI/WML_LLC__nvbke-25-17315__0001.0.pdf?mcid=tGE4TAMA WORKHORSE GROUP: All Proposals Approved at Annual Meeting --------------------------------------------------------- Workhorse Group Inc. held its Annual Meeting on November 25, 2025. As of September 18, 2025, the record date for holders of Shares entitled to vote at the Annual Meeting, there were 19,059,954 Shares outstanding and entitled to vote at the Annual Meeting. Of the Shares entitled to vote, 9,824,102, or approximately 51.54% of the Shares, were present or represented by proxy at the Annual Meeting, constituting a quorum under the Company's Articles of Incorporation. Immediately prior to the Annual Meeting, the Board of Directors determined to withdraw Proposal No. 4 and Proposal No. 5 from consideration. Accordingly, there were seven matters presented and voted on at the Annual Meeting: Proposal No. 1 – The Stock Issuance Proposal * Votes For: 4,810,096 * Votes Against: 605,258 * Abstentions: 651,239 * Broker Non-Votes: 3,757,509 The Company's stockholders approved, for the purposes of complying with Nasdaq Listing Rules, the issuance of Shares issuable pursuant to the Merger Agreement with Motiv Electric Trucks, the Repayment Agreement, and the Convertible Note. Proposal No. 2 – The Reverse Stock Split Proposal * Votes For: 7,068,893 * Votes Against: 2,016,417 * Abstentions: 738,792 * Broker Non-Votes: 0 The Company's stockholders approved, pursuant to Nevada Revised Statute 78.2055, a reverse stock split of the outstanding Shares by a ratio of any whole number between 1-for-8 and 1-for-12, at any time prior to June 30, 2026, to be determined by the Board. Proposal No. 3. – The Incentive Plan Proposal * Votes For: 4,138,176 * Votes Against: 1,279,851 * Abstentions: 648,566 * Broker Non-Votes: 3,757,509 The Company's stockholders approved the Plan to, among other things, increase the number of Shares available for issuance thereunder by an additional 1,500,000 Shares. Proposal No. 6 – The Director Election Proposal The Company's stockholders elected Raymond J. Chess, Richard F. Dauch, Jacqueline A. Dedo, Alan S. Henricks, Pamela S. Mader, William G. Quigley III, Austin S. Miller, and Dr. Jean Botti to serve as directors until the 2026 annual meeting of the stockholders of the Company, or until such directors' successors have been duly elected or qualified, or until such directors' earlier death, resignation, retirement, or removal. Proposal No. 7 – The Say-on-Pay Proposal * Votes For: 4,130,922 * Votes Against: 1,168,201 * Abstentions: 767,470 * Broker Non-Votes: 3,757,509 The Company's stockholders approved, on an advisory basis, the compensation of the Company's named executive officers. Proposal No. 8 – The Auditor Ratification Proposal * Votes For: 8,337,782 * Votes Against: 610,507 * Abstentions: 875,813 * Broker Non-Votes: 0 The Company's stockholders ratified the appointment of Berkowitz Pollack Brant Advisors + CPAs as the Company's independent auditors for the fiscal year ended December 31, 2025. Proposal No. 9 – The Adjournment Proposal * Votes For: 7,899,893 * Votes Against: 1,049,004 * Abstentions: 875,205 * Broker Non-Votes: 0 About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. New York, N.Y.-based Berkowitz Pollack Brant Advisors + CPAs, 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 December 31, 2024, citing that the Company has incurred a net loss of $101.8 million and used $47.6 million of cash in operating activities during the year ended December 31, 2024, and as of December 31, 2024 the Company had total working capital of $8.2 million, including $4.1 million of cash and cash equivalents, and an accumulated deficit of $853.4 million. These conditions, along with the other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $116.7 million in total assets, $84.7 million in total liabilities, and $32.1 million in total stockholders' equity. WORKHORSE GROUP: Shareholders Approve Merger with Motiv Electric ---------------------------------------------------------------- Workhorse Group, Inc. announced that at the 2025 Annual Meeting of Shareholders held on November 25, 2025, Workhorse shareholders voted to approve the merger with Motiv Electric Trucks. "We appreciate the support of our shareholders as we reach this important milestone in our pending merger with Motiv to create a leader in the medium-duty EV commercial vehicle market," said Rick Dauch, CEO of Workhorse. "We are now poised to complete the transaction and officially bring together two innovators in the medium-duty electric vehicle space and better serve our blue-chip customer base. We look forward to enabling our shareholders to benefit from the upside potential of our combined company." The transaction is expected to close in the coming weeks, subject to the satisfaction or waiver of customary closing conditions, including the entrance by Workhorse and Motiv's largest investor into a new debt financing facility and the receipt of approval from Nasdaq. About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. New York, N.Y.-based Berkowitz Pollack Brant Advisors + CPAs, 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 December 31, 2024, citing that the Company has incurred a net loss of $101.8 million and used $47.6 million of cash in operating activities during the year ended December 31, 2024, and as of December 31, 2024 the Company had total working capital of $8.2 million, including $4.1 million of cash and cash equivalents, and an accumulated deficit of $853.4 million. These conditions, along with the other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $116.7 million in total assets, $84.7 million in total liabilities, and $32.1 million in total stockholders' equity. WORKSPORT LTD: Strengthens B2B Sales with $869 HD3 Tonneau Launch ----------------------------------------------------------------- Worksport Ltd. announced that its newly released HD3 heavy-duty tonneau cover is now officially selling across the Company's growing business-to-business (B2B) dealer network. Production of the HD3 begain mid-October, following the Company's earlier announcement confirming that manufacturing had commenced. Introducing a Purpose-Built, Professional-Grade Cover for Dealers: The HD3 platform, priced with a minimum advertised price (MAP) starting at $869, represents the newest addition to Worksport's U.S.-manufactured hard-cover lineup. Designed for longevity, protection, and long-term durability, HD3 incorporates upgraded materials, reinforced perimeter seals, strengthened panel construction, and enhanced heavy-duty latching systems. The design builds on the established AL3 architecture while delivering a more rugged, professional-grade solution for commercial and high-use customers. Management believes the HD3 will play a strategic role in Worksport's tonneau portfolio by offering dealers a premium heavy-duty option, while allowing the AL3 and AL4 platforms to be more directly positioned for retail consumers. The Company also reaffirmed that, while HD3 will become available on the Worksport direct-to-consumer platform in December, the primary channel focus for the HD3 cover is the dealer network, to support dealer success and expand B2B penetration. Strengthening Worksport's Position Across B2B and B2C Channels: "HD3 is designed specifically for our dealer community and professional customers who require strength, protection, and reliability in demanding real-world conditions," said Steven Rossi, Chief Executive Officer of Worksport. "It is an important milestone that builds on October's successful production launch and further accelerates our strategy of expanding both B2B and B2C revenue channels." Rossi added that the Company expects HD3 to contribute meaningfully to unit sales growth, inventories, and channel diversification over the coming quarters, alongside the upcoming launches of Worksport's flagship clean-tech systems. COR and SOLIS Open for Initial Orders November 28: In addition to HD3's commercial rollout, Worksport confirmed that its flagship clean-tech products, the COR portable nano-grid system and SOLIS solar-integrated tonneau cover, opened for initial orders on November 28. * SOLIS: A solar-integrated truck bed system engineered to provide clean, renewable power for consumer and commercial applications while integrating with Worksport's upcoming clean energy system, COR. * COR: A modular, portable energy storage system designed for off-grid, overlanding, worksite utility, emergency preparedness, and mobile clean-power applications. These products represent multiple years of technology development, third-party testing, and validation. Management believes SOLIS and COR mark the creation of an entirely new clean-tech revenue stream for the Company, adding long-term growth potential across both retail and enterprise channels. A Growing Product Pipeline Turning Into Revenue: "HD3, SOLIS, and COR are the result of years of engineering and manufacturing investment," Rossi continued. "We are now entering the commercialization phase where our pipeline is converting into marketable products, revenue opportunity, and long-term value for our shareholders." Worksport continues to advance new technology platforms, expand its U.S. manufacturing capabilities, and add portfolio depth across tonneau covers, solar integrations, heat pump technologies, and mobile power systems, consistent with recent corporate updates and the Company's broader growth strategy. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of September 30, 2025, the Company had $27,048,622 in total assets, $7,269,230 in total liabilities, and $19,779,392 in total stockholders' equity. WORLD ACCEPTANCE: S&P Withdraws 'B-' Issuer Credit Rating --------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on World Acceptance Corp. at the issuer's request. The withdrawal follows the company's repayment of its $300 million unsecured notes due 2026. At the time of withdrawal, our outlook was stable. WT REPAIR: Bank Loses Bid to Delay Ruling on Automatic Stay Motion ------------------------------------------------------------------ Judge Dale L. Somers of the United States Bankruptcy Court for the District of Kansas denied First National Bank and Trust's motion to delay ruling on the remainder of its motion for relief from the automatic stay in the bankruptcy case of WT Repair, LLC. The Bank is a creditor of the Debtor by virtue of five promissory notes totaling $2,540,029.44 as of the Debtor's petition date, plus interest which continues to accrue. The debt is secured by all the Debtor's inventory, equipment and fixtures, parts and accounts receivable. On July 18, 2025, the Bank filed a Motion for Relief from the Automatic Stay in which it asserted several reasons the stay should be lifted. The focus of the allegations was the Debtor's failure to keep the Bank apprised of all equipment sales and to pay the Bank the proceeds from those sales. An evidentiary hearing on the Stay Motion was held on October 1, 2025. Following the hearing, the Bank filed a Motion for Court Order to Enforce Debtor's Agreement Made in Court Testimony, and Reasserting Motion for Partial Relief from the Bankruptcy Automatic Stay at this Time. The parties subsequently entered an Agreed Order granting that motion, which provided, inter alia, that the Bank is granted partial relief from the automatic stay to list for sale through Auctiontime and sell all of the Debtor's equipment as listed on the exhibit to the motion. The remainder of the Stay Motion remained under advisement. In the Motion, the Bank asks the Court to delay its ruling and allow the matter to be "re-opened" so the Bank can present further evidence. It asserts material new evidence has been discovered -- which was unavailable or not reasonably discovered prior to the hearing on the Stay Motion -- that would directly affect the outcome of the Stay Motion yet to be adjudicated. The Court disagrees. In addition, the Bank contends the Debtor has failed to make its required adequate protection payments and has violated the cash collateral order. Judge Somers holds, "None of the new evidence is relevant to the Debtor's repair business or the Bank's collateral involved in that business. Rather, the evidence set forth in the Motion pertains to the lifting of the stay with respect to the Bank's agricultural equipment and the Debtor's alleged violation of the Agreed Order's terms. The only matter under advisement is whether the automatic stay should be lifted with respect to the Bank's collateral used in the Debtor's repair shop; the new evidence has no bearing on that issue. The Bank has failed to show that a delay in adjudicating the remainder of its Stay Motion is the appropriate remedy or warranted. Therefore, the Motion to Delay is denied." A copy of the Court's Opinion and Order dated November 20, 2025, is available at https://urlcurt.com/u?l=f7UNHu from PacerMonitor.com. About WT Repair LLC WT Repair, LLC is an independently owned used equipment dealer and service shop based in Beloit, Kansas. It specializes in buying, selling, and servicing farm machinery, including tractors, harvesters, and used trucks. WT Repair is also a full-line dealer for Bush Hog, Farm King, MacDon, Geringhoff, Quicke, Kelly Ryan, and HyGrade. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May 15, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Dale L. Somers presides over the case. Colin N. Gotham, at Evans & Mullinix, P.A., is the Debtor's legal counsel. WT REPAIR: Bank's Bid for Automatic Stay Relief Denied in Part -------------------------------------------------------------- Judge Dale L. Somers of the United States Bankruptcy Court for the District of Kansas denied in part First National Bank and Trust's motion for relief from the automatic stay in the bankruptcy case of WT Repair, LLC. The Bank is a creditor of the Debtor by virtue of five promissory notes totaling $2,540,029.44 as of the Debtor's petition date, plus interest which continues to accrue. The debt is secured by all the Debtor's inventory, equipment and fixtures, parts and accounts receivable. An evidentiary hearing on the Motion was held on October 1, 2025. Following the hearing, the Bank filed a Motion for Court Order to Enforce Debtor's Agreement Made in Court Testimony, and Reasserting Motion for Partial Relief from the Bankruptcy Automatic Stay at this Time. The parties subsequently entered an Agreed Order granting that motion, which provided, inter alia, the Bank is granted partial relief from the automatic stay to list for sale through Auctiontime and sell all of the Debtor's equipment as listed on the exhibit to the motion. The remainder of the Motion remained under advisement and is now before this Court.9 Jurisdiction is appropriate under 28 U.S.C. Sec. 157(b)(2)(G). In the Motion, the Bank asserts the automatic stay should be lifted for several reasons, including: * the Debtor's failure to provide documentation of property received, traded, and/or sold as required by the interim cash collateral order, * the Debtor's failure to make monthly adequate protection payments, * the Debtor's failure to pay the Bank proceeds from the sale of certain pieces of equipment, and * the Debtor's failure to provide written reports of its cash account. The Court concludes the Bank failed to meet its burden of making a prima facie case that it would not be adequately protected if the Debtor retains its tools and maintains its repair business. The Debtor presented ample evidence establishing the business' profitability. The Debtor's representative testified that the repair shop remains "very busy" and the proceeds from the business should cover adequate protection payments to the Bank. The Court finds the latter's testimony on this point credible. According to Judge Sommers, "In short, the Bank did not establish that cause exists to lift the stay with respect to its interest in the Collateral not subject to the Agreed Order (i.e., the miscellaneous parts, tools, and inventory necessary for the Debtor to continue operating its repair shop) nor did the Bank refute the evidence on the Debtor's ability to make adequate protection payments to the Bank from the income generated by the repair business." The automatic stay will remain in effect with respect to the Bank's Collateral, apart from the equipment identified in the Agreed Order. A copy of the Court's Opinion and Order dated November 20, 2025, is available at https://urlcurt.com/u?l=br7hZw from PacerMonitor.com. About WT Repair LLC WT Repair, LLC is an independently owned used equipment dealer and service shop based in Beloit, Kansas. It specializes in buying, selling, and servicing farm machinery, including tractors, harvesters, and used trucks. WT Repair is also a full-line dealer for Bush Hog, Farm King, MacDon, Geringhoff, Quicke, Kelly Ryan, and HyGrade. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May 15, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Dale L. Somers presides over the case. Colin N. Gotham, at Evans & Mullinix, P.A., is the Debtor's legal counsel. X & N VENTURES: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On December 2, 2025, X & N Ventures Inc. filed for Chapter 11 protection in the Northern District of Texas. According to court filings, the Debtor reports between $100,001 and $1,000,000 in assets owed to $1 million to $10 million in liabilities, with 1-49 creditors. About X & N Ventures Inc. X & N Ventures Inc. is a single asset real estate company. X & N Ventures Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-44706) on December 2, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1MM-$10MM. Honorable Bankruptcy Judge Mark X. Mullin handles the case. YIHE FORBES: Court Upholds City of Chelsea's Automatic Stay Relief ------------------------------------------------------------------ In the appeal styled YIHE FORBES, LLC, Appellant, v. CITY OF CHELSEA, Appellee, Case No. 25-cv-5801-PA (C.D. Calif.), Judge Percy Anderson of the United States District Court for the Central District of California affirmed the orders of the United States Bankruptcy Court for the Central District of California granting retroactive relief from the automatic stay in favor of appellee City of Chelsea, dismissing the bankruptcy case, and denying turnover to the debtor. The District Court vacates the in rem order preventing YiHe from benefitting from an automatic stay for two years should it file another bankruptcy case involving the subject property. YiHe has owned, since 2014, a collection of adjoining properties in the City of Chelsea, Massachusetts (the "Property"). YiHe's lender, Shanghai Commercial Bank initiated litigation in Massachusetts on September 9, 2024. The City intervened in the Massachusetts Superior Court Action on September 19, 2024. YiHe and the Bank resolved their dispute and the City substituted as Plaintiff in the Massachusetts Superior Court Action on October 17, 2024. On November 18, 2024, there was a nine-alarm fire at the Property, which caused various harm in the community, including the suspension of rail service along tracks adjacent to the Property. The City moved to appoint a receiver in the Massachusetts Superior Court Action on November 20, 2024. The Massachusetts Superior Court, over YiHe's opposition, appointed L. Alexandra Hogan as the receiver on November 22, 2024. By March 2025, the Receiver had sought authorization to enter into an agreement with the Massachusetts Audubon Society for the Audubon Society to purchase the Property for $8,360,000. The Massachusetts Superior Court authorized the Receiver to enter into the agreement with the Audubon Society on March 25, 2025. On April 22, 2025, the City filed a Motion in the Massachusetts Superior Court Action to determine whether the automatic stay in YiHe's bankruptcy case applied to the case in Massachusetts Superior Court Action. The City's Motion asserted that all the Receiver's actions were excepted from the automatic stay, and that the sale to the Audubon Society was an essential part of the exercise of the City's police and regulatory power. YiHe opposed the Motion, argued that the sale did not relate primarily to matters of public safety and did not effectuate public policy, and that the Bankruptcy Code's automatic stay prevented the Receiver from moving forward and selling the Property and that the Receiver was instead required to deliver estate property in her possession -- namely, the Property -- to YiHe. The Massachusetts Superior Court granted the City's Motion on May 14, 2025. YiHe's bankruptcy counsel received, on April 24, 2025, an offer to purchase the Property for $20,888,000. On May 8, 2025, YiHe filed a Motion to Require Receiver to Comply with Bankruptcy Code Section 543. On May 13, 2025, the City filed a Motion for Relief from the Automatic Stay, Relief from Turnover, and Dismissal with the Bankruptcy Court. Relief from the Automatic Stay The District Court concludes that the Bankruptcy Court did not abuse its discretion in granting relief from the automatic stay "for cause" under Sec. 362(d)(1). The Bankruptcy Court cited the appropriate standard and its conclusion that sufficient cause existed in the circumstances to grant the City's Relief from Stay Motion was supported by ample factual findings concerning, among other factors, the ongoing public safety situation at the Property supporting the Receiver's sale of the Property to the Audubon Society in a process overseen by the Massachusetts Superior Court. According to the District Court, the factual findings supporting those conclusions were not clearly erroneous. For the same reasons, the Bankruptcy Court did not abuse its discretion under Sec. 362(d)(1) to grant relief from the stay retroactively. Denial of the Turnover Motion The District Court concludes, even applying a de novo standard of review, that the Bankruptcy Court did not commit reversible error when it denied the Turnover Motion. Dismissal of the Bankruptcy Case The District Court concludes that the Bankruptcy Court did not abuse its discretion by granting the City's Relief from Stay Motion that sought dismissal under both Sec. 305(a)(1) and Sec. 1112(b). The District Court additionally concludes that the Bankruptcy Court's decision to dismiss the bankruptcy case on both grounds was supported by substantial factual findings that were not clearly erroneous. In Rem Relief The District Court concludes that, at a minimum, the Bankruptcy Court abused its discretion by considering the in rem relief on its own motion without a request by the City or another party in interest as required by Sec. 362(d) and without adequate notice to YiHe. The District Court therefore vacates the in rem order. A copy of the Court's Opinion dated November 21, 2025, is available at https://urlcurt.com/u?l=nbODfV from PacerMonitor.com. About Yihe Forbes, LLC Yihe Forbes LLC owns four properties in Chelsea, MA, with a combined current value of $22.98 million. Yihe Forbes LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12772) on April 3, 2025. In its petition, the Debtor reports total assets of $22,978,50 and total liabilities of $13,540,869. Honorable Bankruptcy Judge Neil W. Bason handles the case. The Debtor is represented by Richard Baum, Esq. ZMETRA LAND: Gets Extension to Access Cash Collateral ----------------------------------------------------- Zmetra Land Holdings, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to continue to use the cash collateral of Newtek Small Business Finance, LLC. The court authorized the Debtor to use up to $129,233.46 in cash collateral in accordance with its budget pending further order of the bankruptcy court. As protection, Newtek will be granted a replacement lien on and security interest in all assets of the Debtor in which it held a security interest as of the petition date. In addition, Newtek will continue to receive a monthly payment of $32,240.36. The next hearing is set for January 16, 2026. Objections are due by January 12, 2026. Zmetra is engaged in the business of owning, selling, leasing, managing and developing real estate. It is the record holder of a 35,000-square-foot industrial facility in Webster, Mass. According to a 2018 appraisal, the real estate had a market value of $2.5 million. In addition to real estate, the Debtor's assets include $2.40 in cash and $462,282 in accounts receivable on the petition date. The accounts receivable represent amounts owed to the Debtor by Zmetra Clearspan Structures, LLC, the sole tenant of the facility. In 2019, the Debtor and Zmetra Clearspan obtained a $1.75 million loan from the SBA through Newtek. About Zmetra Land Holdings Zmetra Land Holdings, LLC specializes in property management, overseeing the operations, maintenance, and leasing of real estate assets. It owns a 35,000-square-foot industrial facility located at 2 Old Worcester Road, Webster, Mass. The property is valued at $2.5 million. Zmetra filed Chapter 11 petition (Bankr. D. Mass. Case No. 25-40127) on February 4. In its petition, Zmetra reported total assets of $2,962,284 and total debts of $3,085,001. James L. O'Connor, Esq., at Nickless, Phillips and O'Connor, represents the Debtor as legal counsel. Newtek Small Business Finance, LLC, as lender, is represented by: Jonathan M. Hixon, Esq. Hackett Feinberg P.C. 155 Federal Street, 9th Floor Boston, MA 02110 Email: jmh@bostonbusinesslaw.com [] Corporate Bankruptcies Near 15-Year Peak in 2025 --------------------------------------------------- Index Box reports that corporate bankruptcies are on the rise in 2025, approaching a 15-year high, according to S&P Global Market Intelligence. The firm reported 68 bankruptcy filings in October, bringing the total for the first ten months of the year to 655. If the current trend continues through November and December, 2025 could end with approximately 792 corporate bankruptcies, surpassing any year since 2010, when S&P tracked 828 filings. Industrials are leading the surge, followed by consumer discretionary, with notable filings including Nikola, Spirit Airlines, and Clair's. Despite the increase, bankruptcy levels remain far below the peaks of the Great Recession. In 2008, the year Lehman Brothers collapsed, S&P recorded 5,335 bankruptcies, followed by 5,026 in 2009. Comparatively, filings were low prior to the Federal Reserve's recent interest rate hikes, dropping to just 372 in 2022. The rise in bankruptcies since 2023 reflects the growing cost of borrowing and tighter financial conditions for companies, the report states. Bankruptcy filings generally fall under two categories: Chapter 7 liquidation and Chapter 11 reorganization. Chapter 7 indicates that a company intends to close permanently and liquidate assets. Chapter 11 allows companies to restructure and continue operations while repaying creditors, providing a path to recovery, according to Index Box. S&P analysts note that while 2025 is shaping up to be a challenging year, the trend underscores the importance of strategic financial management. Companies in sectors like industrials and consumer discretionary are most affected, reflecting broader economic pressures. [^] BOOK REVIEW: Go Directly To Jail ------------------------------------ The Criminalization of Almost Everything Editor: Gene Healy Publisher: Cato Institute Hardcover: 160 pages List Price: $12.21 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1930865635/internetbankrupt Is everything a crime these days? Are we making a federal case out of everything these days? In a new Cato Institute book, legal scholars warn that the increasing use of criminal penalties and the constant creation of new federal crimes are making ordinary citizens vulnerable to arrest and imprisonment for behavior that no sensible person would consider a crime. As editor Gene Healy explains in GO DIRECTLY TO JAIL: The Criminalization of Almost Everything, published by the Cato Institute, the criminal law was once society's last line of defense, reserved for behavior that everyone recognized as wrong. But it's fast becoming Congress's first line of attack-just another way for legislators to show they're serious about the social problem of the month, whether it's corporate scandals or e-mail spam. While violent crime often goes unpunished, Congress continues to add new trivial offenses to the federal criminal code. These additions have significant costs, in terms of wasted resources and lost liberties. Citing scores of disturbing cases, GO DIRECTLY TO JAIL condemns three particular trends: (1) Overcriminalization -- the use of the criminal law to punish behavior that used to be handled with civil lawsuits or fines and to outlaw behavior that's simply none of the government's business. As the book's contributors note, businesspeople have gone to jail under federal wetlands regulation for putting clean dirt on dry land. Others have been sentenced to long prison terms for packaging lobster tails in plastic bags rather than cardboard boxes or for failing to understand the thousands of pages of complex regulations governing Medicare. (2) Federalization -- the creation of federal laws for crimes already covered by state laws. There are only three federal crimes in the U.S. Constitution. But today there are more than 4,000 federal crimes on the statute books and thousands more buried in the Code of Federal Regulations. Church arson, drive-by shootings, and the possession of recreational drugs are but a few commonplace examples. (3) Excessive criminal punishments -- the use of heavy-handed criminal law enforcement tactics, such as handcuffing and jail time, against people guilty of minor offenses and, in some cases, people who aren't guilty of crimes at all. Case in point: a 12-year-old girl was arrested and handcuffed for eating french fries in a Metro station in Washington, D.C. The contributors also discuss mandatory minimum sentencing guidelines and habitual offender statutes, which curtail the discretionary power of the judiciary in individual cases and have dramatically increased the number of prisoners serving time for nonviolent offenses. GO DIRECTLY TO JAIL proposes reforms that can help rein in a criminal justice system at war with fairness and common sense. About the Editor Gene Healy was senior editor at the Cato Institute. He holds a J.D. from the University of Chicago Law School and is a member of the Virginia and District of Columbia bars. He has appeared on PBS NewsHour and NPR's Talk of the Nation, and his work has been published in the Los Angeles Times, the New York Times, the Chicago Tribune, the Legal Times, and elsewhere. He holds a BA from Georgetown University and a JD from the University of Chicago Law School. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***