251231.mbx
T R O U B L E D C O M P A N Y R E P O R T E R
Wednesday, December 31, 2025, Vol. 29, No. 365
Headlines
1300 DESERT: Hires Colliers as Real Estate Brokers
32 JANIE: Voluntary Chapter 11 Case Summary
52 CHARLIE: Voluntary Chapter 11 Case Summary
7Q59 AMHERST: Hires Stamps William as Real Estate Broker
ACIEX LLC: Seeks Chapter 7 Bankruptcy in New Jersey
ALL SEASONS: Hires Huddleston Tax CPAs as Accountant
ALL SPIRIT: Hires Paul Contessa & Associates as Legal Counsel
ALLPOINTS WAREHOUSING: Case Summary & 20 Top Unsecured Creditors
ALLSTAR PROPERTIES: Hires Frazier & Deeter as Appeal Accountant
AMERICAN SIGNATURE: Hires A&G Realty as Real Estate Advisor
AMERICAN SIGNATURE: Hires Goodwin Procter LLP as Special Counsel
AMERICAN SIGNATURE: Hires Pachulski Stang Ziehl as Counsel
AMERICAN SIGNATURE: Hires Potter Anderson as Special Counsel
AMERICAN SIGNATURE: Hires SSG Advisors LLC as Investment Banker
AMERICAN SIGNATURE: Hires Verita Global as Administrative Advisor
AMPLE INC: Taps Kurtzman Carson as Claims, Noticing Agent
ASOCIACION HOSPITAL: Plan Exclusivity Extended to Feb. 23, 2026
BEST OF TASTE: Gets Interim OK to Use Cash Collateral
BICK GROUP: Plan Exclusivity Period Extended to January 12, 2026
BLACK CANOE: Seeks Chapter 11 Bankruptcy in Maryland
BOCCARD PIPE: Seeks Chapter 7 Bankruptcy in Texas
BRAVO BRIO: Nardella & Nardella Advises Personal Injury Claimants
BROADWAY REALTY: Plan Exclusivity Period Extended to March 15, 2026
BUCKINGHAM FOUNDATION: S&P Rates 2026 Bonds Rating to 'BB+ (sf)'
BUCKINGHAM SENIOR: Hires Ordinary Course Professionals
CARPENTER HOMES: Case Summary & 20 Largest Unsecured Creditors
CINEMAWORLD OF FLORIDA: Plan Exclusivity Extended to Feb. 27, 2026
CJ REAL ESTATE: Seeks Chapter 11 Bankruptcy in Florida
CONSCIOUS CONTENT: Hires Stretto Inc. as Noticing Agent
CTCHGC LLC: Seeks Chapter 11 Bankruptcy in Texas
CYCLE SPORT: Case Summary & Eight Unsecured Creditors
DAIRY BUILDING: Hires Sussman Shank LLP as Bankruptcy Counsel
DEQSER LLC: Hires KCP Advisory Group LLC as Financial Advisor
E. GLUCK: Seeks to Hire Mr. Herwitz of CoMetrics as CRO
ELITE EQUIPMENT: Plan Exclusivity Period Extended to May 5, 2026
EMACX SYSTEMS: Seeks Chapter 7 Bankruptcy in New Jersey
ETEGRA INC: Files Emergency Bid to Use Cash Collateral
FLEXLENDING LLC: Seeks Chapter 11 Bankruptcy in Delaware
GBI SERVICES: Hires Alvarez & Marsal as Financial Advisor
GBI SERVICES: Seeks to Hire Epiq as Administrative Advisor
GRANGE PUBLIC: Hires Cook Appraisals as Third Party Appraiser
GREEN TREE: Gets Interim OK to Use Cash Collateral
GRINNELL CENTER: Files Emergency Bid to Use Cash Collateral
HEART 2 HEART: Hires Meridian Management Partners LLC as CRO
HIGHLANDER HOTEL: Files Emergency Bid to Use Cash Collateral
HILLSIDE APARTMENTS: Seeks to Use $200,000 of Cash Collateral
HIREX INC: Hires FlatterySalomon LLC as Accountant
HORIZON WEST: Seeks Cash Collateral Access
I AM A TREASURE: Seeks Chapter 7 Bankruptcy in Texas
JET IT LLC: Seeks Chapter 7 Bankruptcy in Delaware
KJSS GLOBAL: Seeks Subchapter V Bankruptcy in California
KLE EQUIPMENT: Seeks to Extend Plan Exclusivity to January 30, 2026
KNAPP & BRUNNER: Gets Interim OK to Use Cash Collateral
KOOMBEA INC: Seeks Chapter 11 Bankruptcy in Florida
LAGNIAPPE INVESTMENT: Seeks to Hire Keating Firm as Counsel
LAKAY CONSTRUCTION: Hires Levitt & Slafkes PC as Counsel
LITTLE MIKE'S: Gets Interim OK to Use Cash Collateral Until Jan. 12
LUMINAR TECHNOLOGIES: Gets Interim OK to Use Cash Collateral
MARINE TRANSPORT: Plan Exclusivity Period Extended to Feb. 27, 2026
MARK L. OBMAN DDS: Gets Extension to Access Cash Collateral
MARTIN MIDSTREAM: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
MID-COLORADO INVESTMENT: Hires Fidelis CPAs as Tax Accountant
MODESTA PRINCETON: Seeks Chapter 7 Bankruptcy in New Jersey
MON PETIT MP: Seeks Chapter 7 Bankruptcy in New York
NATIONAL BUILDERS: Seeks 30-Day Extension of Plan Filing Deadline
NEO ZONE: Case Summary & Six Unsecured Creditors
OAKTREE OCALA: Plan Exclusivity Period Extended to January 12, 2026
PEORIA CHARTER: Gets Interim OK to Use Cash Collateral
RANCHO COLTON: Case Summary & 20 Largest Unsecured Creditors
RELIANT PLUMBING: Seeks Chapter 11 Bankruptcy in Texas
RK PARISI: Hires Baker CFO Advisory LLC as Accountant
ROCK REGIONAL: Hires Morris Laing Evans as Co-Counsel
RYMAN HOSPITALITY: Fitch Hikes LongTerm IDR to BB, Outlook Stable
SANCHO LOCO: Seeks Chapter 11 Bankruptcy in California
SCHAFER FISHERIES: Court Extends Cash Collateral Access to Jan. 31
SI GROUP: Davis Polk Advises Admin. Agent and Revolving Lender
SIDUS GROUP: Seeks Chapter 7 Bankruptcy in California
SKYLINE TOWER: Hires K&L Gates LLP as Special Counsel
SMT TRUCKING: Seeks to Hire Biggs Law Firm PLLC as Counsel
SOUTHERN TIRE AND FLEET: Seeks Chapter 11 Bankruptcy in Florida
ST MARK'S PROPERTY: Seeks Chapter 11 Bankruptcy in New York
STEINMETZ PLUMBING: Files Emergency Bid to Use Cash Collateral
STEINMETZ PLUMBING: Hires Lane Law Firm PLLC as Counsel
STEVEOS TACOS: Seeks Chapter 7 Bankruptcy in New York
STOLI GROUP: Court Extends Cash Collateral Access to Jan. 10
SUMMIT COLLECTIVE: Gets Interim OK to Use Cash Collateral
SWAHILI VILLAGE: Hires as Mothersauce Partners LLC as Consultant
SWAHILI VILLAGE: Hires Mcnamee Hosea P.A. as Counsel
TECHNICAL ARTS: Hires FON Valuation Services LLC as Appraiser
TIFARET DISCOUNT: Plan Exclusivity Period Extended to Jan. 10, 2026
TURNKEY CONSTRUCTION: Files Emergency Bid to Use Cash Collateral
U4RIC INVESTMENTS: Voluntary Chapter 11 Case Summary
UNITED AIRLINES: Fitch Upgrades IDR to BB+, Outlook Stable
URGENT CARE: Seeks Subchapter V Bankruptcy in North Carolina
VERMILLION ENERGY: Fitch Affirms 'BB-' IDR, Outlook Negative
WARREN'S READY-MIX: Hires Cooper & Scully PC as Legal Counsel
WILDER WHISKEY: Seeks Chapter 7 Bankruptcy in Tennessee
*********
1300 DESERT: Hires Colliers as Real Estate Brokers
--------------------------------------------------
1300 Desert Willow Road, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of New York to employ
Colliers as real estate brokers.
The firm will market and lease an unoccupied unit of the commercial
real estate of the Debtor located in Los Lunas, New Mexico.
The firm will be paid at a 6% commission as a flat fee of payment
to the Broker.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Colliers is a "disinterested person" within the meaning of Section
101(14) of the Bankruptcy Code, according to court filings.
The firm can be reached at:
William Robertson
Colliers
5051 Journal Center NE, Suite 200
Albuquerque, NM 87109
Tel: (505) 880-7050
About 1300 Desert Willow Road, LLC
1300 Desert Willow Road, LLC owns a property at 1300 Desert Willow
Road in Los Lunas, New Mexico, valued at $40 million.
1300 Desert Willow Road sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11375) on June 22,
2025. In its petition, the Debtor reported between $10 million and
$50 million in assets and liabilities.
Judge Philip Bentley oversees the case.
The Debtor is represented by H. Bruce Bronson, Esq., at Bronson Law
Offices, PC.
Romspen Investment LP, as lender, is represented by:
Brigid K. Ndege, Esq.
Bryan Cave Leighton Paisner, LLP
161 North Clark Street, Suite 4300
Chicago, Illinois 60601
Telephone: (312) 602-5000
Facsimile: (312) 602-5050
E-mail: brigid.ndege@bclplaw.com
32 JANIE: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: 32 Janie LLC
c/o Arbel Capital Advisors
4 Waverly Place, Lawrence, NY 11559
Business Description: 32 Janie LLC, classified as a single-asset
real estate company, provides services
related to real estate, including property
management and real estate appraisal,
operating in Lawrence, New York.
Chapter 11 Petition Date: December 29, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-12914
Judge: Hon. John P Mastando III
Debtor's Counsel: Isaac Nutovic, Esq.
LAW OFFICES OF ISAAC NUTOVIC
261 Madison Avenue
26th Floor, New York NY 10016
Tel: 917-922-7963
E-mail: inutovic@nutovic.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ephraim Diamond in his capacity as
managing member of Arbel Capital Advisors LLC, which serves as the
manager of the Debtor.
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/SDF2BLY/32_Janie_LLC__nysbke-25-12914__0001.0.pdf?mcid=tGE4TAMA
52 CHARLIE: Voluntary Chapter 11 Case Summary
---------------------------------------------
Debtor: 52 Charlie LLC
c/o Arbel Capital Advisors
4 Waverly Place
Lawrence, NY 11559
Business Description: 52 Charlie LLC is a single-asset real estate
company whose principal asset is located in
New York, New York.
Chapter 11 Petition Date: December 29, 2025
Court: United States Bankruptcy Court
Southern District of New York
Case No.: 25-12915
Judge: Hon. John P Mastando III
Debtor's Counsel: Isaac Nutovic, Esq.
LAW OFFICES OF ISAAC NUTOVIC
261 Madison Avenue
26th Floor, New York NY 10016
Tel: 917-922-7963
E-mail: inutovic@nutovic.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Ephraim Diamond as manager.
A list of the Debtor's 20 largest unsecured creditors was not
provided alongside the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/DCFFZJI/52_Charlie_LLC__nysbke-25-12915__0001.0.pdf?mcid=tGE4TAMA
7Q59 AMHERST: Hires Stamps William as Real Estate Broker
--------------------------------------------------------
7Q59 Amherst, LLC seeks approval from the U.S. Bankruptcy Court for
the District of Massachusetts to employ Stamps William Family
Realty as real estate broker.
The firm will market and sell the Debtor's real property located at
1-23 Eastern Avenue, Northampton, MA.
The firm will be paid at 3 percent realty fee/commission of the
sales price, although if a buyer is obtained, the Debtor and the
Broker may pay an additional commission of 3 percent to the buyer's
agent; all these fees are subject to further negotiation with the
Debtor and, ultimately, Bankruptcy Court approval.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Robin L. Stamp, a partner at Stamps William Family Realty,
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:
Robin L. Stamp
Stamps William Family Realty
624 Worthington St.
Springfield, MA 01105
Tel: (413) 459-3910
About 7Q59 Amherst, LLC
7Q59 Amherst, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-30150) on March 17,
2025, listing up to $10 million in both assets and liabilities.
Xian Dole, manager of 7Q59 Amherst, signed the petition.
Judge Elizabeth D. Katz oversees the case.
Louis S. Robin, Esq., at Law Offices of Louis S. Robin, represents
the Debtor as bankruptcy counsel.
ACIEX LLC: Seeks Chapter 7 Bankruptcy in New Jersey
---------------------------------------------------
On December 8, 2025, ACIEX LLC filed for Chapter 7 protection in
the District of New Jersey. According to court filings, the Debtor
reports between $100,001 and $1,000,000 in debt owed to 1-49
creditors.
About ACIEX LLC
ACIEX LLC is a services-oriented company engaged in providing
technical, operational, and business support solutions. The
company’s business model centers on offering customized services
to its clients.
ACIEX LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code
(Bankr. Case No. 25-22966) on December 8, 2025. In its petition,
the Debtor reports estimated assets of $0-$100,000 and estimated
liabilities of $100,001-$1,000,000.
The Debtor is represented by Steven A. Soulios, Esq. of Ruta
Soulios & Stratis LLP.
ALL SEASONS: Hires Huddleston Tax CPAs as Accountant
----------------------------------------------------
All Seasons Waterproofing & Drainage, Inc. seeks approval from the
U.S. Bankruptcy Court for the Western District of Washington to
employ Huddleston Tax CPAs as accountant.
The firm will assist the Debtor in the preparation of outstanding
pre and post-petition monthly returns, quarterly tax returns, and
yearend returns and forms up through confirmation.
The firm will be paid at these rates:
a. preparation of Quarterly State and Federal Tax Returns (941
Return, Employment Security Return, Labor & Industry Return, Family
and Medical Leave Return, Seattle Business License Return, City of
Lake Forest Park Business, and Occupational Tax Report) -- $2,605
per quarter;
b. preparation of Monthly State Tax Returns (Washington State
Excise Sales Tax Return)-- $568 per month;
c. preparation of Year-End Returns (940 Return, W2s, and W3
form -- $500 per return;
d. preparation of Yearly Tax Return (1120-S) -- To be
Determined.
John Huddleston, a partner at Huddleston Tax CPAs, 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:
John Huddleston
Huddleston Tax CPAs
18208 66th Ave Ne, Ste 100
Kenmore, WA 98028
Tel: (425) 483-6600
About All Seasons Waterproofing & Drainage, Inc.
All Seasons Waterproofing & Drainage, Inc. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No.
25-12912) on Oct. 20, 2025, listing up to $500,000 in assets and up
to $1 million in liabilities.
Judge Timothy W. Dore oversees the case.
Jennifer L. Neeleman, Esq., at Neeleman Law Group, PC represents
the Debtor as counsel.
ALL SPIRIT: Hires Paul Contessa & Associates as Legal Counsel
-------------------------------------------------------------
All Spirit Investment, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Florida to employ Paul Contessa
& Associates, LLC as bankruptcy counsel.
The firm will provide these services:
a. advise the Debtor regarding matters of bankruptcy law in
connection with the bankruptcy case;
b. advise the Debtor on the requirements of the Bankruptcy Code,
the Federal Rules of Bankruptcy Procedure, applicable bankruptcy
rules, including local rules, pertaining to the administration of
the bankruptcy case and U.S. Trustee Guidelines related to the
daily operation of the Debtor's business and administration of the
estate;
c. represent the Debtor in all proceedings before the bankruptcy
court;
d. prepare and review motions, pleadings, orders, applications,
adversary proceedings, and other legal documents arising in the
bankruptcy case;
e. negotiate with creditors, prepare and seek confirmation of a
plan of reorganization and related documents, and assist the Debtor
with implementation of any plan; and
f. perform all other legal services for the Debtor, which may be
necessary herein.
The firm will be paid at these rates:
Attorneys $450 per hour
Legal Assistants $150 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Prior to the petition date, the firm received from the Debtor a
retainer of $7,000.
Mr. Contessa 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:
Paul Contessa, Esq.
Paul Contessa & Associates, LLC
15321 South Dixie Highway #207
Miami, FL 33157
Tel: (305) 251-6221
About All Spirit Investment, LLC
All spirit investment, llc filed Chapter 11 petition (Bankr. S.D.
Fla. Case No. 25-23091) on November 4, 2025, listing between
$500,001 and $1 million in assets and between $100,001 and $500,000
in liabilities.
Judge Robert A. Mark oversees the case.
The Debtor is represented by:
Paul N. Contessa, Esq.
Paul N. Contessa & Associates, LLC
15321 South Dixie Highway, Suite 207
Miami, FL 33157
Tel: (305) 251-6221
E-mail: contessalaw@gmail.com
ALLPOINTS WAREHOUSING: Case Summary & 20 Top Unsecured Creditors
----------------------------------------------------------------
Debtor: Allpoints Warehousing Equipment Company
d/b/a Got-Rack.com
5210 Causeway Blvd.
Tampa, FL 33619
Business Description: Allpoints Warehousing Equipment Company,
doing business as Got-Rack.com, provides
warehouse storage and materials-handling
solutions from its base in Tampa, Florida,
supplying new and refurbished pallet
racking, cantilever systems, mezzanines, and
related structural storage equipment to
industrial and commercial customers. The
Company operates in the wholesale trade
sector and offers services that include
racking installation, removal, relocation,
repair, and refurbishment. Its operations
focus on the design, supply, and maintenance
of warehouse storage infrastructure for
distribution centers, manufacturing
facilities, and other industrial sites.
Chapter 11 Petition Date: December 29, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-09771
Debtor's Counsel: Daniel R. Fogarty, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St.
Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
Email: dfogarty@srbp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Alan D. Bridges as director.
A copy of the Debtor's list of 20 unsecured creditors is available
for free on PacerMonitor at:
https://www.pacermonitor.com/view/OCFFU6I/Allpoints_Warehousing_Equipment__flmbke-25-09771__0002.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/OFPWFLI/Allpoints_Warehousing_Equipment__flmbke-25-09771__0001.0.pdf?mcid=tGE4TAMA
ALLSTAR PROPERTIES: Hires Frazier & Deeter as Appeal Accountant
---------------------------------------------------------------
Allstar Properties, LLC and affiliates seek approval from the U.S.
Bankruptcy Court for the Northern District of Georgia to employ
Frazier & Deeter Advisory, LLC as audit and appeal accountant.
The firm will assist the Debtors in addressing the issues raised in
the tax audits and appeals of the tax audits.
The firm will be paid at these rates:
Mike Hendricks, CPA $592 per hour
Tom Clemente, CPA $440 per hour
Anna Cronic $440 per hour
Various other staff ranging from $236 to $340 per hour
The firm was owed $10,753.41 by Debtors as of the filing of
Debtors' Chapter 11 case. The firm is not willing to waive its
pre-petition claim, and is requiring payment of a $20,000 retainer
in order to continue its engagement related to the tax audits and
appeals. Additionally, in order to ensure completion of the
necessary work, the firm require that the retainer be replenished
to $20,000 at such time as the firm have billed $10,000 against
it.
Mike Hendricks, CPA, a partner at Frazier & Deeter Advisory, LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Mike Hendricks, CPA
Frazier & Deeter Advisory, LLC
1230 Peachtree Street NE Suite 1500
Atlanta, GA 30309
Tel: (404) 253-7500
Fax: (404) 912-2721
About Allstar Properties, LLC
Allstar Properties, LLC and affiliates are Georgia-based real
estate companies that hold and manage property assets. The Allstar
entities focus on property ownership, while ACH Rental Properties
provides property management and rental services. Collectively,
they operate within the real estate sector across residential and
nonresidential properties in the state.
Allstar Properties sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31,
2025. In its petition, the Debtor reported estimated assets and
liabilities between $10 million and $50 million each.
Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case.
Anna Mari Humnicky, Esq., at Small Herrin, LLP is the Debtor's
legal counsel.
AMERICAN SIGNATURE: Hires A&G Realty as Real Estate Advisor
-----------------------------------------------------------
American Signature, Inc. and affiliates seeks approval from the
U.S. Bankruptcy Court for the District of Delaware to employ A&G
Realty Partners, LLC as real estate consultant and advisor.
The firm will provide these services:
a. assist the Debtors with real estate strategy;
b. consult with the Debtors to discuss their goals, objectives,
and financial parameters in relation to the Leases;
c. provide ongoing advice and guidance related to individual
financial and nonfinancial lease restructuring opportunities;
d. negotiate with the landlords of the Leases (collectively, the
"Landlords" and, individually, a "Landlord") on behalf of the
Company to obtain Lease Terminations acceptable to the Company;
e. negotiate with the Landlords on behalf of the Debtors to
obtain Lease Modifications acceptable to the Debtors;
f. negotiate with the Landlords on behalf of the Company to
obtain Early Termination Rights acceptable to the Debtors;
g. if requested by the Debtors, market the Leases in a manner
and form as determined by A&G and approved by the Debtors, and
negotiate with the Landlords and other third parties on behalf of
the Company to assist the Debtors in obtaining Lease Sales
acceptable to the Debtors;
h. if requested by the Debtors, negotiate with Landlords on
behalf of the Debtors to assist them in obtaining Landlord Consents
acceptable to the Debtors in its sole discretion;
i. if requested by the Debtors, prepare a valuation of one or
more of the Leases (the "Valuation"); and
j. provide regular update reports to the Debtors regarding the
status of the Services.
The firm will be paid as follows:
a. Retainer. The Debtors shall pay A&G a retainer (the
"Retainer") in the amount of one hundred thousand dollars
($100,000).
b. Lease Terminations. For each Lease Termination obtained by
A&G on behalf of the Company, A&G shall earn and be paid a fee (the
"Lease Termination Fee" in the amount of four percent (4%) of the
Occupancy Cost Savings and Gross Proceeds, per Lease (with any
broker fee to be paid by A&G); provided, however, if a Lease
Termination involves a sublease or assignment, A&G shall earn and
be paid a fee in the amount of four percent (4%) of the total base
rent to be paid by (a) the sublessee for the initial term of the
sublease, or (b) the assignee for the entire Lease Term, including
base rent for any options exercised by the sublessee or assignee
upon execution of the sublease or assignment, as the case may be
(collectively, the "Base Lease Income"); and provided further, that
in the event a subtenant or assignee of a Lease is procured through
such subtenant or assignee's broker, the Lease Termination Fee
shall equal to six percent (6%) of all Base Lease Income, out of
which A&G shall pay such broker's commission and retain the balance
as compensation to A&G.
c. Monetary Lease Modifications. For each Monetary Lease
Modification obtained by A&G on behalf of the Company, A&G shall
earn and be paid a fee in the amount of four percent (4%) of the
Occupancy Cost Savings, per Lease.
d. Non-Monetarv Lease Modifications. For each Non-Monetary Lease
Modification obtained by A&G on behalf of the Company, A&G shall
earn and be paid a fee in the amount of $1,500, except that for any
Lease extensions, the fee shall be the greater of $2,500 and four
percent (4%) of Occupancy Cost Savings for the extended Lease
term.
e. Early Termination Rights. For each Early Termination Right
obtained by A&G on behalf of the Company, A&G shall earn and be
paid a fee in the amount of one-half (½) of one (1) month's Gross
Occupancy Cost, per Lease.
f. Property Sales. For each Property Sale obtained by A&G on
behalf of the Company to an entity unaffiliated with the
Schottenstein Property Group ("SGP"), A&G shall earn and be paid a
fee of three percent (3%) of the Gross Proceeds thereof. For each
Property Sale obtained by A&G on behalf of the Company to an entity
affiliated with SGP (an "SGP Entity"), A&G shall earn and be paid a
minimum fee of $350,000 (the "Minimum Sale Fee"), provided,
however, in the event an SGP Entity is the "stalking horse" bidder
of any Property or Properties (the "Stalking Horse Bid"),
competitive bidding against the Stalking Horse Bid ensues and the
SGP Entity emerges as the successful bidder for the Property or
Properties (the "Successful Bid"), A&G shall earn and be paid a fee
in the amount of the Minimum Sa1e Fee plus three percent (3%) of
the difference between the Gross Proceeds set forth in the Stalking
Horse Bid and the Gross Proceeds set forth in the Successful Bid.
g. Lease Sales. For each Lease Sale obtained by A&G on behalf of
the Company, A&G shall earn and be paid a fee in the amount of
three percent (3%) of the Gross Proceeds, with a minimum fee of
seven hundred fifty dollars ($750) per Lease.
h. Landlord Consents. If requested by the Company, for each
consent obtained by A&G to extend the Company's time to assume or
reject a Lease as a part of any applicable Chapter 11 case, A&G
shall earn and be paid a fee in the amount of five hundred dollars
($500) per Lease.
i. Valuations. A&G shall earn and be paid a fee of $500 per
Lease.
As disclosed in the court filings, A&G is a "disinterested person"
as that term is defined in section 101(14) of the Bankruptcy Code,
as modified by section 1107(b) of the Bankruptcy Code.
The firm can be reached through:
Emilio Amendola
A&G Realty Partners, LLC
445 Broadhollow Road, Suite 410
Melville, NY 11747
Direct: (631) 465-9507
Mobile: (917) 860-2192
Email: emilio@agrep.com
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). It 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) on November 22, 2025. In their petitions, 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 while Berkeley Research Group, LLC and SSG Capital
Advisors, LLC serves as restructuring advisor and investment
banker, respectively. Kurtzman Carson Consultants, LLC, doing
business as Verbita Global, is the claims and noticing agent.
PNC Bank, N.A., as administrative agent for pre-petition term loan
lenders, is represented by the law firms of Blank Rome, LLP and
Goldberg Kohn, Ltd. The law firms may be reached through:
Regina Stango Kelbon, Esq.
Stanley B. Tarr, Esq.
Lawrence R. Thomas III, Esq.
Blank Rome LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Telephone: (302) 425-6400
Facsimile: (302) 425-6464
Email: regina.kelbon@blankrome.com
stanley.tarr@blankrome.com
lorenzo.thomas@blankrome.com
- and -
Randall Klein, Esq.
Zachary J. Garrett, Esq.
Eva D. Gadzheva, Esq.
Goldberg Kohn Ltd.
55 E Monroe St, Suite 3300
Chicago, IL 60603
Telephone: (312) 201-4000
Email: randall.klein@goldbergkohn.com
zachary.garrett@goldbergkohn.com
eva.gadzheva@goldbergkohn.com
Second Avenue Capital Partners, LLC, as DIP agent, is represented
by:
Daniel J. DeFranceschi, Esq.
John H. Knight, Esq.
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Telephone: 302-651-7700
Facsimile: 302-651-7701
Email: defranceschi@rlf.com
knight@rlf.com
- and -
John F. Ventola, Esq.
Jonathan D. Marshall, Esq.
Lucas B. Barrett, Esq.
Choate, Hall & Stewart, LLP
Two International Place
Boston, MA 02110
Telephone: (617) 248-5000
Email: jventola@choate.com
jmarshall@choate.com
lbarrett@choate.com
AMERICAN SIGNATURE: Hires Goodwin Procter LLP as Special Counsel
----------------------------------------------------------------
American Signature, Inc. and affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Goodwin
Procter LLP as special counsel on behalf of and at the sole
direction of the conflicts committee of the board of directors of
the Debtors.
The firm will provide these services:
(a) provide legal counsel to the Conflicts Committee within its
delegated authority, including in connection with all Related Party
transactions;
(b) analyze and consider the appropriateness and reasonableness
of the sale, including any transfers, settlements or releases in
connection therewith; and
(c) perform such other services determined by the Conflicts
Committee to be necessary or appropriate under the circumstances.
The firm will be paid at these rates:
Partners $1,400 to $2,450 per hour
Counsels $1,300 to $2,280 per hour
Associates $870 to $1,370 per hour
Paralegals $380 to $740 per hour
During the ninety days prior to the Petition Date, Goodwin Procter
received certain payments from the Debtors to hold as advance
payment retainers totaling $250,000. Within the ninety days prior
to the Petition Date, Goodwin Procter utilized $177,784 of its
retainer received.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kizzy L. Jarashow, a partner at Goodwin Procter LLP, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
In response to the following questions under section D(1) of the
U.S. Trustee
Guidelines, Goodwin Procter hereby provides the following
responses:
-- The firm did not agree to any variations from, or
alternatives to, the standard or customary billing arrangements for
this engagement.
-- No professionals of the firm are included in this engagement
to vary their rate based on the geographic location of the
bankruptcy case?
-- Goodwin Procter's standard billing rates are adjusted
annually based on a careful and comprehensive review of market
conditions and other factors.
-- The material financial terms for the prepetition engagement
remained the same, as the engagement was on an hourly basis. In
addition, historically, Goodwin Procter requested, and received,
various payments to fund retainers.
-- The Debtors and Goodwin Procter expect to develop a
prospective budget and staffing plan for these Chapter 11 Cases. In
accordance with the U.S. Trustee Guidelines, the budget may be
amended as necessary to reflect changed or unanticipated
developments.
The firm can be reached at:
Kizzy L. Jarashow, Esq.
Goodwin Procter LLP
The New York Times Building
620 Eighth Avenue
New York, NY 10018
Telephone: (212) 813-8800
Email: K.Jarashow@goodwinlaw.com
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). It 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) on November 22, 2025. In their petitions, 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 while Berkeley Research Group, LLC and SSG Capital
Advisors, LLC serves as restructuring advisor and investment
banker, respectively. Kurtzman Carson Consultants, LLC, doing
business as Verbita Global, is the claims and noticing agent.
PNC Bank, N.A., as administrative agent for pre-petition term loan
lenders, is represented by the law firms of Blank Rome, LLP and
Goldberg Kohn, Ltd. The law firms may be reached through:
Regina Stango Kelbon, Esq.
Stanley B. Tarr, Esq.
Lawrence R. Thomas III, Esq.
Blank Rome LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Telephone: (302) 425-6400
Facsimile: (302) 425-6464
Email: regina.kelbon@blankrome.com
stanley.tarr@blankrome.com
lorenzo.thomas@blankrome.com
- and -
Randall Klein, Esq.
Zachary J. Garrett, Esq.
Eva D. Gadzheva, Esq.
Goldberg Kohn Ltd.
55 E Monroe St, Suite 3300
Chicago, IL 60603
Telephone: (312) 201-4000
E-mail: randall.klein@goldbergkohn.com
zachary.garrett@goldbergkohn.com
eva.gadzheva@goldbergkohn.com
Second Avenue Capital Partners, LLC, as DIP agent, is represented
by:
Daniel J. DeFranceschi, Esq.
John H. Knight, Esq.
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Telephone: 302-651-7700
Facsimile: 302-651-7701
E-mail: defranceschi@rlf.com
knight@rlf.com
- and -
John F. Ventola, Esq.
Jonathan D. Marshall, Esq.
Lucas B. Barrett, Esq.
Choate, Hall & Stewart, LLP
Two International Place
Boston, MA 02110
Telephone: (617) 248-5000
E-mail: jventola@choate.com
jmarshall@choate.com
lbarrett@choate.com
AMERICAN SIGNATURE: Hires Pachulski Stang Ziehl as Counsel
----------------------------------------------------------
American Signature, Inc. and affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Pachulski
Stang Ziehl & Jones LLP as counsel.
The firm will provide these services:
a. assist, advise, and represent the Debtors in their
consultations with estate constituents regarding the administration
of these chapter 11 cases;
b. assist, advise, and represent the Debtors in any manner
relevant to the Debtors' financing needs, asset dispositions,
leases, and other contractual obligations;
c. assist, advise, and represent the Debtors in any issues
associated with the assets, liabilities, and financial condition of
the Debtors;
d. assist, advise, and represent the Debtors in the negotiation,
formulation, and drafting of any chapter 11 plan and disclosure
statement;
e. assist, advise, and represent the Debtors in the performance
of their duties and the exercise of their powers under the
Bankruptcy Code, the Bankruptcy Rules, and any applicable local
rules and guidelines; and
f. provide such other necessary advice and services as the
Debtors may require in connection with these chapter 11 cases.
The firm will be paid at these rates:
Partners $1,150 to $2,350 per hour
Counsel $1,050 to $1,850 per hour
Associates $725 to $1,225 per hour
Paralegals $595 to $650 per hour
The firm has received payments from the Debtors during the year
prior to the Petition Date in the amount of $1,475,000 in
connection with its prepetition representation of the Debtors.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Pursuant to Part D1 of the 2013 UST Guidelines, the firm is seeking
employment as counsel for the Debtors under section 327 of the
Bankruptcy Code, and it hereby provides the following responses set
forth below:
Question: Did you agree to any variations from, or alternatives
to, your standard or customary billing arrangements for this
engagement?
Answer: No.
Question: Do any of the professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed postpetition, explain the
difference and reasons for the difference?
Answer: The firm represented the client during the 12-month
period prepetition. The material financial terms for the
prepetition engagement remained the same, as the engagement was
hourly based subject to economic adjustment. The billing rates and
material financial terms for the postpetition period remain the
same as the prepetition period subject to an annual economic
adjustment. The standard hourly rates of the firm are subject to
periodic adjustment in accordance with the Firm's practice.
Question: Has your client approved your respective budget and
staffing plan, and, if so, for what budget period?
Answer: The Debtors and the firm expect to develop a prospective
budget and staffing plan to comply with the U.S. Trustee's requests
for information and additional disclosures, recognizing that in the
course of these large chapter 11 cases there may be unforeseeable
fees and expenses that will need to be addressed by the Debtors and
the firm.
Laura Davis Jones, Esq., a partner at Pachulski Stang Ziehl & Jones
LLP, disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Laura Davis Jones, Esq.
David M. Bertenthal, Esq.
Pachulski Stang Ziehl & Jones LLP
919 North Market Street, 17th Floor
P.O. Box 8705
Wilmington, DE 19899-8705
Telephone: (302) 652-4100
Facsimile: (302) 652-4400
Email: ljones@pszjlaw.com
dbertenthal@pszjlaw.com
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). It 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) on November 22, 2025. In their petitions, 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 while Berkeley Research Group, LLC and SSG Capital
Advisors, LLC serves as restructuring advisor and investment
banker, respectively. Kurtzman Carson Consultants, LLC, doing
business as Verbita Global, is the claims and noticing agent.
PNC Bank, N.A., as administrative agent for pre-petition term loan
lenders, is represented by the law firms of Blank Rome, LLP and
Goldberg Kohn, Ltd. The law firms may be reached through:
Regina Stango Kelbon, Esq.
Stanley B. Tarr, Esq.
Lawrence R. Thomas III, Esq.
Blank Rome LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Telephone: (302) 425-6400
Facsimile: (302) 425-6464
Email regina.kelbon@blankrome.com
stanley.tarr@blankrome.com
lorenzo.thomas@blankrome.com
- and -
Randall Klein, Esq.
Zachary J. Garrett, Esq.
Eva D. Gadzheva, Esq.
Goldberg Kohn Ltd.
55 E Monroe St, Suite 3300
Chicago, IL 60603
Telephone: (312) 201-4000
Email: randall.klein@goldbergkohn.com
zachary.garrett@goldbergkohn.com
eva.gadzheva@goldbergkohn.com
Second Avenue Capital Partners, LLC, as DIP agent, is represented
by:
Daniel J. DeFranceschi, Esq.
John H. Knight, Esq.
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Telephone: 302-651-7700
Facsimile: 302-651-7701
Email: defranceschi@rlf.com
knight@rlf.com
- and -
John F. Ventola, Esq.
Jonathan D. Marshall, Esq.
Lucas B. Barrett, Esq.
Choate, Hall & Stewart, LLP
Two International Place
Boston, MA 02110
Telephone: (617) 248-5000
Email: jventola@choate.com
jmarshall@choate.com
lbarrett@choate.com
AMERICAN SIGNATURE: Hires Potter Anderson as Special Counsel
------------------------------------------------------------
American Signature, Inc. and affiliates seeks approval from the
U.S. Bankruptcy Court for the District of Delaware to employ Potter
Anderson & Corroon LLP as special local counsel on behalf of and at
the sole discretion of the conflicts committee of the board of
directors of the Debtors.
The firm will provide these services:
(a) provide legal counsel to the Conflicts Committee within its
delegated authority, including in connection with all Related Party
transactions;
(b) analyze and consider the appropriateness and reasonableness
of the sale, including any transfers, settlements or releases in
connection therewith; and
(c) perform such other services determined by the Conflicts
Committee to be necessary or appropriate under the circumstances.
The firm will be paid at these rates:
Partner $850 to $1,650 per hour
Counsel $850 per hour
Associates $515 to $785 per hour
Paraprofessionals $345 to $475 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Ms. Good 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.
Consistent with Part D.1 of the United States Trustees' Appendix B
– Guidelines for Reviewing Applications for Compensation and
Reimbursement of Expenses Under 11 U.S.C. § 330 by Attorneys in
Larger Chapter 11 Cases (the "U.S. Trustee Guidelines"), stated as
follows:
a. Potter Anderson has not agreed to a variation of its standard
or customary billing arrangement for this engagement;
b. None of Potter Anderson's professionals included in this
engagement have varied their rate based on the geographic location
of these Chapter 11 Cases;
c. Potter Anderson has only represented the Debtors in
connection with this matter. The billing rates and material terms
of the representation prior to the Petition Date are the same as
the rates and terms described in this Application; and
d. The Debtors and Potter Anderson expect to develop a
prospective budget and staffing plan for Potter Anderson's
engagement for the post-petition period as appropriate. In
accordance with the U.S. Trustee Guidelines, the budget may be
amended as necessary to reflect changed or unanticipated
developments.
The firm can be reached at:
L. Katherine Good, Esq.
Gregory J. Flasser, Esq.
Potter Anderson & Corroon LLP
1313 N. Market Street, 6th Floor
Wilmington, DE 19801
Telephone: (302) 984-6000
Facsimile: (302) 658-1192
Email: kgood@potteranderson.com
gflasser@potteranderson.com
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). It 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) on November 22, 2025. In their petitions, 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 while Berkeley Research Group, LLC and SSG Capital
Advisors, LLC serves as restructuring advisor and investment
banker, respectively. Kurtzman Carson Consultants, LLC, doing
business as Verbita Global, is the claims and noticing agent.
PNC Bank, N.A., as administrative agent for pre-petition term loan
lenders, is represented by the law firms of Blank Rome, LLP and
Goldberg Kohn, Ltd. The law firms may be reached through:
Regina Stango Kelbon, Esq.
Stanley B. Tarr, Esq.
Lawrence R. Thomas III, Esq.
Blank Rome LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Telephone: (302) 425-6400
Facsimile: (302) 425-6464
Email: regina.kelbon@blankrome.com
stanley.tarr@blankrome.com
lorenzo.thomas@blankrome.com
- and -
Randall Klein, Esq.
Zachary J. Garrett, Esq.
Eva D. Gadzheva, Esq.
Goldberg Kohn Ltd.
55 E Monroe St, Suite 3300
Chicago, IL 60603
Telephone: (312) 201-4000
Email: randall.klein@goldbergkohn.com
zachary.garrett@goldbergkohn.com
eva.gadzheva@goldbergkohn.com
Second Avenue Capital Partners, LLC, as DIP agent, is represented
by:
Daniel J. DeFranceschi, Esq.
John H. Knight, Esq.
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Telephone: 302-651-7700
Facsimile: 302-651-7701
Email: defranceschi@rlf.com
knight@rlf.com
- and -
John F. Ventola, Esq.
Jonathan D. Marshall, Esq.
Lucas B. Barrett, Esq.
Choate, Hall & Stewart, LLP
Two International Place
Boston, MA 02110
Telephone: (617) 248-5000
Email: jventola@choate.com
jmarshall@choate.com
lbarrett@choate.com
AMERICAN SIGNATURE: Hires SSG Advisors LLC as Investment Banker
---------------------------------------------------------------
American Signature, Inc. and affiliates seeks approval from the
U.S. Bankruptcy Court for the District of Delaware to employ SSG
Advisors, LLC as investment banker.
The firm's services include:
a. advising the Debtors on, and assisting the Debtors in
preparing an information memorandum describing the Debtors, their
management, and financial status for use in discussions with
prospective purchasers and to assist in the due diligence process
for a potential sale transaction;
b. assisting the Debtors in developing a list of suitable
potential buyers who will be contacted on a discreet and
confidential basis after approval by the Debtors;
c. coordinating the execution of confidentiality agreements for
potential buyers wishing to review the information memorandum;
d. assisting the Debtors in coordinating management calls and
site visits for interested buyers and working with management to
develop presentations for such calls and visits;
e. soliciting competitive offers from potential buyers;
f. advising and assisting the Debtors in structuring a sale
transaction, negotiating a sale transaction agreement with
potential buyers and evaluating the proposals from potential
buyers; and
g. assisting the Debtors, their attorneys and accountants, as
necessary, through closing of a sale transaction on a best efforts
basis.
The firm will be paid at these fees:
a. Initial Fee. An initial fee (the "Initial Fee") of $75,000,
which was due upon signing the Engagement Agreement.
b. Monthly Fees. Monthly fees (the "Monthly Fees") of $50,000
per month payable beginning December 1, 2025 and on the first (1st)
of each month thereafter throughout the Engagement Term (as is
defined in the Engagement Agreement).
c. Transaction Fee. Upon the consummation of a Sale and/or
Restructuring to or with any party, SSG shall be entitled to a fee
(the "Transaction Fee"), payable in cash, in federal funds via wire
transfer or certified check, at and as a condition of closing such
Sale and/or Restructuring and as a direct carveout from proceeds
and cash, prior in right to any pre- and post-petition secured
debt, equal to the following:
i. In the event of (x) a stalking horse credit bid by the
secured creditors or any of their affiliates or (y) a stalking
horse bid by any affiliate of the shareholders of the Company, or
any of them, in each case without a qualified overbid, then SSG's
Transaction Fee shall be $350,000;
ii. In the event that a qualified overbid is received topping
the stalking horse bid and/or credit bid, then SSG's Transaction
Fee shall be the greater of (i) $750,000 or (ii) three (3) percent
of Total Consideration (as such term is hereafter defined).
iii. In the event of a Restructuring with existing
stakeholders, SSG's Transaction Fee shall be $350,000. For the
avoidance of doubt, SSG shall only be paid one Transaction Fee,
whichever is greater.
Notwithstanding the foregoing, in the event that ASI determines
to terminate the Sale process and move to a liquidation of the
inventory and other assets with no Sale or Restructuring Fee being
paid, then SSG shall be entitled to an alternative Sale Fee
("Alternative Sale Fee") of $350,000.
Teresa Kohl, a managing director at SSG Advisors, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Teresa C. Kohl
SSG Advisors, LLC
300 Barr Harbor Drive, Suite 420
West Conshohocken, PA
Telephone: (610) 940-9521
Email: tkohl@ssgca.com
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). It 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) on November 22, 2025. In their petitions, 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 while Berkeley Research Group, LLC and SSG Capital
Advisors, LLC serves as restructuring advisor and investment
banker, respectively. Kurtzman Carson Consultants, LLC, doing
business as Verbita Global, is the claims and noticing agent.
PNC Bank, N.A., as administrative agent for pre-petition term loan
lenders, is represented by the law firms of Blank Rome, LLP and
Goldberg Kohn, Ltd. The law firms may be reached through:
Regina Stango Kelbon, Esq.
Stanley B. Tarr, Esq.
Lawrence R. Thomas III, Esq.
Blank Rome LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Telephone: (302) 425-6400
Facsimile: (302) 425-6464
Email: regina.kelbon@blankrome.com
stanley.tarr@blankrome.com
lorenzo.thomas@blankrome.com
- and -
Randall Klein, Esq.
Zachary J. Garrett, Esq.
Eva D. Gadzheva, Esq.
Goldberg Kohn Ltd.
55 E Monroe St, Suite 3300
Chicago, IL 60603
Telephone: (312) 201-4000
Email: randall.klein@goldbergkohn.com
zachary.garrett@goldbergkohn.com
eva.gadzheva@goldbergkohn.com
Second Avenue Capital Partners, LLC, as DIP agent, is represented
by:
Daniel J. DeFranceschi, Esq.
John H. Knight, Esq.
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Telephone: 302-651-7700
Facsimile: 302-651-7701
Email: defranceschi@rlf.com
knight@rlf.com
- and -
John F. Ventola, Esq.
Jonathan D. Marshall, Esq.
Lucas B. Barrett, Esq.
Choate, Hall & Stewart, LLP
Two International Place
Boston, MA 02110
Telephone: (617) 248-5000
Email: jventola@choate.com
jmarshall@choate.com
lbarrett@choate.com
AMERICAN SIGNATURE: Hires Verita Global as Administrative Advisor
-----------------------------------------------------------------
American Signature, Inc. and affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Kurtzman
Carson Consultants, LLC dba Verita Global as administrative
advisor.
The firm will provide these services:
(a) assist with, among other things, the preparation of the
Debtors' schedules of assets and liabilities, schedules of
executory contracts and unexpired leases, and statements of
financial affairs;
(b) generate, provide, and assist with claims objections,
exhibits, claims reconciliation, and related matters;
(c) assist, with, among other things, solicitation, balloting,
tabulation, and calculation of votes, as well as preparing any
appropriate reports required in furtherance of confirmation of any
Chapter 11 plan;
(d) generate an official ballot certification and testify, if
necessary, in support of the ballot tabulation results for any
Chapter 11 plan(s) in the Chapter 11 cases; and
(e) provide such other claims processing, noticing,
solicitation, balloting, and administrative services.
The firm will be paid at its standard hourly rates and will be
reimbursed for expenses incurred.
The firm received a retainer in the amount of $45,000.
Evan Gershbein, an executive vice president at Verita Global,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Evan J. Gershbein
Verita Global
2335 Alaska Ave.
El Segundo, CA 90245
Telephone: (310) 823-9000
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). It 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) on November 22, 2025. In their petitions, 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 while Berkeley Research Group, LLC and SSG Capital
Advisors, LLC serves as restructuring advisor and investment
banker, respectively. Kurtzman Carson Consultants, LLC, doing
business as Verbita Global, is the claims and noticing agent.
PNC Bank, N.A., as administrative agent for pre-petition term loan
lenders, is represented by the law firms of Blank Rome, LLP and
Goldberg Kohn, Ltd. The law firms may be reached through:
Regina Stango Kelbon, Esq.
Stanley B. Tarr, Esq.
Lawrence R. Thomas III, Esq.
Blank Rome LLP
1201 N. Market Street, Suite 800
Wilmington, DE 19801
Telephone: (302) 425-6400
Facsimile: (302) 425-6464
Email: regina.kelbon@blankrome.com
stanley.tarr@blankrome.com
lorenzo.thomas@blankrome.com
- and -
Randall Klein, Esq.
Zachary J. Garrett, Esq.
Eva D. Gadzheva, Esq.
Goldberg Kohn Ltd.
55 E Monroe St, Suite 3300
Chicago, IL 60603
Telephone: (312) 201-4000
Email: randall.klein@goldbergkohn.com
zachary.garrett@goldbergkohn.com
eva.gadzheva@goldbergkohn.com
Second Avenue Capital Partners, LLC, as DIP agent, is represented
by:
Daniel J. DeFranceschi, Esq.
John H. Knight, Esq.
Richards, Layton & Finger, P.A.
One Rodney Square
920 North King Street
Wilmington, DE 19801
Telephone: 302-651-7700
Facsimile: 302-651-7701
Email: defranceschi@rlf.com
knight@rlf.com
- and -
John F. Ventola, Esq.
Jonathan D. Marshall, Esq.
Lucas B. Barrett, Esq.
Choate, Hall & Stewart, LLP
Two International Place
Boston, MA 02110
Telephone: (617) 248-5000
Email: jventola@choate.com
jmarshall@choate.com
lbarrett@choate.com
AMPLE INC: Taps Kurtzman Carson as Claims, Noticing Agent
---------------------------------------------------------
Ample, Inc. and affiliates seek approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Kurtzman Carson
Consultants, LLC, doing business as Verita Global, as claims and
noticing agent.
Verita will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.
Verita agrees to submit its invoices to the Debtors monthly and
they agree that the amount invoiced is due and payable upon the
receipt of the invoice.
Prior to the Petition Date, the Debtors paid the firm in the amount
of $15,000.
Evan Gershbein, executive vice president at Verita Global,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached through:
Evan Gershbein
Verita Global
222 N. Pacific Coast Highway, 3rd Floor
El Segundo, CA 90245
Telephone: (310) 823-9000
About Ample, Inc.
Ample Inc. is an electric vehicle technology firm specializing in
battery-swapping platforms and infrastructure. The company develops
modular systems that allow EVs to replace batteries quickly,
supporting continuous operation without lengthy charging
intervals.
Ample Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D. Tex. Case No. 25-90817) on December 16, 2025. In
its petition, the Debtor reports estimated assets between $10
million and $50 million and estimated liabilities between $50
million and $100 million.
Honorable Bankruptcy Judge Christopher M. Lopez handles the case.
The Debtor is represented by Hugh Massey Ray, III, Esq. of
Pillsbury Winthrop Shaw Pittman LLP.
ASOCIACION HOSPITAL: Plan Exclusivity Extended to Feb. 23, 2026
---------------------------------------------------------------
Judge Enrique S. Lamoutte of the U.S. Bankruptcy Court for the
District of Puerto Rico extended Asociacion Hospital Del Maestro,
Inc.'s exclusive periods to file a plan of reorganization and
obtain acceptance thereof to February 23, 2026 and April 24, 2026,
respectively.
As shared by Troubled Company Reporter, the Debtor explains that
the tasks of transitioning its operations and reconciling them with
this ongoing proceeding, coupled with the unique complexity of
navigating into this bankruptcy proceeding, just after being
subject to garnishments with IRS, managing the business basically
"COD" (cash on demand), and getting access to cash through cash
collateral stipulations, made forming a plan of reorganization
within the first 120 days virtually impossible.
The Debtor claims that it is not seeking an extension of its
Exclusive Periods to pressure creditors. To the contrary, the
Debtor has cooperated and worked constructively and in good faith
with all of its officers in the three months since the filing to
comply with all requirements, filing and duties, and resolve all
matters that have come into play through consent. To this date the
Debtor efforts have been aimed towards stabilizing Debtor's
operations and reconciling them with this ongoing proceeding.
Further, all matters that have arisen have been resolved in an
amicable fashion with all interested parties.
The Debtor asserts that consistent with its fiduciary duty, the
company will use these extended Exclusive Periods to continue to
negotiate with interested parties to reach a reorganization or, at
the very least, propose in good faith a plan that maximizes value
for all. Debtor has acted and will continue in good faith, being
forthcoming in diligence, analysis, and collaboration with all
parties. The Debtor's substantial progress in negotiating with its
creditors and administering its case supports the extension of the
Exclusive Periods.
Further, whatever alternative or strategy is to be implemented,
necessarily will be required to be discussed and even potentially
approved by Banco Popular de Puerto Rico (BPPR) as secured
creditor. Certainly, upon receipt of a formal offer from an
interested party, Debtor and its secured creditor will have context
and substance to engage in conversations that may lead to the
filing of a consensual plan.
Asociacion Hospital Del Maestro, Inc. is represented by:
Wigberto Lugo Mender, Esq.
Lugo Mender Group, LLC
100 Carr. 165 Suite 501
Guaynabo, PR 00968
Telephone: (787) 707-0404
Facsimile: (787) 707-0412
Email: wlugo@lugomender.com
About Asociacion Hospital Del Maestro Inc.
Asociacion Hospital Del Maestro Inc., also known as Hospital El
Maestro, is a nonprofit general medical and surgical hospital
located in San Juan, Puerto Rico, that was founded in 1955 to serve
the teaching community and has since expanded to provide services
to the broader population. The hospital operates about 126 staffed
beds and offers emergency care, intensive care, radiology, surgery,
hemodialysis, and a range of medical specialties for children and
adults. It is accredited by the Joint Commission and functions as a
501(c)(3) organization with a focus on healthcare, education, and
community service.
Asociacion Hospital Del Maestro Inc. sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-03780) on
August 25, 2025. In its petition, the Debtor reports total assets
of $13,396,955 and total liabilities of $39,669,466.
Honorable Bankruptcy Judge Enrique S. Lamoutte Inclan handles the
case.
The Debtor tapped Wigberto Lugo Mender, Esq., at Lugo Mender Group,
LLC as legal counsel; CPA Luis R. Carrasquillo & Co., P.S.C. as
financial consultant; and IEC Consulting, LLC as investment
consultant.
Banco Popular de Puerto Rico, as secured creditor, is represented
by:
Luis C. Marini-Biaggi, Esq.
Carolina Velaz-Rivero, Esq.
Marini Pietrantoni Muniz, LLC
250 Ponce De León Ave.
Suite 900
San Juan, PR 00918
Tel.: (787) 705-2171
lmarini@mpmlawpr.com
cvelaz@mpmlawpr.com
BEST OF TASTE: Gets Interim OK to Use Cash Collateral
-----------------------------------------------------
The Best of Taste Inc. received interim approval from the U.S.
Bankruptcy Court for the District of Arizona to use cash
collateral.
The order follows the court's consideration of a stipulation
between the Debtor and the U.S. Small Business Administration.
Under the order, the Debtor is permitted to use cash, including
potential cash collateral of the SBA, to pay expenses outlined in
the interim budget, subject to a 10% variance.
The Debtor projects total operational expenses of $87,116.21 for
January 2026.
In addition, the court recognized that restaurant operations are
subject to seasonal cost variations. Accordingly, expenses related
to food purchases, kitchen supplies, payroll, payroll taxes, and
utilities may exceed the standard variance limits to reflect
customary seasonal adjustments in the food service industry within
the Phoenix metropolitan area.
Best of Taste's business relied on a forgiven PPP loan and multiple
SBA loans to survive, including a $300,000 SBA loan and an
additional SBA 7(a) loan in September 2024. Despite a small profit
in 2023, mounting debt and seasonal cash-flow challenges led the
Debtor to take on further loans in 2025, ultimately resulting in
its Chapter 11 filing on November 21. The SBA is identified as the
sole secured creditor, holding a first-priority blanket lien on all
assets, which total approximately $32,000, rendering the majority
of its $300,835 claim undersecured and subject to bifurcation under
the Bankruptcy Code.
About The Best of Taste Inc.
The Best of Taste, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No.
25-11278) on November 21, 2025, with up to $50,000 in assets and
between $500,001 and $1 million in liabilities.
Judge Scott H. Gan oversees the case.
Lawrence D. Hirsch, Esq., at Parker Schwartz, PLLC represents the
Debtor as legal counsel.
BICK GROUP: Plan Exclusivity Period Extended to January 12, 2026
----------------------------------------------------------------
Judge Kathy Surratt-States of the U.S. Bankruptcy Court for the
Eastern District of Missouri extended Bick Group Holdings, LLC's
exclusive periods to file a plan of reorganization to January 12,
2026.
As shared by Troubled Company Reporter, pursuant to sections
1107(a) and 1108 of the Bankruptcy Code, Debtor is continuing to
operate its business as a debtor in possession. No trustee or
examiner has been appointed, and no official committee of creditors
has been established in this chapter 11 case.
The Debtor requests additional time to negotiate plan treatment of
key creditors in hopes of putting forth a consensual plan.
Specifically, Debtor is negotiating the timeframe and amount of
certain payments to St. Louis Bank, its primary secured creditor
and DIP lender.
Bick Group Holdings, LLC is represented by:
Robert E. Eggmann, Esq.
Nathan R. Wallace, Esq.
Thomas H. Riske, Esq.
Carmody Macdonald P.C.
120 S. Central Avenue, Suite 1800
St. Louis, MO 63105
Tel: (314) 854-8600
Fax: (314) 854-8660
Email: ree@carmodymacdonald.com
nrw@carmodymacdonald.com
About Bick Group Holdings
Bick Group Holdings, LLC, sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Mo. Case No. 25-43081) on Aug.
12, 2025. In the petition signed by Christopher T. Pondoff, member
and chief executive officer, the Debtor disclosed up to $50,000 in
both assets and liabilities.
Judge Bonnie L. Clair oversees the case.
Robert Eggmann, at Carmody MacDonald P.C., represents the Debtor as
legal counsel.
St. Louis Bank, as DIP Lender, is represented by:
Laura Toledo, Esq.
Armstrong Teasdale, LLP
7700 Forsyth Blvd., Suite 1800
St. Louis, MO 63105
Tel: 314.621.5070
Fax: 314.621.5065
ltoledo@atllp.com
BLACK CANOE: Seeks Chapter 11 Bankruptcy in Maryland
----------------------------------------------------
On December 20, 2025, Black Canoe, LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Maryland. According to court filings, the Debtor reports between
$100,001 and $1,000,000 in debt owed to between one and 49
creditors.
About Black Canoe, LLC
Black Canoe, LLC is a limited liability company.
Black Canoe, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-21912) on December 20, 2025. In
its petition, the Debtor reports estimated assets between $100,001
and $1,000,000 and estimated liabilities between $100,001 and
$1,000,000.
Honorable Bankruptcy Judge Michelle M. Harner handles the case.
The Debtor is represented by Geri Lyons Chase, Esq., of the Law
Office of Geri Lyons Chase.
BOCCARD PIPE: Seeks Chapter 7 Bankruptcy in Texas
-------------------------------------------------
On December 19, 2025, Boccard Pipe Fabricators Inc. filed for
Chapter 7 protection in the U.S. Bankruptcy Court for the Southern
District of Texas. According to court filings, the Debtor reports
between $1 million and $10 million in liabilities owed to
approximately 50–99 creditors.
About Boccard Pipe Fabricators Inc.
Boccard Pipe Fabricators Inc. is engaged in pipe fabrication
services for industrial and commercial applications.
Boccard Pipe Fabricators Inc. sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. Case No. 25-37701) on December 19,
2025. In its petition, the Debtor reports estimated assets ranging
from $100,001 to $1 million and estimated liabilities between $1
million and $10 million.
The case is assigned to Honorable Bankruptcy Judge Marvin Isgur.
The Debtor is represented by Michael Glen Walker, Sr., Esq., of
Walker & Patterson, P.C.
BRAVO BRIO: Nardella & Nardella Advises Personal Injury Claimants
-----------------------------------------------------------------
In the Chapter 11 bankruptcy cases of Bravo Brio Restaurants, LLC
and its debtor-affiliates, Nardella & Nardella, PLLC, filed with
the United States Bankruptcy Court for the Middle District of
Florida, Orlando Division a Verified Statement pursuant to
Bankruptcy Rule 2019.
According to the Verified Statement:
1. Nardella is legal counsel to creditors (a) Victoria Davis;
and (b) Rachel Myrthil. Nardella has been retained as counsel by
the Creditors for representation relating to the Debtors and this
jointly administered bankruptcy case.
2. Victoria Davis was injured while present at Brio Tuscan
Grille located in the Mall at Millenia. She later filed a suit
against one of the Debtors in a matter captioned as Victoria
Katherine Davis v. Bravo Brio Restaurants, LLC, Case No.
2024-CA-008557-O, Orange County Circuit Court.
3. Rachel Myrthil was injured while present at Brio Tuscan
Grille located in Plantation, Florida.
4. Creditors are aware of Nardella's representation of both
parties and have no objection to such multiple representation. This
representation does not present a conflict of interest.
5. Nardella does not own or have a claim against or interest
in the Debtors. N&N reserves the right to amend, revise, or
supplement this Statement.
The Creditors' names, addresses, and the nature and amount of their
respective disposable economic interest in this bankruptcy case
are:
1. Victoria Davis c/o Jesus Lozano, Esq.
Nardella & Nardella, PLLC
135 West Central Blvd., Suite 300
Orlando, FL 32801
Unsecured Creditor
Amount & Nature of Claim - $1,850,000.00
2. Rachel Myrthil c/o Jesus Lozano, Esq.
Nardella & Nardella, PLLC
135 West Central Blvd., Suite 300
Orlando, FL 32801
Unsecured Creditor
Amount & Nature of Claim - $2,350,000.00
Attorney for Rachel Myrthil and Victoria Davis:
Jesus Lozano, Esq.
Nardella & Nardella, PLLC
135 West Central Blvd., Suite 300
Orlando, FL
Tel: (407) 966-2684
E-mail:jlozano@nardellalaw.com
klynch@nardellalaw.com
About Bravo Brio Restaurants, LLC
Bravo Brio Restaurants, LLC, the company operating the Italian
restaurant chains Bravo! Italian Kitchen and Brio Italian Grille,
known for upscale casual Italian-American food, has faced
significant financial challenges, filing for bankruptcy twice
recently (2020 & 2025) due to rising costs and competition, leading
to store closures and acquisition by Earl Enterprises, with current
efforts focused on reorganization under new management (R&R Brands)
for future sustainability.
The company filed Chapter 11 petition (Bankr. M.D. Fla. Case No.
25-05224) on August 18, 2025, listing between $50 million and $100
million in assets and liabilities.
Judge Lori V. Vaughan oversees the case.
R. Scott Shuker, Esq., at the Law Firm of Shuker & Dorris, P.A. is
the Debtor's legal counsel.
BROADWAY REALTY: Plan Exclusivity Period Extended to March 15, 2026
-------------------------------------------------------------------
Judge David Jones of the U.S. Bankruptcy Court for the Southern
District of New York extended Broadway Realty I Co., LLC and its
debtor affiliates' exclusive periods to file a plan of
reorganization and obtain acceptance thereof to March 15, 2026 and
May 18, 2026, respectively.
As shared by Troubled Company Reporter, the Debtors explain that
they have made good use of their First Extended Exclusive Periods
and continue to make substantial progress towards achieving the
objectives of chapter 11. To date, approximately 140 potential
bidders have executed non-disclosure agreements in connection with
the Marketing Process with multiple parties having accessed the
data room and toured the Debtors' properties. The Debtors have
received multiple initial indications of interest, and various
parties have expressed interest in serving as a stalking horse
bidder (any such bidder designated by the Debtors, a "Stalking
Horse Bidder").
The Debtors assert that the relationship with their stakeholders,
including the Mortgage Lender and its professionals, has been
transparent, cooperative, and constructive. The Debtors' conduct in
these chapter 11 cases demonstrates the Debtors are acting in a
prudent and transparent manner and are not seeking these extensions
to artificially delay the administration of these chapter 11
cases.
The Debtors further assert that allowing the Exclusive Periods in
these chapter 11 cases to lapse would be contrary to the purpose of
section 1121(a) of the Bankruptcy Code and would jeopardize the
progress that the Debtors have already made in these cases and
disrupt the sale and refinancing Marketing Process before it is
fully underway.
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
BUCKINGHAM FOUNDATION: S&P Rates 2026 Bonds Rating to 'BB+ (sf)'
----------------------------------------------------------------
S&P Global Ratings assigned its 'BB+ (sf)' long-term rating to
National Finance Authority, N.H. $56.235 million series 2026A
multifamily housing revenue bonds, issued for the Buckingham
Foundation Inc. Ind.
The outlook is stable.
S&P said, "The stable outlook reflects our expectation that the
portfolio’s net cash flow will remain stable and that debt
service coverage (DSC) will remain above 1.10x. Bond debt service
is expected to be funded by capitalized interest of approximately
$3.1 million during the first year of operations in 2026, and will
consist of interest-only payments through 2029, which offers
management lead time to complete necessary repairs and increase
rents.
"We could consider a negative rating action if DSC declines
significantly due to decreasing occupancy and lower net cash flow.
In addition, a lower assessment of the project’s management and
governance or market position could lead us to consider a negative
rating action.
"We could consider a positive rating action if net cash flow
materially strengthens and demonstrates consistency during the
outlook period or if we observe improvements in market position or
management and governance. We understand that the foundation will
seek property tax exemptions for certain properties in the
portfolio, based on the non-profit status of the new ownership
entity; stronger coverage levels on the bonds might lead us to
consider a positive rating action."
BUCKINGHAM SENIOR: Hires Ordinary Course Professionals
------------------------------------------------------
Buckingham Senior Living Community, Inc. seeks approval from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
ordinary course professionals.
The Debtor hires the following ordinary course professionals:
Professionals Services
Holland & Knight LLP Legal Services
One Arts Plaza.
1722 Routh Street, Suite 1500
Dallas, TX 75201
Lane Gorman Trubitt, L.L.P. Accounting Services
2626 Howell Street, Suite 700
Dallas, TX 75204-4046
zumBrunnen, Inc. Consulting Services
4880 Lower Roswell Road
Suite 165-604
Marietta, GA 30068
Continuing Care Actuaries Actuarial Services
415 Main Street
Reisterstown, MD 21136
Stuart Weigand & Owens PC Legal Services
325 North St. Paul Street,
Suite 3750,
Dallas, TX 75201
Lawrence J. Beardsley CPA, PLLC Accounting Services
1301 S. Bowen Road Suite 435
Arlington, TX 76013
Amtec Accounting Services
90 Avon Meadow Lane
Avon, CT 06001
About Buckingham Senior Living Community, Inc.
Buckingham Senior Living Community, Inc., doing business as The
Buckingham, operates a not-for-profit continuing care retirement
community (CCRC) in Houston, Texas, offering independent living,
assisted living, memory care, skilled nursing, rehabilitation, and
respite care. The community spans 23 acres near the Memorial
neighborhood and features walking trails, courtyards, gardens,
24-hour security, dining, wellness programs, and other amenities
designed to support resident lifestyle and relationships.
Established over 20 years ago, The Buckingham provides
comprehensive senior living services, allowing residents to
transition across care levels as needs evolve.
Buckingham Senior Living Community, Inc. in Houston, TX, sought
relief under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. N.D. Tex. Case No.
25-80595) on Nov. 17, 2025, listing as much as $100 million to $500
million in both assets and liabilities. Michael Wyse as Chair of
the Board of Directors, signed the petition.
Judge Michelle V Larson oversees the case.
MCDERMOTT WILL AND SCHULTE LLP serve as the Debtor's legal counsel.
EPIQ CORPORATE RESTRUCTURING, LLC as claims and noticing agent.
RAYMOND JAMES & ASSOCIATES, INC. as investment banker. IMPLEX
ADVISORS, LLC as financial advisor.
CARPENTER HOMES: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Carpenter Homes, LLC
400 N. Ashley Dr.
Suite 1900
Tampa, FL 33602
Business Description: Carpenter Homes, LLC, based in Tampa,
Florida, develops and constructs residential
homes, building Green-certified properties
under Florida Green Building Coalition
standards with native landscaping, energy-
efficient systems, and sustainable power.
The Company operates in the real estate
development and homebuilding sector,
providing residential housing solutions
across Florida.
Chapter 11 Petition Date: December 29, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-09757
Debtor's Counsel: Amy Denton Mayer, Esq.
BERGER SINGERMAN LLP
1450 Brickell Avenue
Suite 1900
Miami, FL 33131
Tel: (813) 498-3400
Email: amayer@bergersingerman.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $10 million to $50 million
The petition was signed by Ronald Carpenter, Jr., as managing
member.
A copy of the Debtor's list of 20 largest unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/FJSYQBQ/Carpenter_Homes_LLC__flmbke-25-09757__0002.0.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/A6JXEQA/Carpenter_Homes_LLC__flmbke-25-09757__0001.0.pdf?mcid=tGE4TAMA
CINEMAWORLD OF FLORIDA: Plan Exclusivity Extended to Feb. 27, 2026
------------------------------------------------------------------
Judge Mindy A. Mora of the U.S. Bankruptcy Court for the Southern
District of Florida extended Cinemaworld of Florida, Inc.'s
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to February 27, 2026 and April 30, 2026,
respectively.
In a court filing, the Debtor explains that it has continued to
evaluate its remaining operations and examine the manner in which
its expenses can be reduced, and its operations stabilized, having
reduced its operations through the sale of the Melbourne location.
The Debtor currently has three theatre locations and one family
entertainment center, with a total of 91 employees. The claims bar
date expired on September 11, 2025, with the deadline for
governmental units being December 30, 2025.
The Debtor claims that it has engaged GlassRatner, which is
assisting the Debtor with its creditors and formulating a plan of
reorganization. These efforts are on-going and dependent upon
discussions taking place with creditors regarding the leased
locations and overall operations.
The Debtor asserts that this motion is not submitted for purposes
of delay and the Debtor submits that the relief requested in this
motion will not prejudice any party.
The Debtor further asserts that its counsel has reached out to
counsel for the Watertown landlord, the Rhode Island landlord,
Clinton Savings Bank, and Northern Trust regarding the relief
requested by this Motion. There are no objections to the relief
requested herein and to entry of the proposed order.
Cinemaworld of Florida, Inc. is represented by:
Elena Paras Ketchum.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St., Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
Email: eketchum@srbp.com
About Cinemaworld of Florida, Inc.
Cinemaworld of Florida, Inc., doing business as The Majestic 11 and
CW Lanes & Games, operates movie theaters and family entertainment
centers.
Cinemaworld of Florida, Inc. filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla.
Case No. 25-17693) on July 3, 2025, listing $10 million to $50
million in both assets and liabilities. The petition was signed by
Richard N. Starr, Sr. as president.
Judge Mindy A Mora presides over the case.
Harley E. Riedel, at STICHTER, RIEDEL, BLAIN & POSTLER, P.A., is
the Debtor's counsel.
CJ REAL ESTATE: Seeks Chapter 11 Bankruptcy in Florida
------------------------------------------------------
On December 22, 2025, CJ Real Estate Partners, LLC filed for
Chapter 11 protection in the U.S. Bankruptcy Court for the Middle
District of Florida. According to court filings, the Debtor reports
between $1 million and $10 million in debt owed to between one and
49 creditors.
About CJ Real Estate Partners, LLC
CJ Real Estate Partners, LLC is engaged in real estate ownership
and investment activities, with a focus on acquiring and managing
commercial and residential real estate assets.
CJ Real Estate Partners, LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 25-09646) on December 22,
2025. In its petition, the Debtor reports estimated assets of $1
million to $10 million and estimated liabilities in the same
range.
The case is overseen by Honorable Bankruptcy Judge Catherine Peek
McEwen.
The Debtor is represented by Buddy D. Ford, Esq., of Ford & Semach,
P.A.
CONSCIOUS CONTENT: Hires Stretto Inc. as Noticing Agent
-------------------------------------------------------
Conscious Content Media, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Stretto,
Inc. as claims and noticing agent.
The firm will provide these services:
a. prepare and serve required notices and documents in these
chapter 11 cases in accordance with the Bankruptcy Code and the
Bankruptcy Rules in the form and manner directed by the Debtors
and/or the Court, including (i) notice of the commencement of these
chapter 11 cases and the initial meeting of creditors under
Bankruptcy Code § 341(a), (ii) notice of any claims bar date,
(iii) notices of transfers of claims, (iv) notices of objections to
claims and objections to transfers of claims, (v) notices of any
hearings on a disclosure statement and confirmation of the Debtors'
plan or plans of reorganization, including under Bankruptcy Rule
3017(d), (vi) notice of the effective date of any plan, and (vii)
all other notices, orders, pleadings, publications and other
documents as the Debtors or Court may deem necessary or appropriate
for an orderly administration of these chapter 11 cases;
b. maintain an official copy of the Debtors' schedules of
assets and liabilities and statements of financial affairs
(collectively, the "Schedules"), listing the Debtors' known
creditors and the amounts owed thereto;
c. maintain (i) a list of all potential creditors, equity
holders, and other partiesin-interest and (ii) a "core" mailing
list consisting of all parties described in Bankruptcy Rule
2002(i), (j), and (k) and those parties that have filed a notice of
appearance pursuant to Bankruptcy Rule 9010; update and make said
lists available upon request by a party-in-interest or the Clerk;
d. furnish a notice to all potential creditors of the last
date for filing proofs of claim and a form for filing a proof of
claim, after such notice and form are approved by the Court, and
notify said potential creditors of the existence, amount, and
classification of their respective claims as set forth in the
Schedules, which may be effected by inclusion of such information
(or the lack thereof, in cases where the Schedules indicate no debt
due to the subject party) on a customized proof of claim form
provided to potential creditors;
e. maintain a post office box or address for the purpose of
receiving claims and returned mail, and process all mail received;
f. maintain an electronic platform for purposes of filing
proofs of claim;
g. for all notices, motions, orders, or other pleadings or
documents served, prepare and file, or cause to be filed with the
Clerk, an affidavit or certificate of service within seven business
days of service which includes (i) either a copy of the notice
served or the docket number(s) and title(s) of the pleading(s)
served, (ii) a list of persons to whom it was mailed (in
alphabetical order) with their addresses, (iii) the manner of
service, and (iv) the date served;
h. process all proofs of claim received, including those
received by the Clerk, check said processing for accuracy, and
maintain the original proofs of claim in a secure area;
i. maintain the official claims register for each Debtor
(collectively, the "Claims Registers") on behalf of the Clerk; upon
the Clerk's request, provide the Clerk with certified, duplicate
unofficial Claims Registers; and specify in the Claims Registers
the following information for each claim docketed: (i) the claim
number assigned; (ii) the date received; (iii) the name and address
of the claimant and agent, if applicable, who filed the claim; (iv)
the amount asserted; (v) the asserted classification(s) of the
claim (e.g., secured, unsecured, priority, etc.); (vi) the
applicable Debtor; and (vii) any disposition of the claim;
j. provide public access to the Claims Registers, including
complete proofs of claim with attachments, if any, without charge;
k. implement necessary security measures to ensure the
completeness and integrity of the Claims Registers and the
safekeeping of the original claims through the claims agent's case
website, but protecting from public access any information
protected by Court order or Local Rule 9037-1;
l. record all transfers of claims and provide any notices of
such transfers as required by Bankruptcy Rule 3001(e);
m. relocate, by messenger or overnight delivery, all of the
court-filed proofs of claim to the offices of Stretto, not less
than weekly;
n. upon completion of the docketing process for all claims
received to date for each case, turn over to the Clerk copies of
the Claims Registers for the Clerk's review (upon the Clerk's
request);
o. monitor the Court's docket for all notices of appearance,
address changes, and claims-related pleadings and orders filed and
make necessary notations on and/or changes to the claims register
and any service or mailing lists, including to identify and
eliminate duplicative names and addresses from
such lists;
p. identify and correct any incomplete or incorrect addresses
in any mailing or service lists (to the extent such information
available);
q. assist in the dissemination of information to the public
and respond to requests for administrative information regarding
these chapter 11 cases as directed by the Debtors or the Court,
including through the use of a case website and/or call center;
r. thirty (30) days prior to the close of these chapter 11
cases, to the extent practicable, request that the Debtors submit
to the Court a proposed order dismissing Stretto as Claims and
Noticing Agent and terminating its services in such capacity upon
completion of its duties and responsibilities
and upon the closing of these chapter 11 cases;
s. within fourteen (14) days after entry of an order
dismissing a case or within twenty-eight (28) days after entry of a
final decree, forward to the Clerk an electronic version of all
proofs of claim, upload the creditor matrix into CM/ECF, and docket
a final claims register;
t. within fourteen (14) days after the earlier of entry of an
order (a) converting the case or (b) terminating the services of
the claims agent, (i) forward to the Clerk an electronic version of
all proofs of claim, (ii) upload the publicly available portions of
the creditor matrix into CM/ECF, (iii) forward to the Clerk the
sealed portions of the creditor matrix in the format requested by
the Clerk, and (iv) docket a final claims register; and
u. at the close of these chapter 11 cases, comply with all
applicable laws and procedures for disposing and/or archiving of
claims and related documents.
The firm received an advance payment in the amount of $20,000.
The firm will be paid at these rates:
Analysts Waived
Consultants $70 to $200 per hour
Director/Managing Director $210 to $250 per hour
Solicitation Director $275 per hour
Executive Management Waived
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Sheryl Betance, a Senior Managing Director at Stretto, Inc,
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:
Sheryl Betance
Senior Managing Director
Stretto, Inc.
410 Exchange, Ste. 100
Irvine, CA 92602
About Conscious Content Media, Inc.
Conscious Content Media, Inc. develops and provides early learning
education technology products for children ages 2 to 10, offering
an age- and stage-based curriculum focused on school readiness and
skills such as literacy, mathematics, coding, creativity, and
social-emotional development. The company delivers its programs
through digital applications, physical learning kits, classes,
tutoring, and coaching, distributing them to schools and directly
to parents through subscription-based offerings. Its product
portfolio includes brands such as Homer, codeSpark, and Little
Passports.
Conscious Content Media, Inc. in New York, NY, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. D. Del. Lead Case No. 25-12231) on
Dec. 17, 2025, listing as much as $100 million to $500 million in
both assets and liabilities. Neal Shenoy as chief executive
officer, signed the petition.
Judge Brendan Linehan Shannon oversees the case.
BAYARD, P.A., and REITLER KAILAS & ROSENBLATT LLP serve as the
Debtors' legal counsels. BANKRUPTCY MANAGEMENT SOLUTIONS, INC.
d/b/a STRETTO as claims and noticing agent. EISNER AMPER as
financial advisor.
CTCHGC LLC: Seeks Chapter 11 Bankruptcy in Texas
------------------------------------------------
On December 23, 2025, CTCHGC, LLC filed for Chapter 11 protection
in the U.S. Bankruptcy Court for the Western District of Texas.
According to court filings, the Debtor reports between $1 million
and $10 million in liabilities owed to 1–49 creditors.
About CTCHGC, LLC
CTCHGC, LLC is a limited liability company engaged in Texas.
CTCHGC, LLC sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Case No. 25-12029) on December 23, 2025. In its
petition, the Debtor reports estimated assets in the range of
$100,001 to $1 million and estimated liabilities between $1 million
and $10 million.
The case is assigned to Honorable Bankruptcy Judge Shad M.
Robinson.
The Debtor is represented by Stephen W. Sather, Esq., of Barron &
Newburger, PC.
CYCLE SPORT: Case Summary & Eight Unsecured Creditors
-----------------------------------------------------
Debtor: Cycle Sport Center, Inc.
4001 John Young Parkway
Orlando, FL 32804
Business Description: Cycle Sports Center, Inc., based in Orlando,
Florida, operates as a recreational vehicle
and powersports dealership, offering new and
pre-owned motorcycles, ATVs, personal
watercraft, utility vehicles and related
equipment, alongside financing, parts, and
service support. The Company serves
recreational and travel enthusiasts in its
region through on-site product
demonstrations, maintenance services, and
promotional offerings.
Chapter 11 Petition Date: December 29, 2025
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 25-08415
Judge: Hon. Tiffany P Geyer
Debtor's Counsel: Justin M. Luna, Esq.
LATHAM LUNA EDEN & BEAUDINE LLP
201 S. Orange Avenue
Suite 1400
Orlando, FL 32801
Tel: (407) 481-5800
Fax: (407) 481-5801
E-mail: jluna@lathamluna.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Thomas W. Wagner as president.
A full-text copy of the petition, which includes a list of the
Debtor's eight unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/4RUQITA/Cycle_Sport_Center_Inc__flmbke-25-08415__0001.0.pdf?mcid=tGE4TAMA
DAIRY BUILDING: Hires Sussman Shank LLP as Bankruptcy Counsel
-------------------------------------------------------------
Dairy Building, LLC seeks approval from the U.S. Bankruptcy Court
for the District of Oregon to employ Sussman Shank LLP as
bankruptcy counsel.
The firm's services include:
a. providing the Debtor with advice on its duties and
responsibilities as debtor-in-possession,
b. preparing and filing schedules, defending motions for
relief from stay, analysis and objections to claims, formulation
and approval of a plan of reorganization, negotiations with
creditors and other parties in interest,
c. pursuing avoidable transfer actions, and all other matters
requiring legal representation of the Debtor in this case.
The firm obtained a pre-petition retainer in the amount of $36,227
from the Debtor.
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.
Sussman Shank, a partner at Sussman Shank LLP, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Douglas R. Ricks, Esq.
Sussman Shank LLP
1000 SW Broadway, Suite 1400,
Portland, OR 97205-3089
Telephone: (503) 227-1111 |
Facsimile: (503) 248-0130
Email: dricks@sussmanshank.com
About Dairy Building, LLC
Dairy Building, LLC owns a commercial building in Portland, Oregon,
and holds a leasehold interest in the property under a ground
lease. The property has been valued at approximately $2 million
based on a June 11, 2025 proposal letter of intent reflecting the
applicable interest rate.
Dairy Building, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-34175) on December 15, 2025. In
its petition, the Debtor reports estimated assets and estimated
liabilities between $1 million and $10 million.
Honorable Bankruptcy Judge David W. Hercher handles the case.
The Debtor is represented by Douglas R. Ricks, Esq. of Sussman
Shank LLP.
DEQSER LLC: Hires KCP Advisory Group LLC as Financial Advisor
-------------------------------------------------------------
Deqser LLC and its affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ KCP
Advisory Group LLC as financial advisor.
The firm's services include:
a. forecasting, planning, and developing of one or more
business plans, assist in review, analysis and negotiations for
settlements with secured lenders, vendors and other creditors, and
other related work as necessary;
b. filing compliance, administration of the Chapter 11 Cases;
c. confirming and consummation of a plan of reorganization in
the Chapter 11 Cases;
d. establishing and assisting in a process for evaluating and
resolving claims;
e. preparing and supporting any legal actions to be undertaken
by the Debtors;
f. testifying on behalf of the Debtors;
g. assisting with accomplishing the Debtors overall goals of
properly and efficiently confirming and consummating its plan of
reorganization in the Chapter 11 Cases.
The firm will be paid at these rates:
Chief Executive Officer and President $585 per hour
Senior Managing Directors $550 per hour
Managing Directors $385 per hour
Senior Consultant $350 per hour
Analysts and Associates $275 per hour
The firm was paid a retainer in the amount of $15,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Jacen A. Dinoff, a partner at KCP Advisory Group, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Jacen A. Dinoff
KCP Advisory Group
700 Technology Park Drive, Suite 212,
Billerica, MA 01821
About Deqser LLC
Deqser LLC is a business entity associated with Cooperative
Laundry, a commercial laundry service based in Kearny, New Jersey.
Operating from a state-of-the-art facility, the company supports
the hospitality industry with advanced, eco-efficient laundry
solutions.
Deqser sought protection under Chapter 11 of the Bankruptcy Code
(Bankr. D. Del. Case No. 25-10687) on April 10, 2025. The Debtor
reported estimated assets and estimated liabilities of $1 million
to $10 million.
The Hon. Craig T Goldblatt presides over the case.
The Debtor's general bankruptcy counsel is Mayerson & Hartheimer,
PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell &
Brown, LLC.
E. GLUCK: Seeks to Hire Mr. Herwitz of CoMetrics as CRO
-------------------------------------------------------
E. Gluck Corporation seeks approval from the U.S. Bankruptcy Court
for the Southern District of New York to employ CoMetrics Partners,
LLC, to designate Mr. Gary Herwitz as chief restructuring officer,
and provide additional personnel.
The firm's services include:
-- developing and monitoring rolling 13 week cash flows and
weekly variance analysis;
-- continue to lead, motor and track the initiatives in
accordance with the restructuring plan;
-- continue to conducting a comprehensive review of the
company's financial position, operations, and organizational
structure;
-- continue to lead all communications with the senior lender
including borrowing requests, daily borrowing base and collateral
calculations and submit daily borrowing bases;
-- provide the senior lender and parties in interest weekly
analysis of actual verses forecasted sales, AR collections, AR
dilution, disbursements, and availability in accordance with the
DIP financing order provisions;
-- directly supervise the Company's accounting department;
-- provide on-site accounting and operations support;
-- provide on-site and off-site support for the Company to
comply with its Management Services Agreement with WITHit Holdings
LLC;
-- continue to lead the pricing strategy, markdown and funding
strategy, advertising, margin requirements, compliance with the
Vendor agreement with the Company's largest customer (Amazon);
-- continue to lead the liquidation and sell-off of inventory;
-- lead warehouse and distribution transitional processes to
economic logistic platform and logistics metrics for requests of
Stalking Horse and other buyers as requested;
-- continue to assess certain system processes and procedures;
-- continue to work with Licensors on payment plans and royalty
reporting/compliance;
-- lead the process of preparing and coordinating due diligence
materials for the advisors representing the minority members of
WITHit Holdings LLC;
-- lead negotiations to monetize the Company's 51% interest in
WITHit Holdings LLC for the benefit of the Estate;
-- assisting in the development and execution of a communication
plan to ensure transparency and stakeholder engagement throughout
the restructuring process and chapter 11 proceedings;
-- assisting the Company and its other advisors in connection
with evaluation, negotiation, and consummation of any sale
/investment transaction;
-- prepare all financial analysis as requested by outside
professionals;
-- such other matters as may be mutually agreed between the
Company and CoMetrics.
The firm will be paid at these rates:
Partners $650 to $800 per hour
Managing Directors $450 to $550 per hour
Associates $300 to $350 per hour
Prior to the Petition Date, the Debtor paid the firm an advance
payment of $275,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Herwitz 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:
Gary Herwitz
CoMetrics Partners, LLC
114 Broadway, 8th Floor
New York, NY 10018
Tel: (212) 381-0871
About E. Gluck Corporation
E. Gluck Corporation -- https://egluck.com/ -- is an American watch
manufacturer headquartered in Little Neck, New York.
E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. S.D. N.Y. Case No. 25-12683) on December 1, 2025, listing
between $10 million and $50 million in assets and liabilities.
Judge Martin Glenn presides over the case.
Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the
Debtor as legal counsel.
Israel Discount Bank of New York, as DIP lender, is represented
by:
Jonathan N. Helfat, Esq.
Matthew Breen, Esq.
OTTERBOURG P.C.
230 Park Avenue New York, NY 10169
Tel: (212) 661-9100
E-mail: jhelfat@otterbourg.com
mbreen@otterbourg.com
ELITE EQUIPMENT: Plan Exclusivity Period Extended to May 5, 2026
----------------------------------------------------------------
Judge Benjamin Hursh of the U.S. Bankruptcy Court for the District
of Montana extended Elite Equipment Leasing LLC and affiliates'
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to May 5, 2026 and July 6, 2026, respectively.
As shared by Troubled Company Reporter, the Debtors explain that
their cases are relatively large and complex. The Debtors' annual
revenue in 2024 was $93 million, and the business has over 200
current employees. There are approximately 25 different secured
creditors and well over 300 pieces of heavy equipment and vehicles.
As described, the Debtors are working with numerous creditors and
other parties in interest to evaluate their reorganization and
bankruptcy exit options.
The Debtors claim that for the first two months following the
Petition Date, the companies spent considerable time stabilizing
their operations and complying with the numerous requirements of
the Bankruptcy Code and Rules, including finalizing their DIP
financing and use of cash collateral and other first-day motions,
filing their Schedules and Statements of Financial Affairs,
preparing for and attending Section 341(a) meetings of creditors
and Initial Debtor Interviews, complying with the numerous other
requirements of the Office of the United States Trustee, and
interacting with creditors, vendors and customers regarding the
chapter 11 process.
The Debtors assert that they have minimized costs and are current
with respect to their post-petition obligations as they are paying
their bills as they become due.
The Debtors further assert that they are not seeking an extension
of the Exclusivity Periods for the purpose of pressuring any
parties to accede to the Debtors' demands. The Debtors have worked
efficiently and determinedly to maximize value for their
constituencies. Termination of the Exclusivity Periods at this
stage could jeopardize the progress made (and continue to make) and
could delay the Debtors' exits from these chapter 11 cases and
dramatically increase expenses to the detriment of all parties in
interest.
Counsel to the Debtors:
James A. Patten, Esq.
Molly S. Considine, Esq.
PATTEN, PETERMAN, BEKKEDAHL & GREEN PLLC
401 N. 31st Street, Suite 800
P.O. Box 7207
Billings, MT 59103
Telephone: (406) 252-8500
Facsimile: (406) 294-9500
Email: apatten@ppbglaw.com
Mconsidine@ppbglaw.com
Matthew A. Lesnick (pro hac vice)
Christopher E. Prince (pro hac vice)
Kaitlyn M. Husar (pro hac vice)
Lisa R. Patel (pro hac vice)
LESNICK PRINCE PAPPAS & ALVERSON LLP
315 W. Ninth Street, Suite 705
Los Angeles, CA 90015
Telephone: (213) 493-6496
Facsimile: (213) 493-6596
Email: matt@lesnickprince.com
cprince@lesnickprince.com
khusar@lesnickprince.com
lpatel@lesnickprince.com
About Elite Equipment Leasing LLC
Elite Equipment Leasing LLC is a Billings, Montana-based crane
rental group.
Elite Equipment Leasing LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mon. Case No. 25-10145) on Sept. 7,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million.
The Debtors are represented by James A. Patten, Esq. at Patten,
Peterman, Bekkedahl & Green, PLLC and Lesnick Prince Pappas &
Alverson LLP. Garrett Stiepel Ryder LLP is the Debtors' Special
Corporate and Transactional Counsel. Curt Kroll of
SierraConstellationPartners LLC is the Debtors' Financial Advisor.
Epiq Corporate Restructuring LLC is the Debtors' Claims Agent.
EMACX SYSTEMS: Seeks Chapter 7 Bankruptcy in New Jersey
-------------------------------------------------------
On December 8, 2025, EMACX Systems Inc. filed for Chapter 7
protection in the District of New Jersey. According to court
filings, the Debtor reports between $1 million and $10 million in
debt owed to 1-49 creditors.
About EMACX Systems Inc.
EMACX Systems Inc. is a systems and technology company that
provides software development and technical services. The company
is engaged in creating and supporting technology solutions designed
to enhance business operations.
EMACX Systems Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-22965) on December 8, 2025. In
its petition, the Debtor reports estimated assets of $0-$100,000
and estimated liabilities of $1 million-$10 million.
Honorable Bankruptcy Judge Vincent F. Papalia handles the case.
The Debtor is represented by Steven A. Soulios, Esq. of Ruta
Soulios & Stratis LLP.
ETEGRA INC: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------
Etegra, Inc. asks the U.S. Bankruptcy Court for the Southern
District of Florida, West Palm Beach Division, for authority to use
cash collateral and provide adequate protection.
ETEGRA commenced its bankruptcy case on December 4, 2024, and
operates as a Delaware corporation providing architecture,
engineering, and construction management services to public and
private clients, primarily through joint ventures. The Debtor's
back-office functions—including finance, accounting, IT, and
human resources—are provided by Smart Infrastructure Group, LC
under a services agreement. In connection with its reorganization,
ETEGRA surrendered its physical offices in Texas and Missouri and
transitioned to a remote workforce.
The Debtor identifies potential secured creditors with possible
liens on cash collateral, including the U.S. Small Business
Administration, CT Corporation System (as representative for an
unidentified creditor), and Enterprise Bank & Trust, based on
various UCC-1 filings, some of which the Debtor believes may have
been terminated or are of uncertain validity.
ETEGRA seeks authority to use any such cash collateral to fund
ordinary course operating expenses and administrative costs
necessary to continue operations and comply with U.S. Trustee
requirements.
As adequate protection, the Debtor proposes granting replacement
liens on an interim basis without conceding lien validity or
priority.
The Debtor emphasizes that use of cash collateral is essential to
preserve the Debtor as a going concern, avoid harm to the estate
and unsecured creditors, and enable an effective reorganization,
and therefore requests emergency consideration and interim relief
subject to a forthcoming budget and customary variance limits.
A copy of the motion is available at https://urlcurt.com/u?l=hGtxxM
from PacerMonitor.com.
About Etegra, Inc.
Etegra, Inc. is an architect-engineer firm that provides
architecture, engineering, and construction management services
primarily for the U.S. Department of Defense and other federal
agencies, with additional civil, mechanical, electrical, plumbing,
and fire protection engineering work for local public and private
clients. The firm's capabilities include program and construction
management, facility condition assessments, and specialized design
services for secured facilities such as Sensitive Compartmented
Information Facilities that must meet anti-terrorism and
force-protection requirements. Etegra operates as a full-service
8(a) DBE/MBE provider, delivering technical planning and design
services supported by licensed staff trained in energy-efficient
and mission-specific project needs.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24345) on December 4,
2025. In the petition signed by Achyut Kumar Allady, authorized
representative of the Debtor, the Debtor disclosed $436,230 in
assets and $6,765,257 in liabilities.
Judge Erik P. Kimball oversees the case.
Craig I. Kelley, Esq., at KELLY KAPLAN & ELLER, PLLC, represents
the Debtor as legal counsel.
FLEXLENDING LLC: Seeks Chapter 11 Bankruptcy in Delaware
--------------------------------------------------------
On December 22, 2025, FlexLending, LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the District of
Delaware. According to court filings, the Debtor reports between 1
and 49 creditors.
About FlexLending, LLC
FlexLending, LLC operates as a provider of specialized financing
solutions in the alternative lending market. The company offers
consumer and small-business credit products tailored to borrowers
seeking flexible capital options. Its services are marketed
directly and through strategic partnerships.
FlexLending, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-12256) on December 22, 2025. In
its petition, the Debtor reports estimated assets in the range of
$0 to $100,000 and estimated liabilities in the range of $0 to
$100,000.
Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
case.
The Debtor is represented by Robert J. Dehney, Esq., of Morris,
Nichols, Arsht & Tunnell.
GBI SERVICES: Hires Alvarez & Marsal as Financial Advisor
---------------------------------------------------------
GBI Services, LLC and affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Alvarez &
Marsal North America, LLC as financial advisor.
The firm's services include:
(a) assistance to the Debtors in the preparation of
financial-related disclosures required by the Court, including the
Debtors' Schedules of Assets and Liabilities, Statements of
Financial Affairs and Monthly Operating Reports;
(b) assistance to the Debtors with information and analyses
required pursuant to the Debtors' debtor-in-possession financing;
(c) assistance with the identification and implementation of
short-term cash management procedures;
(d) assistance with the identification of executory contracts
and leases and performance of cost/benefit evaluations with respect
to the affirmation or rejection of each;
(e) assistance to Debtors' management team and counsel focused
on the coordination of resources related to the ongoing chapter 11
efforts;
(f) assistance in the preparation of financial information for
distribution to creditors and others, including, but not limited
to, cash flow projections and budgets, cash receipts and
disbursement analysis, analysis of various asset and liability
accounts, and analysis of proposed transactions for which Court
approval is sought;
(g) attendance at meetings and assistance in discussions with
potential investors, banks, and other secured lenders, any official
committee(s) appointed in these chapter 11 cases, the United States
Trustee, other parties in interest and professionals hired by same,
as requested;
(h) analysis of creditor claims by type, entity, and individual
claim, including assistance with development of databases, as
necessary, to track such claims;
(i) assistance in the preparation of information and analysis
necessary for the confirmation of a plan in these chapter 11 cases,
including information contained in the disclosure statement; and
(j) provision of such other general business consulting or such
other assistance as Debtors' management or counsel may deem
necessary consistent with the role of a financial advisor to the
extent that it would not be duplicative of services provided by
other professionals in this proceeding.
The firm will be paid at these rates:
Managing Directors $1,100 to $1,575 per hour
Directors $850 to $1,100 per hour
Associates $625 to $825 per hour
Analysts $450 to $600 per hour
The firm received from the Debtors a retainer of $250,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Wu 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:
Richard Wu
Alvarez & Marsal North America, LLC
600 Brickell Avenue, Suite 2950
Miami, FL33131
Telephone: (305) 704-6700
Facsimile: (305) 704-6701
About GBI Services, LLC
GBI Services, LLC's affiliate Nicklaus Companies LLC, also known as
Golden Bear Financial Services, is a worldwide golf enterprise
established to uphold and expand the legacy of golf icon Jack
Nicklaus. Nicklaus operates across several areas of the industry,
including golf course design, branded products, licensing, and
overall brand management. Its goal is to provide high-quality golf
experiences and products that reflect the Nicklaus name's global
reputation for excellence, innovation, and integrity.
GBI Services and its affiliates including Nicklaus sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead
Case No. 25-12089) on November 21, 2025. In its petition, GBI
Services, the lead debtor, reported estimated assets between $10
million and $50 million and estimated liabilities between $500
million and $1 billion. The petitions were signed by Philip D.
Cotton as chief executive officer.
Honorable Bankruptcy Judge Craig T. Goldblatt handles the cases.
The Debtors are represented by the law firms of Richards, Layton &
Finger, P.A. and Weil Gotshal & Manges LLP. Alvarez & Marsal North
America, LLC serves as financial and restructuring advisor while
Cassel Salpeter & Co serves as investment banker. Epiq Corporate
Restructuring, LLC is the claims and noticing agent.
GBI SERVICES: Seeks to Hire Epiq as Administrative Advisor
----------------------------------------------------------
GBI Services, LLC and affiliates seek approval from the U.S.
Bankruptcy Court for the District of Delaware to employ Epiq
Corporate Restructuring, LLC as administrative advisor.
The firm will render these services:
(a) assist with, among other things, solicitation, balloting
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a Chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest;
(b) prepare an official ballot certification and, if
necessary, testify in support of such certification;
(c) process requests for documents from parties in interest;
(d) assist with the preparation of the Debtor's schedules of
assets and liabilities and statement of financial affairs and
gather data in connection therewith;
(e) provide a confidential data room, if requested;
(f) manage and coordinate any distributions pursuant to a
Chapter 11 plan;
(g) provide such other administrative services described in
the Engagement Agreement, but not included in the Section 156(c)
Application, as may be requested from time to time by the Debtor,
the Court or the Office of the Clerk of the Bankruptcy Court.
The firm's professionals will be paid at these hourly rates:
Executives No Charge
Executive Vice President, Solicitation $195
Solicitation Consultant $195
Project Managers/Consultants/Directors $175 - $195
Case Managers $85 - $185
IT/Programming $65 - $85
In addition, the firm will seek reimbursement for expenses
incurred.
The firm received a retainer of $25,000 from the Debtor.
Alex Warso, consulting director ar Epiq Restructuring, disclosed in
a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Alex Warso
Epiq Restructuring, LLC
777 3rd Ave., 12th Floor
New York, NY 10017
About GBI Services, LLC
GBI Services, LLC's affiliate Nicklaus Companies LLC, also known as
Golden Bear Financial Services, is a worldwide golf enterprise
established to uphold and expand the legacy of golf icon Jack
Nicklaus. Nicklaus operates across several areas of the industry,
including golf course design, branded products, licensing, and
overall brand management. Its goal is to provide high-quality golf
experiences and products that reflect the Nicklaus name's global
reputation for excellence, innovation, and integrity.
GBI Services and its affiliates including Nicklaus sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead
Case No. 25-12089) on November 21, 2025. In its petition, GBI
Services, the lead debtor, reported estimated assets between $10
million and $50 million and estimated liabilities between $500
million and $1 billion. The petitions were signed by Philip D.
Cotton as chief executive officer.
Honorable Bankruptcy Judge Craig T. Goldblatt handles the cases.
The Debtors are represented by the law firms of Richards, Layton &
Finger, P.A. and Weil Gotshal & Manges LLP. Alvarez & Marsal North
America, LLC serves as financial and restructuring advisor while
Cassel Salpeter & Co serves as investment banker. Epiq Corporate
Restructuring, LLC is the claims and noticing agent.
GRANGE PUBLIC: Hires Cook Appraisals as Third Party Appraiser
-------------------------------------------------------------
Grange Public House & Brewery, LLC and affiliate seek approval from
the U.S. Bankruptcy Court for the Southern District of Iowa to
employ Cook Appraisals as third party appraiser.
The firm will appraise the Debtor's real property located at 129
South Jefferson, Mount Pleasant, Iowa.
The firm will be paid $4,200 for the appraisal services.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Dennis Cronk
Cook Appraisals
1580 Mall Dr
Iowa City, IA 52240
Tel: (319) 351-2044
Email: dcronk@cook-appraisal.com
About Grange Public House & Brewery, LLC
The Grange Public House & Brewery, LLC filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Iowa
Case No. 25-01625) on September 22, 2025, with $100,001 to $500,000
in assets and $1,000,001 to $10 million in liabilities.
Judge Lee M. Jackwig presides over the case.
Robert C. Gainer, Esq. represents the Debtor as legal counsel.
GREEN TREE: Gets Interim OK to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Illinois,
Eastern Division, entered an interim order authorizing Green Tree,
LLC to use cash collateral.
The Debtor is authorized to use cash collateral through January 13,
2026, subject to the court-approved budget and an aggregate
variance of up to 10% per line item, unless otherwise agreed by the
lien claimants. The order expressly preserves all contractual and
legal rights of both the Debtor and the secured creditors.
The Order identifies several secured parties with asserted liens,
including the U.S. Small Business Administration, The Huntington
National Bank, Square Financial Services, Inc., and any other
unknown lien claimants (collectively, the "Lien Claimants").
As adequate protection for the Debtor's use of cash collateral and
other collateral, the Court grants these Lien Claimants
post-petition replacement liens. These replacement liens attach to
the Debtor's post-petition cash collateral and other property of
the same or substantially equivalent type as the pre-petition
collateral, and they retain the same relative priority held before
bankruptcy.
A further hearing is scheduled for January 12, 2026.
About Green Tree, LLC
Green Tree, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19313) with
$1,000,001 to $10 million in both assets and laibilities.
Judge Hon. Michael B Slade oversees the case.
The Debtor is represented by:
Gregory K Stern
Gregory K. Stern, P.C.
Tel: 312-427-1558
Email: greg@gregstern.com
GRINNELL CENTER: Files Emergency Bid to Use Cash Collateral
-----------------------------------------------------------
Grinnell Center, LLC asks the U.S. Bankruptcy Court for the
Southern District of Iowa for authority to use cash collateral and
provide adequate protection.
The cash collateral is subject to liens held by its secured lender,
MMG Investments V, LLC.
The Debtor explains that essentially all cash generated from
operations, accounts receivable, and other proceeds constitutes
MMG's cash collateral, and without prompt court approval, the
business would be unable to meet payroll, pay vendors, or maintain
essential services.
To protect MMG against any diminution in collateral value, the
debtor proposes comprehensive adequate-protection measures,
including automatically perfected postpetition replacement liens on
all assets and proceeds, and a superpriority administrative claim
that primes all other administrative expenses except for a defined
carve-out covering U.S. Trustee fees, debtor and committee
professional fees, and committee expenses.
A copy of the motion is available at https://urlcurt.com/u?l=CepGGz
from PacerMonitor.com.
About Grinnell Center, LLC
Grinnell Center, LLC operates Hotel Grinnell, a boutique hotel
housed in a former junior high school building, providing lodging
accommodations, on-site dining, and meeting and event spaces.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-02165) on December
16, 2025. In the petition signed by Angela Harrington, manager,
the Debtor disclosed up $6,080,519 in assets and $8,228,060 in
liabilities.
Judge Lee M. Jackwig oversees the case.
Robert Gainer, Esq., at CUTLER LAW FIRM PC, represents the Debtor
as legal counsel.
HEART 2 HEART: Hires Meridian Management Partners LLC as CRO
------------------------------------------------------------
Heart 2 Heart Volunteers Inc. d/b/a Serenity Hills Life Center
seeks approval from the U.S. Bankruptcy Court for the Northern
District of West Virginia to employ Meridian Management Partners,
LLC as chief restructuring officer.
The firm will provide these services:
a. provide financial oversight and stabilization;
b. serve as the primary liaison for lenders, creditors, and
stakeholders to ensure trust and transparency;
c. provide crisis management leadership to stabilize the Debtor
and to drive organizational changes necessary to achieve
restructuring objectives;
d. possess the authority to manage and execute (a) leases,
contracts, settlements, third party professionals, sale of the
assets, purchase of property or financing/refinancing of debt, and
(b) negotiate with parties in interest, other constituents and
interested parties to develop and effectuate the approved plan(s),
and in executing such approved plan(s); and (c) hire new employees
and/or terminate employees in consultation with the Board of
Directors;
e. engage attorneys, accountants, managers, appraisers and other
consultants and third-party professionals on behalf of the Debtor
to maximize value of the estate;
f. cause the Debtor to take any other action which the CRO, in
good faith, determines to be necessary, prudent, or appropriate
under the circumstances; and
g. provide additional services will be provided to the Debtor on
an as needed basis.
The firm will be paid at $450 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
William Frederick, a partner at Meridian Management Partners, LLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
William Frederick
Meridian Management Partners, LLC
39 Newgate Road
Pittsburgh, PA 15202
About Heart 2 Heart Volunteers Inc.
d/b/a Serenity Hills Life Center
Heart 2 Heart Volunteers Inc., doing business as Serenity Hills
Life Center, operates three addiction recovery centers and
treatment facilities.
Heart 2 Heart Volunteers sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00087) on February
27, 2025. In its petition, the Debtor reported between $1 million
and $10 million in both assets and liabilities.
Judge David L. Bissett oversees the case.
The Debtor is represented by Kirk B. Burkley, Esq., at
Bernstein-Burkley, P.C.
Deborah L. Fish is the patient care ombudsman appointed in the
Debtor's Chapter 11 case.
HIGHLANDER HOTEL: Files Emergency Bid to Use Cash Collateral
------------------------------------------------------------
Highlander Hotel, LLC asks the U.S. Bankruptcy Court for the
Southern District of Iowa for authority to use cash collateral and
provide adequate protection to its secured lender, MMG Investments
V, LLC.
The Debtor asserts that MMG holds valid, perfected liens on
substantially all assets, including real estate, equipment, and
operating proceeds, which constitute cash collateral under the
Bankruptcy Code. Because continued hotel operations depend on
immediate access to operating cash, the Debtor requests interim and
final authorization to use cash collateral to pay ordinary and
necessary post-petition expenses in accordance with an eight-week
budget.
As adequate protection, the Debtor proposes granting MMG
first-priority post-petition replacement liens, a superpriority
administrative claim subject to a carve-out for professional fees
and U.S. Trustee fees, detailed financial reporting, insurance
maintenance, inspection rights, and cure periods for defaults.
The Debtor also seeks limited stay modification, waiver of any
applicable stays, and scheduling of a final hearing, emphasizing
that approval is essential to preserve going-concern value and
stabilize operations during reorganization.
A copy of the motion is available at https://urlcurt.com/u?l=xf3SaZ
from PacerMonitor.com.
About Highlander Hotel, LLC
Highlander Hotel, LLC operates a full-service hotel property in
Iowa City, Iowa, known as The Highlander Hotel, under a franchise
agreement with Choice Hotels, providing lodging accommodations and
on-site amenities including guest rooms, suites, food and beverage
facilities, and recreational spaces.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-02166) on December
16, 2025. In the petition signed by Angela Harrington, manager, the
Debtor disclosed $10,514,175 in assets and $13,109,428 in
liabilities.
Judge Lee M. Jackwig oversees the case.
Robert Gainer, Esq., at CUTLER LAW FIRM PC, represents the Debtor
as legal counsel.
HILLSIDE APARTMENTS: Seeks to Use $200,000 of Cash Collateral
-------------------------------------------------------------
Hillside Apartments LLC asks the U.S. Bankruptcy Court for the
Eastern District of California for authority to use cash collateral
and provide adequate protection.
The Debtor owns and operates a 120-unit apartment complex that
generates essential rental income, collecting more than $161,626.91
in November 2025 alone. Portions of this income constitute cash
collateral subject to the secured lien of Fannie Mae.
The Debtor seeks authority to use up to $200,000 of cash collateral
to pay critical expenses such as water, gas, electricity, sewer,
waste removal, property management, maintenance, landscaping, and
the outstanding November 2025 mortgage payment of approximately
$97,000, which includes escrowed taxes, insurance, and reserves.
Although the October payment was made, the Debtor cannot currently
remit the November payment because it is unable to open a
debtor-in-possession bank account due to inactive status with the
California Franchise Tax Board. As a result, the Debtor requests
approval of alternative, fully traceable mechanisms for handling
estate funds until the issue is resolved.
The Debtor emphasizes that failure to authorize use of cash
collateral would cause immediate and irreparable harm through
service disruptions, property deterioration, regulatory
noncompliance, and default risk.
As adequate protection, the Debtor proposes replacement liens,
continued monthly payments to the lender, maintenance of insurance,
and detailed monthly reporting. The Debtor has also listed the
property for sale at $20 million with Colliers International and
intends to file a viable reorganization plan within 30 days, making
interim cash collateral relief critical to preserving estate value
and facilitating reorganization.
A hearing on the matter is set for January 14, 2025 at 10 a.m.
A copy of the motion is available at https://urlcurt.com/u?l=qaek1z
from PacerMonitor.com.
About Hillside Apartments LLC
Hillside Apartments LLC is a single-asset real estate entity, as
defined under 11 U.S.C. Section 101(51B), and its primary property
is an apartment asset located at 6267 Martin Luther King Jr. Blvd
in Sacramento, California.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26602) on November
24, 2025. In the petition signed by Asad Khan, manager, the Debtor
disclosed up to $50 million in both assets and liabilities.
Judge Christopher M. Klein oversees the case.
Jonathan Madison, Esq., at THE MADISON FIRM, represents the Debtor
as legal counsel.
HIREX INC: Hires FlatterySalomon LLC as Accountant
--------------------------------------------------
Hirex Inc. seeks approval from the U.S. Bankruptcy Court for the
Southern District of New York to employ FlatterySalomon LLC as
accountant.
The firm will render these services:
(a) review and advise the Debtor and its other professionals
as to any tax claims filed in the Debtor's case;
(b) assist the Debtor in drafting projections in support of
the Debtor's Plan of Reorganization; and
(c) perform any other accounting or financial advisory
services that the Debtor may require in connection with this case.
The firm will be paid at these rates:
Partners $350 per hour
Senior Staff $150 per hour
Clerical Staff $45 per hour
FlatterySalomon will also seek reimbursement for all out-of-pocket
disbursements.
As disclosed in the court filings, FlatterySalomon is a
"disinterested party" within the meaning of Secs. 101(14) and 327
of the Bankruptcy Code.
The firm can be reached through:
Mohammed J. Ammar
FlatterySalomon LLC
600 3rd Ave
New York, NY 10016
About Hirex Inc.
Hirex Inc. offers solutions for staffing, recruitment, and HR
services.
Hirex, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 25-10243) on February 7, 2025. In
its petition, the Debtor reports total assets of $139,774 and total
liabilities of $1,108,709.
The Debtor tapped Douglas Pick, Esq., at Pick & Zabicki LLP as
counsel and Frances M. Caruso as bookkeeper.
HORIZON WEST: Seeks Cash Collateral Access
------------------------------------------
Horizon West Medical Group, PLLC asks the U.S. Bankruptcy Court for
the Middle District of Florida, Orlando Division, for authority to
use cash collateral and provide adequate protection.
Specifically, the Debtor seeks emergency authority to use cash
collateral to continue operations of its pediatric medical practice
affiliated with Privia Health.
The Debtor explains that it experienced severe cash-flow disruption
after relying on merchant cash advances, culminating in a UCC
restraint notice that impaired its ability to meet ordinary
expenses.
The Debtor asserts that essentially all cash on hand and future
accounts receivable—approximately $32,561 as of the petition
date—may constitute cash collateral subject to liens held
primarily by McKesson Corporation, owed about $62,000, with junior
liens asserted by DLP Funding, LLC (approximately $15,000) and Acme
Corp.
To avoid immediate and irreparable harm, the Debtor requests
retroactive authorization to use cash collateral in accordance with
a detailed three-month budget to fund payroll, rent, insurance,
supplies, taxes, and other ordinary-course expenses, while
excluding payment of prepetition debts absent court approval.
As adequate protection, the Debtor proposes granting secured
creditors replacement liens with the same validity, priority, and
extent as their prepetition liens.
A copy of the motion is available at https://urlcurt.com/u?l=dirxmx
from PacerMonitor.com.
About Horizon West Medical Group, PLLC
Horizon West Medical Group, PLLC is a Florida-based healthcare
provider specializing in outpatient medical services. The company
offers primary care, diagnostic services, and patient management
programs to support the health and wellness of its local
community.
Horizon West Medical Group, PLLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08105) on
December 14, 2025. In its petition, the debtor reports estimated
assets and estimated liabilities each in the range of $100,001 to
$1 million.
The case is assigned to Honorable Lori V. Vaughan.
The debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw
PLLC
I AM A TREASURE: Seeks Chapter 7 Bankruptcy in Texas
----------------------------------------------------
On December 22, 2025, I Am a Treasure Ministries filed for Chapter
7 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 liabilities owed to 1–49 creditors.
About I Am a Treasure Ministries
I Am a Treasure Ministries operates as a nonprofit religious
organization.
I Am a Treasure Ministries sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. Case No. 25-44975) on December 22,
2025. In its petition, the Debtor reports estimated assets of $0 to
$100,000 and estimated liabilities ranging from $100,001 to $1
million.
The case is assigned to Honorable Bankruptcy Judge Edward L.
Morris.
The Debtor is represented by Craig Douglas Davis, Esq., of Davis,
Ermis & Roberts, P.C.
JET IT LLC: Seeks Chapter 7 Bankruptcy in Delaware
--------------------------------------------------
On December 24, 2025, Jet It LLC filed for Chapter 7 protection in
the U.S. Bankruptcy Court for the District of Delaware. According
to court filings, the Debtor reports between 200 and 999
creditors.
About Jet It LLC
Jet It LLC operates as a private aviation provider specializing in
fractional aircraft ownership and jet card services. Its business
model focuses on cost efficiency through fleet standardization and
limiting pilots to specific aircraft types. The company has a
national footprint and has conducted international operations
through related affiliates.
Jet It LLC sought relief under Chapter 7 of the U.S. Bankruptcy
Code (Bankr. Case No. 25-12271) on December 24, 2025. In its
petition, the Debtor reports estimated assets between $1 million
and $10 million and estimated liabilities between $10 million and
$50 million.
The Debtor is represented by Howard A. Cohen, Esq., of Fox
Rothschild LLP.
KJSS GLOBAL: Seeks Subchapter V Bankruptcy in California
--------------------------------------------------------
On December 16, 2025, KJSS Global, Inc. filed for Chapter 11
protection in the Central District of California. According to
court filings, the Debtor reports $1,074,768 in debt owed to 1-49
creditors.
About KJSS Global, Inc.
KJSS Global, Inc., which operates a customer-facing website at
www.makerstep.com, is a privately held wholesale and e-commerce
company based in Santa Fe Springs, California, selling small
kitchenware and disposable household items such as coffee stirrers,
toothpicks, popsicle sticks, strainers, and colanders.
KJSS Global, Inc. sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. Case No. 25-21301) on December 16,
2025. In its petition, the Debtor reports total assets of $182,871
and total liabilities of $1,074,768.
The Debtor is represented by Andrew S. Cho, Esq. of the Law Offices
of Andrew S. Cho.
KLE EQUIPMENT: Seeks to Extend Plan Exclusivity to January 30, 2026
-------------------------------------------------------------------
KLE Equipment Leasing LLC and affiliates asked the U.S. Bankruptcy
Court for the Eastern District of Wisconsin to extend their
exclusivity periods to file a plan of reorganization and obtain
acceptance thereof to January 30, 2026 and March 31, 2026,
respectively.
The Debtors explain that they are a relatively large size that have
a complex financial structure. More time is needed to work through
the restructuring with creditors.
The Debtors claim that the companies are making good faith progress
towards reorganization by sending a draft plan to the largest
creditors in the case, whose comments and support will reduce
issues for confirmation.
The Debtors cite that their attorneys have sent to secured
creditors a draft of the plan of reorganization for creditor
comments and the draft plan. Respectfully, the Debtors believe the
extensions requested are reasonable.
Attorneys for the Debtors:
Jerome R. Kerkman, Esq.
Nicholas W. Kerkman, Esq.
Kerkman & Dunn
839 N. Jefferson St., Suite 400
Milwaukee, WI 53202-3722
Tel: (414) 277-8200
Fax: (414) 277-0100
Email: jkerkman@kerkmandunn.com
About KLE Equipment Leasing
KLE Equipment Leasing, LLC, is a Wisconsin-based equipment leasing
company headquartered in Neenah.
KLE Equipment Leasing sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-22922) on May 21,
2025. In its petition, the Debtor reported between $10 million and
$50 million in both assets and liabilities.
Judge G. Michael Halfenger handles the case.
The Debtor is represented by Nicholas Kerkman, Esq. and Jerome R.
Kerkman, Esq., at Kerkman & Dunn.
KNAPP & BRUNNER: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
Knapp & Brunner, LLC got the green light from the U.S. Bankruptcy
Court for the Eastern District of Michigan, Northern Division, to
use cash collateral.
The court issued an interim order authorizing the Debtor to use up
to $40,299 in cash collateral to fund operations.
Isabella Bank is the Debtor's primary secured creditor and holds
lien on substantially all assets of the Debtor, including cash
collateral.
The bank will be granted replacement liens on the Debtor's
post-petition assets in case of any diminution in value of its
pre-bankruptcy collateral. In addition, the bank is entitled to
monthly interest-only payments of $9,433.25.
The Debtor's authority to use cash collateral terminates upon
default, conversion or dismissal of its Chapter 11 case, or
cessation of operations.
A final hearing is set for January 14, 2026.
About Knapp & Brunner LLC
Knapp & Brunner, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-21666-dob) on
December 15, 2025. In the petition signed by Jeffery Knapp, owner,
the Debtor disclosed up to $50,000 in assets and up to $500,000 in
liabilities.
Judge Daniel S. Oppermanbaycity oversees the case.
George E. Jacobs, Esq., at Bankruptcy Law Offices, represents the
Debtor as legal counsel.
KOOMBEA INC: Seeks Chapter 11 Bankruptcy in Florida
---------------------------------------------------
On December 22, 2025, Koombea Inc. filed for Chapter 11 protection
in the Middle District of Florida. According to court filing, the
Debtor reports between $100,001 and $1,000,000 in assets owed to $1
million to $10 million in liabilities and 1-49 creditors.
About Koombea Inc.
Koombea Inc. is a technology company specializing in custom
software development, mobile applications, and digital solutions
for businesses worldwide.
Koombea Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Case No. 25-02556) on December 22, 2025. In its
petition, the Debtor reports estimated assets of
$100,001-$1,000,000 and estimated liabilities of $1MM-$10MM.
Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the
case.
The Debtor is represented by Michael R. Dal Lago, Esq.
LAGNIAPPE INVESTMENT: Seeks to Hire Keating Firm as Counsel
-----------------------------------------------------------
Lagniappe Investment Fund, LLC seeks approval from the U.S.
Bankruptcy Court for the Western District of Louisiana to employ
The Keating Firm as counsel.
The firm will give the Debtor's legal advice with respect to
Debtor's powers and duties as Debtor-In-Possession in the continued
operation of the Debtor's business and management of the Debtor's
property and to perform all legal services for the
Debtor-in-Possession which may be necessary.
The firm will be paid at the rates of $300 per hour for attorneys,
and $85 per hour for paralegals.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
David Patrick Keating, Esq., a partner at The Heating Firm,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
David Patrick Keating, Esq.
The Keating Firm
P.O. Box 3426
Lafayette, LA 70502
Tel: (337) 594-8200
Email: rick@dmsfirm.com
About Lagniappe Investment Fund, LLC
Lagniappe Investment Fund, LLC operates as a single-asset real
estate entity, as defined under 11 U.S.C. Section 101(51B).
Lagniappe Investment Fund, LLC in Breaux Bridge, LA, sought relief
under Chapter 11 of the Bankruptcy Code filed its voluntary
petition for Chapter 11 protection (Bankr. W.D. La. Case No.
25-51153) on Dec. 12, 2025, listing as much as $1 million to $10
million in both assets and liabilities. Stephen Bartley signed the
petition as authorized representative, signed the petition.
Judge John W Kolwe oversees the case.
THE KEATING FIRM, APLC serve as the Debtor's legal counsel.
LAKAY CONSTRUCTION: Hires Levitt & Slafkes PC as Counsel
--------------------------------------------------------
Lakay Construction, LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ Levitt & Slafkes,
P.C. to handle its Chapter 11 case.
The firm will be paid at these rates:
Bruce H. Levitt, Esq. $600 per hour
Other Attorneys $300 to $500 per hour
The firm will received a retainer fee of $20,000 from the Debtor,
plus $1,738 filing fee.
Bruce Levitt, Esq., an attorney at Levitt & Slafkes, disclosed in a
court filing that his firm is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Bruce H. Levitt, Esq.
Levitt & Slafkes, PC
515 Valley Street, Suite 140
Maplewood, NJ 07040
Telephone: (973) 313-1200
Email: blevitt@lsbankruptcylaw.com
About Lakay Construction, LLC
Lakay Constructions, LLC is a single-asset real estate entity whose
main holding is a residential property situated at 20 Taylor Lake
Court in Manalapan, New Jersey.
Lakay Constructions, LLC in Woodbridge, NJ, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. D.NJ. Case No. 25-22908) on Dec. 5,
2025, listing as much as $1 million to $10 million in both assets
and liabilities. Roobentz Jean as sole member, signed the
petition.
LEVITT & SLAFKES, P.C. serve as the Debtor's legal counsel.
LITTLE MIKE'S: Gets Interim OK to Use Cash Collateral Until Jan. 12
-------------------------------------------------------------------
The U.S. Bankruptcy Court for the Eastern District of Michigan,
Southern Division, granted Little Mike's Market Inc. approval to
use cash collateral through January 12, 2026.
The Debtor may use cash collateral solely to pay expenses set forth
in the approved budget.
The order imposes strict reporting and compliance requirements,
including weekly budget-to-actual reports and a 10% per-line-item
variance cap. Exceeding the budget without approval constitutes a
default that may lead to dismissal of the Chapter 11 case.
As adequate protection, First Internet Bank of Indiana, N.A. and
Naimin & Nolan, Inc. will be granted replacement liens on
post-petition assets of the same type and priority as their
pre-bankruptcy collateral.
In addition, pursuant to an assignment of rents, the Debtor must
pay $6,500 per month to First Internet Bank as additional adequate
protection, beginning upon entry of the order.
A final hearing is scheduled for January 12, 2026.
As of the petition date, Little Mike's Market's estimated assets
include cash and bank accounts of approximately $4,329, equipment
valued at $8,000, accounts receivable of $2,000, inventory valued
at $100,000, and a liquor license estimated at $50,000.
The Debtor identifies two entities expected to assert secured
claims: Naimin & Nolan, Inc., asserting an all-asset claim of
approximately $354,000 subject to potential offsets, and First
Internet Bank of Indiana, asserting a disputed secured claim of
$651,162. No unsecured creditors' committee has been appointed, and
Deborah Fish serves as the Subchapter V Trustee.
First Internet Bank of Indiana, as secured creditor, is represented
by:
Anthony J. Kochis, Esq.
WOLFSON BOLTON KOCHIS, PLLC
880 West Long Lake Road, Suite 420
Troy, MI 48098
Telephone: (248) 247-7105
Facsimile: (248) 247-7099
akochis@wolfsonbolton.com
About Little Mike's Market Inc.
Little Mike's Market, Inc. is a community-focused grocery store
that prides itself on delivering fresh, high-quality groceries,
including produce, meats, dairy, and household staples.
Little Mike's Market filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. Case No. 25-52371) on December 4,
2025. In its petition, the Debtor reported $100,001 to $500,000 in
assets and $500,001 to $1 million in liabilities.
Honorable Bankruptcy Judge Mark A. Randon handles the case.
The Debtor is represented by Robert N. Bassel, Esq., at Robert
Bassel, Attorney at Law.
LUMINAR TECHNOLOGIES: Gets Interim OK to Use Cash Collateral
------------------------------------------------------------
Luminar Technologies, Inc. and affiliates received interim approval
from the U.S. Bankruptcy Court for the Southern District of Texas,
Houston Division, to use cash collateral to fund operations.
The court issued an interim order authorizing the Debtors to use
cash collateral from December 15 until the termination date in
accordance with their budget.
The Debtors' authority to use cash collateral automatically
terminate on the earliest of (i) the effective date of any Chapter
11 plan for the Debtors that is confirmed by the court; and
(ii)five business days from the date on which written notice of the
occurrence of any termination event is given unless otherwise
ordered by the court.
As adequate protection, GLAS Trust Company LLC, as collateral
agent, will be granted additional and replacement security
interests in and liens on the pre-bankruptcy collateral and all of
the Debtors' current and post-petition real and personal property.
In addition, the collateral agent will be granted allowed
superpriority administrative expense claims in case of any
diminution in value of the collateral, junior only to the carveout.
The final hearing is set for January 14, 2026. The deadline for
filing objections is on January 7, 2026.
The interim order is available at:
http://bankrupt.com/misc/LuminarTechnologies_InterimDIPOrder.pdf
Substantially all of the Debtors' approximately $25 million in cash
on hand constitutes cash collateral subject to liens held by
prepetition first- and second-lien secured noteholders under senior
secured notes totaling roughly $352.3 million in funded debt.
Central to the Debtors' cases is the continuation of a pre-petition
sale strategy aimed at achieving a going-concern transaction for
LSICo and a comparable value-maximizing outcome for LiDARCo,
followed by confirmation of a Chapter 11 plan providing for an
orderly wind-down.
About Luminar Technologies, Inc.
Luminar Technologies, Inc. is an automotive lidar manufacturer.
Luminar Technologies and affiliates sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No.
25-90808) on December 15, 2025. In its petition, Luminar reported
estimated assets between $100 million and $500 million and
estimated liabilities between $500 million and $1 billion.
Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie
Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company
engaged Jefferies LLC, as investment banking advisers, and Portage
Point Partners, LLC's Triple P TRS, LLC as restructuring advisor
and to provide interim management services for the Company. Omni
Agent Solutions, Inc. serves as the claims and noticing agent.
Quantum Computing Inc., the proposed buyer for the Debtors' assets,
is represented by Wilson Sonsini Goodrich & Rosati Professional
Corporation.
Ropes & Gray, LLP, serves as legal advisors and Ducera Partners
LLC, acts as investment banker for the holders of Floating Rate
Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior
Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible
Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS
Trust Company LLC, serves as Trustee and Collateral Agent for both
the 1L and 2L Notes.
MARINE TRANSPORT: Plan Exclusivity Period Extended to Feb. 27, 2026
-------------------------------------------------------------------
Judge Jil Mazer-Marino of the U.S. Bankruptcy Court for the Eastern
District of New York extended Marine Transport Logistic Inc.'s
exclusive periods to file a plan of reorganization and obtain
acceptance thereof to February 27, 2026 and April 20, 2026,
respectively.
As shared by Troubled Company Reporter, the Debtor explains that
the second extension of the exclusivity period is necessary due to
the fact that the Debtor's time to file a plan and disclosure
statement is set to expire on December 19, 2025, but the Debtor
needs an additional time to resolve claims filed in its case, to
obtain Court approval of the reached terms and thereafter to file a
plan of reorganization and disclosure statement, offering treatment
to the main and other remaining Creditors of the estate.
Further, the bar date is expired on November 17, 2025, and the
Debtor is currently reviewing the claim register in order to file
an objection to claim. The governmental bar date is set to expire
on December 30, 2025.
The Debtor claims that it needs an additional time to negotiate the
resolution of the tax claim filed by the IRS. The Debtor may
request the Court to refer the parties to the mediation.
Marine Transport Logistic Inc. is represented by:
Alla Kachan, Esq.
Law Offices of Alla Kachan, P.C.
2799 Coney Island Avenue, Suite 202
Brooklyn, NY 11235
Telephone: (718) 513-3145
About Marine Transport Logistic
Marine Transport Logistic Inc., doing business as a vehicle and
freight shipping company, operates as a Non-Vessel Operating Common
Carrier (NVOCC), providing international transportation services
for cars, motorcycles, boats, heavy equipment, and general cargo.
The Company runs facilities in Staten Island, New York, and
Bayonne, New Jersey, and serves clients through major U.S. ports
and global destinations.
Marine Transport Logistic Inc. sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43215) on
July 3, 2025. In its petition, the Debtor reports total assets of
$11,228,169 and total liabilities of $476,401.
Bankruptcy Judge Nancy Hershey Lord handles the case.
The Debtors are represented by Alla Kachan, Esq. at LAW OFFICES OF
ALLA KACHAN, P.C.
MARK L. OBMAN DDS: Gets Extension to Access Cash Collateral
-----------------------------------------------------------
Mark L. Obman, DDS, P.A. received another extension from the U.S.
Bankruptcy Court for the Middle District of Florida, Tampa
Division, to use its secured creditors' cash collateral.
The court issued a third interim order authorizing the Debtor to
continue to use cash collateral to pay the expenses set forth in
the budget, plus an amount not to exceed 10% for each line item;
the amounts expressly authorized by the court, including payments
to the U.S. trustee for quarterly fees; and additional amounts
subject to approval by secured creditors.
The secured creditors include Truist Bank, NewLane Finance Company,
Navitas Credit Corp., Liberty Funding, and the U.S. Small Business
Administration.
As adequate protection, the court granted the secured creditor
replacement liens on post-petition cash collateral, with the same
validity, extent, and priority as their pre-bankruptcy liens,
without requiring further filings.
The Debtor must also maintain insurance coverage on all property
consistent with loan and security agreements.
The next hearing is scheduled for January 22, 2026.
A copy of the second interim order and the Debtor's budget is
available at https://shorturl.at/Li1SY from PacerMonitor.com.
About Mark L. Obman DDS
Mark L. Obman, DDS, P.A. 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.
MARTIN MIDSTREAM: Fitch Affirms 'B-' LongTerm IDR, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has affirmed Martin Midstream Partners, LP's (Martin)
and Martin Midstream Finance Corp.'s (FinCo) Long-Term Issuer
Default Rating (IDR) at 'B-', and second lien secured notes at 'B+'
with a Recovery Rating of 'RR2'. The Rating Outlook is Stable.
The ratings reflect Martin's primarily fee-based cash flow profile,
longstanding top-customer relationships, business-line diversity,
and low leverage. The ratings are constrained by the company's
modest size and tighter liquidity after weak 3Q25 performance,
which increased leverage and reduced interest coverage and, due to
covenants, restricted full revolver access.
The Stable Outlook reflects Fitch's expectations that earnings will
recover in 4Q25 but stabilize below prior expectations. Liquidity
is currently manageable given no near-term maturities, limited
working-capital needs, and no major growth projects. Martin is
expected to proactively refinance the second lien notes, which
would ease liquidity pressures and mitigate potential refinancing
risks.
KEY RATING DRIVERS
Weakness in Operating Performance: Martin's 3Q25 earnings were
pressured by weakness in transportation and specialty products
segments. Marine transportation utilization fell as Gulf Coast
refineries blended more light crude, and the grease business lost a
major customer that moved services in-house. Utilization of marine
vessels should improve in 4Q25 as refineries blend more heavy
crude. Fitch expects earnings to recover modestly but stabilize
below its prior forecast, reflecting volatility in heavy crude
blending due to geopolitical risks, including Venezuelan sanctions,
and challenges replacing lost volumes on the grease business.
Tighter Liquidity Position: Weaker operating performance resulted
in leverage increasing to about 4.6x and interest coverage falling
to around 1.9x for LTM 3Q25 (per Fitch's calculations). Fitch
expects these metrics to remain near these levels at YE 2025, then
improve to around 4.0x-4.5x leverage and 2.3x-2.5x interest
coverage in 2026-2028. Covenant headroom on the credit facility,
Martin's primary liquidity source, is limited, restricting full
revolver access. While leverage is strong for the rating, high
interest burden strains interest coverage and pressures liquidity.
Modest Yet Diversified Business: Martin's size is modest, with
EBITDA of around $100 million and operations concentrated in the
U.S. Gulf Coast. Smaller companies are less able to absorb industry
downturns, and recent operating weakness has reduced Martin's
earnings resilience. However, the Gulf Coast hosts leading
petrochemical facilities with strong utilization rates, partly
offsetting regional concentration risk. Martin's business-line
diversity is also a credit positive, given exposure to multiple
commodities and non-oil and gas customers. This reduces the chance
of simultaneous impact across businesses, providing some stability
to cashflows, mitigating size constraints.
Growth Initiative Advancing Slowly: Martin's Project ELSA, a joint
venture to provide Samsung C&T America, Inc.'s Texas semiconductor
facility with electronic level sulfuric acid (ELSA) is progressing
slowly due to Samsung's delays in bringing the plant fully online.
Martin receives monthly reservation fees but does not expect
substantial growth until 2027. The JV is exploring sales of ELSA to
other U.S. semiconductor manufacturers, where imports face tariff
risk. The JV will be the sole ELSA supplier to Samsung's new
facility. Once the plant is fully online, this arrangement offers
substantial upside for Martin that could grow if the JV secures
additional customers.
Stability of Cashflow Profile: Martin's cashflow is exposed to both
volumetric and commodity price risks, increasing volatility. While
it expects 70%-75% of EBITDA from fee-based contracts, only 10%-15%
include minimum volume commitments, leaving most of the cashflow
vulnerable to volume risk. Additionally, 25%-30% of EBITDA is
derived from margin-based businesses tied to commodity price
relationships, which are prone to thin profitability.
Relationship with Parent and Top Customers: Martin Resource
Management Corporation (MRMC), is Martin's parent company and
largest customer. Fitch evaluates MRMC's credit profile to be about
the same as Martin's. Therefore, Martin's ratings do not consider
linkage factors with MRMC. Martin also benefits from longstanding
relationships with other top customers, spanning multiple decades,
reducing risks associated with exposure to short-term contracts.
These customers are expected to drive over 60% of EBITDA, and many
are investment-grade rated. However, most customers are high-yield
or unrated private companies deemed to be high yield.
PEER ANALYSIS
Summit Midstream Corporation (Summit; B-/Positive) is a modestly
sized, gathering and processing (G&P) peer with regional
diversification, but greater exposure to mature, declining basins.
Martin is more geographically concentrated but operates in a
prolific region and has greater business-line diversity, though it
relies heavily on regional refinery utilization rates.
Martin's greater commodity price exposure drives higher cash flow
volatility. Near-term leverage is comparable, but Martin is
expected to have lower leverage over the medium term, partly
offsetting its smaller size and volatile cashflow profile leading
to the same rating. Summit's Positive Rating Outlook reflects the
expected improvements in its financial profile.
M6 ETX Holdings II MidCo LLC (B+/Stable) is a small-sized,
regionally concentrated G&P peer with less cash flow exposure to
commodity prices and a similar share of revenue-assurance type
ship-or-pay contracts. M6's leverage is also expected to be lower.
M6 operates in the Haynesville, which is well positioned to benefit
from the LNG demand pull. Martin's higher leverage, more volatile
cash flow profile, smaller size, and the lack of similar industry
tailwinds are the primary factors driving the two-notch difference
in its rating compared with M6.
FITCH'S KEY RATING-CASE ASSUMPTIONS
-- Proactive refinancing of the second lien notes consistent with
the prevailing forward treasury curve and spread on existing
notes;
-- Robust U.S. Gulf Coast refinery utilization rates, and heavy
crude blending activity, though volatile, remain at decent levels;
-- Modest volume recovery in specialty products segment;
-- Successful execution of growth projects and growth capital spend
consistent with management guidance;
-- Common dividends remain consistent with the current levels, and
no M&A, asset divestitures, business exits, or large growth
projects over the forecast period;
-- Fitch's oil and gas price deck;
-- Base interest rate for the credit facility reflects Fitch's
Global Economic Outlook.
RECOVERY ANALYSIS
For the Recovery Rating, Fitch estimates the company's going
concern value was greater than the liquidation value. The going
concern multiple used was a 6.0x EBITDA multiple, which is in the
range of most multiples seen in recent reorganizations in the
energy sector. There have been a limited number of bankruptcies
within the midstream sector.
Two recent gathering and processing bankruptcies of companies
indicate an EBITDA multiple between 5.0x and 7.0x, by Fitch's best
estimates. In Fitch's recent bankruptcy case study, U.S. Energy,
Power and Commodities Bankruptcies Enterprise Values and Creditor
Recoveries (published October 2025), the median enterprise
valuation exit multiple for the 51 energy cases with sufficient
data to estimate was 5.3x, with a wide range of multiples
observed.
Fitch assumed a going concern (GC) EBITDA of roughly $85 million,
which reflects Fitch's view of a sustainable, post-reorganization
EBITDA level, upon which it has based the company's valuation. As
per criteria, the going concern EBITDA reflects some residual
portion of the distress that caused the default. The GC EBITDA is
unchanged from last review.
Fitch calculated administrative claims to be 10%, and a fully drawn
credit facility, which are standard assumptions. The outcome is a
'B+' with a recovery rating of 'RR2' for the second lien secured
notes.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- Inability to refinance the upcoming maturities in a timely
manner;
-- Weakening of the liquidity profile;
-- EBITDA interest coverage below 2.0x on a sustained basis;
-- EBITDA leverage above 5.0x on a sustained basis.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- EBITDA interest coverage above 3.0x on a sustained basis;
-- EBITDA leverage below 3.5x on a sustained basis;
-- Material change to cash flow stability profile or a greater
proportion of EBITDA derived from long-term MVC-type
contracts.
LIQUIDITY AND DEBT STRUCTURE
The partnership had a total liquidity of roughly $11.4 million as
of Sept. 30, 2025. Martin had a modest amount of cash on the
balance sheet and about $11.4 million available to draw under its
first lien secured RCF (net of $600 thousand in outstanding letters
of credit). On Sept. 24, 2025, Martin amended its credit agreement
to extend its revolver maturity to Nov. 16, 2027, decrease the
commitment amount to $130 million, and adjust the covenants. Martin
had roughly $75 million available under its credit facility but
cannot draw on the full availability due to the covenants on the
credit agreement.
Martin's liquidity is expected to improve in 4Q25, however, will
remain constrained due to the covenants. Martin's only debt
maturity other than the revolver is the $400 million second lien
secured notes due February 2028, which the partnership is expected
to address proactively. Martin's working capital needs are limited
and in the absence of near-term debt maturity, its liquidity is
manageable.
The covenants on the credit facility were adjusted for Martin to
maintain a minimum interest coverage ratio of 1.75x, a maximum
first lien leverage ratio of 1.25x, and a maximum total leverage
ratio of 4.75x. As of Sept. 30, 2025, Martin was compliant with all
debt covenants and had an interest coverage ratio of 1.85x, first
lien leverage ratio of 0.55x, and total leverage ratio of 4.63x.
Fitch expects Martin to remain compliant with all the covenants in
the near-term.
ISSUER PROFILE
Martin is a publicly traded (NASDAQ: MMLP) master limited
partnership that owns and operates midstream assets primarily in
the U.S. Gulf Coast.
RATINGS ACTION
Rating Prior
------ -----
Martin Midstream Partners L.P
LT IDR B- Affirmed B-
Senior Secured 2nd Lien LT B+ Affirmed RR2 B+
Martin Midstream Finance
Corporation
LT IDR B- Affirmed B-
Senior Secured 2nd Lien LT B+ Affirmed RR2 B+
MID-COLORADO INVESTMENT: Hires Fidelis CPAs as Tax Accountant
-------------------------------------------------------------
Mid-Colorado Investment Company, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Colorado to employ Fidelis
CPAs as tax accountant.
The firm will provide accounting and tax work in this chapter 11
case, and specifically to finalize Debtor's 2024 tax return and
prepare future tax returns as appropriate.
The firm will be paid at these rates:
Kenneth Thrower $195 per hour
Other Fidelis CPA personnel $80 and $100 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Kenneth Thrower, a partner at Fidelis CPAs, 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:
Kenneth Thrower
Fidelis CPAS
280 E 1st Ave., Unit 850,
Broomfield, CO 80038
Tel: (303) 720-6017
About Mid-Colorado Investment Company, Inc.
Mid-Colorado Investment Company provides bulk water services to a
community in El Paso County and operates a small cattle ranch.
Mid-Colorado Investment Company filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No.
25-11742) on March 31, 2025, listing up to $10 million in assets
and up to $50,000 in liabilities. Charles A. Hagedorn, president
and treasurer, signed the petition.
Judge Joseph G. Rosania, Jr. oversees the case.
The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods,
PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC
as special counsel.
On Apr. 2, 2025, Joli Lofstedt was appointed as Chapter 11 trustee
in this Chapter 11 case. The trustee tapped Onsager Fletcher
Johnson Palmer LLC as counsel.
MODESTA PRINCETON: Seeks Chapter 7 Bankruptcy in New Jersey
-----------------------------------------------------------
On December 9, 2025, Modesta Princeton Corp. filed for Chapter 7
protection in the District of New Jersey. According to court
filings, the Debtor reports between $100,001 and $1,000,000 in debt
owed to 1-49 creditors.
About Modesta Princeton Corp.
Modesta Princeton Corp is a business and investment company engaged
in managing corporate assets and overseeing operational
initiatives. The company focuses on strategic planning, asset
management, and business development across its portfolio of
interests.
Modesta Princeton Corp sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-23017) on December 9, 2025. In
its petition, the Debtor reports estimated assets of $0-$100,000
and estimated liabilities of $100,001-$1,000,000.
Honorable Bankruptcy Judge Michael B. Kaplan handles the case.
The Debtor is represented by Michael S. Kopelman, Esq. of Kopelman
& Kopelman LLP.
MON PETIT MP: Seeks Chapter 7 Bankruptcy in New York
----------------------------------------------------
On December 19, 2025, Mon Petit MP, LLC filed for Chapter 7
protection in the U.S. Bankruptcy Court for the Eastern District of
New York. According to court filings, the Debtor reports between $1
million and $10 million in debt owed to between 1 and 49
creditors.
About Mon Petit MP, LLC
Mon Petit MP, LLC is engaged in the branding and retail sale of
consumer goods. The company offers specialty merchandise and
lifestyle products through curated retail platforms.
Mon Petit MP, LLC sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-46067) on December 19, 2025. In
its petition, the Debtor reports estimated assets ranging from $0
to $100,000 and estimated liabilities between $1 million and $10
million.
Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.
The Debtor is represented by Jeb Singer, Esq. of J. Singer Law
Group.
NATIONAL BUILDERS: Seeks 30-Day Extension of Plan Filing Deadline
-----------------------------------------------------------------
National Builders & Acceptance Corporation asked the U.S.
Bankruptcy Court for the Western District of Pennsylvania to extend
its exclusivity periods to file a plan of reorganization and obtain
acceptance thereof for additional thirty days.
This Bankruptcy Case was filed to, inter alia, address the claims
of Debtor's primary creditors, South Side Sin City, Inc. d/b/a
Garage Door Saloon, Randi Welshonse, and Mark Welshonse
(collectively, the "Sin City Creditors"), arising out of a judgment
entered in the Court of Common Pleas of Allegheny County,
Pennsylvania (Case No. GD21-007843).
The Debtor explains that it is currently engaged in substantive and
active negotiations with the Sin City Creditors to achieve a
resolution of the outstanding issues in this Bankruptcy Case. If an
agreement is reached, the Debtor envisions both a consensual sale
process related to its commercial building and a consensual plan
process.
The Debtor claims that the results of the ongoing negotiations, if
successful, will be incorporated into the Debtor's Plan and
Disclosure Statement.
The Debtor asserts that granting an extension of 30 days to the
exclusivity periods in this Bankruptcy Case will allow the company
to further pursue, finalize, and incorporate any negotiated
resolution with the Sin City Creditors into its Plan and Disclosure
Statement.
National Builders & Acceptance Corporation is represented by:
Ryan J. Cooney, Esq.
Paul R. Toigo, Esq.
COONEY LAW OFFICES, LLC
Benedum Trees Building
223 Fourth Avenue, 4th Floor
Pittsburgh, PA 15222
(412) 546-1234 (phone)
(412) 546-1235 (facsimile)
Email: rcooney@cooneylawyers.com
ptoigo@cooneylawyers.com
About National Builders & Acceptance
National Builders & Acceptance Corporation filed a petition under
Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Pa.
Case No. 25-22277) on August 28, 2025, with up to $10 million in
both assets and liabilities.
Judge John C. Melaragno presides over the case.
Ryan J. Cooney, at Cooney Law Offices LLC, is the Debtor's counsel.
NEO ZONE: Case Summary & Six Unsecured Creditors
------------------------------------------------
Debtor: Neo Zone, Inc.
21450 SW Frontage Road
Shorewood, IL 60404-4703
Business Description: Neo Zone, Inc., based in Shorewood,
Illinois, provides intermodal transportation
and logistics services, including container
drayage, yard operations, and related
freight handling, serving customers in the
United States. The Company operates a fleet
of intermodal chassis, trailers, and
material-handling equipment supporting port-
and terminal-based cargo movements.
Chapter 11 Petition Date: December 29, 2025
Court: United States Bankruptcy Court
Northern District of Illinois
Case No.: 25-19703
Debtor's Counsel: David Freydin, Esq.
LAW OFFICES OF DAVID FREYDIN
8707 Skokie Blvd
Suite 305
Skokie, IL 60077
Tel: 888-536-6607
Fax: 866-575-3765
E-mail: david.freydin@freydinlaw.com
Total Assets: $2,916,000
Total Liabilities: $3,262,509
The petition was signed by Jae Lee 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/4CSERWA/Neo_Zone_Inc__ilnbke-25-19703__0001.0.pdf?mcid=tGE4TAMA
OAKTREE OCALA: Plan Exclusivity Period Extended to January 12, 2026
-------------------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York extended Oaktree Ocala JV, LLC and ASAP
Highline Ocala, LLC's exclusive periods to file a plan of
reorganization and obtain acceptance thereof to January 12, 2026
and March 13, 2026, respectively.
As shared by Troubled Company Reporter, the Debtors explain that
they have reached an agreement in principle with CPIF MRA, LLC
("CPIF") as to the allowance and treatment of CPIF's claim. That
resolution resolves complicated issues with respect to CPIF's
claims and ASAP's counterclaims. While Debtors have circulated to
CPIF a draft plan and disclosure statement, the parties are still
addressing issues addressed in the plan, as well as in ancillary
documents that that will be incorporated into the plan.
The Debtors claim that they are also in discussions with other
parties in interest, including interest holders, as to the
treatment of such interests under the plan. As Debtors wish to file
and seek confirmation of a consensual plan, both Debtors and CPIF
have agreed to an extension of the Exclusivity Periods to avoid
filing a plan prematurely.
The Debtors assert that in the almost four months that they have
been in chapter 11, Debtors continue to comply with all the
requirements under the Bankruptcy Code, Bankruptcy Rules, and the
U.S. Trustee Guidelines. Schedules and Statement of Financial
Affairs were timely filed, and an order setting a claims bar date
was entered. Debtors continue to use cash collateral with CPIF's
consent, Debtors' bills are paid when due, and monthly operating
reports are timely filed.
Moreover, Debtors are not seeking to extend the Exclusivity Periods
to pressure creditors to submit to their demands. On the contrary,
Debtors are seeking the extension to address and resolve open
issues with parties consensually.
The Debtors' Counsel:
Kenneth M. Lewis, Esq.
Paul M. Nussbau, Esq.
WHITEFORD, TAYLOR & PRESTON L.L.P.
444 Madison Avenue, 4th Floor
New York, NY 10022
Tel: (914) 761-8400
E-mail: klewis@whitefordlaw.com
pnussbaum@whitefordlaw.com
About Oaktree Ocala JV LLC
Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS
code 5311. It is based in Suffern, N.Y., with apparent operations
in Ocala, Florida. It operates as a joint venture in the real
estate leasing sector.
Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 25-22701) on July 29, 2025. In its petition, the Debtor
reported between $10 million and $50 million in assets and
liabilities.
Judge Sean H. Lane oversees the case.
The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M.
Nussbau, Esq.
PEORIA CHARTER: Gets Interim OK to Use Cash Collateral
------------------------------------------------------
Peoria Charter Coach Company received interim approval from the
U.S. Bankruptcy Court for the Central District of Illinois to use
cash collateral to fund operations.
The court authorized the Debtor to use the cash collateral of
Dayspring Bank, including accounts receivables and deposit
accounts.
As protection, Dayspring will be granted a replacement lien on the
Debtor's post-petition personal property and its proceeds to the
same extent, nature, type, category,
and priority as the bank's pre-bankruptcy lien.
The replacement lien is subject to a $7,500 carveout to protect
payment of allowed
Subchapter V trustee compensation.
The final hearing is scheduled for January 8, 2026.
Peoria Charter Coach, an 80-year-old regional transportation
company serving the Midwest, attributes its financial distress to
debt incurred during the COVID-19 pandemic and seeks to reorganize
to restore long-term profitability.
The Debtor identifies Dayspring as holding a first-priority,
perfected security interest in substantially all cash collateral
under an SBA Main Street Lending Program loan, while multiple
equipment and lease lenders hold interests in the company’s motor
coaches and related equipment.
About Peoria Charter Coach Co.
Peoria Charter Coach Company is a Peoria, Illinois-based
transportation firm that provides intercity bus service and charter
transportation across Illinois and surrounding states. Founded in
1999, the privately held company operates scheduled routes
connecting major cities, universities, and airports.
Peoria Charter Coach Co. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No.
25-80900) on December 11, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.
Honorable Bankruptcy Judge Peter W. Henderson handles the case.
The Debtor is represented by Jeana K. Reinbold, Esq. of Sgro,
Hanrahan, Durr, Rabin & Reinbold, LLP.
RANCHO COLTON: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Rancho Colton, LLC
520 Newport Center Drive, Ste 480
Newport Beach, CA 92660
Business Description: CDRancho Colton, LLC is a single-asset real
estate company whose principal assets
consist of properties at 1010, 1090, 1080,
1060, and Parking Lot E, 1000 Washington
Ave., Colton, California.
Chapter 11 Petition Date: December 29, 2025
Court: United States Bankruptcy Court
Central District of California
Case No.: 25-13633
Judge: Hon. Mark D. Houle
Debtor's Counsel: William J. Wall, Esq.
WALL LAW OFFICE
26895 Aliso Creek Rd # B-110
Aliso Viejo CA 92656-5301
Tel: (949) 387-4300 x 105
E-mail: wwall@wall-law.com
Estimated Assets: $10 million to $50 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Deba Shyam as manager.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/MNSDP6A/Rancho_Colton_LLC__cacbke-25-13633__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. CBRE, Inc. Professional $49,040
P.O. Box 740935, Services
Location Code 2119
Los Angeles, CA 90074-0935
2. Vierergruppe Management Inc. Property $43,488
1932 East Deere Avenue Suite 150 Management
Santa Ana, CA 92705
3. Joses Nuevo Landscaping LLC Trade Debt $29,600
3857 Birch Street Suite 209
Newport Beach, CA 92660
4. Colton Publice Utilities Utility $12,945
P.O. Box 1367
Colton, CA 92324
5. 4 Seasons Air, Inc. Trade Debt $12,220
8585 Katella Avenue
Stanton, CA 90680
6. Pepe's Haul Away Services Trade Debt $9,825
1274 Orchid Dr.
San Bernardino, CA 92404
7. Smart Key Locksmith Trade Debt $6,350
25211 Sunnymead Blvd Ste C-4
Moreno Valley, CA 92553-4100
8. City of Colton Utility $6,000
PO Box 10479
Newport Beach, CA 92660
9. CR Glass Inc Trade Debt $4,110
311 E Avenue L
Calimesa, CA 92320
10. Incorporated, CR&R Trade Debt $4,079
PO Box 7096
Pasadena, CA 91109-9952
11. Ontario Refrigeration Trade Debt $3,531
Services, Inc.
635 South Mountain Avenue
Ontario, CA 91762
12. City of Colton- Police Services $3,500
Police Department
659 N. La Cadena Dr.
Colton, CA 92324
13. US Coast Guard Refund $2,523
1430A Kristina Way
Chesapeake, VA 23326
14. Arrowhead Group, Inc Trade Debt $1,492
dba Basic Backflow
3424 Del Rosa Ave
San Bernardino, CA 92404
15. Pestgon, Inc. Trade Debt $1,422
3612 Ocean Ranch Rd
Oceanside, CA 92056
16. Sain Builders Trade Debt $1,400
147 Hart Bench Rd
Darby, MT 59829
17. Alz Electrical and Trade Debt $759
Lighting Service
23905 Clinton Keith Rd 114-395
Wildomar, CA 92595
18. Golden Power Electric Trade Debt $596
11801 Pierce St, Suite 200
Riverside, CA 92505
19. Trend Systems Group Trade Debt $390
2126 S. Standard Avenue
Santa Ana, CA 92707
20. So Cal Locksmith Trade Debt $371
1646 E. Washington Street
Colton, CA 92324
RELIANT PLUMBING: Seeks Chapter 11 Bankruptcy in Texas
------------------------------------------------------
On December 19, 2025, Reliant Plumbing & Drain Cleaning LLC filed
for Chapter 11 protection in the U.S. Bankruptcy Court for the
Western District of Texas. According to court filings, the Debtor
reports between $100,001 and $1 million in liabilities owed to
1–49 creditors.
About Reliant Plumbing & Drain Cleaning LLC
Reliant Plumbing & Drain Cleaning LLC provides plumbing and drain
cleaning services, serving residential and commercial customers.
Reliant Plumbing & Drain Cleaning LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12000) on
December 19, 2025. In its petition, the Debtor reports estimated
assets in the range of $1 million to $10 million and estimated
liabilities between $100,001 and $1 million.
The case is assigned to Honorable Bankruptcy Judge Christopher G.
Bradley.
The Debtor is represented by The Lane Law Firm PLLC.
RK PARISI: Hires Baker CFO Advisory LLC as Accountant
-----------------------------------------------------
RK Parisi Enterprises, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of New Hampshire to employ Baker CFO
Advisory, LLC as accountant.
The firm's services include:
a. advising the Debtor with respect to its powers and duties of
the CPA and the continued management and operation of its
businesses and properties;
b. assisting the Debtor's Counsel, in formulating a plan or
plans of reorganization, and all related documents;
c. reviewing and advising the Debtor regarding post-confirmation
operations and consummation of a plan or plans of reorganization;
d. appearing before this Court, any appellate courts, and
administrative hearings conducted by the Office of the United
States Trustee and protecting the financial interests of the Debtor
and the estate before such courts and the UST; and
e. performing all other accounting services for and providing
all other advice to the Debtor that may be necessary and proper in
these proceedings, including, without limitation, services or
financial advice relating to applicable state and federal laws and
securities, labor, commercial and real estate laws.
The firm will be paid at these rates:
W. Karl Baker $260 per hour
Accounting Staff $125 per hour
Other Senior Manager $180 to $200 per hour
Member and Director Level $260 per hour
The firm will be paid a retainer in the amount of $2,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Baker 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:
W. Karl Baker
Baker CFO Advisory, LLC
2131 West Republic Road 218
Springfield, MO 65807
About RK Parisi Enterprises, Inc.
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 homeowners, builders, and interior designers homeowners,
builders, and interior designers seeking products for residential
renovations.
RK Parisi Enterprises sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10842) on December
1, 2025, with $1 million to $10 million in assets and liabilities.
Robert M. Parisi, Jr., president and owner of RK Parisi
Enterprises, signed the petition.
Judge Kimberly Bacher presides over the case.
William J. Amann, Esq., at Amann Burnett, PLLC represents the
Debtor as legal counsel.
ROCK REGIONAL: Hires Morris Laing Evans as Co-Counsel
-----------------------------------------------------
Rock Regional Hospital, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Kansas to employ Morris, Laing, Evans,
Brock & Kennedy, Chartered as co-counsel.
The firm will provide legal services in connection with litigation,
contract review, employment matters, and other general business
matters.
The firm will be paid at the hourly rate of $445 per for Karl R.
Swartz, $375 per hour for Ryan M. Peck, and $150 per hour for
paralegals.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Swartz 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:
Karl R. Swartz, Esq.
MORRIS, LAING, EVANS, BROCK & KENNEDY, CHARTERED
300 N. Mead Suite 200
Wichita, KS 67202-2745
Tel: (316) 262-2671
About Rock Regional Hospital, LLC
Rock Regional Hospital, LLC operates an acute-care medical facility
in Derby, Kansas, providing emergency services, inpatient and
outpatient care, surgical procedures, diagnostic imaging, and
laboratory services. The hospital's campus includes operating
suites, heart catheterization labs, intensive-care units and
private patient rooms supporting a broad range of clinical
specialties. It serves communities in south-central Kansas through
its healthcare delivery operations.
Rock Regional Hospital LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-11362) on December
7, 2025. In its petition, the Debtor reports estimated assets
between $10 million and $50 million and estimated liabilities
between $50 million and 100 million.
Honorable Bankruptcy Judge Mitchell L. Herren handles the case.
The Debtor is represented by David Thomas Prelle Eron, Esq. of
PRELLE ERON & BAILEY, P.A.
RYMAN HOSPITALITY: Fitch Hikes LongTerm IDR to BB, Outlook Stable
-----------------------------------------------------------------
Fitch Ratings has upgraded the Long-Term Issuer Default Ratings
(IDRs) of Ryman Hospitality Properties, Inc. (RHP) and RHP Hotel
Properties, LP to 'BB' from 'BB-'. Fitch has also upgraded the
senior secured credit facility to 'BBB-' from 'BB+' with a Recovery
Rating of 'RR1' and the senior unsecured notes to 'BB'/'RR4' from
'BB-'/'RR4'. The Rating Outlook is Stable.
The upgrade reflects Fitch's high confidence that RHP's REIT
leverage will return and remain below 4.5x, consistent with a 'BB'
rating and reflecting the continued strong performance of its
operations.
KEY RATING DRIVERS
Enhanced Leverage Profile: Fitch expects RHP's REIT leverage to
increase to 4.7x in 2025, assuming a half-year contribution from
J.W. Desert Ridge (JWDR), then decline to 4.3x in 2026 as EBITDA
grows. REIT leverage was 4.0x in 2024, the low end of RHP's
4.0x-4.5x policy range. On a full-year JWDR basis, leverage is
about 4.3x, which remains above Fitch's 'BB-' positive sensitivity
threshold of 4.0x for the 'BB' IDR.
Fitch continues to expect RHP to manage leverage within its
4.0x-4.5x target with leverage rising above its negative
sensitivities periodically for an accretive opportunity. Fitch
views the partial equity financing of the JWDR acquisition
positively and as evidence of adherence to their financial policy.
Fitch's rating approach considers both the REIT and lodging
components given the company's business model.
Group Focus a Differentiator: Fitch views RHP's forward booking
window positively relative to other lodging companies as it
provides visibility into future cash flows. The average booking
window of 2.9 years differentiates it from hotel REIT peers. As of
Dec. 31, 2024, approximately 74% of RHP's room nights were derived
from the group business, which insulates the company from the more
volatile and less-predictable leisure trends. This acts as a buffer
during a downturn, particularly with cancellation and attrition
fees. While this mitigates risk, it does not eliminate it, as the
hotel industry is highly cyclical.
Expanding Unencumbered Asset Pool: Since 2019, RHP has accessed the
unsecured market six times, highlighting the underlying balance
sheet changes and through-the-cycle access at competitive rates on
an unsecured basis. The transition to an unsecured financial
structure is in line with hotel REIT peers and indicates RHP's
strengthened capital access. The unencumbered pool consists of five
of their largest seven properties except the Gaylord Opryland and
Gaylord Texan, both with equity pledges. These two properties
represent the largest share of RHP's operations. Further action to
unencumber them would significantly increase the unencumbered asset
pool.
Well-Positioned Quality Portfolio: RHP owns a high-quality,
concentrated portfolio consisting primarily of seven specialized
hotels competitively positioned within the large group destination
resort market. Five of its seven largest hotels rank among the six
largest non-gaming U.S. hotels by exhibit and meeting space square
footage. The low existing and incoming supply of large group hotels
allows RHP to capture growing group demand. RHP has announced
various renovation projects to be completed over the next couple of
years, which will further enhance its property offerings.
Acquisition a Strategic Fit: The recently acquired JWDR fits RHP's
property portfolio due to its group focus, premium amenities,
attractive market, and its Marriott relationship. JWDR has 243,000
sf of meeting space at 256 sf of meeting space per room, in line
with RHP's consolidated figure. Phoenix is a top group destination
and adds to RHP's suite of offerings to its recurring group
customers. The property is classified in the luxury/upper upscale
chain scale and its 950 rooms attract high ADRs. RHP's extensive
relationship with Marriott and prior experience integrating a JW
Marriott branded property (JW Marriott Hill Country, acquired in
2023) should limit execution risk.
Cyclical Cash Flow Profile: The cyclical nature of the hotel
industry is a primary credit issue. Hotels reprice inventory daily
and, therefore, have the shortest lease terms and less stable cash
flows within commercial real estate; economic cycles and exogenous
events have historically caused material declines in revenue and
profitability. For RHP, a 2.9-year forward booking window and
related cancellation/attrition fees provide buffer and visibility,
but concentration in group/convention demand still exposes the
company to duration risk and industry cyclicality.
PEER ANALYSIS
Ryman's closest rated peers are Host Hotels & Resorts, L.P.
(BBB/Stable), a larger, gateway‑market lodging REIT, and TRQ
Sales LLC (BB-/Stable), a smaller, leisure‑focused operator.
Ryman operates a more concentrated portfolio by geography,
price/amenities, brand and property manager than most hotel REITs,
targeting group and convention demand with longer booking windows.
Longer booking windows and attrition/rebooking provisions enhance
cash flow visibility and buffer cyclicality, which Fitch views as a
credit positive. TRQ's all‑inclusive, upscale leisure model
supports higher margins and more predictable economics than
traditional transient hotels.
TRQ's tighter 'BB-' leverage band reflects smaller scale and higher
market concentration, notably across the Yucatán Peninsula and the
Dominican Republic. Ryman's top three assets contribute a higher
share of EBITDA, indicating greater asset‑level concentration at
Ryman.
Host's portfolio spans Hyatt, Hilton, Marriott, Four Seasons, and
Accor. Ryman is exclusively Marriott, while TRQ is primarily Hyatt.
This brand concentration has supported recurring group business,
traffic, and procurement efficiencies.
Host is larger, concentrated in gateway markets, and approximately
99% unencumbered, providing strong capacity to raise secured debt
quickly. Ryman's recent issuances have meaningfully increased
unencumbered assets, progressing toward investment‑grade REIT
balance sheet characteristics, a credit positive in Fitch's view.
Since 2019, Ryman has issued six unsecured bonds and refinanced its
facility secured by two equity pledges, demonstrating consistent
market access via equity, unsecured and secured debt, and joint
ventures.
FITCH'S KEY RATING-CASE ASSUMPTIONS
-- Overall revenue growth of 8.8%, 10.4%, 4.2%, and 3.7% in
2025-2028 (inclusive of JWDR);
-- RevPAR growth of 3.5%-5% through the forecast period with
2024-2028 CAGR of 3.8%, driven by steady ADR growth and continued
occupancy improvements toward pre-pandemic levels;
-- Relatively muted RevPAR growth in 2025 at 1.4%, primarily due to
construction disruption;
-- Occupancy improves steadily to 73.0% by 2028;
-- Non-room revenue CAGR of 3.8% in 2025-2028, in line with room
revenue;
-- Opry Entertainment Group (OEG) business sees mid-single-digit
growth throughout the forecast period, with 2025-2028 CAGR of 11.2%
(5% 2026-2028);
-- Base interest rates applicable to the company's outstanding
variable rate debt obligations reflects current SOFR rates;
-- REIT leverage increases from 4.0x in 2024 to 4.7x in 2025 but
declines to 4.3x in 2026 and 3.6x by 2028.
RECOVERY ANALYSIS
Fitch applies the generic approach for issuers in the 'BB' rating
category and equalizes the IDR and unsecured debt instrument
ratings when average recovery prospects are present, per its
"Corporates Recovery Ratings and Instrument Ratings Criteria," as
issuers rated 'BB-' and above are too far from default for a
credible default scenario analysis to be generated, and would
likely generate recovery ratings that are too high across all
instruments.
Where a recovery rating is assigned, the generic approach reflects
the relative instrument rankings and their recoveries, as well as
the higher enterprise valuation of 'BB' ratings in a generic sense
for the most senior instruments.
Fitch classifies RHP's revolving credit facility and its senior
secured term loan as Category 1. Considering the IDR of 'BB', the
Category 1 first lien senior secured debt is notched two levels to
'BBB-'/'RR1' and the unsecured notes are notched zero levels to
'BB'/'RR4'.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- Fitch's expectation for REIT leverage to sustain above 4.5x;
-- A spinoff of OEG that results in higher leverage;
-- Prolonged capital investment, with minimal return and elevated
leverage.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- Unencumbered remaining assets, including equity pledges on
subsidiaries;
-- Continued strength in booking window amid heightened economic
uncertainty, leading to increased confidence in issuer's REIT
leverage remaining below 4.0x;
-- Sustained positive free cash flows.
LIQUIDITY AND DEBT STRUCTURE
As of Sept. 30, 2025, RHP had $483 million in unrestricted cash and
an aggregate amount of $780 million available on its company and
OEG's revolving credit facilities. RHP's ability to demonstrate
consistent access to capital markets at sustainable rates from
multitude of sources supports its solid balance sheet position.
Fitch views RHP's continued shift toward unsecured financing
positively, as it enhances the company's unencumbered asset pool
and demonstrates through-the-cycle market access at competitive
rates. The current pool includes five of RHP's seven largest
hotels, excluding Gaylord Opryland and Gaylord Texan, which remain
subject to equity pledges and are the two largest contributors to
EBITDA. Any future actions to unencumber these assets would
materially expand the unencumbered pool and further strengthen
RHP's unsecured credit profile.
ISSUER PROFILE
RHP is a lodging and hospitality REIT specializing in upscale
convention center resorts and country music entertainment. It owns
six non-gaming convention center hotels (excluding JWDR), all
managed by Marriott International, with five under the Gaylord
Hotels brand.
RATING ACTIONS
Rating Prior
------ -----
Ryman Hospitality Properties, Inc.
LT IDR BB Upgrade BB-
RHP Hotel Properties, L.P.
LT IDR BB Upgrade BB-
senior unsecured LT BB Upgrade RR4 BB-
senior secured LT BBB- Upgrade RR1 BB+
SANCHO LOCO: Seeks Chapter 11 Bankruptcy in California
------------------------------------------------------
On December 22, 2025, Sancho Loco Inc. filed for Chapter 11
protection in the Central District of California. According to
court filings, the Debtor reports between $100,001 and $1,000,000
in debt owed to 1-49 creditors.
About Sancho Loco Inc.
Sancho Loco Inc. is a hospitality company focused on restaurant
operations and food service offerings. The company delivers a
casual dining concept designed to attract a broad customer base.
Sancho Loco Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-11740) on December 22, 2025. In
its petition, the Debtor reports estimated assets of $0-$100,000
and estimated liabilities of $100,001-$1,000,000.
Honorable Bankruptcy Judge Ronald A. Clifford III handles the
case.
The Debtor is represented by Roksana D. Moradi-Brovia, Esq. of RHM
Law LLP.
SCHAFER FISHERIES: Court Extends Cash Collateral Access to Jan. 31
------------------------------------------------------------------
Schafer Fisheries, Inc. received another extension from the U.S.
Bankruptcy Court for the Northern District of Illinois, Western
Division, to use the cash collateral of Newtek Small Business
Finance, LLC.
The court's order authorized the Debtor's interim use of cash
collateral through January 31, 2026, to pay the expenses listed in
its latest budget under previously established terms.
As of the petition date, Newtek held a blanket lien on
substantially all of the Debtor's assets, including accounts
receivable constituting cash collateral.
A status hearing is set for January 28, 2026.
About Schafer Fisheries
Schafer Fisheries Inc. is a seafood processor and distributor in
Fulton, Ill.
Schafer Fisheries filed a petition under Chapter 11, Subchapter V
of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-80824) on June
20, 2024, listing between $100,001 and $500,000 in assets and
between $1 million and $10 million in liabilities. Jennifer Schank
of Fuhrman & Dodge, S.C. serves as Subchapter V trustee.
Judge Thomas M. Lynch oversees the case.
Schafer Fisheries tapped The Golding Law Offices PC and Leibowitz,
Hiltz & Zanzig, LLC as bankruptcy counsel, and Philip Firrek as
consultant.
Newtek Small Business Finance, LLC, as secured creditor, is
represented by:
Paulina Garga-Chmiel, Esq.
Dykema Gossett, PLLC
10 South Wacker Drive, Suite 2300
Chicago, IL 60606
Tel: 312-876-1700
pgarga@dykema.com
SI GROUP: Davis Polk Advises Admin. Agent and Revolving Lender
--------------------------------------------------------------
Davis Polk & Wardwell LLP said it advised the administrative agent
and a revolving lender under SI Group's existing revolving credit
agreement, in connection with a comprehensive recapitalization
transaction. The transaction reduces SI Group's outstanding net
indebtedness by approximately $1.7 billion by equitizing the
company's existing term loan indebtedness and includes, among other
things, amendments to the existing revolving credit facility to
support the company's financial and operational flexibility going
forward. In addition, a new institutional ownership group has
injected $150 million of junior capital to further support the
company’s ongoing capital and operational needs and initiatives.
The Davis Polk restructuring team included partner Darren S. Klein
and associate Matthew Bruno Masaro. The finance team included
partner Scott M. Herrig, counsel Mayer J. Steinman and associates
Renee G. Levin, Nicole Shapero and Kristiana J. Olson. Partners
Aaron Ferner and Nick Benham provided U.K. law advice. Partner
Patrick E. Sigmon provided tax advice. Members of the Davis Polk
team are based in the New York and London offices.
About SI Group
SI Group is a global developer and manufacturer of performance
additives, process solutions and chemical intermediates. SI Group
solutions are essential to enhancing the quality and performance of
countless industrial and consumer goods within plastics, rubber &
adhesives, fuels & lubricants, oilfield, and pharmaceutical
industries. SI Group's global manufacturing footprint includes 18
facilities on three continents, serving customers in 80 countries
with 1,600 employees worldwide. On the Web:
http://www.siigroup.com/
SIDUS GROUP: Seeks Chapter 7 Bankruptcy in California
-----------------------------------------------------
On December 19, 2025, Sidus Group filed for Chapter 7 protection in
the Central District of California. According to court filings, the
Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49
creditors.
About Sidus Group
Sidus Group is a business management and investment company engaged
in providing operational oversight and strategic direction for its
portfolio of enterprises. The company manages financial,
administrative, and operational aspects of its affiliated
businesses.
Sidus Group sought relief under Chapter 7 of the U.S. Bankruptcy
Code (Bankr. Case No. 25-21417) on December 19, 2025. In its
petition, the Debtor reports estimated assets of $0-$100,000 and
estimated liabilities of $100,001-$1,000,000.
Honorable Bankruptcy Judge Barry Russell handles the case.
The Debtor is represented by Young K. Chang, Esq.
SKYLINE TOWER: Hires K&L Gates LLP as Special Counsel
-----------------------------------------------------
Skyline Tower Resort Vacation Condominium Association, Inc. seeks
approval from the U.S. Bankruptcy Court for the District of New
Jersey to employ K&L Gates LLP as special counsel.
The Debtor needs the firm's legal assistance in connection with the
following:
(i) governance of the Association;
(ii) marketing, bidding and sale procedures for the Property,
and matters relating thereto;
(iii) efforts to obtain judgment(s) against Association Members
(by consent or otherwise) authorizing the sale of Debtor's
undivided interest in the Property, jointly with the sale of the
interests of the Association Members, pursuant to 11 U.S.C.
§363(h) and/or other applicable provisions of the Bankruptcy Code,
and matters relating thereto;
(iv) seeking Bankruptcy Court authorization to sell the Property
free and clear of the interests of all Association Members, liens
and encumbrances, with such interests to attach to the proceeds of
sale, subject to distribution by Bankruptcy Court order;
(v) closing the sale of the Property, and matters relating
thereto, including but not limited to termination or amendment of
the timeshare plan for the Property effective at or prior to
closing of the sale;
(vi) process to obtain Bankruptcy Court authorization to
distribute net sale proceeds (after costs of administration and
sale) as well as all remaining property, cash and reserves of the
Association;
(vii) consulting with the Board and other professionals retained
by the Debtor regarding preparation and prosecution of a plan of
liquidation for the Debtor; (viii) dissolution of the Association
following sale and distribution pursuant to a confirmed plan of
liquidation or other Bankruptcy Court order; and
(ix) communicating with the Bankruptcy Court, United States
Trustee, sub-chapter V trustee, professional engaged by Debtor, the
Board, Association Member, and other parties in interest regarding
all or some of the above.
The firm will be paid at these rates:
Daniel M. Eliades, Partner $765 per hour
David Catuogno, Partner $760 per hour
William Waldman, Partner $760 per hour
Emily Steele, Partner $760 per hour
Peter J. D’Auria, Counsel $760 per hour
Jennifer Mazawey, Partner $715 per hour
Jonathan N. Edel, Associate $685 per hour
Carly Everhardt, Associate $635 per hour
Peter Galati, Associate $500 per hour
Ryan W. DeSimone Associate $485 per hour
Eileen Welsh, Paralegal $360 per hour
Joy M. VanDerWeert, Paralegal $360 per hour
Kyra Swinney-Darby, Paralegal $360 per hour
The firm received from the Debtor a retainer of $50,000 on August
25, 2025.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Eliades 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:
Daniel M. Eliades, Esq. (DME-6203)
David S. Catuogno, Esq. (DSC-1397)
Peter J. D'Auria, Esq. (PJD-3709)
K&L Gates LLP
One Newark Center
1085 Raymond Boulevard, 10th Floor
Newark, NJ 07102
Telephone: (973) 848-4000
Facsimile: (973) 848-4001
Email: daniel.eliades@klgates.com
david.catuogno@klgates.com
peter.dauria@klgates.com
About Skyline Tower Resort Vacation
Condominium Association, Inc.
Skyline Tower Resort Vacation Condominium Association Inc., doing
business as The Boardwalk Brew, is a not-for-profit corporation
organized in New Jersey to manage the Fairfield Atlantic City -
Skyline Tower condominium in Atlantic City, New Jersey, overseeing
a 32-story high-rise built in 1982 that includes 296 residential
units ranging from one- to four-bedroom apartments and 20
commercial units.
Skyline sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. D.N.J. Case No. 25-22156) on November 15, 2025, with
$10 million to $50 million in assets and $500,000 to $1 million in
liabilities. Sheama Holmes-Walker, president of Skyline, signed the
petition.
Judge Andrew B Altenburg Jr. presides over the case.
The Debtor tapped Forman Holt as counsel; K&L Gates LLP as special
counsel; Hilco Real Estate, LLC as real estate broker; and Omni
Agent Solutions, Inc. as notice claims & solicitation agent.
SMT TRUCKING: Seeks to Hire Biggs Law Firm PLLC as Counsel
----------------------------------------------------------
SMT Trucking LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of North Carolina to employ Biggs Law Firm,
PLLC as counsel.
The firm's services include:
a. undertaking any and all steps and actions necessary to
authorize the use of cash collateral pursuant to § 363 of the
Bankruptcy Code, if applicable;
b. advising the Debtor with respect to its powers and duties as
debtor-in possession in the continued management, operation, and
reorganization of its business;
c. reviewing any and all claims asserted against the Debtor by
its creditors, equity holders, and parties in interest;
d. representing the Debtor's interests at the Meeting of
Creditors under § 341 of the Bankruptcy Code ("341 Meeting"), and
at any other hearing or conference scheduled in the Bankruptcy Case
before the Court related to the
Debtor;
e. attending any meetings, conferences, and negotiations with
representatives of creditors and other parties in interest;
f. reviewing and examining, if necessary, any and all transfers
which may be avoided a preferential or fraudulent transfers under
the appropriate provisions of the Bankruptcy Code;
g. taking any and all necessary actions to protect and preserve
the Debtor's estate;
h. preparing, on behalf of the Debtor all motions, applications,
answers, orders, reports, and pleadings necessary to the
administration of the bankruptcy estate;
i. preparing, on behalf of the Debtor, any plan of
reorganization, disclosure statement, and all related agreements
and/or documents, and take any necessary actions on behalf of the
debtor to obtain confirmation of such plan of reorganization and
approval of such disclosure statement;
j. representing the Debtor in connection with any potential
postpetition financing;
k. advising the Debtor in connection with the sale or
liquidation, if applicable, of any assets and property to third
parties;
l. appearing before the Court, or any such appellate court, and
the Office of the Bankruptcy Administrator to protect the interests
of the Debtor and the bankruptcy estate;
m. representing the Debtor with respect to any general,
corporate, or transactional matters that arise during the course of
the administration of the Bankruptcy Case; and
n. assisting and advising the Debtor with respect to
negotiation, documentation, implementation, consummation, and
closing of any corporate transactions, including sales of assets,
in the Bankruptcy Case.
The firm will be paid at these rates:
Laurie B. Biggs, Attorney $425 per hour
Joseph A. Bledsoe, III, (Attorney $375 per hour
Wendy Karam, N.C. Certified Paralegal $200 per hour
Qiara McCain, Paralegal $150 per hour
Lindsey Gadwell, Legal Assistant $100 per hour
The firm will be paid a retainer in the amount of $10,000.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Laurie B. Biggs, Esq., a partner at Biggs Law Firm, 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:
Laurie B. Biggs, Esq.
Biggs Law Firm, PLLC
9208 Falls of Neuse Road, Suite 120
Raleigh, NC 27615
Tel: (919) 375-8040
Email: lbiggs@biggslawnc.com
About SMT Trucking LLC
SMT Trucking LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04795) on December
01, 2025, with up to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge David M. Warren presides over the case.
Laurie Biggs, Esq., at Biggs Law Firm, PLLC represents the Debtor
as bankruptcy counsel.
SOUTHERN TIRE AND FLEET: Seeks Chapter 11 Bankruptcy in Florida
---------------------------------------------------------------
On December 23, 2025, Southern Tire and Fleet Service, LLC filed
for Chapter 11 protection in the Middle District of Florida
Bankruptcy Court. According to court filing, the Debtor reports
between $100,001 and $1,000,000 in assets and $1 million to $10
million in liabilities owed to 1-49 creditors.
About Southern Tire and Fleet Service, LLC
Southern Tire and Fleet Service, LLC operates as a Florida-based
company providing tire and fleet maintenance services to commercial
and private clients.
The company sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. Case No. 25-04762) on December 23, 2025. In its
petition, the Debtor reports estimated assets of
$100,001-$1,000,000 and estimated liabilities of $1 million-$10
million.
Honorable Bankruptcy Judge Jason A. Burgess handles the case.
The Debtor is represented by Thomas C. Adam, Esq. of Adam Law
Group, P.A.
ST MARK'S PROPERTY: Seeks Chapter 11 Bankruptcy in New York
-----------------------------------------------------------
On December 22, 2025, St Mark's Property Acquisition LLC filed for
Chapter 11 protection in the U.S. Bankruptcy Court for the Southern
District of New York. According to court filings, the Debtor
reports between $100,001 and $1 million in debt owed to between 1
and 49 creditors.
About St Mark's Property Acquisition LLC
St Mark's Property Acquisition LLC is engaged in the
identification, acquisition, and management of income-producing
properties. The company focuses on building a diverse real estate
portfolio and generating returns through strategic property
investments.
St Mark's Property Acquisition LLC sought relief under Chapter 11
of the U.S. Bankruptcy Code (Bankr. Case No. 25-12862) on December
22, 2025. In its petition, the Debtor reports estimated assets
ranging from $1 million to $10 million and estimated liabilities
between $100,001 and $1 million.
Honorable Bankruptcy Judge David S. Jones handles the case.
The Debtor is represented by Brian McCaffrey, Esq. of McCaffrey &
Associates, P.C.
STEINMETZ PLUMBING: Files Emergency Bid to Use Cash Collateral
--------------------------------------------------------------
Steinmetz Plumbing Inc asks the U.S. Bankruptcy Court for the
Southern District of Texas, Houston Division, for authority to use
cash collateral and provide adequate protection.
Shortly after filing the Chapter 11 filing, the Debtor submitted a
First Day Motion seeking interim and final authorization to use
cash collateral, asserting that immediate access to operating cash
is essential to prevent business shutdown and preserve any chance
of reorganization.
The Debtor, incorporated in 2017, operates a plumbing contracting
business focused primarily on residential service, repair, and
remodeling projects, with limited commercial engagements. Its
business model depends entirely on ongoing customer payments, which
are used to fund payroll for employees and technicians, vehicle and
equipment maintenance, leased office space, insurance, and other
day-to-day operating expenses. The Debtor has no alternative
financing or non-cash assets sufficient to sustain operations
absent court approval.
According to the schedules and motion, the U.S. Small Business
Administration is the principal secured creditor, holding a blanket
lien on substantially all assets of the Debtor, including accounts,
inventory, equipment, and proceeds, securing approximately $843,200
in debt. However, the Debtor lists total assets valued at only
$18,530, indicating that the SBA is dramatically undersecured. Two
additional UCC-1 financing statements reflect purported blanket
liens held by other creditors, though the motion does not fully
identify their claims or lien status.
The Debtor acknowledges uncertainty regarding whether any creditor
holds a perfected security interest specifically in cash
collateral. Nonetheless, to avoid litigation at the outset of the
case and to ensure uninterrupted operations, the Debtor proposes to
treat the SBA and other secured parties as cash-collateral
creditors for purposes of the motion.
As adequate protection, the Debtor offers replacement liens on
postpetition cash collateral and proceeds to the extent of any
diminution in value of prepetition collateral, expressly excluding
avoidance actions under Chapter 5 of the Bankruptcy Code.
To demonstrate responsible stewardship of estate funds, the Debtor
submitted both a 14-day interim budget and a 30-day final budget,
detailing anticipated operating revenues and expenses such as
payroll, fuel, insurance, professional fees, and administrative
costs. The Debtor requests authority to deviate up to 110% per line
item to accommodate ordinary fluctuations, emphasizing that the
overall budget is conservative and necessary to maintain minimum
operational capacity.
The Debtor argues that denial of the motion would result in
immediate and irreparable harm, including missed payroll, breach of
leases and service contracts, employee attrition, and loss of
customer goodwill—effectively forcing liquidation and destroying
any residual value for creditors. By contrast, continued operations
preserve the going-concern value of the business, maximize
recoveries for all stakeholders, and provide a platform for
proposing a plan of reorganization or orderly sale.
A copy of the motion is available at https://urlcurt.com/u?l=U6kgLY
from PacerMonitor.com.
About Steinmetz Plumbing, Inc.
Steinmetz Plumbing, Inc. is a Texas-based full-service plumbing
contractor formed in 2017 that provides residential service and
repair, remodeling, and selected commercial plumbing work. The
Company operates primarily in the Houston area, including Fort Bend
County, and is licensed by the Texas State Board of Plumbing
Examiners.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37611) on December
16, 2025. In the petition signed by Rebecca Steinmetz, secretary,
the Debtor disclosed $17,255 in assets and $1,075,763 in
liabilities.
Judge Eduardo V. Rodriguez oversees the case.
Robert C. Lane, Esq. at THE LANE LAW FIRM, represents the Debtor as
legal counsel.
STEINMETZ PLUMBING: Hires Lane Law Firm PLLC as Counsel
-------------------------------------------------------
Steinmetz Plumbing, Inc. seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Lane Law Firm
PLLC as counsel.
The firm will render these services:
(a) assist, advise and represent the Debtor relative to the
administration of the chapter 11 case;
(b) assist, advise and represent the Debtor in analyzing the
Debtor's assets and liabilities, investigating the extent and
validity of liens and claims, and participating in and reviewing
any proposed asset sales or dispositions;
(c) attend meetings and negotiate with the representatives of
the secured creditors;
(d) assist the Debtor in the preparation, analysis, and
negotiation of any plan of reorganization and disclosure statement
accompanying any plan of reorganization;
(e) take all necessary action to protect and preserve the
interests of the Debtor;
(f) appear, as appropriate, before this Court, the Appellate
Courts, and other Courts in which matters may be heard and to
protect the interests of the Debtor before said Courts and the
United States Trustee; and
(g) perform all other necessary legal services in these
cases.
The firm will be paid at these rates:
Robert C. Lane $650 per hour
Joshua D. Gordon $625 per hour
Zach Casas $575 per hour
Kyle Garza $450 per hour
Paralegals $250 per hour
The firm received payments from Debtor totaling $18,000.
The Lane Law Firm, PLLC is a "disinterested person" within the
meaning of Section 101(14) of the Bankruptcy Code, according to
court filings.
The firm can be reached at:
Robert C. Lane, Esq.
THE LANE LAW FIRM, PLLC
6200 Savoy, Suite 1150
Houston, TX 77036
Telephone: (713) 595-8200
Facsimile: (713) 595-8201
E-mail: notifications@lanelaw.com
About Steinmetz Plumbing, Inc.
Steinmetz Plumbing, Inc. is a Texas-based full-service plumbing
contractor formed in 2017 that provides residential service and
repair, remodeling, and selected commercial plumbing work. The
Company operates primarily in the Houston area, including Fort Bend
County, and is licensed by the Texas State Board of Plumbing
Examiners.
Steinmetz Plumbing, Inc. in Richmond, TX, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. S.D. Tex. Case No. 25-37611) on Dec.
16, 2025, listing $17,255 in assets and $1,075,763 in liabilities.
Rebecca Steinmetz signed the petition as secretary, signed the
petition.
Judge Eduardo V Rodriguez oversees the case.
THE LANE LAW FIRM serve as the Debtor's legal counsel.
STEVEOS TACOS: Seeks Chapter 7 Bankruptcy in New York
-----------------------------------------------------
On December 24, 2025, Steveos Tacos and Subs Inc. filed for Chapter
7 protection in the U.S. Bankruptcy Court for the Western District
of New York. According to court filings, the Debtor reports between
$100,001 and $1 million in liabilities owed to 1–49 creditors.
About Steveos Tacos and Subs Inc.
Steveos Tacos and Subs Inc. operates in the food service industry,
providing tacos, subs, and related menu offerings through a
quick-service or casual dining model.
Steveos Tacos and Subs Inc. sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. Case No. 25-11476) on December 24,
2025. In its petition, the Debtor reports estimated assets in the
range of $0 to $100,000 and estimated liabilities between $100,001
and $1 million.
The case is assigned to Honorable Bankruptcy Judge Carl L. Bucki.
The Debtor is represented by Regina A. Walker, Esq. of the Law
Office of Regina Walker.
STOLI GROUP: Court Extends Cash Collateral Access to Jan. 10
------------------------------------------------------------
The U.S. Bankruptcy Court for the Northern District of Texas
approved the 15th stipulation allowing Stoli Group (USA), LLC and
Kentucky Owl, LLC to continue to use the cash collateral of Fifth
Third Bank, National Association.
The stipulation extended the Debtors' authority to use the lender's
cash collateral from December 13 to January 10, 2026 to pay the
expenses set forth in their latest budget.
The Debtors were authorized to make a payment of $250,000 to the
lender on account of the lender's professional fees and expenses.
A copy of the stipulation and the budget is available at
https://shorturl.at/S4J9K from PacerMonitor.com.
As of the petition date, the Debtors' aggregate principal
outstanding funded debt obligations total approximately
$78,374,334.30.
Fifth Third Bank holds valid, senior, perfected, and enforceable
liens on the collateral, including cash proceeds and other cash
equivalents, which constitute the lender's cash collateral.
About Stoli Group (USA) LLC
Stoli Group (USA), LLC is a producer, manager, and distributor of a
global portfolio of spirits and wines.
Stoli Group (USA) and Kentucky Owl, LLC filed Chapter 11 petitions
(Bankr. N.D. Texas Lead Case No. 24-80146) on November 27, 2024. At
the time of the filing, Stoli Group (USA) reported $100 million to
$500 million in assets and $10 million to $50 million in
liabilities while Kentucky Owl reported $50 million to $100 million
in assets and $50,000,001 to $100 million in liabilities.
Judge Scott W. Everett handles the cases.
Holland N. O'Neil, Esq., at Foley & Lardner, LLP is the Debtor's
legal counsel.
Fifth Third Bank, N.A., as lender, is represented by:
Brent McIlwain, Esq.
Christopher A. Bailey, Esq.
Holland & Knight, LLP
1722 Routh Street, Suite 1500
Dallas, TX 75201
Telephone: 214.969.1700
Email: brent.mcilwain@hklaw.com
chris.bailey@hklaw.com
-- and --
Jeremy M. Downs, Esq.
Steven J. Wickman, Esq.
Goldberg Kohn, Ltd.
55 East Monroe Street, Suite 3300
Chicago, IL 60603
Telephone: 312.201.4000
Email: jeremy.downs@goldbergkohn.com
steven.wickman@goldbergkohn.com
SUMMIT COLLECTIVE: Gets Interim OK to Use Cash Collateral
---------------------------------------------------------
Summit Collective Incorporated and Rad Power Bikes, Inc. received
interim approval from the U.S. Bankruptcy Court for the Eastern
District of Washington to use cash collateral.
The court authorized the Debtors to use cash collateral in
accordance with their budget until the final hearing set for
January 30, 2026.
Fixed expenses are subject to a 10% variance per line item and a 5%
cumulative cap, while variable expenses including logistics,
tariffs, subcontractors, utilities, and taxes are exempt from
strict variance limits to accommodate operational fluctuations. Any
material deviations or budget amendments require further court
approval or consent from JPMorgan Chase Bank, the senior secured
lender.
As adequate protection, JPMorgan will be granted liens on the
Debtors' post-petition assets and approved superpriority
administrative expense claims under Section 507(b). These
protections ensure the lender's position is preserved if collateral
value declines despite the use of cash collateral.
JPMorgan is owed approximately $10.9 million under a revolving
credit facility secured by liens on all assets, including inventory
valued at over $14 million.
While the Debtors acknowledge the full debt, parties in interest
have 45 days to investigate and challenge the lender's claims.
The interim order also establishes a professional fund held by the
Debtors' counsel, Bush Kornfeld LLP, to ensure payment of
professional fees.
Summit is a Seattle-based electric bicycle company founded in 2007,
grew rapidly through a direct-to-consumer model and became a global
brand with nearly 700,000 bikes in use. Revenues surged to $100
million by 2019 and spiked dramatically during the COVID-19
pandemic, when demand rose nearly 300%. To meet this demand amid
supply chain disruptions, RAD expanded its workforce, warehousing,
logistics, and inventory purchases at high cost. When
pandemic-driven demand subsided by mid-2022, the Debtor was left
with excess inventory, high carrying costs, and mounting liquidity
pressures.
These financial strains, combined with broader market
normalization, led RAD to pursue a sale of the business as a path
to preserve value. Additional challenges arose from scrutiny by the
U.S. Consumer Product Safety Commission regarding two legacy
battery models no longer sold, though RAD emphasized that its
current "Safe Shield" batteries were not implicated and that older
batteries had passed rigorous third-party safety testing. Despite
these headwinds, recent sales performance remained strong,
reinforcing confidence in the brand. A prepetition sale effort
initially appeared successful but collapsed shortly before closing,
prompting RAD to engage Hilco Global to run a broad marketing
process. At filing, over 100 potential buyers had been contacted,
with 17 actively conducting diligence, and the Debtors aim to
complete a sale within 45–60 days.
In addition to the $10.9 million owed to JPMorgan, the Debtors have
approximately $26.3 million in subordinated secured convertible
notes held by 37 noteholders, secured by liens on substantially all
assets.
About Summit Collective Incorporated
Summit Collective Incorporated is a Seattle-based electric bicycle
company founded in 2007, grew rapidly through a direct-to-consumer
model and became a global brand with nearly 700,000 bikes in use.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-02182) on December
15, 2025. In the petition signed by Angelina M. Smith, chief
executive officer, the Debtor disclosed up to $50,000 in both
assets and liabilities.
Judge Whitman L. Holt oversees the case.
The Debtor is represented by:
Armand J Kornfeld
Bush Kornfeld LLP
Tel: 206-292-2110
Email: jkornfeld@bskd.com
Aimee S Willig
Bush Strout & Kornfeld
Tel: 206-292-2110
Email: awillig@bskd.com
SWAHILI VILLAGE: Hires as Mothersauce Partners LLC as Consultant
----------------------------------------------------------------
Swahili Village Newark, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ as Mothersauce
Partners, LLC as business consultant.
The firm will provide these services:
-- familiar with the Debtor's operations and create an
assessment;
-- audit of financial procedures and reporting;
-- perform cultural investigations; and
-- develop management plan.
The firm will be paid at these rates:
Founder/Partner (Nick Freshman) $325 per hour
Director (Sam or other) $200 per hour
Associate $110 per hour
The firm received a prepetition retainer in the amount of $52,750.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Mr. Freshman 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:
Nick Freshman
Mothersauce Partners, LLC
2221 S Clark St.
Arlington, VA 22202
About Swahili Village Newark, LLC
Swahili Village Newark, LLC operates a location of the Swahili
Village restaurant chain at 2 Center Street in Newark, New Jersey.
The Company is part of a U.S.-based hospitality group founded by
Kevin Onyona that runs multiple East African cuisine restaurants
across several states. It provides fine-dining experiences and
cultural event space while maintaining operations within the
broader Swahili Village brand.
Swahili Village Newark, LLC in Newark, NJ, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. D.C. Case No. 1:25-bk-00503) on Oct.
31, 2025, listing as much as $1 million to $10 million in both
assets and liabilities. Kevin Onyona as owner, signed the
petition.
Judge Elizabeth L. Gunn oversees the case.
MCNAMEE HOSEA, P.A. serve as the Debtor's legal counsel.
SWAHILI VILLAGE: Hires Mcnamee Hosea P.A. as Counsel
----------------------------------------------------
Swahili Village Newark, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Columbia to employ Mcnamee Hosea, P.A. as
counsel.
The firm will provide these services:
a. prepare and file all necessary bankruptcy pleadings on
behalf of the Debtor;
b. negotiate with creditors;
c. represent Debtor in Adversary and other proceedings in
connection with the Bankruptcy;
d. prepare Debtor's disclosure statement and plan of
reorganization; and
e. render any other matters related to the Bankruptcy and the
Debtor's reorganization.
The firm will be paid at these rates:
Craig M. Palik $450 per hour
Janet M. Nesse $575 per hour
Associates $300 to $350per hour
Paralegal $140 per hour
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
Craig M. Palik, a partner at Mcnamee Hosea, P.A., 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:
Craig M. Palik
Mcnamee, Hosea, P.A.
6404 Ivy Lane, Suite 820
Greenbelt, MD 20770
Telephone: (301) 441-2420
Facsimile: (301) 982-9450
Email: cpalik@mhlawyers.com
About Swahili Village Newark, LLC
Swahili Village Newark, LLC operates a location of the Swahili
Village restaurant chain at 2 Center Street in Newark, New Jersey.
The Company is part of a U.S.-based hospitality group founded by
Kevin Onyona that runs multiple East African cuisine restaurants
across several states. It provides fine-dining experiences and
cultural event space while maintaining operations within the
broader Swahili Village brand.
Swahili Village Newark, LLC in Newark, NJ, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. D.C. Case No. 1:25-bk-00503) on Oct.
31, 2025, listing as much as $1 million to $10 million in both
assets and liabilities. Kevin Onyona as owner, signed the
petition.
Judge Elizabeth L. Gunn oversees the case.
MCNAMEE HOSEA, P.A. serve as the Debtor's legal counsel.
TECHNICAL ARTS: Hires FON Valuation Services LLC as Appraiser
-------------------------------------------------------------
Technical Arts Group LLC seeks approval from the U.S. Bankruptcy
Court for the District of New Jersey to employ FON Valuation
Services, LLC as appraiser.
The firm will appraise the Debtor's inventory and equipment located
at 240 Anderson Avenue, Moonachie, NJ 07074.
The firm will be paid at the rates of $250 to $700 per hour.
The firm will also be reimbursed for reasonable out-of-pocket
expenses incurred.
As disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.
The firm can be reached at:
Raymond Moran
FON Valuation Services, LLC
3033 Wilson Blvd., Suite 230
Arlington, VA 22201
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. It operates a 34,488-square-foot facility and
employs 63 staff members, engaging additional freelance personnel
as needed.
Technical Arts Group sought protection under Chapter 11 of the U.S.
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, co-president and chief revenue officer, signed the
petition.
Judge Vincent F Papalia oversees the case.
Richard D. Trenk, Esq. and Robert S. Roglieri, Esq., at Trenk
Isabel Siddiqi & Shahdanian, P.C., represents the Debtor as legal
counsel.
TIFARET DISCOUNT: Plan Exclusivity Period Extended to Jan. 10, 2026
-------------------------------------------------------------------
Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern
District of New York extended Tifaret Discount Inc., d/b/a
Redelicious Supermarket's exclusive periods to file a plan of
reorganization and obtain acceptance thereof to January 10, 2026,
and March 10, 2026, respectively.
As shared by Troubled Company Reporter, the Debtor holds title to
certain real property located at100 Route 59, Suite 24, Monsey, New
York 10952-3842 (the "Real Property"). The Debtor owns and operates
a grocery store/supermarket catering to the Kosher Orthodox Jewish
Community in Monsey, New York.
The Debtor explains that it is entitled to the requested extension.
The Debtor has hundreds of unsecured creditors holding various
claims and rights, which takes time to resolve. The Debtor has,
otherwise, moved expeditiously with respect to the Debtor's
obligations. The Debtor has been operating the Debtor's business at
a profit.
The Debtor claims that it submitted all of the necessary initial
filings including the Schedules and Statement of Financial Affairs
and filed Monthly Operating Reports and otherwise complied with the
United States Trustee's requests. The Debtor is waiting for a Bar
Date Order which will enable the Debtor to determine the number of
total claims. Without an understanding as to the amounts of the
claims being filed by creditors and government entities, it would
have been very difficult to file a Plan or Disclosure Statement.
Tifaret Discount Inc. is represented by:
Leo Fox, Esq.
630 Third Avenue - 18th Floor
New York, NY 10018
Tel: (212) 867-9595
Email: leo@leofoxlaw.com
About Tifaret Discount Inc.
d/b/a Redelicious Supermarket
Tifaret Discount Inc., operating as Redlicious Supermarket, a
grocery retailer based in Monsey, New York.
Tifaret Discount Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22623) on July 9,
2025. In its petition, the Debtor estimated assets between $100,000
and $500,000 and liabilities between $1 million and $10 million.
Bankruptcy Judge Sean H Lane handles the case.
The Debtors are represented by Leo Fox, Esq.
TURNKEY CONSTRUCTION: Files Emergency Bid to Use Cash Collateral
----------------------------------------------------------------
Turnkey Construction and Maintenance, Inc. and Turnkey Rooking of
Florida, Inc. ask the U.S. Bankruptcy Court for the Middle District
of Florida, Jacksonville Division, for authority to use cash
collateral and provide adequate protection.
Prior to bankruptcy, the Debtors financed operations through
short-term financing and multiple merchant cash advances, many of
which are secured by UCC-1 liens on cash and receivables. The
Debtors list substantial outstanding balances to seven MCA lenders,
totaling several million dollars, and state that high-interest
obligations overwhelmed cash flow.
They assert that without immediate authorization to use cash
collateral, they will be forced to cease operations, causing
irreparable harm.
The Debtors request interim and continued authority to use cash
collateral in the ordinary course under an operating budget, with
limited flexibility to exceed line items.
As adequate protection, the Debtors propose granting replacement
liens on post-petition receivables and argue that continued
operations will preserve going-concern value for the benefit of
secured creditors. The Debtors request an emergency hearing,
contending the relief is necessary to maintain operations, protect
estate value, and pursue reorganization.
A copy of the motion is available at https://urlcurt.com/u?l=PRE3nt
from PacerMonitor.com.
About Turnkey Construction and Maintenance
Turnkey Construction and Maintenance, Inc. and Turnkey Roofing of
Florida, Inc. are roofing contractors that provide full-service
residential and commercial roofing solutions, including
installation, repair, replacement, and maintenance. They employ
certified roofing professionals and serve property owners,
developers, and businesses across Florida.
The Debtors sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-04127) on
November 10, 2025. Ruben Lavarias, president, signed the
petitions.
At the time of the filing, Turnkey Construction listed up to
$50,000 in assets and $1 million to $10 million in liabilities
while Turnkey Roofing of Florida listed $100,000 to $500,000 in
assets and $1 million to $10 million in liabilities.
Judge Jacob A. Brown oversees the case.
Thomas Adam, Esq., at Adam Law Group, PA represents the Debtors as
bankruptcy counsel.
U4RIC INVESTMENTS: Voluntary Chapter 11 Case Summary
----------------------------------------------------
Debtor: U4Ric Investments, LLC
11 E. Hill Circle
Salinas, CA 93906
Business Description: U4Ric Investments, LLC is a single-asset
real estate company that owns one income-
producing property.
Chapter 11 Petition Date: December 29, 2025
Court: United States Bankruptcy Court
Northern District of California
Case No.: 25-51980
Judge: Hon. Dennis Montali
Debtor's Counsel: Arasto Farsad, Esq.
FARSAD LAW OFFICE, P.C.
1625 The Alameda, Suite 525
San Jose, CA 95126
Tel: 408-641-9966
Email: Farsadlaw1@gmail.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by John Filighera as managing member.
A list of the Debtor's 20 largest unsecured creditors was not
provided alongside the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/3REJIXY/U4Ric_Investments_LLC__canbke-25-51980__0001.0.pdf?mcid=tGE4TAMA
UNITED AIRLINES: Fitch Upgrades IDR to BB+, Outlook Stable
----------------------------------------------------------
Fitch Ratings has upgraded United Airlines' (United) IDR to 'BB+'
from 'BB'. The Rating Outlook is Stable. Fitch has affirmed
United's senior secured debt ratings at 'BBB-' with Recovery
Ratings of 'RR1', and upgraded its unsecured ratings to 'BB+' from
'BB' with Recovery Ratings of 'RR4'.
The upgrade reflects United's solid execution on its strategic
initiatives which has strengthened its market position and margin
performance relative to peers. Debt reduction in 2025, including
the repayment of United's remaining loyalty program debt, and
Fitch's expectations that United will continue to prioritize a
healthy balance sheet are also incorporated in the upgrade. Fitch
may consider positive rating actions in the next year should United
demonstrate its targeted margin expansion and continue to generate
FCF upcoming capital spending.
The rating is tempered by heavy upcoming capital spending
requirements driven by United's fleet renewal efforts, which will
limit FCF and could delay debt repayment absent solid margin
generation.
EETCs
Fitch Ratings has upgraded various Class A and Class B tranches of
United Airlines' EETC transactions and affirmed the remaining
tranches as shown below.
UAL 2019-2:
$513.5 million Class AA certificates due 2032 affirm at 'A+';
$208.0 million Class A certificates due 2028 affirm at 'BBB+';
$82.3 million Class B certificates due 2028 upgrade to 'BBB' from
'BBB-'.
United's 2019-1:
$454.7million class AA certificates due in 2031 affirm at 'A+';
$188.4 million class A certificates due in 2031 affirm at 'BBB+'.
UAL 2018-1:
$440.6 million class AA certificates due March 2030 affirm at
'A+';
$167.8 million class A certificates due March 2030 upgrade to 'A-'
from 'BBB+';
$78.3 million class B certificates due March 2026 upgrade to 'BBB+'
from 'BBB'.
UAL 2016-2:
$383.3 million Class AA certificates due in 2028 affirm at 'A';
$170.5 million Class A certificates due in 2028 upgrade to 'BBB+'
from 'BBB'.
UAL 2016-1:
$421.1 million Class AA certificates due in 2028 affirm at 'A';
$187.3 million Class A certificates due in 2028 affirm at 'BBB+';
$92.4 million Class B certificates due in 2026 upgrade to 'BBB'
from 'BBB-'.
United Airlines 2014-2:
$366.5 million Class A certificates due in 2026 affirm at 'A'.
United Airlines 2014-1:
$316.0 million Class A certificates due in 2026 affirm at 'A-'.
The 2018-1 Class A upgrade is primarily driven by improvement in
LTV, with the tranche now passing 'A' level stresses. The remainder
upgrades are primarily driven by a one-notch upgrade of United's
IDR to 'BB+' from 'BB'. The affirmations for tranches rated through
Fitch's top-down approach are driven by loan-to-value (LTV) ratios
that continue to support the existing ratings.
KEY RATING DRIVERS
Debt Reduction, Improving Credit Metrics: United's credit metrics
are improving, driven by debt repayment and strategic initiatives.
Fitch expects further gains as the operating environment
strengthens after a soft 2025. EBITDAR leverage fell to 3.5x in Q3
from 3.8x at YE 2024, aided by full repayment of United's remaining
$1.52 billion loyalty notes. Fitch's rating case projects leverage
declining toward or below 3x over the next one to two years as debt
balances fall. Upside exists if United achieves its margin
expansion goals.
United's liquidity remains high, driving net metrics roughly in
line with higher-rated Delta Air Lines (Delta), though Fitch
expects Delta to produce better FCF over the next several years.
United is targeting adjusted net leverage below 2x, down from 2.3x
at YE 2024. EBITDAR fixed charge coverage has also improved to the
high-3x range, above Fitch's previous positive rating sensitivity.
Fitch expects incremental EBITDAR coverage improvement to
low-to-mid 4x range through the forecast.
Healthy Cash Flows and Liquidity: Fitch expects United to generate
meaningful FCF in 2025, driven by a healthy operating profits and
reduced capital spending from delays in aircraft deliveries. FCF is
then likely to fall toward neutral levels in 2026 as aircraft
deliveries increase. This considers only measured margin
improvement in Fitch's base case, with potential upside if United
hits its margin expansion goals. Upcoming capital expenditures are
well covered by United's projected cash flow generation and
liquidity position, which remains above its peers.
Initiatives Strengthen Market Position: United's investments in its
network and loyalty program improve its market position in
strategic hubs across the U.S. Leveraging its network and loyalty
program, United provides customers with competitive travel
offerings, including high-frequency routes across a wide range of
destinations and comprehensive rewards and benefits. This
combination of services attracts and retains a loyal customer base
around its key hubs, allowing the company to benefit from premium
pricing compared to its peers.
Solid Profitability: Profit margins have declined modestly in the
past two quarters but have consistently performed well compared
with peers. Fitch expects slightly increasing margins in the next
few years. Margin generation should result in sufficient cash flows
to allow for continued credit metric improvement over time. Fitch
believes there is potential upside to Fitch's forecast. Recent
industry capacity cuts and benefits from United's ongoing United
Next program may lead to more significant unit revenue gains in
2026.
Improving Operating Environment: Fitch expects low single-digit US
passenger growth in 2026, supported by solid Q4 booking trends and
reduced economic uncertainty versus early 2025. Downside risks
persist from consumer health pressures, particularly for budget
travelers. Premium travel should see sustained growth next year,
driven by stable demand from higher-income segments. Business
travel may improve further with ongoing return-to-office trends.
Pullbacks from smaller airlines are likely to aid the domestic
supply/demand balance.
Fleet Renewal Benefits: United is seeing benefits from its fleet
renewal plan, with further improvement to come as deliveries
accelerate in 2026. Fitch believes that United's fleet
transformation will have a positive impact on its cost structure
and on its competitive position in domestic markets. The aircraft
on order will be significantly more fuel efficient in their engine
technology and in seats per departure. Fitch views the fleet
renewal as particularly impactful for United's regional operations
as it replaces smaller inefficient regional jets.
EETCs
Class AA Rating Affirmations: The affirmation of United's Class AA
certificates for the 2019-2, 2019-1 and 2018-1 transactions at 'A+'
is supported by strong LTVs in the mid-70% low-80% range, which
gives them material headroom within Fitch's 'A' stress scenario.
The Class AA certificates for the 2016-2 and the 2016-1
transactions are affirmed at 'A', where they continue to pass
Fitch's 'A' stress scenario with LTVs in the low-to-high 80% range.
The 2016-2 transaction saw a slight increase in LTVs compared to
prior review, due to outsized exposure (63%) to the 777-300ER which
depreciated slightly more than expected.
Class A Affirmations and Upgrades: The upgrade of United's 2018-1
Class A certificates to 'A-' from 'BBB+' reflects improving LTVs,
with the transaction now passing 'A' level stresses with modest
headroom at 97.2%. The improvement is attributable to
lower-than-expected depreciation in the 787-9 and 737 MAX 9. The
affirmation of United's Class A certificates for 2014-2 and 2014-1
at 'A' and 'A-' respectively reflects steady LTVs since last review
in the mid-80s to low-90% range. The values of the aircraft in this
transaction have declined in the low- to mid-single digits, which
is in line with Fitch's assumptions for Tier 1 and Tier 2 aircraft
at 6% and 7% respectively.
The LTVs for United's remaining transactions do not pass Fitch's
'BBB' stress test, and according to Fitch's criteria, are rated
using a bottom-up approach and notched from United's IDR. Fitch's
bottom-up approach calls for ratings to be notched from the airline
IDR based on three primary variables: 1) the affirmation factor
(0-2 notches); 2) the presence of a liquidity facility (0-1 notch);
and 3) recovery prospects (0-1 notch). The Class A upgrades are
primarily driven by an upgrade of United's IDR to 'BB+' from 'BB'.
Other than the Class A certificates in the 2018-1, 2014-2, and
2014-1 transactions mentioned above, all of the Class A
certificates are rated either 'BBB+' or 'BBB'. These certificates
have received a two-notch uplift for a high affirmation factor and
a one-notch uplift for the presence of a liquidity facility.
United's 2019-2, 2019-1, and 2016-1 are rated 'BBB+' and received a
one-notch adjustment for superior recovery prospects. However, per
Fitch's criteria, these three subordinated tranches rated through
the bottom-up method are capped at 'BBB+' for non-IG issuers. The
2016-2 transaction is rated 'BBB+' and is the only Class A
certificate that received a zero-notch adjustment for average
recovery prospects.
Class B Certificate Ratings: United's Class B certificates are also
derived through Fitch's bottom-up approach and are rated either
'BBB+' or 'BBB'. All of the Class B certificates have received a
two-notch uplift for a high affirmation factor and a one-notch
uplift for the presence of a liquidity facility. Both 2019-2 and
2018-1 receive zero-notch adjustments for average recovery
prospects. However, 2018-1 is rated 'BBB+', one notch above 2019-2
at 'BBB'. Per Fitch's criteria, adjacent tranches must be separated
by at least one notch; accordingly, 2019-2 is capped at 'BBB'
because its Class A certificates are rated 'BBB+'. United's 2016-1
Class B certificates are rated 'BBB' and received a negative
one-notch adjustment for poor recovery prospects.
Aircraft Tiers: United's EETC transactions are secured by the
787-8, 787-9, 737-900ER, 737 MAX 9, 777-300ERs, and E175s. Tier
classifications for each of these aircraft types are unchanged from
Fitch's prior review. Fitch considers the 787-8, 787-9, and 737-800
to be Tier 1 aircraft. The 737-800 is prior generation technology,
but it is the workhorse of the industry, with a very large
in-service fleet and operator base (about 230), and Fitch believes
that replacement of the 737-800 will be slow due to delivery delays
of new aircraft and robust travel demand.
The 787-8 is equipped with new generation technology, with a
midsize fleet (about 356), limited order backlog (about 24) and
modest operator base (about 41). Its engine commonality with the
787 family, and the potential for replacement demand for A330s
keeps it within Tier 1. Lastly, the 787-9 has remained in Tier 1 as
it is the best-in-class aircraft with a reasonable fleet size
(about 662) and a growing order backlog. The remaining aircraft in
United's EETCs are considered Tier 2 due to limited user bases and
backlogs.
Affirmation Factor: Fitch has assigned the maximum of '+2' notching
to subordinated tranches for affirmation. Fitch's views on
transaction specific affirmation factors are consistent with prior
reviews, and this maximum affirmation factor is driven by the
collateral pools for these transactions, which Fitch believe are
highly likely to be affirmed in a bankruptcy scenario as they
comprise aircraft that are essential to United's fleet strategy.
Slow, albeit improving production rates from Boeing (BBB/Stable)
and Airbus (A/Stable) further underscore the importance of these
aircraft to United's fleet. Fitch continues to expect that, in the
event of a bankruptcy, United would prioritize rejecting leased
aircraft ahead of newer, owned aircraft. As of YE 2024, the company
leased 140 aircraft which includes older, less-fuel-efficient
A319s, A320s, 737s, 787s and 777-200ERs.
LTV Summary:
LTV calculations are approximate and reflect the lower of mean or
median of three appraised values.
-- UAL 2019-2 Class AA: Base Case - 48.9%, 'A' Stress Case -
81.4%;
-- UAL 2019-2 Class A: Base Case - 68.7%, 'BBB' Stress Case -
102.9%;
-- UAL 2019-1 Class AA: Base Case - 46.1%, 'A' Stress Case -
81.3%;
-- UAL 2019-1 Class A: Base Case - 65.3%, 'BBB' Stress Case -
102.5%;
-- UAL 2018-1 Class AA: Base Case - 48.1%, 'A' Stress Case -
73.3%;
-- UAL 2018-1 Class A: Base Case - 66.4%, 'A' Stress Case - 97.2%;
-- UAL 2016-2 Class AA: Base Case - 52.6%, 'A' Stress Case -
88.0%;
-- UAL 2016-2 Class A: Base Case - 76%, 'BBB' Stress Case -
114.2%;
-- UAL 2016-1 Class AA: Base Case - 50.0%, 'A' Stress Case -
80.3%;
--UAL 2016-1 Class A: Base Case - 72.2%, 'BBB' Stress Case -
103.9%;
-- UAL 2014-2 Class A: Base Case - 51.8%, 'A' Stress Case - 85.1%;
-- UAL 2014-1 Class A: Base Case - 55.0%, 'A' Stress Case - 92.9%.
PEER ANALYSIS
United's 'BB+' rating is three notches above American Airlines
(B+/Stable). The rating differential is driven by lower leverage at
United (3.5x on a gross basis as of Sept. 30, 2025, compared to
5.8x at American) and stronger profit margins. The differential is
partly balanced by American's deleveraging prospects in coming
years, driven by lower planned capital spending. Fitch also views
United's more aggressive growth plans as carrying greater
incremental execution risk than American's.
United is rated one notch below Delta Air Lines (BBB-/Positive),
with the difference driven by higher gross leverage at United,
though the two are similar when compared on a net basis, as well as
by Fitch's expectations of better near-term FCF generation at
Delta. Delta also benefits from slightly higher operating margins
and a pre-pandemic track record of FCF generation.
United also compares well with network carriers outside of the
U.S., including Air France (BBB-/Stable) and Deutsche Lufthansa
(BBB-/Stable). United's gross leverage metrics are similar to
Lufthansa's, and lower than Air France's. United also exhibits
better fixed-charge coverage metrics than both peers.
EETCs
The certificates rated 'A+' are in line with other class 'AA'
certificates in certain American Airlines transactions and one
notch higher than ratings for several class A certificates issued
by other carriers. Stress scenario LTVs for the 2019-2, 2019-1 and
2018-1 transactions remain low and continue to support the 'A+'
rating. Class A certificates that are rated 'A' compare well with
issuances from American and Air Canada that are also rated 'A'.
Rating similarities are driven by similar levels of
overcollateralization and high-quality pools of collateral.
Certificates rated at 'BBB+' or 'BBB' are notched up from United's
IDR through Fitch's bottom-up approach. The four-notch uplift
(capped at 'BBB+' per Fitch's criteria) for transactions rated
'BBB+' is higher than transactions issued by American Airlines
(B+/Stable) despite the latter receiving maximum notching (+5) due
to the differential in issuer default rating. Certificates rated
'BBB' receive less uplift compared to similar transactions from
other issuers due to weaker recovery prospects.
FITCH'S KEY RATING-CASE ASSUMPTIONS
-- United grows available seat miles in the mid-single digits
annually through the forecast period;
-- Load factors remain in the 82-83.5% range;
-- Unit revenue turns positive in 2026 and increases in the low
single digits annually through 2028;
-- Jet fuel prices average around $2.40/gallon through the
forecast, consistent with current crude prices and crack spreads
-- Capital spending in line with the company's public guidance.
EETCs
-- Key assumptions within the rating case for the issuer include a
harsh downside scenario in which United declares bankruptcy,
chooses to reject the collateral aircraft, and the aircraft are
remarketed in the midst of a severe slump in aircraft values. (A
United Airlines bankruptcy is hypothetical; this is not Fitch's
current expectation as reflected in United's 'BB+' IDR.) Fitch's
models also incorporate a full draw on liquidity facilities and
include assumptions for repossession and remarketing costs;
-- Fitch's recovery analyses for subordinated tranches utilize its
'BB' level stress tests and include a full draw on liquidity
facilities and assumptions for repossessions and remarketing
costs;
-- Fitch's analysis incorporates a 6% annual depreciation rate for
Tier 1 aircraft and a 7% annual depreciation rate for Tier 2
aircraft. Fitch has increased its depreciation rate assumptions,
modestly reflecting updated analysis of historical aircraft value
trends;
-- 'A' level stresses incorporate a 25% haircut for 787-9 and
737-800 aircraft, a 30% haircut for 737 MAX 9, and 787-8 aircraft
and a 35% haircut for 777-300ER, 737-900ER, ERJ 175, and 787-10
aircraft.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- Adjusted debt/EBITDAR sustained above 3.3x or adjusted net
debt/EBITDAR sustained above 2.3x;
-- EBITDAR margins deteriorating into the low double-digit range;
-- Persistently negative or negligible FCF.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- Adjusted debt/EBITDAR sustained below 2.7x, or adjusted net
debt/EBITDAR sustained below 1.7x;
-- Sustained positive FCF generation;
-- EBITDAR margins expanding into the upper teens;
-- Progress toward United's fleet renewal efforts while maintaining
financial flexibility, including maintaining or increasing
unencumbered assets.
EETCs
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
Top-down approach:
United's class AA certificates and the 2018-1, 2014-2, and 2014-1
Class A certificates are primarily based on a top-down analysis of
collateral value. Therefore, a negative rating action could be
driven by an unexpected decline in collateral values. All the class
AA certificates remain well overcollateralized, and therefore
negative actions based on declining aircraft values are less
likely. Collateral coverage for the 2014-2 and 2014-1 Class A
certificates is less robust. Modest value declines could drive a
one-notch downgrade for either transaction.
Bottom-up approach:
United's remaining EETC tranches are notched from United's IDR.
Tranches rated 'BBB+' or 'BBB' are sensitive to recovery
expectations in a stress scenario. Declining asset values could
drive weaker recovery prospects, leading to further downgrades.
Subordinate tranches are also subject to changes in Fitch's view of
the likelihood of affirmation for the underlying collateral. In
addition, tranches rated using the bottom-up approach would be
subject to downgrade should Fitch downgrade United's corporate
rating.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
Top-down approach:
United's class AA certificates and the 2018-1, 2014-2, and 2014-1
Class A certificates are primarily based on a top-down analysis of
collateral value. Positive rating actions could be driven by
sustained collateral overperformance.
Bottom-up approach:
United's remaining EETC tranches are notched from United's IDR.
However, an upgrade of United's corporate rating is unlikely to
trigger upgrades on these tranches, as subordinated tranches rated
using a bottom-up approach are capped at 'BBB+'. Fitch also
maintains a minimum of one-notch differential between each senior
and subordinated tranche.
LIQUIDITY AND DEBT STRUCTURE
Liquidity Provides Downside Protection: United ended 3Q 2025 with
cash and short-term investments totaling $13.3 billion and with $3
billion available under its revolver, equivalent to 28% of United's
LTM revenue. United's liquidity balance was higher than either of
its major peers and provides a material amount of protection
against potential economic pressure.
Fitch expects the company's current liquidity balance, along with
improving operating cash flows, to be more than sufficient to cover
near-term obligations. Fitch expects United to direct cash toward
aircraft deliveries and scheduled debt maturities. As such,
unencumbered assets are expected to rise through Fitch's forecast
period.
Debt Structure: United's upcoming debt maturities are sizeable but
manageable. Principal repayments total $4.1 billion in 2026, $2
billion in 2027 and $1.8 billion in 2028. Fitch expects maturities
to be met through a combination of cash generated from operations,
drawing down the current cash balance, and financing upcoming
aircraft deliveries.
United's debt structure primarily consists of aircraft-backed EETCs
and secured term loans and notes backed by the company's
slots/gates/routes collateral. United has a limited number of
unsecured notes as well as unsecured obligations that arose as part
of the government Payroll Support Program.
Revenue Bonds: Fitch also rates a series of special facility
revenue bonds guaranteed by United. Funds from the bonds financed
the construction of a multi-terminal baggage handling system,
tenant and other improvements at the international passenger
terminal (Terminal E) and related airport facilities for use by
United (formerly Continental Airlines) at George H. Bush
International Airport/Houston.
Although the revenue bonds benefit from a security interest in
United's lease payments, Fitch views the risk profile of these
revenue bonds as closer to United's unsecured issuances. United
does not have a master lease at Houston International Airport.
Instead, United has multiple leases in place tied to various
terminals and facilities. In a bankruptcy scenario, it is possible
select leases could take priority and leave other leases to be
rejected or consolidated. As such, Fitch rates these revenue bonds
in line with United's unsecured debt ratings.
EETCs
UAL 2019-2
All three tranches of debt in this transaction feature a dedicated
liquidity facility provided by NAB (Fitch rated AA-/F1+/Stable).
UAL 2019-1
The 'A' and 'B' tranches of debt in this transaction feature a
dedicated liquidity facility provided by NAB (Fitch rated
AA-/F1+/Stable).
UAL 2018-1
All three tranches of debt in this transaction feature a dedicated
liquidity facility provided by NAB (Fitch rated AA-/F1+/Stable).
UAL 2016-2
All three tranches of debt in this transaction feature a dedicated
liquidity facility provided by Commonwealth bank of Australia
(Fitch rated AA-/F1+/Stable).
UAL 2016-1
All three tranches of debt in this transaction feature a dedicated
liquidity facility provided by Commonwealth bank of Australia
(Fitch rated AA-/F1+/Stable).
UAL 2014-2
The 'A' and 'B' tranches of debt in this transaction feature a
dedicated liquidity facility provided by BNP Paribas (Fitch rated
A+/F1/Stable).
UAL 2014-1
The 'A' and 'B' tranches of debt in this transaction feature a
dedicated liquidity facility provided by Credit Agricole (Fitch
rated A+/F1/Stable).
ISSUER PROFILE
United Airlines is one of the largest airlines in the world. The
company maintains hubs at Newark Liberty International Airport,
Chicago O'Hare International Airport, Denver International Airport,
George Bush Intercontinental Airport in Houston, and Los Angeles
International Airport, among others.
RATING ACTIONS
Rating Prior
------ -----
United Airlines, Inc.
LT IDR BB+ Upgrade BB
senior secured LT BBB- Affirmed RR1 BBB-
senior unsecured LT BB+ Upgrade RR4 BB
United Airlines Holdings, Inc.
LT IDR BB+ Upgrade BB
United Airlines Pass Through
Trust Series 2016-1
senior secured LT A Affirmed A
senior secured LT BBB Upgrade BBB-
senior secured LT BBB+ Affirmed BBB+
United Airlines Pass Through
Trust Series 2016-2
senior secured LT A Affirmed A
senior secured LT BBB+ Upgrade BBB
United Airlines Pass Through
Trust Series 2014-2
senior secured LT A Affirmed A
United Airlines Pass Through
Certificate Series 2019-2
senior secured LT BBB Upgrade BBB-
senior secured LT A+ Affirmed A+
senior secured LT BBB+ Affirmed BBB+
United Airlines Pass Through
Certificates Series 2019-1
senior secured LT A+ Affirmed A+
senior secured LT BBB+ Affirmed BBB+
United Airlines Pass Through
Trust Series 2018-1
senior secured LT BBB+ Upgrade BBB
senior secured LT A+ Affirmed A+
senior secured LT A- Upgrade BBB+
United Airlines Pass Through
Trust Series 2014-1
senior secured LT A- Affirmed A-
URGENT CARE: Seeks Subchapter V Bankruptcy in North Carolina
------------------------------------------------------------
On December 16, 2025, Urgent Care Down East, Inc. filed for Chapter
11 protection in the Eastern District of North Carolina. According
to court filings, the Debtor reports between $1 million and $10
million in debt owed to 1-49 creditors.
About Urgent Care Down East, Inc.
Urgent Care Down East, Inc. operates a walk-in urgent care clinic
in Washington, North Carolina, providing same-day medical treatment
for acute illnesses, minor injuries, occupational health services,
and routine physicals, serving patients in Eastern North Carolina.
Urgent Care Down East, Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05002)
on December 16, 2025. In its petition, the Debtor reports estimated
assets of $100,001-$1,000,000 and estimated liabilities of $1
million-$10 million.
The Debtor is represented by George Mason Oliver, Esq. of the Law
Offices of George Oliver, PLLC.
VERMILLION ENERGY: Fitch Affirms 'BB-' IDR, Outlook Negative
------------------------------------------------------------
Fitch Ratings has affirmed Vermilion Energy's Issuer Default Rating
(IDR) at 'BB-' and its senior unsecured notes at 'BB-' with a
Recovery Rating of 'RR4'. The Rating Outlook remains Negative.
The ratings are driven by a diversified asset base, exposure to
higher-priced European commodity indices compared with North
American peers, and the expectation of material hedges through the
cycle. Offsetting factors include increased gross debt and natural
gas exposure in North America.
The Negative Outlook reflects weakening unit economics relative to
peers due to increased natural gas exposure and the potential
inability for the company to adequately reduce unit costs.
KEY RATING DRIVERS
Declining Unit Economics: Vermilion's unit economics are weaker
following its acquisition of Westbrick Energy Ltd. and sale of
assets in Saskatchewan and the U.S. Netbacks have weakened due to
increased Canadian gas exposure with lower oil production as a
percent of total production. Oil production declined from 35% in
3Q24 to 24% in 3Q25, resulting in reduced realized prices and cash
netbacks. Price compression between Europe and North America may
further erode Vermilion's historical netback advantage relative to
peers.
Factors that may offset reduced profitability include effective
unit cost reductions, effective capex management, and potential
benefits to AECO from LNG Canada and other export projects.
Deleveraging Post-Acquisition: Fitch views the deleveraging
following company's 2025 acquisitions positively. Vermilion has
reduced gross debt from a peak of $1.95 billion to $1.26 billion at
3Q25. However, this remains above the $963 million at YE24 with the
increased debt heightening downside risk. Recent actions to
marginally reduce debt include the sale of Coelacanth Energy Inc.
shares.
Liquids-Weighted Asset Sales: The company completed the sale of
assets in the U.S. and Saskatchewan for a combined total
consideration of $$483.5 million with proceeds used to reduce gross
debt. The sale of approximately 16 mboepd of liquids-rich (>80%)
will have a negative impact on the company's unit economics.
Increased capex to support the increased production profile and
reduced netbacks due to higher gas exposure are likely to reduce
FCF in a midcycle environment.
Heightened Capex: Fitch expects higher capex than historical levels
given the company's increased production levels. Management has
indicated run rate capex ranging from $600 million to $630 million,
which slightly outstrips historical levels between 2021-2024 (about
$535 million). Capex per boe has declined but views this in the
context of expected lower netbacks reflecting increased Canadian
gas exposure and lower oil cut.
Balanced Shareholder Returns: Management reduced its return to
shareholder commitment to 40% from 50% of excess FCF following the
acquisition of Westbrick. Following common dividends and capex
remaining excess free cash flow is expected to be allocated towards
debt reduction in the near term. The company plans to continue
increasing the common dividend and remains open to further share
repurchases.
Hedging Program: Vermilion has hedged approximately 55% of its
production for 2025 and at least 46% of its production for 2026.
Fitch expects management will continue to pursue a material hedging
program to reduce exposure to price volatility. This hedging policy
bodes well for the company's credit quality.
PEER ANALYSIS
Vermilion's profitability compares favorably to gas-weighted
issuers. While Gulfport Energy Corporation (B+/Stable) and Ascent
Resources Utica Holdings, LLC (BB-/Positive) lag its netbacks,
Vermilion's netbacks trail liquids-weighted issuers California
Resource Corporation (B+/Positive), Wildfire Energy I LLC
(B+/Stable), Crescent Energy Company (BB-/Positive), and Baytex
Energy Corp. (B+/Stable).
As of 3Q25, Vermilion's operating scale (approximately 119 mboepd)
is larger than Baytex (approximately 70 mboepd) and Wildfire
(approximately 48 mboepd) in the peer group. Vermilion's liquids
percentage (approximately 33%) is larger than only Gulfport
(approximately 12%) and Ascent Resources (15%).
Vermilion's gross debt is higher than 'B+' peers except for
California Resource but remains materially smaller than all 'BB-'
rated peers. However, its limited profitability in a midcycle
environment may increase leverage relative to peers.
Relative to Canadian peer Baytex, both companies have announced or
completed material transactions that alter the company's assets and
cash flow metrics. Vermilion's asset base and scale increased
substantially while Baytex divests approximately 55% of its scale.
Fitch expects Vermilion's netbacks to decline and gross capex to
increase while Baytex's netbacks slightly deteriorate and its capex
declines, given the opposite trends of their production bases.
FITCH'S KEY RATING-CASE ASSUMPTIONS
-- West Texas Intermediate oil price of USD64 in 2025 and USD58
in 2026 and 2027, and USD57 in the long term;
-- Brent oil price of USD69 in 2025 and USD63 in 2026 and 2027,
and USD60 in the long term;
-- Henry Hub natural gas USD3.50 per thousand cubic feet (mcf) in
2025 and 2026, USD3.00 in 2027, and USD2.75 in 2028 and the
long term;
-- Title Transfer Facility natural gas USD12.00 per thousand
cubic feet (mcf) in 2025, USD9.00 in 2026, USD7.00 in 2027 and
2028, and USD5.00 in the long term;
-- Capital Expenditure, debt reduction, and shareholder
distributions in line with capital allocation policy;
-- Interest-rate assumptions aligned with Chatham Financial Fed
median through the forecast.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
-- Failure to improve netbacks by materially lowering unit costs;
-- Materially increasing gross debt or deviation from stated
financial policy;
-- Mid-cycle EBITDA Leverage above 3.0x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
-- Materially improved unit economics and profitability relative
to peers could stabilize the outlook;
-- Production approaching 175,000 boepd given current production
mix;
-- Mid-cycle EBITDA leverage below 2.0x.
LIQUIDITY AND DEBT STRUCTURE
At 3Q25, Vermilion's $1.35 billion revolving credit facility has
approximately $197 million outstanding. Readily available cash
totaled approximately $46 million.
Vermilion's USD300 million unsecured notes matured in 2025. The
company's revolver matures in 2029 and its USD400 million unsecured
notes mature in 2030 and 2033 respectively.
ISSUER PROFILE
Vermilion Energy Inc. is a small-to-medium sized diversified
international E&P company with production primarily in Canada and
Europe.
WARREN'S READY-MIX: Hires Cooper & Scully PC as Legal Counsel
-------------------------------------------------------------
Warren's Ready-Mix, LLC seeks approval from the U.S. Bankruptcy
Court for the Southern District of Texas to employ Cooper & Scully,
PC as counsel.
The firm will provide these services:
a. prepare and file schedules and a statement of financial
affairs;
b. negotiate with creditors and handle routine motions such as
motions for relief from stay, cash collateral motions and the
myriad of bankruptcy motions that will be filed in this case;
c. file objections to claims, if necessary;
d. perform legal work necessary to sell property of the estate;
e. draft, file and prosecute adversary proceedings necessary to
determine the extent, validity and priority of liens;
f. draft, file and prosecute avoidance actions if necessary;
g. draft, file and prosecute adversary proceedings, motions and
contested pleadings as necessary;
h. prepare and file a Plan and Disclosure Statement;
i. conduct discovery that is required for the completion of the
case or any matter associated with the case;
j. perform all legal matters that are necessary for the
completion of the case; and
k. perform miscellaneous legal duties to complete the bankruptcy
case.
The firm will be paid at these rates:
Julie M. Koenig $450 per hour
Paralegals $125 per hour
The Debtor paid the firm a retainer of $40,000, plus $1,738 filing
fee.
In addition, the firm will seek reimbursement for its out-of-pocket
expenses.
Julie M. Koenig, Esq., a partner at Cooper & Scully, PC, disclosed
in a court filing that the firm is a "disinterested person" as the
term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached through:
Julie Koenig, Esq.
Cooper & Scully, P.C.
900 Jackson St Ste 100
Dallas, TX 75202
Tel: (214) 712-9500
About Warren's Ready-Mix, LLC
Warren's Ready-Mix, LLC produces and supplies high-performance
ready-mix concrete in Houston, Texas, serving both commercial and
residential construction projects. The Company provides concrete
for applications including roads, parking lots, building
foundations, driveways, patios, and sports facilities, leveraging
electronic order entry, automated batching, and GPS-tracked
delivery trucks. Warren's focuses on reliable scheduling, customer
service, and long-term client relationships across projects of
varying sizes.
Warren's Ready-Mix, LLC in Kingwood, TX, sought relief under
Chapter 11 of the Bankruptcy Code filed its voluntary petition for
Chapter 11 protection (Bankr. S.D. Tex. Case No. 25-37585) on Dec.
15, 2025, listing $28,208,371 in assets and $22,490,423 in
liabilities. Carey Dean Warren, Jr. as owner, signed the petition.
Judge Jeffrey P Norman oversees the case.
COOPER & SCULLY, PC serve as the Debtor's legal counsel.
WILDER WHISKEY: Seeks Chapter 7 Bankruptcy in Tennessee
-------------------------------------------------------
Kirk O'Neil of The Street reports that Wilder Whiskey has filed for
Chapter 7 bankruptcy, bringing an early end to the whiskey seltzer
brand before it completed its fourth year of operations. The
company specialized in ready-to-drink canned whiskey beverages sold
under the Wilder Whiskey Seltzer label.
According to court filings, the Kannapolis, North Carolina–based
company submitted its petition on December 23, 2025 in the U.S.
Bankruptcy Court for the Eastern District of Tennessee. The filing
lists assets and liabilities each totaling no more than $100,000,
according to Bankruptcy Observer. Wilder Whiskey is owned by
Florida-based fulfillment company Full Circle, and the bankruptcy
papers do not specify the reason for the liquidation, despite
recent investor outreach.
The brand focused on adults ages 21 to 35, a demographic it
identified as a significant share of whiskey consumers. Wilder
Whiskey Seltzer was offered in four flavors—Grapefruit, Orange
Vanilla, Peach, and Lemon Lime—each with 5% alcohol by volume,
100 calories per can, 2 grams of carbs, and marketed as gluten-free
with all-natural flavors and no artificial sweeteners, the report
states.
About Wilder Whiskey Inc.
Wilder Whiskey Inc. is a beverage company that produced
ready-to-drink canned whiskey seltzers sold under the Wilder
Whiskey Seltzer label. The brand focused on combining traditional
American whiskey with flavored seltzer to appeal to modern,
convenience-driven consumers.
Wilder Whiskey Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-32420) on December
23, 2025. In its petition, the Debtor reports assets and
liabilities each totaling no more than $100,000.
Honorable Bankruptcy Judge Suzanne H. Bauknight handles the case.
The Debtor is represented by Thomas Lynn Tarpy, Esq. of Tarpy, Cox,
Fleishman & Leveille, PLLC.
*********
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 ***