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T R O U B L E D C O M P A N Y R E P O R T E R
Tuesday, July 7, 2026, Vol. 30, No. 188
Headlines
1060 NEPPERHAN: Seeks to Employ Akerman LLP as Co-Counsel
108 GILBERT: Voluntary Chapter 11 Case Summary
34 PLEASANT: Taps Law Offices of Charles Wertman as Legal Counsel
38 ILION: Commences Chapter 11 Bankruptcy in New York
43 LAUREL: Seeks Subchapter V Bankruptcy in New Jersey
5218 PROPERTY: Seeks Chapter 11 Bankruptcy in New Jersey
ADM TRONICS: Delays 10-K Filing to Finalize Financial Analysis
ADVANCE AUTO: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
ADVISORS GROUP: Seeks Subchapter V Bankruptcy in Puerto Rico
AFC ACQUISITION: Seeks $600,000 DIP Loan from CEO
AIS CORP: Moody's Ups CFR to Ba2, Outlook Remains Stable
ALCOA NEDERLAND: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
AMERICA'S LISTING: Gets Extension to Access Cash Collateral
AZALEA TOPCO: Moody's Withdraws 'B3' CFR Following Debt Repayment
B & R REAL ESTATE: Hires Thomas B. Ure as Bankruptcy Counsel
BELLY UP: Court Schedules Receivership Hearing
BENNETT SHISHA: Seeks Subchapter V Bankruptcy in Georgia
BEST BUY BAGELS: Seeks Subchapter V Bankruptcy in New York
BKR LLC: Gets Final OK to Use Cash Collateral
BNB SPORTS: Matthew Brash Named Subchapter V Trustee
BRASKEM SA: Court Grants Provisional Chapter 15 Relief
BRASS LLC: Seeks to Hire Michael T. Bowers as Accountant
BURKE VENTURES: Jennifer Schank Named Subchapter V Trustee
CHASSEUR REALTY: Seeks Chapter 11 Bankruptcy
CHICAGO CATHOLIC BISHOP: Moody's Reviews 'Ba1' Bond Rating
COMMERCIAL JANITORIAL: Paula Beran Named Subchapter V Trustee
CONLIN STREET: Seeks to Hire Accounting Services as Accountant
CONVENTION CENTER: Hires Modesto Bigas Law Office as Counsel
CREATIVE REALITIES: Commences Underwritten Common Stock Offering
CREATIVE REALITIES: Expects Q2 Revenue of Up to $23 Million
CRESCENT CITY COLLECTIONS: Starts Chapter 11 Bankruptcy in Florida
CYMI INDUSTRIAL: Hires Seyfarth Shaw as Bankruptcy Counsel
DAVENN LLC: Seeks Court Approval to Hire Herrin Law as Counsel
DAWN DAY: Voluntary Chapter 11 Case Summary
DELTA QUAD: Kansas City to Seek Receivership for Bldg.
DESERT ROSE HOLDINGS: Starts Chapter 11 Bankruptcy in New York
DIESEL POWER: Seeks Subchapter V Bankruptcy in California
DR. JAMIE: Seeks Court Approval to Employ Jamie Totten as Manager
DR. JAMIE: Seeks to Employ Caldwell & Riffee as Counsel
ECHOSTAR CORP: Moody's Appends 'LD' Designation to PDR
ELECTRONIC LAB: Seeks Subchapter V Bankruptcy in North Carolina
ENDRA LIFE: Director Anthony DiGiandomenico Discloses 9.9% Stake
ENGLEWOOD CAR: To Hire Cole & Cole Law P.A. as Counsel
F-STAR SOCORRO: Gets Interim OK for DIP Financing From RC PV
FIRST STEP: Seeks Chapter 11 Bankruptcy in Illinois
FTI CONSULTING: Moody's Rates New $1.5BB Sr. Unsecured Revolver Ba1
FULL HOUSE: Seeks to Hire Modesto Bigas Law Office as Legal Counsel
G.A.H. BAR-B-Q: Andrew Layden Named Subchapter V Trustee
GLG INVESTMENTS: Gets Interim OK to Use Cash Collateral
GLOBAL LEADERSHIP: Samuel Dawidowicz Named Subchapter V Trustee
GOLD MOUNTAIN: To Hire Law Offices of Michael Jay Berger as Counsel
GOLDEN TRIANGLE: Taps Juan Carlos Bigas Valedon as Counsel
HIGHLAND SPRINGS: Employs Pay It Forward as Real Estate Broker
HOLLEY INC: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
IWC JACKSONVILLE: Case Summary & 17 Unsecured Creditors
J W INSULATION: Voluntary Chapter 11 Case Summary
JR AND SP HOLDINGS: Case Summary & One Unsecured Creditor
JS&A FIRE: Scott Seidel Named Subchapter V Trustee
JUPITER COMPANY: Moody's Assigns 'Ba1' CFR, Outlook Stable
KENDALL TOWING: Commences Chapter 11 Bankruptcy in Pennsylvania
KIITOS BREWING: Has Deal on Cash Collateral Access
LEADERS IN INNOVATION: Case Summary & 10 Unsecured Creditors
LIVEONE INC: FY2026 Loss Hits $21.3MM; Going Concern Doubt Persists
MAXUM GENESIS: Gets Interim OK for $10,000 DIP Financing
MELBEN INC: Seeks Approval to Appoint Mahdavi Bacon as Counsel
MITT REAL ESTATE: Seeks to Use Cash Collateral
MKBH MANAGEMENT: Trigild IVL's Ian Lagowitz Appointed as Receiver
MSCI INVESTMENTS: Seeks to Hire Frost Law as Special Counsel
MULTIBANK INC: Moody's Withdraws All Ratings on Debt Assumption
NEGRONI DORAL: Case Summary & 20 Largest Unsecured Creditors
NORDICUS PARTNERS: Audit Preparation Delays FY2026 10-K Filing
NORTH TEXAS BEHAVIORAL: Behrooz Vida Named Subchapter V Trustee
NORTHEAST HOUSING: Moody's Affirms Ba1 Rating on 2007-B Rev. Bonds
OCEAN POWER: Extends Section 382 Tax Benefits Plan to June 29, 2029
OMNI BAG: Case Summary & 10 Unsecured Creditors
ORANJE MIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
ORYX SYSTEMS: Seeks Approval to Hire Iron Horse as Auctioneer
PCR AGAWAM: Gets Interim OK to Use Cash Collateral Until Aug. 6
PENN HILLS SD: Moody's Upgrades Issuer & GOLT Ratings From Ba1
PIC ESTATE: Seeks to Sell Princeton Property to Highest Bidder
PLH HOMES: Hires Rountree Leitman Klein & Geer as Counsel
PRECISION MANUFACTURING: Employs Culver CPA Group as Accountants
PRESTIGE BRANDS: Moody's Rates New $400MM Sr. Unsecured Notes 'B1'
QUINCY HEALTH: S&P Lowers ICR to 'SD' on Distressed Transaction
ROLLING TANK: Seeks to Hire Steidl & Steinberg as Counsel
ROSLAND CAPITAL: Case Summary & 20 Largest Unsecured Creditors
ROSLAND CAPITAL: Seeks Chapter 11 Bankruptcy in California
SALON VOSS: Peter Barrett Named Subchapter V Trustee
SANGAMO THERAPEUTICS: Court OKs Interim DIP Loan From Northridge
SCILEX HOLDING: Agrees to Acquire 837 BTC From Datavault for $50MM
SEA OAKS: Christine Brimm Named Subchapter V Trustee
SEA PALMS: Christine Brimm Named Subchapter V Trustee
SEABREEZE ROOFING: Linda Leali Named Subchapter V Trustee
SEDGWICK CLAIMS: Moody's Affirms 'B2' CFR, Outlook Stable
SILICON VALLEY: CEO Earned Millions as Risk Rating Fell, Says Judge
SLEEP NUMBER: Hires AP Services as Chief Restructuring Officer
SLEEP NUMBER: Hires Kroll Restructuring as Administrative Advisor
SLEEP NUMBER: Retains Guggenheim Securities as Investment Banker
SLEEP NUMBER: Seeks Approval to Tap Vinson & Elkins as Counsel
SLEEP NUMBER: To Hire Davis Polk & Wardwell as Attorneys
SPOKE MEDIA: Katharine Battaia Clark Named Subchapter V Trustee
STEVEN MCCANLESS: To Retain RMR Legal PLLC as Legal Counsel
STUDIO 22: Case Summary & 11 Unsecured Creditors
SYNERGENX LEGACY: Case Summary & 30 Largest Unsecured Creditors
SYNERGENX LEGACY: Seeks Chapter 11 Bankruptcy in Texas
T.K. TIMBER: Rebecca Redwine Grow Named Subchapter V Trustee
TALOS PRODUCTION: Fitch Rates Proposed Second Lien Notes 'B+'
TAQUERIA Y ANTOJITOS: Gets Interim OK to Use Cash Collateral
TENTH PLACE: Files Emergency Bid to Use Cash Collateral
TOLLANIS TECHNOLOGY: Hires Van Horn Law Group as Legal Counsel
TPMP 2023: Voluntary Chapter 11 Case Summary
UMBRELLA PROJECT: Case Summary & 17 Unsecured Creditors
UPWARD AG: Taps Law Office of James C. Bocott as Counsel
US HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
VENICE CAR: Hires Cole & Cole Law as Legal Counsel
VI BRANDON: Employs David W. Steen as Legal Counsel
VI LAND: Employs David W. Steen PA as Bankruptcy Counsel
VI ZEPHYRHILLS: To Hire David W. Steen as Legal Counsel
VIVOSIM LABS: Financial Data Shortfall Delays FY2026 10-K Filing
WEC US HOLDINGS: $17.5BB Loan Program Credit Positive, Moody's Says
WEC23 LLC: Voluntary Chapter 11 Case Summary
WELCOME GROUP: Seeks Cash Collateral Access
WELLNESS CENTER: Voluntary Chapter 11 Case Summary
WESTERN URANIUM: Four Proposals OK'd at Annual Shareholders Meeting
WILDWOOD PHASE: Voluntary Chapter 11 Case Summary
WINDMILL LAKES: Seeks to Employ Lorium PLLC as Legal Counsel
*********
1060 NEPPERHAN: Seeks to Employ Akerman LLP as Co-Counsel
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1060 Nepperhan Ave., LLC and KCT, Inc. seek approval from the U.S.
Bankruptcy Court for the Southern District of New York to hire
Akerman LLP to serve as co-counsel.
The firm will provide these services:
(a) advise and represent the Debtors in connection with bankruptcy
litigation and mediation;
(b) provide services as more fully set forth in the Application;
and
(c) represent the Debtors in this case pursuant to the terms of
the Application.
Akerman will charge for services rendered to the Debtors at
Akerman's standard hourly rates, plus expenses, but will only seek
payment from the Debtors' principal. The customary and current
standard hourly rates to be charged by Akerman for the services to
be rendered to the Debtors are:
Partners and Of Counsels: Between $1,235 and $1,730
Associates: Between $545 and $1,055
Paralegals: Between $485 and $545
Akerman LLP is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court filings.
Akerman does not hold or represent any interests that are adverse
to the Debtors or the Debtors’ estates with respect to the
matters for which the Debtors seek to employ Akerman as
co-counsel.
The firm can be reached at:
Mark S. Lichtenstein, Esq.
AKERMAN LLP
1251 Avenue of the Americas, 37th Floor
New York, NY 10020
Telephone: (212) 880-3800
E-mail: mark.lichtenstein@akerman.com
About 1060 Nepperhan Ave
1060 Nepperhan Ave, LLC is a single asset real estate debtor, as
defined in 11 U.S.C. Section 101(51B).
1060 Nepperhan Ave sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22056) on January 23,
2025. In its petition, the Debtor reported between $10 million and
$50 million in both assets and liabilities.
Judge Sean H. Lane handles the case.
The Debtor is represented by Mark S. Lichtenstein, Esq., at
Akerman, LLP.
Parkview Financial REIT, LP, as lender, is represented by Patrick
Collins, Esq., at Farrell Fritz, P.C., in Uniondale, New York.
108 GILBERT: Voluntary Chapter 11 Case Summary
----------------------------------------------
Debtor: 108 Gilbert Villas LLC
13151 Emily Road, Suite 200
Dallas, TX 75240
Business Description: 108 Gilbert Villas LLC is a Dallas-based
real estate investment company that owns residential property.
Chapter 11 Petition Date: July 2, 2026
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 26-42901
Judge: Hon. Mark X Mullin
Debtor's Counsel: Robert T DeMarco, Esq.
DEMARCO MITCHELL, PLLC
500 N. Central Expressway Suite 500
Plano, TX 75074
Tel: (972) 991-5591
E-mail: robert@demarcomitchell.com
Total Assets: $6,000,000
Total Liabilities: $5,393,490
The petition was signed by Md Tauhid Chaudhury as manager.
The Debtor filed a list of its 20 largest unsecured creditors, but
all entries were left blank.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/7KGRKII/108_Gilbert_Villas_LLC__txnbke-26-42901__0001.0.pdf?mcid=tGE4TAMA
34 PLEASANT: Taps Law Offices of Charles Wertman as Legal Counsel
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34 Pleasant Place Corp. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to hire Law Offices of
Charles Wertman P.C. to serve as legal counsel.
The firm will provide these services:
(a) providing legal advice with respect to the Debtor's powers and
duties as debtor-in-possession in accordance with the provisions of
the Bankruptcy Code;
(b) preparing, on behalf of the Debtor, all necessary schedules,
applications, motions, answers, orders, reports, adversary
proceedings and other legal documents required by the Bankruptcy
Code and Federal Rules of Bankruptcy Procedure;
(c) assisting the Debtor in the development and implementation of
a plan of reorganization or liquidation, including the proposed
sale of the Property; and
(d) performing all other legal services for the Debtor that may be
necessary in connection with this Chapter 11 case and the Debtor's
attempts to reorganize its affairs under the Bankruptcy Code.
Law Offices of Charles Wertman P.C. received a retainer of $7,500
prior to the Filing Date, of which $1,738.00 was the filing fee
required by the Court. The firm' s current hourly rates are $525
for attorneys and $150 for para-professionals.
Law Offices of Charles Wertman P.C. 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:
Charles Wertman, Esq.
LAW OFFICES OF CHARLES WERTMAN P.C.
100 Merrick Road, Suite 304W
Rockville Centre, NY 11570
Telephone: (516) 284-0900
E-mail: charles@cwertmanlaw.com
About 34 Pleasant Place Corp.
34 Pleasant Place Corp. is a real estate company whose principal
asset is a two-family residential property
at 34 Pleasant Place in Brooklyn, New York, with one of the units
currently occupied.
34 Pleasant Place Corp. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-42759) on June 04,
2026.
At the time of the filing, Debtor had estimated assets of between
$500,001 and $1 million and liabilities of between $1 million and
$10 million.
Judge Elizabeth S. Stong oversees the case.
Law Offices of Charles Wertman P.C. is Debtor's legal counsel.
38 ILION: Commences Chapter 11 Bankruptcy in New York
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On June 26, 2026, 38 Ilion 188 Corp filed for Chapter 11 protection
in the U.S. Bankruptcy Court for the Eastern District of New York.
According to court filings, the Debtor reports between $100,000 and
$500,000 in debt owed to 1-49 creditors.
A meeting of creditors filed by the Office of the United States
Trustee under Section 341(a) to be held on July 27, 2026 at 02:00
PM at USA Toll-Free (888) 330-1716, USA Caller Paid/International
Toll (713) 353-7024, Access Code 6980165.
About 38 Ilion 188 Corp
38 Ilion 188 Corp is a St. Albans, New York-based residential real
estate leasing company engaged in the ownership and management of
residential properties in Queens, New York. As of June 2026, the
company is focused on managing and potentially liquidating its real
estate holdings, including marketing its primary asset—a
1,620-square-foot single-family residence—for sale as part of its
restructuring efforts.
38 Ilion 188 Corp sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-43137) on June 26, 2026. In its
petition, the Debtor reports estimated assets of $50,000 to
$100,000 and estimated liabilities of $100,000 to $500,000.
Honorable Bankruptcy Judge Jil Mazer-Marino handles the case.
43 LAUREL: Seeks Subchapter V Bankruptcy in New Jersey
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On June 28, 2026, 43 Laurel Avenue, LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the District of New
Jersey. According to court filings, the Debtor reports between
$100,000 and $500,000 in debt. The petition lists estimated assets
of $100,000 to $500,000 and estimated liabilities of $100,000 to
$500,000.
Chapter 11 Subchapter V Plan due Sept. 28, 2026.
About 43 Laurel Avenue, LLC
43 Laurel Avenue, LLC is an East Orange, New Jersey-based
residential real estate company that operates as a single-asset
real estate entity. The company's principal business consists of
owning and managing a residential duplex in Trenton, New Jersey,
which was listed for sale shortly before the Chapter 11 filing as
part of its restructuring efforts.
43 Laurel Avenue, LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17417) on June
28, 2026. In its petition, the Debtor reports estimated assets of
$100,000 to $500,000 and estimated liabilities of $100,000 to
$500,000.
Honorable Stacey L. Meisel handles the case.
The Debtor is represented by David Gerardi, Esq. of the Office of
the United States Trustee (DOJ-UST).
5218 PROPERTY: Seeks Chapter 11 Bankruptcy in New Jersey
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On June 22, 2026, 5218 Property LLC filed for Chapter 11 protection
in the U.S. Bankruptcy Court for the District of New Jersey.
According to court filings, the Debtor reports between 1 and 49
creditors. The petition lists estimated liabilities between $1
million and $10 million.
The Chapter 11 filing follows financial difficulties that led to
UCC foreclosure proceedings involving the company's membership
interests earlier in 2026. The property was assessed at
approximately $5 million in 2025.
About 5218 Property LLC
5218 Property LLC is a Mays Landing, New Jersey-based single-asset
real estate company that owns and leases nonresidential commercial
property. Its principal asset is a 90,000-square-foot Class A
office building in Hamilton Township, New Jersey, which has been
leased in part to the General Services Administration (GSA).
5218 Property LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-17177) on June 22, 2026. In its
petition, the Debtor reports estimated assets of $0 to $50,000 and
estimated liabilities between $1 million and $10 million.
The Debtor is represented by David H. Stein, Esq. of Wilentz,
Goldman & Spitzer, P.A.
ADM TRONICS: Delays 10-K Filing to Finalize Financial Analysis
--------------------------------------------------------------
ADM Tronics Unlimited, Inc. has filed a Form 12b-25 notifying the
U.S. Securities and Exchange Commission of a delay in filing its
Annual Report on Form 10-K for the fiscal year ended March 31,
2026.
The Company stated that the 10-K could not be filed by the
prescribed due date without unreasonable effort or expense, due to
the Company's need to analyze additional information in order to
complete its financial statements to be included in the Form 10-K.
ADM Tronics expects to file the Annual Report within the 15-day
extension period permitted under Rule 12b-25 of the Securities
Exchange Act of 1934, as amended.
The Company confirmed that all other periodic reports required
during the preceding 12 months have been filed and does not
anticipate any significant change in results of operations from the
corresponding period of the prior fiscal year.
About ADM Tronics Unlimited
Northvale, N.J.-based ADM Tronics Unlimited, Inc. is a
technology-based developer and manufacturer of diversified lines of
products. The Company derives revenue from the production and sale
of electronics for medical devices and other applications;
environmentally safe chemical products for industrial, medical, and
cosmetic uses; and research, development, regulatory, and
engineering services. The Company is a corporation that was
organized under the laws of the State of Delaware on November 24,
1969.
Somerset, N.J.-based JVA Accountants & Advisors, LLC, the Company's
auditor since 2025, issued a "going concern" qualification in its
report dated July 14, 2025, attached to the Company's Annual Report
on Form 10-K for the fiscal year ended March 31, 2025, citing that
the Company has experienced losses from operations and negative
cash flows from operating activities, these factors raise
substantial doubt about its ability to continue as a going
concern.
As of December 31, 2025, the Company had $2.05 million in total
assets, $1.29 million in total liabilities, and $761,211 in total
stockholders' equity.
ADVANCE AUTO: Moody's Affirms 'Ba3' CFR & Alters Outlook to Stable
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Moody's Ratings changed the outlook for Advance Auto Parts, Inc. to
stable from negative. Additionally, Moody's affirmed the company's
Ba3 corporate family rating and Ba3-PD probability of default
rating. Moody's also affirmed the Ba3 rating of the company's
backed senior unsecured notes and senior unsecured notes. The
company's speculative grade liquidity rating (SGL) was also
upgraded to SGL-1 from SGL-2.
"The company has demonstrated meaningful progress in improving
operating performance through its strategic initiatives and the
restructuring process is largely complete with only minor
restructuring charges expected in 2026", Moody's Ratings Vice
President Mickey Chadha stated. "Moody's expects the company to be
free cash flow positive this year continuing its positive momentum
in the next 12 months so as to improve credit metrics further,
hence the stable outlook", Chadha further stated. The change in
speculative grade liquidity rating to SGL-1 reflects Advance Auto's
very good liquidity supported by its high cash balances, a return
to positive free cash flow and availability under its $1 billion
asset based revolving credit faciilty.
RATINGS RATIONALE
Advance Auto's Ba3 CFR is supported by the company's very good
liquidity and a financial policy that includes maintaining its
significantly reduced dividend, a cessation of share repurchases
and high balance sheet cash. The company had $2.9 billion of cash
on the balance sheet at the end of Q1 2026 and Moody's expects the
major portion of this cash to remain on balance sheet. The rating
also reflects the positive momentum in the topline growth and
improving margins as efficiencies better inventory management take
hold. Therefore it is Moody's expectations that credit metrics will
improve in the next 12-18 months as the company puts the
restructuring costs behind them and demonstrates growth in
earnings. Moody's expects debt/EBITDA and EBITA/interest to improve
to 4.6x and 2.4x respectively in 2027.
Advance Auto's Ba3 CFR is also supported by its sizeable market
position in the expanding US commercial auto parts segment as well
as the auto parts sector's favorable industry fundamentals,
including increasing total vehicle miles driven in the US, growth
in total number of registered vehicles and the increasing age of
vehicles, which is now about 13 years. Given the increasing
complexity of vehicles on the road and the increasing severity of
maintenance that comes with an aging fleet, commercial auto parts
demand is expected to outpace do-it-yourself retail auto parts
demand.
The stable outlook demonstrates Moody's expectations that growth in
topline and profitability will be sustained with very good
liquidity including free cash flow generation and high cash
balances. The stable outlook also reflects Moody's expectations
that credit metrics will continue to improve and financial policies
will remain conservative.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Ratings could be upgraded if there is a sustained improvement in
operating performance including organic revenue and operating
income growth with margin expansion. An upgrade will also require
maintaining conservative financial policies including very good
liquidity. Quantitatively, the ratings could be upgraded if
lease-adjusted debt/EBITDA is sustained below 4.5x and if
EBITA/interest is sustained above 3.5x.
The ratings could be downgraded if the company does not demonstrate
sequential quarterly improvement including organic revenue and
operating income growth along with margin expansion and if leverage
remains elevated or interest coverage remains weak. Quantitatively,
the ratings could be downgraded if lease-adjusted debt/EBITDA
remains above 5.5x or if EBITA/interest remains below 2.5x. A
downgrade could also occur if liquidity were to deteriorate or
decline beyond levels needed to fund any potential supply chain
finance reductions.
Headquartered in Raleigh, North Carolina, Advance Auto Parts, Inc.
is an automotive aftermarket retailer in North America. As of April
25, 2026, Advance Auto operated 4,308 stores primarily within the
US, with additional locations in Canada, Puerto Rico and the US
Virgin Islands. The company also served 797 independently-owned
Carquest branded stores across these geographies in addition to
Mexico and various Caribbean islands. Revenue is about $8.6
billion.
The principal methodology used in these ratings was Retail and
Apparel published in September 2025.
ADVISORS GROUP: Seeks Subchapter V Bankruptcy in Puerto Rico
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On July 2, 2026, Advisors Group General Contractors Corp. filed for
Chapter 11 protection in the U.S. Bankruptcy Court for the District
of Puerto Rico, San Juan Division. According to court filings, the
Debtor reports between $1 million and $10 million in debt owed to
1-49 creditors.
The Chapter 11 Small Business Subchapter V Plan is due by September
30, 2026.
About Advisors Group General Contractors Corp.
Advisors Group General Contractors Corp. is a Carolina, Puerto
Rico-based commercial and institutional building construction firm
providing general contracting services.
Advisors Group General Contractors Corp. sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case
No. 26-03091) on July 2, 2026. In its petition, the Debtor reports
estimated assets of $1 million to $10 million and estimated
liabilities of $1 million to $10 million.
The Debtor is represented by Javier Vilarino, Esq. of Vilarino &
Associates LLC.
AFC ACQUISITION: Seeks $600,000 DIP Loan from CEO
-------------------------------------------------
AFC Acquisition Corporation asks the U.S. Bankruptcy Court for the
District of New Mexico for authority to obtain post-petition
financing of up to $600,000.
The financing would be treated as an allowed administrative expense
claim under section 364(b), with a final hearing to be scheduled
for approval of the complete facility.
The proposed DIP lender is Kenton Van Harten, who serves as the
Debtor's chief executive officer and is the sole member of the
Debtor's shareholder, American ABQ Holdings, LLC.
The Debtor seeks authority to borrow up to $600,000 from Van
Harten, with the proceeds earmarked primarily for the purchase of
inventory. According to the motion, acquiring inventory is
essential because it will allow the debtor to generate revenue
necessary to support ongoing business operations during the Chapter
11 case. The financing would accrue interest at 12% per annum, but
no fees would be charged in connection with the facility. Court
approval is the only condition precedent to borrowing.
A significant feature of the proposed financing is that the loan
would receive administrative priority status under 11 U.S.C.
section 364(b). The Debtor does not propose to grant liens or other
security interests; instead, the lender would hold an allowed
administrative expense claim. Repayment would occur through the
Debtor's future Chapter 11 plan, and no payments would be required
before plan confirmation. All administrative claims approved before
the effective date of the plan would be paid in full on the
effective date unless otherwise agreed, while claims approved after
the effective date would be paid in full on the first day of the
month following entry of the court order allowing the claim.
The Debtor also requests interim authority to borrow up to $150,000
immediately, before final approval of the full DIP facility. The
requested interim relief would permit AFC Acquisition to obtain
urgently needed working capital during the period between the
interim hearing and the final hearing.
In support of the request, the Debtor states that its current cash
flow and available funds are insufficient to sustain operations for
much longer. Without additional liquidity, the company risks
running out of cash needed for ordinary business expenses and the
administration of the bankruptcy estate.
A copy of the motion is available at https://urlcurt.com/u?l=hvytiV
from PacerMonitor.com.
About AFC Acquisition Corporation
AFC Acquisition Corporation, doing business as American Home
Furniture, sells living room, dining room, and bedroom furniture,
mattresses, and home decor.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.M. Case No. 26-10283) on March 4,
2026. In the petition signed by Kenton Van Harten, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Robert H. Jacobvitz oversees the case.
Chris Gatton, Esq., at Gatton & Associates, P.C., represents the
Debtor as legal counsel.
AIS CORP: Moody's Ups CFR to Ba2, Outlook Remains Stable
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Moody's Ratings upgraded ATS Corporation's (ATS) corporate family
rating to Ba2 from Ba3, its probability of default rating to Ba2-PD
from Ba3-PD and its senior unsecured notes ratings to Ba3 from B1.
The speculative-grade liquidity rating (SGL) remains unchanged at
SGL-2. The outlook remains stable.
"The upgrade reflects the rapid pace of deleveraging over the past
12 months and Moody's expectations that ATS will sustain organic
growth, strong free cash flow generation, and continue deleveraging
over the next 12 to 18 months." said Will Gu, Moody's Ratings
Analyst.
RATINGS RATIONALE
ATS credit profile has significantly improved in the past 12 months
with leverage declining to 3.7x at Q4 FY2026 from 5.1x at Q4 FY2025
supported by strong EBITDA recovery as projects normalized and
significant debt repayment, stronger FCF aided by the one-time EV
settlement cash receipt, and limited acquisition funding needs in
FY2026. Strong bookings, backlog visibility, and a more resilient
business mix underpin expectations for sustained organic growth and
continued deleveraging.
ATS Corporation's ratings benefits from: (1) a track record of
deleveraging (particularly post-acquisitions) with Moody's
expectations of debt to EBITDA below 3.5x by the end of FY2027;
(2) good geographical and end market diversification for its
automated industrial solutions; (3) significant and growing revenue
concentration in tightly regulated, higher margin, and high
precision markets characterized by favorable long-term demand
trends, such as life sciences and energy; and (4) Moody's
expectations of continued strong free-cash-flow generation after
overcoming challenges in FY25.
The company is constrained by: (1) an active acquisition strategy
involving releveraging and execution risks; (2) a small scale among
large players in a competitive environment; (3) the volatile nature
of order bookings and operating in a cyclical manufacturing
industry; and (4) a prolonged sales cycles and some earnings
volatility from exposure to individual projects.
ATS will maintain good liquidity (SGL-2) over the next 12 months.
Sources total about C$1.3 billion+, consisting of cash on hand of
close to C$285 million as of March 31, 2026, free cash flow of
around C$150 million over the next four quarters to June 2027 and
full availability under the C$900 million revolver expiring
December 2029. Moody's expects a small amount of excess free cash
flow to be allocated towards a combination of acquisitions and
share buybacks. ATS' revolver is subject to leverage and coverage
covenants with which the company will remain in compliance. The
company has some flexibility to boost liquidity from asset sales.
ATS has two classes of debt; (1) a secured credit facility with a
C$900 million revolver and C$150 million non-amortizing secured
loan maturing in 2029 and; (2) a US$350 million senior unsecured
notes due 2028 (rated Ba3) and a C$600 million senior unsecured
notes due 2032 (rated Ba3). The unsecured notes, which are
guaranteed by certain material subsidiaries, are rated one notch
below the corporate family rating to reflect their junior position
relative to the secured revolver and term loan ranking ahead of
them.
The stable outlook reflects Moody's expectations that ATS will
sustain organic growth, strong free cash flow, and continued
deleveraging over the next 12 to 18 months below 3.5x, supported by
reduced transportation exposure, and a stronger mix toward life
sciences and other defensive end-markets.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if ATS can increase its business
scale and diversification, maintain positive free cash flow, and
sustain debt to EBITDA below 2.5.
The ratings could be downgraded if ATS debt to EBITDA sustains
above 4.0x, liquidity deteriorates, or if revenue and EBITDA
continue to decline.
The principal methodology used in these ratings was Manufacturing
published in September 2025.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
ATS Corporation, headquartered in Cambridge, Ontario, Canada,
designs, engineers, builds and services automated manufacturing
systems and production lines for multinational companies.
ALCOA NEDERLAND: Moody's Affirms 'Ba1' CFR, Outlook Remains Stable
------------------------------------------------------------------
Moody's Ratings affirmed Alcoa Nederland Holding B.V.'s ("Alcoa")
corporate family rating of Ba1, its Probability of Default Rating
of Ba1-PD and the Ba1 ratings of its existing backed senior
unsecured notes. Moody's also affirmed the Ba1 ratings of the
backed senior unsecured notes issued by Alumina Pty Ltd., a
wholly-owned subsidiary of Alcoa Corporation. Alcoa's speculative
grade liquidity rating remains SGL-2. The outlook for both entities
is stable.
RATINGS RATIONALE
Alcoa Corporation ("Alcoa") announced the acquisition of South32
Limited's ("South32") equity interests in (1) the Boddington
bauxite mine and the Worsley alumina refinery in Western Australia,
(2) the Hillside aluminum smelter in South Africa, and (3) the
Mineração Rio do Norte (MRN) bauxite mine, and the Alumar alumina
refinery and aluminum smelter in Brazil. Transaction consideration
includes a $4.1 billion upfront payment, along with up to $750
million of contingent value rights (CVR) to be paid over a 4-year
period. The upfront payment is comprised of $1 billion of Alcoa
equity, with the remaining $3.1 billion funded with new debt and
cash on the balance sheet.
The affirmation of Alcoa's ratings reflects Moody's views that the
transaction expands Alcoa's scale and diversification while
maintaining the company's positioning as a pure-play upstream
aluminum producer. The acquired assets are located in regions where
Alcoa already operates — Australia and Brazil — which limits
integration risk and creates meaningful synergy potential,
particularly in Western Australia given the geographic proximity of
the assets. The addition of Hillside introduces exposure to a new
jurisdiction in South Africa, which is a less favorable operating
environment, though its contribution to the overall portfolio will
remain modest.
That said, Moody's takes a measured view of management's targeted
$900 million NPV synergies, the majority of which are concentrated
in Western Australia and tied to optimization of a combined bauxite
mining and refining footprint. The bauxite ore-grade challenges
affecting both Alcoa's and South32's Western Australia operations
are structurally similar in nature and are not resolved by the
transaction, with full resolution unlikely before the 2030
timeframe. This constrains the pace at which integrated mine
planning and feedstock optimization can translate into cost
savings, and Moody's therefore expect realization of synergies to
be back-end loaded with only modest contribution in the first year
post-close. The expiry of Hillside's power contract in 2031, with
successor arrangements still under negotiation with the local
utility, represents an additional medium-term consideration.
From a financial perspective, Moody's expects Alcoa to build some
cushion at the current Ba1 rating level leading up to the
transaction close amid a supportive aluminum price environment,
supported by substantial free cash flow generation over that
timeframe. While the contemplated financing mix consumes a portion
of this cushion, pro forma metrics are expected to remain within
the range for the current rating. Alcoa also retains access to
additional liquidity levers, including the ability to partially
monetize its Ma'aden shares (currently valued at approximately $1.4
billion) beginning in 2028 and the sale of its transformation
assets, providing flexibility in the event of a near-term softening
in aluminum market conditions.
The credit profile of Alcoa is supported by its position as a
leading producer of bauxite, alumina and aluminum, its geographical
and aluminum product diversity and upstream integration in the
aluminum value chain that provides a natural hedge against the
volatility in alumina and bauxite prices – all of which are
further enhanced by the proposed transaction. The ratings also
reflect the company's good liquidity position and the positive
impact of the portfolio optimization program, profitability
improvement initiatives and the balance sheet/pension liability
management which have partially enhanced the business resilience.
The credit profile is challenged by its concentrated exposure to
cyclical and volatile aluminum and alumina markets, the high
sensitivity of its operating margins to raw material and energy
costs – which the proposed acquisition does not materially alter.
The credit profile also considers the challenges associated with
mining lower grade bauxite ore in Australia which are not expected
to be fully resolved till the end of the decade. The proposed
acquisition adds assets facing a similar challenge to Alcoa's
portfolio. The credit profile also considers the risk that
currently high aluminum prices and regional premia could revert, in
Moody's views, to more sustainable levels and lead to contraction
in the company's earnings and cash flows as compared to its most
recent financial results.
Assuming LME Aluminum price of $3,100/t, Midwest premium of
$1,900/t, and Alumina price of $275/ton for 2026, Moody's estimates
Alcoa will generate Moody's adjusted EBITDA of around $2.6 billion
and Moody's adjusted free cash flow of around $900 million, with
year-end leverage of 1.1x. Assuming a Jan 1, 2027 transaction
close, and based on LME Aluminum price of $2,695/t, Midwest premium
of $1,770/t, and Alumina price of $350/ton for 2027, Moody's
estimates Moody's adjusted EBITDA to be around $3.3 billion,
Moody's adjusted free cash flow of around $930 million, with
year-end leverage around 2.2x.
The Ba1 rating on the senior unsecured notes issued by Alcoa
Nederland Holding B.V. and Alumina Pty Ltd., at the same level as
the CFR, reflects the preponderance of unsecured debt in the
capital structure, given the level of unsecured notes and other
unsecured liabilities relative to the $1.25 billion secured
revolving credit facility. The notes issued by Alumina Pty Ltd. are
guaranteed by Alcoa Corporation and its subsidiaries that are
guarantors under the Revolving Credit Facility, and rank pari-passu
with the notes issued by Alcoa Nederland Holding B.V. Changes in
the proportion of secured debt relative to unsecured debt in the
company's capital structure could result in changes to the
instrument ratings.
The stable outlook assumes Moody's expectations for steady
operating performance, strong free cash flow generation, and a
successful closing and integration of the proposed acquisition over
the next 12-18 months.
Alcoa has good liquidity to support its operations. At March 31,
2026, the company had a cash balance of $1.35 billion, and full
availability under its $1.25 billion revolving credit facility due
June 2028. Moody's expects Alcoa to generate significant free cash
flow leading up to the close of the proposed acquisition, some of
which is expected to be utilized for financing a portion of the
upfront payment at closing. The revolver is subject to an interest
coverage ratio covenant of 4.0x and a debt to capitalization ratio
covenant of 60%. The company is also expected to have access to
additional sources of liquidity in the form of its Ma'aden shares,
which can be partially monetized starting 2028, as well as sale of
its transformation assets.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
Moody's could consider an upgrade if the company improves its cost
position and profitability, generates positive free cash flow on a
sustained basis and improves its liquidity, commits to and has the
ability to maintain an investment grade balance sheet through the
cycle. Quantitatively, an upgrade could be considered if, EBIT
margins are sustained above 17.5%, Moody's adjusted Debt/EBITDA is
sustained below 2.0x, Retained Cash Flow (RCF)/Debt is sustained
above 40%, and (EBITDA-Capex)/Interest is sustained above 6x.
Moody's could consider a downgrade if the company's operating and
financial performance were to worsen, resulting in sustained
negative free cash flow and deterioration in its liquidity, if
there were to be a weakening of the company's balanced financial
policy, shareholder distributions, or capital spending
significantly exceeds Moody's expectations, the company pursues
another material debt-funded acquisition that is deemed detrimental
to its financial profile. Quantitatively, a downgrade could be
considered if EBIT margins were to sustain below 10%, Moody's
adjusted Debt/EBITDA is sustained above 3.25x, RCF/Debt is
sustained below 25%, and (EBITDA – Capex) / Interest is sustained
below 3.5x.
Alcoa Nederland Holding B.V. is a wholly owned subsidiary of Alcoa
Corporation. Headquartered in Pittsburgh, PA, Alcoa Corporation
holds the bauxite, alumina, aluminum, cast products and energy
business with 26 operations in 9 countries.
The principal methodology used in these ratings was Mining
published in February 2026.
AMERICA'S LISTING: Gets Extension to Access Cash Collateral
-----------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, issued a fourth interim order granting America's Listing
Leaders, LLC approval to use cash collateral.
Under the fourth interim order, the Debtor is permitted to use
cash, accounts receivable, and other business proceeds through the
continued hearing scheduled for July 14 in accordance with an
approved budget.
The Debtor must adhere to strict budget controls, with total
expenditures not exceeding a 10% cumulative variance unless
approved by the secured creditor, ICM Investment Partners III, LLC,
or the court. Notably, the Debtor is prohibited from making
payments to its officers during this interim period without further
court approval.
As adequate protection, the secured creditor will be granted
replacement liens on the Debtor's post-petition assets to the
extent of any decline in value of its pre-petition collateral.
These liens maintain the same validity and priority as pre-petition
liens and extend to proceeds generated post-petition.
The Debtor must also maintain insurance and continue ordinary
business operations, including collecting receivables without
interference.
Events of default include failure to comply with the budget and
reporting requirements, and unauthorized use of funds. Upon default
and notice, the secured creditor may seek to terminate the Debtor's
authority to use cash collateral.
The order preserves all parties' rights to challenge claims or
liens and will remain in effect until further court order following
the continued hearing.
The order is available at https://shorturl.at/a4FFU from
PacerMonitor.com.
About America's Listing Leaders LLC
America's Listing Leaders, LLC operates a technology-driven real
estate referral platform under the name IDEAL AGENT, which connects
home sellers with local real estate agents offering full-service
representation at competitive commission rates.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-01576) on February
27, 2026. In the petition signed by Stephen Johnston, chief
executive officer, the Debtor disclosed up to $500,000 in assets
and up to $10 million in liabilities.
Amy Denton Mayer of Stichter Riedel Blain & Postler, P.A. serves as
Subchapter V trustee for the Debtor.
Judge Luis Ernesto Rivera II oversees the case.
The Debtor tapped Alberto F. Gomez, Jr., Esq., at Johnson, Pope,
Bokor, Ruppel & Burns, LLP, as legal counsel and Links Financial,
LLC as financial advisor.
AZALEA TOPCO: Moody's Withdraws 'B3' CFR Following Debt Repayment
-----------------------------------------------------------------
Moody's Ratings has withdrawn Azalea TopCo, Inc.'s (PG Forsta)
ratings, including the company's B3 corporate family rating and the
B3-PD probability of default rating. Moody's have also withdrawn
the B3 ratings assigned to PG Forsta's backed senior secured first
lien bank credit facilities (consisting of a revolving credit
facility and term loan). Prior to the withdrawal, the ratings were
on review for upgrade and the outlook was ratings under review.
The ratings withdrawal follows the full repayment of the previously
rated debt as a result of the acquisition of the company by Quartz
AcquireCo, LLC (Qualtrics) (B3 stable). The acquisition was
completed on May 18, 2026.
RATINGS RATIONALE
Moody's have withdrawn the ratings because PG Forsta's debt
previously rated by us has been fully repaid.
B & R REAL ESTATE: Hires Thomas B. Ure as Bankruptcy Counsel
------------------------------------------------------------
B & R Real Estate LLC seeks approval from the U.S. Bankruptcy Court
for the Central District of California to hire Thomas B. Ure, Esq.
of Ure Law Firm to serve as general bankruptcy counsel.
Mr. Ure will provide these services:
(a) advise the Debtor regarding matters of bankruptcy law and
concerning the requirements of the Bankruptcy Code and Bankruptcy
Rules relating to the administration of this case and the operation
of the estate as a debtor in possession;
(b) represent the Debtor in proceedings and hearings in the court
involving matters of bankruptcy law;
(c) assist in compliance with the requirements of the Office of the
United States Trustee;
(d) provide legal advice and assistance with respect to the
Debtor's powers and duties in the continued operation of the
Debtor's business and management of property of the estate;
(e) assist in the administration of the estate's assets and
liabilities;
(f) prepare necessary applications, answers, motions, orders,
reports and/or other legal documents on behalf of the Debtor;
(g) assist in the collection of all accounts receivable and other
claims that the Debtor may have and resolve claims against the
Debtor's estate;
(h) provide advice, as counsel, concerning the claims of secured
and unsecured creditors, prosecution and/or defense of all actions;
and
(i) prepare, negotiate, prosecute and attain confirmation of a plan
of reorganization.
Thomas B. Ure will receive an hourly rate of $495, associates shall
receive an hourly rate of $395, law clerks shall receive an hourly
rate of $295, and paralegals shall receive an hourly rate of $195.
Prior to the filing, Thomas B. Ure received $13,738 from third
party Harvinder Bhullar, with $8,733 of the retainer funds
remaining unexhausted as of the declaration date.
Ure Law Firm is a "disinterested person" within the meaning of 11
U.S.C. Sec. 101(14), according to court filings. Thomas B. Ure
stated that he is not a creditor, equity security holder, or
insider of the company; is not and was not within two years before
the petition date a director, officer, or employee of the company;
and does not have interests materially adverse to the interest of
the estate or any class of creditors or equity security holders.
The firm can be reached at:
Thomas B. Ure, Esq.
URE LAW FIRM
8280 Florence Avenue, Suite 200
Downey, CA 90240
Telephone: (213) 202-6070
Facsimile: (213) 202-6075
E-mail: tom@urelawfirm.com
About B & R Real Estate LLC
B & R Real Estate LLC sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. C.D. Cal. Case No. 1:26-bk-11128) on May
26, 2026.
B & R Real Estate LLC is a corporation with primarily business
debts. At the time of filing, the company reported estimated assets
between $1,000,001 and $10 million and estimated liabilities
between $1,000,001 and $10 million. The case was filed in the
California Central Bankruptcy Court and is assigned to Judge
Victoria S. Kaufman.
Judge Victoria S. Kaufman oversees the case.
Ure Law Firm is Debtor's legal counsel.
BELLY UP: Court Schedules Receivership Hearing
----------------------------------------------
Kari Dequine of Aspen Daily News reports that a Colorado judge is
considering whether Belly Up Aspen LLC should be placed into
receivership amid an ongoing ownership dispute between founding
members David Gitlitz and Michael Goldberg. Gitlitz alleges
Goldberg improperly diluted his 25% ownership interest without
authorization and excluded him from company governance, prompting
his request that an independent receiver supervise the company's
finances until the litigation is resolved.
According to Gitlitz's attorney, the requested receivership would
preserve the company's assets while allowing the venue to continue
hosting concerts and operating normally. Gitlitz also challenges a
series of expenditures exceeding approval thresholds established
under the operating agreement, including significant travel
expenses, purchases benefiting Goldberg's family members, and a
multimillion-dollar federal COVID-19 loan obtained without his
knowledge or consent.
Goldberg testified that he believed Gitlitz's ownership interest
had been fully extinguished years ago through documented dilution
reflected in tax filings. He further stated that Belly Up Aspen has
required continuous financial support throughout its existence,
with more than $20 million of his personal capital invested to
sustain operations because the business has never produced an
annual profit.
Goldberg's attorneys argued that receivership would threaten the
venue's stability rather than protect it, emphasizing that Gitlitz
had long permitted Goldberg to manage the company and had access to
financial information throughout the years. The hearing remains
ongoing as the court considers testimony from both founders and
additional financial witnesses.
About Belly Up Aspen LLC
Belly Up Aspen LLC is a Colorado-based entertainment and event
venue company operating Belly Up Aspen, a renowned live music venue
located in downtown Aspen. Established in 2005, the company
presents year-round concerts, private events, and special
performances, attracting leading touring musicians and entertainers
from around the world.
BENNETT SHISHA: Seeks Subchapter V Bankruptcy in Georgia
--------------------------------------------------------
On July 2, 2026, Bennett Shisha Tobacco, LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Georgia. According to court filings, the Debtor reports between
$1 million and $10 million in debt.
A meeting of creditors under Section 341(a) to be held on July 30,
2026 at 01:00 PM via Telephone conference. To attend, Dial
888-330-1716 and enter access code 6960876.
The Chapter 11 Subchapter V Plan is due by September 30, 2026.
Non-Government Proofs of Claim must be filed by September 10,
2026.
About Bennett Shisha Tobacco, LLC
Bennett Shisha Tobacco, LLC is an Atlanta, Georgia-based tobacco
product retail business. As of July 2026, the company operates as a
retailer within the tobacco sector and maintains its principal
office in a virtual workspace in Atlanta. Court records do not
specify the reasons for the Chapter 11 filing.
Bennett Shisha Tobacco, LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-58526)
on July 2, 2026. In its petition, the Debtor reports estimated
assets of $1 million to $10 million and estimated liabilities of $1
million to $10 million.
Honorable Jonathan W. Jordan handles the case.
Leon S. Jones appointed as Subchapter V Trustee.
BEST BUY BAGELS: Seeks Subchapter V Bankruptcy in New York
----------------------------------------------------------
On July 2, 2026, Best Buy Bagels Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Eastern District of
New York. According to court filings, the Debtor reports between
$50,000 and $100,000 in debt owed to 1-49 creditors.
The deadline to file the Chapter 11 Subchapter V Plan is September
30, 2026.
About Best Buy Bagels Inc.
Best Buy Bagels Inc. is a Brooklyn, New York-based retail bakery
and limited-service restaurant. Bankruptcy filing information
indicates the business operates under a 24-hour service model.
Court records do not specify the reasons for the Chapter 11
filing.
Best Buy Bagels Inc. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. Case No. 26-43248) on July 2,
2026. In its petition, the Debtor reports estimated assets of $0 to
$50,000 and estimated liabilities of $50,000 to $100,000.
Honorable Elizabeth S. Stong handles the case.
BKR LLC: Gets Final OK to Use Cash Collateral
---------------------------------------------
The U.S. Bankruptcy Court for the Central District of California,
San Fernando Valley Division, entered a final order approving the
second stipulation between BKR LLC and New Omni Bank, N.A.,
authorizing the Debtor to continue using cash collateral in
accordance with the parties' agreement and the approved 13-week
cash flow budget.
The authorization remains effective through July 10, subject to the
terms and conditions set forth in the stipulation.
The order provides that the Debtor's authority to use cash
collateral will terminate on the earliest of July 10, another date
agreed to in writing by the parties, or the occurrence of an
uncured event of default under the Second Stipulation. The court
also approved all provisions of the stipulation, including adequate
protection payments, replacement liens, superpriority claims,
reporting obligations, financial covenants, waivers, default
provisions, and creditor remedies, making them fully binding and
enforceable.
For the operative period, the Debtor must comply with the cash flow
budget by measuring performance against weeks 7 through 10 of the
approved 13-week budget, subject to the permitted budget variances
and other requirements contained in the Second Stipulation.
The order also makes clear that any use of cash collateral after
July 10, 2026, will require either a new written agreement between
the Debtor and New Omni Bank, N.A. or a further order of the court
following appropriate notice. In addition, the order preserves the
bank's rights to seek additional adequate protection, relief from
the automatic stay, or any other appropriate relief as the Chapter
11 case progresses.
About BKR LLC
BKR LLC, doing business as the Ramada Bakersfield North hotel,
sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. C.D. Calif. Case No. 26-10969) on May 5, 2026. In the
petition signed by Michael P. Crane, managing member, the Debtor
disclosed up to $10 million in both assets and liabilities.
Judge Martin R. Barash oversees the case.
Matthew D. Resnik, Esq., at RHM Law LLP, represents the Debtor as
legal counsel.
Omni Bank, N.A., as secured creditor, is represented by Aram
Ordubegian , Esq., Annie Y. Stoops, Esq., and Jack C. Bistritz,
Esq., at ARENTFOX SCHIFF LLP.
BNB SPORTS: Matthew Brash Named Subchapter V Trustee
----------------------------------------------------
The U.S. Trustee for Region 11 appointed Matthew Brash of Newpoint
Advisors Corporation as Subchapter V trustee for BNB Sports, LLC.
Mr. Brash will be paid an hourly fee of $425 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Brash declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Matthew Brash
Newpoint Advisors Corporation
655 Deerfield Road, Suite 100-311
Deerfield, IL 60015
Tel: (847) 404-7845
About BNB Sports LLC
BNB Sports, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ill., Case No. 26-10727) on June 26,
2026, with $0 to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Edmund G Urban, III, Esq. at Urban & Burt, Ltd. represents the
Debtor as legal counsel.
BRASKEM SA: Court Grants Provisional Chapter 15 Relief
------------------------------------------------------
Ben Zigterman of Law360 Bankruptcy Authority reports that a New
York bankruptcy judge has granted Braskem SA interim protection
under Chapter 15, giving the Brazilian petrochemical manufacturer
access to the Bankruptcy Code's automatic stay while its request
for recognition of a foreign insolvency proceeding moves forward.
The provisional order prevents creditors from commencing or
continuing actions against Braskem's U.S. assets and temporarily
suspends collection efforts that could disrupt the company's
restructuring. Braskem maintained that the relief is essential to
preserve the integrity of its foreign reorganization and avoid
piecemeal enforcement by individual creditors, the report states.
The court determined that temporary relief would promote the
objectives of Chapter 15 by protecting the debtor and its
stakeholders pending a final decision on recognition. A future
hearing will determine whether Braskem's foreign proceeding
qualifies for full recognition under U.S. bankruptcy law, according
to Law360.
About Braskem SA
Braskem S.A is a Brazilian petrochemical company headquartered in
Sao Paulo. The company is the largest petrochemical company in
Latin America and has become a major player in the international
petrochemical market.
Braskem SA sought relief under Chapter 15 of the U.S. Bankruptcy
Code (Bankr. S.D.N.Y. Case No. 26-11522) on June 26, 2026.
Honorable Bankruptcy Judge Michael E. Wiles handles the case.
The Debtor is represented by Thomas S. Kessler, Esq. of Cleary
Gottlieb Steen & Hamilton LLP.
BRASS LLC: Seeks to Hire Michael T. Bowers as Accountant
--------------------------------------------------------
BRASS, LLC seeks approval from the U.S. Bankruptcy Court for the
Western District of North Carolina, Statesville Division to hire
Michael T. Bowers, M.B.A., J.D., C.P.A., A.B.V. to serve as
accountant.
Mr. Bowers will provide these services:
(a) assist the Debtor with accounting matters related to the
pending case; and
(b) perform the duties set out in the application and provide
accounting services in bankruptcy cases.
Michael T. Bowers shall receive compensation at the customary rate
for services of this nature: $325 per hour.
Mr. Bowers declared that, to the best of his knowledge, neither he
nor his employees have any connections with the Debtor, creditors,
any other party in interest, their respective attorneys and
accountants, the Bankruptcy Administrator, or any person employed
in the office of the Bankruptcy Administrator. He further declared
that neither he nor his employees hold or represent an interest
adverse to the estate and that both he and his employees are
"disinterested persons" as that term is defined in Section 101(14)
of the Bankruptcy Code.
The professional can be reached at:
Michael T. Bowers, M.B.A., J.D., C.P.A., A.B.V.
219 Wilmot Dr
Gastonia, NC 28054
Telephone: (704) 867-2394
About Brass, LLC
Brass, LLC provides product development and manufacturing services,
along with retail strategy, branding and marketing, and retail
representation. The company supports dietary supplements,
functional food and beverage, personal care, and pet care brands
through its network of partners across the product development and
commercialization process.
Brass, LLC filed its voluntary petition for relief under Chapter 11
of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 26-50153) on April
20, 2026, listing $646,627 in assets and $1,620,610 in
liabilities.
The petition was signed by Danielle Renner as CEO.
Judge Laura T Beyer presides over the case.
Richard S. Wright, Esq. at MOON WRIGHT & HOUSTON, PLLC serves as
the Debtor's counsel.
BURKE VENTURES: Jennifer Schank Named Subchapter V Trustee
----------------------------------------------------------
The Acting U.S. Trustee for Region 11 appointed Jennifer Schank of
Fuhrman & Dodge, S.C. as Subchapter V trustee for Burke Ventures,
LLC.
Ms. Schank will be paid an hourly fee of $355 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Schank declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Jennifer M. Schank
Fuhrman & Dodge, S.C.
6405 Century Avenue, Suite 101
Middleton, WI 53562
Phone: (608) 327-4200
Fax: (608) 841-1502
Email: jschank@fuhrmandodge.com
About Burke Ventures LLC
Burke Ventures LLC, doing business as Go Mini's of Madison, sought
protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr.
W.D. Wis. Case No. 26-11422) on June 24, 2026, with $100,001 to
$500,000 in assets and $500,001 to $1 million in liabilities.
John W. Menn, Esq., at Swanson Sweet, LLP represents the Debtor as
legal counsel.
CHASSEUR REALTY: Seeks Chapter 11 Bankruptcy
--------------------------------------------
On July 2, 2026, Chasseur Realty Investors-Jackson, LLC filed for
Chapter 11 protection in the U.S. Bankruptcy Court for the District
of New Jersey. According to court filings, the Debtor reports
between $10 million and $50 million in debt owed to 1-49
creditors.
The Chapter 11 Debtor's exclusive period to file a plan expires on
October 30, 2026.
About Chasseur Realty Investors-Jackson, LLC
Chasseur Realty Investors-Jackson, LLC is a Moorestown, New
Jersey-based lessor of residential buildings and dwellings. The
company's primary asset is the Fondren Hill Apartments in Jackson,
Mississippi, which was placed under a mortgage lender lockbox
arrangement as of May 2026.
Chasseur Realty Investors-Jackson, LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-17694) on July
2, 2026. In its petition, the Debtor reports estimated assets of $1
million to $10 million and estimated liabilities of $10 million to
$50 million.
The Debtor is represented by Edmond M. George, Esq. of Obermayer
Rebmann Maxwell & Hippel.
CHICAGO CATHOLIC BISHOP: Moody's Reviews 'Ba1' Bond Rating
----------------------------------------------------------
Moody's Ratings has placed the Ba1 revenue bond rating of Catholic
Bishop of Chicago, IL on review with direction uncertain due to
insufficient information. Previously, the outlook was stable. This
action affects roughly $200 million in outstanding debt.
RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS
This review is prompted by the lack of sufficient, current
financial information. If the information is not received over the
next 60 days, Moody's will take appropriate rating action which
could include withdrawal of the issuer's rating.
METHODOLOGY
The principal methodology used in these ratings was Nonprofit
Organizations (Other Than Healthcare and Higher Education)
published in August 2024.
COMMERCIAL JANITORIAL: Paula Beran Named Subchapter V Trustee
-------------------------------------------------------------
The Acting U.S. Trustee for Region 4 reappointed Paula Beran, Esq.,
at Tavenner & Beran, PLC as Subchapter V trustee for Commercial
Janitorial Inc.
Ms. Beran will be paid an hourly fee of $480 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Beran declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Paula S. Beran, Esq.
Tavenner & Beran, PLC
20 North 8th Street
Richmond, Virginia 23219
Phone: (804) 783-8300
Email: Beran@TB-LawFirm.com
About Commercial Janitorial Inc.
Commercial Janitorial Inc. is a Williamsburg, Virginia-based
commercial janitorial services provider. The company provides
commercial cleaning services, with operations centered in the
Richmond metropolitan area. Court filings do not specify the
reasons for the Chapter 11 filing.
Commercial Janitorial Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No.
26-50633) on June 24, 2026. In its petition, the Debtor reports
estimated assets of $0 to $50,000 and estimated liabilities of
$500,000 to $1 million.
The Debtor is represented by Robert S. Westermann, Esq. of Spotts
Fain PC.
CONLIN STREET: Seeks to Hire Accounting Services as Accountant
--------------------------------------------------------------
Conlin Street LLC seeks approval from the U.S. Bankruptcy Court for
the Eastern District of Louisiana to hire Accounting Services
Unlimited, LLC to serve as accountant.
The firm will provide these services:
(a) provide general accounting services, including preparation of
federal and state income tax returns, preparation of monthly
operating reports and assistance with plan related issues;
(b) provide monthly bookkeeping services, including Profit and
Loss and Balance Sheet preparation, cash basis financial statements
including Profit and Loss and Balance Sheet, reconciliation of
Bank/Credit Card statements to Quickbooks, adjustments for Cash
Purchases, Inventory, and Equipment, and Monthly Operating Report
requested by counsel; and
(c) prepare tax returns, including Form 1120s, Form 1040C, Form
1040E, and Form 1065.
Accounting Services Unlimited, LLC will receive compensation at
this rate:
– Monthly Bookkeeping: $700 per month
All of Accounting Services Unlimited, LLC's fees and expenses will
be subject to Bankruptcy Court approval and only in accordance with
Orders entered in connection with the case.
Accounting Services Unlimited, LLC states that it does not hold or
represent any interest adverse to the company or its estate and is
a "disinterested person" within the meaning of the Bankruptcy
Code.
The firm can be reached at:
Thomas Fontes
ACCOUNTING SERVICES UNLIMITED, LLC
3939 N. Causeway Blvd., Suite 301
Metairie, LA 70002
About Conlin Street LLC
Conlin Street LLC is a limited liability company that may be
engaged in real estate ownership, property management, or related
investment activities.
Conlin Street LLC sought relief under Subchapter V of Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 26-10831) on
April 7, 2026. In its petition, the Debtor reports estimated assets
of $1 million to $10 million and estimated liabilities of $1
million to $10 million.
Judge Meredith S. Grabill oversees the case.
The Debtor is represented by Leo D. Congeni, Esq., at Brooks Gelpi
Haase, LLC. Ryan James serves as Subchapter V Trustee.
CONVENTION CENTER: Hires Modesto Bigas Law Office as Counsel
------------------------------------------------------------
Convention Center Parking, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Juan
Carlos Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. of
Modesto Bigas Law Office to serve as legal counsels.
The attorneys will provide these services:
(a) represent the Debtors in the above captioned bankruptcy
proceedings;
(b) provide legal advice and representation in connection with the
remaining matters in these cases;
(c) handle multiple legal issues and multiple court appearances
related to the three related Chapter 11 cases; and
(d) provide services involving bankruptcy law matters, related
civil law matters, and notarial services required in the
prosecution of all available remedies which the attorneys have
forecasted will be required in the three above captioned cases.
Juan Carlos Bigas Valedon and Modesto Bigas Mendez will bill the
Debtors on the basis of $350 per hour, plus expenses, for each work
performed or to be performed separately by each of the proposed
attorneys. An initial retainer of $10,000 was paid by the Debtors'
President to Juan Carlos Bigas Valedon, subsequently supplemented
by an additional payment of $20,000, also to Juan Carlos Bigas, and
an additional $5,000 also paid to Juan Carlos Bigas.
Juan Carlos Bigas Valedon and Modesto Bigas Mendez are
"disinterested persons" as defined in 11 USC §101(14), according
to court filings.
The firm can be reached at:
Modesto Bigas Mendez, Esq.
MODESTO BIGAS LAW OFFICE
P.O. Box 7462
Ponce, PR 00732-7462
Telephone: (787) 844-1444
Facsimile: (787) 842-4090
E-mail: mbigasmendez@gmail.com
- and -
Juan C. Bigas Valedon, Esq.
83-D Granada Street
Ponce, PR 00730
Home: (787) 845-1252
Office: (787) 259-1000
Fax: (866) 521-7440
Cellular: (787) 633-1253
E-mail: cortequiebra@yahoo.com
About Convention Center Parking
Convention Center Parking, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
24-04516) on Oct. 21, 2024. In the petition signed by David
Santiago Martinez, president, the Debtor disclosed $1 million in
assets and $45,229,691 in liabilities.
Judge Maria De Los Angeles Gonzalez oversees the case.
The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and
Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant.
CREATIVE REALITIES: Commences Underwritten Common Stock Offering
----------------------------------------------------------------
Creative Realities, Inc. announced that it has commenced an
underwritten offering of shares of its common stock or, in lieu of
common stock to certain investors, pre-funded warrants to purchase
shares of its common stock.
In addition, the Company intends to grant the underwriter a 30-day
option to purchase up to an additional 12.5% of the total number of
shares of common stock offered in the public offering (including
shares issuable upon exercise of the pre-funded warrants). The
proposed offering is subject to market and other conditions, and
there can be no assurance as to whether or when the proposed
offering may be completed, or as to the actual size or terms of the
offering.
The Company intends to use the net proceeds from the offering for
working capital, general corporate purposes, debt paydown and
potential acquisitions.
Craig-Hallum is acting as sole managing underwriter for the
offering.
A shelf registration statement on Form S-3 (333-296498) relating to
these securities has been filed with the Securities and Exchange
Commission and has been declared effective. The offering is being
made only by means of a prospectus supplement and accompanying
prospectus. Copies of the preliminary prospectus supplement and an
accompanying prospectus related to the offering may also be
obtained, when available, by visiting the Securities and Exchange
Commission's website at http://www.sec.govor by contacting:
Craig-Hallum Capital Group LLC
Equity Capital Markets
323 North Washington Avenue
Suite 300
Minneapolis, MN 55401
Tel: (612) 334-6300
Email: prospectus@chlm.com.
About Creative Realities
Headquartered in Louisville, Ky., Creative Realities --
https://cri.com/ -- designs, develops and deploys digital
signage-based experiences for enterprise-level networks utilizing
its Clarity, ReflectView, and iShowroom Content Management System
(CMS) platforms. The Company is actively providing recurring SaaS
and support services across diverse vertical markets, including but
not limited to retail, automotive, digital-out-of-home (DOOH)
advertising networks, convenience stores, foodservice/QSR, gaming,
theater, and stadium venues. In addition, the Company assists
clients in utilizing place-based digital media to achieve business
objectives such as increased revenue, enhanced customer
experiences, and improved productivity. This includes the design,
deployment, and day to day management of Retail Media Networks to
monetize on-premise foot traffic utilizing its AdLogic and AdLogic
CPM+ programmatic advertising platforms.
As of December 31, 2025, the Company had $151.04 million in total
assets, $101.85 million in total liabilities, $27.69 million in
temporary equity, and $21.50 million in total stockholders'
equity.
Cincinnati, Ohio-based Grant Thornton LLP, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated April 15, 2026, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2025, citing that the
Company is experiencing difficulty due to the accumulated deficit,
negative working capital, recurring losses and use of cash in
operations, which raises substantial doubt about its ability to
continue as a going concern. These conditions, along with other
matters, raise substantial doubt about the Company's ability to
continue as a going concern.
CREATIVE REALITIES: Expects Q2 Revenue of Up to $23 Million
-----------------------------------------------------------
Creative Realities, Inc. disclosed in a regulatory filing its
preliminary financial estimates for the quarter ending June 30,
2026, which are estimated as of June 23, 2026. The following
estimates are not a comprehensive statement of the Company's
results of operations for the three-month period ending June 30,
2026. These estimates are preliminary and unaudited and thus
inherently uncertain and subject to change.
The Company expects unaudited revenue for the three months ending
June 30, 2026 in a range between $21.0 million and $23.0 million.
For the three months ending June 30, 2026, the Company expects
Adjusted EBITDA in a range between $2.0 million and $2.2 million,
reflecting an Adjusted EBITDA margin of approximately 10.0%.
The Company's 2026 second quarter has not been completed and, as a
result, the anticipated ranges of unaudited revenue and Adjusted
EBITDA for the three months ending June 30, 2026 presented are
preliminary results only. These preliminary results reflect the
Company's preliminary estimates with respect to such results based
on currently available information and are inherently uncertain and
subject to change. After completion of the Company's second
quarter, its actual quarterly results will remain subject to the
completion of the Company's quarter-end closing process, which
includes a final review by its management and audit committee.
During the course of the preparation of the financial statements
and related notes and the Company's final review, additional items
that require material adjustments to the preliminary unaudited
revenue and Adjusted EBITDA presented above may be identified.
Therefore, you should not place undue reliance upon these
preliminary financial results. The Company's actual results that
will be reflected in the Company's financial statements for the
quarter ending June 30, 2026, when they are released, may differ
materially from these estimates (which are based solely on
determinations for such period made prior to the date of this
Report). The Company's results remain subject to substantial risk
and uncertainties. For additional information on the risks
applicable to the Company, please see the "Risk Factors" section of
the Company's Form 10-K for the year ended December 31, 2025, as
well as other documents that may be filed by the Company from time
to time with the Securities and Exchange Commission. We undertake
no obligation to update or revise the estimates set forth in this
prospectus supplement as a result of new information, future events
or otherwise, except as otherwise required by law.
The preliminary unaudited financial estimates for the three months
ending June 30, 2026 described above have been prepared by, and are
the responsibility of, management. Grant Thornton LLP, the
Company's independent registered public accounting firm, and
PricewaterhouseCoopers, the independent registered public
accounting firm for DDC Group International Inc., have not audited,
reviewed or performed any procedures with respect to such
preliminary unaudited financial information. Accordingly, Grant
Thornton LLP and PwC do not express an opinion or any other form of
assurance with respect thereto.
Non-GAAP Measures
The Company is providing preliminary Adjusted EBITDA results only
on a non-GAAP basis, and a reconciliation of this forward-looking
non-GAAP measure to the most directly comparable GAAP measure has
not been provided in reliance on Item 10(e)(1)(i)(B) of Regulation
S-K because such reconciliation is not available without
unreasonable efforts as a result of certain of the adjustments
utilized.
The Company defines "EBITDA" as earnings before interest, income
taxes, depreciation and amortization of intangibles. The Company
defines "Adjusted EBITDA" as EBITDA excluding stock-based
compensation, fair value adjustments and both cash and non-cash
non-recurring gains and charges. Adjusted EBITDA is not a measure
of performance defined in accordance with GAAP. The Company
believes Adjusted EBITDA is a useful financial metric because it
allows external users of the Company's financial statements, such
as industry analysts, investors, lenders and rating agencies, to
more effectively evaluate the Company's operating performance,
compare the results of its operations from period to period and
against its peers without regard to the Company's financing
methods, hedging positions or capital structure and because they
highlight trends in the Company's business that may not otherwise
be apparent when relying solely on GAAP measures. The Company also
presents Adjusted EBITDA because it believes Adjusted EBITDA is an
important supplemental measure of the Company's performance that is
frequently used by others in evaluating companies in its industry.
Accordingly, management believes that disclosure of this metric
offers industry analysts, investors, lenders, rating agencies and
other stakeholders an additional view of the Company's operations
that, when coupled with the GAAP results, provides a more complete
understanding of the Company's financial results. Adjusted EBITDA
should not be considered as an alternative to net income/(loss) or
to net cash used in operating activities as measures of operating
results or liquidity. Our calculation of EBITDA and Adjusted EBITDA
may not be comparable to similarly titled measures used by other
companies, and the measures exclude financial information that some
may consider important in evaluating the Company's performance.
About Creative Realities
Headquartered in Louisville, Ky., Creative Realities --
https://cri.com/ -- designs, develops and deploys digital
signage-based experiences for enterprise-level networks utilizing
its Clarity, ReflectView, and iShowroom Content Management System
(CMS) platforms. The Company is actively providing recurring SaaS
and support services across diverse vertical markets, including but
not limited to retail, automotive, digital-out-of-home (DOOH)
advertising networks, convenience stores, foodservice/QSR, gaming,
theater, and stadium venues. In addition, the Company assists
clients in utilizing place-based digital media to achieve business
objectives such as increased revenue, enhanced customer
experiences, and improved productivity. This includes the design,
deployment, and day to day management of Retail Media Networks to
monetize on-premise foot traffic utilizing its AdLogic and AdLogic
CPM+ programmatic advertising platforms.
As of December 31, 2025, the Company had $151.04 million in total
assets, $101.85 million in total liabilities, $27.69 million in
temporary equity, and $21.50 million in total stockholders'
equity.
Cincinnati, Ohio-based Grant Thornton LLP, the Company's auditor
since 2024, issued a "going concern" qualification in its report
dated April 15, 2026, attached to the Company's Annual Report on
Form 10-K for the year ended December 31, 2025, citing that the
Company is experiencing difficulty due to the accumulated deficit,
negative working capital, recurring losses and use of cash in
operations, which raises substantial doubt about its ability to
continue as a going concern. These conditions, along with other
matters, raise substantial doubt about the Company's ability to
continue as a going concern.
CRESCENT CITY COLLECTIONS: Starts Chapter 11 Bankruptcy in Florida
------------------------------------------------------------------
On July 2, 2026, Crescent City Collections, LLC filed for Chapter
11 protection in the U.S. Bankruptcy Court for the Southern
District of Florida. According to court filings, the Debtor reports
between $1 million and $10 million in debt owed to 1-49 creditors.
As an affiliate of Granaio, LLC, the Debtor is restructuring
liabilities that include more than $401,000 in disputed municipal
real estate taxes.
About Crescent City Collections, LLC
Crescent City Collections, LLC is a Miami, Florida-based
residential real estate leasing company. The company manages a
portfolio of three commercial and residential properties in New
Orleans and is addressing a foreclosure action brought by Hancock
Whitney Bank.
Crescent City Collections, LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. Case No. 26-18758) on July 2,
2026. In its petition, the Debtor reports estimated assets of $0 to
$50,000 and estimated liabilities of $1 million to $10 million.
Honorable Robert A. Mark handles the case.
The Debtor is represented by Adam I. Skolnik, Esq. Linda Marie
Leali is appointed as Subchapter V Trustee.
CYMI INDUSTRIAL: Hires Seyfarth Shaw as Bankruptcy Counsel
----------------------------------------------------------
CYMI Industrial, Inc. seeks approval from the U.S. Bankruptcy Court
for the Southern District of Texas to hire James M. Sullivan, Esq.
of Seyfarth Shaw LLP to serve as general bankruptcy counsel.
The firm will provide these services:
(a) advising the Debtor of its rights, powers, and duties as
debtor and debtor in possession while operating and managing its
business and properties under chapter 11 of the Bankruptcy Code;
(b) preparing on behalf of the Debtor necessary and appropriate
applications, motions, proposed orders, other pleadings, notices,
schedules, and other documents, and reviewing financial and other
reports to be filed in the Case;
(c) advising the Debtor concerning, and preparing responses to,
applications, motions, other pleadings, notices, and other papers
that may be filed by other parties in the Case;
(d) advising the Debtor with respect to, and assisting in the
negotiation and documentation of, financing agreements and related
transactions;
(e) reviewing the nature and validity of liens asserted against
the Debtor's property and advising the Debtor concerning the
enforceability of such liens;
(f) advising the Debtor regarding its ability to initiate actions
to collect and recover property for the benefit of its estate;
(g) advising and assisting the Debtor in connection with any
potential asset sales and property dispositions;
(h) advising the Debtor concerning executory contract and
unexpired lease assumptions, assignments, and rejections as well as
lease restructurings and recharacterizations;
(i) advising the Debtor in connection with the prosecution,
confirmation, and consummation of a chapter 11 plan and related
transactions and transactional documents;
(j) assisting the Debtor in reviewing, estimating, and resolving
claims asserted against the Debtor's estate;
(k) negotiating with parties in interest;
(l) commencing, conducting, and/or continuing litigation necessary
and appropriate to assert rights held by the Debtor, protect assets
of the Debtor's chapter 11 estate, or otherwise further the goal of
completing the Debtor's successful reorganization; and
(m) providing any and all other legal services on behalf of the
Debtor that may be required to aid in the proper administration of
Debtor's estate.
Seyfarth's customary hourly rate ranges are $1,025 to $1,715 for
Partners, $545 to $2,155 for Counsel, $805 to $990 for Associates,
and $210 to $665 for Paralegals. Seyfarth received a $100,000
security retainer from the Debtor and received a payment in the
amount of $95,376.76 from Debtor's parent company, Control y
Montajes Industriales CYMI, S.A.
Seyfarth also received a second security retainer in the amount of
$100,000 from Cymi Spain, with the balance of the Second Retainer
as of the Petition Date being $91,301.
Seyfarth Shaw LLP is a "disinterested person" within the meaning of
section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached at:
James M. Sullivan, Esq.
SEYFARTH SHAW LLP
620 Eighth Avenue, Suite 3300
New York, NY 10018
Telephone: (212) 218-5500
Facsimile: (212) 218-5526
E-mail: jmsullivan@seyfarth.com
About CYMI Industrial, Inc.
CYMI Industrial, Inc. sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Case No. 26-33373) on May 12,
2026.
At the time of the filing, Debtor had estimated assets of between
$100,001 to $500,000 and liabilities of between $100,001 to
$500,000.
Judge Eduardo V. Rodriguez oversees the case.
Seyfarth Shaw LLP is Debtor's legal counsel.
DAVENN LLC: Seeks Court Approval to Hire Herrin Law as Counsel
--------------------------------------------------------------
Davenn LLC seeks approval from the U.S. Bankruptcy Court for the
Southern District of Texas to hire Herrin Law, PLLC to serve as
legal counsel.
The firm will provide these services:
(a) providing legal advice with respect to his powers and duties
as debtor-in-possession;
(b) preparing and pursuing confirmation of a plan and approval of
a disclosure statement;
(c) preparing on behalf of the Debtors necessary applications,
motions, answers, orders, reports and other legal papers;
(d) appearing in Court and protecting the interests of the Debtor
before the Court; and
(e) performing all other legal services for the Debtor which may
be necessary and proper in these proceedings.
Herrin Law, PLLC will receive compensation on an hourly basis, plus
reimbursement of actual, necessary expenses and other charges
incurred by the Firm. Jorge Aguilar's hourly rate for this case is
$400. The owner of the firm, C. Daniel Herrin, has an hourly rate
of $500. All other attorneys of the firm have an hourly rate of
$300. Paralegals have an hourly rate ranging from $125 to $175.
Herrin Law, PLLC is a "disinterested person" as that term is
defined in § 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached at:
C. Daniel Herrin, Esq.
Jorge Aguilar, Esq.
HERRIN LAW, PLLC
12001 N. Central Expy, Suite 920
Dallas, TX 75243
Telephone: (469) 607-8551
Facsimile: (469) 607-8551
About Davenn LLC
Davenn LLC filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 26-34311) on June 17,
2026, with $50,001 to $100,000 in assets and $100,001 to $500,000
in liabilities.
Judge Eduardo V. Rodriguez presides over the case.
Jorge Javier Aguilar, Esq. at Herrin Law PLLC represents the Debtor
as legal counsel.
DAWN DAY: Voluntary Chapter 11 Case Summary
-------------------------------------------
Debtor: Dawn Day, LLC
7454 Old Hickory Blvd
Whites Creek, TN 37189
Business Description: Dawn Day, LLC is a Whites Creek, Tennessee-
based vehicle holding company that owns a fleet of luxury Prevost
entertainer motorcoaches used in the executive, touring and
entertainment transportation market. The company's assets include
numerous titled motorcoaches, including Prevost X3-45, XL-45 and
XL2 models.
Chapter 11 Petition Date: June 30, 2026
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 26-03146
Judge: Hon. Randal S Mashburn
Debtor's Counsel: Michael G. Abelow, Esq.
SHERRARD ROE VOIGT & HARBISON, PLC
1600 West End Avenue
Suite 1750
Nashville, TN 37203
Tel: (615) 742-4532
E-mail: mabelow@srvhlaw.com
Total Assets: $17,225,166
Total Liabilities: $11,756,123
The petition was signed by Amanda Stophel as manager/member.
The Debtor has declared in the petition that it has no unsecured
creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/3UOI6RQ/Dawn_Day_LLC__tnmbke-26-03146__0001.0.pdf?mcid=tGE4TAMA
DELTA QUAD: Kansas City to Seek Receivership for Bldg.
------------------------------------------------------
Thomas Friestad of Kansas City Business Journal reports that Kansas
City officials are preparing to pursue receivership for the
long-vacant former Federal Reserve Bank building after a City
Council committee voted to advance legislation addressing the
deteriorating downtown property. The measure would allow the city
to begin identifying a receiver capable of rehabilitating the
historic high-rise if current ownership fails to resolve ongoing
blight issues.
Before filing a court action, the city would formally notify Delta
Quad Holdings LLC and provide a 60-day period to address nuisance
conditions. If those issues remain unresolved, a Jackson County
judge could appoint a receiver to oversee renovations or arrange a
transfer of the property to another developer better positioned to
complete the project, the report states.
The building has faced repeated redevelopment setbacks since Delta
Quad acquired it more than a decade ago. Initial plans for an
Embassy Suites hotel later shifted to a mixed-use residential
project, but persistent foreclosure disputes and financing problems
prevented construction from moving forward despite numerous
scheduled foreclosure sales, according to report.
The committee also strengthened the ordinance by requiring City
Council approval for noncompetitive receiver selections and
directing city officials to consult nearby residents before
choosing a receiver. The amendments aim to improve transparency
while ensuring redevelopment reflects community needs and downtown
revitalization goals, Kansas City Business Journal reports.
About Delta Quad Holdings LLC
Delta Quad Holdings LLC is a Kansas City, Missouri-based real
estate development and investment company that owns the historic
former Federal Reserve Bank building at 925 Grand Blvd. The company
acquired the property in 2014 and has pursued its adaptive reuse
through multiple redevelopment proposals, initially as a 284-room
Embassy Suites hotel and later as a mixed-use residential project.
DESERT ROSE HOLDINGS: Starts Chapter 11 Bankruptcy in New York
--------------------------------------------------------------
On July 2, 2026, Desert Rose Holdings Inc. filed for Chapter 11
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 1-49 creditors.
Before seeking bankruptcy protection, the company was identified in
public notices concerning delinquent Nassau County property tax
assessments.
The deadline to file the Chapter 11 Plan and Disclosure Statement
is October 30, 2026.
About Desert Rose Holdings Inc.
Desert Rose Holdings Inc. is a Farmingdale, New York-based lessor
of residential real estate. The company leases and manages
residential properties in the Farmingdale and Oyster Bay areas of
New York.
Desert Rose Holdings Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-43247) on July 2, 2026. In
its petition, the Debtor reports estimated assets of $1 million to
$10 million and estimated liabilities of $1 million to $10
million.
Honorable Elizabeth S. Stong handles the case.
The Debtor is represented by Richard S. Feinsilver, Esq.
DIESEL POWER: Seeks Subchapter V Bankruptcy in California
---------------------------------------------------------
On July 1, 2026, Diesel Power Technology, Inc., filed for Chapter
11 protection in the U.S. Bankruptcy Court for the Eastern District
of California. According to court filings, the Debtor reports
between $50,000 and $100,000 in debt owed to 1-49 creditors.
The Debtor must submit its Statement of Financial Affairs and
Attorney Disclosure Statement by July 15, 2026.
About Diesel Power Technology, Inc.
Diesel Power Technology, Inc. is a Turlock, California-based diesel
engine and industrial power equipment maintenance provider
specializing in the repair and servicing of heavy-duty industrial
power systems. The company continues to operate its primary
facility in Turlock while reorganizing its financial obligations
under Chapter 11 following customer disputes and legal challenges
that emerged in 2024.
Diesel Power Technology, Inc. sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13119)
on July 1, 2026. In its petition, the Debtor reports estimated
assets of $100,000 to $500,000 and estimated liabilities of $50,000
to $100,000.
Honorable Jennifer E. Niemann handles the case.
The Debtor is represented by David C. Johnston, Esq.
DR. JAMIE: Seeks Court Approval to Employ Jamie Totten as Manager
-----------------------------------------------------------------
Dr. Jamie Totten, DVM, LLC, d/b/a Healing Paws Veterinary Center of
Teays Valley, seeks approval from the United States Bankruptcy
Court for the Southern District of West Virginia to employ Jamie
Totten, DVM, LLC as manager.
The firm will provide the following services:
(a) manage the day-to-day operations of the business;
(b) acquire new work;
(c) coordinate accounting with outside accountants;
(d) coordinate maintenance and repairs and other day-to-day
functions; and
(e) be involved in the reorganization process and work closely
with Debtor's counsel and Debtor's accountant.
Dr. Jamie Totten is seeking compensation at the rate of $10,000 per
month.
The firm can be reached at:
Joseph W. Caldwell, Esq.
CALDWELL & RIFFEE, PLLC
P.O. Box 4427
Charleston, WV 25364
Telephone: (304) 925-2100
E-mail: jcaldwell@caldwellandriffee.com
About Dr. Jamie Totten, DVM, LLC
Dr. Jamie Totten, DVM, LLC, d/b/a Healing Paws Veterinary Center of
Teays Valley, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. W.Va. Case No. 26-bk-20140) on June 3, 2026.
At the time of the filing, Dr. Jamie Totten, DVM, LLC had estimated
assets of between $0 to $50,000 and liabilities of between $500,001
to $1 million.
Judge B Mckay Mignault oversees the case.
Joseph W. Caldwell is Debtor's legal counsel.
DR. JAMIE: Seeks to Employ Caldwell & Riffee as Counsel
-------------------------------------------------------
Dr. Jamie Totten, DVM, LLC, d/b/a Healing Paws Veterinary Center of
Teays Valley, seeks approval from the United States Bankruptcy
Court for the Southern District of West Virginia to employ Joseph
W. Caldwell, Esq. of Caldwell & Riffee as legal counsel.
The attorney will provide these services:
(a) provide the Debtor legal advice with respect to its powers and
duties as a Debtor-in-Possession;
(b) assist the Debtor in negotiating adequate protection
payments;
(c) participate at the first meeting of creditors;
(d) prepare the Petition and Schedules; and
(e) perform such other legal services as necessary for the
administration of the case, including a Plan of Reorganization.
Mr. Caldwell will receive an hourly rate of $400.
Joseph W. Caldwell, Esq. states that Debtor's counsel does not
represent any creditor or party in interest and otherwise has no
adverse interest to any creditor in the case.
The firm can be reached at:
Joseph W. Caldwell, Esq.
CALDWELL & RIFFEE
P.O. Box 4427
Charleston, WV 25364
Phone: (304) 925-2100
E-mail: jcaldwell@caldwellandriffee.com
About Dr. Jamie Totten, DVM, LLC
Dr. Jamie Totten, DVM, LLC, d/b/a Healing Paws Veterinary Center of
Teays Valley, sought protection under Chapter 11 of the Bankruptcy
Code (Bankr. S.D. W.Va. Case No. 26-bk-20140) on June 3, 2026.
At the time of the filing, Dr. Jamie Totten, DVM, LLC had estimated
assets of between $0 to $50,000 and liabilities of between $500,001
to $1 million.
Judge B Mckay Mignault oversees the case.
Joseph W. Caldwell is Debtor's legal counsel.
ECHOSTAR CORP: Moody's Appends 'LD' Designation to PDR
------------------------------------------------------
Moody's Ratings has appended a limited default (LD) designation to
EchoStar Corporation's (EchoStar) probability of default rating,
changing it to B3-PD/LD from B3-PD, following the filing of Chapter
11 bankruptcy cases (the Chapter 11 Cases) on June 30, 2026 by DISH
DBS Corporation (DBS, a wholly-owned subsidiary of DISH Network
Corporation) and certain of its subsidiaries, including DISH
Wireless L.L.C. (Wireless LLC) and its subsidiaries (the Filing
Entities). The "/LD" designation will be removed in several
business days.
DBS's backed senior secured notes ratings were unchanged at B3 and
its senior unsecured notes ratings were upgraded to Caa1 from Caa2
to reflect Moody's estimates of recovery at default. Moody's will
withdraw all ratings of DBS, including the B3 ratings on the backed
senior secured notes and the new Caa1 ratings on the senior
unsecured notes due to these bankruptcy filings in several business
days.
There is no change to EchoStar's B3 corporate family rating (CFR).
There is also no change to the following: B1 ratings on EchoStar's
senior spectrum secured notes, B1 rating on DISH Network
Corporation's (DISH) backed senior spectrum secured notes, Caa2
rating on DISH's senior unsecured convertible notes, Caa1 rating on
Hughes Satellite Systems Corporation's (Hughes) senior secured
notes or Caa3 rating on Hughes' senior unsecured notes. The stable
outlooks for EchoStar, Hughes, DISH and DBS are unaffected.
EchoStar's speculative grade liquidity rating (SGL) remains
unchanged at SGL-2, reflecting good liquidity.
The Chapter 11 Cases were filed by the Filing Entities in the
United States Bankruptcy Court for the Southern District of Texas,
Houston Division. The Filing Entities seek confirmation of a
prepackaged joint Chapter 11 plan (the Plan), which will include
the implementation of the terms of a restructuring support
agreement (RSA) initially signed on March 19, 2026 with an ad hoc
group representing 82% of DBS bondholders. DBS needed at least 98%
of bondholders of each of its debt issues outstanding to formally
agree to the RSA to effect its terms in an out-of-court settlement
by no later than June 30, 2026, but only received agreement from
88% of such bondholders. DBS is using the Chapter 11 Cases to fully
implement the terms of the RSA. In addition, DBS and Wireless LLC
are also using the Chapter 11 Cases to resolve all creditor, vendor
and claims associated with the shutdown of the facilities-based 5G
network that operated at Wireless LLC. Wireless LLC, EchoStar's
legacy facilities-based 5G wireless business, ceased operating as
an active facilities-based wireless carrier in late 2025 after the
FCC effectively forced EchoStar to sell the bulk of its spectrum
holdings. In March 2026, Wireless LLC was transferred to DBS where
it exists as a subsidiary of DBS, and is now one of the Filing
Entities. The Chapter 11 Cases will not impact ongoing business
operations at DBS, including at its DISH TV and Sling TV
businesses. Entities that operate EchoStar's Boost Mobile and Gen
Mobile brands under a hybrid mobile network operator (MNO) model at
DISH will also not be impacted as they are not part of the Filing
Entities, nor are they included in the Chapter 11 Cases. The Filing
Entities are targeting emergence from Chapter 11 court proceedings
before the end of September 2026.
RATINGS RATIONALE
Subsequent to the actions, Moody's will withdraw the rating(s) of
DISH DBS Corporation, a wholly-owned subsidiary of EchoStar
Corporation, following the Chapter 11 bankruptcy filings of DISH
DBS Corporation and certain of its subsidiaries.
EchoStar's B3 CFR reflects very high consolidated debt leverage
(Moody's adjusted) of around 23.7x for the latest 12 months ended
March 31, 2026, but Moody's expects the company's debt leverage to
improve to 9.4x and 4.4x at year-end 2026 and 2027, respectively.
While the company continues to face growth difficulties at its
legacy operating businesses, capital intensity will be lower
following the company's exit from its facilities-based wireless
business. The company's sales of spectrum will transform its
liquidity position and contribute to significant debt reduction
over the next 12-18 months. EchoStar will soon be partly a passive
investment vehicle, with a sizable equity stake in Space
Exploration Technologies Corp. (SpaceX, Baa1 stable) as
consideration for a portion of its sold spectrum, and partly a
portfolio of siloed operating businesses housed at various
subsidiaries. EchoStar's equity stake in SpaceX was valued at $11.1
billion under the spectrum sale terms in 2025, at a total
enterprise valuation of SpaceX at the time of approximately $400
billion (or well below that company's post-IPO valuation).
The company will continue to face steady and continued subscriber
losses at DBS due to persistent secular pressures on linear TV
caused by consumers' changing video consumption behavior. When put
into effect under the Chapter 11 Cases, the previously negotiated
RSA will serve to strengthen the credit profile of DBS's legacy
pay-TV business and position it well for a potential merger with
DIRECTV Financing, LLC (B1 negative), in Moody's views. The RSA has
already ended all current DBS bondholder litigation and strengthens
DBS's credit profile by collapsing DBS SubscriberCO, DBS's
unrestricted subsidiary which held certain DISH TV subscribers and
their related subscription and equipment agreements, back into DBS
on March 19, 2026. The Sling TV streaming business was also
collapsed back into DBS as a restricted subsidiary guarantor of DBS
debt on March 19, 2026. When put into full effect, the RSA will
also facilitate par debt retirements for all outstanding debt
maturing through 2029 via a cash flow sweep mechanism that greatly
limits cash upstreaming to DBS's parent, DISH, or EchoStar or its
other subsidiaries.
The hybrid mobile network operator (MNO) wireless operation
remaining at DISH still operates with negative free cash flow and
high subscriber churn, highlighting difficult operating
fundamentals in a competitively intense end market. However,
Moody's believes the wireless operations are likely to begin
generating positive free cash flow during 2026. Subscriber growth
at the wireless operation turned slightly positive in 2025. DISH's
hybrid MNO reseller business model is highly vulnerable to its need
to contract with facilities-based wireless competitors for
wholesale capacity. The company's current services agreement with
AT&T Inc. (AT&T, Baa2 stable) does extend through 2035 with two
2-year extensions after the original contract term ends in 2031,
and this provides a reasonable level of certainty for growing
wireless revenue under a non-facilities-based strategy. The company
will still retain some spectrum licenses post its spectrum sales to
AT&T and SpaceX, and it could potentially choose to deploy its CBRS
spectrum in certain areas within its nationwide service footprint
where wireless subscriber penetration is higher to help offset the
negative impact of wholesale capacity costs on margins. EchoStar,
which stated that the FCC's compliance review actions constitute
one or more force majeure events under certain of DISH's 5G network
contracts, ceased making lease and other payments under tower,
fiber and other vendor contracts in late 2025. Resulting Wireless
LLC-related litigation from American Tower Corporation (Baa2
stable) and several other companies will be one of many matters
resolved under the Chapter 11 Cases.
Declining subscribers, revenue and EBITDA at Hughes resulted in a
$1.4 billion non-cash impairment charge in the fiscal year ended
December 31, 2025. With the spectrum sale to SpaceX (a competitor
of Hughes) and EchoStar's sizable equity stake in SpaceX,
EchoStar's residential internet service via satellite offerings
under the HughesNet brand create conflict with SpaceX's Starlink
residential broadband service offerings. Hughes also competes with
Starlink as a provider of inflight broadband connectivity to
commercial airlines. Hughes was recently selected by Air India to
provide inflight connectivity solutions across the airline's mixed
widebody fleet. EchoStar has entered into a fee-based referral
program that lets the company refer existing Hughes customers and
new customers to Starlink. EchoStar still believes Hughes' business
operations, which also include a satellite gateway equipment and
hardware operation, remain viable, but apparently only under a
potentially different capital structure than exists currently given
ongoing discussions with bondholders concerning upcoming August 01,
2026 maturities of all of its outstanding debt.
Even before the FCC began its compliance review in May 2025,
EchoStar faced meaningful capital access difficulties for
adequately funding and executing its strategy to grow its
facilities-based 5G wireless business. Based on EchoStar's
agreements with the FCC during a previous administration, the
current FCC's compliance scrutiny in 2025 was an unforeseen
development and led to a forced sale of spectrum assets and a
significant strategy shift that will result in a balance sheet
transformation. Spectrum sale proceeds will inject substantial
liquidity into the company with consolidated balance sheet cash
soon to exceed consolidated funded debt. Moody's ongoing appraisal
of EchoStar's credit profile will now be dependent on both future
strategic investment choices, business operating strategy and
evolving clarity around the company's financial policy objectives.
The FCC began its review of EchoStar's compliance with its
build-out milestones and obligations to provide 5G broadband
services with its federal spectrum licenses on May 09, 2025. The
FCC viewed the company's spectrum as being underutilized and deemed
the company's continued ownership of its spectrum licenses as
inconsistent with the public interest. The FCC's actions forced
EchoStar to fully abandon its prior strategy of operating as the
fourth facilities-based wireless carrier in the US. During the
months of August, September and November 2025, the company entered
into agreements to sell approximately 58% of the carrying value
amount of its spectrum held at subsidiaries of EchoStar and DISH to
AT&T and SpaceX. The aggregate sales proceeds will total
approximately $42.3 billion and will be comprised of around $31.2
billion of cash and $11.1 billion of SpaceX stock. Moody's expects
$22.7 billion of cash proceeds from the sale of 30 MHz of
nationwide 3.45 GHz mid-band spectrum and approximately 20 MHz of
nationwide 600 MHz low-band spectrum to AT&T to be realized very
soon, and after unexpected closing delays. Under a complicated
two-step process, Moody's expects the remaining $8.5 billion of
cash proceeds and $11.1 billion of SpaceX stock from the sale of
spectrum to SpaceX to be realized no later than November 30, 2027.
This two-step process temporarily houses the spectrum sold to
SpaceX in Spectrum Business Trust 2025-1 (Trust), a Nevada Business
Trust. The Trust will be funded as necessary by SpaceX at times to
pay all coupon interest totaling around $2 billion on EchoStar's
outstanding debt (comprised of senior spectrum secured notes) until
November 30, 2027 when lower call prices make full debt retirement
more economically attractive. SpaceX will not take ownership of the
spectrum licenses backing these notes until these senior spectrum
secured notes are paid off in full. The spectrum sold to SpaceX
includes an aggregate of 50 MHz of AWS-4 and H-Block in frequency
ranges 2000–2020, 2180–2200, 1915–1920 and 1995– 2000, as
well as an aggregate of 15 MHz of AWS-3 in the frequency range
1695-1710.
EchoStar's rating also considers that the company's controlling
shareholder, Charles Ergen, has a demonstrated willingness to be
highly acquisitive and to generally avoid equity dilution to the
detriment of creditors, as supported by efforts in recent years to
incent debtholders to forfeit portions of their debt principal
through coercive debt exchanges. The rating is additionally
constrained by the company's extremely limited transparency
regarding fiscal policy and financial guidance.
As of March 31, 2026, EchoStar had $1.5 billion of restricted and
unrestricted cash and cash equivalents and marketable investment
securities combined. The company has no revolving credit facility.
EchoStar's Credit Impact Score of CIS-5 reflects the company's
historic financial strategy and risk management policies and
willingness to operate with very elevated debt leverage and limited
financial flexibility. EchoStar's weak governance is also driven by
the company's poor transparency with investors, including regarding
its financial policies or credit metric targets. In addition, the
company faces negative exposure to secular societal trends in its
pay-TV business at DBS, which generates a still significant portion
of the company's consolidated revenue and profits. This declining
linear pay-TV distribution business will continue to face
substantial risk from social and demographical trends as consumers
move to direct-to-consumer video-on-demand services and continue to
cancel their traditional linear bundled pay-TV services. DISH, now
operating under a hybrid MNO business model given its abandonment
of a facilities-based model following the sale of spectrum assets,
still faces significant operating and competitive challenges
growing its subscribers and delivering stable and positive free
cash flow. The company's board of directors lacks independence.
The stable outlook reflects Moody's expectations that EchoStar will
maintain good liquidity over the next 12 to 18 months. Moody's
expectss the company will invest residual cash from spectrum sale
proceeds in a prudent and diversified manner into new businesses
that deliver growth to help offset declines in its pay-TV
operations or enhance its hybrid MNO wireless operations.
EchoStar's ratings could be upgraded with steady and consistent
operating performance which includes: 1) solid growth in wireless
subscribers and wireless churn mitigation at DISH, 2) slowing
subscriber losses, solid free cash flow generation and steady debt
paydowns at DBS, 3) stabilization of operating trends at Hughes,
including a sustainable resolution to current capital structure
discussions with bondholders, and 4) evidence that future strategic
investments are credit accretive.
EchoStar's ratings could be downgraded if the company's liquidity
position and operating performance or ability to service its debt
deteriorates.
Headquartered in Englewood, Colorado, EchoStar Corporation is a
provider of technology, networking services and television
entertainment and connectivity. The company offers consumer,
enterprise and government solutions through its various
subsidiaries, including Hughes Satellite Systems Corporation, DISH
Network Corporation (DISH) and DISH DBS Corporation (a wholly-owned
subsidiary of DISH).
The principal methodology used in these ratings was
Telecommunications Service Providers published in December 2025.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.
ELECTRONIC LAB: Seeks Subchapter V Bankruptcy in North Carolina
---------------------------------------------------------------
On July 1, 2026, Electronic Lab Logs, Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for 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.
Led by CEO Brian Fox, who assumed the role in early 2026, the
company is continuing operations while restructuring under the
Subchapter V provisions of Chapter 11.
A meeting of creditors under Section 341(a) to be held on August
18, 2026 at 10:00 AM at Raleigh 341 Meeting Room.
About Electronic Lab Logs, Inc.
Electronic Lab Logs, Inc. is a Wilmington, North Carolina-based
provider of laboratory compliance software. The company operates a
software-as-a-service (SaaS) platform that automates maintenance
logs and compliance workflows for clinical laboratories.
Electronic Lab Logs, Inc. sought relief under Subchapter V of
Chapter 11, Subchapter V of the U.S. Bankruptcy Code (Bankr. Case
No. 26-02957) on July 1, 2026. In its petition, the Debtor reports
estimated assets of $1 million to $10 million and estimated
liabilities of $1 million to $10 million.
Honorable David M. Warren handles the case.
The Debtor is represented by John A. Northen, Esq. of Northen Blue,
LLP.
ENDRA LIFE: Director Anthony DiGiandomenico Discloses 9.9% Stake
----------------------------------------------------------------
Anthony DiGiandomenico disclosed in a Schedule 13D (Amendment No.
1) filed with the U.S. Securities and Exchange Commission that as
of June 25, 2026, he beneficially owns 196,692 shares of ENDRA Life
Sciences Inc.'s Common Stock, $0.0001 par value, representing 9.9%
of the outstanding shares, based on 1,848,473 shares of Common
Stock outstanding as of May 28, 2026, with the number of shares
deemed outstanding in accordance with Rule 13d-3(d)(i) under the
Exchange Act (taking into account the Option Shares and the Warrant
Shares that are reported herein, as required by that Rule) being
1,968,891.
The amount beneficially owned consists of:
(i) 76,267 shares of Common Stock,
(ii) 9 shares of Common Stock issuable upon the exercise of
options, and
(iii) 120,416 shares of Common Stock issuable upon the exercise
of warrants to purchase shares of Common Stock.
The totals reported exclude warrants to purchase up to 21,228
shares of common stock. The warrants held by Mr. DiGiandomenico are
subject to a beneficial ownership limitation of 9.99%, and such
limitation restricts Mr. DiGiandomenico from exercising that
portion of the warrants that would result in Mr. DiGiandomenico and
his affiliates owning, after exercise, a number of shares of common
stock in excess of the beneficial ownership limitation.
On June 25, 2026, in connection with an Agreement and Plan of
Merger, the Company, Noble Africa LLC, and the Reporting Person
entered into a Voting Agreement, pursuant to which the Reporting
Person has agreed to vote their beneficially owned securities of
the Company in favor of the approval of certain Stockholder Matters
at a special meeting called for such purpose.
Anthony DiGiandomenico may be reached through:
Anthony DiGiandomenico, Director
ENDRA Life Sciences Inc.
3600 Green Court
Suite 350
Ann Arbor, MI 48105
Tel: 734-335-0468
A full-text copy of Anthony DiGiandomenico's SEC report is
available at https://tinyurl.com/uhyaheu
About ENDRA Life
ENDRA Life Sciences Inc., headquartered in Ann Arbor, Michigan,
develops thermo-acoustic medical devices for accurate liver fat
measurement to support metabolic disease detection, management, and
GLP-1 therapy eligibility. The Company's technology platform,
Thermo-Acoustic Enhanced Ultrasound (TAEUS), targets pharmaceutical
companies, clinical research organizations, high-end primary care
clinics, bariatric and metabolic clinics, and broader primary and
internal medicine markets through a subscription-based model and
traditional product sales. Incorporated in Delaware in 2007, ENDRA
plans to seek regulatory approvals for its applications in the
United States and European Union.
Houston, Texas-based RBSM LLP, the Company's auditor since 2015,
issued a "going concern" qualification in its report dated March
31, 2026, attached to the Company's Annual Report on Form 10-K for
the year ended December 31, 2025, citing that the Company has
suffered recurring losses from operations, generated negative cash
flows from operating activities, has an accumulated deficit and has
stated that substantial doubt exists about Company's ability to
continue as a going concern.
As of December 31, 2025, the Company had $3.85 million in total
assets, $1.59 million in total liabilities, and $2.26 million in
total stockholders' equity.
ENGLEWOOD CAR: To Hire Cole & Cole Law P.A. as Counsel
------------------------------------------------------
Englewood Car Wash Inc. seeks approval from the U.S. Bankruptcy
Court for the Middle District of Florida, Tampa Division to hire
Richard John Cole, III, Esq. of Cole & Cole Law, P.A. to serve as
legal counsel.
The firm will provide these services:
(a) give legal advice with respect to the Debtor's duties and
powers in this case;
(b) assist in the investigation of the conduct, assets,
liabilities, and financial condition of the Debtor, the operation
of the Debtor's business and the desirability of the continuance of
such business, and any other matters relevant to the case as to the
formulation of a plan;
(c) participate in the formulation of a plan;
(d) assist in requesting the appointment of a trustee or examiner,
should such action become necessary; and
(e) perform such other legal services as may be required and in
the interest of the Debtor.
Richard John Cole, III, Esq. will receive an hourly rate of $500
while paralegals will receive an hourly rate of $120.
The firm has received a $5,762 retainer for purposes of commencing
representation of the Debtor, plus the filing fee of $1,738.
Cole & Cole Law, P.A. represents that there are no other entities
or persons represented by Cole in this case or in connection with
this case, and that Cole represents no interest adverse to the
Debtor. According to court filings, Richard John Cole, III, Esquire
and Cole & Cole Law, P.A. are "disinterested persons" within the
meaning of Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
Richard John Cole, III, Esq.
COLE & COLE LAW, P.A.
46 N. Washington Blvd., Suite 24
Sarasota, FL 34236
Telephone: (941) 365-4055
Facsimile: (941) 365-4219
E-mail: re3@colecolelaw.com
About Englewood Car Wash Inc.
Englewood Car Wash, Inc. sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04741) on June
2, 2026, with $0 to $50,000 in assets and liabilities.
Richard John Cole, III, Esq. at Cole & Cole Law, P.A. represents
the Debtor as legal counsel.
F-STAR SOCORRO: Gets Interim OK for DIP Financing From RC PV
------------------------------------------------------------
F-Star Socorro, L.P. and affiliated debtors received interim
approval from the U.S. Bankruptcy Court for the Southern District
of Texas to execute a comprehensive settlement term sheet and
obtain debtor-in-possession financing facility from their largest
secured creditor, RC PV Lender I, LLC.
This settlement resolves a hostile, multi-jurisdictional lender
liability dispute and provides the vital liquidity required to
escape a hard freeze on administrative funding, positioning the
estates to file a Chapter 11 reorganization plan by August 1 and
obtain plan confirmation by September 30.
The underlying dispute originates from a May 2023 construction loan
agreement capped at $585 million, meant to fund the Debtors'
122-acre ultra-luxury mixed-use development spanning Paradise
Valley and Scottsdale, Arizona.
Madison holds first-priority pre-petition liens on this Arizona
collateral, which includes the Ritz-Carlton Resort, Villas, and
Estate Homes as well as the "Madison-Texas Collateral," consisting
of five commercial real estate parcels in El Paso, Texas.
After relations soured, the Debtors filed an Arizona state court
lender liability suit against Madison in May 2025, which Madison
met with an attempted foreclosure sale and an application for a
state receiver. The Debtors' November 4, 2025 bankruptcy petitions
stayed those foreclosure efforts, but left the parties locked in
costly litigation over cash collateral, automatic stay relief, and
plan exclusivity.
The Madison Term Sheet cuts through this legal gridlock by
establishing a consensual path forward. It formally allows the
Madison claim at an aggregate amount of $570.3 million. To
encourage an efficient exit, the allowed claim will be reduced by
$10 million if paid in full in cash by August 31; otherwise, it
begins accruing interest on September 1, at a rate of SOFR plus
5.75%.
The settlement enforces a strict litigation standstill, halting all
stay and exclusivity battles to let the parties focus on asset
disposition. Specifically, the Debtors must immediately market the
El Paso Collateral. If a third-party sale does not close by August
31, Madison is granted the right to acquire the Texas properties
via a $90 million credit bid applied directly against its
outstanding principal.
To fund this final operational stretch, the Madison DIP facility
provides up to $20 million exclusively earmarked for professional
fees and estate administration. The Debtors have exhausted their
previous $32 million facility with B.H. Capital Ventures, LLC due
to strict borrowing base limitations, despite successfully closing
18 Ritz-Carlton Villas and generating $68.1 million in net sales
proceeds under a prior stipulation.
The new Madison facility structure minimizes friction with existing
lenders by breaking the financing into two parts:
1. The Initial Advance: An immediate interim loan of $8.5 million
accruing interest at 16% per annum. To avoid priming or disrupting
existing junior lienholders, this advance requires no new
collateral and is simply added to Madison's pre-existing
prepetition claim. This $8.5 million initial advance was approved
under the court's interim order.
2. The Second Advance: A subsequent draw of up to $11.5 million,
which will require a separate court order. If triggered, it will be
secured by new junior, perfected liens on the "BH DIP collateral"
(including warehouse facilities on Joe Battle Boulevard and Alameda
Avenue in Texas), structured to be junior and subordinate in all
respects to the senior liens held by Corebridge Financial and BH.
Because the second advance introduces new debt onto existing
assets, the Debtors outline an adequate protection framework
designed to safeguard senior post-petition and pre-petition secured
creditors against any potential diminution in the value of their
collateral.
To protect the interests of Corebridge and BH, Madison's
post-petition liens and superpriority administrative expense claims
under the second advance are explicitly carved out to be fully
subordinate to the existing BH DIP facility and Corebridge's senior
claims. Conversely, to protect Madison's own position regarding the
initial advance, Madison is granted priority administrative claim
status restricted specifically to the Debtors that own the
underlying Ritz-related properties and Madison-Texas collateral,
ensuring its new funding maps cleanly to its existing equity
cushion without overreaching into unencumbered estate assets.
The interim DIP order is available at
http://bankrupt.com/misc/F-Star_IDIPOrder793.0.pdf
The court scheduled a final hearing for July 24 and set a July 17
deadline for filing objections.
RC PV Lender I, as DIP lender, is represented by:
Jerold C. Feuerstein
Kriss & Feuerstein LLP
360 Lexington Avenue, Suite 1200
New York, 10017
Direct: 646-454-4110
Fax: 646-454-4150
jfeuerstein@kandfllp.com
About F-Star Socorro
LP
F-Star Socorro, L.P. and affiliates are commercial real estate
companies that develop and invest in residential, hospitality,
retail, office, and industrial properties. Their portfolio includes
commercial and industrial properties in El Paso, Texas, and a
122-acre mixed-use development at the border of Paradise Valley and
Scottsdale, Arizona, anchored by a newly constructed Ritz-Carlton
resort and surrounding residential units.
The Debtors sought protection for relief under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90607) on
November 4, 2025. At the time of the filing, F-Star listing up to
$50,000 in both assets and liabilities.
Judge Alfredo R. Perez presides over the cases.
The Debtors tapped Nicholas J. Hendrix, Esq., at O'Melveny & Myers,
LLP as bankruptcy counsel; Lance Miller of Pivot Management Group,
LLC as chief restructuring officer; and Stretto, Inc. as claims and
noticing agent.
The U.S. Trustee for Region 7 appointed an official committee to
represent unsecured creditors in the Debtors' Chapter 11 case. The
committee is represented by Kutak Rock LLP.
FIRST STEP: Seeks Chapter 11 Bankruptcy in Illinois
---------------------------------------------------
On July 2, 2026, First Step USA Inc. filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Northern District
of Illinois. According to court filings, the Debtor reports between
$100,000 and $500,000 in debt owed to 1-49 creditors.
About First Step USA Inc.
First Step USA Inc. is a Lake Zurich, Illinois-based wholesaler of
heating, ventilation, and air conditioning (HVAC) equipment
operating under the Beenimax brand. The company distributes HVACR
products, including sensors, valves, and motors, serving
professional contractors from its Lake Zurich facility.
First Step USA Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-11092) on July 2, 2026. In its
petition, the Debtor reports estimated assets of $100,000 to
$500,000 and estimated liabilities of $100,000 to $500,000.
The Debtor is represented by David P. Leibowitz, Esq. of Law
Offices of David P. Leibowitz LLC.
FTI CONSULTING: Moody's Rates New $1.5BB Sr. Unsecured Revolver Ba1
-------------------------------------------------------------------
Moody's Ratings assigned a Ba1 rating to FTI Consulting, Inc.'s
(FTI) $1.5 billion senior unsecured revolving credit facility
expiring June 2031.
The, FTI announced the new revolver, as well as amendments to
certain of the terms of the existing $300 senior unsecured term
loan due March 2029.
Moody's consider the increased size of the revolver a positive
liquidity development, although the total amount of potential
leverage is higher. Moody's had anticipated that FTI would extend
the revolving term before the existing $900 million senior
unsecured revolver expiring November 2027 became current.
RATINGS RATIONALE
The Ba1 CFR reflects Moody's expectations of solid demand for
business advisory services to corporate clients, reflecting a high
level of change being experienced by its customers, including due
to technology-related disruption, moderate debt/EBITDA below 2.5x
over the next 12 to 18 months and throughout business cycles, as
well as a very good liquidity profile.
All financial metrics cited reflect Moody's standard adjustments.
Moody's considers financial strategies as balanced. Moody's expects
free cash flow will be prioritized toward share repurchases and
small acquisitions.
The senior unsecured bank credit facility is rated Ba1, the same as
the Ba1 CFR, reflecting the predominance of the revolver and term
loan relative to other, entirely unsecured debt obligations of
FTI's operating subsidiaries, most notably operating leases.
FTI Consulting's Speculative Grade Liquidity rating of SGL-1
reflects its very good liquidity profile relative to its funding
requirements over the next 12 to 15 months. The company's liquidity
is supported by Moody's anticipations for $200 million of annual
free cash flow in 2026, approximately $200 million of cash as of
March 31, 2026 and over $1.1 billion available under the new $1.5
billion revolver.
The revolver agreement requires the company to maintain compliance
with a maximum consolidated total leverage ratio test of 4.0x, or
4.5x for a period of time after certain qualifying acquisitions.
Moody's anticipates that the company will maintain an ample cushion
under its covenant over the next 12 to 15 months.
The stable outlook reflects Moody's expectations that FTI
Consulting will maintain debt/EBITDA below 2.5x and free cash
flow/debt well above 10% throughout business cycles.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The ratings could be upgraded if FTI: 1) increases its revenue
scale and service line diversification; 2) sustains revenue growth
in a mid-to-high single digit percentage range; 3) expands and
maintains its EBITDA margin at mid-teens levels; 4) sustains
debt/EBITDA below 2.5x throughout economic cycles; and 5)
articulates and maintains balanced financial strategies.
The ratings could be downgraded if: 1) there is a material decline
in revenue or profit; 2) debt/EBITDA remains above 3x; 3) free cash
flow is sustained below 10% of debt, 4) the liquidity profile
deteriorates; or 5) financial strategies become more aggressive by
featuring material debt-funded acquisitions or shareholder
returns.
The principal methodology used in this rating was Business and
Consumer Services published in February 2026.
FTI Consulting, Inc. (NYSE: FCN), based in Washington, DC, is a
global business advisory firm providing services through five
business segments: Corporate Finance; Forensic and Litigation
Consulting; Economic Consulting; Technology; and Strategic
Communications.
Moody's expects 2026 revenue of about $4 billion.
FULL HOUSE: Seeks to Hire Modesto Bigas Law Office as Legal Counsel
-------------------------------------------------------------------
Full House Development, Inc. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Juan
Carlos Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. of
Modesto Bigas Law Office as legal counsels.
The attorneys will provide these services:
(a) represent the Debtors in the above-captioned Chapter 11
proceedings;
(b) provide legal advice and assistance in bankruptcy law
matters;
(c) provide services related to civil law and notarial matters
required in the prosecution of all available remedies;
(d) appear before the Bankruptcy Court and handle multiple legal
issues and court appearances involved in the three related cases;
and
(e) file any interim and final compensation applications as
required by the Court.
Juan Carlos Bigas Valedon and Modesto Bigas Mendez will bill the
Debtors on the basis of $350 per hour, plus expenses, for each work
performed or to be performed separately by each of the proposed
attorneys. An initial retainer of $10,000 was paid by the Debtors'
President to Juan Carlos Bigas Valedon, subsequently supplemented
by an additional payment of $20,000, also to Juan Carlos Bigas, and
an additional $5,000 also paid to Juan Carlos Bigas.
Juan Carlos Bigas Valedon and Modesto Bigas Mendez stated that they
are disinterested persons as defined in 11 U.S.C. Sec. 101(14),
since they do not represent any of the Debtors' creditors, equity
security holders or insiders; they do not and were not, within two
years before the date of the filing of the petition, a director,
officer or employee of the Debtors; and they do not have or hold an
interest materially adverse to the interest of the estate or of any
class of creditors or equity holders.
The attorneys can be reached at:
Modesto Bigas Mendez, Esq.
MODESTO BIGAS LAW OFFICE
P.O. Box 7462
Ponce, PR 00732-7462
Telephone: (787) 844-1444
Facsimile: (787) 842-4090
E-mail: mbigasmendez@gmail.com
- and -
Juan Carlos Bigas Valedon, Esq.
P.O. Box 7011
Ponce, PR 00732-7011
Telephone: (787) 259-1000
Facsimile: (787) 842-4090
E-mail: cortequiebra@yahoo.com
About Full House Development
Full House Development, Inc. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
24-04515) on Oct. 21, 2024. In the petition signed by David
Santiago Martinez, president, the Debtor disclosed $700,000 in
assets and $45,229,691 in liabilities.
Judge Maria De Los Angeles Gonzalez oversees the case.
Alexis Fuentes-Hernandez, Esq., represents the Debtor as counsel.
G.A.H. BAR-B-Q: Andrew Layden Named Subchapter V Trustee
--------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Andrew Layden as
Subchapter V trustee for G.A.H. Bar-B-Q, Inc.
Mr. Layden will be paid an hourly fee of $400 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Layden declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Andrew Layden
200 S. Orange Avenue, Suite 2300
Orlando, FL 32801
Telephone: 407-649-4000
Email: alayden@bakerlaw.com
About G.A.H. Bar-B-Q, Inc.
G.A.H. Bar-B-Q, Inc. is a Florida-based franchise operator of the
Woody’s Bar-B-Q restaurant chain, with its primary
location in Melbourne, Florida. The company operates under a
franchise model within the casual dining segment, focusing on
traditional Southern-style barbecue offerings.
G.A.H. Bar-B-Q, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 23-00428) on February 3,
2023. In the petition signed by Gregory Helwig, sole shareholder,
the Debtor disclosed up to $10 million in assets and up to $500,000
in liabilities.
Judge Tiffany P. Geyer oversees the case.
Daniel A. Velasquez, Esq., at Latham Luna Eden and Beaudine LLP,
represents the Debtor as legal counsel.
2nd Attempt
G.A.H. Bar-B-Q, Inc. sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-04725) on
June 24, 2026. In its petition, the Debtor reports over $50,000 in
assets against more than $335,000 in debt.
The Debtor is represented by Jeffrey Ainsworth, Esq., at Bransonlaw
PLLC.
GLG INVESTMENTS: Gets Interim OK to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Florida
entered a second interim order granting GLG Investments, LLC and
its affiliated debtors approval to use cash collateral through
August 13.
Under the order, the Debtors may use rental income and cash
collateral to pay court-authorized expenses and ordinary operating
costs under the amended interim budget, with flexibility to exceed
individual budget line items by up to 15% monthly, provided
cumulative variances also remain within 15% unless otherwise
approved.
Secured creditors, except for issues specifically reserved
regarding Velocity, were granted adequate protection through
replacement liens on post-petition assets and, if necessary,
administrative expense claims to compensate for any decline in
collateral value resulting from the authorized use of cash
collateral.
As additional adequate protection for Velocity, the Debtors must
make payments of $41,250 by July 9, 2026, and $41,250 by August 10,
2026, while reserving all parties' rights to dispute Velocity's
entitlement to or treatment of those payments at a later stage.
The order also requires the Debtors to reconcile their financial
records within 30 days, providing detailed reports of revenues,
expenses, receipts, disbursements, and cash collateral by debtor
entity, property, and lender collateral pool. Velocity and the
Heredias are granted inspection rights for their respective
collateral properties, while the property manager must provide
monthly operational reports.
Additionally, the Debtors must begin exploring the sale of
properties securing Velocity's loans, evaluate other Chapter 11
exit strategies, consult qualified real estate professionals, and
maintain regular status discussions with Velocity.
A further interim hearing is scheduled for August 12.
A copy of the court's order and the budget is available at
https://shorturl.at/u81OB from PacerMonitor.com.
About GLG Investments, LLC et al
GLG Investments, LLC, GL3, LLC, GL7, LLC, and GL16, LLC owned and
operated a portfolio of residential real estate properties that
generate rental income and served as their primary assets prior to
the receivership proceedings. A number of the properties
participate in the Housing Choice Voucher Program, under which a
public housing authority pays a portion of tenant rent directly.
GLG Investments and affiliates sought protection under Chapter 11
of the Bankruptcy Code (Bankr. S.D. Florida Case No. 26-16159) on
May 13, 2026.
At the time of the filing, Debtors had estimated assets of between
$100,001 and $500,000 and liabilities of between $100,001 and
$500,000.
Judge Laurel M. Isicoff oversees the case.
Agentis PLLC is Debtors' legal counsel.
GLOBAL LEADERSHIP: Samuel Dawidowicz Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 2 appointed Samuel Dawidowicz as
Subchapter V trustee for Global Leadership Foundation.
Mr. Dawidowicz will be paid an hourly fee of $595 for his services
as Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Dawidowicz declared that he is a disinterested person according
to Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Samuel Dawidowicz
215 East 68th Street
New York, NY 10065
Phone: (917) 679-0382
About Global Leadership Foundation
Global Leadership Foundation sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 26-43141) on
June 26, 2026, with $1,000,001 to $10 million in assets and
liabilities.
Judge Elizabeth S. Stong presides over the case.
Sari Placona, Esq. Mcmanimon Scotland & Baumann, LLC represents the
Debtor as legal counsel.
GOLD MOUNTAIN: To Hire Law Offices of Michael Jay Berger as Counsel
-------------------------------------------------------------------
Gold Mountain Simons Way LP seeks approval from the U.S. Bankruptcy
Court for the Northern District of California, San Francisco
Division to hire Law Offices of Michael Jay Berger to serve as
General Bankruptcy Counsel.
The firm will provide these services:
(a) communicating with creditors of the Debtor;
(b) reviewing the Debtor's Chapter 11 bankruptcy petition and all
supporting schedules;
(c) advising the Debtor of its legal rights and obligations in a
bankruptcy proceeding;
(d) working to bring the Debtor into full compliance with
reporting requirements of the Office of the United States Trustee;
(e) preparing status reports as required by the Court;
(f) responding to any motions filed in the bankruptcy proceeding;
(g) responding to creditor inquiries;
(h) reviewing proofs of claim filed in Debtor's bankruptcy;
(i) objecting to inappropriate claims;
(j) preparing Notices of Automatic Stay in all state court
proceedings in which the Debtor is involved during the pendency of
the bankruptcy proceeding; and
(k) if appropriate, preparing a Chapter 11 Plan of Reorganization
for the Debtor.
Law Offices of Michael Jay Berger will charge the Debtor for
services at the rate of $695 per hour for Michael Jay Berger, $645
per hour for Sofya Davtyan, $595 per hour for Of Counsel attorneys,
$475 per hour for mid-level associate attorney Robert Potente, $275
per hour for senior paralegals and law clerks, and $200 per hour
for bankruptcy paralegals.
The agreed upon retainer is $25,000.00. The Debtor's actual
pre-petition fees were $2,537.00 and Debtor's actual pre-petition
costs were $1,738.00 for the chapter 11 filing fee. The unearned
retainer of $22,463.00 will be maintained in Debtors' Client Trust
account until court authorization is obtained pursuant to 11 U.S.C.
Sec. 330 and 331.
Law Offices of Michael Jay Berger stated that it has no prior
connection with the Debtor and is not connected with any of
Debtor's creditors, any other party in interest, their respective
attorneys, or any person or entity believed to have any position
inconsistent with that of the estate. The Debtor believes that the
firm does not represent any interest adverse to the Debtor or its
estate and does not hold or represent an interest adverse to the
estate as described in 11 U.S.C. Section 327.
The firm can be reached at:
Michael Jay Berger, Esq.
Sofya Davtyan, Esq.
LAW OFFICES OF MICHAEL JAY BERGER
9454 Wilshire Blvd Floor
Beverly Hills, CA 90212-2929
Telephone: (310) 271-6223
Facsimile: (310) 271-9805
E-mail: SofyaDavtyan@bankruptcypower.com
About Gold Mountain Simons Way LP
Gold Mountain Simons Way LP sought protection under Chapter 11 of
the Bankruptcy Code (Bankr. N.D. Cal. Case No. 26-30487-DM) on June
3, 2026.
Law Offices of Michael Jay Berger is Debtor's legal counsel.
GOLDEN TRIANGLE: Taps Juan Carlos Bigas Valedon as Counsel
----------------------------------------------------------
Golden Triangle Realty, S.E. seeks approval from the U.S.
Bankruptcy Court for the District of Puerto Rico to hire Juan
Carlos Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. of to
serve as legal counsels.
The attorneys will provide these services:
(a) represent the Debtors in these bankruptcy proceedings;
(b) provide legal services related to multiple legal issues and
multiple court appearances involved in the three related cases;
(c) provide services involving bankruptcy law matters, related
civil law matters, and notarial services as required in the
prosecution of all available remedies; and
(d) prepare and file separate applications for interim and final
compensation with the Court.
Both proposed attorneys will bill the Debtors on the basis of $350
per hour, plus expenses, for each work performed or to be performed
separately by each of the proposed attorneys.
An initial retainer of $10,000 was paid by the Debtors' President
to Juan Carlos Bigas Valedon, subsequently supplemented by an
additional payment of $20,000, also to Juan Carlos Bigas, and an
additional $5,000 also paid to Juan Carlos Bigas.
Juan Carlos Bigas Valedon, Esq. and Modesto Bigas Mendez, Esq. are
disinterested persons as defined in 11 U.S.C. Sec. 101(14),
according to court filings.
The firm can be reached at:
Juan Carlos Bigas Valedon, Esq.
P.O. Box 7011
Ponce, PR 00732-7011
Telephone: (787) 259-1000
Facsimile: (787) 842-4090
E-mail: cortequiebra@yahoo.com
- and -
Modesto Bigas Mendez, Esq.
MODESTO BIGAS LAW OFFICE
P.O. Box 7462
Ponce, PR 00732-7462
Telephone: (787) 844-1444
Facsimile: (787) 842-4090
E-mail: mbigasmendez@gmail.com
About Golden Triangle Realty
Golden Triangle Realty S.E. is engaged in activities related to
real estate.
Golden Triangle Realty, S.E. filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No.
24-04514) on Oct. 21, 2024. In the petition signed by David
Santiago Martinez, president, the Debtor disclosed $19,811,659 in
assets and $47,255,382 in liabilities.
Judge Maria De Los Angeles Gonzalez oversees the case.
The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and
Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant.
HIGHLAND SPRINGS: Employs Pay It Forward as Real Estate Broker
--------------------------------------------------------------
Highland Springs #2, LLC seeks approval from the U.S. Bankruptcy
Court for the Central District of California to employ Bradley K.
Petersen of Pay It Forward Realty to serve as a real estate
broker.
The firm will provide these services:
(a) exercise reasonable efforts and due diligence to sell the
Property;
(b) represent Debtor in any real estate transactions for the sale
of the Property;
(c) disclose to Debtor any agency relationship Broker has with
other parties that may be part of a real estate transaction for the
sale of the Property; and
(d) disclose the amount of any compensation Broker receives from
Broker's relationship with any Third Parties.
Bradley Petersen has accepted a reduction of his commission to
three percent of the purchase price upon consummation of the sale
of the Property, subject to further application and Court order.
Broker will be compensated pursuant to Bankruptcy Code section
328.
Pay It Forward Realty 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:
Bradley K. Petersen
PAY IT FORWARD REALTY
Telephone: (714) 855-8184
E-mail: BKP81@yahoo.com
About Highland Springs #2, LLC
Highland Springs #2, LLC is a real estate holding and property
management entity involved in the ownership and operation of
commercial or residential assets.
Highland Springs #2, LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-13050)
on April 20, 2026. In its petition, the Debtor reports estimated
assets of $1 million to $10 million and estimated liabilities of $1
million to $10 million.
Honorable Bankruptcy Judge Scott H. Yun handles the case.
The Debtor is represented by Tamar Terzian, Esq. of Terzian Law
Group, APC.
HOLLEY INC: Moody's Affirms 'B2' CFR & Alters Outlook to Stable
---------------------------------------------------------------
Moody's Ratings affirmed Holley Inc.'s (Holley) corporate family
rating at B2, probability of default rating at B2-PD and senior
secured bank credit facility ratings at B2. The outlook was changed
to stable from negative. The speculative grade liquidity (SGL)
rating is unchanged at SGL-2.
The change in outlook to stable reflects Moody's expectations that
Holley will maintain healthy profitability and moderate financial
leverage while generating good free cash flow over the next 12 to
18 months. Moody's expects modest revenue growth and operational
initiatives to improve earnings and free cash flow. As a result,
Moody's expects debt/EBITDA will be about 5.0x at the end of 2026.
RATINGS RATIONALE
Holley's B2 CFR reflects its moderate scale, as measured by
revenue, significant demand risk given the discretionary nature of
its products, and moderately high financial leverage. The rating
also reflects Holley's competitive position within the niche market
for performance automotive aftermarket products, a strong operating
margin and good liquidity.
Moody's expects Holley's revenue to grow in the low single digits
in 2026 and 2027 despite some revenue attrition as the company
exits lower margin and unprofitable businesses. Revenue declined
modestly for three consecutive years through 2024 before returning
to growth of approximately 2% in 2025. Holley's customer base
consists of automotive enthusiasts, who tend to show some demand
resilience through economic cycles.
Moody's expects Holley to maintain an EBIT margin between 13.5% and
14.0% in the next 12 to 18 months. Margins are expected to benefit
from Holley's portfolio optimization initiative, the elimination of
over 11,000 stock-keeping units (SKUs), and lower operational
complexity. Other efforts include eliminating stock-keeping units
(SKUs) by over 11,000, reducing operating complexity and improve
working capital. At the same time, the company plans to pursue
acquisition opportunities.
Holley's SGL-2 speculative grade liquidity rating reflects Moody's
expectations of good liquidity over the next 12 to 18 months.
Moody's expects Holley to maintain an adequate cash balance while
generating positive free cash flow of at least $20 million in 2026
and 2027. Liquidity is further supported by a $100 million
revolving credit facility expiring in 2029, which had $88 million
of availability as of March 29, 2026. The revolver has a springing
maturity date that is 91 days prior to the term loan maturity date.
Moody's expects Holley to maintain sufficient cushion under its
maximum net leverage covenant of 5.0x which is tested when the
revolver is drawn. The term loan matures in November 2028.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if Holley demonstrates consistently
strong revenue growth while maintaining healthy profit margins.
Further, a supportive financial policy and improved operating
results such that debt/EBITDA is expected to be sustained below
4.0x could support an upgrade. Lastly, maintenance of good
liquidity with consistently strong free cash flow could result in
an upgrade.
The ratings could be downgraded if Holley's operating results
deteriorate, including greater than expected organic revenue
declines and material EBITA margin compression. Debt/EBITDA
sustained above 5.5x either through weaker earnings or more
aggressive financial policy actions could also result in a
downgrade. Finally, EBITDA less capex to interest below 1.0x or the
erosion of liquidity could result in a downgrade.
The principal methodology used in these ratings was Automotive
Suppliers published in November 2025.
Holley Inc., headquartered in Bowling Green, KY, designs and
manufactures performance engine products for the enthusiast focused
automotive aftermarket. The company's product offerings include
electronic fuel injection and tuner systems, ignition controls,
carburetors, superchargers, exhaust systems and other products
designed to enhance automotive performance. Revenue for the 12
months ended March 29, 2026 was $608 million.
Holley is a publicly traded company and its former private equity
owners, Sentinel Capital Partners, maintain a substantial minority
stake in the company.
IWC JACKSONVILLE: Case Summary & 17 Unsecured Creditors
-------------------------------------------------------
Debtor: IWC Jacksonville, LLC
d/b/a Island Wings Company Grill & Bar
4409 Southside Blvd.
Jacksonville, FL 32216
Business Description: IWC Jacksonville, LLC, doing business as
Island Wings Company, operates a full-service restaurant and bar
in Jacksonville, Florida, offering baked wings, burgers,
sandwiches, seafood, drinks and craft beer to families, sports
fans, late-night diners and local customers.
Chapter 11 Petition Date: July 2, 2026
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 26-03002
Judge: Hon. Jason A Burgess
Debtor's Counsel: Richard R. Thames, Esq.
THAMES | MARKEY
50 North Laurea Street, Suite 1600
Jacksonville, FL 32202
Tel: 904-358-4000
E-mail: rrt@thamesmarkey.law
Total Assets as of June 1, 2026: $1,121,523
Total Liabilities as of June 1, 2026: $2,424,871
The petition was signed by Shane E. Powers as manager.
A copy of the Debtor's list of its 17 unsecured creditors is
available for free on PacerMonitor at:
https://www.pacermonitor.com/view/2WBBHOI/IWC_Jacksonville_LLC__flmbke-26-03002__0001.0.pdf?mcid=tGE4TAMA
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/2WBBHOI/IWC_Jacksonville_LLC__flmbke-26-03002__0001.0.pdf?mcid=tGE4TAMA
J W INSULATION: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: J W Insulation LLC
JW Insulation, LLC
JW Insulation
5468 Cold Spring Lane
North Port, FL 34291
Business Description: JW Insulation LLC is a family-owned
insulation business based in North Port, Florida. The company
provides insulation services and products including spray foam,
fiberglass batt, blown-in insulation, rigid board, radiant
barrier,
block foam, and acoustical ceiling services. It serves West
Florida, including Tampa, Sarasota, Englewood, Port Charlotte,
Fort Myers, Naples, and Marco Island.
Chapter 11 Petition Date: June 30, 2026
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 26-05742
Judge: Hon. Caryl E Delano
Debtor's Counsel: Michael Dal Lago, Esq.
DAL LAGO LAW
999 Vanderbilt Beach Rd. Suite 200
Naples, FL 34108
Tel: 239-571-6877
E-mail: mike@dallagolaw.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Elizabeth Wager as managing member.
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/VMQE5CY/J_W_Insulation_LLC__flmbke-26-05742__0001.0.pdf?mcid=tGE4TAMA
JR AND SP HOLDINGS: Case Summary & One Unsecured Creditor
---------------------------------------------------------
Debtor: JR and SP Holdings LLC
Gary's Gun and Pawn
1428 N. Jefferson
Mount Pleasant, TX 75455
Business Description: JR and SP Holdings LLC, doing business as
Gary's Gun & Pawn, operates a Mount Pleasant, Texas-based pawn
shop and firearms retailer that buys, sells and trades firearms,
jewelry, tools, electronics and other merchandise, while also
offering pawn loans and related retail services to local
consumers.
Chapter 11 Petition Date: July 1, 2026
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 26-42900
Judge: Hon. Edward L Morris
Debtor's Counsel: Robert T DeMarco, Esq.
DEMARCO MITCHELL, PLLC
500 N. Central Expressway, Suite 500
Plano, TX 75074
Tel: (972) 991-5591
Email: robert@demarcomitchell.com
Total Assets: $1,068,527
Total Liabilities: $596,053
The petition was signed by Michael Shane Pennington as managing
member.
The Debtor listed Braun Intertec Corporation, located at P.O. Box
64384, Saint Paul, MN 55164, as its sole unsecured creditor,
holding a $3,400 vendor claim.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/ANUOXUY/JR_and_SP_Holdings_LLC__txnbke-26-42900__0001.0.pdf?mcid=tGE4TAMA
JS&A FIRE: Scott Seidel Named Subchapter V Trustee
--------------------------------------------------
The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter
V trustee for JS&A Fire and Safety, LLC.
Mr. Seidel will be paid an hourly fee of $520 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Seidel declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Scott Seidel
6505 West Park Blvd., Suite 306
Plano, TX 75093
214-234-2500-main
214-234-2503-direct
Email: scott@scottseidel.com
About JS&A Fire and Safety LLC
JS&A Fire and Safety, LLC is a systems integration company based in
Dallas, Texas. The company provides design, sale, installation, and
service for fire alarm, fire sprinkler and suppression, life
safety, security, and intrusion alarm systems. Its offerings also
include access control, parking and revenue control, EV charging
stations, monitoring services, video surveillance and recording,
emergency/mass notification systems, security reviews and
assessments, and tests and inspections. JS&A Control Systems serves
sectors including industrial, retail, commercial, education,
government, healthcare, and hospitality.
JS&A Fire and Safety filed a petition under Chapter 11, Subchapter
V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 26-42647) on
June 17, 2026, with $174,920 in assets and $1,593,679 in
liabilities. James R. Stofer, president of JS&A Fire and Safety,
signed the petition.
Judge Edward L. Morris presides over the case.
Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the
Debtor as legal counsel.
JUPITER COMPANY: Moody's Assigns 'Ba1' CFR, Outlook Stable
----------------------------------------------------------
Moody's Ratings has assigned a Ba1 corporate family rating and
Ba1-PD probability of default rating to Jupiter Company Limited and
a definitive Ba1 rating, from (P)Ba1, to the backed senior secured
Term Loan B (TLB) of Janus Henderson US (Holdings) Inc. (originally
issued by Jupiter Borrower, Inc), following the acquisition of
Janus Henderson Group Plc (JHG) by Trian Fund Management, L.P.,
General Catalyst Group Management, LLC, and their affiliated funds
on June 30, 2026. The outlook on both entities is stable.
Concurrently, Moody's have withdrawn the Baa2 long-term issuer
rating of Janus Henderson Group Plc.
Furthermore, Moody's downgraded the ratings on the backed senior
unsecured notes of Janus Henderson US (Holdings) Inc. to Ba1 from
Baa2, with a stable outlook. Previously, the ratings were on review
for downgrade.
RATINGS RATIONALE
Jupiter Company Limited's Ba1 CFR reflects (1) JHG's robust
position as a mid-sized global asset manager, evidenced by organic
growth in assets under management (AUM) and maintenance of a robust
fee margin; (2) Moody's expectations that delivery of the group's
strategy will continue to support organic AUM growth and improved
profitability; and (3) strong cash generation, which will support
deleveraging of the business. Offsetting these factors are (1)
JHG's reduced financial flexibility due to increased leverage under
its new private ownership structure; (2) sizable exposure to active
equities strategies, which remain in outflow; and (3) an increase
in governance risks due to concentrated private ownership. Under
its new ownership, Moody's expects JHG to continue executing on its
protect and grow, amplify, and diversify strategy, with accelerated
investments in technology and AI and small scale M&A.
The group's TLB is rated at the same level as the CFR of Jupiter
Company Limited, reflecting its pari passu ranking with the group's
other senior secured debt, including the Term Cash Flow Facility
and Revolving Credit Facility (RCF) and the guarantee provided by
its operating companies. Operating company liabilities include
typical obligations such as leases and trade payables.
Post-acquisition, the TLB obligations of Jupiter Borrower, Inc have
become obligations of Janus Henderson US (Holdings) Inc. and Janus
Henderson US (Holdings) Inc.'s existing $400m backed senior
unsecured debt will be refinanced through the TLB. The group has
also raised two further facilities which rank pari passu with the
senior secured debt - an $800 million Term Cash Flow facility
(maturing in 270 days from transaction close) as a bridging loan to
cover liquidity needs while cash remains locked up in JHG, and $500
million RCF, which is expected to remain undrawn. While there will
be $1 billion of preference shares within the capital structure,
these are held outside of the restricted group, and holders cannot
trigger bankruptcy and are not afforded creditor rights in
bankruptcy.
The stable outlook reflects Moody's expectations that the group
will deleverage over the medium term through the expansion of its
business and AUM growth.
The assigned definitive ratings also incorporate Jupiter Company
Limited's environmental, social and governance (ESG)
considerations, as per Moody's General Principles for Assessing
Environmental, Social and Governance Risks methodology. Moody's
assessments of Jupiter Company Limited's exposure to governance
risks is high, reflected in a Governance Issuer Profile Score (IPS)
of G-4, driven by its concentrated private ownership.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The following factors could lead to an upgrade / downgrade of the
ratings of Jupiter Company Limited:
The following factors could lead to an upgrade of the ratings: (1)
Sustained AUM growth driving improvement in Moody's AUM resilience
metric; (2) Pre-tax income margin sustainably above 30%, coupled
with good revenue stability; (3) Maintaining Moody's-adjusted
debt/EBITDA under 3.0x.
Conversely, the following factors could lead to a downgrade of the
ratings: (1) Inability to stem net outflows driving deterioration
in Moody's AUM resilience metric; (2) Deterioration in
profitability metrics, with pre-tax income margins below 15% on a
sustained basis; (3) Moody's-adjusted debt/EBITDA consistently
above 4.5x.
PRINCIPAL METHODOLOGY
The principal methodology used in these ratings was Asset Managers
published in May 2024.
Jupiter Company Limited's "Standalone Credit Profile" score of Ba1
is set two notches below its "Standalone Credit Profile Before
Qualitative Notching Factors" score of Baa2 to reflect pressure on
its business profile from industry headwinds in active asset
management and its financial profile from concentrated private
ownership.
KENDALL TOWING: Commences Chapter 11 Bankruptcy in Pennsylvania
---------------------------------------------------------------
On July 2, 2026, Kendall Towing & Service LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Western District of
Pennsylvania. According to court filings, the Debtor reports
between $500,000 and $1 million in debt owed to 1-49 creditors.
Statement of Financial Affairs due by July 16, 2026; Government
Proof of Claim due by December 28, 2026.
About Kendall Towing & Service LLC
Kendall Towing & Service LLC is a Pittsburgh, Pennsylvania-based
motor vehicle towing company providing towing and roadside
assistance services. Court filings identify the company as a motor
vehicle towing service provider and do not specify the reasons for
its Chapter 11 filing.
Kendall Towing & Service LLC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. Case No. 26-21850) on July 2, 2026. In
its petition, the Debtor reports estimated assets of $50,000 to
$100,000 and estimated liabilities of $500,000 to $1 million.
The Debtor is represented by Donald R. Calaiaro, Esq. of Calaiaro
Valencik.
KIITOS BREWING: Has Deal on Cash Collateral Access
--------------------------------------------------
Kiitos Brewing, LLC asks the U.S. Bankruptcy Court for the District
of Utah, Central Division, for authority to use cash collateral and
provide adequate protection in accordance with its agreement with
Mountain West Bank, a division of Glacier Bank.
The requested relief would permit the Debtor to continue using cash
collateral that is subject to Mountain West Bank's first-priority
lien and the U.S. Small Business Administration's second-priority
lien.
Mountain West Bank holds a first-priority security interest in
substantially all of the Debtor's assets, while the SBA holds a
subordinate second-priority lien.
The Debtor proposes to use cash generated from ordinary business
operations, including credit card receipts, checks, and direct
deposits, to fund essential operating expenses and other costs
associated with restructuring the business. The requested
authorization would extend from Aug. 1 through Dec. 31 and continue
thereafter only as further ordered by the court.
As adequate protection for Mountain West Bank, the Debtor agrees to
grant a continuing replacement lien on all post-petition assets
similar to the bank's pre-petition collateral, including proceeds,
products, and profits, preserving the same extent, validity,
priority, and enforceability that existed on the petition date,
subject only to any previously existing senior perfected liens.
Because Mountain West Bank is described as an oversecured creditor
and the Debtor was current on its loan obligations before
bankruptcy, the Debtor also agrees to continue making the regular
monthly loan payments to the bank throughout the authorized cash
collateral period. These replacement liens and continuing payments
are intended to compensate Mountain West Bank for any potential
decline in the value of its collateral resulting from the Debtor's
use of cash collateral during the bankruptcy case.
The stipulation also imposes several operational safeguards
designed to protect the secured lender. The Debtor submits a
detailed operating budget covering the period from August through
December and agrees to conduct its business substantially in
accordance with that budget. Moreover, Mountain West Bank is
granted the right to perform reasonable on-site inspections of the
Debtor's business locations, provided such inspections do not
disrupt operations. The Debtor must also maintain insurance
coverage and continue complying with the operational requirements
contained in its prepetition loan documents relating to the
collateral and business operations.
The agreement identifies several events that would automatically
terminate the Debtor's authority to use cash collateral. These
include dismissal or conversion of the Chapter 11 case, uncured
defaults under the stipulation, cash collateral order, or loan
documents, entry of a superior lien against the collateral, relief
from the automatic stay in favor of Mountain West Bank, failure to
comply with bankruptcy laws or court rules after notice and
opportunity to cure, material cessation of business operations,
failure to confirm a Chapter 11 plan within a reasonable period,
and failure to operate within the approved budget beyond a
permitted 15% variance without curing the default within seven
business days.
Kiitos Brewing began operations in 2016 and renewed the lease for
its brewery premises in 2021 under terms that later became
financially burdensome. At the same time, revenue from its brewing,
tavern, and retail can shop operations declined significantly. More
recent lease renewal negotiations produced additional rent
increases that the Debtor characterizes as unreasonable and
unsustainable. Unable to negotiate acceptable lease terms, the
Debtor decided to discontinue operations at its primary brewery,
tavern, and can shop located at 608 West 700 South in Salt Lake
City while continuing to operate its Sugar House bar at 1533 South
1100 East. Consolidating operations in this manner offers the best
opportunity to preserve the business, reorganize successfully, and
maximize repayment to creditors.
The Debtor notes that the bankruptcy court previously authorized
emergency use of cash collateral and later approved its use through
July 31. The present motion seeks to extend that authority through
Dec. 31 during which the Debtor expects to formulate and seek
confirmation of a Chapter 11 plan of reorganization.
In addition to authorizing the use of cash collateral through Dec.
31, the Debtor seeks permission to accumulate budgeted funds for
future expenses as they become due, allow monthly expenditures up
to 15% above the approved budget when necessary, and grant any
additional relief the court considers appropriate to facilitate the
Debtor's successful reorganization.
A court hearing is scheduled for July 15.
A copy of the motion is available at https://urlcurt.com/u?l=5YePY8
from PacerMonitor.com.
About Kiitos Brewing LLC
Kiitos Brewing, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Utah Case No. 26-22348) on April 24,
2025. In the petition signed by Andrew Dasenbrock, managing member,
the Debtor disclosed up to $500,000 in assets and up to $10 million
in liabilities.
Judge Michael F. Thomson oversees the case.
Andres Diaz, Esq., at Diaz & Larsen, represents the Debtor as legal
counsel.
Mountain West Bank, as lender, is represented by Devin G. Bray,
Esq. at Hawley Troxell Ennis and Hawley LLP.
LEADERS IN INNOVATION: Case Summary & 10 Unsecured Creditors
------------------------------------------------------------
Debtor: Leaders in Innovation and Nonwovens Commercialization, LLC
20 Watauga Club Drive
Raleigh, NC 27607
Business Description: Leaders in Innovation and Nonwovens
Commercialization, LLC, operating as LINC Nonwovens, is a Raleigh,
North Carolina-based nonprofit manufacturing incubator that
commercializes niche, high-value technical nonwoven products
developed at the Nonwovens Institute at North Carolina State
University. Established in 2012 as a subsidiary of the NC State
University Partnership Corporation, the company supports economic
development and technology transfer by providing pilot-scale and
low- to medium-volume manufacturing capabilities that allow
industrial partners to introduce, test and scale nonwoven products
before making larger commercial investments.
Chapter 11 Petition Date: June 30, 2026
Court: United States Bankruptcy Court
Eastern District of North Carolina
Case No.: 26-02931
Judge: Hon. David M Warren
Debtor's Counsel: Jason L. Hendren, Esq.
HENDREN, REDWINE & MALONE, PLLC
4600 Marriott Drive, Suite 150
Raleigh, NC 27612
Tel: (919) 420-7867
Fax: (919) 420-0475
E-mail: jhendren@hendrenmalone.com
Total Assets: $196,294
Total Liabilities: $3,103,157
The petition was signed by Dana R. Harris as manager.
A full-text copy of the petition, which includes a list of the
Debtor's 10 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/IIJ7LSY/Leaders_in_Innovation_and_Nonwovens__ncebke-26-02931__0001.0.pdf?mcid=tGE4TAMA
LIVEONE INC: FY2026 Loss Hits $21.3MM; Going Concern Doubt Persists
-------------------------------------------------------------------
Liveone, Inc. filed with the U.S. Securities and Exchange
Commission its Annual Report on Form 10-K for the fiscal year ended
March 31, 2026.
As reflected in the Company's consolidated financial statements
included in the Annual Report, it has a history of losses, incurred
significant operating and net losses in each year since its
inception, including net losses of $21.3 million and $20.4 million
for the fiscal years ended March 31, 2026 and 2025, respectively,
and used cash in operating activities of $10.5 million and provided
cash of $6.4 million for the fiscal years ended March 31, 2026 and
2025, respectively. As of March 31, 2026, the Company had an
accumulated deficit of $287.3 million.
For the fiscal years ended March 31, 2026 and 2025, the Company
reported revenue of $77.1 million and $114.4 million,
respectively.
Going Concern and Liquidity
The Company's consolidated financial statements have been prepared
assuming that the Company will continue as a going concern, which
contemplates continuity of operations, realization of assets, and
liquidation of liabilities in the normal course of business.
Los Angeles, CA-based Macias Gini & O'Connell LLP, the Company's
auditor since 2022, issued a "going concern" qualification in its
report dated June 29, 2026, attached to the Company's Annual Report
on Form 10-K for the year ended March 31, 2026, citing that the
Company has suffered recurring losses from operations, negative
cash flows from operating activities and has a net capital
deficiency. These matters raise substantial doubt about the
Company's ability to continue as a going concern.
The Company's principal sources of liquidity have historically been
its debt and equity issuances and its cash and cash equivalents
(which cash, cash equivalents and restricted cash amounted to $5.4
million as of March 31, 2026).
The Company's ability to continue as a going concern is dependent
on its ability to execute its growth strategy and on its ability to
raise additional funds. The Company filed a new universal shelf
Registration Statement on Form S-3 with the SEC on February 13,
2025, which was declared effective by the SEC on February 26, 2025.
Under the Shelf S-3, the Company has the ability to raise up to
$150.0 million in cash from the sale of its equity, debt and/or
other financial instruments, subject to any limitation as
applicable under General Instruction I.B.6 of Form S-3.
In May 2024, the Company entered into an at-the-market agreement
with Roth Capital Partners, LLC, pursuant to which the Company
may, while the Shelf S-3 is effective, offer and sell shares of the
Company's common stock, $0.001 par value per share, having an
aggregate offering price of up to $25 million from time to time
through Roth Capital acting as the Company's sales agent.
As of the filing of the Annual Report, the Company has not sold any
shares under such agreement. The uncertain market conditions may
limit the Company's ability to access capital, may reduce demand
for its services and may negatively impact its ability to retain
key personnel. Management may seek additional funds, primarily
through the issuance of equity and/or debt securities for cash to
operate the Company's business. No assurance can be given that any
future financing will be available or, if available, that it be on
terms that are satisfactory to the Company. Even if the Company is
able to obtain additional financing, it may contain terms that
result in undue restrictions on its operations, in the case of debt
financing or cause substantial dilution for its stockholders, in
case of equity and/or convertible debt financing.
If the Company is unable to obtain sufficient financing when
needed, the Company may also have to reduce certain overhead costs
through the reduction of salaries and other means and settle
liabilities through negotiation. There can be no assurance that
management's attempts at any or all of these endeavors will be
successful.
A full text copy of the Company's Form 10-K is available at
https://tinyurl.com/4jyzzwyb
About LiveOne
Headquartered in Beverly Hills, California, LiveOne, Inc. --
www.liveone.com -- is a creator-first, music, entertainment and
technology platform focused on delivering premium experiences and
content worldwide through memberships and live and virtual events.
The Company is a pioneer in the acquisition, distribution and
monetization of live music events, Internet radio,
podcasting/vodcasting and music-related membership, streaming and
video content. Through its comprehensive service offerings and
innovative content platform, it provides music fans the ability to
listen, watch, attend, engage and transact. Serving a global
audience, the Company's mission is to bring the experience of live
music and entertainment to consumers wherever music and
entertainment is watched, listened to, discussed, deliberated or
performed around the world.
As of March 31, 2026, the Company had $46.88 million in total
assets, $59.27 million in total liabilities, and $12.39 million in
total stockholders' deficit.
MAXUM GENESIS: Gets Interim OK for $10,000 DIP Financing
--------------------------------------------------------
Maxum Genesis Group, Inc. received interim approval from the U.S.
Bankruptcy Court for the Eastern District of Virginia, Richmond
Division, to obtain debtor-in-possession financing.
The Debtor specializes in providing commercial flooring services,
including the installation of flooring materials for commercial
construction projects. Since filing bankruptcy, however, the Debtor
has encountered significant operational challenges because many of
its suppliers and subcontractors have changed their credit
practices. Rather than extending customary trade credit, they now
require payment in full or substantially larger deposits before
releasing flooring materials or performing installation work on
existing and future projects. These changes have created an
immediate liquidity shortage that threatens the Debtor's ability to
perform under existing contracts.
Without sufficient working capital to satisfy these new payment
requirements, the Debtor said it cannot complete contracts that are
already underway, cannot receive payment from customers for
completed work, and cannot competitively bid on or obtain
additional post-petition contracts. This lack of liquidity
jeopardizes the Debtor's ongoing operations and significantly
diminishes the likelihood that it will be able to formulate and
confirm a feasible Subchapter V plan of reorganization.
To address these cash flow needs, the Debtor entered into a Loan
Agreement and Promissory Note with Cheryl McRae, an immediate
family member of the Debtor's operating manager, Ciera Younger. The
financing consists of a $10,000 unsecured loan available
immediately upon entry of the interim order.
The Debtor intends to use the loan proceeds in the ordinary
operation of its business, exercising reasonable business judgment
to determine how the funds should be allocated among supplier
payments, contractor deposits, and other operational needs. The
loan carries no interest, requires no collateral, contains no
default provisions, and grants the lender only an administrative
expense claim under section 503(b) rather than any secured interest
in the Debtor's assets.
Repayment is structured in two equal monthly installments, with the
first payment due 30 days after the loan is funded and the second
installment due 30 days thereafter. According to the Debtor, the
expected completion and payment of existing contracts will generate
sufficient cash flow to satisfy these repayment obligations while
allowing the business to continue operating.
The interim DIP order is available at
http://bankrupt.com/misc/MaxumGenesis_IDIPOrder60.pdf
The court scheduled a final hearing for July 22 and set a July 15
deadline for filing objections.
About Maxum Genesis Group Inc.
Maxum Genesis Group, Inc. specializes in providing commercial
flooring services.
The Debtor filed Chapter 11 bankruptcy petition (Bankr. E.D. Va.
Case No. 26-31259) on March 25, 2026, listing assets of up to
$50,000 and liabilities of between $100,001 and $500,000.
Judge Brian F. Kenney oversees the case.
Robert S. Westermann, Esq., and Christopher A. Hurley, Esq., at
Spotts Fain, PC represents the Debtor as legal counsel.
MELBEN INC: Seeks Approval to Appoint Mahdavi Bacon as Counsel
--------------------------------------------------------------
MELBEN, INC. seeks approval from the U.S. Bankruptcy Court for the
District of Columbia to appoint James T. Bacon, Esq. of Mahdavi
Bacon Halfhill & Young PLLC to serve as attorney.
Mr. Bacon will provide these services:
(a) advise and consult with the Debtor concerning questions arising
in the conduct of the administration of the estate and concerning
the Debtor's rights and remedies with regard to the estate's assets
and the claims of secured, preferred and unsecured creditors and
other parties in interest;
(b) appear for, prosecute, defend, and represent the Debtor's
interest in suits arising in or related to this case;
(c) investigate and prosecute preference and other actions arising
under the Debtor's avoiding powers;
(d) assist in the preparation of such pleadings, Motions, Notices
and Orders as are required for the orderly administration of this
estate; and to consult with and advise the debtor in connection
with the operation of the business of the Debtor; and
(e) prepare and file an Amended Plan and to obtain the confirmation
of a Plan of Reorganization, and to prepare a Final Report and a
Final Accounting.
Mr. Bacon will receive an hourly rate of $500 per hour for
attorney's time and $175.00 per hour for para-professionals. Prior
to the filing of the case, the Applicant received a retainer of
$6,000.
James T. Bacon believes that he does not hold or represent any
interest adverse to that of the debtor and that he is a
"disinterested" person within the meaning of 11 U.S.C. Sec 101(13),
according to court filings.
The firm can be reached at:
James T. Bacon, Esq.
MAHDAVI BACON HALFHILL & YOUNG PLLC
11350 Random Hills Rd., Suite 700
Telephone: (703) 352-1300
E-mail: jbacon@mbhylaw.com
About Melben, Inc.
Melben, Inc. sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.D.C. Case No. 24-00232) on July 2, 2024,
with $100,001 to $500,000 in assets and $500,001 to $1 million in
liabilities.
Judge Elizabeth L. Gunn oversees the case.
James Bacon, Esq., at Mahdavi, Bacon, Halfhill & Young, PLLC
represents the Debtor as legal counsel.
MITT REAL ESTATE: Seeks to Use Cash Collateral
----------------------------------------------
MITT Real Estate, LLC asks the U.S. Bankruptcy Court for the
Northern District of Georgia, Atlanta Division, for authority to
use cash collateral and provide adequate protection.
The Debtor owns three single-family residential rental properties
located at 3920 Wedgefield Circle in Decatur, Georgia; 2791 Allegro
Drive NW in Atlanta; and 1905 Fort Valley Drive SW in Atlanta. The
schedules value the three properties collectively at approximately
$817,333, while secured debt totals approximately $887,333 and
overall liabilities amount to $906,509, indicating that the
properties are fully encumbered and that the debtor has little or
no equity. The Debtor's Statement of Financial Affairs reports no
business revenue during 2025 and only $12,075 in revenue during
2024. Additionally, Schedule A/B reflects that the Debtor had no
cash or cash equivalents when the bankruptcy case commenced, making
rental income the only meaningful source of operating funds.
Elite Commercial Servicing holds a purchase-money loan secured by
the Wedgefield property in the amount of $247,333. Longhorn
Investments holds purchase-money loans secured by the Fort Valley
and Allegro properties totaling $277,500 and $247,500 respectively.
Ethan Group, LLC also asserts mechanic's lien claims arising from
construction work allegedly performed on the Wedgefield and Fort
Valley properties, seeking recovery of $90,000 and $25,000
respectively. According to the schedules and pending state court
litigation, Ethan Group recorded mechanic's liens in DeKalb and
Fulton Counties during 2025 and has filed suit in the Superior
Court of Gwinnett County to enforce those liens while also pursuing
breach of contract claims.
A significant issue concerns the Wedgefield property. U.S. Bank
Trust National Association, acting as trustee for Chester Road
Funding Trust II, issued a default notice dated May 13, 2026,
concerning the Wedgefield loan. The default letter states that the
loan documents include a Deed to Secure Debt, Assignment of Rents,
and Security Agreement executed in January 2025. Because of the
default, the lender purportedly revoked the Debtor's license to
collect and use rental income, declared all rents to be its
property held in trust, and reserved the right to pursue
foreclosure or appointment of a receiver. The Debtor acknowledges
these assertions but argues that the Bankruptcy Code nevertheless
permits the court to authorize use of rents as cash collateral upon
adequate protection.
The Debtor seeks authority to use post-petition rental receipts
only to pay direct and necessary expenses required to preserve,
maintain, insure, and operate the rental properties. Specifically,
rental income would be used only for property taxes, hazard and
liability insurance, ordinary repairs, maintenance, lawn care, pest
control, trash removal, code compliance, leasing and tenant
turnover expenses, reasonable banking costs, and other
property-level operating expenses.
To satisfy the adequate protection requirement, the Debtor proposes
a comprehensive framework governing the use of rental income. Cash
collateral would be administered under separate
property-by-property operating budgets covering 30-day periods. All
rent receipts would be deposited into a debtor-in-possession bank
account with separate accounting ledgers maintained for each
property. Monthly financial reports would be provided to affected
secured creditors and the United States Trustee detailing beginning
balances, rental receipts, expenditures, ending balances, and
supporting bank statements. Insurance coverage would be maintained
on all properties throughout the bankruptcy case.
Importantly, any net rental income remaining after payment of
approved operating expenses on property subject to a proven
perfected assignment of rents would either be remitted to the
secured creditor or held in the segregated debtor-in-possession
account pending further court order. The Debtor also proposes that
if it materially defaults under the budget or reporting
requirements and fails to cure within five business days after
written notice, secured creditors may seek expedited relief from
the court.
A court hearing is scheduled for July 9.
A copy of the motion is available at https://urlcurt.com/u?l=VfZ4vM
from PacerMonitor.com.
About MITT Real Estate LLC
MITT Real Estate, LLC owns three single-family rental properties.
MITT Real Estate filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-57122) on May 31,
2026, with $500,001 to $1 million in both assets and liabilities.
Michael Olofindayo, president and sole member of MITT Real Estate,
signed the petition.
Gregory C. Okwuosah, Esq., at the Law Offices of Gregory C.
Okwuosah, LLC represents the Debtor as bankruptcy counsel.
MKBH MANAGEMENT: Trigild IVL's Ian Lagowitz Appointed as Receiver
-----------------------------------------------------------------
The Hon. Nelson Stephen Roman of the U.S. District Court for the
Southern District of New York entered an agreed order directing the
appointment of Trigild IVL's Ian Lagowitz as receiver for MKBH
Management LLC, Mendel Bronner, Shea Markowitz, Chanan Markowitz,
and John Doe.
Federal National Mortgage Association requested the appointment of
a receiver.
Trigild IVL, acting through its principal, Ian Lagowitz, is
appointed with the usual powers and directives as receiver during
the pendency of this action, for the benefit of Plaintiff, of all
the rents and profits of the mortgaged premises located at 47 North
Bleeker Street, Mount Vernon, NY 10550.
The Receiver is permitted to retain a property manager of its
choosing without further application to the Court as property
manager during the pendency of this action, for the benefit of the
current tenants, to preserve the value of the Property and fairly
operate the Property.
The Receiver is authorized and directed to demand, collect, and
receive from the tenants of the Property or from any persons liable
therefor all the rents now due and unpaid or hereafter and during
the pendency of this action to become due, and those tenants are
directed to pay over to the Receiver all the rents now due and
unpaid or hereafter and during the pendency of this action to
become due, and that all persons in possession other than lawful
tenants are directed to surrender possession to the Receiver,
subject to any applicable emergency rent laws, if any.
The Receiver be empowered to carry out all the usual powers and
duties of receivers in foreclosure actions, and as authorized under
the express terms of the Multifamily Mortgage, Assignment of Leases
and Rents, Security Agreement, and Fixture Filing dated December
27, 2018 and recorded in The Office of the Westchester County Clerk
on February 25, 2019, under Control Number 590113500 (the Mortgage
Agreement), between Plaintiff's predecessor in interest and MKBH
Management LLC (the Borrower), to enter upon and take and maintain
full control of the Property to perform all acts that Plaintiff in
its discretion determines to be necessary or desirable for the
operation and maintenance of the Property, including:
(a) the execution, cancellation, or modification of leases,
(b) the collection of all rents,
(c) the making of repairs to the Property and the execution or
termination of contracts providing for the management, operation,
or maintenance of the Property,
(d) enforcing the assignment of rents pursuant to the Mortgage
Agreement,
(e) protecting the Property or the security of the Mortgage
Agreement, and
(f) all other roles, rights, and responsibilities specified in
the Mortgage Agreement.
The Receiver is authorized to lease the Property or any part
thereof for terms not exceeding two years or such longer terms as
may be required by law; keep the Property in a proper state of
repair in compliance with law and insured against loss or damage,
and to make the expenditures necessary for said purposes and for
the purpose of paying the necessary running expenses of the
Property; to pay any taxes, water rates, or assessments now due
upon the Property or hereafter and during the pendency of this
action to become due; to pay the principal and interest and other
charges in connection with any prior encumbrances of the Property;
and to institute and carry on such legal proceeding as may be
necessary for the protection or recovery of the Property, for the
collection of the rents and profits thereof, or for the removal of
any tenant or other person from the Property.
Any payments of taxes, assessments, water rents, sewer rents,
and/or insurance premiums made by Plaintiff for the benefit of the
Property, or any advances to the Receiver for such purposes, shall
be added to the total indebtedness due to Plaintiff by the Borrower
for whose benefit the funds are advanced under the Loan Documents
evidencing the mortgage securing the Property.
Within three business days following the entry of this Order,
Borrower shall provide the Receiver with copies of all existing
insurance policies for the Property, the assets of the Receivership
Estate, or maintained by Borrower for or with respect to the
Property. The Receiver, the Property Manager, the Federal Housing
Financing Agency (FHFA), and the Plaintiff shall each be named as
additional insureds or as mortgagee, as their interest may appear,
on all existing coverages, including property damage and general
liability policies for the Property.
The Receiver shall have the right to modify, amend, or replace any
Insurance on the Property or obtain additional insurance as the
Receiver deems reasonably necessary to protect the Property. No
existing insurer may cancel its existing policy as a result of the
appointment of the Receiver without consent from Plaintiff and/or
FHFA. The Borrower may not amend, modify, or cancel any existing
insurance policy without the written consent of the Receiver,
Plaintiff, and/or FHFA.
The Receiver shall, at its sole cost and expense, obtain and carry
in full force and effect for Receiver and its employees insurance
coverages for professional liability/errors and omissions and
fidelity/crime. Such professional liability/errors and omissions
coverage will have a minimum per claim coverage amount of $5
million, and such fidelity/crime coverage will have a minimum per
claim coverage amount equal to the greater of $1 million per claim
or four months of revenue using the agreed budget for the property.
The Property Manager shall carry these insurance coverages:
-- excess/umbrella coverage in the minimum amount of $5
million per claim above primary policy limits or a greater amount
as required by Fannie Mae;
-- dishonesty, identity theft, fidelity, cyber (first-party
and third-party, including identity theft resolution and loss
control services), general liability coverage (separate from the
Insurance on Property), business automobile liability, and
employer's liability, with each such coverage having a minimum
coverage amount of $1 million per occurrence and $2 million in the
aggregate; and
-- workers' compensation with a minimum per claim coverage
amount in accordance with state laws. All such Property Manager
coverages are collectively referred to as "Property Management
Insurance." The Receiver shall be added as an "additional named
insured" to Property Management Insurance upon hiring or retention
of the Property Manager.
Fannie Mae and FHFA shall be named as additional insureds on
Receiver's Business Insurance and the Property Management
Insurance. For the avoidance of doubt, the Receiver, the Property
Manager, and their employees, as well as any of their agents,
attorneys, or contractors, shall always keep in force the minimum
amounts of coverage as outlined in this paragraph for Receiver's
Insurance and Property Management Insurance, including applicable
tail coverage.
Each insurance carrier providing Receiver's Business Insurance and
Property Management Insurance, whether admitted or non-admitted,
must comply with a minimum (1) A.M. Best Financial Strength Rating
of A- or better and (2) A.M. Best Financial Size Category of VII or
better. The maximum deductible or self-insured retention or any
combination thereof for each coverage shall be no more than
$25,000. The premiums for insurance policies and deductibles for
all Receiver Business Insurance and Property Management Insurance
shall not be expenses of the Receivership Estate. The Receiver and
the Property Manager will, upon appointment, provide certificates
to Fannie Mae evidencing insurance coverage, and thereafter, upon
Fannie Mae’s request.
Any liability incurred by, or recourse against, the Receiver other
than for gross negligence, willful misconduct, malfeasance, bad
faith, reckless disregard of duties, or actions in violation of
orders of this Court will be limited in order of priority first to
applicable insurance coverages inuring to the Property and to the
Receiver (including its employees, agents, attorneys, other
professionals, or contractors).
Plaintiff and FHFA, as Conservator, retain and may exercise without
further Court approval any of their rights under the Loan Documents
and HERA. The Receiver's powers as outlined in this Order do not in
any way diminish Plaintiff's rights under the Loan Documents or
FHFA's rights, titles, powers, functions, and protections as
Plaintiff's Conservator and successor under HERA; and it is further
ORDERED, that nothing in this Order is intended to interfere with,
or adversely affect, any trustee’s sale or other exercise of
Plaintiff's or FHFA's rights, nor is the Order intended to
constitute a waiver of, or election not to proceed with, any
commissioner's sale.
Before entering upon its duties, the Receiver shall execute to the
People of the State of New York, and file with the Clerk of this
Court its oath and, a bond with sufficient sureties of $10,000.00
(the Receiver's Bond), which amount represents the Receiver's
estimate of the Property's monthly rent roll, with respect to the
Property with a surety company as surety for the faithful discharge
of its duties as the Receiver.
The Receiver shall promptly deposit all monies received by it in
respect of the Property in a checking account established for the
Property at Benchmark Bank, such accounts to be in its name, as
Receiver, and to show the name of this case; the Depository shall
furnish monthly statements regarding such accounts to the Receiver
and to Plaintiff's counsel.
The Receiver shall give priority to the expenditure of rents,
income and profits to the correction of immediately hazardous
conditions and violations of housing maintenance laws within the
time set by orders of any municipal department, or, if not
practicable, seek a postponement of the time for compliance.
The Receiver shall file monthly accountings for the Property with
Plaintiff's counsel, Akin Gump Strauss Hauer & Feld LLP, beginning
within 15 business days of the first day of the first month
following entry of this Order and monthly thereafter during the
term of the receivership.
Upon consummation of any sale of the Property by the Receiver or
assignment of the mortgage loan by Plaintiff, the receivership
shall terminate, subject to the right of the Receiver to make
further application to this Court with respect to any aspect of the
receivership, including payment of fees and expenses, discharge of
bond, disposition of amounts held in bank accounts including
security deposits, or other such acts necessary or ancillary to the
winding up of the receivership.
The receiver may be reached at:
Chris Neilson
Trigild IVL
24 Church Street
Montclair, NJ 07042
About MKBH Management LLC
MKBH Management LLC owns a multi-unit apartment property located at
47 North Bleeker Street, Mount Vernon, NY 10550.
MKBH is facing a receivership case captioned as Federal National
Mortgage Association v. MKBH Management LLC, Mendel Bronner, Shea
Markowitz, Chanan Markowitz, and John Doe, Case No. 7:25-cv-07611
(S.D.N.Y.), before the Hon. Nelson Stephen Roman. The case was
filed on Sept. 12, 2025.
As reported by Troubled Company Reporter on Dec. 19, 2025, MKBH
Management LLC is the mortgagor and owner of this seven-unit
multi-family Property. On December 27, 2018, the Borrower borrowed
$702,000 pursuant to a Multifamily Note, securing a mortgage
governed by a Multifamily Mortgage, Assignment of Leases and Rents,
Security Agreement, and Fixture Filing and a Multifamily Loan and
Security Agreement. Under Schedule 2 of the Loan Agreement, the
Borrower was required to make monthly payments to the Lender (as
such term is defined therein) on the first day of each month from
February 1, 2019, through January 1, 2049.
Starting March 1, 2025, MKBH Management has failed to pay its
monthly mortgage payments, as required under the parties' Loan
Documents, which triggered Fannie Mae's right to pursue all
available remedies, including the appointment of a receiver.
Defendants are represented by:
Joshua Reid Bronstein, Esq.
The Law Offices Of Joshua R. Bronstein & Associates, PLLC
Tel: 516-698-0202
E-mail: jbrons5@yahoo.com
- and -
Christopher Anthony Villanti, Esq.
Rosenberg Fortuna & Laitman, LLP
Tel: 516-228-6666
E-mail: christopher@rosenbergfortuna.com
- and -
Anthony Rudy Filosa, Esq.
Rosenberg Fortuna & Laitman, LLP
Tel: 516-228-6666
E-mail: anthony@rosenbergfortuna.com
Fannie Mae is represented by:
Dean Lindsay Chapman, Esq.
Akin Gump Strauss Hauer & Feld LLP
Tel: 212-872-8095
E-mail: dchapman@akingump.com
MSCI INVESTMENTS: Seeks to Hire Frost Law as Special Counsel
------------------------------------------------------------
MSCI Investments, Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to hire Rebecca Sheppard
and Frost Law to serve as special counsel.
The firm will provide these services:
(a) represent the Debtor before the Internal Revenue Service;
(b) defend the Debtor in matters before the Internal Revenue
Service; and
(c) continue to represent the Debtor in Employee Retention Credit
Appeals Representation for Quarter 4 2020, Quarter 2 2021, and
Quarter 3 2021.
Rebecca Sheppard will receive an hourly rate of $795 for Partner,
$550 for Senior Associate Attorney Alla Cates, $495 for Associate
Attorney Reid Burrows, and $495 for Senior Enrolled Agent Micah
Schroder, plus costs and out-of-pocket expenses to be paid as
invoiced.
Frost Law does not presently hold or represent any interest adverse
to the interests of the Debtor or its estate and 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:
Rebecca Sheppard, Esq.
FROST LAW
839 Bestgate Road, Suite 400
Annapolis, MD 21401
About MSCI Investments Inc.
MSCI Investments, Inc. is a Texas-based financial services firm
specializing in investment management and advisory services.
MSCI Investments sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Texas Case No. 26-41318) on April 15,
2026, with up to $10 million in both assets and liabilities.
Mitchell Cook, president of MSCI Investments, signed the petition.
Joyce Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC,
represents the Debtor as bankruptcy counsel.
MULTIBANK INC: Moody's Withdraws All Ratings on Debt Assumption
---------------------------------------------------------------
Moody's Ratings has withdrawn all ratings, assessments and outlooks
assigned to Multibank, Inc. (Multibank), including the Ba1
long-term foreign currency deposit rating, as well as the Baa3(cr)
and Baa3 long-term counterparty risk assessment and counterparty
risk rating, respectively. The bank's ba2 Baseline Credit
Assessment (BCA) and ba1 Adjusted BCA, along with the Prime 3
short-term foreign currency counterparty risk rating, Not Prime
short-term foreign currency deposit rating, and the Prime 3(cr)
short-term counterparty risk assessment were also withdrawn. Prior
to the withdrawal, the outlook on the long-term deposit was
stable.
The Ba1 rating assigned to the existing $300 million 2027 senior
unsecured notes issued by Multibank is now under BAC International
Bank, Inc. (BAC, Ba1, stable), following the full legal merger of
the obligations of Multibank into BAC on May 18, 2026.
Moody's have withdrawn the ratings for reorganization reasons, as
the Multibank entity no longer exists and all its assets and
liabilities have been fully merged into BAC International Bank.
RATINGS RATIONALE
The rating action follows Multibank, Inc.'s acquisition by BAC
International Bank, Inc. which was legally completed in May 2026,
with the full operational integration finalized on 8 June 2026.
This transaction follows the acquisition of a 99.57% stake in Multi
Financial Group, Inc. (MFG), the parent company of Multibank, Inc.
and its subsidiaries, by BAC through BAC International Corporation
(BIC), the Panamanian holding company of BAC, announced in October
2025. The subsequent approval by the Superintendence of Banks of
Panama through Resolution SBP-BAN-R-2026-00284 dated May 14, 2026
authorized the merger by absorption between BAC and both MFG and
Multibank, with BAC as the surviving entity. The transaction is
part of a broader group consolidation strategy aimed at integrating
operating platforms, achieving efficiencies and strengthening BAC's
competitive position in the Panamanian and regional banking markets
through the combination of two complementary franchises.
NEGRONI DORAL: Case Summary & 20 Largest Unsecured Creditors
------------------------------------------------------------
Debtor: Negroni Doral LLC
d/b/a Negroni Bistro & Sushi Bar
4770 Biscayne Blvd., Suite 100
Miami FL 33137
Business Description: Negroni Doral LLC is a Miami-based
restaurant operator doing business as Negroni Bistro & Sushi Bar,
a globally inspired dining brand that serves sushi, cocktails,
burgers, brunch and international comfort food at its Doral,
Florida, location.
Chapter 11 Petition Date: July 1, 2026
Court: United States Bankruptcy Court
Southern District of Florida
Case No.: 26-18745
Judge: Hon. Corali Lopez-Castro
Debtor's Counsel: Jacqueline Calderin, Esq.
AGENTIS PLLC
45 Almeria Avenue
Coral Cables, FL 33134
Tel: (305) 722-2002
E-mail: jc@agentislaw.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Albert Llodra as chief restructuring
officer.
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/SMKJMGY/Negroni_Doral_LLC__flsbke-26-18745__0001.0.pdf?mcid=tGE4TAMA
NORDICUS PARTNERS: Audit Preparation Delays FY2026 10-K Filing
--------------------------------------------------------------
Nordicus Partners Corporation has filed a Form 12b-25 notifying the
U.S. Securities and Exchange Commission of a delay in filing its
Annual Report on Form 10-K for the fiscal year ended March 31,
2026.
The Company stated that the 10-K could not be filed by the
prescribed due date without unreasonable effort or expense, as it
was unable to prepare its accounting records and schedules in
sufficient time to enable its independent registered public
accounting firm to complete the audit of the financial statements.
Nordicus Partners anticipated that the Form 10-K, along with the
audited financial statements, will be filed within the 15-day
extension period.
The Company confirmed that all other periodic reports required
during the preceding 12 months have been filed. Nordicus Partners
does anticipate reporting a net loss of approximately $346,731 on
revenues of $-0- for the fiscal year ended March 31, 2026.
A more detailed discussion of results of operations will be
included in the Management's Discussion and Analysis of Financial
Condition and Results of Operations in the Form 10-K to be filed.
About Nordicus Partners
Headquartered in Beverly Hills, Calif., Nordicus Partners
Corporation is a financial consulting company specializing in
providing Nordic companies with the best possible conditions to
establish themselves in the U.S. market. The Company leverages
management's combined 90+ years of experience in the corporate
sector, serving in various capacities both domestically and
globally. Additionally, Nordicus operates as a business incubator,
offering support resources and services such as office space, legal
and accounting services, and marketing expertise to facilitate a
smooth transition for companies entering the U.S. marketplace.
Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated July 29, 2025, attached to the
Company's Annual Report on Form 10-K for the fiscal year ended
March 31, 2025, citing that the Company has nominal revenue and has
incurred losses since inception resulting in an accumulated
deficit. These factors, among others, raise substantial doubt about
the Company's ability to continue as a going concern.
As of December 31, 2025, the Company had $75.86 million in total
assets, $11.11 million in total liabilities, and $64.75 million in
total stockholders' equity.
NORTH TEXAS BEHAVIORAL: Behrooz Vida Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the
Vida Law Firm, PLLC as Subchapter V trustee for North Texas
Behavioral Clinic, LLC.
Mr. Vida will be paid an hourly fee of $495 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Vida declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Behrooz P. Vida, Esq.
The Vida Law Firm, PLLC
3000 Central Drive
Bedford, TX 76021
Telephone: (817) 358-9977
Facsimile: (817) 358-9988
behrooz@vidalawfirm.com
About North Texas Behavioral Clinic LLC
North Texas Behavioral Clinic, LLC is an Arlington, founded in 2014
and based in Arlington, Texas, operates a psychiatric and mental
health clinic that provides psychiatry, psychotherapy, counseling
and treatment services for conditions including depression,
anxiety, ADHD, mood disorders and other behavioral health needs,
serving children, adolescents, adults and geriatric patients across
North Texas.
North Texas Behavioral Clinic filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No.
26-42727) on June 23, 2026. In its petition, the Debtor reports
estimated assets of $100,000 to $500,000 and estimated liabilities
of $1 million to $10 million.
The Debtor is represented by Gregory Wayne Mitchell, Esq., at The
Mitchell Law Firm, L.P.
NORTHEAST HOUSING: Moody's Affirms Ba1 Rating on 2007-B Rev. Bonds
------------------------------------------------------------------
Moody's Ratings has affirmed the Baa2 and Ba1 ratings on Northeast
Housing LLC's Taxable Military Housing Revenue Refunding Bonds
(Navy Northeast Family Housing Privatization Project), Series
2007-A and Series 2007-B bonds, respectively. The outlook is
stable.
RATINGS RATIONALE
The ratings affirmation reflects Navy Northeast Family Housing
Priv. Proj. ("Navy Northeast") sound financial performance,
supported by continued BAH growth, strong essentiality of the
underlying Navy installations, offset by weaker occupancy, moderate
expense pressure and an unrated surety provider. Occupancy declined
to 89% in fiscal 2025 from 91% in 2024, reflecting localized demand
challenges at certain installations. Despite this moderation,
revenue growth remains positive, supported by BAH increases of
approximately 8% in 2025, supporting stable revenues despite
occupancy pressure. Debt service coverage improved in 2025, with
Moody's adjust DSCR of 2.12x (Class I) and 1.70x (Class II).
Expenses remain elevated, particularly utilities, insurance, and
maintenance, though overall project expenses increased by
approximately 1% in FY2025. Planned capital spending supports
project asset quality but may contribute to variability in expenses
in the near term. Class II debt service coverage remains more
volatile to potential drops in project revenues or escalation of
expenses.
RATING OUTLOOK
The stable outlook reflects the project's solid reserve levels and
continued BAH growth of approximately 5.6% in 2026, which will
continue to support adequate debt service coverage despite weaker
occupancy.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
-- For all classes: ongoing stable project revenues, supported by
continued BAH growth and effective expense management
-- For Class I: sustained DSCR improvement above 2.0x, coupled
with factor above
-- For Class II: sustained DSCR improvement toward the upper end
of the 1.50x to 1.99x range, combined with the factor above
-- For all classes: significant improvement in the credit quality
of key counterparties, including the DSRF surety provider
-- For all classes: Significant improvement in project occupancy
above 95%, coupled with the factors above
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
-- For all classes: persistent demand weakness at key
installations resulting in weaker revenues, with DSCR at or below
1.3x for Class I and 1.10x for Class II on a sustained basis
-- For all classes: sustained occupancy below 90%, coupled with
the factor above
PROFILE
Northeast Housing LLC is a privatized military housing project
organized in 2004 under the Military Housing Privatization
Initiative (MHPI) to develop, operate and manage housing across
seven Navy installations in Maine, Rhode Island, Connecticut, New
York, and New Jersey. The project is owned by Balfour Beatty
Communities, Navy Northeast, LLC and the US Department of the Navy,
and serves mission critical bases supporting submarine operations,
ship repair, and training activities.
METHODOLOGY
The principal methodology used in these ratings was Global Housing
Projects published in August 2024.
OCEAN POWER: Extends Section 382 Tax Benefits Plan to June 29, 2029
-------------------------------------------------------------------
Ocean Power Technologies, Inc. announced in a regulatory filing
that it entered into an Amended and Restated Section 382 Tax
Benefits Preservation Plan, which amended and restated the
Company's Section 382 Tax Benefits Preservation Plan, dated as of
June 29, 2023, by and between the Company and Computershare Trust
Company, N.A., a federally chartered trust company, as rights
agent.
The Amended and Restated Tax Benefits Preservation Plan was
unanimously approved and adopted by the Company's Board of
Directors. The Amended and Restated Tax Benefits Preservation Plan
extends the final expiration time of the Original Plan from the
close of business on June 29, 2026 to the close of business on June
29, 2029. The Amended and Restated Tax Benefits Preservation Plan
also reflects various updates to reflect changes since the adoption
of the Original Plan.
The Company has generated, and expects to continue to generate, net
operating losses and certain other tax attributes that have the
potential to reduce its future federal income tax obligations to
the extent that the Company generates taxable income in the future.
As it did with the Original Plan, the Board adopted the Amended and
Restated Tax Benefits Preservation Plan to continue to diminish the
risk that the Company's ability to utilize its Tax Benefits to
reduce potential future federal income tax obligations may become
substantially limited if the Company experiences an "ownership
change," within the meaning of Section 382 of the Internal Revenue
Code of 1986, as amended, and the Treasury Regulations promulgated
thereunder. Under Section 382, an "ownership change" occurs if a
stockholder or a group of stockholders that is deemed to own at
least 5% of the Common Stock increases their ownership
(individually, or collectively with other such "5-percent
stockholders") by more than 50 percentage points over the lowest
percentage of the Common Stock owned by such stockholders at any
time during a rolling three-year period. While the Amended and
Restated Tax Benefits Preservation Plan cannot ultimately prevent
an ownership change, it is intended to reduce the likelihood of
such an event by deterring any person or group from acquiring
beneficial ownership of 4.99% or more of the Company's outstanding
Common Stock, par value $0.001 per share, without the approval of
the Board. As more fully discussed below, a person who acquires,
without the approval of the Board, beneficial ownership (other than
pursuant to a stock split, reverse stock split, stock dividend,
reclassification, or similar transaction effected by the Company,
or certain inadvertent actions by stockholders) of 4.99% or more of
the outstanding Common Stock (including any ownership interest held
by that person's Affiliates and Associates (as defined under the
Amended and Restated Tax Benefits Preservation Plan)) could be
subject to significant dilution.
A full text copy of the Amended and Restated Tax Benefits
Preservation Plan is available at https://tinyurl.com/3x37w5hn
Summary description of the material terms and conditions of the
amended and restated tax benefits preservation plan and the
preferred share purchase rights:
The Rights. Pursuant to the Original Plan, on June 29, 2023,
the Board authorized the issuance of one Right per each outstanding
share of the Common Stock distributable to the Company's
stockholders of record as of the close of business on July 11,
2023. One Right will also be issued together with each share of the
Common Stock issued after the Record Date, but before the
Distribution Time (or the earlier redemption or expiration of the
Rights) and, in certain circumstances, after the Distribution
Time.
Subject to the terms, provisions, and conditions of the Amended and
Restated Tax Benefits Preservation Plan, if the Rights become
exercisable, each Right would initially represent the right to
purchase from the Company one one-thousandth of a share of the
Company's Series A Participating Preferred Stock, par value $0.001
per share, for a purchase price of $2.25 per Unit, subject to
adjustment. In the Original Plan, the Purchase Price was $4 per
Unit. Prior to exercise, a Right does not give its holder any
rights as a stockholder of the Company, including, without
limitation, any dividend, voting, or liquidation rights.
Preferred Stock Provisions. Subject to adjustment in certain
instances, each Unit of Series A Preferred Stock, if issued:
(i) would give the holder approximately the same dividend,
voting, and liquidation rights as does one share of Common Stock,
and should approximate the value of one share of Common Stock,
(ii) would not be redeemable,
(iii) would entitle holders to dividends equal to the
dividends, if any, paid on one share of Common Stock,
(iv) would entitle holders upon liquidation either to
receive $1.00 or an amount equal to the payment made on one share
of Common Stock, whichever is greater,
(v) except as otherwise provided by the Company's
Certificate of Incorporation or its Amended and Restated Bylaws,
and except as required by law, would vote together with the shares
of Common Stocks as one class on all matters submitted to a vote of
the Company's stockholders and would have the same voting power as
one share of the Common Stock, and
(vi) would entitle holders to a per share payment equal to
the payment made on one share of the Common Stock, if shares of
Common Stock are exchanged via merger, consolidation, or a similar
transaction.
A copy of the Amended and Restated Series A Certificate of
Designations is available at https://tinyurl.com/2jtdsnej
Acquiring Person. Under the Amended and Restated Tax Benefits
Preservation Plan, an "Acquiring Person" is any person, other than
certain exempted persons and holders of 4.99% or more of the
outstanding Common Stock immediately prior to the first public
announcement by the Company of the adoption of the Original Plan,
who or which, together with all Affiliates and Associates of such
person, is or becomes the beneficial owner of 4.99% or more of the
shares of Common Stock outstanding, subject to various exceptions
and provided that no person shall become an "Acquiring Person" as a
result of repurchases of stock, dividends, or distributions by the
Company, or certain inadvertent actions by stockholders.
Beneficial Ownership. Subject to the specific definition of
"beneficial ownership" included in the Amended and Restated Tax
Benefits Preservation Plan and the various exceptions to such
definition that are provided therein, beneficial ownership
generally includes any of the Company's securities which such
person would otherwise be deemed to actually or constructively own
for purposes of Section 382. Accordingly, a person will be treated
as the beneficial owner of 4.99% or more shares of the Common Stock
if, in the determination of the Board, that person (individually,
or together with other persons) would be treated as a "5-percent
stockholder" for purposes of Section 382 (substituting "4.99" for
"5" each time "five" or "5" is used in or for purposes of Section
382). In addition, the Amended and Restated Tax Benefits
Preservation Plan provides that, notwithstanding anything to the
contrary contained therein, no person shall be deemed the
beneficial owner of, or to beneficially own, any securities of the
Company for purposes of the Amended and Restated Tax Benefits
Preservation Plan if:
(i) such securities would not be deemed constructively or
otherwise owned by, or otherwise aggregated with shares owned by,
such person, and
(ii) such securities would not be deemed constructively or
otherwise owned by a single "entity," in each case, for purposes of
Section 382.
Existing Holders. The Amended and Restated Tax Benefits
Preservation Plan also provides that any person who beneficially
owned 4.99% or more of the Common Stock immediately prior to the
first public announcement by the Company of the adoption of the
Original Plan, shall not be deemed to be an "Acquiring Person" for
purposes of the Amended and Restated Tax Benefits Preservation
Plan. However, a person ceases to be an Existing Holder if and
when:
(i) such person, together with all Affiliates and
Associates of such person, becomes the Beneficial Owner of less
than 4.99% of the shares of Common Stock then outstanding, or
(ii) such Person, together with all Affiliates and
Associates of such person, becomes the beneficial owner of
additional Common Stock after the first public announcement by the
Company of the adoption of the Original Plan (other than pursuant
to a dividend or distribution paid or made by the Company on the
outstanding Common Stock, pursuant to a split, reclassification, or
subdivision of the outstanding Common Stock or pursuant to the
acquisition of beneficial ownership of Common Stock upon the
vesting or exercise of any options, warrants or other rights, or
upon the initial grant or vesting of restricted stock, granted or
issued by the Company to its directors, officers, and employees,
pursuant to a compensation or benefits plan or arrangement adopted
by the Board). To the best knowledge of the Company, there are no
holders of the Common Stock that, as of the date hereof, qualify as
Existing Holders.
Exempt Persons and Transactions. The Amended and Restated Tax
Benefits Preservation Plan permits the Board to determine, in its
sole and absolute discretion, that a person be exempted from the
Amended and Restated Tax Benefits Preservation Plan and be
permitted to become the beneficial owner of up to a number of
shares of Common Stock, or a percentage of the shares of Common
Stock outstanding, as such amount or percentage, as the case may
be, is determined by the Board in its sole and absolute discretion,
and that such person should be exempted from being an Acquiring
Person, so long as such determination is made prior to such time as
such Person becomes an Acquiring Person, unless and until such
person acquires beneficial ownership of shares of Common Stock of
the Company in excess of the Exempted Amount (other than pursuant
to a stock split, reverse stock split, stock dividend,
reclassification, or similar transaction effected by the Company)
in which case such person shall become an Acquiring Person. The
Board may make such exemption subject to such terms and conditions,
if any, which the Board may determine in its sole and absolute
discretion. Any person will cease to be an Exempt Person if the
Board, in its sole and absolute discretion, makes a determination
that such person's beneficial ownership would, notwithstanding any
prior determination to the contrary, jeopardize or endanger the
value or availability to the Company of the Tax Benefits or be
contrary to the best interests of the Company. Any person, together
with all Affiliates and Associates of such person, who proposes to
acquire 4.99% or more of the outstanding Common Stock may also
apply to the Board in advance for an exemption in accordance with
and pursuant to the terms of the Amended and Restated Tax Benefits
Preservation Plan.
Initial Exercisability. Initially, the Rights are not
exercisable, certificates will not be sent to stockholders, and the
Rights will automatically trade with the Common Stock. Subject to
the terms, provisions, and conditions of the Amended and Restated
Tax Benefits Preservation Plan, the Rights do not become
exercisable until the close of business on the earlier to occur
of:
* the tenth (10th) calendar day (or if such tenth (10th)
calendar occurs before the Record Date, then the close of business
on the Record Date) after the earliest of the date of:
(i) the public announcement by the Company or an Acquiring
Person indicating that an Acquiring Person has become an Acquiring
Person (which, for purposes of this definition, shall include,
without limitation, the filing of a report or an amendment thereto
with the U.S. Securities and Exchange Commission pursuant to the
Securities Exchange Act of 1934, as amended, or pursuant to a
comparable successor statute),
(ii) the public disclosure of facts by the Company or an
Acquiring Person that reveals the existence of an Acquiring Person
or indicating that an Acquiring Person has become an Acquiring
Person, and
(iii) the Board becoming aware of the existence of an Acquiring
Person (the "Stock Acquisition Date"); provided that, if such
Person is determined by the Board, in its sole and absolute
discretion, not to be or have become an Acquiring Person, then no
Stock Acquisition Date shall be deemed to have occurred; and
* the tenth (10th) calendar day (or if such tenth (10th)
calendar occurs before the Record Date, then the close of business
on the Record Date) after the date of the commencement (within the
meaning of Rule 14d-2(a) of the General Rules and Regulations under
the Exchange Act) by any Person (other than certain exempted
persons) of, or first public announcement of the intent of any
Person (other than certain exempted persons) to commence, a tender
or exchange offer, upon the successful consummation of which any
person (other than certain exempted persons) would become an
Acquiring Person.
The earlier of these times is referred to as the "Distribution
Time." Until the Distribution Time (or the earlier redemption,
exchange, termination, or expiration of the Rights), Common Stock
certificates or the ownership statements issued with respect to
uncertificated shares of Common Stock will also evidence the
associated Rights. Until the Distribution Time (or the earlier
redemption or expiration of the Rights), the surrender for transfer
of any shares of Common Stock will also constitute the transfer of
the associated Rights. After the Distribution Time, separate rights
certificates will be issued and the Rights may be transferred other
than in connection with the transfer of the underlying shares of
Common Stock unless and until the Board has determined to effect an
exchange pursuant to the Amended and Restated Tax Benefits
Preservation Plan.
Effect of a Triggering Event. In the event that a person
becomes an Acquiring Person and a Distribution Time occurs, then,
from and after the time that the Rights are no longer redeemable by
the Company, each holder of a Right, other than Rights that are or,
under certain circumstances, were beneficially owned by the
Acquiring Person or any of its Affiliates or Associates (which will
thereupon become void and nontransferable), will thereafter have
the right to receive upon exercise of a Right and payment of the
Purchase Price, and subject to the terms, provisions, and
conditions of the Amended and Restated Tax Benefits Preservation
Plan, a number of shares of the Common Stock having a market value
(as determined immediately prior to such triggering event whether
or not such Right was then exercisable) equal to two times the
Purchase Price. After such an event, to the extent that
insufficient shares of Common Stock are available for the exercise
in full of the Rights, holders of Rights will receive upon exercise
a number of shares of Common Stock to the extent available and then
Units or other securities of the Company, other assets, cash, or
any combination of the foregoing, in proportions determined by the
Company, such that the aggregate value received is equal to two
times the Purchase Price.
Expiration. The Rights and the Amended and Restated Tax
Benefits Preservation Plan will expire upon the earlier to occur
of:
(i) the close of business on June 29, 2029,
(ii) the time at which all of the Rights are redeemed,
(iii) the time at which the Rights are exchanged,
(iv) the effective time of the repeal of Section 382 (but
excluding the repeal or withdrawal of any Treasury Regulations
thereunder), or any other change, if the Board determines, in its
sole and absolute discretion, that the Amended and Restated Tax
Benefits Preservation Plan is no longer necessary or desirable for
the preservation of Tax Benefits,
(v) the close of business on the date set by the Board
following a determination by the Board, in its sole and absolute
discretion, that the Amended and Restated Tax Benefits Preservation
Plan is no longer necessary or desirable to preserve the Tax
Benefits,
(vi) the close of business on the first day of a taxable
year of the Company to which the Board determines, in its sole and
absolute discretion, that no Tax Benefits may be carried forward,
and
(vii) the close of business on the date set by the Board
following a determination by the Board, in its sole and absolute
discretion, prior to the time any Person becomes an Acquiring
Person, that the Amended and Restated Tax Benefits Preservation
Plan and the Rights are no longer in the best interests of the
Company and its stockholders (the earliest of (i), (ii), (iii),
(iv), (v), (vi), and (vii) being herein referred to as the
"Expiration Time").
Exchange. The Board may, at its option and in its sole
discretion, at any time after the Distribution Time and prior to
the Expiration Time, cause the Company to exchange all or part of
the outstanding Rights (other than those Rights that have become
null and void pursuant to the terms of the Amended and Restated Tax
Benefits Preservation Plan, including those beneficially held by an
Acquiring Person or any of its Affiliates or Associates) for shares
of Common Stock at an exchange rate of one share of Common Stock
for each Right (subject to adjustment). Notwithstanding the
foregoing, the Board shall not be empowered to effect an exchange
at any time after any Person (other than any Person deemed an
"Exempt Person" pursuant to the Amended and Restated Tax Benefits
Preservation Plan), together with its Affiliates and Associates (as
defined in the Amended and Restated Tax Benefits Preservation
Plan), shall have become the Beneficial Owner of 50% or more of the
issued and outstanding shares of Common Stock then outstanding. The
exchange of the Rights by the Board may be made effective at such
time, on such a basis, and subject to such conditions as the Board
in its sole and absolute discretion may establish. Immediately upon
the action of the Board authorizing the exchange of the Rights, the
right to exercise the Rights will terminate, and the only right of
the holders of Rights will be to receive Common Stock or other
consideration issuable in connection with the exchange.
Redemption. Subject to the provisions of the Amended and
Restated Tax Benefits Preservation Plan, at any time prior to the
earlier of:
(i) the close of business on the tenth (10th) calendar day
after the Stock Acquisition Date (or, if the tenth (10th) calendar
day after the Stock Acquisition Date occurs before the Record Date,
the close of business on the Record Date), and
(ii) the Final Expiration Time, the Board may, at its
option and in its sole discretion, cause the Company to redeem the
Rights in whole, but not in part, at a price of $0.001 per Right
(the total amount paid to any holder of Rights to be rounded up to
the nearest $0.01), payable in cash, Common Stock, or other form of
consideration, as determined by the Board, in the exercise of its
sole and absolute discretion. The redemption of the Rights may be
made effective at such time, on such a basis, and subject to such
conditions as the Board, in its sole and absolute discretion, may
establish.
Anti-Dilution Provisions. The Board may, from time to time,
adjust the Purchase Price, the number of Units issuable, the number
of outstanding Rights, and the number of shares of Common Stock or
other securities or property issuable upon exercise of the Rights
to prevent the dilution that may occur as a result of certain
events.
Amendments. The Company may, from time to time, in its sole
discretion, supplement or amend any provision of the Amended and
Restated Tax Benefits Preservation Plan in any manner without the
approval of any holders of the Rights or shares of Common Stock in
order to cure ambiguities, to correct or supplement any provision
of the Amended and Restated Tax Benefits Preservation Plan that may
be defective or inconsistent with any other provisions therein, to
make any change to or delete any provision thereof, or to otherwise
change or supplement the Amended and Restated Tax Benefits
Preservation Plan in any manner that the Company may deem necessary
or desirable; provided that from and after the close of business on
the tenth (10th) calendar day following the Stock Acquisition Date
(or, if the tenth (10th) calendar day following the Stock
Acquisition Date occurs before the Record Date, the close of
business on the Record Date), the Amended and Restated Tax Benefits
Preservation Plan may not be amended or supplemented in any manner
which would adversely affect the interests of the holders of Rights
(other than an Acquiring Person and its Affiliates and Associates
and the transferees of the foregoing).
About Ocean Power
OPT -- www.OceanPowerTechnologies.com -- provides intelligent
maritime solutions and services that enable safer, cleaner, and
more productive ocean operations for the defense and security, oil
and gas, science and research, and offshore wind markets including
Merrows(TM), which provides AI-capable seamless integration of
Maritime Domain Awareness Systems across platforms. The Company's
PowerBuoy(R) platforms provide clean and reliable electric power
and real-time data communications for remote maritime and subsea
applications. The Company also provide WAM-V(R) autonomous surface
vessels (ASVs) and marine robotics services. The Company's
headquarters is located in Monroe Township, New Jersey and has an
additional office in Richmond, California.
The Company stated that its current cash balance may not be
sufficient to fund its planned expenditures through 12 months from
March 17, 2026, the filing date of the Company's Form 10-Q for the
quarterly period ended January 31, 2026. These conditions raise
substantial doubt about the Company's ability to continue as a
going concern.
As of January 31, 2026, the Company had $41.1 million in total
assets, $21.1 million in total liabilities, and $20.1 million in
total stockholders' equity.
OMNI BAG: Case Summary & 10 Unsecured Creditors
-----------------------------------------------
Debtor: Omni Bag, Inc.
155 Burrowtown Rd.
Gallaway, TN 38036
Business Description: Omni Bag, Inc. is a Gallaway, Tennessee-
based packaging manufacturer that produces environmentally safe,
water-soluble bags, rolls and related packaging products for
industrial, healthcare, laundry, construction, agriculture, water-
treatment, ethanol and biofuels applications. The company, which
has manufactured packaging products since 1987, offers
biodegradable and non-toxic products including laundry bags,
pouches, perforated bags on roll, printed roll stock and form-
filled water-soluble bags.
Chapter 11 Petition Date: June 30, 2026
Court: United States Bankruptcy Court
Western District of Tennessee
Case No.: 26-23518
Judge: Hon. Jennie D. Latta
Debtor's Counsel: Toni Campbell Parker, Esq.
LAW FIRM OF TONI CAMPBELL PARKER
45 N. BB KIng Blvd., Suite 201
Memphis, TN 38103
Tel: 901-483-1020
Fax: 866-489-7938
E-mail: tparker002@att.net
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Steven R. Brown as managing member.
A full-text copy of the petition, which includes a list of the
Debtor's 10 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/ORFLOMY/Omni_Bag_Inc__tnwbke-26-23518__0001.0.pdf?mcid=tGE4TAMA
ORANJE MIDCO: Moody's Affirms 'B2' CFR & Alters Outlook to Negative
-------------------------------------------------------------------
Moody's Ratings affirmed Oranje Midco, LLC (dba KnowBe4)'s existing
ratings, including the B2 corporate family rating, B2-PD
probability of default rating, and the B2 ratings on KnowBe4,
Inc.'s (a debt issuing subsidiary of Oranje Midco, LLC) backed
senior secured first lien bank credit facilities. The outlook for
both issuers is revised to negative from stable.
The negative outlook reflects Moody's expectations that revenue
growth will be slower than anticipated at the time of the rating
assignment, resulting in a more gradual deleveraging trajectory
from the company's very high leverage profile. While Moody's
recognizes that KnowBe4 continues to generate solid growth and
should benefit from its expanding AI capabilities, which Moody's
views as important to supporting long-term growth, leverage
reduction is expected to occur more slowly than originally
projected. Moody's-adjusted LTM leverage was above 9.0x as of March
2026 (including the treatment of capitalized software costs as an
operating expense), and Moody's expects leverage to decline only
modestly, remaining above 8.0x over the next 12 to 18 months
compared to Moody's original expectation of 7.0x.
RATINGS RATIONALE
The B2 CFR reflects KnowBe4's high leverage, competitive market for
cybersecurity training and tools, and the likelihood of future
debt-financed acquisitions, offset by its leading market position
as a provider of human risk management solutions, and very high
recurring revenue mix. Moody's adjusted leverage was over 9x for
the LTM period ended March 2026, and Moody's expects leverage to
decrease towards 8x over the next 12 to 18 months as the company
benefits from its go-to-market investments and continued growth in
its AI-enabled product portfolio. Free cash flow to debt is
expected to be in the low single digit percentage range over the
next 12 to 18 months, constrained by high interest costs,
investments in product and go-to-market capacity, and the company's
shift to annual contract value (ACV) bookings, which has shortened
contract durations and reduced deferred revenue inflows.
KnowBe4's revenue grew 9% year-over-year in the first quarter, a
deceleration from the organic growth experienced over the past
three years, while adjusted EBITDA margins compressed as the
company built sales capacity and invested in its agentic product
roadmap. While Moody's expects growth to reaccelerate as new sales
capacity ramps and recently launched products gain traction, the
timing and magnitude of that reacceleration is uncertain.
KnowBe4's credit profile continues to be supported by its leading
position in the security awareness training and human risk
management markets, a large and diversified installed base of
approximately 70,000 customers, good end-market and geographic
diversification, and a highly visible revenue model with over 99%
recurring revenue. The company benefits from secular industry
trends, including an expanding threat environment, the
proliferation of AI-generated attacks, and growing customer demand
for tools to govern the security risks associated with deploying AI
agents. Moody's continues to expect AI-native capabilities to be a
key driver of revenue growth over the medium term, supporting
cross-sell within the existing customer base and expanding the
company's addressable market.
KnowBe4's liquidity is good, supported by cash of approximately $77
million as of March 31, 2026 and an undrawn $200 million revolving
credit facility. Moody's projects the company to generate free cash
flow to debt in the low single digit percentage range over the next
12 to 18 months. Moody's expects KnowBe4 to remain in compliance
with its springing maximum first lien leverage covenant set at
10.7x, which applies to the revolver only when the outstanding
amount exceeds 40% of the commitment.
The negative outlook reflects Moody's expectations that KnowBe4's
revenue will grow in the high single-digit percentage range through
fiscal year 2026. As a result, Moody's expects leverage (Moody's
adjusted) to decrease towards 8x over the outlook period.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The ratings could be upgraded if the company significantly
increases its scale, while maintaining conservative financial
policies, such that Moody's adjusted leverage is sustained below 5x
and free cash flow to debt is sustained above 10%.
The ratings could be downgraded if revenue growth fails to
reaccelerate, Moody's adjusted leverage is sustained above 7.5x,
free cash flow to debt is not on track to reach at least the low
single-digit percentage range, or liquidity deteriorates.
Debt-financed dividends or acquisitions could also lead to a
downgrade.
Based in Clearwater, Florida, KnowBe4, Inc. is a leading provider
of Human Risk Management platform, including security awareness
training, cloud email security software, anti-phishing protection,
and compliance training. The company was acquired by private equity
firm Vista Equity Partners in February 2023. KnowBe4 had revenues
of $630 million in twelve months ended March 2026.
The principal methodology used in these ratings was Software
published in December 2025.
ORYX SYSTEMS: Seeks Approval to Hire Iron Horse as Auctioneer
-------------------------------------------------------------
Oryx Systems, Inc. seeks approval from the U.S. Bankruptcy Court
for the Western District of North Carolina to hire Iron Horse
Auction Co., Inc. to serve as auctioneer.
The firm will provide these services:
(a) assist the estate in liquidating personal property of the
Debtor such as certain machines and equipment, all of which are
property of the bankruptcy estate;
(b) perform auction services required by the estate; and
(c) provide other necessary services in connection with auctions
in bankruptcy cases.
Iron Horse Auction Co., Inc. has agreed to perform these services,
to subsequently apply to the Court for compensation, and has agreed
to accept as its compensation such amount as is determined by the
Court. It is contemplated that Iron Horse will seek compensation on
a commission plus expenses basis.
Iron Horse Auction Co., Inc. 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:
John C. Woodman
ESSEX RICHARDS, P.A.
1701 South Boulevard
Charlotte, NC 28203
Telephone: (704) 377-4300
Facsimile: (704) 372-1357
E-mail: jwoodman@essexrichards.com
About Oryx Systems, Inc.
Oryx Systems Inc. is a technology company providing software
solutions and systems integration services for business and
industrial applications.
Oryx Systems Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-30244) on February 27, 2026. In
its petition, the debtor reports estimated assets between $100,001
and $1,000,000 and estimated liabilities in the same range.
Honorable Bankruptcy Judge Ashley Austin Edwards handles the case.
The debtor is represented by John C. Woodman, Esq. of Essex
Richards.
PCR AGAWAM: Gets Interim OK to Use Cash Collateral Until Aug. 6
---------------------------------------------------------------
The United States Bankruptcy Court for the District of
Massachusetts issued a proceeding memorandum and order authorizing
PCR Agawam, LLC to use cash collateral on an interim basis under
the same term and condition through August 6.
The court ordered the Debtor to file by August 4 a reconciled
budget showing actual to projected income and expenses for the
period ending July 31 as well as beginning and ending bank balances
monthly, and a projected budget for August, September and October.
A hearing on the debtor's continued use of cash collateral is
scheduled for August 6.
About PCR Agawam LLC
PCR Agawam LLC is a Massachusetts-based limited liability company
engaged in real estate ownership and investment activities.
PCR Agawam LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-30101) on February 16, 2026. In
its petition, the Debtor reports estimated assets between $1
million and $10 million and estimated liabilities in the same
range.
Honorable Bankruptcy Judge Elizabeth D. Katz handles the case.
The Debtor is represented by Louis S. Robin, Esq., of Law Offices
of Louis S. Robin.
PENN HILLS SD: Moody's Upgrades Issuer & GOLT Ratings From Ba1
--------------------------------------------------------------
Moody's Ratings has upgraded Penn Hills School District, PA's
issuer and general obligation limited tax (GOLT) ratings to Baa2
from Ba1. The district has approximately $159.1 million in debt
outstanding.
The upgrade to Baa2 reflects the district's materially improved
reserves and liquidity alongside the expectation that reserves and
liquidity will exhibit relative stability over the next two years.
The upgrade also reflects the moderation of the district's leverage
to a more manageable level, alonsgside the absence of near-term
borrowing plans.
Governance is a material driver of the upgrade, as management has
continued to establish enduring structures that will enhance budget
management and financial stability moving forward.
RATINGS RATIONALE
The Baa2 issuer rating reflects the district's materially improved
financial position, which will exhibit relative stability through
fiscal 2027. After five years in the commonwealth's Financial
Recovery program, the district was officially undesignated by the
Pennsylvania Department of Education in May 2024. Through fiscal
2025, reserves steadily grew to $21 million, or 20% of operating
revenue, from a deeply negative position in years prior. The
district has also accumulated $4 million in fungible capital
reserves held outside its General and Debt Service Funds. While the
district benefitted significantly from federal coronavirus aid,
growing state aid and a willingness to increase its property tax
millage rate has restored structural balance to the district's
budget. The district will also benefit from an improved funding
environment for school districts in the commonwealth. Moreover,
leverage has continued to moderate to a relatively manageable 214%
of operating revenue, and the district does not have any near-term
borrowing plans.
While the district does continue to face challenges related to
below-average full value per capita (property wealth) of $41,000
and household income (86% of the national level), local revenue has
grown over the last five years. That said, the district will
continue to face significant charter school competition, which
could accelerate its enrollment loss, and elevated special
education costs. The associated costs will remain a budget
pressure.
The lack of distinction between the district's issuer rating and
the Baa2 rating on the district's GOLT debt is based on the
district's general obligation full faith and credit pledge.
RATING OUTLOOK
Moody's do not assign outlooks to local governments with this
amount of debt outstanding.
FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS
-- Continued moderation of enrollment loss (less than 1% annually,
on average)
-- Maintenance of reserves and liquidity commensurate with higher
rated peers
-- Improved property wealth and household income
FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS
-- Return to structurally imbalanced financial operations leading
to draws on reserves and liquidity
-- Acceleration of trend of declining enrollment that reduces
overall financial flexibility
-- Additional borrowing or pension liability growth that drives
leverage to over 300% of revenue
PROFILE
Penn Hills School District is located in Allegheny County (Aa3
stable) in southwestern Pennsylvania (Aa2 stable), approximately
nine miles west of downtown Pittsburgh (Aa3 stable). The district's
enrollment was 2,908 as of the 2025-2026 school year.
METHODOLOGY
The principal methodology used in these ratings was US K-12 Public
School Districts published in June 2026.
PIC ESTATE: Seeks to Sell Princeton Property to Highest Bidder
--------------------------------------------------------------
PIC Estate, LLC seeks permission from the U.S. Bankruptcy Court for
the Eastern District of Texas, Sherman Division, to sell Property,
free and clear of liens, claims, interests, and encumbrances.
The Debtor is the record title holder and true owner of
approximately 387 acres of land and improvements located in
Princeton, Texas.
According to the Debtor's Schedules, the total estimated value of
the Property is $41,400,000 which is encumbered by approximately
$27,678,936.33 of secured debt.
Prior to filing the case, the Debtor had sought to subdivide the
parcels and sell lots. As part of the strategy, the Debtor executed
approximately 200 lot sale contracts for yet-unplotted lots to
prospective homeowners
The total received by the Debtor from Lot Buyers was approximately
$20,000,000. The Debtor was ultimately unsuccessful in its business
plan and filed the case to resolve its obligations.
The Debtor entered into an agreement with a third-party Centurion
American Acquisitions, LLC, which
has subsequently been approved by the Court as the "stalking hors"
bid for the Property.
The total proposed purchase price of the Property is
$41,556,206.61. The Debtor presently believes this amount will be
sufficient to pay all creditors in full depending on the outcome of
disputed claims.
Overview of the summary of the Sale Contract is provided.
The Debtor, in the exercise of its reasonable business judgment,
seeks authority to convey the Property to the Stalking Horse
Bidder, unless a higher and better bid is made consistent with the
Bidding Procedures.
In such event, at the Sale Hearing, the Debtor will recommend that
the party tendering the highest and best bid be sold the Property,
subject to the terms of the Bidding Procedures and the bidding
protections afforded to
the Stalking Horse Bidder.
The known parties with liens on the Property or those holding
putative secured claims is also mentioned.
The Debtor emphasizes that the sale of the Property will provide
substantial, essential value to the bankruptcy estate because it
will facilitate an efficient liquidation for fair and reasonable
consideration.
About PIC Estate LLC
PIC Estate LLC owns and manages multiple parcels of land ranging
from approximately 6 to 126 acres, primarily located along County
Road 490 and US 380 near Princeton and Lavon Lake, Texas, and holds
these properties as its principal real estate assets.
PIC Estate LLC in Dallas TX, sought relief under Chapter 11 of the
Bankruptcy Code filed its voluntary petition for Chapter 11
protection (Bankr. E.D. Tex. Case No. 26-40725) on March 2, 2026,
listing as much as $10 million to $50 million in both assets and
liabilities. Md Tauhid Choudhury as managing member, signed the
petition.
SPECTOR & COX, PLLC serve as the Debtor's legal counsel.
PLH HOMES: Hires Rountree Leitman Klein & Geer as Counsel
---------------------------------------------------------
PLH Homes, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Georgia, Atlanta Division to hire
Rountree, Leitman, Klein & Geer, LLC to serve as legal counsel.
The firm will provide these services:
(a) giving the Debtor legal advice with respect to its powers and
duties as Debtor-in-Possession in the management of its property;
(b) preparing on behalf of the Debtor as Debtor-in-Possession
necessary schedules, applications, motions, answers, orders,
reports and other legal matters;
(c) assisting in examination of the claims of creditors;
(d) assisting with formulation and preparation of the disclosure
statement and plan of reorganization and with the confirmation and
consummation thereof; and
(e) performing all other legal services for the Debtor as
Debtor-in-Possession that may be necessary herein.
RLKG attorneys and other personnel within the firm will undertake
the representation at their standard hourly rates. Attorney hourly
rates range from $350 to $645. Paralegals and staff hourly rates
range from $175 to $250, and the law clerk hourly rate is $200.
Rountree, Leitman, Klein & Geer, LLC is a "disinterested person"
within the meaning of Section 101(14) of the Bankruptcy Code,
according to court filings.
The firm can be reached at:
Will B. Geer, Esq.
Elizabeth A. Childers, Esq.
ROUNTREE LEITMAN KLEIN & GEER, LLC
Century Plaza I
2987 Clairmont Road, Suite 350
Atlanta, GA 30329
Telephone: (404) 584-1238
E-mail: wgeer@rlkglaw.com
echilders@rlkglaw.com
About PLH Homes LLC
PLH Homes LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-57236) on June 1,
2026, with $1,000,001 to $10 million in assets and liabilities.
Will B. Geer, Esq. at Rountree Leitman Klein & Geer LLC represents
the Debtor as legal counsel.
PRECISION MANUFACTURING: Employs Culver CPA Group as Accountants
----------------------------------------------------------------
Precision Manufacturing Group, Inc. seeks approval from the U.S.
Bankruptcy Court for the Western District of Michigan to employ and
retain Culver CPA Group as accountants.
The firm will provide these services:
(a) recording of transactions into the books of record of Debtor;
(b) monthly closing of books and records including adjusting
journal entries and reconciliation of balance sheet accounts;
(c) reviewing of monthly income statements and balance sheets;
(d) reviewing and analyzing of monthly financial statements and
underlying transactions to assess performance of Debtor and provide
insights into financial condition and operations;
(e) providing financial projections; and
(f) reviewing of monthly financial reports for United States
Trustee's Office.
Culver Group's rates are $415 per hour for Culver, $265 per hour
for associate accountants, and $125 per hour for support staff.
Culver is a "disinterested person" as that term is defined in 11
U.S.C. Sec. 101(14), in that Culver and its advisors are not a
creditor, an equity shareholder, or an insider of Debtor; were not,
within two years before the date of the Petition Date, a director,
officer, or employee of Debtor; and do not have an interest
materially adverse to the interests of the estate or of any class
of creditors or equity holders, by reason of any direct or indirect
relationship to, in connection with, or interest in Debtor, or for
any other reason.
The firm can be reached at:
Duane Culver, CPA
CULVER CPA GROUP
1419 Coit Ave NE
Grand Rapids, MI 49505
About Precision Manufacturing Group Inc.
Precision Manufacturing Group, Inc. sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No.
26-01463) on May 4, 2026, with $500,001 to $1 million in assets and
$1 million to $10 million in liabilities. The petition was signed
by Scott Tilma as shareholder and chief executive officer.
Judge Hon. James W Boyd oversees the case.
The Debtor is represented by Steven Mark Bylenga, Esq. at CBH
Attorneys & Counselors.
PRESTIGE BRANDS: Moody's Rates New $400MM Sr. Unsecured Notes 'B1'
------------------------------------------------------------------
Moody's Ratings assigned a B1 rating to Prestige Brands, Inc.
("Prestige") proposed $400 million senior unsecured notes. All
other ratings are unchanged, including the company's Ba3 Corporate
Family Rating and Ba3-PD Probability of Default Rating. The B1
rating on the company's existing $600 million senior unsecured
notes due 2031 also remains unchanged. The outlook is stable, and
there is no change to the company's SGL-1 speculative-grade
liquidity rating.
Proceeds from the proposed notes issuance are expected to be used
to refinance the company's existing $400 million senior unsecured
notes due 2028, as well as to pay related transaction fees and
expenses.
The proposed transaction is modestly credit positive as it extends
Prestige's maturity profile to 2034, supporting liquidity and
financial flexibility. However, it does not materially alter the
company's capital structure or leverage profile, which remains
consistent with Moody's expectations for the rating.
RATINGS RATIONALE
Prestige's Ba3 CFR reflects its strong and stable free cash flow
generation from a diversified portfolio of OTC branded products
that generally hold leading positions in niche categories
addressing common, recurring consumer needs. The company's brands
benefit from long operating histories and established consumer
trust. Prestige's predominantly outsourced manufacturing model
provides a flexible cost structure and limits capital spending
needs, supporting cash flow stability. The company has sustained an
EBITA margin above 30% for the past eight years, including during
pandemic related category declines, and Moody's expects the margin
to remain relatively steady, supported by productivity initiatives
and disciplined cost management. The company's track record of
acquisitions to bolster growth and the product portfolio also leads
to periodic increases in leverage and integration risk. Moody's
expects the company to remain disciplined in its acquisition
strategy and only acquire brands and categories that the company
can innovate and expand. Moody's expects Prestige will utilize free
cash flow to reduce debt and leverage following the FCH's brands
and LaCorium Health acquisitions, though net debt-to-EBITDA
leverage will be well above the company's 3.0x target upon closing
of the acquisitions.
Prestige operates primarily in mature OTC categories that typically
experience flat-to-low single-digit organic growth. Recent
performance has been affected by supply chain disruptions related
to the Clear Eyes brand and timing of retailer orders rather than
underlying demand weakness. Prestige acquired a key Clear Eyes
co-manufacturing supplier at the end of 2025 (Pillar 5 Pharma) and
is working to transition the bulk of Clear Eyes production to the
facility to address shortages. The production ramp up will take
several years to fully implement but will favorably provide a
stronger and more stable platform for Clear Eyes. These actions
should ultimately bolster Prestige's already strong free cash flow.
Prestige's moderate scale relative to larger diversified consumer
health peers, concentration in OTC categories, and reliance on
large retail customers heighten exposure to competitive, execution,
and integration risks, particularly in the context of its recently
announced acquisitions.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING
The stable outlook reflects Moody's expectations that Prestige's
strategies to increase Clear Eyes production and consistently
strong free cash flow generation will allow the company to reduce
debt-to-EBITDA leverage to a 4x range within 18-24 months of the
acquisitions. The forecast is underpinned by a diversified
portfolio of branded over-the-counter (OTC) healthcare products and
an asset-light operating model.
The ratings could be downgraded if Prestige's operating earnings
decline through factors such as lower volumes or market shares,
pricing pressure, or cost increases. A deterioration in free cash
flow, debt-to-EBITDA sustained above 4.25x, or if the company
adopts a more aggressive financial policy, including additional
large, debt-funded acquisitions or shareholder distributions, could
also lead to a downgrade.
The ratings could be upgraded if Prestige demonstrates consistent
positive organic revenue growth, solid profitability, and strong
free cash flow. Moody's would also need to expect that the company
to adhere to its acquisition strategy and maintain financial
policies such that debt-to-EBITDA leverage is sustained below 3.5x,
while preserving at least good liquidity.
The principal methodology used in this rating was Consumer Packaged
Goods published in February 2026.
Prestige Brands, Inc., headquartered in Tarrytown, New York,
manages and markets a broad portfolio of branded over-the-counter
(OTC) healthcare products. The company is publicly-traded and
generated about $1.1 billion of revenue for the 12 months ending
December 31, 2025. Pro forma revenue is approximately $1.3 billion,
reflecting the acquisition of Breathe Right(R), Dimetapp(R),
Anbesol(R), and other OTC products from Foundation Consumer
Healthcare announced in March 2026, in addition to the acquisition
of LaCorium Health, a smaller, high-growth consumer health platform
announced in May 2026.
QUINCY HEALTH: S&P Lowers ICR to 'SD' on Distressed Transaction
---------------------------------------------------------------
S&P Global Ratings lowered its issuer credit rating on U.S.-based
hospital and outpatient services provider Quincy Health LLC to 'SD'
(selective default) from 'CCC'. S&P also lowered its issue-level
rating on the company's term loan to 'D' (default) from 'CCC'. The
company's exit asset-based lending facility (unrated), and delayed
draw term loans are unaffected.
S&P said, "We plan to reassess the ratings as the company
transitions to a nonprofit health system from a for-profit entity.
We will likely raise the ratings to reflect Quincy's liquidity and
cash flow, as well as any potential implications for lenders."
Quincy Health LLC amended its credit agreement, allowing the
company to convert a portion of its cash interest payments due
April and July 2026 to payment in kind (PIK). S&P views the
conversion to PIK as distressed and tantamount to a default because
the original promise of cash interest is no longer being met.
S&P said, "We view the amendment as a distressed action and
tantamount to a default. This amendment allowed Quincy to convert
80% of its April 2026 and 40% of its July 2026 interest obligations
to PIK, while the remaining portions stay as cash payments per the
original terms. Although the revised terms require the company to
pay the PIK portion of both payments by September 2027, we still
view this arrangement as a default as the lenders are not receiving
100% in cash interest when originally promised.
"We expect to review our issuer credit rating on Quincy in the
coming days. We believe there remains a high risk of default based
on the company's performance, cash flow, and liquidity. In
addition, our rating will incorporate our view of the company's
willingness and ability to service its capital structure and meet
the original promise under the terms of its credit facilities, even
as the company transitions to a nonprofit health system from a
for-profit entity."
ROLLING TANK: Seeks to Hire Steidl & Steinberg as Counsel
---------------------------------------------------------
Rolling, Tank and Fabrication Inc seeks approval from the U.S.
Bankruptcy Court for the Western District of Pennsylvania to hire
Christopher M. Frye, Esq. of Steidl & Steinberg, P.C. to serve as
legal counsel.
The firm will provide these services:
(a) represent Rolling, Tank and Fabrication Inc in its voluntary
Chapter 11 reorganization proceeding;
(b) provide experienced bankruptcy counsel in this matter; and
(c) perform all of the legal services required.
Christopher M. Frye, Esq. will receive an hourly rate of $400, plus
expenses. A retainer totaling $10,000 (plus the filing fee of
$1,738) was paid by the Debtor to counsel prior to the filing of
the Chapter 11 case.
Christopher M. Frye, Esq. and Steidl & Steinberg, P.C. do not
represent any interest adverse to the Debtor's estate, Debtor, or
creditors of Debtor's estate, and are disinterested persons within
the meaning of 11 U.S.C. Sec 101, according to court filings.
The firm can be reached at:
Christopher M. Frye, Esq.
STEIDL & STEINBERG, P.C.
Koppers Building, Suite 322
436 Seventh Avenue
Pittsburgh, PA 15219
Telephone: (412) 391-8000
E-mail: chris.frye@steidl-steinberg.com
About Rolling, Tank and Fabrication Inc
Rolling, Tank and Fabrication Inc sought protection under Chapter
11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 26-21708) on
June 22, 2026.
At the time of the filing, Debtor had estimated assets of between
$100,001 and $500,000 and liabilities of between $1,000,001 and $10
million.
Steidl & Steinberg, P.C. is Debtor's legal counsel.
ROSLAND CAPITAL: Case Summary & 20 Largest Unsecured Creditors
--------------------------------------------------------------
Debtor: Rosland Capital LLC
11766 Wilshire Blvd
Suite 1200
Los Angeles, CA 90025-6557
Business Description: Rosland Capital LLC is a Delaware limited
liability company based in Los Angeles, California, with an
additional office in Henderson, Nevada. Founded in 2008 by CEO
Marin Aleksov, the company offers and sells precious metals
products including gold, silver, platinum, palladium, coins, bars,
bullion coins, specialty coins, numismatic coins, and IRA-eligible
products. Rosland Capital also sells precious metals for inclusion
in self-directed IRAs and provides information and support for
customers exploring precious metals purchases and precious metals
IRAs. The company serves retail consumers throughout the U.S. and
offers officially licensed specialty gold and silver coins through
collaborations with organizations including Formula 1, the
PGA Tour, and the British Museum.
Chapter 11 Petition Date: July 2, 2026
Court: United States Bankruptcy Court
Central District of California
Case No.: 26-16650
Judge: Hon. Sheri Bluebond
Debtor's Counsel: Brian L. Davidoff, Esq.
GREENBERG GLUSKER LLP
2049 Century Park East, Suite 2600
Los Angeles, CA 90067
Tel: 310-553-3610
Fax: 310-553-0687
Email: BDavidoff@GreenbergGlusker.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $50 million to $100 million
The petition was signed by Michael Hogan as chief restructuring
officer.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/DRSZT2I/Rosland_Capital_LLC__cacbke-26-16650__0001.0.pdf?mcid=tGE4TAMA
List of Debtor's 20 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. [Redacted] Customer Deposit $675,001
2. [Redacted] Customer Deposit $671,201
3. [Redacted] Customer Deposit $916,880
4. [Redacted] Customer Deposit $913,080
5. Fox News Network LLC Advertising $1,986,389
PO Box 27128
Concord, CA 94520
6. [Redacted] Customer Deposit $849,110
7. [Redacted] Customer Deposit $845,310
8. [Redacted] Customer Deposit $618,096
9. [Redacted] Customer Deposit $614,296
10. [Redacted] Customer Deposit $767,583
11. [Redacted] Customer Deposit $763,783
12. [Redacted] Customer Deposit $999,305
13. [Redacted] Customer Deposit $995,505
14. [Redacted] Buyback Liability $1,553,750
15. [Redacted] Customer Deposit $2,800,000
16. [Redacted] Customer Deposit $2,796,200
17. [Redacted] Customer Deposit $1,758,133
18. [Redacted] Customer Deposit $1,754,333
19. [Redacted] Customer Deposit $679,311
20. [Redacted] Customer Deposit $675,511
ROSLAND CAPITAL: Seeks Chapter 11 Bankruptcy in California
----------------------------------------------------------
Bondoro reports that Los Angeles-based Rosland Capital LLC, a
provider of gold, silver, and other precious metals investment
products, sought Chapter 11 protection on July 2, 2026, in the
Central District of California. The company sold physical precious
metals directly to consumers and through self-directed precious
metals IRAs. Bankruptcy schedules list $1 million to $10 million in
assets and $50 million to $100 million in liabilities, with
anticipated recoveries available for unsecured creditors.
Rather than reorganize its business, Rosland intends to pursue a
liquidating Chapter 11 that includes marketing and selling its
customer database and related business records through a
court-approved auction. These assets include active and historical
customer information, marketing data, and relationship records
accumulated throughout the company's operations. Rosland has ceased
normal business activities, no longer maintains precious metals
inventory, and recently laid off substantially all employees, the
report relays.
According to Chief Restructuring Officer Michael Hogan of Armanino
Advisory LLC, a liquidating Chapter 11 offers the best opportunity
to maximize creditor recoveries compared with continued operations,
an out-of-court wind down, an assignment for the benefit of
creditors, or Chapter 7 liquidation. The company's financial
performance deteriorated steadily as revenue declined from
approximately $151.2 million in 2021 to $97.8 million in 2025,
while gross margins fell from 18.4% to 8.7%. After earning roughly
$10.2 million in net income during 2021, Rosland Capital
accumulated more than $24 million in losses between 2022 and 2025,
followed by an additional $3.2 million loss before filing in 2026.
Bankruptcy filing states that Rosland's operating model became
unsustainable amid record gold prices, which dramatically increased
inventory replacement costs after customer orders had already been
prepaid. Liquidity deteriorated as customer obligations
accumulated, resulting in approximately $49 million in deferred
revenue, $11.8 million in outstanding repurchase obligations,
hundreds of customer complaints, and pending regulatory inquiries
by New York state authorities and the SEC into certain business
practices.
SALON VOSS: Peter Barrett Named Subchapter V Trustee
----------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Peter Barrett, Esq.,
at Kutak Rock as Subchapter V trustee for Salon, Voss, Inc.
Mr. Barrett will be paid an hourly fee of $540 for his services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Mr. Barrett declared that he is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Peter J. Barrett, Esq.
KUTAK ROCK
1021 E. Cary St. Ste 810
Richmond, Virginia 23219
Telephone: (804) 644-1700
Email: Peter.Barrett@KutakRock.com
About Salon Voss Inc.
Salon Voss, Inc. is a Fredericksburg, Virginia-based beauty salon
and spa services provider offering hair care, skincare, and other
personal wellness treatments.
Salon Voss sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. E.D. Va. Case No. 26-32622) on June 25, 2026. In its
petition, the Debtor reports estimated assets of up to $50,000 and
estimated liabilities of $500,000 to $1 million.
The Debtor is represented by Graham Thornton Jennings, Jr., Esq.,
at Graham T. Jennings, Jr., P.C.
SANGAMO THERAPEUTICS: Court OKs Interim DIP Loan From Northridge
----------------------------------------------------------------
Sangamo Therapeutics Inc. received interim approval from the U.S.
Bankruptcy Court for the District of Delaware to use cash
collateral and obtain debtor-in-possession financing to get through
bankruptcy.
The DIP facility provides a non-amortizing term loan of up to $30
million from Northridge ATM, LLC.
Under the interim order, the Debtor is authorized to obtain an
initial $10.5 million from the lender to address operational
shortfalls, with the remaining balance accessible upon entry of a
final court order.
The financing carries a 12.0% annual cash interest rate, which
increases by an additional 2.0% default premium upon an event of
default. The facility features a robust fee structure, including a
2.00% commitment fee and a 5.0% exit fee -- both deemed fully
earned and non-refundable upon entry of the interim order --
alongside a $75,000 work fee paid pre-petition.
All obligations under the facility will be guaranteed by the
Debtor's direct and indirect subsidiaries and backed by senior
secured superpriority administrative expense claims and liens on
all estate collateral, subject only to a carveout for professional
fees.
To maintain strict oversight of the post-petition funding, the
Debtor must adhere to a 13-week rolling cash flow budget. The DIP
lender holds the right to review and reject subsequent five-week
updates to the budget. The Debtor is required to deliver weekly
variance reports comparing actual net operating cash flow against
projections; any cumulative negative variance exceeding 15%
constitutes a material event of default.
Funding availability is explicitly linked to the preservation of
the Debtor's pre-petition marketing efforts, which culminated in
two stalking horse asset purchase agreements: one with a subsidiary
of Eli Lilly and Company for the Debtor's technology platforms and
select disease programs, and another with Astellas Gene Therapies,
Inc. for the assets of its Fabry Disease Program.
The Debtor represents that while it holds no pre-petition funded
debt obligations, its $5.5 million in cash on hand is entirely
insufficient to fund the ongoing administration of the bankruptcy
case and its corresponding asset sale process.
The general unsecured pre-petition liabilities of the Debtor total
approximately $39.5 million, consisting of $19.2 million in trade
payables to research and development vendors, $4.0 million in lease
obligations, and $16.3 million in various accrued employee
compensation, severance, and benefit obligations.
The Debtor maintains that the DIP facility represents the sound
exercise of its business judgment and is absolutely vital to
preventing immediate, irreparable harm while executing a
value-maximizing section 363 asset sale.
The interim DIP order is available at
http://bankrupt.com/misc/Sangamo_IDIPOrder63.pdf
The court scheduled a final hearing for July 21 and set a July 14
deadline for filing objections.
Northridge, as DIP lender, is represented by:
Robert M. Hirsh, Esq.
James Copeland, Esq.
NORTON ROSE FULBRIGHT US LLP
1301 Avenue of the Americas
New York, NY 10019-6022
Telephone: (212) 318-3000
Facsimile: (212) 408-5100
robert.hirsh@nortonrosefulbright.com
james.copeland@nortonrosefulbright.com
-- and --
Aaron H. Stulman, Esq.
Andrew C. Ehrmann, Esq.
ICE MILLER LLP
500 Delaware Avenue, Suite 220
Wilmington, Delaware 19801
Telephone: (302) 313-0600
aaron.stulman@icemiller.com
andrew.ehrmann@icemiller.com
About Sangamo Therapeutics Inc.
Sangamo Therapeutics Inc. is a biotechnology firm specializing in
genome engineering and gene therapy research. It is best known for
its zinc finger nuclease platform, which is designed to modify
genes to treat inherited and rare diseases.
Sangamo Therapeutics Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 26-10989) on June 23,
2026. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million.
Honorable Bankruptcy Judge Craig T. Goldblatt handles the case.
The Debtor is represented by Kristin Cunningham, Esq. of Richards,
Layton & Finger.
SCILEX HOLDING: Agrees to Acquire 837 BTC From Datavault for $50MM
------------------------------------------------------------------
Scilex Holding Company announced in a regulatory filing that it
entered into a binding term sheet with Datavault AI Inc., which
sets forth certain terms and conditions of the Company's proposed
purchase of Bitcoin from Datavault that is currently held by
Datavault in a Biconomy digital wallet.
Pursuant to the Term Sheet, and subject to the finalization of a
definitive agreement to be negotiated in good faith by the Company
and Datavault and, ultimately, the satisfaction of certain
customary closing conditions to be contained therein, it is
expected that the Company will purchase from Datavault a total of
837 BTC held in the Wallet for $50 million.
The Company has agreed to make an initial payment of $30 million,
with the remaining $20 million payable in quarterly installments
commencing in the fourth quarter of 2026 and ending on December 31,
2028. The Company will pay the Purchase Price in cash or shares of
the Company's common stock, par value $0.0001 per share or publicly
traded securities of the Company's subsidiaries, or a combination
thereof, at the discretion of the Company.
The Term Sheet provides that the Definitive Agreement will contain
customary representations, warranties, covenants, indemnities,
limitations on indemnity, termination provisions and other terms
typical for transactions of this nature.
There can be no assurance that the Definitive Agreement and any
other transaction documents necessary to consummate the Proposed
Transaction will be entered into, or that the Proposed Transaction
will be consummated on the terms described herein or at all. The
consummation of the Proposed Transaction is subject to numerous
factors, many of which are outside the control of the Company,
including market conditions, regulatory approvals, the actions of
third parties, and the ability of the parties to negotiate and
execute the Definitive Agreement. The Term Sheet reflects terms
that remain subject to further negotiation, modification and/or
approval by the applicable boards of directors and may be
terminated by the parties. Any such termination, or a failure by
the parties to agree on the Definitive Agreement, could result in
disputes or litigation relating to the interpretation,
enforceability and/or performance of the provisions of the Term
Sheet, which could be costly and/or time-consuming, divert
management attention and/or otherwise adversely affect the
financial condition or liquidity of the Company, including its
ability to pursue or defend such claims. Accordingly, investors
should not place undue reliance on the consummation of the Proposed
Transaction or the ability of the Company and Datavault to
consummate the Proposed Transaction.
A full text copy of the Term Sheet will be filed as an exhibit to
the Company's Quarterly Report on Form 10-Q for the quarter ending
June 30, 2026 or by an amendment to this Current Report on Form
8-K.
Unregistered Sales of Equity Securities.
It has not yet been determined whether the shares of Company Common
Stock that may be issued in the Proposed Transaction will be issued
in a private placement. If such shares are issued in a private
placement, the Company expects that:
(i) such shares would be issued to Datavault in a transaction
exempt from registration under the Securities Act of 1933, as
amended, in reliance on Section 4(a)(2) thereof and Rule 506 of
Regulation D thereunder and
(ii) Datavault will represent that it is an "accredited
investor," as defined in Regulation D, and will acquire such shares
for investment only and not with a view towards, or for resale in
connection with, the public sale or distribution thereof.
Neither the Report on Form 8-K nor the Term Sheet is an offer to
sell or the solicitation of an offer to buy shares of Company
Common Stock or any other securities of the Company.
About Scilex Holding Company
Palo Alto, Calif.-based Scilex Holding Company --
www.scilexholding.com -- is an innovative revenue-generating
company focused on acquiring, developing and commercializing
non-opioid pain management products for the treatment of acute and
chronic pain and, following the formation of its proposed joint
venture with IPMC Company, neurodegenerative and cardiometabolic
disease. Scilex targets indications with high unmet needs and large
market opportunities with non-opioid therapies for the treatment of
patients with acute and chronic pain, and is dedicated to advancing
and improving patient outcomes. Scilex's commercial products
include: (i) ZTlido (lidocaine topical system) 1.8%, a prescription
lidocaine topical product approved by the U.S. Food and Drug
Administration for the relief of neuropathic pain associated with
postherpetic neuralgia, which is a form of post-shingles nerve
pain; (ii) ELYXYB, a potential first-line treatment and the only
FDA-approved, ready-to-use oral solution for the acute treatment of
migraine, with or without aura, in adults; and (iii) Gloperba, the
first and only liquid oral version of the anti-gout medicine
colchicine indicated for the prophylaxis of painful gout flares in
adults.
Walnut Creek, California-based BPM LLP, the Company's auditor since
2024, issued a "going concern" qualification in its report dated
April 10, 2026, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2025, citing that the Company
has suffered recurring losses from operations and has a net capital
deficiency that raise substantial doubt about its ability to
continue as a going concern.
As of March 31, 2026, the Company had $293.6 million in total
assets, $547.7 million in total liabilities, and $254.1 million in
total stockholders' deficit.
SEA OAKS: Christine Brimm Named Subchapter V Trustee
----------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Christine Brimm as
Subchapter V trustee for Sea Oaks Condominium Council of Co-Owners,
Inc.
Ms. Brimm will be paid an hourly fee of $350 for her services as
Subchapter V trustee. In addition, the trustee will receive
reimbursement for work related expenses incurred.
Ms. Brimm declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christine E. Brimm
PO Box 1044
Pawleys Island, SC 29585
(843) 256-6582
Email: cbrimm&bartonbrimm.com
About Sea Oaks Condominium Council of Co-Owners
Sea Oaks Condominium Council of Co-Owners, Inc., sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.S.C. Case
No. 26-02882) on June 26, 2026, with $10,000,001 to $50 million in
assets and $500,000,001 to $1 billion in liabilities.
Judge L. Jefferson Davis IV presides over the case.
Michael Conrady, Esq., at Campbell Law Firm, PA represents the
Debtor as bankruptcy counsel.
SEA PALMS: Christine Brimm Named Subchapter V Trustee
-----------------------------------------------------
The Acting U.S. Trustee for Region 4 appointed Christine Brimm as
Subchapter V trustee for Sea Palms Council of Co-Owners.
Ms. Brimm will be paid an hourly fee of $350 for her services as
Subchapter V trustee. In addition, the trustee will receive
reimbursement for work related expenses incurred.
Ms. Brimm declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Christine E. Brimm
PO Box 1044
Pawleys Island, SC 29585
(843) 256-6582
Email: cbrimm&bartonbrimm.com
About Sea Palms Council of Co-Owners
Sea Palms Council of Co-Owners sought protection under Chapter 11
of the U.S. Bankruptcy Code (Bankr. D.S.C. Case No. 26-02880) on
June 26, 2026, with $10,000,001 to $50 million in assets and
$500,000,001 to $1 billion in liabilities.
Judge L. Jefferson Davis IV presides over the case.
Michael Conrady, Esq. at Campbell Law Firm, PA represents the
Debtor as legal counsel.
SEABREEZE ROOFING: Linda Leali Named Subchapter V Trustee
---------------------------------------------------------
The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq.,
as Subchapter V trustee for Seabreeze Roofing & Sheet Metal,
Incorporated.
Ms. Leali will be paid an hourly fee of $450 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Leali declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Linda M. Leali
Linda M. Leali, P.A.
2525 Ponce De Leon Blvd., Suite 300
Coral Gables, FL 33134
Telephone: (305) 341-0671, ext. 1
Facsimile: (786) 294-6671
Email: leali@lealilaw.com
About Seabreeze Roofing & Sheet Metal
Seabreeze Roofing & Sheet Metal, Incorporated is a Lantana,
Florida-based roofing and sheet metal contractor serving
residential and commercial customers throughout Palm Beach and
North Broward counties. The company maintains active professional
licenses for roofing, general contracting, and solar services.
Seabreeze Roofing & Sheet Metal, Incorporated sought relief under
Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.
Fla. Case No. 26-18450) on June 26, 2026. In its petition, the
Debtor reports estimated assets of $100,000 to $500,000 and
estimated liabilities of $1 million to $10 million.
Honorable Bankruptcy Judge Erik P. Kimball handles the case.
The Debtor is represented by John E. Page, Esq. of Shraiberg Page,
P.A.
SEDGWICK CLAIMS: Moody's Affirms 'B2' CFR, Outlook Stable
---------------------------------------------------------
Moody's Ratings has affirmed the B2 corporate family rating and
B2-PD probability of default rating of Sedgwick Claims Management
Services, Inc. (Sedgwick). Moody's also affirmed the B2 ratings on
Sedgwick's $5.6 billion backed first-lien senior secured term loan
and its $635 million backed first-lien senior secured revolving
credit facility. The company also has a $660 million privately
placed second-lien term loan (unrated). The first-lien credit
facility ratings are at the same level as the corporate family
rating based on the high proportion of first-lien borrowings
relative to lower ranked borrowings. The rating outlook for
Sedgwick is stable.
RATINGS RATIONALE
Sedgwick's ratings reflect its position as a leading global
provider of claims management solutions for corporations, public
entities and insurance carriers, along with its consistent revenue
growth and EBITDA margins. Sedgwick is the world's largest
third-party administrator of property & casualty claims by revenue,
and its business is well diversified across clients, products and
geographic regions. The company generates good recurring revenue
and earnings through long-term contracts, relatively high switching
costs for clients, and a somewhat variable cost structure.
These strengths are offset by Sedgwick's relatively high financial
leverage and modest interest and free cash flow coverage. Moody's
expects that Sedgwick will maintain a debt-to-EBITDA ratio of
6x-7x, (EBITDA - capex) interest coverage of 1.4x-1.7x, and a
free-cash-flow-to-debt ratio in the low single digits (per Moody's
calculations).
For the 12 months through March 2026, Sedgwick generated revenue of
$5.2 billion with an EBITDA margin approaching 20% (per Moody's
calculations). Moody's expects the company will generate organic
revenue growth in the low-to-mid-single digits in the year ahead,
with solid EBITDA margins, based on gradual expansion of the client
base and service offerings along with efficiency gains from
investments in technology and processes.
FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS
The following factors could lead to an upgrade of Sedgwick's
ratings: (i) debt-to-EBITDA ratio below 6x, (ii) (EBITDA - capex)
coverage of interest above 2.5x, and (iii) free-cash-flow-to-debt
ratio above 6%.
The following factors could lead to a downgrade of Sedgwick's
ratings: (i) debt-to-EBITDA ratio above 7x, (ii) (EBITDA - capex)
coverage of interest below 1.5x, or (iii) free-cash-flow-to-debt
ratio below 3%.
The principal methodology used in these ratings was Insurance
Brokers and Service Companies published in February 2024.
The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.
Based in Memphis, Tennessee, Sedgwick is a leading global provider
of customized, integrated claims management and benefits solutions
to corporations, public entities and insurance carriers, with over
33,000 colleagues across 80 countries, including significant
operations in the US and UK. Sedgwick generated revenue of $5.2
billion for the 12 months through March 2026.
SILICON VALLEY: CEO Earned Millions as Risk Rating Fell, Says Judge
-------------------------------------------------------------------
Dorothy Atkins of Law360 Bankruptcy Authority reports that former
Silicon Valley Bank chief executive Greg Becker took the witness
stand Thursday in a California federal court, where he faced
questioning in the FDIC's lawsuit accusing former executives of
mismanaging the failed bank. Becker acknowledged receiving millions
of dollars in compensation during his tenure but disputed
suggestions that management ignored the institution's growing
financial risks.
The FDIC contends Becker and other senior officers failed to
properly oversee interest-rate exposure and asset management,
leaving the bank ill-prepared for the sharp increase in rates that
eroded the value of its securities portfolio. According to the
agency, those failures contributed directly to the bank's collapse
and the losses ultimately borne by the federal deposit insurance
fund.
Becker testified that the bank's leadership continuously evaluated
risk and made business decisions it believed were appropriate under
the circumstances. He maintained that Silicon Valley Bank's failure
resulted from extraordinary market events rather than negligence by
its executives. The trial is expected to continue with additional
testimony from former officers and expert witnesses, the report
states.
About Silicon Valley Bank
Silicon Valley Bank was the nation's 16th largest bank and the
biggest to fail since the 2008 financial meltdown.
During the week of March 6, 2023, Silicon Valley Bank, Santa Clara,
CA, experienced a severe "run-on-the-bank." On the morning of
March 10, 2023, the California Department of Financial Protection
and Innovation seized SVB and placed it under the receivership of
the Federal Deposit Insurance Corporation (FDIC).
The FDIC on March 13, 2023, disclosed that it transferred all
deposits -- both insured and uninsured -- and substantially all
assets of the former Silicon Valley Bank of Santa Clara,
California, to a newly created, full-service FDIC-operated "bridge
bank" in an action designed to protect all depositors of Silicon
Valley Bank.
SVB Financial Group is a financial services company focusing on the
innovation economy, offering financial products and services to
clients across the United States and in key international markets.
Prior to March 10, 2023, SVB Financial Group owned and operated
Silicon Valley Bank, a state-chartered bank.
On March 17, 2023, SVB Financial Group sought Chapter 11 bankruptcy
protection (Bankr. S.D.N.Y. Case No. 23-10367). The Hon. Martin
Glenn is the bankruptcy judge. The Debtor had assets of
$19,679,000,000 and liabilities of $3,675,000,000 as of Dec. 31,
2022. Centerview Partners LLC is proposed financial advisor,
Sullivan & Cromwell LLP proposed legal counsel and Alvarez & Marsal
proposed restructuring advisor to SVB Financial Group as
debtor-in-possession. Kroll is the claims agent.
On June 13, 2023, a collective of depositors of the Silicon Valley
Bank (Cayman Islands Branch) filed a petition with the Court
seeking an order that SVB Cayman be wound up and liquidators be
appointed under the provisions of the Companies Act (2023 Revision)
on the grounds that the Company is insolvent.
On June 29, 2023, the Grand Court of the Cayman Islands appointed
Andrew Childe and Michael Pearson of FFP limited in the Cayman
Islands and Niall Ledwidge from Stout in New York, United States as
Joint Official Liquidators of SVB Cayman.
Liquidators of Silicon Valley Bank (Cayman Islands) filed a Chapter
15 bankruptcy petition (Bankr. S.D.N.Y. Case No. 24-10076) on Jan.
18, 2024. The Liquidators' counsel in the U.S. case is Warren E.
Gluck, Esq. at Holland & Knight LLP.
SLEEP NUMBER: Hires AP Services as Chief Restructuring Officer
--------------------------------------------------------------
Sleep Number Corporation and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of New York to
retain and employ AP Services, LLC and designate Kent Percy as
Chief Restructuring Officer.
The firm and Mr. Percy will provide these services:
(a) prepare budgets and 13-week cash forecasts and evaluate
variances thereto, as required by the Debtors' lenders;
(b) communicate with, and meet information needs of, the Debtors'
various constituencies;
(c) strengthen the Debtors' core competencies in the finance
organization, particularly cash management, planning, general
accounting and financial reporting information management;
(d) assist the Debtors with the financial reporting requirements
attendant to a bankruptcy filing, including, but not limited to,
court orders, court-approved transactions, emergence, and
fresh-start accounting;
(e) support eDiscovery obligations including in conjunction with
document requests, subpoenas, or other discovery requirements, such
as forensic data acquisition and analysis, data processing, monthly
secure data hosting, review and analysis, and productions, and any
other eDiscovery needs requested by the Debtors;
(f) identify, implement, and monitor both short-term and long-term
liquidity generating initiatives;
(g) develop a short-term cash disbursement plan designed to
minimize cash requirements while maintaining the efficiency of
operations, sustaining vendor relationships, and minimizing the
impact on the Debtors' customer base;
(h) design, negotiate and implement a restructuring strategy
designed to maximize enterprise value, taking into account the
unique interests of key constituencies;
(i) develop short-term and long-term cash flow forecasting tools
and related methodologies to support negotiations with the Debtors'
stakeholders and fundraising initiatives;
(j) prepare for and file a bankruptcy petition, coordinating and
providing administrative support for the proceeding and developing
the Debtors' plan of reorganization or other appropriate case
resolution, if necessary;
(k) prepare (i) a disclosure statement and plan of reorganization,
(ii) a liquidation analysis, (iii) statements of financial affairs
and schedules of assets and liabilities, (iv) a potential
preference analysis, (v) a claims analysis, and (vi) monthly
operating reports and other regular reporting required by the
Court;
(l) coordinate the Debtors' professionals assigned to sourcing,
negotiating and implementing any financing, including
debtor-in-possession and exit financing facilities, in conjunction
with the plan of reorganization and the overall restructuring;
(m) manage the "working group" professionals who are assisting the
Debtors in the reorganization process or who are working for the
Debtors' various stakeholders to improve coordination of their
effort and individual work product to be consistent with the
Debtors' overall restructuring goals;
(n) assist the Debtors with employee-related matters including
communications strategy, incentive and retention plans, and
wind-down planning, if necessary;
(o) create and communicate materials for diligence purposes and
manage the flow of information to potential acquirers in connection
with a potential sale of the Debtors' assets; and
(p) assist the Debtors with such other matters as may be requested
by the Debtors and are mutually agreeable.
Kent Percy will receive an hourly rate of $1,480. APS's current
standard hourly rates are: Partne/Partner & Managing Director
$1,265 to $1,590; Senior Vice President/ Director $900 to $1,175;
Vice President $700 to $860; and Analyst/ Consultant $265 to $660.
APS will also earn a completion fee of $1,500,000 upon (a) a sale,
transfer, or disposition of all or a substantial portion of the
assets or equity of the Debtors in one or more transactions,
including sales under section 363 of the Bankruptcy Code; (b) the
consummation of a material recapitalization or debt restructuring
of the Company; or (c) the confirmation of a chapter 11 plan.
APS and affiliates received a retainer in the amount of $1,000,000
from the Debtors. During the 90-day period prior to the Petition
Date, the Debtors paid APS and affiliates $5,406,590.54 in
aggregate for professional services performed and expenses
incurred, including advanced payments and including $940,000 of the
Retainer.
APS 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:
Kent Percy
AP Services, LLC c/o AlixPartners, LLP
About Sleep Number Corp.
Sleep Number Corporation, formerly Select Comfort Corporation, is a
Minneapolis, Minnesota-based company founded in 1987. The company
offers mattresses and bases, including smart mattresses with
adjustable firmness, digital sensing, automatic comfort
adjustments, and temperature-control features. Sleep Number uses a
direct-to-consumer distribution model through Sleep Number stores
and online retail touchpoints, and provides home delivery and
professional set-up services. The company operates 572 stores in 50
U.S. states and employs approximately 2,920 employees.
Sleep Number Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12,
2026. In its petition, the Debtor reports total assets of
approximately $642.32 million and total debts of approximately
$1.28 billion as of April 30, 2026.
The Honorable Bankruptcy Judge Kyu Young Paek handles the case.
Davis Polk & Wardwell LLP is serving as Sleep Number's legal
advisor in the restructuring. The company also retained Guggenheim
Securities, LLC as investment banker, A&G Real Estate Partners as
real estate advisors, and Kroll Restructuring Administration LLC as
claims, noticing, solicitation, and administrative agent.
SLEEP NUMBER: Hires Kroll Restructuring as Administrative Advisor
-----------------------------------------------------------------
Sleep Number Corporation and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of New York to hire
Kroll Restructuring Administration LLC to serve as administrative
advisor.
The firm will provide 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, including, if applicable, brokerage firms, bank
back-offices and institutional holders;
(b) prepare an official ballot certification and, if necessary,
testify in support of the ballot tabulation results;
(c) assist with the preparation of the Debtors' schedules of
assets and liabilities and statements of financial affairs and
gather data in conjunction therewith;
(d) provide a confidential data room, if requested;
(e) manage and coordinate any distributions pursuant to a Chapter
11 plan; and
(f) provide such other processing, solicitation, balloting and
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 Debtors, the Court or the
Office of the Clerk of the Bankruptcy Court.
Kroll will charge the Debtors the rates set forth in the Engagement
Agreement. Kroll will also seek reimbursement from the Debtors for
reasonable expenses in accordance with the terms of the Engagement
Agreement.
Prior to the Petition Date, the Debtors provided Kroll an advance
in the amount of $50,000, which was received by Kroll on June 5,
2026. In addition, on June 10, 2026, Kroll received payment in the
amount of $45,000 for actual and/or estimated prepetition fees and
expenses. Kroll applied both the June 10, 2026 payment and a
portion of the advance to cover these fees and expenses.
Kroll 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:
Benjamin J. Steele
KROLL RESTRUCTURING ADMINISTRATION LLC
1 World Trade Center, 31st Floor
New York, NY 10007
About Sleep Number Corp.
Sleep Number Corporation, formerly Select Comfort Corporation, is a
Minneapolis, Minnesota-based company founded in 1987. The company
offers mattresses and bases, including smart mattresses with
adjustable firmness, digital sensing, automatic comfort
adjustments, and temperature-control features. Sleep Number uses a
direct-to-consumer distribution model through Sleep Number stores
and online retail touchpoints, and provides home delivery and
professional set-up services. The company operates 572 stores in 50
U.S. states and employs approximately 2,920 employees.
Sleep Number Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12,
2026. In its petition, the Debtor reports total assets of
approximately $642.32 million and total debts of approximately
$1.28 billion as of April 30, 2026.
The Honorable Bankruptcy Judge Kyu Young Paek handles the case.
Davis Polk & Wardwell LLP is serving as Sleep Number's legal
advisor in the restructuring. The company also retained Guggenheim
Securities, LLC as investment banker, A&G Real Estate Partners as
real estate advisors, and Kroll Restructuring Administration LLC as
claims, noticing, solicitation, and administrative agent.
SLEEP NUMBER: Retains Guggenheim Securities as Investment Banker
----------------------------------------------------------------
Sleep Number Corporation and its affiliates seek approval from the
U.S. Bankruptcy Court for the Southern District of New York to
retain and employ Guggenheim Securities, LLC as investment banker.
Guggenheim Securities, LLC will provide these services:
(a) review and analysis of the business, financial condition and
prospects of the Company;
(b) evaluation of the liabilities of the Company, its debt
capacity and its strategic and financial alternatives;
(c) in connection with any Transaction:
(i) evaluation from a financial and capital markets point of
view of alternative structures and strategies for implementing the
Transaction;
(ii) Preparation of offering, marketing, disclosure or other
transaction materials concerning the Company and the Transaction
for distribution and presentation to Transaction Counterparties;
(iii) Development and implementation of a marketing plan with
respect to such Transaction;
(iv) Identification and solicitation of, and the review of
proposals received from, the Investors and other prospective
Transaction Counterparties; and
(v) Negotiation of the Transaction;
(d) in connection with any Transaction the Company determines to
pursue or effect in connection with a Bankruptcy Case evaluation,
from a financial point of view, of alternative strategies for
implementing and seeking approval of any such Transaction,
including pursuant to a Plan; and
(e) such other matters as may be agreed upon by Guggenheim
Securities and the Company in writing (including without limitation
via email) during the term of the engagement.
Guggenheim Securities, LLC will receive a non-refundable cash fee
of $150,000 per month. The firm will also receive a Restructuring
Transaction Fee of $4,500,000 if any Restructuring Transaction is
consummated, Financing Fees based on the applicable financing
transaction, and a Sale Transaction Fee equal to 1.50% of the
Aggregate Sale Consideration relating to any Sale Transaction.
Guggenheim Securities will also be reimbursed for reasonable and
documented travel and other reasonable and documented out-of-pocket
expenses incurred in connection with the engagement.
Guggenheim Securities has informed the Debtors that it has no
connection with the Debtors, their creditors, equity security
holders, or other parties in interest in these chapter 11 cases;
does not have or represent any interest adverse to the Debtors'
estates; and is not a creditor, equity security holder, insider,
director, officer, or employee of any of the Debtors. The Debtors
believe that Guggenheim Securities is a "disinterested person" as
that term is defined in Section 101(14) of the Bankruptcy Code.
The firm can be reached at:
GUGGENHEIM SECURITIES, LLC
330 Madison Avenue
New York, NY 10017
About Sleep Number Corp.
Sleep Number Corporation, formerly Select Comfort Corporation, is a
Minneapolis, Minnesota-based company founded in 1987. The company
offers mattresses and bases, including smart mattresses with
adjustable firmness, digital sensing, automatic comfort
adjustments, and temperature-control features. Sleep Number uses a
direct-to-consumer distribution model through Sleep Number stores
and online retail touchpoints, and provides home delivery and
professional set-up services. The company operates 572 stores in
50 U.S. states and employs approximately 2,920 employees.
Sleep Number Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12,
2026. In its petition, the Debtor reports total assets of
approximately $642.32 million and total debts of approximately
$1.28 billion as of April 30, 2026.
The Honorable Bankruptcy Judge Kyu Young Paek handles the case.
Davis Polk & Wardwell LLP is serving as Sleep Number's legal
advisor in the restructuring. The company also retained Guggenheim
Securities, LLC as investment banker, A&G Real Estate Partners as
real estate advisors, and Kroll Restructuring Administration LLC as
claims, noticing, solicitation, and administrative agent.
SLEEP NUMBER: Seeks Approval to Tap Vinson & Elkins as Counsel
--------------------------------------------------------------
Sleep Number Corporation and its affilites seek approval from the
U.S. Bankruptcy Court for the Southern District of New York to hire
Vinson & Elkins LLP to serve as counsel to the Special
Investigation Committee of each of the Debtors effective as of the
Petition Date.
The firm will provide these services:
(a) conduct an investigation into whether the Company may hold any
colorable claims or causes of action with respect to (i) certain
parties, including but not limited to the Company's current or
former directors, officers, agents, or any other person affiliated
with the Company, and (ii) any prior transactions involving
insiders or affiliates of the Company; and
(b) take any and all other actions the Special Investigation
Committee deems necessary or advisable in light of the
Investigation.
V&E's current hourly rates for matters related to the Debtors range
from $1,700 to $2,695 for partners, $1,550 to $2,245 for counsel,
$920 to $1,580 for associates, and $645 to $685 for
paraprofessionals and other timekeepers.
Vinson & Elkins LLP does not represent or hold any interest adverse
to the Debtors or the estates with respect to the matters on which
V&E is to be employed, according to court filings.
Pursuant to the U.S. Trustee Guidelines, V&E responds to the
questions set forth therein as follows:
Question: Did V&E agree to any variations from, or alternatives to,
V&E's standard or customary billing arrangements for this
engagement?
Answer: No.
Question: Do any of the V&E professionals included in this
engagement vary their rate based on the geographic location of the
bankruptcy case?
Answer: No.
Question: If V&E has represented the client in the 12 months
prepetition, disclose V&E's billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If V&E's billing rates and
material financial terms have changed postpetition, explain the
difference and the reasons for the difference.
Answer: V&E will use the same hourly rates for services rendered on
behalf of the Debtors during the pendency of these chapter 11 cases
as it used during the 12 months prior to the Petition Date. In the
twelve months preceding these Chapter 11 Cases, V&E's hourly rates
for services rendered on behalf of the Debtors were the hourly
rates that took effect on January 1, 2026, which ranged as follows:
Partners $1,700-$2,695; Counsel $1,550-$2,245; Associates
$920-$1,580; Paraprofessionals $645-$685. V&E will continue to
apply these rates during the pendency of these Chapter 11 Cases, as
set out in the Engagement Letter.
Question: Have the Debtors approved your prospective budget and
staffing plan, and, if so, for what budget period?
Answer: V&E is only performing specific tasks as and when requested
by the Special Investigation Committee in connection with the
Investigation.
The firm can be reached at:
David S. Meyer, Esq.
Colin M. Adams, Esq.
VINSON & ELKINS LLP
1114 Avenue of the Americas
New York, NY 10036
Telephone: (212) 237-0000
About Sleep Number Corp.
Sleep Number Corporation, formerly Select Comfort Corporation, is a
Minneapolis, Minnesota-based company founded in 1987. The company
offers mattresses and bases, including smart mattresses with
adjustable firmness, digital sensing, automatic comfort
adjustments, and temperature-control features. Sleep Number uses a
direct-to-consumer distribution model through Sleep Number stores
and online retail touchpoints, and provides home delivery and
professional set-up services. The company operates 572 stores in
50 U.S. states and employs approximately 2,920 employees.
Sleep Number Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12,
2026. In its petition, the Debtor reports total assets of
approximately $642.32 million and total debts of approximately
$1.28 billion as of April 30, 2026.
The Honorable Bankruptcy Judge Kyu Young Paek handles the case.
Davis Polk & Wardwell LLP is serving as Sleep Number's legal
advisor in the restructuring. The company also retained Guggenheim
Securities, LLC as investment banker, A&G Real Estate Partners as
real estate advisors, and Kroll Restructuring Administration LLC as
claims, noticing, solicitation, and administrative agent.
SLEEP NUMBER: To Hire Davis Polk & Wardwell as Attorneys
--------------------------------------------------------
Sleep Number Corporation seeks approval from the U.S. Bankruptcy
Court for the Southern District of New York to hire Davis Polk &
Wardwell LLP to serve as restructuring counsel and attorneys.
The firm will provide these services:
(a) prepare, on behalf of the Debtors all necessary or appropriate
motions, applications, objections, replies, answers, orders,
reports, and other papers in connection with the administration of
the Debtors' estates;
(b) counsel the Debtors regarding their rights and obligations as
debtors in possession and their powers and duties in the continued
management and operation of their businesses and properties;
(c) provide advice, representation, and preparation of necessary
documentation and pleadings and take all necessary or appropriate
actions in connection with statutory bankruptcy issues,
post-petition financing, strategic transactions, securities laws,
and real estate, environmental, intellectual property, employee
benefits, business and commercial litigation, and corporate and tax
matters;
(d) take all necessary or appropriate actions to protect and
preserve the Debtors’ estates, including the prosecution of
actions on the Debtors' behalf, the defense of any actions
commenced against the Debtors, the negotiation of disputes in which
the Debtors are involved, and the preparation of objections to
claims filed against the Debtors’ estates;
(e) take all necessary or appropriate actions in connection with
any chapter 11 plan, any related disclosure statement, and all
related documents and such further actions as may be required in
connection with the administration of the Debtors' estates; and
(f) act as general restructuring counsel for the Debtors and
perform all other necessary or appropriate legal services in
connection with the Chapter 11 Cases.
For the services rendered by Davis Polk, the Debtors propose to pay
Davis Polk the applicable rates for timekeepers staffed on this
matter set forth in the Resnick Declaration and reimburse Davis
Polk according to its customary reimbursement policies.
As of the Petition Date, the applicable rates for timekeepers on
this matter were as follows:
Partners: $2,345 to $2,935 per hour
Counsel: $1,970 to $2,235 per hour
Associates: $775 to $1,885 per hour
Paraprofessionals: $560 to $790 per hour
Prior to the Petition Date, the Debtors provided Davis Polk with
advance payments to establish a retainer up to $2,500,000
(excluding payments to replenish a retainer). The Retainer balance
was approximately $1,056.27.
Davis Polk and its professionals are "disinterested" as that term
is defined in section 101(14) of the Bankruptcy Code, as modified
by section 1107(b) of the Bankruptcy Code, and neither hold nor
represent any interest adverse to the Debtors or their estates.
Pursuant to paragraph D, section 1 of the U.S. Trustee Guidelines,
Davis Polk responds to the questions set forth therein as follows:
Question: Did you agree to any variations from, or alternatives to,
your standard or customary billing arrangements for this
engagement?
Answer: Davis Polk has agreed to a discount off of its standard
rates.
Question: Do any of the professionals included in this engagement
vary their rate based on the geographic location of the bankruptcy
case?
Answer: No.
Question: If you represented the client in the 12 months
prepetition, disclose your billing rates and material financial
terms for the prepetition engagement, including any adjustments
during the 12 months prepetition. If your billing rates and
material financial terms have changed post-petition, explain the
difference and the reasons for the difference.
Answer: Davis Polk represented the Debtors during the 12-month
period prior to the Petition Date. During that time, the range of
Davis Polk's rates were as follows: $2,061 to $2,935 per hour for
partners; $1,796 to $2,246 per hour for counsel; $775 to $1,935 per
hour for associates; and $500 to $810 per hour for
paraprofessionals. Davis Polk's billing rates and material
financial terms have not changed post-petition.
Question: Has your client approved your prospective budget and
staffing plan, and, if so, for what budget period?
Answer: The Debtors and Davis Polk have discussed the staffing
requirements of these Chapter 11 Cases and have agreed that a
formal budget and staffing plan are not necessary given the
anticipated scope and duration of these proceedings. The Court has
approved a general eight-week Debtor budget on an interim basis,
which includes Davis Polk's engagement.
The firm can be reached at:
Brian M. Resnick, Esq.
Angela M. Libby, Esq.
Stephen D. Piraino, Esq.
Richard J. Steinberg, Esq.
Sihui (Sophy) Ma, Esq.
Mordechai Rivkin, Esq.
DAVIS POLK & WARDWELL LLP
450 Lexington Avenue
New York, NY 10017
Telephone: (212) 450-4000
About Sleep Number Corp.
Sleep Number Corporation, formerly Select Comfort Corporation, is a
Minneapolis, Minnesota-based company founded in 1987. The company
offers mattresses and bases, including smart mattresses with
adjustable firmness, digital sensing, automatic comfort
adjustments, and temperature-control features. Sleep Number uses a
direct-to-consumer distribution model through Sleep Number stores
and online retail touchpoints, and provides home delivery and
professional set-up services. The company operates 572 stores in 50
U.S. states and employs approximately 2,920 employees.
Sleep Number Corporation sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 26-11399) on June 12,
2026. In its petition, the Debtor reports total assets of
approximately $642.32 million and total debts of approximately
$1.28 billion as of April 30, 2026.
The Honorable Bankruptcy Judge Kyu Young Paek handles the case.
Davis Polk & Wardwell LLP is serving as Sleep Number's legal
advisor in the restructuring. The company also retained Guggenheim
Securities, LLC as investment banker, A&G Real Estate Partners as
real estate advisors, and Kroll Restructuring Administration LLC as
claims, noticing, solicitation, and administrative agent.
SPOKE MEDIA: Katharine Battaia Clark Named Subchapter V Trustee
---------------------------------------------------------------
The U.S. Trustee for Region 6 appointed Katharine Battaia Clark of
Thompson Coburn, LLP as Subchapter V trustee for Spoke Media, Inc.
Ms. Clark will be paid an hourly fee of $575 for her services as
Subchapter V trustee and will be reimbursed for work-related
expenses incurred.
Ms. Clark declared that she is a disinterested person according to
Section 101(14) of the Bankruptcy Code.
The Subchapter V trustee can be reached at:
Katharine Battaia Clark
Thompson Coburn, LLP
2100 Ross Avenue, Ste. 3200
Dallas, TX 75201
Office: 972-629-7100
Mobile: 214-557-9180
Fax: 972-629-7171
Email: kclark@thompsoncoburn.com
About Spoke Media Inc.
Spoke Media is a Dallas, Texas-based media production company
founded in 2016. The company provides creative development, content
production, and post-production services, with work across
podcasts, stage, TV, and film. Its listed specialties include
audiobooks, podcasts, audio publications, and podcast advertising.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Texas Case No. 26-42755) on June 24,
2026, with $179,919 in assets and $2,485,052 in liabilities. George
Laughlin, CEO, signed the petition.
Judge Mark X. Mullin presides over the case.
Susan Tran Adams, Esq. at TRAN SINGH, LLP represents the Debtor as
legal counsel.
STEVEN MCCANLESS: To Retain RMR Legal PLLC as Legal Counsel
-----------------------------------------------------------
Steven Mccanless Trucking, Inc. seeks approval from the U.S.
Bankruptcy Court for the Eastern District of Tennessee to retain
RMR Legal PLLC to serve as legal counsel.
The firm will provide these services:
(a) advising the Debtor with respect to its powers and duties as
debtor in possession in the continued management and operation of
its business and property;
(b) advising and consulting on the conduct of this Chapter 11
case, including all of the legal and administrative requirements of
operating in Chapter 11;
(c) attending meetings and negotiating with representatives of
creditors and other parties in interest;
(d) taking all necessary actions to protect and preserve the
Debtor's estate, including prosecuting actions on the Debtor's
behalf, defending any action commenced against the Debtor, and
representing the Debtor in negotiations concerning litigation in
which the Debtor is involved, including objections to claims filed
against the Debtor's estate;
(e) preparing pleadings in connection with this Chapter 11 case,
including motions, applications, answers, orders, reports, and
papers necessary or otherwise beneficial to the administration of
the Debtor's estate;
(f) representing the Debtor in connection with obtaining authority
to continue using cash collateral and postpetition financing if
necessary;
(g) advising the Debtor in connection with any potential sale of
assets;
(h) appearing before the Court and any appellate courts to
represent the interests of the Debtor's estate;
(i) taking any necessary action on behalf of the Debtor to
negotiate, prepare, and obtain confirmation of a Chapter 11 plan
and all documents related thereto; and
(j) performing all other necessary legal services for the Debtor
in connection with the prosecution of this Chapter 11 case,
including: (i) analyzing the Debtor's leases and contracts and the
assumption and assignment or rejection thereof; (ii) analyzing the
validity of liens against the Debtor's assets; and (iii) advising
the Debtor on corporate and litigation matters.
RMR Legal PLLC's current hourly rates for matters related to this
Chapter 11 case are $375 for partners and $125 for
paraprofessionals.
RMR Legal 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:
Roy Michael Roman, Esq.
RMR Legal PLLC
70 N. Ocoee Street
Cleveland, TN 37311
Telephone: (423) 528-8484
Facsimile: (423) 717-5564
E-mail: roymichael@rmrlegal.com
About Steven McCanless Trucking Inc.
Steven McCanless Trucking, Inc. is a Tennessee-based freight
carrier that provides trucking and property transportation
services.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 26-11242) on May 8,
2026. In the petition signed by Steven Mccanless, chief executive
officer, the Debtor disclosed up to $10 million in both assets and
liabilities.
Judge Nicholas W. Whittenburg oversees the case.
Roy Michael Roman, Esq., at RMR LEGAL PLLC, represents the Debtor
as legal counsel.
STUDIO 22: Case Summary & 11 Unsecured Creditors
------------------------------------------------
Debtor: Studio 22 Fitness, Inc.
317 Main Street
East Rochester, NY 14445
Business Description: Studio 22 Fitness operates fitness
facilities in Hilton, East Rochester, Oswego, and Warsaw,
New York. The company provides gym memberships, 24/7 member access
at listed gym locations, group fitness classes, personal training,
and program design. Its offerings also include corporate membership
options, insurance-based membership access, and cardio and strength
equipment for members.
Chapter 11 Petition Date: June 30, 2026
Court: United States Bankruptcy Court
Western District of New York
Case No.: 26-20517
Judge: Hon. Carl L. Bucki
Debtor's Counsel: David H. Ealy, Esq., Esq.
CRISTO LAW GROUP LLC
d/b/a Trevett Cristo
45 Exchange Blvd., Suite 888
Rochester, NY 14614
Tel: (585) 454-2181
Fax: (585) 454-4026
E-mail: dealy@trevettcristo.com
Total Assets: $262,642
Total Liabilities: $2,058,718
The petition was signed by John R. Nizamis as president.
A full-text copy of the petition, which includes a list of the
Debtor's 11 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/GNCIPNQ/Studio_22_Fitness_Inc__nywbke-26-20517__0001.0.pdf?mcid=tGE4TAMA
SYNERGENX LEGACY: Case Summary & 30 Largest Unsecured Creditors
---------------------------------------------------------------
Lead Debtor: SynergenX Legacy Holdings, LLC
11445 Compaq Center Drive W., Suite 800
Houston, TX 77070
Business Description: SynergenX Health is a Houston, Texas-based
provider of healthcare services focused on hormone replacement,
weight loss, wellness, and preventive care. Founded in 2016 by
Wayne Wilson, the company offers testosterone replacement therapy,
hormone replacement therapy for men and women, GLP-1 and related
weight loss programs, telemedicine and remote patient management,
laboratory testing and diagnostics, and ancillary wellness
services. SynergenX Health operates through the SynergenX, Low T
Centers, and HerKare clinic brands, using physical clinics,
telemedicine capabilities, and its affiliated 503a pharmacy
platform, Village Lane, to support in-clinic and at-home
treatment.
Chapter 11 Petition Date: July 2, 2026
Court: United States Bankruptcy Court
Southern District of Texas
Sixty-two affiliates that concurrently filed voluntary petitions
for relief under Chapter 11 of the Bankruptcy Code:
Debtor Case No.
------ --------
SynergenX Legacy Holdings, LLC (Lead Case) 26-90644
SynergenX Joint Holdings, LLC 26-90645
SynergenX Health Holdings, LLC 26-90646
Colorado Springs Group Health, LLC 26-90647
Edmond Group Health, LLC 26-90648
Franklin Group Health, LLC 26-90649
Friendswood Group Health, LLC 26-90650
Gahanna Group Health, LLC 26-90651
Greenwood Group Health, LLC 26-90652
Greenwood Village Group Health, LLC 26-90653
Healtco Operations, L.L.C. 26-90654
Hendersonville Group Health, LLC 26-90655
HER Kare Holdings, LLC 26-90656
Hot Springs Health, LLC 26-90657
Indianapolis Group Health, LLC 26-90658
Johnson City Group Health, LLC 26-90659
Little Rock Group Health, LLC 26-90660
Low T Center Development Company, L.L.C. 26-90661
Low-T Centers, Inc. 26-90662
Low-T IP Holdings, L.L.C. 26-90663
Mansfield Group Health, LLC 26-90664
Dublin Group Health, LLC 26-90665
Independence Group Health, LLC 26-90666
SynergenX Health - Poplar Creek LLC 26-90667
SynergenX Health - Prosper LLC 26-90668
SynergenX Health - Sonterra San Antonio LLC 26-90669
SynergenX Health - Spring Houston LLC 26-90670
Mason Group Health, LLC 26-90671
SynergenX Health - Sugarland LLC 26-90672
SynergenX Health - Vintage Park LLC 26-90673
SynergenX Health - Webster LLC 26-90674
SynergenX Health - Woodlands LLC 26-90675
Murfreesboro Group Health, LLC 26-90676
SYN-LT Buyer Co, Inc. 26-90677
Pasadena Group Health, LLC 26-90678
Tomorrowmed, LLC 26-90679
Pflugerville Group Health, LLC 26-90680
Pineville Group Health, LLC 26-90681
Tomorrowmed Pharma 26-90682
Southwest Group Health, LLC 26-90683
Tomorrowmedrx, LLC 26-90684
Trakehner Research LLC 26-90685
SynergenX Health - Alamo Ranch San Antonio LLC 26-90686
Tulsa Group Health, LLC 26-90687
SynergenX Health - Atascocita LLC 26-90688
Tyler Group Health, LLC 26-90689
SynergenX Health - Burr Ridge LLC 26-90690
Village Lane Apothecary, LLC 26-90691
SynergenX Health - Cibolo LLC 26-90692
West Houston Group Health, LLC 26-90693
SynergenX Health - Cypress LLC 26-90694
Westminster Group Health, LLC 26-90695
SynergenX Health - Dallas North Park LLC 26-90696
Westmont Group Health, LLC 26-90697
SynergenX Health - Galleria LLC 26-90698
SynergenX Health - Katy LLC 26-90699
SynergenX Health - Kingwood LLC 26-90700
SynergenX Health - Knoxville LLC 26-90701
SynergenX Health - Mckinney LLC 26-90702
SynergenX Health - New Braunfels San Antonio LLC 26-90703
SynergenX Health - Northeast San Antonio LLC 26-90704
SynergenX Health - Northwest San Antonio LLC 26-90705
Judge: Hon. Christopher M Lopez
Debtors' Counsel: Frank Wright, Esq.
Jeffery M. Veteto, Esq.
LAW OFFICES OF FRANK J. WRIGHT, PLLC
1800 Valley View Lane 250
Farmers Branch TX 75234
Tel: 214-238-4153
Email: frank@fjwright.law
jeff@fjwright.law
- and -
R.J. Shannon, Esq.
Sean Wilson, Esq.
SHANNON LEE BEATTY LLP
2100 Travis St, Ste 1480
Houston, Texas 77002
Tel: (713) 714-5770
E-mail: rshannon@shannonleellp.com
swilson@shannonleellp.com
Debtors'
Claims,
Noticing &
Solicitation
Agent: STRETTO, INC.
Estimated Assets: $100 million to $500 million
Estimated Liabilities: $50 million to $100 million
The petitions were signed by Wayne Wilson as chief executive
officer.
A full-text copy of the Lead Debtor's petition is available for
free on PacerMonitor at:
https://www.pacermonitor.com/view/ZN22OOQ/SynergenX_Legacy_Holdings_LLC__txsbke-26-90644__0001.0.pdf?mcid=tGE4TAMA
Consolidated List of Debtors' 30 Largest Unsecured Creditors:
Entity Nature of Claim Claim Amount
1. JPMorgan Chase Bank N.A. Credit Card $283,007
P.O. Box 4475
Carol Stream, IL 60197-4475
2. The UPS Store Services $131,038
PO Box 7247-0244
Philadelphia, PA 19170-0001
3. UrgentShip Delivery, LLC Services $75,162
10705 Royal Park Drive
Dallas, TX 75230
Email: kathy.satterfield@urgentship.com
4. Dinovo Pharmacy & Packaging Vendor $52,157
Provisions
3605 Willowbend Blvd, Ste. 550
Houston, TX 77054
Email: laura@dinofomed.com
5. Amazon Vendor $28,219
PO Box 035184
Seattle, WA 9812405184
6. Spinutech LLC Services $26,246
115 E 2nd Street
Cedar Falls, IA 50613
Tel: 866-414-7746 or 319-268-7546
Email: billing@spinutech.com
7. Dell Technologies Inc. Vendor $22,608
One Dell Way
Round Rock, TX 78682
Email: syed.ifthekharhussain@dell.com
8. Ring Central Inc Services $22,387
14800 Frye Road, 2nd Floor
Fort Worth, TX 76155
Tel: 415-649-6735
Email: collections@ringcentral.com
9. Property Valuation Services Services $18,600
1400 Metcalf Ave
Overland Park, KS 66223
10. Anazaohealth Corporation Vendor $16,329
National Registered Agents, Inc.
1999 Bryan Street, Ste. 900
Dallas, TX 75201
11. Pharmetric Laboratory LLC Vendor $15,025
11880 28th Street North,
Ste 210
St. Petersburg, FL 33716
12. Comcast Utility $11,184
1701 John F Kennedy Blvd,
Floor 32
Philadelphia, PA 19103-2855
13. Gridmatic Retail Services $9,179
1201 Fannin St, Ste 262
Houston, TX 77002
14. FirstLayerAI, Inc. - Medallion Services $8,415
2261 Market Street #4084
San Francisco, CA 94114
15. CleanNet of Dallas/Fort Worth Services $8,228
9861 Broken Land Parkway
Ste 208
Tel: 972-953-0506
Email: ajohnson@cleannettusa.com
16. McKesson Vendor $7,746
PO Box 660266
Dallas, TX 75266-0266
Email: mms.treasury@mckesson.com
17. Datasite, LLC Services $7,289
733 S. Marquette Ave, Ste. 600
Minneapolis, MN 77064
18. Stratus Building Services $6,511
Solutions of Houston
16310 Tomball Parkway, #505
Houston, TX 77002
Tel: 713-808-8950
Email: ogonzalez@stratusclean.com
19. Humble Texas Signs Vendor $6,454
20620 Townsen Blvd E
Humble, TX 77338
Tel: 281-812-2100
Email: ar@humblesignco.com
20. Henry Schein Vendor $5,454
135 Duryea Road
Melville, NY 75266-0579
Email: laurie.brothers@henryschein.com
21. ADT Commercial / Services $5,340
Protection One
DBA Everon LLC
PO Box 219044
Kansas City, MO 64121
Email: cashmanagement@everonsolutions.com
22. Cyntox LLC Services $4,389
PO Box 930
Jackson, NJ 08527
Tel: 855-429-6869
Email: payments@cyntox.com
23. Softhoice Corporation Vendor $3,790
314 West Superior St, Ste 400
Chicago, IL 60654
Email: accounting@sonicu.com
24. Tacy Medical, Inc. Services $3,020
2386 Shannon Rd
Fernandina Beach, FL 32034
Email: rcabal@tacymedical.com
25. Charter / Spectrum Utility $2,793
Communications
211 E. 7th St, Ste 620
Austin, TX 78701
Tel: 800-314-7195
26. Alamo Sign Solutions, LLC Vendor $2,708
1731 S San Marcos St, Bldg 818
Tel: 210-239-6777
Email: alantongroup@sbcglobal.net
27. Brett Systems, Inc. Services $2,652
PO Box 461389
San Antonio, TX 78246-1389
Tel: 210-787-1609
Email: mtorrerz@vanguard365.com
28. Uline Vendor $2,483
CT Corporation System
1999 Bryan St. Ste. 900
Dallas, TX 75201
29. American Electric Power - Ohio Utility $2,444
1 Riverside Plaza
Columbus, OH 43215
30. AT&T Utility $2,082
350 N. St. Paul Street
Dallas, TX 75201
SYNERGENX LEGACY: Seeks Chapter 11 Bankruptcy in Texas
------------------------------------------------------
SynergenX Legacy Holdings, LLC and its debtor affiliates, a
Houston, Texas-based operator of hormone replacement therapy and
medical weight loss clinics, filed for Chapter 11 protection on
July 2, 2026, in the U.S. Bankruptcy Court for the Southern
District of Texas. According to court filings, the Debtors report
$50 million to $100 million in liabilities, with funds expected to
be available for distribution to unsecured creditors.
About SynergenX Legacy Holdings, LLC
SynergenX Legacy Holdings, LLC operates a network of medical
clinics specializing in hormone replacement therapy (HRT),
testosterone replacement therapy, medically supervised weight loss,
and wellness services. Headquartered in Houston, Texas, the company
serves patients through multiple clinic locations across several
states, offering personalized treatment programs focused on
hormonal health and metabolic wellness.
SynergenX Legacy Holdings, LLC and its debtor affiliates sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case
No. 26-90644) on July 2, 2026. In their petition, the Debtors
reported estimated assets of $100 million to $500 million and
estimated liabilities of $50 million to $100 million.
Honorable Bankruptcy Judge Christopher M. Lopez oversees the case.
The Debtors are represented by Frank J. Wright, Esq. of Law Offices
of Frank J. Wright, PLLC.
T.K. TIMBER: Rebecca Redwine Grow Named Subchapter V Trustee
------------------------------------------------------------
Brian Behr, the U.S. Bankruptcy Administrator for the Eastern
District of North Carolina, appointed Rebecca Redwine Grow as
Subchapter V trustee for T.K. Timber Services LLC.
The Subchapter V trustee will receive an hourly fee of $375 and
reimbursement for work-related expenses.
Ms. Redwine disclosed in an affidavit that she is "disinterested"
according to Section 101(14) of the Bankruptcy Code.
About T.K. Timber Services LLC
T.K. Timber Services LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 26-02862) on June
26, 2026, with $0 to $50,000 in assets and $100,001 to $500,000 in
liabilities.
Judge Joseph N. Callaway presides over the case.
Joseph Zachary Frost, Esq. at Buckmiller & Frost, PLLC represents
the Debtor as legal counsel.
TALOS PRODUCTION: Fitch Rates Proposed Second Lien Notes 'B+'
-------------------------------------------------------------
Fitch Ratings has assigned a 'B+' rating with a Recovery Rating
(RR) of 'RR3' to Talos Production Inc.'s (Talos) proposed
second-lien notes. Talos' Issuer Default Rating (IDR) is not
affected by its proposed acquisition of Shell's working interest in
the Na Kika complex in the Gulf of Mexico, its expected debt issue
to fund the acquisition and repay existing second-lien notes, and
an expected increase in the revolving credit facility borrowing
base to $850 million. The acquisition and financing transactions
add around 16 thousand barrels per day (mboed) of oily production,
add debt while keeping midcycle leverage neutral, and improve
liquidity.
Talos' liquidity position and production profile are improved
relative to Fitch's recent revision of the Outlook to Stable from
Positive; however, an improved Outlook would require sustained
production above 100 mboed and continued positive free cash flow
(FCF).
Key Rating Drivers
Accretive Transactions: The acquisition, the refinancing of the
second-lien notes and increased borrowing base are marginally
credit positive. The acquisition increases Talos' production scale
while the financing of the transaction adds debt to the capital
structure. EBITDA leverage remains largely neutral at around 1.5x.
The borrowing base increase restores liquidity.
Sizable Gulf Position: Talos has expanded its scale in the Gulf of
Mexico (Gulf of America) through acquisitions and development, with
total proved reserves of 174.7 mmboe and 2026 production expected
in the high-80 mboepd range. The Na Kika acquisition adds around 23
mmboe of reserves and 16 mboed of production. Talos' offshore Gulf
focus results in an asset profile that differs from typical
shale-oriented onshore exploration and production (E&P) issuers.
Key differences include relatively low acquisition costs, which may
be partly offset by P&A obligations, lower decline rates, and
typically higher oil price realizations.
Challenges associated with the business model include execution
risk on new projects, substantial capital requirements, longer
timelines from spud to first oil, materially higher environmental
remediation costs, the need to post significant financial assurance
to third parties to support remediation obligations, and tail risks
related to hurricanes and potential oil spills.
Capex Supports FCF Generation: Fitch expects Talos to generate
near-term neutral to positive FCF under its oil price assumptions,
with Talos' current shareholder returns policy of up to 50% of
annual FCF to support share repurchases. The relatively low decline
rate of its wells supports capital efficiency, partly mitigating
the impact of lower oil prices and helping protect cash flow.
Talos' unit economics and lower-capital-intensity projects,
including asset management, in-field drilling, and development
activity, support a cash flow profile that can fund discretionary
exploration spending and potentially enhance the longer-term asset
base in stronger commodity price environments.
Substantial Decommissioning Costs: Due to its focus on mature
offshore assets and active M&A strategy, Talos' environmental
remediation costs related to plugging and abandonment are elevated
relative to onshore peers. As of the end of 1Q26, asset retirement
obligations (AROs) totaled $1.37 billion (FYE25: $1.33 billion). At
the end of 1Q26, Talos had restricted cash of $76.6 million and P&A
notes receivable of $66.2 million to support future P&A
obligations. Fitch expects annual P&A spending of $100 million to
$130 million over the forecast period. Outlays could decline if the
company is able to extend field lives through recompletions and
workovers.
Peer Analysis
Talos' position relative to Fitch-rated independent E&P peers is
mixed. In 1Q26, Talos produced 88.8 mboepd, with 80% liquids.
Production exceeds that of similarly rated onshore operators such
as HighPeak Energy Inc. (B/Negative), at 45.6 mboepd with 84%
liquids, and Moss Creek Resources LLC (B/Stable), at 60.5 mboepd
with 60% liquids. Talos' production is also above that of offshore
peer W&T Offshore, Inc. (B-/Stable), at 36.2 mboepd with 53%
liquids.
Talos has historically maintained EBITDA leverage below 2.0x, which
Fitch expects to continue over the forecast period. However,
despite low leverage and no near-term refinancing needs, Talos may
face greater capital markets access constraints than some peers. In
addition, its bonds are second-lien secured, unlike the unsecured
bonds of many other E&P issuers.
Talos' offshore footprint results in materially higher P&A and
remediation costs than those of onshore shale-focused single-'B'
peers. Operational risks are also higher due to the potential
effects of oil spills or hurricane activity.
Fitch’s Key Rating-Case Assumptions
- WTI oil price of $80/bbl in 2026, $58/bbl in 2027, and $57/bbl
thereafter;
- Henry Hub natural gas price of $3.50 per thousand cubic feet
(mcf) in 2026, $3.25/mcf in 2027, $3.00/mcf in 2028, and $2.75/mcf
thereafter;
- Assumed 2026 production is between Talos' guidance midpoint of 85
mboepd and 90 mboepd, with flat to low single-digit production
growth thereafter;
- Assumed no additional hedging going forward over the forecast;
- No M&A or divestitures apart from what has already been
announced;
- FCF allocated toward cash build-up and shareholder returns.
Corporate Rating Tool Inputs and Scores
Fitch scored the issuer as follows, using its Corporate Rating Tool
(CRT) to produce the Standalone Credit Profile (SCP):
- Business and financial profile factors (assessment, relative
importance): Management (bb, Lower), Sector Characteristics (b,
Moderate), Market and Competitive Positioning (bb-, Moderate),
Diversification and Asset Quality (b-, Higher), Company Operational
Characteristics (b, Moderate), Profitability (b+, Moderate),
Financial Structure (a+, Lower), and Financial Flexibility (bb,
Moderate).
- The quantitative financial subfactors are based on custom CRT
financial period parameters: 10% weight for the historical year
2025, 10% for the forecast year 2026, 10% for the forecast year
2027, 15% for the forecast year 2028 and 55% for the forecast year
2029.
- 'B+' to 'CC' considerations apply in its analysis and result in
no adjustment.
- The Governance assessment of 'Good' results in no adjustment.
- The Operating Environment assessment of 'aa-' results in no
adjustment.
- The SCP is 'b'.
Recovery Analysis
The recovery analysis assumes that Talos would be reorganized as a
going-concern (GC) in bankruptcy rather than liquidated. Fitch has
assumed a 10% administrative claim.
GC Approach
The GC EBITDA estimate reflects Fitch's view of a sustainable,
post-reorganization EBITDA level, upon which Fitch bases the
enterprise valuation. This estimate considers a prolonged commodity
price downturn causing liquidity constraints and an inability to
access capital markets to refinance debt.
An enterprise value multiple of 3.25x is applied to the GC EBITDA
to calculate a post-reorganization enterprise value. It is below
the median 5.3x exit multiple for the energy sector in Fitch's
"Energy, Power and Commodities Bankruptcy Enterprise Value and
Creditor Recoveries (Fitch Case Studies - October 2024)" but is
consistent with the multiple used for oil and gas upstream
companies. The lower multiple also reflects the impact of AROs and
surety bonds for offshore operators.
Liquidation Approach
The liquidation estimate reflects Fitch's view of the value of
balance sheet assets that can be realized through sale or
liquidation processes during bankruptcy or insolvency proceedings
and subsequently distributed to creditors.
Fitch used historical transaction data for Gulf of Mexico (Gulf of
America) blocks on a $/bbl, $/1P, $/2P, $/acre and PDP PV-10 basis
to estimate a reasonable sale value. This analysis was based on
Talos' recent M&A transactions, other recent offshore M&A
transactions, and valuations from emerging, offshore bankruptcies.
Waterfall Analysis
Fitch has assumed that the RBL was drawn at 80% to account for
downward borrowing base redeterminations as the company approaches
a bankruptcy scenario. Under this assumption, the RBL recovers at
an 'RR1' level while the second-lien notes recover at an 'RR3'
level.
Fitch expects the recoveries of the RBL and the second-lien notes
to remain the same following the acquisition, refinancing, and
increased borrowing base.
RATING SENSITIVITIES
Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade
- Loss of operational momentum, evidenced by production trending
below 65 mboepd;
- Inability to generate FCF and allocate capital that heightens
liquidity, refinancing risk or access to capital markets;
- Unfavorable regulatory changes, such as increased bonding
requirements or accelerated P&A spending;
- Implementation of a more aggressive growth strategy that operates
outside of positive FCF;
- Midcycle EBITDA leverage sustained above 3.0x.
Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade
- Increased size and scale, evidenced by production sustained above
100 mboepd and a consistent track record of reserve replacement;
- Continued positive FCF generation and maintenance of a
conservative financial policy;
- Demonstrated ability to manage P&A obligations and reduced AROs
per flowing barrel or proved reserves;
- Midcycle EBITDA leverage maintained below 2.0x.
Liquidity and Debt Structure
Fitch does not expect material near-term liquidity needs and
believes the company's refinancing risk is low. At the end of 1Q26,
Talos had $386.4 million of cash on hand and approximately $602.6
million of availability under its RBL facility, with $97.4 million
of LOCs outstanding.
Talos amended and restated the RBL facility in January 2026,
reaffirming the borrowing base at $700 million and extending the
maturity to the earlier of January 2030 and Nov. 2028, which is 91
days prior to the maturity of the 2029 notes if they remain
outstanding. The 2029 notes are being repaid from the proceeds of
the new issue and the borrowing base is expected to increase to
$850 million with the close of the acquisition.
Fitch expects Talos to generate mostly neutral to positive FCF over
the forecast horizon and to maintain its conservative financial
policy, with excess FCF potentially used for shareholder returns or
M&A activity. Management has stated that capital budgets would be
set to preserve positive FCF, even during periods of commodity
price weakness. The company's hedging program provides some
downside protection, although a more robust program would provide
stronger protection.
Issuer Profile
Talos is a technically driven independent exploration and
production company operating in the U.S. Gulf and offshore Mexico.
The company's focus in the gulf is the exploration, acquisition and
development of deep and shallow water assets near existing
infrastructure.
Date of Relevant Committee
01-Apr-2026
MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS
Fitch's latest quarterly Global Corporates Sector Forecasts Monitor
data file which aggregates key data points used in its credit
analysis. Fitch's macroeconomic forecasts, commodity price
assumptions, default rate forecasts, sector key performance
indicators and sector-level forecasts are among the data items
included.
Climate Vulnerability Signals
The Climate.VS for 2035 for Talos Energy Inc. is 59. The Climate.VS
is fairly typical of North American oil and gas production
companies. Talos' score reflects a heavy-liquids weighting in its
production profile, which indicates a higher exposure to transition
risk than gassier peers. Fitch views oil production as more
vulnerable than natural gas production due to its higher carbon
intensity and natural gas' role as a transition fuel.
The Climate.VS reflects the potential risks related to policies
that require lower carbon emissions over time and encourage reduced
usage of fossil fuels in favor of renewable fuels. This poses
near-term risks in the context of higher costs driven by the need
for greater focus on reducing emissions and longer-term risks in
the context of reductions in demand for fossil fuels as the world
transitions toward renewable fuels. Fitch believes meaningful
energy transition will play out over several decades.
Key transition risks arise from potential reductions in demand
driven by policies designed to reduce the use of oil and gas in the
global economy, and in the shorter term from policies designed to
limit greenhouse gas emissions from the production of oil and gas.
These risks do not have a material influence on the rating
currently, given the very long-term timeframe over which the
transition may take place, uncertainty regarding the extent and
nature of changes, and markets' and companies' reaction to them.
Talos' management team has indicated specific goals for emissions
reductions in the coming years. Targets include a 2030 target to
address Scope 1 and 2 emissions compared to 2022 baseline. Typical
of North American E&P companies, Scope 3 targets are not disclosed.
The company issues an annual sustainability report to track its
progress.
ESG Considerations
Talos Energy Inc. has an ESG Relevance Score of '4' for Waste &
Hazardous Materials Management; Ecological Impacts due to the
enterprise-wide solvency risks that an offshore oil spill poses for
an E&P company, which has a negative impact on the credit profile,
and is relevant to the rating[s] in conjunction with other
factors.
Talos Energy Inc. has an ESG Relevance Score of '4' for Energy
Management that reflects the company's cost competitiveness and
financial and operational flexibility due to scale, business mix,
and diversification, which has a negative impact on the credit
profile, and is relevant to the rating[s] in conjunction with other
factors.
The highest level of ESG credit relevance is a score of '3', unless
otherwise disclosed in this section. A score of '3' means ESG
issues are credit-neutral or have only a minimal credit impact on
the entity, either due to their nature or the way in which they are
being managed by the entity. Fitch's ESG Relevance Scores are not
inputs in the rating process; they are an observation on the
relevance and materiality of ESG factors in the rating decision.
Entity/Debt Rating Recovery
----------- ------ --------
Talos Production Inc.
Senior Secured 2nd Lien LT B+ New Rating RR3
TAQUERIA Y ANTOJITOS: Gets Interim OK to Use Cash Collateral
------------------------------------------------------------
Taqueria Y Antojitos El Guanaco, LLC on July 6 received interim
approval from the U.S. Bankruptcy Court for the Southern District
of Florida, Fort Lauderdale Division, to use cash collateral.
Under the interim order, the Debtor is authorized to use cash
collateral for court-approved payments and current expenses set
forth in its budget, which covers the period from the petition date
through Aug. 25. Additional expenditures require approval from
secured creditors or the court.
The creditors that may assert interests in the cash collateral
consist primarily of merchant cash advance lenders, identified
through the Florida Secured Transaction Registry.
As adequate protection, secured creditors will receive a
replacement lien on all property acquired or generated by the
Debtor after its Chapter 11 filing, with the same validity,
priority and extent as their pre-petition liens.
The order is available at
http://bankrupt.com/misc/TAQUERIA_ICCOrder36.pdf
A final hearing is scheduled for August 25.
About Taqueria Y Antojitos El Guanaco LLC
Taqueria Y Antojitos El Guanaco LLC sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18030)
on June 18, 2026. In the petition signed by Adiel Alex Benitez,
authorized representative, the Debtor disclosed up to $50,000 in
both assets and liabilities.
Kris Aungst, Esq., at Paragon Law, LLC, represents the Debtor as
legal counsel.
TENTH PLACE: Files Emergency Bid to Use Cash Collateral
-------------------------------------------------------
Tenth Place, LLC asks the U.S. Bankruptcy Court for the District of
Arizona for authority to use cash collateral and provide adequate
protection to its secured lender, Citadel Servicing Corporation,
doing business as Acra Lending.
The Debtor is a single-asset real estate debtor whose principal
asset is commercial real property located at 7022 North 10th Place,
Phoenix, Arizona, where its tenant, DP 10th Place LLC, operates a
long-term care facility. Citadel is the Debtor's sole secured
creditor and holds a Deed of Trust, Assignment of Rents, Security
Agreement, and Fixture Filing against the property. Because
Citadel's security interests extend to rental income, the Debtor
files the request "out of an abundance of caution" to obtain court
authorization before using those rents, even though the requested
expenditures are relatively modest.
The Debtor receives approximately $6,500 in monthly rent from its
tenant and historically paid $5,157 per month to Citadel on its
loan obligations. During the Chapter 11 case, the Debtor intends to
continue making those payments while also using a limited portion
of the rental income to cover ordinary operating expenses,
including approximately $200 per month for landscaping and $150 per
month for property repairs and maintenance.
The Debtor entered into a loan agreement with Citadel in September
2022 for approximately $602,000, secured by the Phoenix property
and its rental income. Financial difficulties eventually caused the
debtor to fall behind on loan payments during 2025. As a result,
Citadel initiated a trustee's sale of the property scheduled for
May 27, 2026.
To prevent the foreclosure and preserve the property while
restructuring its obligations, Tenth Place filed its voluntary
Chapter 11 petition a day before the scheduled sale. The filing
stayed the foreclosure proceedings and enabled the debtor to pursue
a reorganization while continuing to operate as
debtor-in-possession under sections 1107 and 1108 of the Bankruptcy
Code.
As adequate protection, the Debtor proposes granting Citadel
replacement liens on post-petition cash collateral having the same
validity, priority, and extent as Citadel's existing prepetition
liens. The Debtor further argues that Citadel is already well
protected because its loan is oversecured. The property has an
estimated value of approximately $745,000, while the outstanding
principal balance on Citadel's loan is only about $600,000, leaving
a substantial equity cushion that further protects Citadel's
secured position.
A court hearing is scheduled for July 16.
A copy of the motion is available at https://urlcurt.com/u?l=xw75tM
from PacerMonitor.com.
About Tenth Place LLC
Tenth Place, LLC is a limited liability company engaged in real
estate ownership, development, and investment activities.
Tenth Place, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-05217) on May 26, 2026. In its
petition, the Debtor reports estimated assets between $100,001 and
$1 million and estimated liabilities between $100,001 and $1
million.
Honorable Bankruptcy Judge Brenda K. Martin handles the case.
The Debtor is represented by Grant L. Cartwright, Esq. of May,
Potenza, Baran & Gillespie, P.C.
TOLLANIS TECHNOLOGY: Hires Van Horn Law Group as Legal Counsel
--------------------------------------------------------------
Tollanis Technology Solutions, Inc. seeks approval from the U.S.
Bankruptcy Court for the Southern District of Florida, Fort
Lauderdale Division to hire Chad Van Horn, Esq., Van Horn Law
Group, P.A. and its regular associates to serve as legal counsel.
The firm will provide these services:
(a) give advice to the debtor with respect to its powers and
duties as a debtor in possession and the continued management of
its business operations;
(b) advise the debtor with respect to its responsibilities in
complying with the U.S. Trustee's Operating Guidelines and
Reporting Requirements and with the rules of the court;
(c) prepare motions, pleadings, orders, applications, adversary
proceedings, and other legal documents necessary in the
administration of the case;
(d) protect the interest of the debtor in all matters pending
before the court; and
(e) represent the debtor in negotiations with its creditors in the
preparation of a plan.
Chad Van Horn's normal hourly billing rate is $500 per hour. Hourly
rates for law clerks, paralegals, and associates range from $150 to
$450 per hour. VHLG bills in 1/10th (.10) of an hour increment
(every 6 minutes).
Van Horn Law Group, P.A. and Chad Van Horn, Esq. are disinterested
persons as required by 11 U.S.C. Sec. 327(a), according to court
filings. Neither Chad Van Horn, Esq. nor Van Horn Law Group, P.A.
represents any interest adverse to the Debtor or the estate.
The firm can be reached at:
Chad Van Horn, Esq.
VAN HORN LAW GROUP, P.A.
500 NE 4 Street
Fort Lauderdale, FL 33301
Telephone: (954) 637-0000
E-mail: chad@cvhlawgroup.com
About Tollanis Technology Solutions Inc.
Tollanis Solutions Inc. is a Veteran-Owned Small Business based in
Deerfield Beach, Florida. The company provides managed IT services,
contact center solutions, healthcare credentialing, travel
technology, digital transformation, and automation services.
Tollanis Solutions serves customers in healthcare, government,
travel, entertainment, retail and ecommerce, and manufacturing.
The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 26-18089) on June 19,
2026, with $183,304 in assets and $2,094,756 in liabilities.
Stephen Smith, president, signed the petition.
Chad Van Horn, Esq., at Van Horn Law Group, P.A. represents the
Debtor as legal counsel.
TPMP 2023: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: TPMP 2023, LLC
7454 Old Hickory Blvd
Whites Creek, TN 37189
Business Description: TPMP 2023, LLC is a Whites Creek, Tennessee-
based company that owns a fleet of Prevost luxury entertainer
motorcoaches used in touring and entertainment-related
transportation operations. The company's assets include high-value
Prevost X3-45, XL-45, XL2 and VIP coaches.
Chapter 11 Petition Date: June 30, 2026
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 26-03142
Judge: Hon. Randal S. Mashburn
Debtor's Counsel: Michael G. Abelow, Esq.
SHERRARD ROE VOIGT & HARBISON, PLC
1600 West End Avenue
Suite 1750, Nashville, TN 37203
Tel: (615) 742-4532
E-mail: mabelow@srvhlaw.com
Total Assets: $15,158,575
Estimated Liabilities: $10,442,521
The petition was signed by Justin Ward as manager.
The Debtor has declared in the petition that it has no unsecured
creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/67FVAPI/TPMP_2023_LLC__tnmbke-26-03142__0001.0.pdf?mcid=tGE4TAMA
UMBRELLA PROJECT: Case Summary & 17 Unsecured Creditors
-------------------------------------------------------
Debtor: The Umbrella Project, LLC
Artifacture
Artifacture Studios
10453 Brockwood Rd
Dallas, TX 75238-1641
Business Description: The Umbrella Project, LLC, doing business
as Artifacture and Artifacture Studios, is a Dallas, Texas-based
fabrication studio. The company provides design, manufacturing,
and production services for event-related products, corporate
awards, signage, and packaging solutions. Its production
capabilities include laser cutting, laser engraving and marking,
glass customization, acrylic fabrication, woodworking, printing,
foil stamping, and die cutting.
Chapter 11 Petition Date: June 30, 2026
Court: United States Bankruptcy Court
Northern District of Texas
Case No.: 26-32881
Judge: Hon. Scott W Everett
Debtor's Counsel: Robert C Lane, Esq.
THE LANE LAW FIRM
6200 Savoy Dr., Suite 1150
Houston TX 77036-3369
Tel: (713) 595-8200
Fax: (713) 595-8201
E-mail: notifications@lanelaw.com
Total Assets: $112,481
Total Liabilities: $1,508,211
The petition was signed by Shane Selman as partner.
A full-text copy of the petition, which includes a list of the
Debtor's 17 unsecured creditors, is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/HUUXHGA/The_Umbrella_Project_LLC__txnbke-26-32881__0001.0.pdf?mcid=tGE4TAMA
UPWARD AG: Taps Law Office of James C. Bocott as Counsel
--------------------------------------------------------
Upward Ag Systems, LLC seeks approval from the U.S. Bankruptcy
Court for the District of Nebraska to hire James C. Bocott, Esq. of
Law Office of James C. Bocott, PC LLO to serve as legal counsel.
The firm will provide these services:
(a) perform all necessary services as Debtor's bankruptcy counsel,
including, without limitation, providing Debtor with advice,
representing Debtor, and preparing necessary documents on behalf of
the Debtor in the areas of restructuring and bankruptcy;
(b) advise Debtor with respect to their powers and duties as
Debtor-in-possession in the continued management and operation of
their businesses and properties;
(c) attend meetings and negotiate with creditors and other parties
in interest;
(d) take all necessary action to protect and preserve d assets,
including the prosecution of actions on behalf of Debtor's estates,
the defense of any actions commenced against Debtor's estates,
negotiations concerning litigation in which Debtor may be involved,
and objections to claims filed against Debtor's estates;
(e) prepare, or coordinate preparation of motions, applications,
answers, orders, reports, papers and other pleadings necessary to
administer Debtor's estates;
(f) take any necessary action on behalf of the Debtor to obtain
approval of a disclosure statement and confirmation of a plan of
reorganization on behalf of the Debtor;
(g) represent Debtor in connection with any potential
post-petition financing;
(h) appear before this Court, appellate courts and any other
courts to protect the interests of the Debtor and their estates;
and
(i) perform any and all other necessary legal services in
connection with Debtor's cases and reorganization as requested by
the Debtor.
James C. Bocott will receive an hourly rate of $300. Prior to the
Petition Date, Bocott Law requested a retainer in the amount of
$10,000 inclusive of filing fees for the purpose of securing
payment of legal services provided to the Debtor. Bocott Law
applied $10,000 of this retainer as payment for its legal fees and
filing fees incurred as of the Petition Date.
Bocott Law is a "disinterested person" within the meaning of
Section 101(14) of the Bankruptcy Code, according to court filings.
The firm does not hold or represent an interest adverse to the
Debtor's estate and has no connection to the Debtor, its creditors,
or other parties in interest, except as may be disclosed in the
Bocott Declaration.
The firm can be reached at:
James C. Bocott, Esq.
LAW OFFICE OF JAMES C. BOCOTT, PC LLO
315 North Dewey Street, Suite 213
PO Box 1267
North Platte, NE 69103-1267
Telephone: (308) 696-3118
Facsimile: (308) 696-3119
E-mail: james@bocottlaw.com
About Upward Ag Systems LLC
Upward Ag Systems, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Neb. Case No. 26-40665) on June 16,
2026, with $100,001 to $500,000 in assets and $500,001 to $1
million in liabilities.
James C. Bocott, Esq. at The Law Office of James C. Bocott
represents the Debtor as bankruptcy counsel.
US HOLDINGS: Case Summary & 20 Largest Unsecured Creditors
----------------------------------------------------------
Debtor: US Holdings LLC
48 E 56th Avenue
Denver, CO 80216
Business Description: US Holdings LLC, operating as NavAuto1
Group,
is an auto repair and maintenance shop based in Denver, Colorado.
The company provides vehicle repair and maintenance services for
import and domestic vehicles, including oil changes, brake repair,
suspension service, wheel and tire service, diagnostics,
alignment,
catalytic converter service, and scheduled maintenance. It also
lists ADAS calibration and alignment among its services.
Chapter 11 Petition Date: July 3, 2026
Court: United States Bankruptcy Court
District of Colorado
Case No.: 26-14855
Debtor's Counsel: Issa Israel, Esq.
CONSULTUS LEGAL LTD
d/b/a ISSA ISRAEL LAW FIRM
331 14th St Ste 317
Denver, CO 80202
Tel: 720-664-6411
E-mail: help@iilawfirm.com
Estimated Assets: $100,000 to $500,000
Estimated Liabilities: $1 million to $10 million
The petition was signed by Shahnaz Emami as chief executive
officer.
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/MULJBSQ/US_HOLDINGS_LLC__cobke-26-14855__0001.0.pdf?mcid=tGE4TAMA
VENICE CAR: Hires Cole & Cole Law as Legal Counsel
--------------------------------------------------
Venice Car Wash Limited Liability Company seeks approval from the
U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division to hire Richard John Cole, III, Esq. of Cole & Cole Law,
P.A. to serve as legal counsel.
The attorney will provide these services:
(a) give legal advice with respect to the Debtor's duties and
powers in this case;
(b) assist in the investigation of the conduct, assets,
liabilities, and financial condition of the Debtor, the operation
of the Debtor's business and the desirability of the continuance of
such business, and any other matters relevant to the case as to the
formulation of a plan;
(c) participate in the formulation of a plan;
(d) assist in requesting the appointment of a trustee or examiner,
should such action become necessary; and
(e) perform such other legal services as may be required and in
the interest of the Debtor.
Richard John Cole, III. Esq. will receive an hourly rate of $500
and paralegals will an hourly rate of $120. The firm has received a
$5,762 retainer for purposes of commencing representation of the
Debtor, plus the filing fee of $1,738.
Cole & Cole Law, P.A. represents that there are no other entities
or persons represented by Cole in this case or in connection with
this case, and Cole represents no interest adverse to the Debtor.
The firm can be reached at:
Richard John Cole, III, Esq.
COLE & COLE LAW, P.A.
46 N. Washington Blvd., Suite 24
Sarasota, FL 34236
Telephone: (941) 365-4055
Facsimile: (941) 365-4219
E-mail: rc3@colecolelaw.com
About Venice Car Wash, Limited Liability Company
Venice Car Wash, Limited Liability Company sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No.
26-04742) on June 2, 2026, with $0 to $50,000 in assets and
liabilities.
Richard John Cole, III, Esq. at Cole & Cole Law, P.A. represents
the Debtor as legal counsel.
VI BRANDON: Employs David W. Steen as Legal Counsel
---------------------------------------------------
VI Brandon, LLC dba Village Inn seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to hire David
W. Steen, P.A. to serve as legal counsel.
The firm will provide these services:
(a) represent the Debtor as its general bankruptcy counsel in this
Chapter 11 case;
(b) provide legal services as may be required in connection with
the Debtor's Chapter 11 proceedings; and
(c) perform all other legal services and representation as
outlined in the Application and upon proper application to the
Court.
David W. Steen, Esq. and the Law Firm will receive compensation
based on the Firm's normal hourly rate of $650 per hour for the
services of David W. Steen, Esquire; $325 for the services of
senior paralegal/law clerk; $250 for services of paralegals; and
$175 for the services of legal assistants. Fee rates may be
increased during the course of this case.
David W. Steen, P.A. disclosed that, to the best of the Law Firm's
knowledge, (a) the Law Firm does not have any connection with the
Debtor, its affiliates, its creditors, or any other party in
interest; (b) the Law Firm's attorneys are "disinterested persons"
as that term is defined in §101(14) of the Bankruptcy Code; and
(c) the Law Firm does not hold or represent any interest adverse to
the Debtor's estate.
The firm can be reached at:
David W. Steen, Esq.
DAVID W. STEEN, P.A.
P O Box 270394
Tampa, FL 33688-0394
Telephone: (813) 251-3000
E-Mail: dwsteen@dsteenpa.com
About VI Brandon, LLC
VI Brandon, LLC is a limited liability company that operates as a
privately held business entity. The bankruptcy filing did not
disclose detailed information regarding the company's specific
operations or industry focus.
VI Brandon, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-04987) on June 10, 2026. In its
petition, the Debtor reported estimated assets of $100,001 to $1
million and estimated liabilities of $100,001 to $1 million.
Honorable Bankruptcy Judge handles the case.
The Debtor is represented by David W. Steen, Esq. of David W.
Steen, P.A.
VI LAND: Employs David W. Steen PA as Bankruptcy Counsel
--------------------------------------------------------
VI Land O Lakes, LLC dba Village Inn seeks approval from the U.S.
Bankruptcy Court for the Middle District of Florida to employ David
W. Steen, P.A. with David W. Steen, Esq. to serve as general
bankruptcy counsel.
The firm will represent the Debtor as its general bankruptcy
counsel in this Chapter 11 case.
David W. Steen, P.A. will receive compensation based on the firm's
normal hourly rate of $650 per hour for the services of David W.
Steen, Esquire; $325 for the services of senior paralegal/law
clerk; $250 for services of paralegals; and $175 for the services
of legal assistants. Fee rates may be increased during the course
of this case.
David W. Steen, P.A. is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code, according to court
filings.
The firm can be reached at:
David W. Steen, Esq.
DAVID W. STEEN, P.A.
PO Box 270394
Tampa, FL 33688-0394
Telephone: (813) 251-3000
E-Mail: dwsteen@dsteenpa.com
About VI Land O Lakes, LLC dba Village Inn
VI Land O Lakes, LLC dba Village Inn sought protection under
Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
8:26-bk-04985-LER) on June 10, 2026.
At the time of the filing, Debtor had estimated assets of between
$50,001 and $100,000 and liabilities of between $100,001 and
$500,000.
DAVID W. STEEN, P.A. is Debtor's legal counsel.
VI ZEPHYRHILLS: To Hire David W. Steen as Legal Counsel
-------------------------------------------------------
VI Zephyrhills, LLC seeks approval from the United States
Bankruptcy Court Middle District of Florida Tampa Division to hire
David W. Steen, P.A. to serve as legal counsel.
The firm will represent the Debtor as its general bankruptcy
counsel in this Chapter 11 case.
The Law Firm will receive an agreed retainer of $12,000, which
included the filing fee in the amount of $1,738. The Firm's normal
hourly rate is $650 per hour for the services of David W. Steen,
Esquire; $325 for the services of senior paralegal; $250 for
services of paralegals; and $175 for the services of legal
assistants. Fee rates may be increased during the course of this
case.
David W. Steen, P.A. is a "disinterested person" within the meaning
of Section 101(14) of the Bankruptcy Code, according to court
filings. The Law Firm does not have any connection with the Debtor,
its affiliates, its creditors, or any other party in interest and
does not hold or represent any interest adverse to the Debtor's
estate.
The firm can be reached at:
David W. Steen, Esq.
DAVID W. STEEN, P.A.
P O Box 270394
Tampa, FL 33688-0394
Telephone: (813) 251-3000
About VI Zephyrhills, LLC
VI Zephyrhills, LLC is a privately held limited liability company.
The bankruptcy petition does not provide detailed information
regarding the company's specific operations or business
activities.
VI Zephyrhills, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 26-05000) on June 10, 2026. In its
petition, the Debtor reported estimated assets ranging from
$100,001 to $1 million and estimated liabilities ranging from
$100,001 to $1 million.
Honorable Bankruptcy Judge handles the case.
The Debtor is represented by David W. Steen, Esq. of David W.
Steen, P.A.
VIVOSIM LABS: Financial Data Shortfall Delays FY2026 10-K Filing
----------------------------------------------------------------
VivoSim Labs, Inc. has filed a Form 12b-25 notifying the U.S.
Securities and Exchange Commission of a delay in filing its Annual
Report on Form 10-K for the fiscal year ended March 31, 2026.
The Company has determined that it was unable, without unreasonable
effort or expense, to file its Annual Report on Form 10-K by the
prescribed due date because it required more time to gather
necessary information for the preparation and finalization of its
financial statements and other disclosures to be included in the
Form 10-K. VivoSim Labs is working diligently to complete the Form
10-K as soon as practicable, which the Company anticipates will not
be later than the fifteenth calendar day following the prescribed
due date for the Form 10-K, or July 14, 2026.
The Company confirmed that all other periodic reports required
during the preceding 12 months have been filed and does not
anticipate any significant change in results of operations from the
corresponding period of the prior fiscal year.
About VivoSim Labs Inc.
San Diego, Calif.-based VivoSim Labs, Inc., formerly known as
Organovo Holdings, Inc., is a pharmaceutical and biotechnology
services company that is focused on providing testing of drugs and
drug candidates in three-dimensional human tissue models of liver
and intestine.
As of December 31, 2025, the Company had $6.96 million in total
assets, $2.52 million in total liabilities, and $4.44 million in
total stockholders' equity.
Somerset, New Jersey-based Rosenberg Rich Baker Berman, P.A., the
Company's auditor since 2023, issued a "going concern"
qualification in its report dated June 5, 2025, attached to the
Company's Annual Report on Form 10-K for the year ended March 31,
2025, citing that the Company has incurred recurring losses and
negative cash flows from operations and is dependent on additional
financing to fund operations. These conditions raise substantial
doubt about its ability to continue as a going concern.
WEC US HOLDINGS: $17.5BB Loan Program Credit Positive, Moody's Says
-------------------------------------------------------------------
Moody's Ratings said the $17.5 billion loan program announced by
the US Department of Energy (DOE) on June 23, 2026 is credit
positive for WEC US Holdings Inc. (Westinghouse, B1 stable) over
the longer term, though the near term impact is limited.
WEC US Holdings Inc., headquartered in Cranberry Township, PA
provides engineering, maintenance and repair services as well as
highly engineered parts and consumables to the global nuclear power
sector. The company provides engineering support to nuclear plant
operators, designs and manufactures fuel for nuclear reactors,
provides maintenance services during required and planned outages,
manufactures specialized components and parts and provides
decontamination, decommissioning, remediation and waste management
services for nuclear power plants. The company generated revenue of
about $5.3 billion during the twelve months ended March 31, 2026.
WEC23 LLC: Voluntary Chapter 11 Case Summary
--------------------------------------------
Debtor: WEC23, LLC
7454 Old Hickory Blvd
Whites Creek, TN 37189
Business Description: WEC23, LLC is a Whites Creek, Tennessee-
based company that owns titled vehicle assets, primarily Prevost
luxury motorcoaches, including X3-45, XL2, XL-45 and H3-45 models.
Chapter 11 Petition Date: June 30, 2026
Court: United States Bankruptcy Court
Middle District of Tennessee
Case No.: 26-03139
Judge: Hon. Randal S Mashburn
Debtor's Counsel: Michael G. Abelow, Esq.
SHERRARD ROE VOIGT & HARBISON, PLC
1600 West End Avenue, Suite 1750
Nashville, TN 37203
Tel: (615) 742-4532
E-mail: mabelow@srvhlaw.com
Total Assets: $16,113,004
Total Liabilities: $11,011,916
The petition was signed by Justin Ward as manager.
The Debtor has confirmed in the petition that it has no unsecured
creditors.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/CDLX5QA/WEC23_LLC__tnmbke-26-03139__0001.0.pdf?mcid=tGE4TAMA
WELCOME GROUP: Seeks Cash Collateral Access
-------------------------------------------
Welcome Group 2, LLC and affiliates ask the U.S. Bankruptcy Court
for the Southern District of Ohio for authority continue using cash
collateral and to modify and extend the existing final cash
collateral order.
The Debtors request to continue using cash collateral belonging to
RSS WFCM2019-C50 – OH WG2, LLC, successor to UBS AG and serviced
by Rialto Capital Advisors, LLC, while providing adequate
protection to the secured lender.
Welcome Group 2 owns and operates a Super 8 hotel in Zanesville,
Ohio; Hilliard Hotels owns and operates a Hampton Inn in Sidney,
Ohio; and Dayton Hotels owns and operates Hotel at Dayton South in
Dayton, Ohio. The businesses continue to operate as
debtors-in-possession under sections 1107 and 1108 of the
Bankruptcy Code, and no trustee or creditors' committee has been
appointed. The Debtors emphasize that preserving ongoing operations
is essential to maximizing value for creditors, maintaining
employment, and facilitating a successful reorganization.
Shortly after the bankruptcy filing, the Debtors sought authority
to use cash collateral, resulting in an interim order entered on
September 14, 2023, followed by a final order entered on October
31, 2023. That order authorized the use of cash collateral pursuant
to an approved operating budget and required monthly adequate
protection payments of $36,000 to the secured lender, as well as
scheduled principal and interest payments to the Small Business
Administration. Since then, the court has repeatedly extended the
order through a series of subsequent orders issued between December
2023 and March 2026, allowing the Debtors to continue operating
while pursuing reorganization.
The Debtors state that they have fully complied with every previous
cash collateral order by making all required payments to the
secured lender and the SBA. However, they now contend that the SBA
loan is entirely unsecured and therefore is no longer entitled to
adequate protection payments because the Debtors are not using any
SBA cash collateral. As a result, they ceased making SBA adequate
protection payments beginning March 16, a change that is reflected
in the revised operating budget. The proposed order therefore
modifies the prior cash collateral arrangement by eliminating those
payments while continuing the protections afforded to the primary
secured lender.
The requested relief would extend the authority to use cash
collateral through Nov. 1 pursuant to a revised budget that
reflects the Debtors' anticipated revenues, operating expenses, and
adequate protection payments. The Debtors explain that continued
access to cash collateral is indispensable for funding payroll,
utilities, maintenance, insurance, taxes, operating expenses, and
administrative costs associated with the Chapter 11 proceedings.
A copy of the motion is available at https://urlcurt.com/u?l=IkoIQj
from PacerMonitor.com.
About Welcome Group 2
LLC
Welcome Group 2, LLC sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Ohio Case No. 23-53043) on September
1, 2023. In the petition signed by Abhijit Vasani, as president,
InnVite Opco, Inc., sole member, the Debtor disclosed up to $10
million in both assets and liabilities.
Judge C. Kathryn Preston oversees the case.
Denis E. Blasius, Esq., at Thomsen Law Group, LLC, represents the
Debtor as legal counsel.
Secured lender RSS WFCM2019-C50 - OH WG2, LLC, is represented by:
Tami Hart Kirby, Esq.
Walter Reynolds, Esq.
Porter Wright Morris & Arthur LLP
One South Main Street, Suite 1600
Dayton, OH 45402-2028
Telephone: (937) 449-6721
Facsimile: (937) 449-6820
E-mail: tkirby@porterwright.com
wreynolds@porterwright.com
WELLNESS CENTER: Voluntary Chapter 11 Case Summary
--------------------------------------------------
Debtor: Wellness Center of Trinity, LLC
d/b/a The Waverly
9309 Mercy Way
New Port Richey, FL 34655
Business Description: Wellness Center of Trinity, LLC, doing
business as The Waverly, operates a Trinity,
Florida-based assisted living and memory
care facility.
Chapter 11 Petition Date: July 2, 2026
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 26-05811
Judge: Hon. Roberta A Colton
Debtor's Counsel: Scott A. Stichter, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
110 E. Madison St., Suite 200
Tampa, FL 33602
Tel: (813) 229-0144
E-mail: sstichter@srbp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Mary A. Burnard as manager.
The Debtor failed to attach a list of its 20 largest unsecured
creditors to the petition.
A full-text copy of the petition is available for free on
PacerMonitor at:
https://www.pacermonitor.com/view/HJBDB2Q/Wellness_Center_of_Trinity_LLC__flmbke-26-05811__0001.0.pdf?mcid=tGE4TAMA
WESTERN URANIUM: Four Proposals OK'd at Annual Shareholders Meeting
-------------------------------------------------------------------
Western Uranium & Vanadium Corp. has announced the results of the
Company's Annual General and Special Meeting of shareholders.
Proxy votes were cast for common shares representing approximately
43.0% of the issued and outstanding common shares of the Company as
at the record date for the Meeting. Each of the other matters put
forward before shareholders for consideration and approval at the
Meeting, as described in the Company's management information
circular dated May 19, 2026, was duly approved by the requisite
number of votes.
PROPOSAL 1: Re-Election of Directors
At the Meeting, the shareholders re-elected all of the directors
proposed by management of the Company, namely, George Glasier,
Bryan Murphy, Andrew Wilder and Michael Skutezky.
1. George E. Glasier
* Votes For: 20,634,137
* Votes Withheld: 177,137
* Broker Non-Votes: 10,118,405
2. Bryan Murphy
* Votes For: 20,419,148
* Votes Withheld: 392,126
* Broker Non-Votes: 10,118,405
3. Andrew Wilder
* Votes For: 20,418,684
* Votes Withheld: 392,590
* Broker Non-Votes: 10,118,405
4. Michael Skutezky
* Votes For: 12,051,288
* Votes Withheld: 8,759,986
* Broker Non-Votes: 10,118,405
PROPOSAL 2: Re-Appointment of Auditor
The shareholders re-appointed MNP LLP as auditor of the Company for
the ensuing year and authorized the board of the Company to fix the
remuneration of the auditors.
* Votes For: 29,697,671
* Votes Withheld: 1,232,008
* Broker Non-Votes: 0
PROPOSAL 3: Incentive Stock Option Plan
The 2023 Incentive Stock Option Plan of the Company was reapproved
at the Meeting, and must be reapproved by Western's shareholders no
later than the date that is three years from the date of the
Meeting.
* Votes For: 20,422,155
* Votes Against: 389,119
* Broker Non-Votes: 10,118,405
PROPOSAL 4: Shareholder Rights Plan
The 2023 Shareholder Rights Plan was reconfirmed and reapproved for
a period of three years and must be reapproved by Western's
shareholders at the third annual general meeting of shareholders
following the Meeting.
* Votes For: 18,054,935
* Votes Against: 2,756,339
* Broker Non-Votes: 10,118,405
Re-Appointment of Officers and Members of Board Committees
Subsequent to the Meeting, the following management re-appointments
were confirmed for the ensuing year: George Glasier, President and
Chief Executive Officer; Robert Klein, Chief Financial Officer;
Michael Rutter, Chief Operating Officer; and Denis Frawley,
Corporate Secretary.
The newly-elected Board re-appointed the following chairs: Bryan
Murphy as Chairman of the Board; Andrew Wilder as Chairman of the
Audit Committee; and Michael Skutezky as Chairman of the
Governance, Nominating and Compensation Committee. Each of the
Audit Committee Governance, and the Governance, Nominating and
Compensation Committee are comprised of three independent
directors, namely Bryan Murphy, Andrew Wilder, and Michael
Skutezky.
About Western Uranium
Western Uranium & Vanadium Corp is engaged in the business of
exploring, developing, mining and producing uranium and vanadium
resources. In addition to the flagship property located in the
prolific Uravan Mineral Belt, the production pipeline also includes
conventional projects in Colorado and Utah. The Maverick Minerals
Processing Plant and Pinon Ridge Corporation processing plants will
be licensed to include the kinetic separation process.
As of December 31, 2025, the Company had $34.44 million in total
assets, $4.14 million in total liabilities, and $30.30 million in
total stockholders' equity.
Mississauga, Canada-based MNP LLP, the Company's auditor since
2015, issued a "going concern" qualification in its report dated
April 15, 2026, attached to the Company's Annual Report on Form
10-K for the year ended December 31, 2025, citing that the Company
has incurred losses from operations and is dependent upon future
sources of equity or debt financing in order to fund its
operations, which raises substantial doubt about its ability to
continue as a going concern.
WILDWOOD PHASE: Voluntary Chapter 11 Case Summary
-------------------------------------------------
Debtor: Wildwood Phase One, LLC
Hwy. 301
Wildwood, FL 34785
Business Description: Wildwood Phase One, LLC is a single-asset
real estate entity (as defined in 11 U.S.C.
Section 101(51B)).
Chapter 11 Petition Date: July 2, 2026
Court: United States Bankruptcy Court
Middle District of Florida
Case No.: 26-02984
Judge: Hon. Jason A Burgess
Debtor's Counsel: Michael A. Wynn, Esq.
STICHTER, RIEDEL, BLAIN & POSTLER, P.A.
430 West 5th Street, Suite 400
Panama City, FL 32401-6356
Tel: 850-303-7800
E-mail: mwynn@srbp.com
Estimated Assets: $1 million to $10 million
Estimated Liabilities: $1 million to $10 million
The petition was signed by Jeffrey Diette as manager.
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/LTAE5MI/Wildwood_Phase_One_LLC__flmbke-26-02984__0001.0.pdf?mcid=tGE4TAMA
WINDMILL LAKES: Seeks to Employ Lorium PLLC as Legal Counsel
------------------------------------------------------------
Windmill Lakes V Condominium Association, Inc. seeks approval from
the U.S. Bankruptcy Court for the Southern District of Florida to
hire Robert F. Reynolds, Esq, of Lorium, PLLC d/b/a Lorium Law to
serve as legal counsel.
The firm will provide these services:
(a) prepare, on behalf of the Debtor, all necessary petitions,
schedules, amendments, applications, motions, reports and other
legal papers;
(b) advise and counsel the Debtor concerning the operation of her
business and financial affairs in compliance with Chapter 11 and
orders of the Bankruptcy Court;
(c) prosecute and defend any causes of action on behalf of Debtor
in Bankruptcy Court to the extent said actions are deemed necessary
and/or appropriate to pursue in the Bankruptcy Court and related to
these proceedings;
(d) assist in the formulation of a plan of reorganization and the
preparation of a disclosure statement and obtain confirmation of
same; and
(e) provide any other legal services as may be required by the
Court or requested by the Debtor and agreed upon by Attorney,
within the scope of Attorney's expertise.
Lorium has agreed to accept compensation for attorneys at rates of
$300-$675 an hour, with Robert F. Reynolds charging $550 an hour,
and for paralegals at rates of $75-$200 an hour.
Lorium does not have any connection with the creditors, or other
parties in interest, or their respective attorneys that would
render Lorium unable to represent the Debtor, and Lorium does not
represent any interest adverse to the Debtor. Robert F. Reynolds
and Lorium are disinterested persons as required by 11 U.S.C. Sec.
327(a), according to court filings.
The firm can be reached at:
Robert F. Reynolds, Esq.
LORIUM LAW
100 N.E. Third Avenue, Suite 700
Fort Lauderdale, FL 33301
Telephone: (954) 462-8000
Facsimile: (954) 462-4300
E-mail: rreynolds@loriumlaw.com
About Windmill Lakes V Condominium Association
Windmill Lakes V Condominium Association, Inc. sought protection
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case
No. 26-17338) on June 4, 2026, with up to $50,000 in assets and
$500,001 to $1 million in liabilities.
Robert F. Reynolds, Esq. represents the Debtor as legal counsel.
*********
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