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251215.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, December 15, 2025, Vol. 29, No. 348 Headlines 1544 MULTIFAMILY: Hires Richard G. Hall as Legal Counsel AC AVIATION: Case Summary & Four Unsecured Creditors AESCAPE INC: Involuntary Chapter 11 Case Summary AETC INC: To Sell Controlling Equity to Maximum Video for $5MM AL GCX HOLDINGS: Moody's Alters Outlook on 'Ba3' CFR to Negative ANR INSULATION: Seeks Subchapter V Bankruptcy in Arizona ANTERO MIDSTREAM: Moody's Affirms 'Ba1' CFR, Outlook Stable ANTERO MIDSTREAM: Moody's Rates New Senior Unsecured Notes 'Ba2' ANTERO RESOURCES: Moody's Alters Outlook on 'Ba1' CFR to Stable ARCHDIOCESE OF NEW ORLEANS: Officially Exits Chapter 11 Bankruptcy ARCHDIOCESE OF NEW YORK: Agrees to Mediation w/ Abuse Victims ARIZONA STATE: Seeks to Hire Sonoran Capital as Financial Advisor ARTERA SERVICES: S&P Downgrades ICR to 'CCC+', Outlook Negative ASURION LLC: Moody's Rates New $1.2BB Senior Secured Notes 'Ba3' ATHERTON TRAIL: Seeks Approval to Hire Marc Voisenat as Attorney ATLAS OPCO: Moody's Assigns 'Caa1' CFR, Outlook Stable AZUL SA: Judge to Approve Opt-Out Releases in Chapter 11 BALCAN INNOVATIONS: Moody's Cuts CFR to Caa1, Outlook Negative BEAN BROTHERS: Seeks to Hire Iron Horse Auction as Auctioneer BEAN BROTHERS: Seeks to Hire Iron Horse Auction as Auctioneer BEAR'S FRUIT: Court Extends Cash Collateral Access to Jan. 9 BELLARMINE UNIVERSITY: Moody's Lowers Issuer & Bond Ratings to B2 BELLEROSE TERRACE: Taps Freudenheim Partners as Real Estate Brokers BEYOND STONE: Seeks Subchapter V Bankruptcy in Arizona BHOWMICK LIQUOR: Gets OK to Use Cash Collateral Until Feb. 6 BLACKBEARD'S TRIPLE: Case Summary & 17 Unsecured Creditors BLACKSTONE MORTGAGE: Fitch Affirms BB- LongTerm IDR, Outlook Stable BLUE GALLERIA: U.S. Trustee Unable to Appoint Committee BOKQUA LLC: Seeks to Tap Atlas Real Estate as Property Manager BRANDHOOT LLC: Gets Final OK to Use Cash Collateral BREWER MACHINE: Hires Keller Williams as Real Estate Broker CAMPBELL REALTY: To Hire Wesler & Associates CPA PC as Accountant CANDYWAREHOUSE.COM: Gets OK to Tap Financial Planning as Accountant CASTILLO GRAND: U.S. Trustee Unable to Appoint Committee CBA HOME: Case Summary & One Unsecured Creditor CCC INTELLIGENT: Moody's Alters Outlook on 'B1' CFR to Stable CHOICE ELECTRIC: Gets Interim OK to Use Cash Collateral CHOICE ELECTRIC: Seeks to Tap Michael Best & Friedrich as Counsel CITY BREWING: S&P Upgrades ICR to 'CCC+' on Improved Liquidity CNY SEALCOATING: Case Summary & 20 Largest Unsecured Creditors COBRA TIRE: Hires Mesch Clark Rothschild as Attorneys COBRA TIRE: Hires Villanueva & Company P.C. as Accountant COBRA TIRE: Seeks Chapter 11 Bankruptcy in Arizona CONSTANT CONTACT: Moody's Affirms 'B3' CFR, Outlook Remains Stable COREWEAVE INC: Fitch Rates New Unsec. Notes Due 2031 'BB-' CRYSTAL HOSPITALITY: Case Summary & Nine Unsecured Creditors D & B PHARMACY: To Sell Pharmacy Assets to Swarinjit Singh DAN LEPORE & SONS: U.S. Trustee Unable to Appoint Committee DIGITAL MEDIA: Section 341(a) Meeting of Creditors on January 8 DORAL ACADEMY: Moody's Ups Rating on 2021A Revenue Bonds from Ba1 EDEN ON BRAND: June 8 Governmental Claims Bar Date ELDER'S GRINDING: Seeks to Hire Iron Horse Auction as Auctioneer ENCORE ACQUISITIONS: Seeks Chapter 11 Bankruptcy in California ENERSYS: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable ENVELOPE 1 INC: Taps Susan D. Lasky as Legal Counsel EPIC CRUDE: Moody's Withdraws 'Ba2' CFR on Debt Extinguishment EPIPHANY INVESTMENTS: Taps McCardell Law Firm as Legal Counsel EXCLUSIVE OPTICAL: Seeks to Hire Alla Kachan P.C. as Counsel EXCLUSIVE OPTICAL: Seeks to Hire Estelle Miller as Accountant EXPERT INC: Seeks Approval to Tap Ford & Semach as Legal Counsel FALLS OF BRAEBURN: Gets Extension to Access Cash Collateral FALLS OF BRAEBURN: Seeks to Hire Newmark as Real Estate Broker FIRST BRANDS: Wants to Access $250MM Amid Falling DIP Loans FISHER'S FUEL: Seeks Subchapter V Bankruptcy in Alaska FLAMINGO SEPTIC: Gets Interim OK to Use Cash Collateral FLINZ HOLDINGS: Hires Carothers & Hauswirth as Bankruptcy Counsel FLINZ HOLDINGS: Seeks to Hire Ascend Business as Financial Advisor FORGENT INTERMEDIATE: Moody's Assigns 'B2' CFR, Outlook Stable FP HOUSTON: Taps Ritter Spencer Cheng PLLC as Counsel FRED RAU: Cash Collateral Hearing Set for Jan. 7 FREE SPEECH: Court Affirms Reduced Lawyer Suspension FREEDOM ELECTRIC: Hires Ivey McClellan Siegmund as Legal Counsel FUTURE PRESENT: Taps Tarter Krinsky & Drogin as Substitute Counsel G2 TECHNOLOGIES: Hires Buckmiller & Frost as Legal Counsel GAI AIR: Seeks to Hire Quinn & Associates LLC as Financial Advisor GLOBAL BANK: Moody's Affirms 'Ba1' Deposit Ratings, Outlook Stable GLOBAL BUSINESS: Seeks Chapter 7 Bankruptcy in California GLOBAL CONCESSIONS: To Sell Sojourner's Assets to Phoenix Partners GOLD TREE: Section 341(a) Meeting of Creditors on January 5 GRDN HOSPITALITY: Gets Interim OK to Use Cash Collateral GREENWICH RETAIL: Court Extends Cash Collateral Access to Jan. 6 GROUP STONE: Seeks to Hire Genesis Firm LLC as Accountant GST INC: Seeks Chapter 11 Bankruptcy in Delaware GST INC: Voluntary Chapter 11 Case Summary HIDDEN HILLS: Seeks Chapter 7 Bankruptcy in California HILLMAN SOLUTIONS: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable HOTEL ONE: Seeks to Sell Hotel Business at Auction HOWARD'S APPLIANCES: Seeks Chapter 11 Bankruptcy in California J&R VACUUM: Seeks to Hire CGA Law Firm as Bankruptcy Counsel J. PATRICK LEE: Voluntary Chapter 11 Case Summary J.A. CARRILLO: Case Summary & 10 Unsecured Creditors J2KE INC: Court OKs Stephenville Property Sale to Triple Shot JAGUAR HEALTH: Proposals OK'd at Special Shareholders Meeting JJTA11 REAL: U.S. Trustee Unable to Appoint Committee JJTA13 REAL: U.S. Trustee Unable to Appoint Committee JRCP RESTAURANTS: Hires Kean Miller LLP as Bankruptcy Counsel JTA SPRINGS: Gets Final OK to Use Cash Collateral JTA1 REAL: Gets Final Approval to Use Cash Collateral JTA1 REAL: U.S. Trustee Unable to Appoint Committee JTA4 REAL: Gets Final OK to Use Cash Collateral JTA4 REAL: U.S. Trustee Unable to Appoint Committee JUMPIN JAMMERZ: Seeks Chapter 11 Bankruptcy in Arizona KEG RESTAURANTS: DBRS Assigns 'B(high)' Issuer Rating KID TO KID 1: Seeks Chapter 11 Bankruptcy in Arkansas KOMI INC: Seeks to Hire Commencement Bay Brokers as Estate Broker KRUGER PACKAGING: DBRS Assigns 'BB(high)' Credit Rating KULANA HALE: Gets Interim OK to Use Cash Collateral KUSTOM PARTNER: Seeks Subchapter V Bankruptcy in California LDM LLC: Case Summary & 20 Largest Unsecured Creditors LENMAR ROBERTSON: Seeks Chapter 11 Bankruptcy in California LESLIE WESSINGER: Gets Final OK to Use Cash Collateral LIGADO NETWORKS: Taps Munger Tolles & Olson LLP as Special Counsel LIMA DEVELOPMENT: Case Summary & Seven Unsecured Creditors LIMA DEVELOPMENT: Seeks Chapter 11 Bankruptcy in California LUCKY BUCKS: Shareholder Move to Exit $240MM Chapter 7 Suit M.K. WEEDEN: Case Summary & 20 Largest Unsecured Creditors MADISON MEMORIAL: S&P Affirms 'BB+' Rating on 2016 Rev. Ref. Bonds MARINER WEALTH: Moody's Cuts Rating on Secured 1st Lien Debt to B1 MARRS CONSTRUCTION: Court Extends Use of Cash Collateral MAYFAIR-HABITAT GROUP: Taps Erika L. Finley as Real Estate Counsel MDA SPACE: DBRS Assigns 'BB(high)' Issuer Rating MEDLINE HOLDINGS: Fitch Keeps 'BB-' Rating on Watch Positive MILLSIDE PLAZA: Hires David Goldwasser of FIA Capital as CRO MIM LANDSCAPE: Seeks to Hire Preeti Gupta as Legal Counsel MISS AMERICA: Judge Wants to Probe Alleged Fake Documents MODIVCARE INC: Faces Committee Pushback on Ch. 11 Plan Approval MODIVCARE INC: Secures Court Approval for Chapter 11 Debt Swap MONARCH BAY: City's Plan Has 100% for Unsecured Creditors MONROE OPERATING: Gets Interim OK to Use Cash Collateral MY GEORGIA PLUMBER: Hires Jones & Walden LLC as Bankruptcy Counsel N & S HOSPITALITY: Gets OK to Employ Paul Hacker as Legal Counsel NASITRA LLC: Gets Extension to Access Cash Collateral NEOVIA LOGISTICS: Moody's Alters Outlook on 'Caa1' CFR to Positive NEW LOOK: T. Rowe Price Marks $1.1MM 1L Loan at 28% Off NEXTGEN SLEEP: Seeks to Tap Blackwood Law Firm as Legal Counsel NEXTGEN SLEEP: Seeks to Tap Hammond Law Firm as Bankruptcy Counsel NONA GOURMET: Employs Law Office of Nina Aritonova as Counsel NORCOLD LLC: Bid Rules for Refrigeration Products Biz Sale OK'd OBSIDIAN ENERGY: DBRS Assigns 'B(high)' Credit Rating ORANGE COURIER: Seeks to Tap The Bensamochan Law Firm as Counsel ORFEDOR INC: Seeks Chapter 11 Bankruptcy in California ORFEDOR INC: Voluntary Chapter 11 Case Summary OROVILLE HOSPITAL: Gets Interim Court OK for $16MM DIP Loan OWENS & MINOR: Moody's Cuts CFR to 'B2', Outlook Negative OZLM XXI: Moody's Affirms Ba3 Rating on $22.5MM Class D Notes PAP-R PRODUCTS: Seeks to Tap Schneider Industries as Auctioneer PCAP HOLDINGS: Seeks Ch.11 Bankruptcy w/ Okay from Equity Holders PECF USS: S&P Lowers ICR to 'D' From on Missed Interest Payments PHILLIPS ACRES: Court Extends Cash Collateral Access to Dec. 31 PINSEEKERS DEFOREST: To Sell Golf Accessory Biz to Golf DeForest PLENARY JUSTICE: Moody's Cuts Rating on Senior Secured Notes to Ba1 PORT ELIZABETH: Hires Scopelitis Garvin Light as Special Counsel PORT ELIZABETH: Taps Cambridge Financial as Financial Advisor POSIGEN PBC: Hire Kroll Restructuring as Claims and Noticing Agent PRECISION DRILLING: S&P Upgrades ICR to 'BB-', Outlook Stable PRINCE LAND: Seeks to Hire RVG & Company as Accountant PRINCE LAND: Seeks to Hire RVGA Audit as Accountant PROSPECT MEDICAL: Secures Court OK for Chapter 11 Plan PROVIDENT FUNDING: Fitch Alters Outlook on 'B' IDR to Positive PUBLIC PREPARATORY: S&P Downgrades ICR to 'CCC+', Outlook Negative PUREATY MED: Hires Ballstaedt Law Firm as Legal Counsel PYRAMID CONCRETE: Seeks Approval to Hire Russell Hayes as Counsel QUALITY LIVING PROPERTY: Seeks Chapter 11 Bankruptcy in Arkansas QUIRCH FOODS: S&P Withdraws 'B-' Issuer Credit Rating RECREATION DISCOUNT: Hires Madoff & Khoury as Bankruptcy Counsel RELLIS CAMPUS: Seeks to Hire Okin Adams Bartlett as Legal Counsel RK PARISI: Seeks Approval to Hire Amann Burnett as Legal Counsel ROCK REGIONAL: Seeks Chapter 11 Bankruptcy in Kansas RP CAPITAL: Voluntary Chapter 11 Case Summary RT 1 CHICKEN: Gets Interim OK to Use Cash Collateral Until Jan. 7 RUNITONETIME LLC: Pursues $11.5MM in Rent Relief Settlement RXBENEFITS INC: S&P Rates New $80MM Revolving Credit Facility 'B' SAI BHOLE-NATH: Gets Interim OK to Use Cash Collateral SAVI CONSTRUCTION: Taps Law Offices of Young Wooldridge as Counsel SECURITY TRANSPORT: Hires Herge McMahon & Schimmel as Accountant SOLCIUM SOLAR: Seeks to Tap Scott W. Spradley as Bankruptcy Counsel SONARSOURCE FINANCING: Moody's Assigns First Time 'B2' CFR SOUTHERN GOURMET: Gets Final OK to Use Cash Collateral SPEAR SECURITY: Cash Collateral Hearing Set for Dec. 16 SPIRIT AEROSYSTEMS: Completes Merger with Boeing Unit SPIRIT AVIATION: Hires David Klauder as Independent Fee Examiner STROMA MEDICAL: Seeks Subchapter V Bankruptcy in Delaware SUPERIOR INDUSTRIES: S&P Downgrades ICR to 'SD' on Debt Exchange TAP-TEE REALTY: Hires Joshua R. Bronstein & Associates as Counsel TC SIGNATURE: T. Rowe Price Marks $1.5MM 1L Loan at 67% Off TERRA COTTAGE: Seeks Approval to Tap J. Zac Christman as Counsel TOWNSQUARE MEDIA: Moody's Cuts CFR to 'B3', Outlook Stable TPI COMPOSITES: Creditors, Oaktree Strike Deal to End Uptier Suit TRADE WINDS: Seeks Chapter 11 Bankruptcy in California TRANSATLANTIC BRIDGE: Ct. Denies Motion to Sell Mount Dora Property TREEHOUSE DEVELOPMENT: Seek to Tap Bleakley Bavol Denman as Counsel TRIAD AERO: Hires Behar Gutt & Glazer PA as Bankruptcy Counsel URBAN ONE: Inks Supplemental Indenture with 2028 Noteholders VENTURE GLOBAL: Moody's Rates New $2BB Senior Secured Bonds 'Ba2' VIRTUSA HOLDCO: Moody's Affirms 'B2' CFR, Outlook Stable VOYAGEUR ACADEMY: S&P Affirms 'B+' LT Rating on 2011 Revenue Bond VYVVE LLC: Trustee Seeks to Hire Jones Walker LLP as Legal Counsel W&J SUBSHOPS: Seeks to Hire Michael Jay Berger as Legal Counsel WEEKLEY HOMES: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable WOODCREST CONDOMINIUMS: Taps Morris Palerm as Legal Counsel YALDA REAL: Employs Larry A. Vick as Legal Counsel YERUSHA LLC: Taps Beals Group at EXIT Strategy Realty as Broker ZEEM CAPITAL: Hires McCardell Law Firm as Legal Counsel ZEKELMAN INDUSTRIES: S&P Alters Outlook to Neg., Affirms 'BB+' ICR ********* 1544 MULTIFAMILY: Hires Richard G. Hall as Legal Counsel -------------------------------------------------------- 1544 Multifamily, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Richard G. Hall, a professional practicing law, to serve as legal counsel. Mr. Hall will provide these services: (a) advise and consult with the Applicant 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 Applicant'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. (e) prepare and file a Plan and a Disclosure Statement and to obtain the confirmation and completion of a Plan of reorganization, and to prepare a Final Report and a Final Accounting. Mr. Hall will receive an hourly rate of $675 for attorney time and $250 for para-professionals. Mr. Hall received a retainer in the amount of $15,000. Richard G. Hall is a "disinterested person" within the meaning of 11 U.S.C. Section 101(13), according to court filings. The firm can be reached at: Richard G. Hall, Esq. 601 King Street, Suite 301 Alexandria, VA 22314 Telephone: (703) 256-7159 E-mail: richard.hall33@verizon.net About 1544 Multifamily LLC 1544 Multifamily LLC is a single asset real estate company. 1544 Multifamily LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00561) on December 3, 2025. In its petition, the Debtor reports estimated assets of $10 millionâ€“$50 million and estimated liabilities of $10 millionâ€“$50 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Richard G. Hall, Esq. AC AVIATION: Case Summary & Four Unsecured Creditors ---------------------------------------------------- Debtor: AC Aviation 767 Fifth Avenue 37th Floor New York NY 10153 Business Description: AC Aviation LLC provides private aircraft charter services. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-74763 Judge: Hon. Sheryl P Giugliano Debtor's Counsel: Sanford P. Rosen, Esq. ROSEN & ASSOCIATES, P.C. P.O. Box 1274 Shelter Island Heights NY 11965 Tel: (212) 223-1100 Email: srosen@rosenpc.com Total Assets as of October 31, 2025: $10,815,226 Total Debts as of October 31, 2025: $9,898,861 The petition was signed by Charles Tebele as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P27SABQ/AC_Aviation__nyebke-25-74763__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Four Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Executive Fliteways Trade Debt $1,071,992 2221 Smithtown Avenue Ronkonkoma, NY 11779 Rob Sherry Phone: (631) 588-54654 Email: rob@fly-eli.com 2. Dickinson Wright PLLC Professional $99,030 55 West Monroe Street Services Suite 1200 Chicago, IL 60603 Paul A. DelAguila Phone: (312) 377-7862 Email: pdelaguila@dickinsonwright.com 3. Rolls-Royce Corporation Trade Debt $82,088 Ltd. & Co. KG CorporateCare Admin. Eschenweg 11 15827 Blankenfelde-Mahlow Germany Gail Baker Phone: 0044(0) 7760164691 Email: Gail.baker@rolls-royce.com Rolls-Royce Corporation 450 South Meridian Street Indianapolis, IN 46225 4. Assured Partners Aerospace LLC Trade Debt $42,300 4582 S Ulster Street Ste 600 Denver, CO 80237 Adam Johnson Phone: (303) 526-5300 Email: adam.johnson@assuredpartners.com AESCAPE INC: Involuntary Chapter 11 Case Summary ------------------------------------------------ Alleged Debtor: Aescape, Inc. 581 6th Ave 5th Floor New York NY 10011 Business Description: Aescape Inc. develops and commercializes AI- powered robotic massage systems, providing technology-driven wellness solutions for partner locations across the United States. The Company installs its systems in hotels, fitness centers, and spa operators, allowing customers to book personalized robotic massage sessions with adjustable pressure, focus, and duration. Founded in 2017 by Eric Litman, Aescape combines robotics and artificial intelligence with wellness services. Involuntary Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12775 Judge: Hon. Michael E Wiles Petitioners' Counsel: Eric Chafetz, Esq. LOWENSTEIN SANDLER LLP 1251 Avenue of the Americas New York, NY 10020 Tel: (646) 414-6886 Email: EChafetz@lowenstein.com A full-text copy of the Involuntary Petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OVXI2PQ/Aescape_Inc__nysbke-25-12775__0001.0.pdf?mcid=tGE4TAMA Alleged creditors who signed the petition: Petitioner Nature of Claim Claim Amount Viola Gurvits $33,496 88 Regent Street, #2806 Jersey City NJ 07302 Moeller NGCG Holdings II, LLC $1,115,798 7 Giralda Farms Madison NJ 07940 Roberto Figueroa $112,886 2608 NW 92nd Street Seattle WA 98117 Vasanth Williams $56,617 17 Ave At Port Imperial Apt 1102 West New York NJ 07093 The petitioners' claims all arise from convertible promissory notes. AETC INC: To Sell Controlling Equity to Maximum Video for $5MM -------------------------------------------------------------- AETC Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell controlling equity, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to issue and sell a controlling equity stake representing 62.3% of the Debtor to Maximum Video Productions LLC outside the ordinary course of business. The Debtor urgently seeks approval of an arm's-length equity investment by MVP that will provide immediate liquidity to pay in full the mortgage debt owed to Renasant and to release liens against the Secured Properties. Renasant holds a mortgage lien and security interest encumbering the Secured Properties commonly known as: (i) 1445 Cleveland Avenue, East Point, Georgia 30344; (ii) 1453 East Cleveland Avenue, East Point, Georgia 30344; and (iii) 2735 Harris Street, East Point, Georgia 30344. The Debtor has negotiated an equity investment with MVP whereby the Debtor will issue to MVP newly created equity interests representing 62.3% of the Debtor on a fully diluted basis at closing in exchange for a cash purchase price. From the Purchase Price, the Debtor proposes to pay in full the outstanding indebtedness owed to Renasant under its mortgage loans secured by the Secured Properties, including all principal, accrued and accruing interest, default interest, fees, costs, expenses, and other amounts through the payoff date. The Equity Sale is expressly contingent upon the bankruptcy proceedings and Court approval. The Debtor does not presently anticipate objections from other creditors or parties in interest. The purchase price is $5,000,000, funded at closing. The Debtor and MVP have negotiated in good faith and at arm’s length and will request a good-faith. In the exercise of its business judgment, the Debtor does not presently seek formal bidding procedures; however, if the Court prefers an overbid process, the Debtor will confer with the U.S. Trustee and key constituencies and submit short-form procedures for approval on an expedited basis. Contemporaneously with filing, the Debtor is seeking an expedited hearing and shortened objection deadline. The Debtor will promptly serve this Motion and any notice of hearing as described above and respectfully submits that such notice satisfies Bankruptcy Rules 2002 and 6004 and applicable local rules given the exigent circumstances. About AETC Inc. AETC, Inc. owns and manages commercial real estate located at 1445 and 1453 Cleveland Avenue in East Point, in East Point, Georgia, with an estimated fair market value of $6.9 million. AETC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Ge. Case No.: 25-62865) on November 4, 2025. In the petition filed by Shawnalea Garvin as chief executive officer, the Debtor disclosed total assets of $6,900,000 and total liabilities of $4,257,767. Judge Jonathan W. Jordan presides over the case. Sims W. Gordon, Jr. at The Gordon Law Firm PC, represents the Debtor as legal counsel. AL GCX HOLDINGS: Moody's Alters Outlook on 'Ba3' CFR to Negative ---------------------------------------------------------------- Moody's Ratings changed the rating outlook of AL GCX Holdings, LLC (AL GCX) to negative from stable, and concurrently assigned a Ba3 rating to the company's proposed $1.175 billion senior secured term loan. Moody's also affirmed AL GCX's Ba3 Corporate Family Rating, Ba3-PD Probability of default rating and the Ba3 rating on the existing senior secured term loan. The proceeds from the new term loan will be used to repay and terminate the existing term loan, pay a significant dividend to the company's equity sponsor, finance the remaining capital expenditures associated with the Gulf Coast Express (GCX) pipeline expansion project, and pay transaction fees. Moody's will withdraw Moody's ratings on the existing term loan shortly after the loan has been repaid. "The outlook was revised to negative reflecting AL GCX's weakened credit metrics at the Ba3 CFR level following the recapitalization," said Sajjad Alam, Moody's Ratings Vice President. "The company will operate with sharply higher debt levels and face elevated financial and execution risks until leverage is reduced to a more sustainable level." RATINGS RATIONALE AL GCX's debt and leverage will jump substantially following the proposed transaction which is captured in the negative outlook. While the company will have an improved maturity profile and higher cash flow following the pipeline expansion in mid-2026, the pipeline and its cash distributions will be required to support a substantially higher debt load at the holding company level following the recapitalization. Additionally, the large debt-funded sponsor distribution reflects more aggressive financial policies to tolerate a higher level of financial leverage. This all occurs while the tenor of original shipper contracts is decreasing and the company will have diminished interest coverage in a volatile interest rate environment. AL GCX's Ba3 CFR is supported by its highly predictable cash flow from the GCX pipeline that moves growing Permian Basin gas production to higher-value Gulf Coast markets; 100% take-or-pay contracts for the transported volumes with a weighted average remaining contract life of about 5 years (including contracts for expansion capacity); blue-chip and diversified customer base; and shared ownership with Kinder Morgan, Inc. (Baa2 positive), a strategically aligned partner that is also a key shipper on the pipeline having extensive industry and market expertise. The pipeline is presently undergoing a substantial expansion that is expected to increase AL GCX's cash flow by approximately 25%. This development will also improve the overall credit quality of its customer base and lengthen the average remaining contract duration, as the incremental volumes are supported by 10-year take-or-pay agreements. AL GCX through its 41% ownership of GCX, has strong governance rights over key decisions involving the pipeline, including distribution policy, debt incurrence, growth spending and amendments to the LLC agreement. The credit profile is restrained by AL GCX's high financial leverage, especially following the proposed recapitalization, single asset concentration, relatively small scale in terms of earnings and cash flow, and minority and non-operated ownership interest. Moody's expects leverage to improve gradually mainly through the excess cash flow sweep requirements outlined in the term loan agreement. Moody's incorporated Moody's Minority Holding Companies Methodology as a secondary methodology into Moody's analysis of AL GCX. AL GCX should maintain adequate liquidity following the proposed refinancing. Consistent with historical trends, Moody's anticipates that the holding company will obtain its proportionate share of cash distributions from GCX, which will be allocated toward meeting interest obligations and scheduled principal amortizations. The company plans to set aside a portion of the term loan proceeds to a reserve account designated for funding its share of the remaining capital expenditures related to the pipeline expansion. The company will not have any revolving credit facility. The term loan's cash flow sweep requirements will help amortize the principal balance over time until net leverage falls below 5x. Any remaining cash after the required cash flow sweeps will likely be distributed to the sponsor. The proposed term loan is rated Ba3, consistent with the Ba3 CFR, reflecting its singular position in the company's capital structure. The new term loan will be secured by all assets, including the borrower's existing and future membership interests in the GCX pipeline, general intangibles, hedging agreements (if any), and deposit and securities accounts, including the available cash account. Marketing terms for the new term loan (final terms may differ) include the following: Incremental free and clear pari passu debt capacity up to the greater of (i) $125 million and (ii) 100% Proportionately Consolidated EBITDA subject to 1.1x debt service coverage ratio. The borrower may use any part of the available incremental amount to issue or incur incremental equivalent debt that are secured or unsecured loans, mezzanine debt, public or private notes, or bridge financing (secured or unsecured), in an amount—combined with incremental term loans—not exceeding the current available incremental amount, and subject to intercreditor agreements. The credit agreement will also permit one or more letter of credit facilities aggregating up to $45 million, provided that the incremental LC Facility shall be secured by the same collateral that secures the Term Facility on a pari passu basis, or shall be junior or unsecured. The term loan agreement prohibits the designation of unrestricted subsidiaries, preventing collateral leakage to such subsidiaries. There are limitations on up-tiering transactions, requiring the lender group's consent for amendments that subordinate the term loan. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS A rating upgrade could be considered if debt/EBITDA declines towards 5x with FFO/debt sustained above 15% alongside a strong contractual position. Moody's would also look for the company to sustain the (FFO + Interest)/Interest above 3.5x and achieve its planned cash flow growth before considering an upgrade. A downgrade could occur should AL GCX's debt/EBITDA remains above 7x or (FFO + Interest)/Interest remains below 2x. As the pipeline approaches the expiration of its initial shipper contracts, a downgrade could also occur if there are concerns for the prospects of recontracting the pipeline at favorable rates and company debt levels are not adjusted to maintain leverage at levels consistent with the rating. AL GCX Holdings, LLC is an ArcLight backed holding company that has a 41% non-operated ownership interest in the Gulf Coast Express natural gas pipeline in Texas. The principal methodology used in these ratings was Natural Gas Pipelines published in April 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. ANR INSULATION: Seeks Subchapter V Bankruptcy in Arizona -------------------------------------------------------- On December 7, 2025, ANR Insulation, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About ANR Insulation ANR Insulation, LLC, doing business as King Insulation, provides thermal and sound insulation materials and services for residential, commercial, and industrial properties in Arizona. Since 1981, the Company has supplied insulation solutions that comply with local building codes and energy efficiency standards, serving homeowners, contractors, property managers, developers, and business owners across the state. Its offerings include installation and re-insulation for projects ranging from small residential additions to large commercial warehouses. ANR Insulation, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11784) on December 7, 2025. 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 Brenda K. Martin handles the case. The Debtor is represented by Andrew Haynes, Esq. of Osborn Maledon, PA. ANTERO MIDSTREAM: Moody's Affirms 'Ba1' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings affirmed Antero Midstream Partners LP's (AM) Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating, and its Ba2 backed senior unsecured notes rating. The SGL-2 Speculative Grade Liquidity Rating (SGL) remains unchanged. The outlook is stable. The affirmation follows AM's announcement that it will acquire, along with Antero Resources Corporation (AR, Ba1 stable), Appalachian integrated natural gas producer HG Energy II, LLC (HG) in an all-cash $3.9 billion transaction. HG's assets are proximate to AM's and AR's and provide a good strategic fit, though Moody's views the transaction as fully valued. AM is acquiring HG's midstream assets for $1.1 billion while AR will purchase HG's upstream operations for about $2.8 billion. AM intends to fund its acquisition through a combination of debt and proceeds from the sale of its Ohio Utica assets. RATINGS RATIONALE AM's Ba1 CFR is supported by its growing earnings base, declining financial leverage, and predominantly fee-based long-term contracted revenue from its primary customer, AR. Although the acquisition will be moderately leveraging for AM, pro forma debt/EBITDA remains within the range of Moody's expectations for the rating. Good free cash flow generation should enable the company to expeditiously return leverage to pre-acquisition levels. AM's credit profile is constrained by its geographic concentration in Appalachia; high reliance on a single counterparty for its natural gas and water volumes; exposure to volumetric risks through mostly acreage dedication contracts; and indirect exposure to volatile natural gas prices which ultimately dictate upstream drilling and production levels. Antero Midstream's senior unsecured notes are rated Ba2, one notch below the Ba1 CFR, reflecting the significant size of AM's secured revolving credit facility, which has an all-asset pledge and a priority-claim over the notes. The company should have good liquidity through mid-2027 which is captured in the SGL-2 rating. AM currently has approximately $900 million available under its $1.25 billion committed revolver. With good cash flow generation – pro forma retained cash flow in 2026 will approach $600 million – and manageable reinvestment needs, the company will have the ability to repay revolver borrowings and return debt/EBITDA to its stated long-term target of 3x or lower in the near term, even while continuing to repurchase its shares. The company should have ample compliance cushion under the three financial covenants governing the credit agreement, including a senior secured leverage covenant no more than 3.75x, a total leverage covenant no more than 5x and an interest coverage covenant of at least 2.5x. AM's next maturity will be its $650 million notes issue due in 2028. AM's stable outlook reflects Moody's expectations that the company will continue to generate solid free cash flow and operate within its long-term debt/EBITDA target of 3x or less. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS In order for AM to be upgraded to investment-grade, its primary counterparty AR would have to be upgraded to Baa3, and the company would have to strengthen its business profile by expanding its geographic footprint and/or customer diversification, and continue to grow its EBITDA while maintaining low financial leverage. Moody's would consider a downgrade of AM's ratings if debt/EBITDA rises above 3.5x or if AR's CFR is downgraded below Ba1, its current level. Antero Midstream Partners LP is a wholly owned subsidiary of Antero Midstream Corporation (AMC), a midstream energy company based in Denver, Colorado. AMC owns and operates an integrated system of natural gas gathering pipelines, compression stations, processing and fractionation plants, and water handling and treatment assets in northwest West Virginia and southern Ohio. The principal methodology used in these ratings was Midstream Energy published in October 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. ANTERO MIDSTREAM: Moody's Rates New Senior Unsecured Notes 'Ba2' ---------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Antero Midstream Partners LP's (AM) proposed senior unsecured notes. AM's existing ratings, including its Ba1 Corporate Family Rating, Ba1-PD Probability of Defaulting Rating and Ba2 senior unsecured notes ratings, and stable outlook remain unchanged. AM will use net proceeds from its proposed notes to fund a portion of its acquisition of midstream assets from HG Energy II, LLC (HG) for $1.1 billion. The notes are expected to require mandatory redemption at par if the acquisition does not close within a given timeframe. RATINGS RATIONALE AM senior unsecured notes are rated Ba2, one notch below the Ba1 CFR, reflecting the significant size of AM's secured revolving credit facility, which has an all-asset pledge and priority-claim over the notes. AM's Ba1 CFR is supported by its growing earnings base, declining financial leverage, and predominantly fee-based long-term contracted revenue from its primary customer, Antero Resources Corporation (AR, Ba1 stable). Although the acquisition will be moderately leveraging for AM, pro forma debt/EBITDA remains within the range of Moody's expectations for the rating. Good free cash flow generation should enable the company to expeditiously return leverage to pre-acquisition levels. AM's credit profile is constrained by its geographic concentration in Appalachia; high reliance on a single counterparty for its natural gas and water volumes; exposure to volumetric risks through mostly acreage dedication contracts; and indirect exposure to volatile natural gas prices which ultimately dictate upstream drilling and production levels. AM's stable outlook reflects Moody's expectations that the company will continue to generate solid free cash flow and operate within its long-term debt/EBITDA target of 3x or less. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING In order for AM to be upgraded to investment-grade, its primary counterparty AR would have to be upgraded to Baa3, and the company would have to strengthen its business profile by expanding its geographic footprint and/or customer diversification, and continue to grow its EBITDA while maintaining low financial leverage. Moody's would consider a downgrade of AM's ratings if debt/EBITDA rises above 3.5x or if AR's CFR is downgraded below Ba1, its current level. Antero Midstream Partners LP is a wholly owned subsidiary of Antero Midstream Corporation (AMC), a midstream energy company based in Denver, Colorado. AMC owns and operates an integrated system of natural gas gathering pipelines, compression stations, processing and fractionation plants, and water handling and treatment assets in northwest West Virginia and southern Ohio. The principal methodology used in this rating was Midstream Energy published in October 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. ANTERO RESOURCES: Moody's Alters Outlook on 'Ba1' CFR to Stable --------------------------------------------------------------- Moody's Ratings changed Antero Resources Corporation's (AR) rating outlook to stable from positive and concurrently affirmed the company's Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating and Ba1 senior unsecured notes rating. AR's SGL-1 Speculative Grade Liquidity rating was unchanged. The outlook revision follows AR's agreement to acquire Appalachian integrated natural gas producer HG Energy II, LLC (HG) in an all-cash $3.9 billion transaction. HG's assets are proximate to AR's and provide a good strategic fit, though Moody's views the transaction as fully valued. AR is undertaking the purchase in conjunction with Antero Midstream Partners, LP (AM, Ba1 stable); AR will acquire HG's upstream operations for about $2.8 billion (including liabilities related to assuming HG's hedge positions) while AM will buy HG's midstream assets for $1.1 billion. The company expects to fund the acquisition with free cash flow, a $1.5 billion term loan, proceeds from the sale of its Utica assets, and/or borrowings under its revolving credit facility. RATINGS RATIONALE The stable outlook reflects the leveraging nature of the HG acquisition and the execution risk related to the integration of HG's operations and achieving targeted synergies and returns on investment. AR's debt levels will rise substantially, causing pro forma retained cash flow (RCF) to debt will drop to between 35% and 40%. While the company expects to rapidly repay debt – supported in part by favorable natural gas price hedging – the pace of debt reduction relies on AR's ability to substantially improve HG's operations in the near term. Although more than half of AR's pro forma 2026 production will be hedged at favorable natural gas prices, exposure of the unhedged portion presents an additional risk to the company's plan. Moody's expects the company will delever expeditiously, consistent with its recent history and stated financial policy, however Moody's assumptions is that the pace of debt repayment will be such that its credit metrics are unlikely to approach investment grade levels in 2026. AR's Ba1 CFR reflects its debt reduction and lower leverage prior to the proposed acquisition; enhanced operating and drilling efficiency that should support production with lower levels of capital; and consistently conservative financial policies in recent years, which have improved the company's capacity to endure industry volatility. The ratings are supported by AR's substantial natural gas production in the Appalachia region – which will be bolstered by the addition of HG's operations, considerable NGL production that offers commodity diversification and enhances profit margins, and its capability to sell gas in higher value markets through a diversified portfolio of firm-transportation (FT) contracts. The CFR also considers AR's significant ownership and control of AM, which had a market capitalization of about $8.7 billion as of December 04, 2025. AR will benefit from its substantially hedged 2026 natural gas production and a meaningful amount of gas hedging in 2027 through a mix of collars and swaps at prices above Moody's $3/mcf natural gas price assumption, which should provide support to its debt reduction effort. AR's credit profile is limited by singular geographic concentration in Appalachia, shale focused operations that necessitate ongoing investments, exposure to volatile energy prices, and high midstream costs relative to other Appalachian gas producers because of its substantial FT costs and processing fees. The credit profile also considers AM's substantial debt, which Moody's consolidate into AR's financial metrics for analysis purposes. Although AR owns 29% of AM, the two companies are highly integrated with nearly all of AM's revenues coming from AR, and AR has significant influence over AM's operational and financial decisions. AR's senior unsecured notes are rated Ba1, at the Ba1 CFR level, reflecting an unsecured capital structure. AR's senior notes and revolving credit facility are unsecured, rank pari passu and do not have guarantees from AR's operating subsidiaries or AM. The SGL-1 rating indicates AR's very good liquidity through mid-2027. AR currently has approximately $1.3 billion available under its $1.65 billion committed revolver. The company can easily comply with the 65% debt to capitalization covenant stipulated in the revolving credit agreement, which expires in July 2029. Moody's expects AR to generate about $1 billion of free cash flow annually in 2026 and 2027 under Moody's base case commodity price assumptions, which will be available to repay debt. AR has no debt maturities through 2028. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS An upgrade would be considered if the company successfully integrates the HG acquisition and executes its debt reduction plan resulting in sustained fully consolidated (including AM) RCF/debt above 50%, and leveraged-full cycle ratio (LFCR) is maintained above 2x in a mid-cycle commodity price environment. A downgrade is likely if AR's fully consolidated retained cash flow to debt approaches 30%, if its LFCR is maintained below 1.5x, or it persistently generates negative free cash flow. Antero Resources Corporation is a leading natural gas and natural gas liquids producer in the Marcellus and Utica Shales in West Virginia, Ohio and Pennsylvania. The principal methodology used in these ratings was Independent Exploration and Production published in December 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. ARCHDIOCESE OF NEW ORLEANS: Officially Exits Chapter 11 Bankruptcy ------------------------------------------------------------------ Stephanie Riegel of nola.com reports that the Archdiocese of New Orleans has officially exited bankruptcy after a federal judge approved a $230 million settlement resolving hundreds of sexual abuse claims, closing a painful chapter that spanned more than five years. Judge Meredith Grabill confirmed the Chapter 11 plan on Monday, December 8, 2025, signaling the end of a case that exposed decades of misconduct and tested the trust of the region’s Catholic faithful. The plan creates a compensation trust funded by the archdiocese, its parishes and charities, insurance settlements, and proceeds from asset sales. The archdiocese will provide $70 million, while parishes and affiliated entities will collectively contribute $60 million. Additional funding includes $30 million from insurers and expected proceeds from the pending sale of Christopher Homes. Survivors are expected to begin receiving payments in 2026, according to report. Originally filed in 2020 following an influx of abuse lawsuits, the bankruptcy quickly became one of the most expensive and contentious church reorganizations in U.S. history. Legal fees exceeded $50 million, far surpassing early estimates, as the case became bogged down in discovery battles, sanctions, and judicial turnover. Judge Grabill repeatedly emphasized the extraordinary level of conflict between the parties, nola.com reports. By mid-2025, mounting pressure from the court led to intensified mediation and a breakthrough agreement. While some survivors initially opposed the proposal, continued negotiations ultimately resulted in near-universal support. During the confirmation hearing, survivors delivered emotional testimony acknowledging both the necessity of the settlement and the permanence of their trauma, the report states. Emerging from bankruptcy, the archdiocese is smaller and more financially constrained, having sold properties, consolidated parishes, and exited certain business ventures. Church leaders have pledged to implement stronger child protection measures as part of the reorganization. Though the settlement trust will take years to fully fund, its approval marks a critical step toward accountability, compensation, and a measure of closure for survivors, the report states. About Roman Catholic Church of The Archdiocese Of New Orleans The Roman Catholic Church of the Archdiocese of New Orleans -- https://www.nolacatholic.org/ -- is a non-profit religious corporation incorporated under the laws of the State of Louisiana. Created as a diocese in 1793, and established as an archdiocese in 1850, the Archdiocese of New Orleans has educated hundreds of thousands in its schools, provided religious services to its churches and provided charitable assistance to individuals in need, including those affected by hurricanes, floods, natural disasters, war, civil unrest, plagues, epidemics, and illness. Currently, the archdiocese's geographic footprint occupies over 4,200 square miles in southeast Louisiana and includes eight civil parishes: Jefferson, Orleans, Plaquemines, St. Bernard, St. Charles, St. John the Baptist, St. Tammany, and Washington. The Roman Catholic Church for the Archdiocese of New Orleans sought Chapter 11 protection (Bankr. E.D. La. Case No. 20-10846) on May 1, 2020. The archdiocese was estimated to have $100 million to $500 million in assets and liabilities as of the bankruptcy filing. Judge Meredith S. Grabill oversees the case. Jones Walker, LLP and Blank Rome, LLP, serve as the archdiocese's bankruptcy counsel and special counsel, respectively. Donlin, Recano & Company, Inc., is the claims agent. The U.S. Trustee for Region 5 appointed an official committee of unsecured creditors on May 20, 2020. The committee is represented by the law firms of Pachulski Stang Ziehl & Jones, LLP and Locke Lord, LLP. Berkeley Research Group, LLC is the committee's financial advisor. ARCHDIOCESE OF NEW YORK: Agrees to Mediation w/ Abuse Victims ------------------------------------------------------------- Thao Nguyen of USA TODAY reports that the Roman Catholic Archdiocese of New York, the nation's second-largest diocese, has agreed to enter mediation to resolve claims from more than 1,300 individuals who say they were sexually abused by priests or lay staff as children. The move signals a major step toward a global settlement for survivors of decades-old abuse. In a letter published December 8, 2025 Cardinal Timothy Dolan said the archdiocese is preparing to raise over $300 million to fund compensation. To support the settlement, the church has made a series of difficult financial decisions, including staff layoffs and a 10% reduction in its operating budget, and is working to finalize the sale of assets, including its former Manhattan headquarters. Dolan acknowledged the harm caused by the abuse, writing, "The sexual abuse of minors long ago has brought shame upon our Church. I once again ask forgiveness for the failing of those who betrayed the trust placed in them by failing to provide for the safety of our young people." The cardinal emphasized the church’s commitment to resolving cases in a way that minimizes financial and emotional strain for survivors. The mediation will be led by retired California judge Daniel J. Buckley, who previously helped negotiate a similar settlement in Los Angeles. Jeff Anderson, an attorney representing 300 survivors, called the archdiocese's decision "a start" toward accountability and transparency, noting it is the first concerted effort to bring relief to all 1,300 affected individuals, the report states. About New York Archdiocese The Archdiocese of New York is an ecclesiastical district encompassing 296 parishes in the boroughs of Manhattan, the Bronx, and Staten Island in New York City and the counties of Dutchess, Orange, Putnam, Rockland, Sullivan, Ulster, and Westchester. Sixth of New York's eight dioceses have filed for Chapter 11 bankruptcy after dealing with lawsuits dating to when New York temporarily suspended the statute of limitations to give victims of childhood abuse the ability to pursue even decades-old allegations against clergy members, teachers, Boy Scout leaders and others. New York dioceses that have sought bankruptcy are Ogdensburg, Syracuse, Buffalo, Rochester, Albany and Rockville Centre on Long Island. ARIZONA STATE: Seeks to Hire Sonoran Capital as Financial Advisor ----------------------------------------------------------------- Arizona State Masonry, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Sonoran Capital Advisors, LLC as financial advisor. The firm will assist with general financial consulting necessary for the success of the Debtor's reorganization and will help with cashflow analyses, analyzing and implementing improved cost-efficiencies, and projections for the Plan of Reorganization. The firm will be paid at these hourly rates: Managing Directors $595 Senior Consultants $495 Directors $395 Associates $295 Analysts $195 In addition, the firm will seek reimbursement for expenses incurred. Matthew Foster, a managing director at Sonoran Capital Advisors, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Foster Sonoran Capital Advisors, LLC 1733 N. Greenfield Rd., Suite 104 Mesa, AZ 85205 About Arizona State Masonry LLC Arizona State Masonry LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-08405) on September 5, 2025. In the petition signed by Shannon Dean, member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Daniel P. Collins oversees the case. The Debtor tapped Thomas H. Allen, Esq., at Allen, Jones & Giles, PLC as counsel and Sonoran Capital Advisors, LLC as financial advisor. ARTERA SERVICES: S&P Downgrades ICR to 'CCC+', Outlook Negative --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Artera Services LLC to 'CCC+' from 'B-' and the issue-level rating on its senior secured credit facilities to 'CCC+' from 'B-'. The '4' recovery rating on the senior secured credit facilities is unchanged, though S&P lowered its rounded recovery estimate to 35% from 40% to incorporate the upsizing of its accounts receivable (A/R) securitization facility. Therefore, the '4' recovery rating indicates our expectation for average (30%-50%; rounded estimate: 35%) recovery in the event of a default. The negative outlook reflects that S&P could lower its ratings on the company if, absent a rebound in its operating performance, ongoing cash flow deficits exhaust its liquidity. Artera's credit metrics have continued to deteriorate due to the persistently weak field productivity in its gas distribution business and its losses on the fixed-price contracts in its gas transmission business. Given the persistent weakness of the company's metrics, including its elevated leverage and sustained cash flow deficits, S&P views its capital structure as unsustainable. S&P said, "The downgrade reflects our view that Artera's capital structure is unsustainable. This incorporates the company's persistent operational execution challenges, which have led to sustained elevated leverage and negative free operating cash flow (FOCF) generation. Because of weaker crew utilization across the business, Artera's EBITDA margins have continued to contract. In addition, we view the timing of an improvement as uncertain. After its loss of a large customer in the first quarter, the company has maintained a presence in Massachusetts as it works to reallocate its crew capacity, which continues to pressure its EBITDA margin. Artera is also facing further headwinds to its EBITDA margin from sustained losses on the large fixed-priced contracts in its gas transmission segment and the pace of its expansion into adjacent end markets, including water, sewer, and underground electrical, which has taken longer than we previously expected to ramp-up. We now forecast the company's S&P Global Ratings-adjusted debt to EBITDA will be about 14.0x (up from our previous forecast of 11.1x) in 2025 and about 10.5x in 2026. "We believe Artera could expand its EBITDA margin somewhat as these losses roll off and it improves its labor efficiency, thus we forecast an S&P Global Ratings-adjusted EBITDA margin in the 6.0%-7.0% range in 2025 and the 8.5%-9.5% range in 2026. Given the persistent challenges the company has experienced with its field productivity over the last few years, it is unclear how much upside it will realize in 2026. If conditions remain challenged, Artera's upside will be limited and its leverage will likely remain well above 10x. "In our view, Artera has adequate liquidity to manage some near-term volatility in its core business. The company upsized its A/R securitization facility by $100 million, to $450 million, and extended its maturity to 2028 following the close of the third quarter. Given its relatively low cash balance, Artera is dependent on its lines of credit to maintain its operations and make periodic debt service payments. We estimate the company has liquidity, pro forma for the upsize, of about $400 million. While we previously expected the A/R securitization facility would be undrawn as of year-end 2025, we now expect a modest draw due Artera's weaker FOCF generation stemming from its continued operational weakness. We also forecast the company will generate reported FOCF deficits of $110 million-$130 million in 2025 and $40 million-$60 million in 2026." Artera's days sales outstanding (DSO) increased in the third quarter and remains elevated, contributing to material working capital deficits during its higher activity periods of the year. Additionally, despite the debt reduction at the time of its recapitalization in 2024, the company's debt burden remains sizable, which results in substantial cash interest (we estimate cash interest of about $155 million-$165 million in 2025) requirements that are adversely affecting its ability to generate positive FOCF and could potentially cause it to restructure its debt over the long term. Including 2025, Artera has generated negative FOCF in four of the last five years. S&P said, "While we expect the company will have material liquidity to start the year, we believe its liquidity position could worsen beyond our current expectations if it fails to stabilize its operating performance or pursues acquisitions to offset its weaker productivity." S&P said, "The negative outlook reflects that we could lower our ratings on Artera if its EBITDA and cash flow remain weak and strain its liquidity such that we believe a default is likely over the next 12 months. "We could lower our ratings on Artera if it is unable to improve its operating performance and we envision a specific default scenario occurring in the next 12 months or we believe its liquidity will likely become constrained." This could occur if: -- Its EBITDA margins do not improve due to weak crew productivity or continued fixed-price project losses; or -- The company aggressively deploys capital for acquisitions while its FOCF generation remains negative. Although unlikely in the next 12 months, S&P could revise its outlook on Artera to stable or raise the ratings if its operating performance stabilizes such that it generates sustained positive FOCF and materially improves its leverage. This could occur if the company materially expands its EBITDA margins due to improvements in its crew productivity and the execution of its fixed-price contracts. ASURION LLC: Moody's Rates New $1.2BB Senior Secured Notes 'Ba3' ---------------------------------------------------------------- Moody's Ratings has assigned a Ba3 rating to $1.25 billion of seven-year senior secured notes being issued by Asurion, LLC (Asurion) along with Asurion Co-Issuer Inc. Asurion intends to use net proceeds of the offering, together with cash on hand, to help fund the acquisition of Domestic & General (D&G), one of the largest appliance care providers across the UK and Europe. Additionally, Asurion intends to maintain D&G's existing debt, pending regulatory approvals. The rating outlook for Asurion is unchanged at stable. RATINGS RATIONALE Asurion's ratings reflect its strong market presence in mobile device services, including fulfillment, repair and administration, distributed through wireless carriers in the US, Japan and other selected international markets. Asurion also has a smaller but growing presence in extended warranty, service and replacement subscription plans for consumer electronics and appliances offered through retailers, other partners and its own distribution channels, such as its repair shop network and a remote technician network. In both segments, a growing share of Asurion's revenue comes from comprehensive technical support bundled with other product offerings. Asurion has a record of efficient operations and healthy profit margins. A key credit challenge for Asurion is its business concentration among leading wireless carriers, although Asurion regularly negotiates multiyear contract extensions with the carriers. Another challenge is foreign exchange risk associated with Asurion's large Japanese business, which the company hedges through a range of derivatives that help protect enterprise value but add volatility to reported earnings. In the fourth quarter of 2024 and first quarter of 2025, Asurion successfully extended contracts with some of its largest wireless carrier partners, including two longer-than-average extensions with US carriers. The acquisition of D&G will help diversify Asurion's presence in appliance care in the UK with a growing position in Europe and the US. Partly offsetting this benefit is Asurion's pending increase in financial leverage to help fund the transaction. Moody's estimates the acquisition will increase Asurion's pro forma debt-to-EBITDA ratio to around 6.5x (per Moody's calculations, which incorporate adjustments for operating leases, noncontrolling interest expense and foreign exchange hedging). Asurion's (EBITDA - capex) interest coverage will decline below 2x, and its free-cash-flow-to-debt ratio will also decline. Asurion's free cash flow has been lower than historical levels; however, Moody's expects that the company will return these metrics to historical levels through EBITDA growth, along with debt reduction, within 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio below 5x; (ii) (EBITDA - capex) coverage of interest above 3.5x; and (iii) free-cash-flow-to-debt ratio above 8%. Factors that could lead to a downgrade of Asurion's ratings include: (i) debt-to-EBITDA ratio above 6.5x; (ii) (EBITDA - capex) coverage of interest below 2x; (iii) free-cash-flow-to-debt ratio below 4%; or (iv) loss of a major carrier relationship. The principal methodology used in this rating was Insurance Brokers and Service Companies published in February 2024. Based in Nashville, Tennessee, Asurion is a global provider of insurance, repair, replacement, installation and technical support for mobile devices and other consumer electronics and appliances. Asurion generated revenue of $9.2 billion for the 12 months through September 2025. ATHERTON TRAIL: Seeks Approval to Hire Marc Voisenat as Attorney ---------------------------------------------------------------- Atherton Trail, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire the Law Offices Of Marc Voisenat as its attorneys. The firm will render these services: a. file schedules, chapter 11 plan, disclosure statement and amended schedules and plan, if necessary; b. appear at meetings of creditors and initial Debtor interview; c. make court appearances; d. make necessary objections on disputed debts; and e. file for adversary proceedings, conversion to Chapter 7, and motion to dismiss, if necessary. The firm received an initial retainer in the amount of $15,000. Attorneys' services will be billed at the hourly rate of $500. Marc Voisenat, Esq., attorney with the Law Office of Marc Voisenat, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Marc Voisenat, Esq. Law Offices Of Marc Voisenat 2329A Eagle Avenue Alameda, CA 94501 Tel: (510) 263-8664 Fax: (510) 272-9158 Email: marcvoisenatlawoffice@gmail.com About Atherton Trail LLC Atherton Trail, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30927) on November 12, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Hannah L. Blumenstiel presides over the case. Marc Voisenat, Esq., at the Law Offices of Marc Voisenat represents the Debtor as bankruptcy counsel. ATLAS OPCO: Moody's Assigns 'Caa1' CFR, Outlook Stable ------------------------------------------------------ Moody's Ratings assigned Atlas OpCo, LLC (Alvaria) a Caa1 corporate family rating. Moody's simultaneously assigned the company a Caa1-PD probability of default rating and a Caa1 rating to its backed senior secured bank credit facility. The outlook is stable. Concurrently, Moody's withdrew all ratings from Atlas Purchaser, Inc., including the Caa1 CFR and Caa1-PD PDR. Moody's also withdrew all ratings from Alvaria Holdco (Cayman), including the Caa1/B2/Caa3 ratings at various backed senior secured bank credit facilities. Prior to the withdrawal, the outlook for Atlas Purchaser, Inc. and Alvaria Holdco (Cayman) was negative. The stable outlook reflects that as a result of Alvaria's recent recapitalization and the resulting reduced debt and interest expense burden, the company will be able to maintain at least breakeven free cash generation while operating under a much more modest leverage than prior to the transaction. Nonetheless, Moody's still expects negative revenue growth and earnings declines through 2026 as Alvaria continues to execute on its turnaround strategy. The stable outlook acknowledges that although pro forma (PF) leverage and cash generation have improved, expected potential free cash generation in the single-digit range leaves little room for unsuccessful turnaround execution, and continued operating declines can further put the sustainability of the capital structure into question. Governance is a key driver of the ratings. Under controlled ownership, Alvaria has an aggressive financial policy characterized by high historic leverage levels and distressed exchange transactions. RATINGS RATIONALE Alvaria's Caa1 CFR reflects the company's modest financial leverage in the low-to-mid 3x range following the recent recapitalization transaction, which Moody's considered a distressed exchange, and the challenges of operating within the competitive call center industry. Long term success will depend on Alvaria's ability to migrate existing users to the cloud while competing against much larger and better capitalized competitors, including Nice, Genesys, and Cisco. Alvaria's aggressive financial policy under controlled ownership and a history of debt exchanges constrain the credit profile. Moody's expects flat to single-digit free cash flow (FCF) through the next 12-18 months as reduced interest burden from decreased debt is balanced by continued operating declines and potential for further investments into growth. Alvaria benefits from its niche positions within the call center infrastructure and workforce optimization software industries. The company continues to restructure its operations. Business challenges inclusive of a challenged macroeconomic environment (leading to enterprise scrutiny of IT spend), high interest rates, integration actions, weakness in the contact center space, and impacts from a prior cyber incident have pressured Alvaria's operating performance and liquidity. Although Alvaria has been managing its costs to retain EBITDA margins, these actions have not been enough to fully offset the cash outflows caused by the challenges facing the company leading up to the recapitalization. The new credit facilities include the following terms: Incremental pari passu or senior debt capacity up to the greater of $50 million and 40% of consolidated EBITDA. There is no inside maturity sublimit. The credit agreement prohibits the designation of unrestricted subsidiaries, preventing collateral "leakage" to such subsidiaries. No subsidiary may make any disposition (including by way of investment) of material intellectual property to any non-loan party. The credit agreement provides some limitations on up-tiering transactions, requiring affected lender consent for amendments that subordinate the debt or liens unless such lenders can ratably participate in such priming debt, with certain exceptions. Amendments authorizing the incurrence of incremental debt for the primary purpose of influencing voting threshold require written consent of the required lenders. The credit agreement includes an anti-roll provision that prohibits the company from exchanging or converting and class of loans into any other dent of equity interests, unless all lenders of such class can ratably participate in such exchange, with some exceptions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Alvaria is able to have sustained revenue and profitability growth, sustained positive cash generation, and maintains adequate liquidity. The ratings could be downgraded if operating pressures, inclusive of sales and earnings declines, are worse than expected. A downgrade is possible if liquidity deteriorates or there is an increased likelihood of another distressed exchange. Alvaria, headquartered in Atlanta, GA, was founded through the merger of Aspect Software, Inc. and Noble Systems Corporation in May 2021. The company is a provider of call center (CC) software and workforce optimization (WFO) solutions to more than 1,800 enterprise customers located primarily in North America. The company is majority owned by Nut Tree Capital after its 2025 recapitalization. Revenue was approximately $259 million in September 2025 LTM period. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. AZUL SA: Judge to Approve Opt-Out Releases in Chapter 11 -------------------------------------------------------- Alex Wittenberg of Law360 reports that a New York bankruptcy judge said Friday, December 12, 2025, that he would overrule an objection raised by the U.S. Trustee's Office to Brazilian airline Azul’s proposed third-party releases, removing a major obstacle to confirmation of the carrier's Chapter 11 plan. The ruling clears the way for Azul to slash more than $2 billion in debt through a restructuring that the airline says is essential to stabilizing its balance sheet and exiting bankruptcy. The judge indicated that the releases, which protect certain non-debtors from liability tied to the restructuring, were appropriately tailored and supported by the record, rejecting arguments that they went too far. With the objection set aside, Azul moved closer to confirming a plan that would significantly deleverage the company and position it for long-term recovery, the report states. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. BALCAN INNOVATIONS: Moody's Cuts CFR to Caa1, Outlook Negative -------------------------------------------------------------- Moody's Ratings has downgraded Balcan Innovations Inc.'s (Balcan) corporate family rating to Caa1 from B2. Moody's have also downgraded the probability of default rating to Caa1-PD from B2-PD and senior secured bank credit facility rating to Caa1 from B2. The outlook remains negative. The downgrade reflects Balcan's weak liquidity and Moody's expectations of leverage remaining elevated around 10x over the next 12 months. Moody's expects that weak end-market demand will result in more pronounced and prolonged EBITDA pressure than previously anticipated. EBITDA weakness has driven free cash flow consumption, further strained by the continued spending on the Wisconsin plant. As a result, Balcan's liquidity is weak, and the company has limited ability to manage execution risks during the Wisconsin facility's ramp-up and possible tariff related disruptions. Governance considerations were a key ESG driver of the rating action, reflecting the company's poor operating performance that has elevated financial leverage and weakened liquidity. RATINGS RATIONALE Balcan Innovations Inc.'s corporate family rating is constrained by: (1) weak liquidity; (2) financial policies, including high financial leverage, that are likely to favor shareholders; (3) small scale, relative to rated packaging peers; (4) about half of revenue exposed to construction and building product end markets, which are more volatile relative to other packaging end markets; and (5) fragmented and competitive nature of plastics packaging industry with low organic growth. The company's rating benefits from: (1) diverse applications of its products; (2) diversified customer base with top 5 representing less than one-fourth of the revenue; (3) long term relationships with customers; and (4) around half of Balcan's sales are under contract with cost pass through mechanisms, enabling capturing of input cost inflation. Balcan has weak liquidity. Moody's estimates sources of liquidity of about CAD69 million compared to uses of about CAD28 million over the next 12 months. Liquidity sources include about CAD9 million of cash as of August 2025 and about CAD60 million availability under the US$75 million (about CAD100 million) ABL revolving facility expiring 2029. Uses include Moody's expected free cash flow usage of around CAD20 million and about CAD8 million of mandatory term loan repayment through 2026. Balcan does not have to comply with any financial covenants unless ABL availability falls below the greater of 10% of the line cap and $5 million, which mandates compliance with a minimum fixed charge coverage ratio of 1x. Although Moody's do not expect this covenant to be applicable in 2025 and 2026, if applicable the company does not meet the covenant criteria. The company has limited ability to generate liquidity from asset sales as its assets are encumbered. Balcan's capital structure consists of a) $75 million ABL revolving credit facility expiring in 2029 (unrated); and b) Caa1 rated $460 million first lien term loan B due 2031. The Caa1 rating on the first lien term loan B is in line with the assigned corporate family rating, reflecting the fact that it accounts for the preponderance of the company's debt capital structure. The ABL is secured by a first priority lien on accounts receivable, inventory, cash and related assets (ABL priority collateral) and a wrapping lien on the term loan collateral. The first lien term loan credit facility is secured by a second priority lien on the ABL priority collateral and first priority lien on substantially all other assets of the borrower and guarantors. The negative outlook reflects Moody's expectations that capital investments in the Wisconsin facility and a weak demand environment could further strain liquidity beyond Moody's projections. Balcan's weak liquidity leaves it weakly positioned to manage execution risks tied to the Wisconsin facility's ramp-up and possible tariff related disruptions. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if consolidated adjusted debt/EBITDA is sustained below 7x, EBITDA/Interest is sustained above 1.5x, the company generates positive free cash flow and improves liquidity position. The ratings could be downgraded if the company's liquidity weakens further, EBITDA/interest coverage is below 1x or the company engages in a distressed exchange. Headquartered in Montreal, Quebec, Balcan Innovations Inc. is a fully integrated flexible packaging manufacturer producing a variety of high-performance films, reflective insulation and other flexible packaging solutions. The principal methodology used in these ratings was Packaging Manufacturers: Metal, Glass and Plastic Containers 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. BEAN BROTHERS: Seeks to Hire Iron Horse Auction as Auctioneer ------------------------------------------------------------- Bean Brothers Hardware & Supply, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Iron Horse Auction Co., Inc. as auctioneer. The firm will assist the estate in liquidating the Debtor's personal property such as store contents, inventory and widgets all of which are property of the bankruptcy estate. The firm will be compensated on a commission basis plus expenses. William Lilly, Jr., an auctioneer at Iron Horse Auction, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William B. Lilly, Jr. Iron Horse Auction, Co. 174 Airport Rd. Rockingham, NC 28739 About Bean Brothers Hardware & Supply Bean Brothers Hardware & Supply, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40202) on September 5, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge Ashley Austin Edwards presides over the case. John C. Woodman, Esq., at Essex Richards, PA represents the Debtor as legal counsel. BEAN BROTHERS: Seeks to Hire Iron Horse Auction as Auctioneer ------------------------------------------------------------- Bean Brothers Real Estate, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Iron Horse Auction Co., Inc. as auctioneer. The firm will assist the estate in liquidating its properties located at: (a) 969 Reepsville Rd., Lincolnton, North Carolina; and (b) 589 Elm Grover, Rd., Lincolnton, North Carolina. The firm will be compensated on a commission basis plus expenses. William Lilly, Jr., an auctioneer at Iron Horse Auction, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William B. Lilly, Jr. Iron Horse Auction, Co. 174 Airport Rd. Rockingham, NC 28739 About Bean Brothers Real Estate Bean Brothers Real Estate, LLC is a North Carolina property holding company that owns and manages land in Lincolnton to support affiliated hardware and landscaping businesses. Bean Brothers Real Estate, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-40203) on September 5, 2025, listing up to $10 million in both assets and liabilities. The petition was signed by Nathan Bean as member. Judge Ashley Austin Edwards presides over the case. John C. Woodman, Esq., at Essex Richards, PA represents the Debtor as legal counsel. BEAR'S FRUIT: Court Extends Cash Collateral Access to Jan. 9 ------------------------------------------------------------ Bear's Fruit, LLC received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral to fund operations. The court's fourth interim order extended the Debtor's authority to use the cash collateral of Express Trade Capital, Inc. and the U.S. Small Business Administration through January 9, 2026. Express Trade Capital and SBA will be granted replacement liens on all existing and future property of the Debtor to protect against any diminution in collateral value caused by the Debtor's use of their cash collateral. Both secured creditors are entitled to superpriority claims pursuant to Section 507(b) of the Bankruptcy Code. As additional protection, Express Trade Capital will receive a monthly payment of $7,500 from the Debtor. The use of cash collateral ends upon conversion or dismissal of the Debtor's Chapter 11 case; confirmation of a bankruptcy plan; uncured default; improper modification of the order without notice; or cessation of substantially all operations of the Debtor. A final hearing is scheduled for January 7, 2026. Express Trade Capital holds a perfected lien via a pre-petition factoring arrangement and is owed $38,533, while SBA holds a potentially lapsed security interest related to a $99,925 loan. About Bear's Fruit LLC Bear's Fruit, LLC operates an asset-light model, outsourcing manufacturing, warehousing, and distribution. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-43951) on August 15, 2025. In the petition signed by Amy Driscoll, co-founder, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Jill Mazer-Marino oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP, is the Debtor's legal counsel. Express Trade Capital, as secured creditor, is represented by: Benjamin M. Ellis, Esq. 1410 Broadway, Suite 2600 New York, NY 10018 212-997-0155 x271 ben@expresstradecapital.com BELLARMINE UNIVERSITY: Moody's Lowers Issuer & Bond Ratings to B2 ----------------------------------------------------------------- Moody's Ratings has downgraded Bellarmine University's (KY) issuer and revenue bond ratings to B2 from B1. For fiscal 2025, the university recorded total outstanding debt of $55 million. The outlook has been revised to stable from negative. The downgrade reflects continued very thin monthly liquidity as a result of continued reliance on reserves, pre-funding of debt service to meet bond covenants and growing age of plant due to underspending on capital to preserve liquidity. Social considerations are a key driver of this rating action, with weak regional demographics and evolving consumer trends factoring into thin net tuition revenue growth. RATINGS RATIONALE The downgrade for the issuer rating to B2 from B1 reflects the university's continued heavy, but declining reliance on reserves, which has significantly reduced available unrestricted liquidity, a trend expected to persist. Fiscal 2025 marks the fourth consecutive year of pre-funding debt service; the university would otherwise breach its 1.1x rate covenant. The institution is advancing a strategic plan that is showing early signs of boosting enrollment and retention to support operating stability, but execution risks remain elevated in a highly competitive environment. While expense reductions have begun, achieving breakeven performance will be difficult given market pressures. Offsetting factors include its niche as an established Catholic university in urban Louisville with notable and expanding programs and partnerships, particularly oriented toward health professions. Donor support and the recent launch of a capital campaign provide some prospect for funding of deferred maintenance. Debt affordability will remain weak with softer operations, but with no plans for additional debt and prospects for longer term operational improvement, metrics are not expected to deteriorate further. The B2 revenue bond ratings incorporate the issuer rating and general obligation to pay, along with a pledge of gross revenues and a mortgage on certain campus properties. RATING OUTLOOK The stable outlook reflects an expectation that the ongoing execution and recent progress of a comprehensive strategic plan will continue to support more recent trends of operating performance. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Material and sustained improvements in operating performance translating to a multi-year track record of an operating surplus -- Multi-year period ability to meet debt service covenant without pre-funding of debt from endowed funds -- Substantial and enduring expansion in the university's wealth and unrestricted financial reserves FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to maintain $10 million in liquidity or reliance on an operating line of credit for operating liquidity -- Increase in leverage or inability to satisfy current bond covenants -- Inability to translate strategic initiatives into incremental operational improvement over time PROFILE Bellarmine University is a small, private, liberal arts university located in Louisville, Kentucky, founded in 1950 under the Catholic tradition. Bellarmine offers undergraduate, graduate and professional degrees, with notable programs in health sciences, nursing, education and business. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. BELLEROSE TERRACE: Taps Freudenheim Partners as Real Estate Brokers ------------------------------------------------------------------- Bellerose Terrace LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Freudenheim Partners, LLC and JBS Commercial Real Estate to serve as real estate brokers. The brokers will provide these services: (a) sell the properties known as Project 1 (110-118 Terrace, 120 Terrace, 124 Terrace, 126 Terrace, 128R Terrace Street, Boston, MA) and Project 2 (1 Terrace Place, 4 Terrace Place, Boston, MA); (b) immediately market Project 1 for sale; (c) market Project 2 for sale if the Debtor is unable to obtain court-approved DIP financing; and (d) use their best efforts to effect a sale of the Properties. The brokers will receive a commission of 4% of the gross sale price, with 5% payable on any successful "overbid" obtained through the bankruptcy section 363 process. Freudenheim Partners, LLC and JBS Commercial Real Estate are "disinterested persons" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firms can be reached at: Leigh Freudenheim, Authorized Party Freudenheim Partners, LLC 265 Franklin Street, 16th Floor Boston, MA 02110 About Bellerose Terrace LLC Bellerose Terrace LLC is a Massachusetts LLC formed in 2018, owns multiple real property parcels in Suffolk County, Massachusetts. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12499) on November 18, 2025. In the petition signed by Matthew O'Hara, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Christopher J. Panos oversees the case. Michael Van Dam, Esq. at VAN DAM LAW LLP represents the Debtor as legal counsel. BEYOND STONE: Seeks Subchapter V Bankruptcy in Arizona ------------------------------------------------------ On December 5, 2025, Beyond Stone Solutions, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Beyond Stone Solutions Beyond Stone Solutions, LLC provides stone and tile cleaning, restoration, protection, and installation services for residential and commercial properties in Phoenix and throughout Arizona. The Company works with natural stone, quartz surfaces, tile and grout, clay tiles, flagstone, and stacked stone across floors, countertops, showers, fireplaces, and outdoor hardscapes. It offers surface maintenance and repair solutions designed to preserve the appearance and durability of a wide range of stone and tile materials. Beyond Stone Solutions, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11767) on December 5, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Madeleine C. Wanslee handles the case. The Debtor is represented by Patrick F. Keery, Esq. of Keery McCue, PLLC. BHOWMICK LIQUOR: Gets OK to Use Cash Collateral Until Feb. 6 ------------------------------------------------------------ Bhowmick Liquor, Inc. received final approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the District of Colorado to use the cash collateral of its secured lender, Newtek Bank, NA. The court issued a stipulated order authorizing the Debtor to use up to $110,110 from December 4 through February 6, 2026, in accordance with its budget, subject to a 10% variance. The Debtor's use of cash collateral is conditioned on maintaining inventory with a minimum retail value of $300,000 at all times and collecting at least 90% of the revenue set forth in the budget. The Debtor projects weekly total operational expenses of $13,700. Newtek will be provided with protection in the form of replacement liens on the Debtor's post-petition property, mirroring the validity and priority of its pre-bankruptcy liens. The Debtor must also make monthly payments equal to the contractual loan payments and must cure approximately $9,369.80 in post-petition arrears by December 31. The Debtor's authority to use cash collateral terminates upon the earliest of February 6, 2026; conversion or appointment of a trustee; violations of budget limitations; failure to cure defaults within required timeframes; or any material adverse change in financial condition. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/julhI from PacerMonitor.com. Newtek holds a properly perfected lien on substantially all of the Debtor's assets through a 2023 UCC-1 filing and a secured loan with a petition-date balance of approximately $287,000. Because Newtek's collateral includes cash collateral under 11 U.S.C. section 363(a), the Debtor cannot use those funds without the bank's consent or court authorization. About Bhowmick Liquor Bhowmick Liquor Inc. operates a liquor store under the name Norman's Liquor in Lakewood, Colorado. The Debtor filed a petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14811) on July 31, 2025, with $500,001 to $1 million in assets and liabilities. Joli Lofstedt, Esq., serves as Subchapter V trustee. Judge Kimberley H. Tyson presides over the case. Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's bankruptcy counsel. BLACKBEARD'S TRIPLE: Case Summary & 17 Unsecured Creditors ---------------------------------------------------------- Debtor: Blackbeard's Triple Play, LLC 415 South Front Street New Bern, NC 28560 Business Description: Blackbeard's Triple Play, LLC operates a restaurant, bar, and entertainment venue in downtown New Bern, North Carolina, offering American pub-style food, drinks, and live events from its location at 415 South Front Street. The Company provides dining services, a full bar, and hosted activities such as live music, trivia, and group gatherings. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-04908 Judge: Hon. David M Warren Debtor's Counsel: David J. Haidt, Esq. AYERS & HAIDT, PA PO Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: 252-638-2955 Email: david@ayershaidt.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Billy Dale Overbee as president. 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/XTSAQVA/Blackbeards_Triple_Play_LLC__ncebke-25-04908__0001.0.pdf?mcid=tGE4TAMA BLACKSTONE MORTGAGE: Fitch Affirms BB- LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed Blackstone Mortgage Trust, Inc.'s (BXMT) Long-Term Issuer Default Rating (IDR) at 'BB-'. The Rating Outlook is Stable. Fitch has also affirmed BXMT's secured debt and senior unsecured debt ratings at 'BB-' and 'B+', respectively. Key Rating Drivers Strong Affiliation: The affirmation of BXMT's ratings reflects its affiliation with Blackstone Inc. (BX; A+/Stable) and its external manager, BXMT Advisors L.L.C. This relationship provides BXMT with investment and asset management resources, risk management tools, and bank relationships as part of one of the largest global real estate platforms. The rating also reflects BXMT's adequate liquidity profile in the context of its near-term corporate debt maturities. Narrower Investment Focus :Rating constraints include BXMT's narrow focus on the commercial real estate (CRE) market, with still elevated office exposure that has non-accruals; leverage that remains above peers; a predominantly secured funding mix ; and mortgage real estate investment trust (REIT) distribution requirements that limit capital retention. Improving Loan Impairments: BXMT's ratio of impaired loans to gross loans (based on book value) declined to 6.5% at 3Q25 from 9.6% at YE24. This reflected $2.1 billion of impaired loan resolutions since the 3Q24 peak and lower current expected credit loss (CECL) reserves. However, 15.1% of net book value (NBV) was risk rated (RR) four at 3Q25, up from 14.2% at YE24. (The RR scale is one to five, with one being the lowest risk.) The increase was partially driven by loan modifications of previously RR-five (impaired) loans that were bifurcated, with several new senior tranches re-rated to RR-four, thereby increasing the RR-four share. These loans reflect higher risk, with an elevated potential for principal loss where collateral values remain challenged. Fitch expects further near-term resolution of certain four-rated positions, but BXMT's office exposure (30% of NBV at 3Q25, down from 39% at YE24) will continue to weigh on asset quality metrics until operating trends normalize. Several factors partially mitigate these risks. The firm holds substantial reserves against existing impaired loans; historically focused on higher-quality buildings in locations with strong demographics; increased diversification across multifamily and industrial loans; and has asset management capabilities within the broader BX platform. Profitability Improving: BXMT reported pre-tax income of approximately $110.1 million for the trailing 12 months (TTM) ended 3Q25, up from a pre-tax loss of $199.5 million in 2024. The increase was driven by a sharp moderation in CECL provisioning and incremental real estate owned (REO) revenue, partially offset by lower net interest income from a smaller average loan portfolio. Pre-tax ROA was 0.5% for TTM 3Q25, below the average of 0.8% from 2021-2024. This falls within Fitch's 'b' category earnings benchmark range of 0%-1% for balance sheet heavy finance and leasing companies with a sector risk operating environment (SROE) score in the 'bbb' category. Fitch expects migration of certain four-rated loans to five (impaired loans) could sustain elevated provisioning and non-accruals into 2026, pressuring net interest income and returns. Near-term upside depends on execution of asset resolutions (including REO monetization) and the pace of portfolio runoff and originations. Adequate Leverage: BXMT's leverage, measured by gross debt-to-tangible equity, including non-recourse securitizations, rose to 4.3x at 3Q25 from 4.2x at YE24. This was higher than rated peers but adequate for the lower end of Fitch's 'bb' category benchmark range of 4x-7x for balance sheet heavy finance and leasing companies with a SROE score in the 'bbb' category. BXMT targets net leverage below 4.0x, which excludes non-recourse and off-balance sheet debt net of unrestricted cash. On this basis, leverage was 3.5x at 3Q25. Fitch expects leverage to remain elevated compared to peers but below the firm's target throughout 2026. However, a still-cautious lending backdrop and tighter underwriting could slow balance-sheet growth and, alongside ongoing problem asset resolutions, allow for gradual deleveraging. Reliance on Secured Funding: BXMT's funding profile is weaker than peers, with unsecured debt at 1.7% of total funding at 3Q25. This aligns with Fitch's 'b' category benchmark range of 0%-10% for balance sheet heavy finance and leasing companies. The firm has historically relied on secured bank financing facilities, non-recourse securitizations and the secured term loan B market for funding, which it accessed multiple times during 2025. Fitch does not expect the firm to access the unsecured debt markets to enhance funding flexibility over the near term. Reduced Mark-to-Market Exposure: Most of BXMT's debt facilities are non-mark-to-market, match-funded, and over-collateralized with lender commitments. This ensures that the $844.1 million of borrowing capacity at 3Q25 is readily available. Margin calls on these facilities are limited to collateral-specific credit marks, which Fitch expects will limit liquidity risks, even during periods of market stress. At 3Q25, 72% of BXMT's debt facilities were non-mark-to-market, up from 31% at YE19, enhancing funding flexibility and reducing liquidity risk from capital markets volatility. Adequate Liquidity: As a REIT, BXMT must distribute at least 90% of its annual net taxable income to shareholders, which constrains the firm's ability to build equity and Fitch's assessment of its liquidity. Distributable earnings (DE), representing cash earnings prior to CECL charge offs, covered BXMT's dividend by 1.1x, on average, from 2021-2024, and 1.0x in 9M25. While coverage has been maintained on a cash DE basis, Fitch will monitor the durability of coverage as impaired/nonaccrual assets are resolved and REO is monetized, given timing uncertainty. At 3Q25, BXMT's liquidity totaled about $1.3 billion (cash $377.9 million and undrawn committed capacity $844.1 million), which Fitch views as adequate for near-term needs. Residual short-term uses comprise $430.7 million of unfunded commitments and a $309.3 million corporate maturity, both manageable within the disclosed liquidity stack, with BXMT intending to proactively refinance the April 2026 term loan in December 2025. Stable Outlook: The Stable Outlook reflects Fitch's view that BXMT's leverage will be managed in a manner consistent with the portfolio's risk profile, credit losses will moderate further from YE24 levels as problem assets are resolved, and earnings will continue to fully cover the dividend, particularly as proceeds from the monetization of nonperforming and REO assets are invested in yielding loans. Fitch also expects BXMT to appropriately manage its debt maturity profile, sustain diversified, largely non-MTM funding, and maintain solid liquidity. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Further deterioration in credit performance, whereby impaired and non-performing loans (NPLs) remain elevated compared to those of peers, even as problem loans are resolved, and substantial credit losses are realized, adversely affecting cash earnings; - An inability to enhance the consistency of earnings; - An inability to maintain sufficient liquidity relative to covenants, debt maturities, and unfunded commitments; - A sustained increase in Fitch-calculated leverage above 7.0x; - A sustained inability to cover dividend distributions with cash earnings. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Ability for BXMT to resolve problem loans and other real estate owned without recognizing substantial losses; - Improved loan portfolio granularity with sustained reduction in office exposure; - Sustained maintenance of Fitch-calculated leverage at-or-below 5.0x; - Consistent core earnings performance with pretax ROAA in excess of 2.0%; - Maintenance of a strong liquidity profile relative to near-term debt maturities and unfunded commitments; - Addition of an unsecured funding component approaching 10% of total debt; - Maintenance of cash earnings coverage of the dividend at-or-above 100%; DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The rating on the secured debt is equalized with the Long-Term IDR, indicating Fitch's expectation for average recovery prospects. The rating on the unsecured debt is notched down from BXMT's Long-Term IDR. It reflects the predominantly secured funding mix and the limited size of the unencumbered asset pool, which suggests below-average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is sensitive to changes in BXMT's Long-Term IDR as well as changes in the firm's funding mix and collateral coverage for secured debt. Stronger collateral coverage that improves recovery prospects could result in the upward notching of the secured debt ratings relative to the Long-Term IDR. The unsecured debt rating is sensitive to changes to BXMT's Long-Term IDR, unsecured funding mix and the level of unencumbered assets relative to outstanding unsecured debt. The issuance of additional unsecured debt and an increase in the size of the unencumbered asset pool could result in a narrowing of the notching between the senior unsecured debt and the Long-Term IDR. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason: Asset Quality, Asset Performance, Counterparty Exposure (negative). The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). The Funding, Liquidity and Coverage score has been assigned below the implied score due to the following adjustment reason: Funding flexibility (negative). ESG Considerations The highest level of ESG credit relevance is a score of '3'; unless otherwise disclosed. 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 Prior ----------- ------ ----- Blackstone Mortgage Trust, Inc. LT IDR BB- Affirmed BB- senior unsecured LT B+ Affirmed B+ senior secured LT BB- Affirmed BB- BLUE GALLERIA: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Blue Galleria, LLC, according to court dockets. About Blue Galleria LLC Blue Galleria, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23318) on November 10, 2025. In its petition, the Debtor reported between $100,001 and $1 million in assets and liabilities. Judge Scott M. Grossman oversees the case. The Debtor is represented by Michael D. Seese, Esq. BOKQUA LLC: Seeks to Tap Atlas Real Estate as Property Manager -------------------------------------------------------------- Bokqua, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Atlas Real Estate as property manager. The firm will ensure that the Debtor's assets and operations are properly segregated from the other operations of its principal, Boris Klein, and ensure that the portfolio of properties is managed. The firm will receive a management fee in the amount of 7 percent of the gross rents collected per month, as well as a new lease fee of 40 percent of one month's rent, and a renewal fee of 20 percent of one month's rent. Atlas will also provide property inspection services at a cost of $400 per property, with more in depth inspection being provided by well-qualified by outside estimators and contractors. Atlas will also receive a commission of 2.25 percent for any sales for which it acts as an agent. The firm represents no interest adverse to the Debtor or to the estate on the matters upon which it is to be engaged. The firm can be reached at: Atlas Real Estate 970 Yuma Street Denver, CO 80204 Telephone: (480) 757-9200 Email: info@realatlas.com About Bokqua LLC Bokqua, LLC is a real estate investment company that owns and manages residential properties in the Denver metropolitan area. The Company operates in association with BVRE, a property management firm based in Denver, Colorado. Bokqua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-14846) on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and between $50 million and $100 million in liabilities. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq., at KutnerBrinen Dickey Riley, PC. BRANDHOOT LLC: Gets Final OK to Use Cash Collateral --------------------------------------------------- BrandHoot, LLC received final approval from the U.S. Bankruptcy Court for the District of Minnesota to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through February 6, 2026, in accordance with the budget projections submitted with the court. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition property, with the same validity and priority as its pre-bankruptcy liens. However, these replacement liens do not attach to Chapter 5 avoidance actions or their proceeds. Additionally, the SBA will receive monthly payments of $858 beginning this month, with all such payments applied to principal only. BrandHoot believes that the SBA is the only creditor that has an interest in its cash collateral, given the size of its debts and the actual amount of cash collateral on hand. As of the petition date, the Debtor's cash collateral has an estimated value at liquidation of $66,512.24. About Brandhoot LLC BrandHoot, LLC is a Rochester, Minnesota-based web design and mobile app development firm that provides digital strategy, UI/UX design, and custom software solutions. It develops and operates technology products, including Easy Board, a board management software platform. BrandHoot also maintains affiliated retail operations through New Spin Bicycle Shop, which sells bicycles and related goods under a separate trade name. Brandhoot, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Minn. Case No. 25-33565) on November 7, 2025, listing between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. BREWER MACHINE: Hires Keller Williams as Real Estate Broker ----------------------------------------------------------- Brewer Machine & Parts, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Kentucky, Owensboro Division, to hire Keller Williams First Choice Realty to serve as real estate broker. The broker will provide these services: (a) assist the Debtor in selling its property located at 501 Front Street, Central City, Kentucky 42330; and (b) render professional services on behalf of the Debtor. Keller Williams First Choice Realty is a "disinterested entity" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Keller Williams First Choice Realty 1550 Westen Street Bowling Green, KY 42104 Telephone: (270) 782-1811 E-mail: klrw621@kw.com About Brewer Machine & Parts, LLC Brewer Machine & Parts LLC manufactures woodworking and material handling equipment used in industries such as sawmills, pallet production, and cooperage. Based in Central City, Kentucky, the Company serves domestic and international markets including the U.S., Australia, Uruguay, and Saudi Arabia. Established in 1967, it offers both new and refurbished machinery. Brewer Machine & Parts LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 25-40336) on May 15, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. Honorable Judge Charles R. Merrill oversees the case. The Debtors are represented by Robert C. Chaudoin, Esq. at HARLIN PARKER. CAMPBELL REALTY: To Hire Wesler & Associates CPA PC as Accountant ----------------------------------------------------------------- Campbell Realty Investment Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Louisiana to hire Wesler & Associates CPA PC to serve as accountant. Wesler & Associates CPA PC will provide these services: (a) prepare monthly operating reports; (b) prepare tax returns; and (c) provide accounting services for the Debtor as may be necessary. The firm will be paid at these hourly rates: Cheryl Wesler, CPA, $375; Laura Allison, CPA, $275; Kristin Lytle, CPA, $275; Support staff, $175 Wesler & Associates CPA PC 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: Cheryl Wesler, CPA WESLER & ASSOCIATES CPA PC 4664 Campus Drive, Suite 100 Kalamazoo, MI 49008 Telephone: (269) 482-1015 E-mail: CHERYL@WESLERCPA.COM About Campbell Realty Investment Group Campbell Realty Investment Group, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12356) on Oct. 20, 2025, listing up to $10 million in both assets and liabilities. Judge Meredith S. Grabill presides over the case. Ryan J. Richard, Esq., at Sternberg, Naccari & White, LLC serves the Debtor as counsel. CANDYWAREHOUSE.COM: Gets OK to Tap Financial Planning as Accountant ------------------------------------------------------------------- CandyWarehouse.com, Inc. received approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Financial Planning and Tax Office, Inc. as its accountant. Financial Planning and Tax Office will provide tax and accounting services to the Debtor. Financial Planning and Tax Office is a disinterested person within the definition of 11 U.S.C. Sec. 101(14). A copy of the Court's Order dated December 3, 2025, is available at https://urlcurt.com/u?l=GJUTJp from PacerMonitor.com. About Candywarehouse.com Inc. CandyWarehouse.com, Inc. operates an e-commerce platform that sells bulk candies, snacks, and party supplies, offering products such as chocolates, gummies, and international confections. It provides customers with search options by flavor, color, event, or holiday, and caters to both individual and wholesale buyers. CandyWarehouse.com sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34192) on October 24, 2025, with $223,957 in assets and $3,244,950 in liabilities. Mimi Kwan-Nguyen, president of CandyWarehouse.com, signed the petition. Judge Michelle V. Larson presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. CASTILLO GRAND: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of Castillo Grand Hotel Condominium Residences Association, Inc., according to court dockets. About Castillo Grand Hotel Condominium Residences Association Inc. Castillo Grand Hotel Condominium Residences Association, Inc. is a Florida-based not-for-profit corporation that manages property operations and resident affairs at 1 North Fort Lauderdale Beach Boulevard in Fort Lauderdale, overseeing the Castillo Grand Hotel Residences condominium complex. Castillo filed voluntary petition for Chapter 11 protection (Bankr. S.D. Fla. Case No. 25-23247) on November 7, 2025, listing $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Bruno R. Mazzotta, president, signed the petition. Tripp Scott, P.A. and GrayRobinson, P.A. serve as the Debtor's bankruptcy counsel and special counsel, respectively. CBA HOME: Case Summary & One Unsecured Creditor ----------------------------------------------- Debtor: CBA Home Builders Inc 8341 South Claiborne Ave. New Orleans, LA 70118 Business Description: CBA Home Builders Inc., a single-asset real estate entity, holds fee simple ownership of the residential property at 3505 Constance Street, which carries a valuation of $1.45 million. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Eastern District of Louisiana Case No.: 25-12974 Judge: Hon. Meredith S Grabill Debtor's Counsel: Edwin M. Shorty Jr., Esq. EDWIN M. SHORTY, JR. & ASSOCIATES 650 Poydras Ave., Ste 2515 New Orleans, LA 70130 Tel: 504-207-1370 Fax: 504-207-0850 E-mail: EShorty@eshortylawoffice.com Total Assets: $1,455,000 Total Liabilities: $0 The petition was signed by Lionel Nelson as owner/principal. The Debtor listed Mercedes Benz Financial Services, BK Servicing, P.O. Box 131265, Saint Paul, MN 55113-0011, as its sole unsecured creditor. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OLAJYPI/CBA_Home_Builders_Inc__laebke-25-12974__0001.0.pdf?mcid=tGE4TAMA CCC INTELLIGENT: Moody's Alters Outlook on 'B1' CFR to Stable ------------------------------------------------------------- Moody's Ratings affirmed CCC Intelligent Solutions Holdings Inc.'s (collectively with CCC Intelligent Solutions Inc., referred to as "CCC") corporate family rating at B1 and probability of default rating at B1-PD. The rating for CCC Intelligent Solutions Inc.'s senior secured first lien bank credit facilities, inclusive of the proposed $300 million fungible add-on term loan, the existing term loan and the revolving credit facility, were also affirmed at B1. The outlooks were changed to stable from positive. The company's Speculative Grade Liquidity rating remains unchanged at SGL-1. The affirmation of the B1 CFR reflects CCC's good free cash flow and strong EBITDA margin, offset in part by the company's modest scale and high leverage. The outlook change to stable reflects Moody's views that leverage will not meaningfully be reduced over the rating horizon given the company's increased debt burden as a result of the aforementioned term loan add-on. Proceeds will be used for general corporate purposes, including share repurchases. On a pro forma basis for the incremental term loan, debt/EBITDA for the twelve months ended September 30, 2025 increases to 6.3x, up from actual results of 5.0x. Governance was a key consideration for this rating action due to aggressive financial strategies and risk management practices that result in high financial leverage. CCC's debt is increasing for the benefit of shareholders. RATINGS RATIONALE The B1 CFR reflects CCC's strong revenue growth, high recurring revenues, good EBITDA margin and consistent free cash flow generation. It also reflects Moody's expectations for double-digit earnings growth in 2026-2027 that will facilitate debt/EBITDA declining to roughly 4.5x over that timeframe. Earnings growth will be supported by high single-digit revenue growth driven by new cross-selling and up-selling opportunities, as well as new customer wins. Growth will also be supported by continuing investments in the digitization of the automobile claims supply chain. Moody's expects CCC's EBITDA margin to significantly expand in 2026 and beyond as the company reduces its stock based compensation expense, which Moody's treats as an operating expense. Moody's projects that free cash flow will exceed $250 million per annum; however, Moody's expects the company will to continue directing a significant amount of free cash flow toward share repurchases. The SGL-1 speculative grade liquidity rating reflects Moody's views that CCC will have very good liquidity over the next year. Liquidity is supported by Moody's expectations for consistent strong free cash flow and access to its $250 million revolver. The company also had $97 million of cash as of September 30, 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company sustains strong revenue growth leading to increased scale while diversifying revenue sources and maintaining strong profitability. The ratings could also be upgraded if CCC demonstrates more conservative financial policies, with debt/EBITDA sustained below 3.5x and free cash flow-to-debt maintained above 15%. The ratings could be downgraded if there was a significant decline in either revenue or profitability. A downgrade could occur if there was a debt-funded acquisition or other leveraging transaction without a clear path to deleveraging, or if debt/EBITDA was sustained above 5.0x. A deterioration in liquidity and/or more aggressive financial policies could also prompt a downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Chicago, Illinois, CCC Intelligent Solutions Holdings Inc. develops, markets and supplies a variety of software services that enable automobile insurance companies, collision repair facilities, independent appraisers, parts suppliers and automobile dealers to manage the automobile claim and restoration process. Its wholly-owned subsidiary is CCC Intelligent Solutions, Inc., the borrower of the debt. Revenue for the twelve months ended September 30, 2025 was approximately $1.0 billion. CHOICE ELECTRIC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Choice Electric, LLC received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through the final hearing on January 5, 2026, in accordance with its budget, subject to a permitted deviation of up to 10% per line item. The Debtor's cash collateral consists of cash, cash equivalents, accounts, and accounts receivable in which Byline Bank and other secured creditors assert an interest. The secured creditors will be provided with protection, including a replacement lien on all post-petition inventory and income derived from the operation of the Debtor's business. This replacement line will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. As additional protection, Byline Bank will receive a monthly cash payment of $10,000. The court set a final hearing for January 5, 2026. The interim order is available at https://is.gd/pQdk7U from PacerMonitor.com. At the time of filing, Choice Electric had approximately $15,000 in cash and $558,000 in accounts receivable, with its bank accounts held at JPMorgan Chase Bank. The Debtor's primary secured creditor is Byline Bank, holding a lien on all assets of the Debtor and a lien on real estate owned by an affiliate, Choice RE Holdings, LLC, with the total value of the collateral exceeding the debt, making Byline Bank oversecured by at least $650,000. The Debtor believes no other creditor holds a properly perfected lien on its cash collateral, apart from certain UCC filings potentially related to Byline Bank. About Choice Electric LLC Established in 1985, Choice Electric, LLC is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. Choice Electric specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on December 1, 2025, listing between $1 million and $10 million in asse. Kevin Neiman serves as Subchapter V trustee. Judge Thomas B. McNamara oversees the case. Jeffrey A. Weinman, Esq., at Michael Best & Friedrich, LLP, represents the Debtor as legal counsel. CHOICE ELECTRIC: Seeks to Tap Michael Best & Friedrich as Counsel ----------------------------------------------------------------- Choice Electric, LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Michael Best & Friedrich LLP as counsel. The firm will render these services: (a) advise and represent the Debtor in connection with the general administration of the estate; (b) confirm any proposed plan of reorganization and all other contested and adversary matters that arise in this case; (d) investigate and litigate any avoidance or other action the estate may have; and (e) perform other legal services for the Debtor related to or arising out of contested matters in this bankruptcy case. The firm's professionals will be paid at these hourly rates: Jeffrey Weinman, Attorney $650 Jeremy Jonsen, Attorney $500 Bailey Pompea, Attorney $425 Partners $475 - $750 Associates $350 - $450 Paralegals $120 - $225 The firm received a pre-petition retainer of $25,000 from the Debtor. Mr. Pompea disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jeffrey A. Weinman, Esq. Michael Best & Friedrich LLP 675 15th Street, Suite 2000 Denver, CO 80202 Telephone: (720) 240-9515 Email: jeffrey.weinman@michaelbest.com About Choice Electric Choice Electric, LLC, established in 1985, is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. The Company specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on Dec. 1, 2025, listing up to $10 million in both assets and liabilities. The petition was signed by Eric Berger as general manager. Judge Thomas B. McNamara presides over the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich LLP as counsel. CITY BREWING: S&P Upgrades ICR to 'CCC+' on Improved Liquidity -------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on City Brewing Co. LLC to 'CCC+' from 'CCC'. S&P said, "At the same time, we raised our issue-level rating on the $42.1 million exit super priority term loan to 'B' from 'B-'. The recovery rating remains '1', indicating our expectation for very high (90% - 100%; rounded estimate 95%) recovery in the event of a payment default. We also raised the issue-level rating on the $141.2 million exit takeback term loan to 'CCC+' from 'CCC' and revised the recovery rating to '4' from '3', indicating our expectation of an average (30%-50%; rounded estimate 30%) recovery. The lower recovery rating reflects the inclusion of the ABL priority debt ahead of both term loan instruments." The negative outlook reflects the potential for near-term cash flow deficits to persist while volumes remain low in the currently soft market, unless the company can materially increase its production volumes. S&P said, "City Brewing's credit metrics will remain pressured and our expectations for continued cash burn will erode liquidity unless there is a significantly better turnaround in operating performance. City Brewing continues to burn cash and has material lease maturities, despite the additional liquidity from its newly committed ABL The recently secured $65 million ABL led us to revise our assessment of City Brewing's liquidity to less than adequate from weak. This reflects our belief the company can more comfortably meet its obligations through 2026. City Brewing's liquidity position includes about $95 million of cash. This paired with the additional $65 million from the ABL should sufficiently support its operations over at least the next few quarters and enable the group to execute on capital expenditures (capex) to onboard new customers. "Still, we expect City Brewing will continue to generate FOCF deficits for at least the next several quarters as it invests in deferred maintenance and other required capital expenditures (capex) in its manufacturing lines." Moreover, liquidity is pressured because the company has finance lease maturities of around $21 million a year for the next several years which will reduce its current cash balances absent a more material rebound than we are currently forecasting. Low volumes continue to pressure operating performance and a rebound will be challenging under current market conditions. City Brewing has suffered significant profit deterioration over the last several years due to various operational issues, including plant staffing challenges, supply chain disruptions, and delays in passing on high conversion costs. The company also remains heavily indexed to hard seltzers and beers, which have progressively become less popular. Revenue decreased 39% year over year for the 12 months ended Sept. 30, 2025. The primary driver was the loss of contract brewing volumes for Pabst and overall market softness in the flavored malt beverage (FMB), beer, and hard seltzer alcoholic beverage categories. Moreover, the company experienced lost business during the restructuring process and some new product launches have been delayed, which has negatively impacted revenue and profitability. City Brewing's S&P Global Ratings-adjusted EBITDA for the third quarter was $2.6 million down from $23.1 million in the prior quarter, driven by low volume, seasonality, the cadence of new customer onboarding and the high fixed costs associated with the business. Management has made progress diversifying its customer base and increasing its exposure to high growth categories such as energy and other nonalcoholic beverages (albeit these categories are lower in margin). S&P anticipates these added capabilities in attractive categories will position the company better for long-term growth as the company signs on new business from different brands. Nevertheless, City Brewing's continued operational problems and recent delayed product launches could lead to customer losses and inefficiencies that further erode profit margins and compromise the company's ability to service its debt obligations. Interest coverage materially improved after its August debt restructuring. This was primarily due to lower debt balances pro forma for the transaction, but also a portion of interest under its exit facilities being paid in kind (PIK) over the next two years. S&P said, "We believe City Brewing's reduced annual cash interest and extended maturity profile provide some runway for its turnaround strategy. We forecast EBITDA interest coverage to approach 1.5x in fiscal 2026 as the company onboards new customer volumes and sequentially grows EBITDA in the first half of fiscal 2026." The negative outlook reflects the risk that operating conditions will not improve or could worsen further, leading City Brewing to generate larger-than-expected FOCF deficits, and the potential for a lower rating if a default scenario over the subsequent 12 months materializes. S&P could lower the ratings if it foresees a default or another restructuring over the next 12 months or EBITDA cash interest coverage does not improve to well above 1.0x. This could occur if: -- The company experiences material customer losses that leads to significant volume declines; or -- Demand for its underperforming alcohol beverage categories remains depressed, preventing a more meaningful rebound in manufacturing volumes from its planned mix shift to faster growing categories. S&P could take a positive rating action if City Brewing stabilizes operating performance and EBITDA interest coverage is sustained above 1.5x. This could occur if the company is able to: -- Stabilize its sales volumes; and -- Successfully ramp up the onboarding of new customers in high growth categories. CNY SEALCOATING: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: CNY Sealcoating & Concrete, LLC DBA CNY Custom Concrete & Masonry 8142 Seneca Turnpike Clinton, NY 13323 Business Description: CNY Sealcoating & Concrete, LLC, operating from Clinton, New York, provides concrete and sealcoating services, including installation, repair, and maintenance of driveways, patios, and slabs. The Company operates within the construction and paving sector, serving residential and commercial clients in the region. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Northern District of New York Case No.: 25-61114 Judge: Hon. Patrick G Radel Debtor's Counsel: Anthony Sodono, III, Esq. MCMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue Suite 201 Roseland, NJ 07068 Tel: 973-622-1800 Fax: 973-712-1463 E-mail: asodono@msbnj.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Mariano Jellencich as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LWBWCGA/CNY_Sealcoating__Concrete_LLC__nynbke-25-61114__0001.0.pdf?mcid=tGE4TAMA COBRA TIRE: Hires Mesch Clark Rothschild as Attorneys ----------------------------------------------------- Cobra Tire and Auto Service, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Mesch Clark Rothschild to serve as attorneys. Mesch Clark Rothschild will provide these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation and management of its property; (b) take necessary actions to recover certain property and money owed to the Debtor, if necessary; (c) prepare on behalf of the Debtor, the necessary applications, answers, complaints, orders, reports, disclosure statement, plan of reorganization, motions, and other legal documents; and (d) perform all other legal services that the Debtor deems necessary. The firm will receive these hourly rates: Frederick J. Petersen $575 Isaac D. Rothschild $525 David J. Hindman $525 Other Attorneys $300 to $650 Paraprofessionals $125 to $265 Mesch Clark Rothschild is a "disinterested person" and does not hold or represent any material interest adverse to the estate, according to court filings. The firm can be reached at: Frederick J. Petersen, Esq. David J. Hindman, Esq. Isaac D. Rothschild, Esq. MESCH CLARK ROTHSCHILD 259 N. Meyer Avenue Tucson, AZ 85701 Telephone: (520) 624-8886 Facsimile: (520) 798-1037 E-mail: fpetersen@mcrazlaw.com dhindman@mcrazlaw.com irothschild@mcrazlaw.com ecfbk@mcrazlaw.com About Cobra Tire and Auto Service, LLC Cobra Tire and Auto Service, LLC, a locally owned and family-operated company with locations in Central Phoenix and Gilbert, Arizona, provides full-service automotive repair and tire services for domestic and import vehicles, including commercial fleet and diesel trucks. The Company offers scheduled maintenance, brake and suspension work, wheel alignments, engine repairs, and diagnostics, serving a broad range of vehicle makes and models. Its staff are ASE-certified mechanics. Cobra Tire and Auto Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-11703) on December 4, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million, and estimated liabilities of between $10,000,001 and $50 million. Mesch Clark Rothschild serve as the Debtor's legal counsel. COBRA TIRE: Hires Villanueva & Company P.C. as Accountant --------------------------------------------------------- Cobra Tire and Auto Service, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Villanueva & Company, P.C. to serve as accountant. Villanueva & Company, P.C. will provide these services: (a) prepare and file the Debtor's federal and state tax returns, prepare the Debtor's Monthly Operating Reports; and (b) provide the estate with other bookkeeping and accounting services as needed. Brent A. Villanueva will receive an hourly rate of $400, and hourly rates of $150 to $225 are for staff. Villanueva & Company, 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: Brent A. Villanueva Villanueva & Company, P.C. 259 North Meyer Avenue Tucson, AZ 85701 Telephone: (520) 624-8886 Facsimile: (520) 798-1037 E-mail: fpetersen@mcrazlaw.com dhindman@mcrazlaw.com irothschild@mcrazlaw.com ecfbk@mcrazlaw.com About Cobra Tire and Auto Service, LLC Cobra Tire and Auto Service, LLC, a locally owned and family-operated company with locations in Central Phoenix and Gilbert, Arizona, provides full-service automotive repair and tire services for domestic and import vehicles, including commercial fleet and diesel trucks. The Company offers scheduled maintenance, brake and suspension work, wheel alignments, engine repairs, and diagnostics, serving a broad range of vehicle makes and models. Its staff are ASE-certified mechanics. Cobra Tire and Auto Service, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-11703) on December 4, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million, and estimated liabilities of between $10,000,001 and $50 million. Mesch Clark Rothschild serve as the Debtor's legal counsel. COBRA TIRE: Seeks Chapter 11 Bankruptcy in Arizona -------------------------------------------------- On December 4, 2025, Cobra Tire and Auto Service, LLC filed for Chapter 11 protection in the District of Arizona bankruptcy court. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to between 50 and 99 creditors. About Cobra Tire and Auto Service Cobra Tire and Auto Service, LLC operates an automotive repair and tire service business. It provides full-service automotive repair and tire services for domestic and import vehicles, including commercial fleet and diesel trucks. The Company offers scheduled maintenance, brake and suspension work, wheel alignments, engine repairs, and diagnostics, serving a broad range of vehicle makes and models. Its staff are ASE-certified mechanics. Cobra Tire and Auto Service, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11703) on December 4, 2025. In its petition, the Debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Brenda Moody Whinery handles the case. The Debtor is represented by David Jeffrey Hindman, Esq. of Mesch Clark & Rothschild PC. CONSTANT CONTACT: Moody's Affirms 'B3' CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings affirmed Constant Contact, Inc.'s (Constant Contact) B3 corporate family rating and B3-PD probability of default rating. Concurrently, Moody's affirmed Constant Contact's $1.12 billion senior secured first lien term loan due February 2028 and $125 million revolving line of credit (which will have a $107 million commitment after February 2026) due November 2027 at B2 and $237 million senior secured second lien term loan rating at Caa2 due February 2029. The outlook is maintained at stable. The company is a Massachusetts-based provider of marketing automation software. The affirmation of the B3 CFR reflects Moody's expectations that Constant Contact will maintain its established product and brand presence in the small and medium businesses (SMB) email marketing industry. Moody's anticipates that debt/EBITDA will remain below 7.0x and gradually migrate to below 6.5x over the next 12-18 months. Additional rating support is provided by an adequate liquidity profile, with $30 million of cash on the balance sheet as of September 30, 2025, and Moody's expectations for positive free cash flow generation. Moody's anticipates free cash flow/debt to be about 1.5% and EBITDA-capex/interest expense above 1.5x. All financial metrics cited reflect Moody's standard adjustments, unless otherwise noted. RATINGS RATIONALE The B3 CFR reflects Constant Contact's: 1) high debt/EBITDA Moody's projects at around 6.3x at the end of 2025; 2) a high customer churn rate due to the short term nature of its subscription agreements; 3) modest revenue scale and narrow service line focus on providing self-service digital marketing solutions, primarily to SMBs; 4) its concentrated operations within the highly fragmented and increasingly competitive email marketing industry, with low barriers to entry; and 5) aggressive financial growth strategies under private equity ownership, including debt-funded acquisitions and the potential for debt-funded shareholder returns as evidenced by the debt funded $250 million dividend transaction in February 2024, with proceeds partially utilized, alongside a new equity investment from private equity sponsor Clearlake, to facilitate their acquisition of the remaining equity of the business previously owned by Siris Capital Group. The rating is supported by the company's: 1) established market position within the SMB e-mail marketing software market, with good brand presence; 2) a diversified and long-tenured customer base with low customer concentration; 3) high EBITDA margins Moody's anticipates in the high 30% to low 40% range over the next 12-18 months; 4) a largely variable and flexible cost structure with limited capital investment needs and pre-paid revenue streams generating favorable cash flow characteristics; and 5) Moody's expectations that the company will maintain a good liquidity profile over the next 12-15 months. Moody's considers Constant Contact's liquidity profile as good and expect around $20 million of annual free cash flow and full availability under the $125 million revolving credit facility ($107 million commitment after February, 2026) due November 2027 over the next 12-15 months. Moody's forecasts the company to have more than $25 million of balance sheet cash and full access to its revolving credit facility at December 31, 2026. Moody's believes these cash sources provide good coverage for the required first lien term loan amortization of approximately $11 million per year, paid quarterly. There are no financial covenants applicable to the term loans. However, revolver access is subject to maintaining maximum first lien net leverage (as defined in the facility agreement) below 7.55x when the amount drawn under the revolver is greater than 35% ($43.75 million). Moody's believes the covenant will not be tested through 2026, but anticipate that the company would be in compliance with the covenant if it were measured. The affirmation of the B2 senior secured first lien bank credit facility rating ($107 million revolver due 2027 and approximately $1.12 billion term loan due 2028), one notch above the company's B3 CFR, reflects facility's senior position in the capital structure relative to the second lien term loan and the company's unsecured claims. The first lien credit facility is secured by a first priority interest in substantially all tangible and intangible assets (including capital stock of subsidiaries) of the borrower and guarantors. The affirmation of the Caa2 senior secured second lien term loan due 2029 (approximately $237 million outstanding at September 30, 2025), two notches below the company's B3 CFR, reflects lien subordination to the first lien credit facility. The second lien term loan is secured by a second priority interest in the same assets securing the first lien credit facility. The senior secured first lien credit facility and senior secured second lien term loan are guaranteed on a senior secured basis by Digital Marketing Technology Intermediate, Inc. (the direct parent company of the borrower) and each of the borrower's direct and indirect wholly-owned domestic subsidiaries. The stable outlook reflects Moody's expectations for organic revenue and EBITDA growth in the mid-single digit percentages over the next 12-18 months. Moody's also anticipates in the stable outlook that Constant Contact will continue to grow its subscribers albeit possibly at a slower pace, supplement its organic growth with periodic acquisitions, at times with debt, and maintain a good liquidity profile. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade Constant Contact's ratings if the company builds a track record of sustained organic revenue growth and margin expansion, while maintaining good liquidity. Metrics that could support a higher rating include debt/EBITDA sustained below 5.5x, EBITDA-Capex/interest expense sustained above 1.5x, and free cash flow to debt sustained at 5% or better. Moody's could downgrade Constant Contact's ratings if operating performance weakens, as evidenced by revenue growth slowing or declining and free cash flow falling to near breakeven level. The ratings could also be downgraded if operating challenges or more aggressive financial policy leads to debt/EBITDA sustained above 7.5x, EBITDA less capital expenditures/interest declines to approaching 1x, or liquidity deteriorates. The principal methodology used in these ratings was Software published in June 2022. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in Waltham, MA and controlled by affiliates of private equity sponsor Clearlake. Constant Contact, Inc. is a SaaS online marketing platform that enables SMBs to create, send and track email marketing campaigns. Moody's expects Constant Contact's revenue to approach $550 million in 2026. COREWEAVE INC: Fitch Rates New Unsec. Notes Due 2031 'BB-' ---------------------------------------------------------- Fitch Ratings has assigned a long-term rating of 'BB-' with a Recovery Rating of 'RR4' to CoreWeave, Inc.'s new senior unsecured convertible notes due 2031. The proceeds will be used for general corporate purposes along with funding the cost of a capped call to reduce potential dilution to Class A common stockholders. CoreWeave's ratings reflect its robust business model, highlighted by stable, recurring revenue streams. The company's execution risk over the near to medium term is limited, underpinned by unit-level economics where capex is incurred only after contracts are signed. CoreWeave's cash flow profile benefits from strong visibility, despite the high upfront capex, reinforcing its financial stability. Although leverage is high, it is supported by strong EBITDA growth potential with high visibility over the next few years, demonstrating a clear deleveraging path. Key Rating Drivers Elevated but Improving Credit Metrics: As of December 2024, CoreWeave's gross EBITDA leverage, excluding leases, was 6.6x, with lease-adjusted gross leverage at 6.7x. In fiscal years 2025 and 2026, Fitch expects leverage to remain relatively elevated, around 6.7x and 5.3x respectively (lease-adjusted leverage around 7.0x and 5.9x), while Fitch expects that in subsequent years, EBITDA leverage will improve to a range between 2.0x and 3.0x, and lease-adjusted leverage between 3.0x and 4.0x. Additional new debt issuance to support growth is expected to result in leverage remaining elevated through 2026. Fitch considers medium-term deleveraging achievable if EBITDA growth outpaces new debt issuance needs under a strategy requiring significant upfront capex. Fitch expects capital intensity to peak in 2026, following major contract wins, with cash flow benefits emerging over the medium term. High Customer Concentration: Microsoft accounted for approximately 67% of revenue in 3Q25, and no other customer represented 10% or more in the period. Newly signed multiyear commitments with OpenAI (up to $6.5 billion through May 2031) and Meta (up to $14.2 billion through December 2031) are expected to expand the customer base, but revenue is likely to remain highly concentrated, reinforcing dependence on a few large counterparties. While multiyear contracts provide near-term visibility, concentration risk includes the possibility that customers do not sign incremental contracts during the term and may elect not to renew at expiry. Continued diversification of active revenue sources would help mitigate concentration risk over time. Robust Revenue and Cash Flow Visibility: As of Sept. 30, 2025, CoreWeave had $50 billion in remaining performance obligations (RPO), of which 42% should be recognized over the initial 24 months ending Sept. 30, 2027, 39% between months 25-48, and the balance between months 49-72. The $55.6 billion total pro forma backlog includes other amounts that should be recognized in future periods under committed customer contracts, but not yet recognized in RPO under U.S. GAAP. Committed contracts with take-or-pay provisions support predictable cash flows across operating conditions, although longer-term visibility is less certain. Longer-Term Visibility Less Clear: While management expects 81% of RPO to be recognized over the next four years, clarity diminishes thereafter, as CoreWeave will rely on contract renewals or replacements to maintain revenue growth. Customer concentration poses risks, including potential in-sourcing by hyperscalers, compounded by the company's relatively short operating history. Additionally, the rapid evolution and nascent nature of artificial intelligence (AI) technology contribute to the uncertainty of CoreWeave's sustainability over the longer term, as the company must continuously adapt to fast-changing technological advancements and market demands. Potential Lease Term Mismatch Risk: CoreWeave faces a potential risk due to the mismatch between the terms of its leases with data center suppliers and its contracts with customers. While its leases typically span between three and 15 years, its customer contracts generally have shorter durations of three to five years. This disparity creates challenges in aligning long-term obligations with shorter-term revenue streams, exposing CoreWeave to the risk of having to meet lease commitments without guaranteed customer income. The company typically manages this risk by building enough of a buffer into its contract terms to mitigate the impact of contract length mismatches. Strategic Differentiation and Market Leadership: CoreWeave's first-mover advantage, partnership with Nvidia, and top-tier performance metrics bolster its competitive position against hyperscalers and smaller AI-focused cloud providers. Its AI specialization also helps it compete specifically against hyperscalers. Managed software and application services integrated into its technology stack further differentiate its offerings. However, the competitive landscape poses a significant risk over time, as companies rapidly invest in their own infrastructure, potentially challenging CoreWeave's market position and requiring continuous innovation to maintain its leadership. AI Demand Supports Growth: CoreWeave is strategically positioned to benefit from the rising demand for AI and machine learning applications. According to various industry sources, global data center workload dedicated to AI could reach approximately 44 gigawatts (GW) in 2025 and grow to over 150 GW by 2030. This demand is driven by advancements in AI algorithms and data proliferation, increasing the need for CoreWeave's graphics processing unit (GPU) infrastructure. As industries pursue AI-driven efficiency, CoreWeave's offerings align well with their needs, supporting strong performance potential and enabling it to capture a significant share of this expanding market. Peer Analysis CoreWeave operates within the digital infrastructure sector. Digital infrastructure peers include Equinix, Inc. (BBB+/Stable), Digital Realty Trust, Inc. (BBB/Stable), Iridium Communications Inc. (BB/Stable), and Viasat, Inc. (B/Stable). CoreWeave specializes in GPU-based cloud services supported by multiyear contracts, yet faces distinct challenges compared to its larger, more diversified counterparts. These challenges include shorter contract durations, uncertain renewal rates, heightened technology risks, and potential competition or in-sourcing from customers. Additionally, CoreWeave's rapid growth and shorter operating track record set it apart from these established companies. Equinix and Digital Realty, both leading data center companies, can be considered together in comparison to CoreWeave due to similar business models. They benefit from low churn rates, robust global platforms, and conservative financial policies. Their strategies predominantly involve the ownership and leasing of real estate, which contributes to their operational stability. In contrast, CoreWeave, with its technology-centric services and reliance on leased facilities, is more susceptible to rapid changes in customer demand and technological advancements, potentially resulting in higher volatility. Iridium and Viasat, as satellite operators, are comparable to CoreWeave in their leverage and technology focus. Both companies operate in capital-intensive sectors that require continuous innovation and adaptation to technological advancements. Iridium focuses on global satellite communications, while Viasat specializes in broadband and satellite services, both exhibiting leverage similar to its expectations for CoreWeave. This similarity underscores the importance of managing financial stability while navigating the challenges of rapid technological changes and maintaining competitive advantages in their respective markets. Fitch’s Key Rating-Case Assumptions - Total revenue growing to approximately $5.2 billion in fiscal 2025, approximately $10.6 billion in fiscal 2026 and $$18 billion in fiscal 2027, with growth rates moderating thereafter, assuming recognition on existing RPO along with incremental future contract wins; - EBITDA margins expanding to around 66% in fiscal 2026, settling around 70% thereafter, driven by operating leverage; - Capex of around $13 billion in fiscal 2025 and $19 billion in fiscal 2026, with capital intensity normalizing to around 30%-35% over the medium term, as capex is linked to specific future contracts; - Incremental future debt issuance to support capex associated with contract wins; - No debt repayment assumed beyond mandatory repayment schedules. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - EBITDA leverage (excluding leases) sustained above 4.0x or lease-adjusted leverage sustained above 5.0x; - Failure to achieve positive FCF over the medium to long term, leading to reliance on external financing and potential liquidity issues; - Continued reliance on a limited number of revenue sources or major contracts, increasing vulnerability to adverse changes in customer relationships or industry conditions; - Inability to access additional debt capital on favorable terms to support its growth strategy. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage (excluding leases) sustained below 3.0x or lease-adjusted leverage sustained below 4.0x; - Expansion into new markets or services that diversify revenue streams and reduce dependence on a few large customers, improving business resilience; - Demonstrated ability to consistently renew or replace major customer contracts, ensuring stable revenue flow and minimizing disruption from contract expirations. Liquidity and Debt Structure Fitch expects CoreWeave to have sufficient liquidity. As of September 2025, the company had $1.9 billion in estimated cash and equivalents and marketable securities, and $800 million available under its RCF. In November 2025, the RCF was amended to increase the capacity to $2.5 billion with the maturity on the facility also extended to November 2029. Fitch expects that high capex in FY2025 and FY2026 will greatly pressure FCF over the next 12-18 months, which will likely necessitate additional debt financing sources in 2026 to support execution on growth plans. Issuer Profile CoreWeave provides GPU-based cloud infrastructure for AI/ML, rendering, and other compute-intensive workloads. Its cloud platform combines proprietary software with managed services. As of 3Q25, CoreWeave's footprint spanned 41 data centers, mainly accessed via long-term leases and hosting arrangements. Date of Relevant Committee 03 December 2025 MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations CoreWeave, Inc. has an ESG Relevance Score of '4' for Governance Structure due to concentrated shareholder voting power and an organizational structure that is somewhat more complex than average. This has a negative impact on the credit profile and is relevant to the rating 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 ----------- ------ -------- CoreWeave, Inc. senior unsecured LT BB- New Rating RR4 CRYSTAL HOSPITALITY: Case Summary & Nine Unsecured Creditors ------------------------------------------------------------ Debtor: Crystal Hospitality LLC 2801 Summer Stream Dr Kennesaw, GA 30152 Business Description: Crystal Hospitality LLC, based in Kennesaw, Georgia, operates in the hospitality renovation and construction sector, providing full-service hotel and property renovation, conversion, and remodeling services. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-64498 Debtor's Counsel: Michael D Robl Esq. ROBL & BOWEN LLC 3754 LaVista Road Suite 250 Tucker, GA 30084 Tel: 404-373-5153 Fax: 404-537-1761 Email: michael@roblgroup.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Andrey Gerega as manager. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CMGW3QY/Crystal_Hospitality_LLC__ganbke-25-64498__0001.0.pdf?mcid=tGE4TAMA D & B PHARMACY: To Sell Pharmacy Assets to Swarinjit Singh ---------------------------------------------------------- D & B Pharmacy Corp., d/b/a Paul's Pharmacy, seeks permission from the U.S. Bankruptcy Court for the Southern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 222 Oakridge Common, in South Salem, NY 10590. Samuel Dawidowicz serves as SubChapter V Trustee. The Debtor owns a pharmacy from the Premises. The Debtor's principal is Paul Roldan. The Debtor has operated successfully for more than 15 years. The Debtor is a full service "neighborhood" pharmacy offering a variety of traditional and non-traditional goods and services including: medication management, equipment sales and rental, lab testing, delivery, and immunizations. Its current financial predicament is the result of a combination of factors including a decrease in revenue from a reduction in payments from third parties (including insurance companies) and COVID shutdowns. In order to keep operations consistent during COVID lockdowns, the Debtor borrowed funds from the SBA and various other lenders who made Merchant Cash Advances. The Debtor's goal is to sell its assets and use the proceeds to pay the landlord and creditors holding senior secured claims at least in part. The Debtor is substantially in arrears. Upon information and belief, the arrears could total approximately more than $236,000.00. Smith Ridge Associates, LLC, the landlord has agreed to accept $146,885.00 as a "cure amount." It is contemplated that the Landlord will submit a separate schedule which sets forth the arrears. The Landlord of the Premises has approved the Buyer, Swarinjit Singh, as a tenant. The Landlord has also agreed to either assign the Lease to the Buyer or tender a new lease to the Buyer in lieu of an assignment of the Lease. The Debtor recognizes that the Landlord's approval may not be essential, it is submitted that the approval facilitates the sale process. Moreover, the Buyer indicated that he would not proceed with the sale absent new and additional lease terms which the Landlord has agreed to. It is unclear whether Vested is entitled to a commission on this sale. The Debtor maintains that Vested did not introduce the Buyer and/or did not meaningfully participate in any negotiations (In fact, the Debtor alleges that Vested did not at all assist in negotiations). The issue of commissions will be addressed in a separate application to either approve or deny same. According to the Debtor, Vested may have inhibited a sale by recommending an offering price (approximately $1.3 million) which proved to be unrealistic. According to the Debtor's agreement with Vested, it may be entitled to the greater of $15,000.00 or (ii) 10% of the purchase price (or $42,500.00). The Debtor proposes to set aside $42,500.00 from the purchase price pending resolution of the issue regarding Vested's entitlement to a commission. On or about November 26, 2025, the Debtor entered into the form of a proposed Asset Purchase Agreement (APA) to sell the Property to the Buyer. The purchase price is $425,000.00 payable at the Closing which shall be as soon as possible. The assets purchased include furniture, fixtures, all marketable prescription and non-prescription inventory, all leasehold improvements, all prescription files, patient files, prescription records, all contract rights and all right to telephone and fax numbers. Such assets (other than the intangibles) are set forth on Schedule A to the APA and the purchase price has been allocated in a manner that is consistent with tax rules. The sale excludes accounts receivable and claims against third parties. The sale is subject to the assumption of the Lease and the assignment of the Lease or a new Lease between the Buyer and the Landlord. The sale is free and clear of any liens, claims and encumbrances. The sale includes business and customer records. Such transfer implicates the transfer of business and customer records for the past seven years. The Sale contains a restrictive covenant preventing Mr. Roldan and members of his immediate family from engaging in the retail pharmaceutical business within 5 miles of the Premises for a period of 5 years from the closing date. At the time of the Closing, from the net proceeds, the following shall be paid or reserved for: A. The sum of $146,885.00 to the Landlord in consideration of the assumption of the Lease; B. The sum of $25,000.003 to be held by counsel for the Debtor for estimated counsel fees as a "carve out" both under the Cash Collateral Order. C. The sum of $15,000.00 to be held by counsel for the Debtor representing estimated fees due to the Sub Chapter V Trustee as a "carve out" both under the Cash Collateral Order and Section 506(c) of the Bankruptcy Code. D. A sum determined to be appropriate as a reserve for the payment of any consumer privacy ombudsman appointed by the Court or Office of the U.S. Trustee (estimated to be $10,000.00). E. The sum of $42,500 to be held in reserve pending determination of amounts to which Vested may be entitled. F. The balance will be paid first to McKesson Corporation, which holds a senior until satisfied and thereafter, second to Burlington Drug Company. About D and B Pharmacy Corporation D and B Pharmacy Corporation offers pharmacy services, vaccines, and health screenings. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-22402) on May 9, 2025. In the petition signed by Paul Roldan, president, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Kyu Young Paek oversees the case. Anne Penachio, Esq., at Penachio Malara LLP, represents the Debtor as legal counsel. DAN LEPORE & SONS: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Dan Lepore & Sons Company. About Dan Lepore & Sons Company Dan Lepore & Sons Company provides construction and restoration services through divisions focused on stonework, unit masonry, and restoration, offering design and build capabilities along with rigging and scaffolding. It specializes in new building construction, maintenance, dismantlement, reconstruction, and the preservation of historic structures for industrial, commercial, and institutional clients across the United States. Dan Lepore & Sons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14757) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Gregory J. Lepore, president of Dan Lepore & Sons, signed the petitions. Judge Ashely M. Chan oversees the case. Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as legal counsel. DIGITAL MEDIA: Section 341(a) Meeting of Creditors on January 8 --------------------------------------------------------------- On December 9, 2025, Digital Media Chain, LLC commenced a Chapter 11 bankruptcy proceeding in the Central District of California. Court records indicate the Debtor owes $1MM–$10MM to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on January 8, 2026 at 10:00 AM at UST-SVND1, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:5961145. About Digital Media Chain, LLC Digital Media Chain, LLC is a media and technology company focused on developing, managing, and distributing digital content across online platforms. The company operates within the digital media ecosystem, offering content delivery, platform management, and audience engagement solutions designed for brands and media partners. Digital Media Chain, LLC filed its Chapter 11 petition (Case No. 25-12297) in the U.S. Bankruptcy Court for the Central District of California on December 9, 2025. The filing lists assets ranging from $100,001 to $1 million and liabilities in the range of $1 million to $10 million. The case is handled by Honorable Bankruptcy Judge Martin R. Barash. The Debtor is represented by Matthew D. Resnik, Esq. of Rhm Law LLP. DORAL ACADEMY: Moody's Ups Rating on 2021A Revenue Bonds from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded the rating on Doral Academy of Northern Nevada, NV's (DANN) Educational Revenue Refunding Bonds (Doral Academy of Northern Nevada Project), Series 2021A to Baa3 from Ba1. Concurrently, the outlook has been revised to stable from positive. DANN has $21 million in revenue bonds outstanding, which consists entirely of the Series 2021A bonds. The bonds were issued through the Arizona Industrial Development Authority, AZ The upgrade to Baa3 is driven by the academy's strong competitive profile and solid operating performance, resulting in healthy annual debt service coverage and strengthened liquidity. The improved cash has also moderated the school's leverage somewhat. RATINGS RATIONALE The Baa3 rating reflects Doral Academy of Northern Nevada's strong competitive profile, demonstrated by full enrollment, robust student demand and superior academic performance relative to both the local district and state. The academy's operating performance has strengthened, supported by prudent financial management, consistently positive operating results, and a significant increase in liquidity to over 250 monthly days cash on hand as of fiscal 2025. A more moderate increase in state per-pupil funding will drive more narrow operating performance in fiscal 2026. Debt service coverage will still remain above 1.5x and monthly days cash will be above 200 days. While leverage will remain elevated, with spendable cash and investments covering 31% of debt, the academy's debt burden is balanced by its lack of expansion plans or significant capital needs. The academy's recent charter renewal for an eight-year term (longer than the prior term) underscores the academy's sound governance and compliance with authorizer's expectations. RATING OUTLOOK The stable outlook reflects the academy's strong competitive profile and prudent financial management, which will continue to result in strong operating cash flow margins and liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Increase in operating scale or liquidity -- Material reduction in leverage FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Weakening of competitive profile resulting in sustained enrollment declines -- Narrowing of operating cash flow margins resulting in debt service coverage below 1.25x PROFILE DANN serves students in grades K-8 and is located in the City of Reno within the boundaries of the Washoe County School District. Founded in 2017, the academy's mission is to create an enhanced and engaging whole-child educational experience. Academia Nevada provides management and support services to DANN. The academy is authorized by the Nevada Public Charter School Authority and its current contract expires in June 2031. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. EDEN ON BRAND: June 8 Governmental Claims Bar Date -------------------------------------------------- On December 9, 2025, Eden on Brand, Inc. commenced a Chapter 11 bankruptcy proceeding in the Central District of California. Court records indicate the Debtor owes $1MM–$10MM to 1–49 creditors. The deadline for government claims filing is on June 8, 2026. About Eden on Brand, Inc. Eden on Brand, Inc. operates a fine-dining restaurant in Glendale, California, offering modern American cuisine with global influences across steak, seafood, and pasta dishes. It provides multi-course dining that includes soups, salads, appetizers, entrees, sides, and desserts in a full-service setting. The restaurant also supports reservations, private event services, and online ordering. Eden on Brand, Inc. filed its Chapter 11 petition (Case No. 25-21059) in the U.S. Bankruptcy Court for the Central District of California on December 9, 2025. The filing lists assets ranging from $100,001 to $1 million and liabilities in the range of $1 million to $10 million. The matter is assigned to Judge Neil W. Bason. The Debtor's counsel is Michael Jay Berger. ELDER'S GRINDING: Seeks to Hire Iron Horse Auction as Auctioneer ---------------------------------------------------------------- Elder's Grinding & Recycling, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Iron Horse Auction Co., Inc. as auctioneer. The firm will sell the Debtor's personal property, a 2002 Diamon Grinder, at public auction. Iron Horse will not charge a commission on its sale of the Grinder but shall have the right to charge a buyer's premium in an amount not to exceed 10 percent. As disclosed in the court filings, Iron Horse does not hold or represent any interest adverse to that of the Debtor's estate and that Iron Horse is a disinterested person within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: James "Sonny" Weeks Iron Horse Auction Co., Inc. 174 Airport Rd Rockingham, NC 28379 Phone: (910) 997-2248 About Elder's Grinding & Recycling, Inc. Elder's Grinding & Recycling, Inc., filed a Chapter 11 bankruptcy petition (Bankr. W.D.N.C. Case No. 25-30366) on April 15, 2025, listing $100,001 to $500,000 in both assets and liabilities. Judge Ashley Austin Edwards presides over the case. The Debtor hires Nardone Law Firm, PLLC as bankruptcy counsel. ENCORE ACQUISITIONS: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- On December 12, 2025, Encore Acquisitions and Development LLC filed for Chapter protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. About Encore Acquisitions and Development LLC Encore Acquisitions and Development LLC is a real estate investment and development company focused on the acquisition, development, and management of commercial and residential properties. Encore Acquisitions and Development LLC sought relief under Chapter of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21168) on December 12, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. ENERSYS: Moody's Affirms 'Ba2' CFR & Alters Outlook to Stable ------------------------------------------------------------- Moody's Ratings affirmed the ratings of EnerSys, including the Ba2 corporate family rating, Ba2-PD probability of default rating and Ba3 ratings on the company's senior unsecured notes. Moody's also changed the outlook to stable from positive. The company's speculative grade liquidity rating of SGL-1 is unchanged. The change in outlook to stable reflects the company's use of debt to help fund a considerable amount of share repurchases. As a result, Moody's now expect EnerSys' leverage will remain elevated at more than 3.0x over the next 12 -18 months, calculated excluding Section 45X tax credits. Debt-to-LTM EBITDA grew to as much as 3.9x as of September 28, 2025 from 3.4x as of March 31, 2025 as a result of the increase in debt along with a decline in earnings. Governance considerations are a key driver of the rating action because the use of debt to fund share repurchases signals a more aggressive financial policy. The affirmation of the ratings reflects Moody's expectations that EnerSys will maintain its solid market position in energy solutions and will continue to benefit from strong demand for its products from data center applications. RATINGS RATIONALE EnerSys' ratings reflect the company's solid market position in energy solutions in the Americas and Europe, Middle East and Africa (EMEA). EnerSys will benefit from strong demand for its high margin Thin Plate Pure Lead (TPPL) core technology and the recurring nature of the replacement cycle for energy systems. Moody's expects EnerSys to maintain very good liquidity supported by solid free cash flow and revolver availability. However, EnerSys is exposed to commodity price volatility, particularly for lead which is its primary raw material, and cyclical end markets. Customer and geographic diversification temper end market cyclicality and add top-line stability. The company has moderate financial leverage though it is likely to increase periodically with debt funded acquisitions. EnerSys benefits from Section 45X tax credits for the domestic manufacturing of qualifying batteries. However, the deployment of cash from the tax credits remains uncertain. Moody's expects EnerSys' organic revenue growth of 4% per year over the next 12-18 months. This will be driven by good demand from data centers and the aerospace and defense industries and stable to slightly improved demand from large telecom and cable TV companies. The growth will also be driven by a slight increase in volume and price. Excluding Section 45X tax credits, Moody's expects EnerSys' EBITA margin to improve to about 9% over the next 12-18 months. This will result from continued cost and expense improvements and benefits from operational efficiencies. Therefore, Moody's forecasts debt-to-EBITDA to improve toward 3.3x over the next 12-18 months. The stable outlook reflects Moody's expectations that modest revenue growth and strong cost and expense controls will drive higher earnings, lowering the company's leverage and generating solid free cash flow. Moody's forecasts that EnerSys will maintain very good liquidity over the next 12 months as reflected by its SGL-1 speculative grade liquidity (SGL) rating. This will be supported by Moody's expectations for free cash flow of more than $260 million, including Section 45 tax credits. Liquidity is further supported by approximately $400 million of availability on an $1.0 billion revolving credit facility expiring September 2030, net of drawings of about $593 million and about $9 million in letters of credit as of September 28, 2025. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt-to-EBITDA is sustained at or below 3x and EBITA margin is expected to remain around 13% or higher, with both metrics calculated excluding Section 45X tax credits. Consistently robust free cash flow and maintenance of very good liquidity are also requirements for an upgrade. The ratings could be downgraded if debt-to-EBITDA approaches 4x or EBITA margin falls below 9%, with both metrics calculated excluding Section 45X tax credits. In addition, deteriorating free cash flow or the adoption of aggressive financial policies could result in a downgrade of the ratings. The principal methodology used in these ratings was Manufacturing published in September 2025. EnerSys Ba2 CFR is two notches below the Baa3 scorecard indicated outcome. The measures used in the scorecard include the production tax credits that EnerSys will likely receive under Section 45X tax credits. However, the deployment of cash from the tax credits remains uncertain. Excluding Section 45X tax credits, the scorecard-indicated outcome is Ba2, which is in line with the CFR. EnerSys (NYSE: ENS), headquartered in Reading, PA, is one of the world's largest manufacturers, marketers and distributors of energy systems, with solid market position in energy solutions in the Americas and Europe, Middle East, and Africa (EMEA). The company also manufactures related products such as chargers, power equipment, cabinet enclosures and battery accessories. In addition, the company provides aftermarket and customer support services for energy systems. Revenue was approximately $3.7 billion for the twelve months ended September 28, 2025. ENVELOPE 1 INC: Taps Susan D. Lasky as Legal Counsel ---------------------------------------------------- Envelope 1, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Susan D. Lasky, a professional practicing law, to serve as legal counsel. Ms. Lasky will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties as a Debtor In Possession and the continued management of its financial affairs; (b) advise the Debtor with respect to their 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 negotiation with its creditors in the preparation of a Plan. Ms. Lasky shall receive an hourly rate of $500 for attorney fees and $250 for paralegal services. Susan D. Lasky 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: Susan D. Lasky, Esq. Attorney for Debtor 320 S.E. 18th St Ft. Lauderdale, FL 33316 Telephone: (954) 400-7474 E-mail: Sue@SueLasky.com About Envelope 1 Inc. Envelope 1, Inc manufactures and mails commercial envelopes and their contents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23400) on November 12, 2025. In the petition signed by Tarry Pidgeon, president, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Susan D. Lasky, Esq., at Susan D. Lasky, PA, represents the Debtor as legal counsel. EPIC CRUDE: Moody's Withdraws 'Ba2' CFR on Debt Extinguishment -------------------------------------------------------------- Moody's Ratings withdrew all of EPIC Crude Services, LP's (EPIC Crude) ratings, including its Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating, its Baa2 backed senior secured super priority revolving credit facility rating and its Ba2 backed senior secured 1st lien term loan rating. Prior to the withdrawal, the outlook was stable. The withdrawals follow the extinguishment of its outstanding debt. RATINGS RATIONALE Plains All American Pipeline L.P. (PAA, Baa2 stable) has fully repaid EPIC Crude's outstanding rated debt. All of EPIC Crude's ratings have been withdrawn because its rated debt is no longer outstanding. EPIC Crude Services, LP (a subsidiary of EPIC Crude Holdings, LP), owns oil pipelines running from the Permian and Eagle Ford Basins to Corpus Christi, Texas. EPIC Crude is wholly owned by Plains All American Pipeline L.P. (PAA), a public master limited partnership (MLP) operating two main operating segments: Crude oil, and natural gas liquids. EPIPHANY INVESTMENTS: Taps McCardell Law Firm as Legal Counsel -------------------------------------------------------------- Epiphany Investments Group LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Aaron W. McCardell Sr. of The McCardell Law Firm, PLLC to serve as legal counsel. Mr. McCardell will provide these services: (a) assisting the Debtor with the resolution of all contested claims; (b) assisting the Debtor with the proposing, prosecuting and consummating the plan of reorganization; (c) advising the Debtor with regard to any litigation matters that exist or might arise prior to confirmation of the plan of reorganization; (d) preparing all appropriate pleadings to be filed in this case; and (e) performing any other legal services that may be appropriate in connection with this reorganization case. Mr. McCardell will receive an hourly rate of $400, associates' hourly rates are $250 to $300, and the firm's bankruptcy paralegal rate is $75 to $105. The McCardell Law Firm, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Aaron W. McCardell Sr. THE MCCARDELL LAW FIRM, PLLC 440 Louisiana Street, Suite 1575 Houston, TX 77002 Telephone: (713) 236-8736 Facsimile: (713) 236-8990 E-mail: amccardell@mccardelllaw.com About Epiphany Investments Group Limited Liability Company Epiphany Investments Group Limited Liability Company invests in and renovates residential real estate in Texas. Epiphany Investments Group sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. TX Case No. 25-36653) on November 4, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Eduardo V. Rodriguez oversees the case. The McCardell Law Firm, PLLC serves as the Debtor's legal counsel. EXCLUSIVE OPTICAL: Seeks to Hire Alla Kachan P.C. as Counsel ------------------------------------------------------------ Exclusive Optical, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire the Law Offices of Alla Kachan P.C. to serve as counsel. The firm will provide these services: (a) assist Debtor in administering this case; (b) make such motions or taking such action as may be appropriate or necessary under the Bankruptcy Code; (c) represent Debtor in prosecuting adversary proceedings to collect assets of the estate and such other actions as Debtor deem appropriate; (d) take such steps as may be necessary for Debtor to marshal and protect the estate's assets; (e) negotiate with Debtor's creditors in formulating a plan of reorganization for Debtor in this case; (f) draft and prosecute the confirmation of Debtor's plan of reorganization in this case; and (g) render such additional services as Debtor may require in this case. The Law Offices of Alla Kachan P.C. will bill the Debtor at hourly rates of $250 for clerks and paraprofessionals and $475 for attorney time. The Debtor paid an initial retainer of $16,000. According to court filings, the Law Offices of Alla Kachan P.C. does not hold or represent an adverse interest to the estate and is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Alla Kachan, Esq. LAW OFFICES OF ALLA KACHAN P.C. 2799 Coney Island Avenue, Suite 202 Brooklyn, NY 11235 Telephone: (718) 513-3145 About Exclusive Optical, Inc. Exclusive Optical, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44904) on October 9, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Jil Mazer-Marino presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. serves as the Debtor's counsel. EXCLUSIVE OPTICAL: Seeks to Hire Estelle Miller as Accountant ------------------------------------------------------------- Exclusive Optical, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Estelle Miller as accountant. Ms. Miller will provide these services: (a) gather and verify all pertinent information required to compile and prepare monthly operating reports; (b) prepare, review, and file monthly operating reports for the Debtor during the course of the bankruptcy case. Ms. Miller will bill at a rate of $300 per report. The Debtor has paid an initial retainer of $3,000. According to court filings, Estelle Miller, CPA does not hold or represent any adverse interest to the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The accountant can be reached at: Estelle Miller Certified Public Accountant 1620 Ocean Ave Suite 1A Brooklyn, NY 11230 Telephone: (347) 570-7002 E-mail: estellemillercpa@gmail.com About Exclusive Optical, Inc. Exclusive Optical, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44904) on October 9, 2025, listing $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Jil Mazer-Marino presides over the case. Alla Kachan, Esq. at Law Offices Of Alla Kachan P.C. serves as the Debtor's counsel. EXPERT INC: Seeks Approval to Tap Ford & Semach as Legal Counsel ---------------------------------------------------------------- Expert, Inc., doing business as Expert Solar, seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Ford & Semach, PA as counsel. The firm will provide these services: (a) analyze financial situation and render advice and assistance to the Debtor in determining whether to file a petition under Title 11, United States Code; (b) advise the Debtor with regard to the powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents required by the Court; (d) represent the Debtor at the Section 341 creditor's meeting; (e) provide legal advice to the Debtor with respect to its powers and duties in the the continued operation of the business and management of its property; if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (g) prepare necessary legal papers and appear at hearings thereon; (h) protect the interest of the Debtor in all matters pending before the Court; (i) represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Buddy Ford, Attorney $550 Jonathan Semach, Attorney $500 Heather Reel, Paralegal $150 In addition, the firm will seek reimbursement for expenses incurred. Prior to the commencement of this case, the Debtor paid an advance fee of $50,000. Mr. Ford disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Buddy D. Ford, Esq. Ford & Semach, PA 9301 West Hillsborough Avenue Tampa, FL 33615 Telephone: (813) 877-4669 Email: All@tampaesq.com About Expert Inc. Expert, Inc., doing business as Expert Solar, provides solar, HVAC, electrical, and facility maintenance solutions to federal, commercial, and industrial clients across the United States, focusing on energy efficiency, sustainability, and operational reliability. The Company designs, installs, and maintains renewable energy systems, advanced battery storage, and integrated energy management infrastructure, supporting clients with long-term performance optimization and compliance with evolving energy standards. Expert, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-08928) on Nov. 26, 2025. In the petition signed by Juan Garcia, co-CEO, the Debtor disclosed $85,491 in assets and $3,188,008 in liabilities. The Debtor tapped Buddy D. Ford, Esq., at Ford & Semach, PA as counsel. FALLS OF BRAEBURN: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Falls of Braeburn, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtors to use cash collateral under an 11-week budget, capping expenditures at 110% of each line item. As protection from any diminution in the value of their collateral, secured lenders, Wells Fargo Bank, N.A. and Argentic Real Estate Finance 2, LLC, will be granted replacement liens on all of the Debtors' pre-bankruptcy collateral. In addition, the court ordered the Debtors to pay the secured lenders for the interest expense and reserve escrow budget line items, with payments due this month ($774,772.26) and on January 2, 2026 ($184,184.92). Failure to cure any missed payment permits the secured lenders to terminate the Debtors' authority to use cash collateral. A final hearing is scheduled for January 14, 2026. A copy of the second interim order and the Debtor's budget is available at https://shorturl.at/5aRlO from PacerMonitor.com. As of the petition date, the Debtors owed about $64.5 million to Wells Fargo under a 2024 loan agreement; about $29 million to Argentic; and about $800,000 in unsecured debt to various utilities. About Falls of Braeburn, LLC Falls of Braeburn, LLC, Falls of Chelsea Lane, LLC, Northwest Miami Gardens, LP, and Falls of Westpark Apartments, Ltd. are privately held real estate investment companies based in Houston, Texas, specializing in ownership and management of apartment complexes. Falls of Braeburn, LLC and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90602) on November 3, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Siri Khalsa as authorized representative. Judge Christopher M Lopez presides over the case. Matthew S. Okin, Esq. at OKIN ADAMS BARTLETT CURRY LLP represents the Debtor as counsel. FALLS OF BRAEBURN: Seeks to Hire Newmark as Real Estate Broker -------------------------------------------------------------- Falls of Braeburn, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Southwest Residential Partners Inc. dba Newmark as real estate broker. The firm will market and sell the Debtors' properties: a. a 292-unit complex located at 9707 Braeburn Glen Blvd.; b. a 208-unit complex located at 8039 Boone Rd.; c. a 442-unit complex located at 9540 Kempwood Dr.; and d. a 356-unit complex located at 6130 Southwest Freeway. Newmark's commission 1 percent of the gross sales price of the properties. As disclosed in the court filings, Newmark does not represent any of the Debtors' creditors or other parties in interest, or their attorneys or accountants, in any matter which is adverse to the interests of the Debtors. The firm can be reached through: Russell Jones Southwest Residential Partners Inc. dba Newmark 125 Park Avenue New York, NY 10017 Tel: (212) 372-2000 About Falls of Braeburn, LLC Falls of Braeburn, LLC, Falls of Chelsea Lane, LLC, Northwest Miami Gardens, LP, and Falls of Westpark Apartments, Ltd. are privately held real estate investment companies based in Houston, Texas, specializing in ownership and management of apartment complexes. Falls of Braeburn, LLC and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90602) on November 3, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in both assets and liabilities. The petitions were signed by Siri Khalsa as authorized representative. Judge Christopher M Lopez presides over the case. Matthew S. Okin, Esq. at OKIN ADAMS BARTLETT CURRY LLP represents the Debtor as counsel. FIRST BRANDS: Wants to Access $250MM Amid Falling DIP Loans ----------------------------------------------------------- Alex Wittenberg of Law360 reports that struggling auto parts maker First Brands told a Texas bankruptcy judge on Friday, December 12, 2025, that it urgently needs access to about $250 million in cash that is currently being held by customers or stranded in segregated accounts, saying the funds are critical to stabilizing liquidity during its Chapter 11 restructuring. The company said that a recent decline in the trading prices of its debtor‑in‑possession loans has sparked "unfounded concerns" about its financial health amid the bankruptcy process. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FISHER'S FUEL: Seeks Subchapter V Bankruptcy in Alaska ------------------------------------------------------ On December 4, 2025, Fisher's Fuel, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Alaska. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Fisher's Fuel, Inc. Fisher's Fuel, Inc. provides home heating oil delivery, bulk fuel supply services, and operates retail fuel locations in the Matanuska-Susitna Valley area of Alaska. The Company serves residential and commercial customers through its distribution and retail operations across the region. Fisher's Fuel, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Alaska Case No. 25-00223) on December 4, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Gary Spraker. The Debtor is represented by Austin Barron, Esq., of Step Two Law. FLAMINGO SEPTIC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida is set to hold a hearing on December 16 to consider another extension of Flamingo Septic and Utilities, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's December 1 interim order expires on December 16. The December 1 order allowed the Debtor to use cash collateral only for expenses specifically authorized by the court, including payments owed to the Subchapter V trustee, and operating expenses listed in its budget. The order granted lenders replacement post-petition liens on the cash collateral, with the same validity, extent, and priority as their pre-bankruptcy liens. The creditors that have filed UCC-1 financing statements asserting security interests in the Debtor's cash collateral, including rents, accounts, receivables, and cash, are Pearl Delta Funding, LLC and Kalamata Capital Group, LLC, which is owed $290,250. The Debtor also owes $575,000 to CFG Merchant Solutions, LLC and $147,000 to Highland Hill Capital, LLC; both assert security interests in the cash collateral but have not filed UCC-1 statements. About Flamingo Septic and Utilities LLC Flamingo Septic and Utilities, LLC, doing business as Flamingo Plumbing, provides residential and commercial septic and plumbing services including tank installation, pumping, inspection, repair, and pipe or fixture maintenance in Jacksonville, Florida. Flamingo filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04018) on November 3, 2025, with $1 million to $10 million in assets and liabilities. Charles Mullis, manager, signed the petition. Judge Jacob A. Brown presides over the case. Thomas Adam, Esq., at Adam Law Group, PA represents the Debtor as bankruptcy counsel. FLINZ HOLDINGS: Hires Carothers & Hauswirth as Bankruptcy Counsel ----------------------------------------------------------------- Flinz Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Carothers & Hauswirth LLP as counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as a debtor-in-possession in the continued operation of its business and management of its property; b. assisting the Debtor in negotiation and documentation of financing arrangements, debt restructuring, and cash collateral orders; c. assisting the Debtor with the preparation of its Schedules, Statement of Financial Affairs, Applications, Answers, Orders, reports, and any other necessary legal pleadings and papers; d. providing legal services to Debtor in connection with the formulation and implementation of a plan of reorganization; and e. performing all other legal services for Debtor as debtor-in-possession, which may be necessary. The firm's current hourly rates: Attorney Time (Partners and Associates) $300 to $525 Paralegals and Law Clerks $100 to $150 Carothers & Hauswirth received a retainer of $5,000. As disclosed in the court filings, Carothers & Hauswirth is a "disinterested" persons, as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick W. Carothers, Esq. Gregory W. Hauswirth, Esq. CAROTHERS & HAUSWIRTH LLP Foster Plaza 10 680 Andersen Drive, Suite 230 Pittsburgh, PA 15220 Telephone: (412) 414-6996 Facsimile: (412) 910-7510 Email: pcarothers@ch-legal.com Email: ghauswirth@ch-legal.com About Flinz Holdings LLC Flinz Holdings LLC, doing business as The Gallery of Lights, operates a retail showroom in Longview, Texas, offering lighting fixtures, ceiling fans, patio furniture, and decorative hardware. Flinz Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-60738) on November 4, 2025, listing $1 million to $10 million on both assets and liabilities. The petition was signed by Olumide Samson as president. Marc Salitore, Esq. at SALITORE LAW PLLC serves as the Debtor's counsel. FLINZ HOLDINGS: Seeks to Hire Ascend Business as Financial Advisor ------------------------------------------------------------------ Flinz Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Ascend Business Services, LLC as financial advisors. The firm will render these services: a. analyze the Debtor's current, historical, and projected financial condition, results of operations, and cash flows to assess Debtor's current operations and advise and assist Debtor in developing a plan of reorganization and a long term business plan; b. assist the Debtor with drafting Monthly Operating Statements, reports, the Plan, and any other necessary filings which may be necessary to the Chapter 11 Case; c. prepare variance reports, which will compare actual cash activity to budgeted cash activity for each entity; d. participate in hearings before the Bankruptcy Court related to financial matters as needed; and e. provide other necessary matters for Debtor as debtor-in-possession, which may be necessary to the Chapter 11 Case. Ascend's proposed compensation is $325 per hour for its professionals. As disclosed in the court filings, Ascend is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Roger Ferrante Ascend Business Services, LLC 6260 Riverside Plaza Lane NW, Suite A Albuquerque, NM 87120 Phone: (505) 244-2000 Phone: (505) 836-0306 Email: boconnell@atrisco.org About Flinz Holdings LLC Flinz Holdings LLC, doing business as The Gallery of Lights, operates a retail showroom in Longview, Texas, offering lighting fixtures, ceiling fans, patio furniture, and decorative hardware. Flinz Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-60738) on November 4, 2025, listing $1 million to $10 million on both assets and liabilities. The petition was signed by Olumide Samson as president. Marc Salitore, Esq. at SALITORE LAW PLLC serves as the Debtor's counsel. FORGENT INTERMEDIATE: Moody's Assigns 'B2' CFR, Outlook Stable -------------------------------------------------------------- Moody's Ratings assigned a B2 corporate family rating and B2-PD probability of default rating to Forgent Intermediate LLC ("Forgent"). Concurrently, Moody's assigned B2 ratings to Forgent Intermediate IV LLC's proposed $600 million 7-year senior secured first lien term loan B and $250 million 5-year senior secured first lien revolving credit facility. The rating outlook is stable. Proceeds from the senior secured term loan will be used to refinance existing debt, fund cash to the balance sheet and pay transaction costs. The assignment of the B2 CFR reflects Moody's expectations that Forgent will grow and considerably scale its operations during the next year and become free cash flow positive following the completion of material capital expenditures which are expected during fiscal year 2026 (ending June 30, 2026). Forgent's pro forma adjusted debt/EBITDA after transaction close will be approximately 4.0x. Moody's expects that the company will meaningfully deleverage over the next 12-18 months assuming no acquisitions or changes to its growth and capital expenditure plans. Adequate liquidity will be supported by a sizable revolving credit facility. Financial policy will likely be aggressive as potential acquisitions or dividends are considered by the private equity sponsor, Neos Partners, which was founded in 2022. RATINGS RATIONALE The B2 CFR is supported by Forgent's solid market position as a provider of electrical distribution equipment used in data centers, the power grid and energy intensive industrial facilities. Forgent's technological expertise to provide customized products for its customer base has created a competitive advantage in a rapidly growing market. Effectively scaling the company and growing its skilled labor force in this rapid growth environment will be important factors on converting its significant $1.03 billion backlog to revenue while also improving leverage and cash flow metrics. The B2 CFR is constrained by private equity ownership and very limited aftermarket services at less than 5% of total revenue. Moody's anticipates that financial policies will be focused primarily on growing Forgent which may include debt financed acquisitions. Moody's also anticipates meaningful dividends to the extent that opportunities to grow the company are limited. While Forgent's initial adjusted debt to EBITDA of approximately 4.0x is lower than most leveraged buyouts, executing on the company's growth objectives should still facilitate meaningful deleveraging assuming no debt-funded acquisitions or debt-funded dividends. The stable outlook reflects Moody's expectations of strong profitability, good retained cash flow and improving leverage. Moody's expects negative free cash flow from elevated capital expenditures through June 2026 which Moody's projects will turn positive thereafter. Liquidity is adequate. Cash on hand as of transaction close will be approximately $120 million. Moody's projects that the company will have negative free cash flow of $100 million in the first 12 months from elevated capital expenditures and will then improve to positive free cash flow of $100 million thereafter. Liquidity will be supported by a $250 million revolving credit facility that Moody's expects will be undrawn at transaction close. Revolver draws will primarily be used for working capital purposes and potential acquisitions. The company's Credit Impact Score is CIS-4, which indicates that the ratings are lower than they would have been if ESG risk exposure did not exist. Forgent has high governance risk arising from private equity ownership. Risk is also elevated because Forgent completed a series of acquisitions in a relatively short time span making integration and transformation of the company likely in the coming years. The environmental risk that Forgent faces relates to the company's manufacturing processes. Social risk relates to the ability for Forgent to recruit and retain highly skilled employees engaged in engineering and production activities which factors heavily into the company's competitiveness. Environmental and social risks are both moderate. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Forgent demonstrates sustainable positive free cash flow along with organic revenue and earnings growth. Adjusted debt / EBITDA sustained below 4.0 times along with expectations of a sustained conservative financial policy could also be supportive of an upgrade. The ratings could be downgraded if liquidity weakens, negative free cash flow persists beyond the next 12 months or adjusted debt / EBITDA increases towards 5.5 times. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of 100% of Closing Date EBITDA ($191 million) and 100% of LTM consolidated EBITDA, plus an unlimited amount subject to the greater of 5.50x First Lien Net Leverage Ratio and the ratio as of the most recently ended test period. There is an inside maturity sublimit up to 100% of Closing Date EBITDA (with a grower component), plus any acquisition debt. Debt up to 50% of closing date EBITDA (with a grower component) can be incurred as Designated Alternative Security Debt, guaranteed by non-loan parties or secured by non-collateral. The credit agreement is expected to include J. Crew, Chewy and Serta provisions. Amounts up to 100% of unused capacity from the builder basket and the restricted payments covenant capacity may be reallocated to incur debt. Forgent is a manufacturer of mission-critical electrical distribution equipment used in data centers, power grid infrastructure and energy-intensive industrial facilities. Major categories of electrical distribution equipment that Forgent sells includes transformers, switchgear, power distribution units, remote power panels, electrical houses and powerskids. Over 90% of Forgent's revenue is derived from engineered-to-order products. Revenue for twelve months ended September 30, 2025 was $881 million. 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. FP HOUSTON: Taps Ritter Spencer Cheng PLLC as Counsel ----------------------------------------------------- FP Houston Apartments, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to hire Ritter Spencer Cheng PLLC to serve as legal counsel. RSC will provide these services: (a) take all necessary action to protect and preserve the Estate, including the prosecution of actions on its behalf, the defense of any actions commenced against it, negotiations concerning all litigation in which it is involved, and objecting to claims; (b) prepare on behalf of the Debtor all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estate herein; (c) formulate, negotiate, and propose a plan of reorganization; and (d) perform all other necessary legal services in connection with these proceedings. RSC will receive hourly rates of $450 for David D. Ritter, $350 for associates, and $170 for law clerks and paralegals, together with reimbursement of actual and necessary expenses. Ritter Spencer Cheng 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: David D. Ritter, Esq. RITTER SPENCER CHENG PLLC 17950 Preston Road, Suite 250 Dallas, TX 75252 Telephone: (214) 295-5078 Facsimile: (214) 329-4362 E-mail: dritter@ritterspencercheng.com About FP Houston Apartments LLC FP Houston Apartments, LLC is a single-asset real estate company that owns Forest Park Apartments in Houston, Texas. FP Houston Apartments sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. D. Texas Case No. 25-90606) on November 3, 2025, listing between $10 million and $50 million in assets and liabilities. Dal Thandi, manager, signed the petition. Judge Alfredo R. Perez oversees the case. David Ritter, Esq., at Ritter Spencer, PLLC, represents the Debtor as legal counsel. FRED RAU: Cash Collateral Hearing Set for Jan. 7 ------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of California, Fresno Division, is set to hold a hearing on January 7, 2026, to consider another extension of Fred Rau Dairy, Inc.'s authority to use cash collateral. Fred Rau Dairy was previously authorized to use cash collateral to pay expenses through December 12 under the court's December 1 interim order. The interim order granted creditors holding security interests in the cash collateral automatically perfected replacement liens on all of the Debtor's property, with the same validity, priority, and extent as their pre-bankruptcy liens. Based on UCC-1 filings with the California Secretary of State, Agwest Farm Credit, Farm Credit Leasing Services Corporation, Stanislaus Farm Supply Co. and Nutrien Ag Solutions, Inc. may hold interest in cash or proceeds of the Debtor's assets. The Debtor believes it owes $20,495,322.37 to Agwest Farm Credit and $558,126.22 to Stanislaus or its successors. About Fred Rau Dairy Inc. Fred Rau Dairy, Inc. operates a large-scale dairy farm in Fresno, California. The family-owned business utilizes advanced robotic milking systems and automated feeding technologies. It has been part of the regional agricultural sector since 1976. Fred Rau Dairy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-11791) on May 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in both assets and liabilities. Judge Jennifer E. Niemann handles the case. The Debtor tapped Peter L. Fear, Esq., at Fear Waddell, P.C. as legal counsel and Boos & Associates, P.C. as financial consultant and accountant. FREE SPEECH: Court Affirms Reduced Lawyer Suspension ---------------------------------------------------- Aaron Keller of Law360 reports that a Connecticut appeals court on Friday, December 12, 2025, upheld the two-week suspension of former Alex Jones attorney Norm Pattis, agreeing that a trial court judge acted within her discretion in disciplining him over his law firm's handling of confidential medical records belonging to Sandy Hook Elementary School massacre victims. The appellate panel rejected Pattis' arguments that the sanction was excessive, finding the trial judge properly weighed the seriousness of the disclosure and the need to enforce professional standards governing sensitive client information, the report states. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FREEDOM ELECTRIC: Hires Ivey McClellan Siegmund as Legal Counsel ---------------------------------------------------------------- Freedom Electric Marine, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of North Carolina to employ Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP as counsel. The firm's services include: (a) assist in investigating and examining financing statements and other related documents to determine the validity of such; (b) determine the rights and priorities of lienholders, if any; (c) advise in preserving the Debtor's properties and assets; and (d) generally assist the Debtor in administering this estate. The hourly rates of the firm's counsel and staff are as follows: Samantha Brumbaugh, Attorney $475 Dirk Siegmund, Attorney $475 Charles Ivey, III, Attorney $500 Darren McDonough, Attorney $475 Melissa Murrell, Paralegal $150 Tabitha Harper, Paralegal $150 Janice Childers, Paralegal $125 In addition, the firm will seek reimbursement for expenses incurred. On September 11, 2025, the firm received a retainer of $10,000 from the Debtor. Ms. Brumbaugh disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samantha K. Brumbaugh, Esq. Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP P.O. Box 3324 Greensboro, NC 27402 Telephone: (336) 274-4658 Email: skb@iveymcclellan.com About Freedom Electric Marine Freedom Electric Marine, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 25-10835) on November 30, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Judge Benjamin A. Kahn handles the case. The Debtor is represented by Samantha K. Brumbaugh, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP as counsel. FUTURE PRESENT: Taps Tarter Krinsky & Drogin as Substitute Counsel ------------------------------------------------------------------ Future Present Productions, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Tarter Krinsky & Drogin LLP as substitute counsel. The firm will provide these services: (a) advise the Debtor with respect to its powers and duties in the continued operation of its business and management of its property; (b) negotiate with the Debtor's creditors with the assistance of Subchapter V trustee in working out a plan of reorganization, and take necessary legal steps in order to confirm said plan of reorganization (if feasible); (c) prepare on behalf of the Debtor necessary legal papers; (d) appear before the bankruptcy judge and protect the interests before the bankruptcy judge, and represent the Debtor in all matters pending in the Subchapter V of Chapter 11 proceeding; and (e) perform all other legal services for the Debtor, which may be necessary herein. The firm will be paid at these hourly rates: Partners $600 - $875 Counsel $550 - $795 Associates $425 - $575 Paralegals $300 - $410 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $25,000 from the Debtor. Scott Markowitz, Esq., an attorney at Tarter Krinsky & Drogin, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott Markowitz, Esq. Tarter Krinsky & Drogin LLP 1350 Broadway New York, NY 10018 Telephone: (212) 216-8000 About Future Present Productions Future Present Productions, LLC d/b/a GUM Studios is a multi-location film stage & equipment rental facility with production capabilities in the New York Metropolitan-Tri State area. GUM Studios caters to production companies, advertising agencies, video-photographers, designers, and large tv/film productions. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 23-42510) on July 18, 2023. In the petition signed by Carrie White, CEO, the Debtor disclosed $6,065,879 in assets and $5,760,994 in liabilities. Judge Jil Mazer-Marino oversees the case. The Debtor tapped Scott Markowitz, Esq., at Tarter Krinsky & Drogin LLP as counsel. G2 TECHNOLOGIES: Hires Buckmiller & Frost as Legal Counsel ---------------------------------------------------------- G2 Technologies, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Buckmiller & Frost, PLLC to serve as legal counsel. Buckmiller & Frost, PLLC will provide these services: (a) undertaking any and all steps and actions necessary to authorize the use of cash collateral pursuant to § 363 of the Bankruptcy Code, if applicable; (b) advising the Debtor with respect to their powers and duties as debtor-in-possession in the continued management, operation, and reorganization of its business; (c) reviewing any and all claims asserted against the Debtor by their creditors, equity holders, and parties in interest; (d) representing the Debtor's interests at the meeting of creditors under § 341 of the Bankruptcy Code, and at any other hearing or conference; (e) attending any meetings, conferences, and negotiations with representatives of creditors and other parties in interest; (f) reviewing and examining, if necessary, any and all transfers which may be avoided as preferential or fraudulent transfers; (g) taking any and all necessary actions to protect and preserve the Debtor's bankruptcy estate; (h) preparing motions, applications, answers, orders, reports, and pleadings necessary to the administration of the bankruptcy estate; (i) preparing any plan of reorganization, disclosure statement, and related documents and seeking confirmation; (j) representing the Debtor in connection with any potential post-petition financing; (k) advising the Debtor in connection with the sale or liquidation of assets; (l) appearing before the Court and the Office of the Bankruptcy Administrator; and (m) representing the Debtor in general corporate and transactional matters arising during the Bankruptcy Case. Buckmiller & Frost, PLLC will receive these hourly rates: Matthew W. Buckmiller $400 Joseph Z. Frost $375 Yorlibeth Martinez $300 Justin Sinnott $250 Paralegals, Law Clerks, & Staff $65 to $160 Buckmiller & Frost, PLLC is a "disinterested person" within the meaning of Section 327(a) of the Bankruptcy Code, according to court filings. The firm can be reached at: Yorlibeth Martinez, Esq. Joseph Z. Frost, Esq. BUCKMILLER & FROST, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Telephone: (919) 296-5040 Facsimile: (919) 977-7101 E-mail: ymartinez@bbflawfirm.com jfrost@bbflawfirm.com About G2 Technologies Inc. G2 Technologies, Inc. provides automation for inspection and test systems serving industrial clients in the aerospace, automotive, and manufacturing sectors. The Company develops and integrates customized systems such as aircraft smoke detector testers and precision defect detection tools for automotive components, supported by its proprietary dTRAK data analytics platform. Based in North Carolina's Research Triangle Park, G2 Technologies delivers scalable and cost-efficient automation solutions for clients worldwide. G2 Technologies sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04315) on October 31, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Craig Borsack, president of G2 Technologies, signed the petition. Judge Pamela W. Matthews oversees the case. The Debtor is represented by: Joseph Zachary Frost, Esq. Buckmiller & Frost, PLLC 4700 Six Forks Road, Suite 150 Raleigh, NC 27609 Tel: (919) 296-5040 Fax: (919) 977-7101 E-mail: jfrost@bbflawfirm.com GAI AIR: Seeks to Hire Quinn & Associates LLC as Financial Advisor ------------------------------------------------------------------ GAI Air LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Quinn & Associates, LLC as their financial advisor. The firm will render these services: a. supervise, and if necessary, assist the Debtors in the development and administration of its short-term cash flow forecasting and related methodologies, as well as its cash management planning; b. provide such assistance as is reasonably may be required by management of the Debtors in connection with (i) development of its business plan, (ii) any restructuring plans and strategy alternatives intended to maximize value and (iii) any related forecasts that may be required by creditor constituencies in connection with negotiation or by the Debtors; c. supervise, and if necessary, assist the Debtors' other professionals in the restructuring process or who are working for the Debtors' various stakeholders to coordinate their effort and individual work produce to be consistent with the Debtors' overall restructuring goals; d. assist, if required, the Debtors in communications and negotiations with its outside constituents, including creditors, trade vendors and their respective advisors; e. provide such other services as are reasonable and customary for a financial advisor in connection with an engagement of this nature; and f. monitor and manage the Debtors' cash management, including bank accounts containing the Debtors' funds, including the addition or removal of signatories to the Debtors' account, authorization of fund transfers, and delegation of such authority to others. Christopher Quinn, the primary consultant in this representation and the president of Quinn & Associates, will be compensated on a reduced hourly rate of $450. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received an initial retainer in the amount of $25,000. Mr. Quinn disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher Quinn Quinn & Associates, LLC 26414 Cottage Cypress Ln. Cypress, TX 77433 About GAI Air LLC GAI Air LLC operates within the aviation and air logistics sector. GAI Air LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90526) on October 24, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Susan Tran Adams, Esq. of Tran Singh LLP. GLOBAL BANK: Moody's Affirms 'Ba1' Deposit Ratings, Outlook Stable ------------------------------------------------------------------ Moody's Ratings has affirmed all ratings and assessments assigned to Global Bank Corporation (Global Bank), including its Ba1/NP long- and short-term foreign currency deposit ratings, the Baa3/P-3 long- and short-term foreign currency Counterparty Risk Ratings, as well as its Baseline Credit Assessment (BCA) and Adjusted BCA of ba1. In addition, Moody's also affirmed Global Bank's long- and short-term Counterparty Risk Assessments (CRA) of Baa3(cr)/P-3(cr). The outlook on the bank's long-term deposit rating remains stable. RATINGS RATIONALE The affirmation of Global Bank's ba1 BCA reflects the modest, yet sustained recovery of its financial performance over the past two years; following the impact related to the hike of US interest rates in 2022. While the bank's capitalization and asset quality metrics has showed gradual improvement since 2023, the Ba1 rating still incorporates the limited leeway of the loan portfolio to navigate a high-rate cycle, particularly amid low portfolio expansion and intense competition. Asset quality began improving in late 2023, with Stage 3 loans declining to 3.8% of gross loans by June 2025, from 4.0% a year earlier and a peak of 4.9% in early 2023. This reflected better economic conditions in Panama and proactive risk management, including significant balance sheet cleanup in 2024 and reduced exposure to vulnerable sectors such as construction and commercial real estate (9% of gross loans in June 2025 versus 19% in 2019). While loan loss reserves remained below 100% of Stage 3 assets in June 2025, this risk is relatively mitigated by a highly collateralized portfolio, with coverage at 142%. Global Bank's tangible common equity to risk-weighted assets also improved reaching 12.1% in June 2025, benefiting by the moderation in credit growth that prioritized loan origination of higher-yielding assets, internal earning generation, and a lower dividend payout ratio of around 50%, that reinforces prudent capital management. Over the past two years, profitability remained broadly stable, with a net income-to-tangible assets ratio staying at 0.6% as of June 2025, in line with its long-term average ratio. Despite muted credit growth and expensive deposit mix, relying on institutional funding and corporate deposits, net interest margin has held steady at 2.0% since 2023, reflecting the bank's focus on higher-yielding loans, including factoring, and consumer loans, at the same time it grows its deposit base. The current stable outlook assigned to Global Bank's Ba1 long-term deposit ratings reflects Moody's expectations of continued improvements in capital ratios, profitability, and asset quality as credit growth resumes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Upward pressure on Global Bank's BCA and deposit ratings would result from a significant improvement in profitability ratios and funding structure, which would enhance its ability to replenish capital, reduce vulnerability to global market volatility, and strengthen its loss-absorption capacity. Conversely, the BCA and deposit ratings could be downgraded if the recent improvement of its capitalization stalls or reverses, driven by a deterioration in asset quality, funding conditions, or profitability. The principal methodology used in these ratings was Banks published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. GLOBAL BUSINESS: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------- On December 9, 2025, Global Business Solutions, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of California. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Global Business Solutions, LLC Global Business Solutions, LLC is a professional services company specializing in providing tailored operational, administrative, and strategic support to businesses across various industries. Global Business Solutions, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-51889) on December 9, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $0 and $100,000. The case is handled by Honorable Bankruptcy Judge Stephen L. Johnson. GLOBAL CONCESSIONS: To Sell Sojourner's Assets to Phoenix Partners ------------------------------------------------------------------ Global Concessions LLC seeks permission from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to sell Sojourner's Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor offered substantially all of their assets for sale and requested that interested parties submit Qualified Bids by October 28, 2025, indicating which assets they were interested and what price they would pay for those assets. The Debtor received three Qualified Bids prior to the bid deadline. Two of those bids covered overlapping assets and were for comparable amounts. The bids were submitted by OHM CONCESSION GROUP, LLC and Paradies Lagardere @ ATL GC363, LL. The third bid, submitted by Phoenix Partners ATL, LLC, was only for the Debtor’s assets relating to a store the Debtor operates known as Sojourner’s. Additionally, while the bid on the Sojourner's Assets met the definition of a Qualified Bid, due to the nature of the assets being purchased there were additional intricacies that had to be worked through for any sale of the Sojourner's Assets to be capable of being consummated. Neither of the other two bidders expressed interest in the Sojourner's Assets. The Debtor held the Auction on November 4, 2025, between the two bidders who expressed interest in competing assets. After multiple rounds of bidding, OHM was selected as the Successful Bidder, and Paradies was selected as the backup bidder. Throughout the Auction, neither OHM nor Paradise expressed interest in the Sojourner's Assets. While the Debtor was working to close the sale to OHM, they continued to engage in negotiations with Phoenix Partners regarding the Sojourner's Assets. The sale of the Sojourner’s Assets involved additional complications because the lease where Sojourner's operates is held by a joint venture comprised of Jackmont Hospitality, Inc and the Debtor. The Joint Venture then has a sublease to the Debtor which allows the Debtor to operate Sojouner's. Phoenix Partners is a separate entity from Jackmont, but there is significant overlap in the ownership of Jackmont and Phoenix Partners, which led to their interest in the Sojourner's Assets. The Debtor now proposes to sell the Sojourner's Assets to Phoenix Partners for $100,000 in a private sale. The sale price is allocated as follows: $75,000 will be paid to the estate; the sublease between the Joint Venture and Global, and Global's interest in the Joint Venture will be assigned to Phoenix Partners; and the remaining $25,000 of the purchase price will be applied to cure amounts owed under these agreements. The Debtor believes that due to the nature of the assets being sold, the creditors who are most affected by the sale have been aware of the negotiations throughout the process. As discussed above, there is significant overlap in the ownership of Phoenix Partners and Jackmont, and the Committee has been an active participant in the negotiations. To facilitate and effectuate the Sale, the Debtor is seeking approval to assume and assign the Debtor’s interest in the sublease they have with the Joint Venture. About Global Concessions, Inc. Global Concessions Inc., established in 1990 and headquartered in Atlanta, Georgia, specializes in operating food and beverage concessions, primarily within major transportation hubs across the United States. The Company has expanded its portfolio to include a diverse range of dining experiences, from quick-service partnerships with renowned brands like IHOP Express, Ben & Jerry's, and Nathan's Famous, to unique, stand-alone restaurants such as Sweet Georgia's Juke Joint and One Flew South. Global Concessions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-53640) on April 2, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million. The Debtor tapped Benjamin Keck, Esq., at Keck Legal, LLC as counsel and GlassRatner Advisory & Capital Group, LLC, doing business as B. Riley Advisory Services, as restructuring advisor. GOLD TREE: Section 341(a) Meeting of Creditors on January 5 ----------------------------------------------------------- On December 9, 2025, Gold Tree Studios LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on 1/5/2026 at 01:30 PM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About Gold Tree Studios LLC Gold Tree Studios LLC, based in West Hollywood, California, provides post-production and sound-stage services for the film and video industry, including editing suites, color-grading, Dolby Atmos sound mixing, and green-screen facilities, operating within the motion picture and video production sector. The Company offers comprehensive production support from filming to finishing, serving independent filmmakers, studios, and streaming-content producers. Gold Tree Studios LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21049) on December 9, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. The case is handled by Honorable Bankruptcy Judge Sheri Bluebond. The Debtor is represented by Joseph Simon, Esq. of Joseph P. Simon Law. GRDN HOSPITALITY: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- GRDN Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral through January 23, 2026. The court's order authorized the Debtor's interim use of cash collateral to pay the expenses set forth in its budget, subject to a 15% variance. As adequate protection for the Debtor's use of its cash collateral, Live Oak Bank will be granted post-petition security interests in and replacement liens on all assets of the Debtor, including accounts receivable, inventory and debtor-in-possession accounts, acquired after the petition date. The replacement liens will have the same validity, priority and extent as the bank's pre-bankruptcy liens and do not apply to any avoidance actions. Each post-petition lien will have priority in payment over all administrative expenses. The final hearing is set for January 20, 2026. A copy of the court's order and the Debtor's budget is available at https://rb.gy/4wvgkq from PacerMonitor.com. About GRDN Hospitality LLC GRDN Hospitality, LLC operates as a craft brewery under the brand Three Weavers Brewing Company in Inglewood, California. It produces and distributes a variety of beers, including lagers and ales, and engages in on-site retail and community events. GRDN Hospitality sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-16321) on July 24, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Lynne Weaver as chief executive officer and manager. The Debtor is represented by: Gregory K. Jones, Esq. Stradling Yocca Carlson & Rauth, LLP 10100 N. Santa Monica Blvd., Suite 1450 Los Angeles, CA 90067 Tel: 424-214-7000 Fax: 424-214-7010 gjones@stradlinglaw.com GREENWICH RETAIL: Court Extends Cash Collateral Access to Jan. 6 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York extended Greenwich Retail Group, LLC's authority to use cash collateral. The court approved a stipulation between the Debtor and secured creditors to extend the termination date for cash collateral use through January 6, 2026. The Debtor must continue to comply with all prior interim order terms and file an updated budget. As adequate protection, the Debtor was required to pay Hanover Bank $10,000 by December 31. All other provisions of the previous interim cash collateral orders remain in full effect. The court order is available at https://shorturl.at/4Ynwv from PacerMonitor.com. About Greenwich Retail Group LLC Greenwich Retail Group, LLC operates retail clothing stores under brands including Everafter, which focuses on children's and teen apparel, and The Westside, a women's fashion boutique. Greenwich Retail Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11295) on June 9, 2025. In its petition, the Debtor reported assets between $500,000 and $1 million and liabilities between $1 million and $10 million. Judge Michael E. Wiles oversees the case. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP is the Debtor's legal counsel. Hanover Bank, as secured creditor, is represented by: Mitchell Seidman, Esq. Andrew Pincus, Esq. Seidman & Pincus, LLC 777 Terrace Avenue, Suite 508 Hasbrouck Heights, NJ 07604 Tel: (201) 473-0047 ms@seidmanllc.com ap@seidmanllc.com GROUP STONE: Seeks to Hire Genesis Firm LLC as Accountant --------------------------------------------------------- Group Stone Investment Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire The Genesis Firm, LLC as accountant. The firm will render these services: a) provide bookkeeping, recording daily financial transactions such as revenue, expenses, receipts, and payments; b) provide financial statement preparation, creating accurate reports such as balance sheets, profit and loss statements, and cash flow statements essential for compliance and decision-making; c) provide tax planning and filing, advising on tax minimization strategies, preparing tax returns, and ensuring compliance with relevant tax authorities; d) as necessary, provide auditing services, by conducting reviews of financial records to ensure accuracy and compliance with standards or regulations. The firm will be paid a monthly flat fee of $500 per month. As disclosed in the court filings, The Genesis Firm, LLC does not represent any interest adverse to the Debtor or the estate. The firm can be reached through: Edgard Zambrano Maria Eugenia Masellis The Genesis Firm, LLC 12515 NW 11th Ln Miami, FL 33182 Phone: (786) 401-7741 About Group Stone Investment Inc. Group Stone Investment Inc., a company based in Ormond Beach, Florida, distributes natural and engineered stone products, including marble, granite, quartz, and quartzite. It imports stone slabs internationally and supplies materials for construction and renovation projects through regional warehouse and distribution operations. Group Stone Investment filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06982) on October 29, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Jesus Santiago, Esq., at Dasa Law represents the Debtor as bankruptcy counsel. GST INC: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------ On December 11, 2025, GST, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 200–999 creditors. About GST, Inc. GST Inc. operates as a business technology firm offering software, IT consulting, and digital transformation solutions. Its services focus on optimizing business processes and implementing innovative technology strategies for corporate clients. GST, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12188) on December 11, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities between $10 million and $50 million. The case is handled by Honorable Chief Bankruptcy Judge Karen B. Owens. The Debtor is represented by Jason Daniel Angelo, Esq., of Reed Smith LLP. GST INC: Voluntary Chapter 11 Case Summary ------------------------------------------ Debtor: GST, Inc. 322 Culver Boulevard, Suite #150 Playa Del Rey, CA 90293 Business Description: Grand Slam Track, Inc. (GST, Inc.) is a California-registered corporation based in Los Angeles that operates the Grand Slam Track professional athletics league founded by four-time Olympic champion Michael Johnson, who serves as the league's commissioner. The Company organizes annual professional track-and-field competitions across U.S. and international cities, featuring contracted elite athletes in multiple racing categories. GST, Inc. functions as the legal corporate entity behind the league's events, athlete management, and promotion of professional track competitions. Chapter 11 Petition Date: Decembre 11, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-12188 Judge: Hon. Karen B Owens Debtor's Bankruptcy Counsel: Jason D. Angelo, Esq. REED SMITH LLP 1201 N. Market Street, Suite 1500 Wilmington, DE 19801 Tel: (302) 778-7500 Email: jangelo@reedsmith.com AND LEVENE, NEALE, BENDER, YOO & GOLUBCHIK L.L.P. Debtor's Strategic Communications Firm: KEKST CNC Debtor's CRO Provider: FORCE10 PARTNERS Debtor's Claims & Noticing Agent: STRETTO, INC. Estimated Assets: $0 to $50,000 Estimated Liabilities: $10 million to $50 million The petition was signed by Nicholas Rubin as chief restructuring officer. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/42JGLLI/GST_Inc__debke-25-12188__0001.0.pdf?mcid=tGE4TAMA HIDDEN HILLS: Seeks Chapter 7 Bankruptcy in California ------------------------------------------------------ On December 8, 2025, Hidden Hills 2023, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports unknown total debt owed to 1–49 creditors. About Hidden Hills 2023, LLC Hidden Hills 2023, LLC is a limited liability company. Hidden Hills 2023, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21006) on December 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities listed as unknown. The case is handled by Honorable Bankruptcy Judge Sheri Bluebond. HILLMAN SOLUTIONS: Fitch Hikes LongTerm IDR to 'BB', Outlook Stable ------------------------------------------------------------------- Fitch Ratings has upgraded Hillman Solutions Corp. (HLMN) and The Hillman Group's Long-Term Issuer Default Ratings (IDRs) to 'BB' from 'BB-'. Fitch has also upgraded the senior secured term loan to 'BB+' with a Recovery Rating of 'RR2' from 'BB'/'RR3' as term loan repayment improves recovery prospects. The Rating Outlook is Stable. The upgrade reflects gross debt reduction and Fitch's expectation that HLMN will maintain EBITDA leverage between 2.5x and 3.0x while executing its growth strategy. Fitch expects HLMN to focus M&A on smaller bolt-on acquisitions with (CFO-capex)/debt in the high-single digits to mid-teens range, which will support deleveraging capacity. HLMN has also managed tariff-linked margin impacts by diversifying supply chains and passing tariff-related costs to customers. The rating also considers the company's market position in fastener and protective solutions, FCF generation, financial flexibility, and customer relationships. Key Rating Drivers Market Leader in Niche Markets: HLMN has a strong market position in its core products of fasteners, hardware and personal protection productions, which account for 74% of its revenues. Fitch views the barriers to entry for HLMN's business are its long-standing customers relationships and its comprehensive service model. HLMN manages and distributes 111,000 SKUs directly to stores through its distribution network, and has 1,200 sales and service personnel on-site to help customers. HLMN also has a strong market position in its key duplication, Auto & RFID Fob duplication and engraving offerings. HLMN has 31,500 kiosks deployed at retail partners, including more than 3,000 MinuteKey 3.5 kiosks. The segment accounts for just 16% of 2024 sales but almost 31% of the overall EBITDA given the segment's high margins and technology content. HLMN's high exposure to the repair and remodel (R&R) market relative to Fitch-rated building product peers is a credit positive. Fitch views the residential R&R as a more stable end-market through economic cycles than new construction activity. EBITDA Leverage Under 3.0x: Fitch expects EBITDA leverage to reach 2.6x at YE 2025 from 2.9x at YE 2024, through EBITDA expansion. Fitch believes the company could continue to pursue M&A in a balanced manner, mainly targeting smaller, bolt-on acquisitions as part of its growth strategy, and remain within the company's long-term company-calculated net leverage target of 2.5x or below. Fitch expects HLMN to focus on tuck-in acquisitions like Koch Industries, Inc., a producer of ropes and chains, and Intex DIY, Inc., a supplier of cleaning textiles, to deepen and broaden the company's product portfolio and complement its organic growth strategy. HLMN can leverage its distribution network and long-standing relationships to sell its new product category into new customers. Healthy FCF Generation: HLMN has had positive FCF over the last three years and FCF margins are expected to be sustained in the mid-single-digits range, supported by healthy operating margins. Fitch forecasts FCF to be between $60 million-$100 million per annum over the forecast period. Fitch anticipates HLMN's FCF generation will provide financial flexibility or deleveraging capacity in the event of larger acquisition, as evidenced by its projected cash flow from operations minus capex to debt ratio ([CFO-capex]/debt) metrics in the high-single digits to mid-teens range. U.S.-Focused Geographic Footprint: The company operates throughout North America, with the U.S. accounting for 89% of 2024 sales. HLMN has 23 distribution centers across the continent, helping it serve 29,000 retail locations. Fitch views the company's geographic exposure as concentrated relative to similarly rated and higher-rated peers, which tend to have more international sales exposure. However, the company's strong national presence provides it with better diversity than lower-rated peers, which tend to be more highly concentrated within certain U.S. states/regions. Customer Concentration: The company has a concentrated retail customer base, and there is a risk that the loss of all or part of a large customer could substantially reduce its scale, with limited opportunity to recoup lost volumes elsewhere. The risk is mitigated by the company's track record of maintaining long-standing relationships with core hardware retailers. Home Depot and Lowes are the largest customers, accounting for 22% and 19% of 2024 revenues, respectively. These customers regularly undertaking product line reviews of their vendors every few years to determine whether and to what extent they will continue to purchase certain products from a particular vendor. Peer Analysis HLMN's rating reflects its strong market position in the fastener and protective solutions markets, long-standing relationships with key customers, profitability and leverage metrics. HLMN is strongly positioned relative to Fitch-rated building products and distributor peers in the 'B' category Fitch-rated building products and distributor peers including New AMI I, LLC (Associated Materials; B/Stable) and Park River Holdings, Inc (Park River; B-/Stable). HLMN's EBITDA leverage is expected be under 3.0x in 2025 while Park River's leverage is elevated at around 7.0x over the same period. HLMN's credit profile is comparable with MIWD Holdco II LLC and MIWD Holding Company LLC (dba MITER Brands; MITER, BB-/Stable) with similar EBITDA margin, concentrated product portfolio and end-market exposure but lower leverage metrics. Fitch’s Key Rating-Case Assumptions - Total revenue increase by 6% to $1.57 billion in 2025 and grows organically in the low-single digits in 2026 and 2027; - EBITDA margins sustained around 17% over the forecast period; - Capital intensity of around 6% over the forecast period; - HLMN manages capital deployment in line with stated financial policies; - Effective interest rate of around 5%. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - A less conservative financial policy leading to EBITDA leverage sustained above 3.0x; - FCF margin in the low-single digits or lower; - The company experiences the loss of a large customer Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Public commitment to a more conservative financial policy that leads to EBITDA leverage sustained below 2.5x; - The company achieves a more diversified portfolio of business lines and reduced customer concentration. Liquidity and Debt Structure As of Sept. 30, 2025, HLMN had a total liquidity of $277 million, including $38 million in cash and $239 million of availability on its ABL facility, net of outstanding borrowings and letters of credit. Its liquidity is also supported by the company's expected FCF generation over the forecast horizon. Fitch considers the capital structure and maturity schedule to be relatively favorable with its nearest maturity being in 2027. Issuer Profile Hillman distributes hardware-related products and provides merchandising services to retail outlets, including hardware stores, home centers, and mass merchants. Its product offering includes fasteners, hardware, personal protective products key engraving and various self-service kiosks. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- The Hillman Group, Inc. LT IDR BB Upgrade BB- senior secured LT BB+ Upgrade RR2 BB Hillman Solutions Corp. LT IDR BB Upgrade BB- HOTEL ONE: Seeks to Sell Hotel Business at Auction -------------------------------------------------- Hotel One Partners Miramar Beach, LLC seeks approval from the U.S. .Bankruptcy Court for the Northern District of Florida, Pensacola Division, to sell Hotel Property, free and clear of liens, claims, interests, and encumbrances. The Debtor intends to sell interest in the hotel real and personal property located at 50 Ponce De Leon Street, Miramar Beach, Florida. The Debtor is a Kentucky limited liability company and the owner and operator of the Hotel. The Debtor's primary secured lender is Community Bank of Louisiana, with a loan balance of approximately $19,230,000 secured by a Commercial Real Estate Mortgage dated August 27, 2021. The Hotel is a 116 suite-style room hotel, currently flagged as a Staybridge Suites Hotel located at 50 Ponce De Leon Street, Miramar Beach, Florida nestled in the heart of Miramar Beach Florida, and is just minutes from the beach, shopping and many other Miramar Beach and Destin area attractions. The Hotel is managed by Commonwealth Hotels. Commonwealth is a global leader in third-party hotel management. The Debtor is also a Staybridge Suites licensee and is party to that certain Staybridge Suites® Hotel New Development License Agreement dated March 25, 2021 between Holiday Hospitality Franchising, LLC (HHF), as licensor, and Debtor, as licensee. All bidders should be advised the Franchise Agreement that cannot be transferred through any sale and will be rejected and terminated at closing. In order to operate under a HHF flag after closing, any buyer will need to apply for a new license agreement with HHF, which may or may not be approved in HHF's sole and absolute discretion. Prospective buyers are encouraged to contact Mr. Winkowski (kevin.winkowski@ihg.com) for the application and to submit a omplete application package as early as possible. Neither the Debtor nor HHF guarantees a response to an application within any certain time period. On November 21, 2025, the Debtor employs Lamar P. Fisher and Fisher Auction Co., Inc. and Paul Sexton and D&C Hospitality Investments, LLC d/b/a HREC Investment Advisors as brokers. The Co-Brokers will conduct the auction within 45 days after the end of the 45-day marketing period or Debtor's identification of a stalking horse bidder, if sooner. Debtor will then present the results of the Auction to the Bankruptcy Court for approval as soon as possible after the Auction at the Sale Hearing. The Debtor crafted the Bid Procedures to permit an expedited marketing and sale process, while simultaneously fostering an orderly and fair sale process that will confirm that the Successful Bid is the best and highest price for the Hotel. The Debtor expects that a Stalking Horse Bidder will likely require a break-up fee in the event a transaction with a different bidder is consummated. To help ensure that a potential buyer is willing to be the Stalking Horse Bidder for the Hotel, thereby establishing a floor for a subsequent Auction, the Debtor seeks authority to provide a break-up fee in the amount of one percent of the Stalking Horse Bid price. The proposed Bid Procedures will ensure that the Debtor’s estate receives the greatest benefit available from the sale of the Hotel. The Bid Procedures are designed to attract the maximum number of bidders while allowing the Debtor the flexibility to select the bid that optimizes the value to the Debtor’s estate from the sale. The Debtor submits that entering into a Stalking Horse Agreement furthers the purpose of the Auction by ensuring a sale to a contractually committed Stalking Horse purchaser at a price the Debtor believes is fair, while also providing the Debtor a chance to enhance the price through an auction process. The Debtor's election to offer a Break Up Fee satisfies the "business judgment rule" because the Break-Up Fee will encourage competitive bidding and ultimately result in a benefit to the Debtor's estate. The proposed Break Up Fee is fair and reasonable in amount, and is reasonably intended to compensate for the risk to the purchaser of being used as a Stalking Horse Bidder. Moreover, the Break Up Fee will only be paid for the sale of the Hotel that solicits a higher and better bid than the Stalking Horse Bid, and ultimately leads to a closing of a sale of the Hotel that results in a greater recovery to the Debtor's estate. The Debtor believes that the closing of the Sale needs to occur as expeditiously as possible. About Hotel One Partners Miramar Beach LLC Hotel One Partners Miramar Beach, LLC is a Kentucky limited liability company and the owner of the 116-unit Staybridge Suites hotel in Miramar Beach, Florida. Hotel One Partners sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31131) on November 7, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case. The Debtor is represented by Edward J. Peterson, III, Esq., at Berger Singerman, LLP. HOWARD'S APPLIANCES: Seeks Chapter 11 Bankruptcy in California -------------------------------------------------------------- On December 10, 2025, Howard's Appliances, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Howard's Appliances, Inc. Howard’s Appliances, Inc. is a California-based retailer specializing in home appliances, electronics and related accessories. The company operates brick-and-mortar stores and provides sales, delivery and installation services for major household brands, serving residential customers across the state. Howard's Appliances, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21116) on December 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Sheri Bluebond. The Debtor is represented by David M. Goodrich, Esq. J&R VACUUM: Seeks to Hire CGA Law Firm as Bankruptcy Counsel ------------------------------------------------------------ J&R Vacuum, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire CGA Law Firm to handle its Chapter 11 case. The firm will be paid at these hourly rates: Lawrence Young, Attorney $500 E. Haley Rohrbaugh, Attorney $350 Staff $100 - $150 The firm received a retainer of $12,000 from the Debtor. Mr. Young disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lawrence V. Young, Esq. CGA Law Firm 135 North George Street York, PA 17401 Telephone: (717) 848-4900 About J&R Vacuum LLC J&R Vacuum, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-03366) on November 24, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Henry W. Van Eck presides over the case. Lawrence V. Young, Esq., at Cga Law Firm represents the Debtor as bankruptcy counsel. J. PATRICK LEE: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: J. Patrick Lee Construction, LLC 200 Longstreet Lane Picayune, MS 39466 Business Description: J. Patrick Lee Construction, LLC, based in Picayune, Mississippi, engages in heavy and civil engineering construction projects, including local infrastructure, municipal improvements, and residential site development. The Company participates in public and private construction contracts within Pearl River County and surrounding areas. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Southern District of Mississippi Case No.: 25-51858 Judge: Hon. Katharine M Samson Debtor's Counsel: Craig M. Geno, Esq. LAW OFFICES OF GENO AND STEISKAL, PLLC 601 Renaissance Way Suite A Ridgeland, MS 39157 Tel: 601-427-0048 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Patrick Lee as owner/managing member. The Debtor failed to attach a list of its 20 largest unsecured creditors to the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/26Z7QKI/J_Patrick_Lee_Construction_LLC__mssbke-25-51858__0001.0.pdf?mcid=tGE4TAMA J.A. CARRILLO: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: J.A. Carrillo Construction, LLC 33760 NE 95th Place Carnation, WA 98014 Business Description: J.A. Carrillo Construction, LLC provides drywall services and metal-stud framing for multifamily projects, including apartment complexes, retirement homes, hotels, and mixed-use commercial buildings across the Puget Sound region in Washington. The Company works with general contractors, builders, and developers on new-construction drywall and complete drywall service packages throughout the state. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Western District of Washington Case No.: 25-13492 Judge: Hon. Christopher M Alston Debtor's Counsel: Faye C Rasch, Esq. WENOKUR RIORDAN PLLC 600 Stewart St Suite 1300 Seattle, WA 98101 Tel: 206-903-0401 E-mail: faye@wrlawgroup.com Total Assets: $3,009,770 Total Liabilities: $3,726,313 The petition was signed by Jose A. Carrillo a president. 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/MBXADEQ/JA_Carrillo_Construction_LLC__wawbke-25-13492__0001.0.pdf?mcid=tGE4TAMA J2KE INC: Court OKs Stephenville Property Sale to Triple Shot ------------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has permitted J2KE Inc. to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a Scooter's Coffee franchise located at 2137 W. Washington St., Stephenville, Texas 76401. The Court has authorized the Debtor to sell the Property to Triple Shot Holdings LLC c/o Taylor Fichtner MBR, 7113 Hill Court, Burleson, Texas 76028 as the Stalking Horse Bidder. Triple Shot will pay the Debtor a purchase price of $100,000.00. Said consideration is reasonable, fair, and constitutes adequate consideration for the Assets, and the Debtor has taken sufficient and adequate steps to maximize such consideration. Due, sufficient, adequate, and appropriate notice of the Sale Motion and Sale of the Assets in accordance with the terms of the Asset Purchase Agreement (APA) has been provided to all parties-in-interest in the Bankruptcy Case. Time is of the essence with respect to the Closing of the Sale of the Assets, and to the extent that the relief provided herein is not immediately granted, the Debtor and its estate will suffer immediate and irreparable harm. The Debtor has marketed the Assets and conducted the sale process in compliance with the Bid Procedures Order and have completed a full and complete auction process. Pursuant to the Court's Bid Procedure Order, Qualified Bids were to be submitted prior to the Bid Deadline for potential bidders to participate at the auction. Despite marketing the sale of the Debtor's Assets to all Scooter’s Coffee franchisees in Texas, no Qualified Bids were submitted prior to the Bid Deadline, and therefore, no auction occurred. Triple Shot, as the Stalking Horse Bidder, is therefore approved as the "Successful Bidder," as such term is defined in the Bid Procedures, for the Assets on the terms set forth in the APA. The Debtor's determination that the APA constitutes the highest and best offer for the Assets constitutes a valid and sound exercise of the Debtor’s business judgment. Triple Shot is purchasing the Assets in good faith and is a good faith Purchaser. The APA was not entered into for the purpose of hindering, delaying, or defrauding creditors under the Bankruptcy Code and under the laws of the United States, any state, territory, possession, or the District of Columbia. About J2KE Inc. J2KE Inc. operates a Scooter's Coffee franchise located at 2137 W. Washington St., Stephenville, Texas 76401. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-42129-elm11) on June 11, 2025. In the petition signed by Kelly Dortch, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, is the Debtor's legal counsel. JAGUAR HEALTH: Proposals OK'd at Special Shareholders Meeting ------------------------------------------------------------- Jaguar Health, Inc. convened a special meeting of stockholders on December 8, 2025. Three proposals were submitted to and approved by the Company's stockholders. The proposals are described in details in the Company's definitive proxy statement for the Special Meeting, filed with the Securities and Exchange Commission on November 10, 2025. At the Special Meeting: (i) a total of 747,205 shares of the Company's common stock, par value $0.0001 per share, out of a total of 3,735,835 shares of Common Stock issued and outstanding and entitled to vote at the Special Meeting, (ii) a total of 121.3822 shares of the Company's Series L Perpetual Preferred Stock, par value $0.0001 per share, representing all of the issued and outstanding shares of Series L Preferred Stock entitled to vote at the Special Meeting, (iii) a total of 235 shares of the Company's Series M Perpetual Preferred Stock, par value $0.0001 per share, out of a total of 260 shares of Series M Preferred Stock issued and outstanding and entitled to vote at the Special Meeting, and (iv) a total of 810.8 shares of the Company's Series N Perpetual Preferred Stock, par value $0.0001 per share, out of a total of 950.8 shares of Series N Preferred Stock issued and outstanding and entitled to vote at the Special Meeting, each as of October 31, 2025, the record date for the Special Meeting, were represented in person or by proxy at the Special Meeting. As described in the Proxy Statement: (i) each share of Series L Preferred Stock entitles the holder of record thereof to 3,787 votes (on an as converted to Common Stock basis); provided, that, any holder of Series L Preferred Stock is not entitled to vote, on an as-converted basis and in the aggregate with respect to any shares of Common Stock and preferred stock of the Company beneficially owned by such holder and any affiliates of such holder, more than 9.99% of the Company's outstanding shares of Common Stock as of the record date; (ii) each share of Series M Preferred Stock entitles the holder of record thereof to 10,000 votes (on an as converted to Common Stock basis); provided, that, any holder of Series M Preferred Stock is not entitled to vote, on an as-converted basis and in the aggregate with respect to any shares of Common Stock and preferred stock of the Company beneficially owned by such holder and any affiliates of such holder, more than the 9.99% Voting Cap; and (iii) each share of Series N Preferred Stock entitles the holder of record thereof to 1,428 votes (on an as converted to Common Stock basis); provided, that, any holder of Series N Preferred Stock is not entitled to vote, on an as-converted basis and in the aggregate with respect to any shares of Common Stock and preferred stock of the Company beneficially owned by such holder and any affiliates of such holder, more than 19.99% of the Company's outstanding shares of Common Stock as of the record date. The final results for the votes regarding each proposal are: 1. Proposal to approve, for purposes of Nasdaq Listing Rule 5635(d), the issuance of shares of Common Stock issuable upon exchange and/or redemption of shares of Series N Preferred Stock issued to certain accredited investors. The votes regarding this proposal were as follows: * For: 1,032,716 * Against: 73,065 * Abstained: 14,633 * Broker Non-Votes: 0 2. Proposal to approve, for purposes of Nasdaq Rule 5635(d), the issuance of shares of Common Stock and a pre-funded warrant to purchase shares of Common Stock issued by the Company pursuant to that certain securities purchase agreement, dated September 28, 2025, between the Company and the purchaser named therein. The votes regarding this proposal were as follows: * For: 2,049,724 * Against: 71,765 * Abstained: 12,805 * Broker Non-Votes: 0 3. Proposal to approve, one or more adjournments of the Special Meeting, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the Special Meeting to approve proposals 1 and 2. The votes regarding this proposal were as follows: * For: 2,058,277 * Against: 61,460 * Abstained: 14,557 * Broker Non-Votes: 0 About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of June 30, 2025, the Company had $48.3 million in total assets, $41.4 million in total liabilities, $6.9 million in total stockholders' equity. JJTA11 REAL: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of JJTA11 Real Properties, LLC, according to court dockets. About JJTA11 Real Properties LLC JJTA11 Real Properties, LLC is a single asset real estate company based in Jacksonville, Fla. JJTA11 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03677) on October 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw, PLLC. JJTA13 REAL: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of JJTA13 Real Properties, LLC, according to court dockets. About JJTA13 Real Properties LLC JJTA13 Real Properties, LLC filed Chapter 11 petition (Bankr. M.D. Fla. Case No. 25-03933) on October 28, 2025, listing up to $50,000 in assets and liabilities. Judge Jason A. Burgess oversees the case. Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC is the Debtor's bankruptcy counsel. JRCP RESTAURANTS: Hires Kean Miller LLP as Bankruptcy Counsel ------------------------------------------------------------- JRCP Restaurants, LLC, operating as Crust Pizza Gosling Pines, seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Kean Miller LLP as counsel. Kean Miller LLP will provide these services: (a) render legal advice with respect to the Debtor' powers and duties in the continued operation of the Debtors' business as debtors-in-possession; (b) take all necessary action to protect and preserve the Debtors' bankruptcy estates, including the prosecution and defense of actions, contested matters, or other proceedings and litigation; (c) prepare all necessary schedules, statements, motions, answers, orders, reports, and other legal papers in connection with administration of the estates; (d) assist in preparing and filing a plan of reorganization; and (e) perform any and all other legal services reasonably necessary or requested in connection with the Chapter 11 cases. Kean Miller LLP will receive these hourly rates: Robert C. Lane (Partner) $650 per hour Joshua D. Gordon $625 per hour Zach Casas $575 per hour Kyle Garza $450 per hour Paralegals $250 per hour Kean Miller received a $20,000 retainer. Kean Miller LLP will also be reimbursed for all customary costs and expenses. According to court filings, Kean Miller is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lloyd A. Lim Kristina P. Tipton 711 Louisiana Street, Suite 1800 Houston, TX 77002 Tel: (713) 844-3000 Fax: (713) 844-3030 Email: Lloyd.Lim@keanmiller.com Kristina.Tipton@keanmiller.com About JRCP Restaurants, LLC JRCP Restaurants, LLC operates a franchise pizza restaurant in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-3693) on November 18, 2025. In the petition signed by Justin R. Bentley, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Lloyd A. Lim, Esq., at Kean Miller LLP, represents the Debtor as legal counsel. JTA SPRINGS: Gets Final OK to Use Cash Collateral ------------------------------------------------- JTA Springs, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in the ordinary course of business. This authority will continue until either a default in adequate protection payments occurs or the court issues a later order modifying or terminating the authorization. JTA Springs must also comply with all duties imposed on a debtor-in-possession under the Bankruptcy Code, Bankruptcy Rules, and prior court orders. As adequate protection, JTA Springs and its affiliates, JTA1 Real Properties, LLC and JTA4 Real Properties, LLC, were ordered to pay $250,000 to Stormfield Capital Funding I, LLC this month, followed by monthly payments of $200,000 due on or before the 10th of each month until the loan is satisfied, the property is foreclosed, or another resolution is reached. If any required payment is missed, the Debtor's authority to use cash collateral terminates immediately, and Stormfield may have its state-court receiver regain possession pursuant to prior stay-relief orders. In addition, Stormfield and the junior creditors will be granted replacement liens on cash collateral, with the same validity and priority as their pre-bankruptcy liens. The final order is available at https://is.gd/6PEZYy from PacerMonitor.com. Stormfield is represented by: Henry H. Bolz, IV, Esq. Polsinelli PC 315 S. Biscayne Blvd., Suite 400 Miami, FL 33131 Telephone: (305) 921-1811 Facsimile: (305) 921-1801 hbolz@polsinelli.com FLdocketing@polsinelli.com cmoreno@polsinelli.com About JTA Springs LLC JTA Springs LLC is a single asset real estate company. JTA Springs sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04071) on November 5, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw, PLLC. JTA1 REAL: Gets Final Approval to Use Cash Collateral ----------------------------------------------------- JTA1 Real Properties, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. The court authorized the Debtor to use cash collateral in the ordinary course of business until either a default in adequate protection payments occurs or the court later issues an order modifying or terminating the authorization. JTA1 must also comply with all duties imposed on a debtor-in-possession under the Bankruptcy Code, Bankruptcy Rules, and prior court orders. As adequate protection, JTA1 and its affiliates, JTA Springs, LLC and JTA4 Real Properties, LLC, were ordered to pay $250,000 to Stormfield Capital Funding I, LLC this month, followed by monthly payments of $200,000 due on or before the 10th of each month until the loan is satisfied, the property is foreclosed, or another resolution is reached. In addition, Stormfield and the junior creditors will be granted replacement liens on cash collateral, with the same validity and priority as their pre-bankruptcy liens. Stormfield is represented by: Henry H. Bolz, IV, Esq. Polsinelli PC 315 S. Biscayne Blvd., Suite 400 Miami, FL 33131 Telephone: (305) 921-1811 Facsimile: (305) 921-1801 hbolz@polsinelli.com FLdocketing@polsinelli.com cmoreno@polsinelli.com About JTA1 Real Properties LLC JTA1 Real Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03531) on September 30, 2025, listing up to $50,000 in assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com JTA1 REAL: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of JTA1 Real Properties, LLC, according to court dockets. About JTA1 Real Properties LLC JTA1 Real Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03531) on September 30, 2025, listing up to $50,000 in assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com JTA4 REAL: Gets Final OK to Use Cash Collateral ----------------------------------------------- JTA4 Real Properties, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. Under the final order, the Debtor is authorized to use cash collateral in the ordinary course of business. This authority will continue until either the Debtor defaults in making any required adequate protection payments or the court issues a subsequent order changing or ending the authorization. The Debtor must also comply with all duties imposed on a debtor-in-possession under the Bankruptcy Code, Bankruptcy Rules, and prior court orders. As adequate protection, JTA4 and its affiliates, JTA1 Real Properties, LLC and JTA Springs, LLC, were ordered to pay $250,000 to Stormfield Capital Funding I, LLC this month, followed by monthly payments of $200,000 due on or before the 10th of each month until the loan is satisfied, the property is foreclosed, or another resolution is reached. If any scheduled payment is missed, the Debtor's authorization to use cash collateral terminates immediately, and Stormfield may have its state-court receiver, Trigild IVL, LLC, immediately retake control of the property under an existing stay-relief order. In addition, Stormfield and the junior creditors will be granted replacement liens on cash collateral, with the same validity and priority as their pre-bankruptcy liens. The final order is available at https://is.gd/BoAKzY from PacerMonitor.com. About JTA4 Real Properties LLC JTA4 Real Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03533) on September 30, 2025, with up to $50,000 in both assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com JTA4 REAL: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of JTA4 Real Properties, LLC, according to court dockets. About JTA4 Real Properties LLC JTA4 Real Properties, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03533) on September 30, 2025, with up to $50,000 in both assets and liabilities. Judge Jason A. Burgess oversees the case. The Debtor is represented by: Jeffrey Ainsworth, Esq. Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com JUMPIN JAMMERZ: Seeks Chapter 11 Bankruptcy in Arizona ------------------------------------------------------ On December 2, 2025, Jumpin Jammerz Inc. filed for Chapter 11 protection in the District of Arizona bankruptcy court. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Jumpin Jammerz Inc. Jumpin Jammerz Inc. is an entertainment services company specializing in children's amusement and party rentals. Jumpin Jammerz Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11606) on December 2, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $0-$100,000. Honorable Bankruptcy Judge Brenda K. Martin handles the case. KEG RESTAURANTS: DBRS Assigns 'B(high)' Issuer Rating ----------------------------------------------------- DBRS Limited assigned an Issuer Rating of B (high) to Keg Restaurants Ltd. (KRL or the Company) and a provisional credit rating of (P) B to the Company's proposed Senior Unsecured Notes (the Proposed Notes), both with Stable trends. The recovery rating on the Proposed Notes is RR5. KEY CREDIT RATING CONSIDERATIONS The credit ratings reflect KRL's strong brand and long history in the Canadian full-service restaurant industry; solid operating efficiency; and management expertise and partnership with its minority owner, LFG Growth Partners Inc. (LFG). The credit ratings also consider KRL's small size and scale within the intensely competitive Canadian restaurant industry as well as the industry's low barriers to entry and exposure to economic cycles. KRL intends to issue $200 million in Proposed Notes, which it will use to repay its Senior Secured Term Loan, partially repay borrowings under its Senior Secured Revolving Credit Facilities, and fund fees and expenses. Consistent with the Senior Secured Credit Facilities, all of the Company's subsidiaries are expected to guarantee the Proposed Notes. The Proposed Notes will be general unsecured obligations of the Company and will be (1) effectively subordinated to all of KRL's secured debt (including the senior credit facilities) to the extent of the value of the collateral securing such debt, (2) senior in right of payment to any of the Company's subordinated obligations, and (3) structurally subordinated to all debt and other liabilities of any non-guarantor subsidiary. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action if KRL's business risk profile, particularly its size and scale, meaningfully strengthen and/or key credit metrics improve to levels supportive of a higher credit rating. Conversely, Morningstar DBRS could take a negative credit rating action if key credit metrics deteriorate because of weaker-than-anticipated operating performance and/or more aggressive financial management. Morningstar DBRS may also take a negative credit rating action on the Proposed Notes with a sustained deterioration in operating performance, such that the Company's recovery prospects weaken. EARNINGS OUTLOOK Morningstar DBRS expects KRL's earnings profile to remain appropriate for the current credit rating over the medium term based on stable near-term earnings and steady medium-term growth, benefitting from low single-digit growth in same restaurant sales and new restaurant openings. Morningstar DBRS anticipates that revenue will decline in the mid-single digits in 2025 because of lower reported revenue in the retail segment caused by a change in operations to a licensing-based model. Excluding the impact of retail operations, Morningstar DBRS expects revenue to grow in the low-single digits in 2025 and the mid-single digits in 2026, despite a challenging macroeconomic environment. Revenue growth should benefit from the ramp-up of initiatives aimed at driving foot traffic, such as expanded menus including seasonal features, restaurant renovations, expanded food delivery programs, and improved technology. Morningstar DBRS expects KRL's EBITDA margins to improve in 2025 with operating efficiency improvements from the impact of a change to a royalty-based retail model, and the end of royalty payments to the Keg Royalty Income Fund (KRIF), now amalgamated with KRL. However, Morningstar DBRS anticipates that EBITDA margins will decline modestly in 2026 because of higher expenses related to new store openings and renovations before steadily improving over the medium term as the Company begins to benefit from these strategic initiatives. As such, Morningstar DBRS anticipates that EBITDA will improve modestly in 2025 and remain approximately flat in 2026 before experiencing solid annual growth beginning in 2027. FINANCIAL OUTLOOK Morningstar DBRS believes that KRL's financial profile will remain appropriate for the current credit rating over the medium term based on earnings growth over the medium term and moderate deleveraging following the Company's spin-out from Recipe Unlimited Corporation and its acquisition of and amalgamation with KRIF. Morningstar DBRS anticipates that KRL's cash flow from operations will be in line with earnings and remain approximately flat in 2025 and 2026 before growing modestly beginning in 2027. Morningstar DBRS expects capital expenditures to increase in 2025 and remain relatively flat over the medium term, with spending focused on new restaurants, renovations, and enhanced technology. Morningstar DBRS forecasts KRL to allocate free cash flow toward mandatory debt repayments in the near to medium term. As a result, Morningstar DBRS forecasts debt-to-EBITDA to be elevated at YE 2025, before moderately improving in 2026 and 2027. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): BH The CBRA reflects KRL's strong brand and long history in the Canadian full-service restaurant industry, solid operating efficiency, and management expertise and partnership with its minority owner, LFG. The CBRA also reflects KRL's small size and scale within the intensely competitive Canadian restaurant industry as well as the industry's low barriers to entry and exposure to economic cycles. Comprehensive Financial Risk Assessment (CFRA): BBL KRL's CFRA reflects Morningstar DBRS' expectations that debt-to-EBITDA will improve in 2026 and 2027 from elevated levels following the transaction at YE 2025. Additional Considerations: There were no additional considerations that had a positive or negative effect on KRL's credit ratings. Recovery Rating: RR5 KRL's recovery rating of RR5 on the Proposed Notes assumes that the Company's Revolving Credit Facility will be fully drawn and reflects a first-lien position of KRL's borrowings under its Revolving Credit Facility. Notes: All figures are in Canadian dollars unless otherwise noted. KID TO KID 1: Seeks Chapter 11 Bankruptcy in Arkansas ----------------------------------------------------- On December 9, 2025, Kid To Kid 1 Child Development Center, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. According to court filings, the Debtor reports between $100,001 and $1 million in liabilities owed to between 1 and 49 creditors. About Kid To Kid 1 Child Development Center, Inc. Kid To Kid 1 Child Development Center, Inc. provides early childhood education and child care services, delivering structured learning and developmental activities for children. The company serves families in its community with a focus on early learning and child development. Kid To Kid 1 Child Development Center, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-14302) on December 9, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1 million. The case is overseen by Honorable Bankruptcy Judge Bianca M. Rucker. The Debtor is represented by Sheila F. Campbell, Esq., of Sheila Campbell, P.A. KOMI INC: Seeks to Hire Commencement Bay Brokers as Estate Broker ----------------------------------------------------------------- Komi, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Washington to employ Commencement Bay Brokers as real estate broker. The Debtor needs a broker to facilitate the sale of its property located at 5580 Martin Way East, Lacey, Washington. The firm will receive a commission of 5 percent from the sale proceeds through escrow. Joseph Romero and Nicolas Lind, real estate agents at Commencement Bay Brokers, disclosed in court filings that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Romero Nicolas Lind Commencement Bay Brokers 2601 N. Alder Street Tacoma, WA 98704 Telephone: (253) 851-2897 About Komi Inc. Komi Inc. owns a $3 million commercial property in Olympia, Washington, and operates in real estate-related activities. Komi Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-42705) on October 30, 2025, with $3,295,427 in total assets and $2,398,283 in total liabilities. Judge Mary Jo Heston presides over the case. Brett H Ramsaur, Esq., at Ramsaur Law PC represents the Debtor as counsel. KRUGER PACKAGING: DBRS Assigns 'BB(high)' Credit Rating ------------------------------------------------------- DBRS Limited assigned a credit rating of BB (high) with a Stable trend to Kruger Packaging Holdings L.P.'s (Kruger or the Company) $250 million, 5.75% Senior Unsecured Notes due December 3, 2032 (Notes). The Recovery Rating on the Notes is RR3. Morningstar DBRS expects Kruger to use the proceeds from the issuance to redeem all of its 6.00% senior unsecured notes due June 1, 2026, repay the outstanding balance under the American AgCredit Facilities, and for general corporate purposes. The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. The ratings listed above are based on Trust Indenture, Offering Memorandum, Term Sheet and information provided by Kruger to Morningstar DBRS as of December 3, 2025. Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating. KULANA HALE: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Kulana Hale, LLC received second interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use the cash collateral of secured creditors. The second interim order authorized the Debtor to use cash collateral through January 31, 2026, to pay expenses related to managing and operating its real estate and other property. The Debtor projects total operational expenses of $253,777.62 for the interim period. The secured creditors with interest in the cash collateral are Bank of Hawaii, DM Kulana Hale Holdings, LLC and Dennis Mahoney, individually and as trustee of the Dennis W. Mahoney Revocable Trust. As adequate protection, secured creditors will be granted replacement liens on all of the Debtor's assets that are similar to their pre-bankruptcy collateral. The replacement liens do not apply to avoidance claims and will have the same priority as the secured creditors' pre-bankruptcy liens. The Bank of Hawaii's replacement lien retains priority over the Mahoney Group's lien, consistent with a prior subordination agreement. In case the replacement liens prove inadequate, secured creditors will be granted super-priority administrative expense claims subordinate to the fee carveout. As additional protection, Bank of Hawaii will continue to receive regular monthly payments while Mahoney will receive a monthly payment of $29,666.67 for the $10 million note and $4,450 as to the $1.5 million note. The Debtor's authority to use cash collateral terminates upon the occurrence of so-called events of default, which include dismissal or conversion of its Chapter 11 case; appointment of a trustee or examiner; and uncured defaults or violations of the Bankruptcy Code and court orders. The final hearing is scheduled for January 26, 2026. Objections are due by January 19, 2026. Bank of Hawaii is represented by: Johnathan C. Bolton, Esq. Goodsill Anderson Quinn & Stifel LLP 999 Bishop Street, Suite 1600 First Hawaiian Tower Honolulu, HI 96813 Telephone: (808) 547-5854 Facsimile: (808) 547-5650 jbolton@goodsill.com About Kulana Hale LLC Kulana Hale, LLC classified itself as a single-asset real estate debtor, under the definition set forth in 11 U.S.C. Section 101(51B). Kulana Hale sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11990) on September 12, 2025. In its petition, the Debtor reported total assets of $45,256,000 and total liabilities of $36,558,368. Honorable Bankruptcy JudgeÂ Philip Bentley handles the case. The Debtor is represented by Lewis W. Siegel, Esq. KUSTOM PARTNER: Seeks Subchapter V Bankruptcy in California ----------------------------------------------------------- On December 8, 2025, Kustom Partner, LLC commenced a Chapter 11 bankruptcy case in the Central District of California. Court records show the Debtor owes $100,001 to $1 million to a group of 50–99 creditors. About Kustom Partner, LLC Kustom Partner, LLC operates as a California limited liability company that specializes in providing personalized business support and consulting services. Kustom Partner, LLC filed its Subchapter V of Chapter 11 (Case No. 25-13453) in the U.S. Bankruptcy Court for the Central District of California on December 8, 2025. The company lists assets valued between $0 and $100,000 and liabilities ranging from $100,001 to $1,000,000. The case is assigned to Judge Mark D. Houle. Representation for the Debtor is provided by Belinda M. Vega, Esq., Venable LLP. LDM LLC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------ Debtor: LDM, LLC United Metal Products 8101 Lyndon Ave. Detroit, MI 48238 Business Description: LDM, LLC, doing business as United Metal Products, manufactures metal stampings and fabricated components from its facility at 8101 Lyndon Avenue in Detroit, Michigan. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Eastern District of Michigan Case No.: 25-52563 Judge: Hon. Maria L. Oxholm Debtor's Counsel: Mark H. Shapiro, Esq. STEINBERG SHAPIRO & CLARK 25925 Telegraph Road Ste 203 Southfield MI 48033 Tel: (248) 352-4700 Email: shapiro@ssc-law.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Leonard MacEachern as CEO. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PENKGAI/LDM_LLC__miebke-25-52563__0001.0.pdf?mcid=tGE4TAMA LENMAR ROBERTSON: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------- On December 10, 2025, Lenmar Robertson, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Lenmar Robertson, LLC Lenmar Robertson, LLC is engaged in real estate ownership and investment activities. The company manages property assets and related operations, including leasing and administrative oversight. Lenmar Robertson, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21079) on December 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Deborah J. Saltzman. The Debtor is represented by Thomas B. Ure of the Ure Law Firm. LESLIE WESSINGER: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Leslie Wessinger, D.D.S. P.A. received final approval from the U.S. Bankruptcy Court for the Western District of North Carolina to use cash collateral to fund operations. Under the final order, the Debtor is authorized to use cash collateral in accordance with its budget, subject to a 10% variance per line item. The Debtor is prohibited from using cash collateral for any other purpose without court authorization. The Debtor projects total operational expenses of $483,154 for December; $505,155 for January 2026; $435,155 for February 2026; and $435,155 for March 2026. The final order is without prejudice to any creditor or interested party's right to challenge liens or seek further relief. The final order is available at https://is.gd/X1oflz from PacerMonitor.com. The Debtor's lenders are Bank of America, N.A. and the U.S. Small Business Administration. Bank of America asserts a first-priority blanket lien on substantially all of the Debtor's personal property, securing approximately $129,976.01 in pre-bankruptcy debt, while the SBA asserts a junior blanket lien on all of the Debtor's assets, securing approximately $478,978.99 in pre-bankruptcy debt. Other creditors include U.S. Bank Equipment Finance, which asserts a purchase money security interest in certain Debtor equipment valued at $253,100, securing approximately $388,221.30 in pre-bankruptcy debt, and EverBank, N.A., which asserts a purchase money security interest in other Debtor equipment valued at $185,000, securing approximately $340,068.80 in pre-bankruptcy debt. About Leslie Wessinger D.D.S. P.A. Leslie Wessinger, D.D.S. P.A., doing business as Leslie Wessinger, D.D.S., P.L.L.C., operates Biltmore Avenue Family Dentistry, a dental practice providing comprehensive family dental services. The practice offers preventive care, including cleanings, oral exams, x-rays, fluoride treatments, and periodontal assessments, as well as restorative and cosmetic procedures such as fillings, crowns, bridges, dental implants, and teeth whitening. It provides specialized pediatric preventive care, including sealants and fluoride varnish, and manages conditions such as bruxism through bite and night guards. Leslie Wessinger, D.D.S. P.A. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-10178) on September 29, 2025. In its petition, the Debtor reports total assets of $1,663,808 and total liabilities of $3,319,659. Honorable Bankruptcy Judge George R. Hodges handles the case. The Debtor is represented by Richard S. Wright, Esq. of MOON WRIGHT & HOUSTON, PLLC. LIGADO NETWORKS: Taps Munger Tolles & Olson LLP as Special Counsel ------------------------------------------------------------------ Ligado Networks LLC seeks approval from the U.S. Bankruptcy Court for the District of Delaware to hire Munger, Tolles & Olson LLP as special counsel. The firm will represent the Debtor in the litigation styled as Ligado Networks LLC v. USA, Case No. 1:23-cv-01797-EJD. The firm's current standard hourly rates are: Partner $1,530 to $2,530 Counsel $1,530 to $1,740 Associate $915 to $1,445 Staff Counsel $645 to $835 Paraprofessionals $185 to $640 The firm holds $50,000 as a retainer. As disclosed in the court filings, Munger, Tolles & Olson LLP does not hold or represent an interest adverse to the Debtors or the estates with respect to with matters related to the USG Litigation. The firm can be reached through: Vicky McPherson, Esq. Ligado Networks LLC 10802 Parkridge Boulevard Reston, VA 20191 Tel: (877) 678-2920 About Ligado Networks Ligado Networks, formerly LightSquared, provides mobile satellite services. The Debtor's satellite and terrestrial solutions, combined with powerful, lower mid-band spectrum, serve to supplement and broaden mobile coverage across the United States and Canada. On the Web: http://www.ligado.com/ On January 5, 2025, Ligado Networks LLC and certain of its affiliates each filed a voluntary petition for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead CaseNo. 25-10006). Perella Weinberg Partners LP is serving as investment banker to Ligado, FTI Consulting, Inc. is serving as financial advisor, Milbank LLP is serving as legal counsel, and Richards, Layton & Finger P.A. is serving as co-counsel. Omni Agent Solutions LLC is the claims agent. An ad hoc group of first lien creditors is being advised by Guggenheim Securities, LLC as financial advisor, and by Sidley Austin LLP as counsel. An ad hoc group of crossholding creditors is being advised by Kirkland & Ellis LLP. LIMA DEVELOPMENT: Case Summary & Seven Unsecured Creditors ---------------------------------------------------------- Debtor: Lima Development LLC 1101 West Valley Boulevard, Suite 104 Alhambra, CA 91803 Business Description: Lima Development LLC, a real-estate entity holding a single asset, is the owner of the single-family residence located at 71 Hacienda Drive in Arcadia, CA 91006. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21153 Debtor's Counsel: Raymond H. Aver, Esq. LAW OFFICES OF RAYMOND H. AVER, A PROFESSIONAL CORPORATION 11849 West Olympic Boulevard, Suite 204 Los Angeles, CA 90064 Tel: (310) 571-3511 Email: ray@averlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ning Wang as manager. A copy of the Debtor's list of seven unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GK4M6EY/Lima_Development_LLC__cacbke-25-21153__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GFWZHVY/Lima_Development_LLC__cacbke-25-21153__0001.0.pdf?mcid=tGE4TAMA LIMA DEVELOPMENT: Seeks Chapter 11 Bankruptcy in California ----------------------------------------------------------- On December 11, 2025, Lima Development LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Lima Development LLC Lima Development LLC is engaged in real estate acquisition, development, and management. The company’s portfolio includes commercial and residential properties, and its operations encompass construction oversight, asset management, and leasing. Lima Development LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21153) on December 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Barry Russell. The Debtor is represented by Raymond H. Aver, Esq., of the Law Offices of Raymond H. Aver, A Professional Corporation. LUCKY BUCKS: Shareholder Move to Exit $240MM Chapter 7 Suit ----------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that a major shareholder of Lucky Bucks Holdings LLC told a Delaware bankruptcy judge Wednesday, December 10, 2025, that the roughly $240 million in claims tied to prepetition dividend payments should be dismissed because the Chapter 7 trustee is pursuing them on behalf of noteholders rather than on behalf of the estate. The shareholder argued that the trustee lacks the proper standing to bring the claims against it, asserting that the claims really belong to the creditors of the now-liquidated gambling-machine company and not to unsecured noteholders. At the hearing, the Delaware court probed whether the trustee has a legal basis to recover the dividends under bankruptcy law and whether the shareholder's defenses undermine the trustee's case. The dispute underscores a broader fight over how far a liquidating trustee can go in clawing back payments made before bankruptcy, particularly when those actions are pursued on behalf of certain creditor classes rather than the general body of creditors, the report states. About Lucky Bucks Lucky Bucks, LLC -- https://luckybucksga.com/ -- is a digital skill-based COAM operator based in and incorporated under the laws of the State of Georgia in the U.S. Its team has a combined 45 years of experience in the Georgia COAM industry. After reaching a deal for a plan to equitize substantially all of Lucky Bucks' secured debt, Lucky Bucks and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-10758) on June 9, 2023. In the petition signed by James Boyden, executive vice president, Lucky Bucks disclosed up to $500 million in assets and up to $1 billion in liabilities. As of the petition date, the Debtors have outstanding funded debt obligations in the aggregate principal amount of $610 million. Judge Karen B. Owens oversees the case. Dennis F. Dunne, Esq., and Tyson Lomazow, Esq., at Milbank LLP; and Russell C. Silberglied, Esq., at Richards, Layton & Finger P.A., serve as the Debtors' legal counsel. Evercore Group L.L.C. is the Debtors' investment banker while M3 Advisory Partners, L.P., is the financial advisor. Epiq Corporate Restructuring, LLC, serves as the Debtors' claims and noticing agent. * * * On July 28, 2023, the Honorable Karen B. Owens, United States Bankruptcy Judge for the District of Delaware, entered the Findings of Fact, Conclusions of Law, and Order Confirming the OpCo Debtorsâ€™ Joint Chapter 11 Plan and Approving the Disclosure Statement as it Relates Thereto for Case Nos. 23-10757 and 23-10758, confirming the OpCo Debtors' First Amended Joint Chapter 11 Plan of Lucky Bucks, LLC and Lucky Bucks HoldCo, LLC, dated as of July 22, 2023. Following a hearing on October 23, 2023, the Court entered an order converting the Chapter 11 case of Lucky Bucks Holdings LLC's chapter 11 case to a Chapter 7 liquidation. M.K. WEEDEN: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- M.K. Weeden Construction, Inc. 25-40100 92 Industrial Way Lewistown, MT 59457 MK Equipment Co. LLC 25-40101 92 Industrial Way Lewistown, MT 59457 WMK Holding LLC 25-40102 92 Industrial Way Lewistown, MT 59457 Business Description: MK Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court District of Montana Judge: Hon. Benjamin P Hursh Debtors' General Bankruptcy Counsel: Laurie Thornton, Esq. DBS LAW 819 Virginia Street, Suite C-2 Seattle, WA 98101 Tel: (206) 489-3802 Email: lthornton@lawdbs.com M.K. Weeden's Total Assets: $27,956,847 M.K. Weeden's Total Liabilities: $23,678,668 MK Equipment Co.'s Total Assets: $10,781,882 MK Equipment Co.'s Total Liabilities: $19,960,273 WMK Holding's Total Assets: $6,775,000 WMK Holding's Total Liabilities: $23,812,640 The petitions were signed by Monte K. Weeden as president and manager. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/4M5TQHQ/MK_Weeden_Construction_Inc__mtbke-25-40100__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/S4RHFZQ/MK_Equipment_Co_LLC__mtbke-25-40101__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/VAH6J5A/WMK_Holding_LLC__mtbke-25-40102__0001.0.pdf?mcid=tGE4TAMA A. List of M.K. Weeden's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. ARU SPC obo Pillar SP $93,501 Attn: Noel Malabanan 1834 Walden Office Square, Ste. 350 Schaumburg, IL 60173 2. CAT Financial CAT Card $93,565 PO Box 735638 Dallas, TX 75373 3. Caterpillar Financial $38,029 PO Box 100647 Pasadena, CA 91189 4. Employers Mutual Casualty $2,700,000 c/o The Hustead Law Firm 4643 S. Ulster Street, Ste. 1250 Denver, CO 80237 5. Ezzie's Wholesale Inc. $270,000 c/o Oliver Urick PO Box 556 Stanford, MT 59479 6. First Bank of Montana Equipment $10,747,700 P.O. Box 540 Lewistown, MT 59457 7. First Insurance Funding $89,360 PO Box 7000 Carol Stream, IL 60197 8. Internal Revenue Service Taxes Unknown Centralized Insolvency Operation PO Box 7346 Philadelphia, PA 19101 9. John Thomas Inc. $33,916 1560 Lovett Drive Dixon, IL 61021 10. Ken Cunningham $23,040 2466 S. 28 Road Ballantine, MT 59006 11. Marsh McLennan Agency $97,119 501 N. Riverpoint Blvd., Ste. 403 Spokane, WA 99202 12. Modern Machinery Co., Inc. $684,980 PO Box 16660 Missoula, MT 59806 13. Moore Farmers Oil Company $220,000 c/o Oliver J. Urick PO Box 556 Stanford, MT 59479 14. Mountainview Co-Op $183,305 1030 Montana Avenue NE Black Eagle, MT 59414 15. Paynewest Insurance Inc. $556,714 PO Box 4386 Missoula, MT 59806 16. PRB Oil Company $27,218 PO Box 506 Blackfoot, ID 83221 17. Tractor and $360,400 Equipment Co., Inc. c/o Alex W. Hamman 2075 Central Avenue, Ste. 4 Billings, MT 59102 18. Varilease Finance $1,337,452 Inc/VFI ABS 2022-1 LLC 2800 E. Cottonwood Pkwy., 2nd Floor Salt Lake City, UT 84121 19. Western States $184,039 Equipment Co. PO Box 3805 Seattle, WA 98124 20. Wyoming Machinery Company $404,736 PO Box 2335 Casper, WY 82602 B. List of MK Equipment Co. LLC's Five Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Employers Mutual Casualty Judgment $2,700,000 c/o The Hustead Law Firm 4643 S. Ulster Street, Ste. 1250 Denver, CO 80237 2. Internal Revenue Service Taxes Unknown Centralized Insolvency Operation PO Box 7346 Philadelphia, PA 19101 3. Komatsu Financial $0 Limited Partnership 1701 Golf Road, Ste. 1-300 Rolling Meadows, IL 60008 4. Montana Department of Revenue Taxes Unknown PO Box 7701 Helena, MT 59604 5. Varilease Finance Judgment $1,337,452 Inc/VFI ABS 2022-1 LLC 2800 E. Cottonwood Pkwy, 2nd Floor Salt Lake City, UT 84121 MADISON MEMORIAL: S&P Affirms 'BB+' Rating on 2016 Rev. Ref. Bonds ------------------------------------------------------------------ S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB+' long-term rating on the Idaho Health Facilities Authority's series 2016 revenue refunding bonds, issued for Madison Memorial Hospital (MMH). S&P said, "The outlook revision reflects our view of MMH's continued weaker and lower-than-expected operating performance as a result of ongoing bad debt write-off in fiscal years 2025 and 2024 coupled with declining volumes after the departure of two high-volume physicians in 2024. "We view social risk as elevated within our credit analysis given the small service area with a population of less than 100,000, which could affect demand and volumes. While the board of directors is appointed by the county commissioners and is not self-perpetuating, we do not view this as an elevated governance risk given that this structure is common for county hospitals. We also view environmental factors as neutral. "The negative outlook reflects our view of MMH's multiyear negative operations as a result of almost $10 million in a bad debt write-off over two years and increasing salaries and wages that could put further stress on future operations. Furthermore, we anticipate that the hospital will be subject to H.R.1-related reduced state and federal funding that is expected to pressure operations in fiscal 2026, requiring further improvements to the underlying business. The negative outlook also reflects our view of MMH's declining volume trend over the past fiscal year after the departure of two physicians, underscoring the more limited and volatile revenue base. "We could lower the rating if MMH were to demonstrate another year of weaker-than-expected operating performance or if unrestricted reserves were to meaningfully decline. We could also lower the rating in the unlikely event MMH were to issue additional debt that weakened its debt profile and balance-sheet metrics. Furthermore, any weakening in the enterprise profile with prolonged depressed volumes could also pressure the rating. "We could revise the outlook to stable if MMH can achieve its budgeted expectations with operating margins trending closer to break-even and volumes trending favorably over time, amid stability in unrestricted reserves and DCOH." MARINER WEALTH: Moody's Cuts Rating on Secured 1st Lien Debt to B1 ------------------------------------------------------------------ Moody's Ratings has downgraded Mariner Wealth Advisors, LLC's (Mariner) senior secured first-lien bank credit facility rating to B1 from Ba3. Concurrently, Moody's have assigned a B1 rating to the company's senior secured first-lien term loan. The rating action follows Mariner's announcement that it will reprice its bank credit facility and issue an additional $150 million term loan. The incremental proceeds will be used to repay its second-lien term loan. RATINGS RATIONALE The downgrade of the senior secured debt is due solely to the elimination of Mariner's second-lien debt, which previously provided a loss-absorbing buffer that supported the first-lien debt's rating uplift. This action reflects an increase in the expected loss-given-default on the first-lien debt now that the capital structure consists of a single class of debt and does not indicate a change in Moody's overall assessment of the company's overall creditworthiness. Mariner's B1 corporate family rating is supported by its expanding scale and competitive position in the US wealth management sector, strong organic asset growth, improving margins, and high retention rates among advisors and clients. However, these strengths are offset by the company's aggressive acquisition strategy, high financial leverage, weak profitability, and key person risk stemming from the substantial control exercised by its founder and CEO. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The factors that could lead to an upgrade of Mariner's ratings include: 1) consistent improvement in free cash flow, reducing dependency on leverage; or 2) adjusted leverage multiple is sustained below 3.5x; or 3) sustained pre-tax margins in excess of 15%. Conversely, factors that could lead to a downgrade include: 1) scale as measured by net revenues declining below $450 million; or 2) a considerable decline in free cash flow eroding healthy cash balances, pushing the company to rely more on its revolving credit facility and weakening its liquidity profile; or 3) inability to replace lost client assets, weakening AUM resiliency or; 4) substantial attrition of advisors leading to a significant decrease in managed assets. The principal methodology used in these ratings was Asset Managers published in May 2024. Mariner's Standalone Credit Profile" adjusted score of B1 is set three notches below the "Standalone Credit Profile Before Qualitative Notching Factors" of Ba1. This adjustment reflects the company's aggressive acquisition strategy, which has often led to high debt leverage and ongoing operating losses caused by significant acquisition-related expenses. Moreover, the company's business diversification is limited, as its operations are predominantly concentrated in the US and heavily reliant on the retail wealth sector. MARRS CONSTRUCTION: Court Extends Use of Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Arizona issued a third interim order allowing Marrs Construction, Inc. and Down N Dirty Equipment, LLC to continue using cash collateral for a limited period, subject to the terms of prior cash collateral orders. KS StateBank consented to the extension, with all other rights reserved. The order limits the use of cash collateral to ordinary and necessary post-petition expenses specified in the approved budgets, with a 15% line-item variance allowed. No pre-bankruptcy debts may be paid, and KS StateBank's liens, security interests, and priorities are fully protected. The Debtor's authority to use cash collateral automatically terminates on January 23, 2026, or upon occurrence of so-called termination events, including noncompliance of the order, loss of debtor-in-possession status, or unauthorized liens or transfers. KS StateBank may issue a notice of termination if conditions are violated, after which use of cash collateral ceases immediately. The order incorporates all terms of prior cash collateral orders, including reporting, liens, super-priority claims, and insurance requirements. Extensions, modifications, or waivers require KS StateBank's consent. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/DCPpO from PacerMonitor.com. About Marrs Construction Inc. Marrs Construction, Inc. is a Phoenix-based contractor that provides demolition, excavation, earthwork, site preparation, civil utility, and paving services. The Company serves both residential and commercial projects across the greater Phoenix area. Marrs Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-04964) on May 30, 2025. In its petition, the Debtor reported total assets of $10,177,042 and total liabilities of $12,177,492. The Debtor is represented by Christopher C. Simpson, Esq., at Osborn Maledon, P.A. MAYFAIR-HABITAT GROUP: Taps Erika L. Finley as Real Estate Counsel ------------------------------------------------------------------ The Mayfair-Habitat Group Incorporated seek approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ the Law Offices of Erika L. Finley as special real estate counsel. The firm will be representing the Debtor in regard to the sale of 7337 S Shore Drive, Unit Nos. 131, 209, 212, 214, 220, 229, 312, 412, 529, 610, 612, 616, 620, 717, 812, 912, 918, 1004, 1008, 1012, 1108,1109, 1112, 1124, 1206, 1212, 1408, 1411, 1412, 1420 and 1424 Chicago, IL 60649, including but not limited to negotiating the real estate sales agreement, dealing with title issues and closing the transaction. Finley shall be paid a total of $7,750 at closing based on $250 per condominium unit. As disclosed in a court filing, Law Offices of Erika L. Finley is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Erika L. Finley, Esq. The Law Office of Erika L. Finley 1510 E 55th St #15472 Chicago, IL 60615 Phone: (708) 527-8052 About The Mayfair-Habitat Group Incorporated The Mayfair-Habitat Group Incorporated is a property management and real estate investment company based in Plainfield, Illinois. The Debtor's principal assets are located at 7337 S. South Shore Drive, Chicago, IL 60649, and consist of 31 parcels of land. The Mayfair-Habitat Group Incorporated sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06308) on April 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Jacqueline P. Cox handles the case. The Debtor is represented by Paul M. Bach, Esq. at BACH LAW OFFICES. MDA SPACE: DBRS Assigns 'BB(high)' Issuer Rating ------------------------------------------------ DBRS Limited assigned an Issuer Rating of BB (high) to MDA Space Ltd. (MDA Space or the Company). Concurrently, Morningstar DBRS assigned a provisional credit rating of (P) BB to the Company's proposed Senior Unsecured Notes based on a Recovery Rating of RR5. The trends on both credit ratings are Stable. KEY CREDIT RATING CONSIDERATIONS MDA Space is a Canada-based space-technology company focused on satellite manufacturing and operations, space robotics manufacturing, geointelligence, and data analytics. It largely acts as a partner for private entities and governments. The Company operates broadly in three segments: Satellite Systems, Robotics & Space Operations, and Geointelligence. The Satellite Systems segment is the largest by revenue and encompasses design, manufacturing, and support for satellites. The Robotics & Space Operations segment develops and operates space robotics solutions like Canadarm2, which is installed on the International Space Station. The Geointelligence segment collects and analyzes data from satellites and provides actionable information to end-users including governments. MDA Space is proposing to issue approximately $250 million of Senior Unsecured Notes (the Proposed Notes) and will use most of the proceeds of the issuance to repay amounts outstanding under the Company's secured revolving credit facility. As such, Morningstar DBRS does not expect MDA Space's key credit metrics to significantly change immediately following the issuance of the Proposed Notes. The Proposed Notes will be guaranteed by all of MDA Space's material subsidiaries, including any borrowers and guarantors under the Company's secured credit agreement. The Proposed Notes will be unsecured obligations ranking equal with all existing and future unsecured indebtedness of MDA Space but will effectively be subordinated to any secured indebtedness of the Company. The recovery rating of RR5 on the Proposed Notes assumes that the Company's secured revolving credit facility is fully drawn and reflects the first-lien position of all the Company's indebtedness under the secured credit agreement. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action should MDA Space materially strengthen its business risk profile, primarily through increasing its size and number of customers, while maintaining its current strong credit risk profile and solid operational execution. Conversely, the credit ratings could be pressured should key credit metrics materially deteriorate in aggregate for a sustained period (i.e., debt-to-EBITDA increasing beyond 3.5 times in conjunction with a weakening of other key credit metrics) because of weaker-than-expected operating performance and/or more aggressive financial management, including acquisition activity. Additionally, given the significant customer concentration, any loss of customers or contract cancellations similar to that of EchoStar Corporation (EchoStar) on September 6, 2025, could affect the credit ratings. Morningstar DBRS notes that EchoStar's contract cancellation was unrelated to MDA Space's operational execution and/or performance and predicated on EchoStar's change in business strategy. EARNINGS OUTLOOK MDA Space's 2025 revenues and earnings are projected to increase significantly year over year (YOY), primarily reflecting the Company's strong execution of its order book. Revenues should sharply increase to above $1.6 billion (+50% YOY) in F2025 and to above $1.8 billion (+10% YOY) in F2026. The Company's continuing execution of its order book against a solid order backlog provides a foundation for strong revenue growth over the near term. Successful order execution across the Satellite Systems and Robotics & Space Operation segments should support strong revenue growth in 2026 and 2027. In line with revenue growth, adjusted EBITDA should grow to above $290 million in F2025 and above $300 million in F2026 from $198 million in F2024. Morningstar DBRS remains cautious of any potential execution issues and loss of any key projects and/or customers that would weigh on the earnings outlook. FINANCIAL OUTLOOK Consistent with the earnings outlook outlined above, Morningstar DBRS anticipates MDA Space's cash flow from operations (as defined by Morningstar DBRS) to increase to more than $250 million in F2025 from $176 million in F2024. Capital expenditures (capex) should remain elevated at above $200 million, similar to F2024, reflecting investment across the growth initiatives including the satellite manufacturing facility and next-generation space technology. Morningstar DBRS notes that capex should largely remain unchanged in F2026, as investments will likely continue to support long-term projects such as MDA Chorus. In the absence of dividends, gross free cash flow (i.e., before working capital items) in F2025 is likely to be moderately positive. Morningstar DBRS expects gross free cash flow to persist at neutral or moderately positive levels. MDA Space maintains comfortable liquidity through a combination of cash and a significant amount of an unused revolving credit facility, which should support uneven working capital flows and potential inorganic transactions. CREDIT RATING RATIONALE Comprehensive Business Risk Assessment (CBRA): BB/BBL MDA Space's CBRA reflects its relatively strong position in the space segment, which has secular growth trends; a history of solid execution in mission critical programs; improving competitiveness and market position relative to its peers; vertically integrated abilities spanning satellite manufacturing, space operations including robotics arms, and data analytics; and strong management focused on developing/enhancing the Company's competitive advantages through both organic and inorganic initiatives. The latter is also evident from the acquisition of Satisfy Communications in April 2025, which adds to MDA Space's competitive advantages in building digital satellites; expansion of the satellite manufacturing facility in Québec, which would add to the production capacity for MDA Aurora digital satellites; and the completion of the Company's headquarters in Brampton, Ontario. The Company's sizable and growing backlog and a strong technical workforce with significant tenure also support the CBRA. These advantages are offset by the Company's significant reliance on key programs and customers; execution risks, especially given the mission-critical nature of the projects; technology risks that require MDA Space to continually invest in research while also competing with peers with strong financial resources; significant regulatory and compliance risks; inflation risk, as projects can stretch over multiple years; and supplier risks, which can delay end programs or project deliveries. The CBRA incorporates a two-notch downward adjustment to reflect the customer and project concentration across its business lines. Comprehensive Financial Risk Assessment (CFRA): A MDA Space's solid CFRA reflects consistent earnings/cash flow generation; strong credit metrics based on low debt, which also remain ahead of the overall credit rating levels; and strong liquidity levels despite the uneven working capital requirements and potential for bolt-on acquisitions. Intrinsic Assessment (IA): BBH The IA is based on the aforementioned CBRA and CFRA. Taking into consideration peer comparisons, among other factors, Morningstar DBRS placed the IA in the middle of the Intrinsic Assessment Range. Additional Considerations: None MDA Space's Issuer Rating includes no further negative or positive adjustments from additional considerations. Recovery Rating: RR5. The Recovery Rating of RR5 on the Senior Unsecured Notes assumes a fully drawn secured revolver and reflects the secured revolver's first-lien position. Notes: All figures are in Canadian dollars unless otherwise noted. MEDLINE HOLDINGS: Fitch Keeps 'BB-' Rating on Watch Positive ------------------------------------------------------------ Fitch Ratings has maintained Medline Holdings, LP and its subsidiaries on Rating Watch Positive (RWP) ahead of its pending IPO. Fitch has also assigned a 'BB-'/RWP Issuer Default Rating (IDR) to Medline, Inc. (the post-IPO parent) (collectively, Medline). Fitch expects a multi-notch upgrade to 'BBB-' assuming $4 billion of debt reduction post-IPO, and, as a result, gross EBITDA leverage below 4x considering the strength of Medline's business profile. However, Fitch has not established the final post-IPO rating sensitivities. The degree of the debt upgrades will be a function of the post-IPO IDR and whether or not the collateral securing the senior secured notes is released if upgraded to investment grade by two or more NRSROs. In that event, Fitch would rate the secured notes the same as the unsecured debt to reflect their pari-passu status. Key Rating Drivers Lower Leverage Post-IPO: Medline's pending IPO is a pivotal credit event that is expected to generate approximately $5.0 billion in gross proceeds. Fitch expects Medline to apply at least $4.0 billion of net proceeds to reduce existing indebtedness, significantly strengthening its credit profile. This capital raise supports Fitch's expected multi-notch rating upgrade to 'BBB-' and underpins the belief that Medline can sustain EBITDA leverage below 4x at closing and around 3.5x over the medium term . The IPO proceeds will enhance financial flexibility and reduce interest expense, positioning Medline for future growth. Vertically Integrated Market Leader: Medline is the largest provider of medical-surgical products and supply chain solutions serving all points of care. Its vertically integrated business model, combining manufacturing and distribution, drives operational efficiency and supply chain resilience. Medline operates 33 manufacturing facilities and 69 global distribution centers, supported by a fleet of over 2,000 trucks, enabling next-day delivery to 95% of U.S. customers. Approximately one-third of Medline Brand products are self-manufactured, with the remainder sourced from a diversified network of 500+ partners across 40 countries, mitigating supply chain risks. Durable Revenues from Vendor Model: Medline's Prime Vendor model is a key competitive advantage and credit positive, supporting durable recurring revenue and strong customer loyalty, as evidenced by 1,300+ active relationships generating $16 billion in net sales in FY24 and a 98% average retention rate over the past five years. This model centralizes procurement and logistics for med-surg needs, driving cost savings and service efficiencies. Medline Brand products are about half of net sales, with upside from converting Supply Chain Solutions customers to Medline Brand products, potentially adding $1 billion in incremental gross profit over the forecast period. Consistent Growth and Innovation: Since 2020, Medline's net sales have grown at a 10% CAGR, driven almost entirely by organic growth. For the nine months ended Sept. 30, 2025, net sales reached $20.6 billion and Fitch-adjusted EBITDA was about $3.3 billion (11.7% margin), reflecting tariff headwinds expected to persist through at least 2026. Net sales growth drivers include expansion of Prime Vendor relationships, growth in non-acute care settings, continuous product innovation with 268 new products launched in three years, selective acquisitions such as Microtek and Sinclair Dental, and growth in the international business, which represents a $200 billion addressable market. Customer Concentration, Industry Consolidation Risks: Medline's top five U.S. customers accounted for about 10.4% of net sales in 2024, and approximately 72% of U.S. net sales were from member hospitals under contract with the largest group purchasing organizations (GPOs). Loss of significant healthcare provider or GPO relationships could materially impact the business. Medline's vertically integrated model and Prime Vendor relationships position it well to serve consolidated healthcare systems, but margin pressure remains a risk. Operational and Regulatory Challenges: Medline faces operational risks from global supply chain disruptions, labor shortages, raw material constraints, and logistics challenges. Inflation and tariffs, especially on Chinese products, may raise costs, although diversified sourcing and efficiencies help mitigate impacts. Regulatory compliance spans FDA device rules, environmental standards like ethylene oxide sterilization and data privacy laws. Litigation risks, including mass torts and IP disputes, further add to its risk profile. Experienced Management but Concentrated Ownership: Medline's management team has long industry experience, and the company emphasizes practical, customer-focused operations and innovation. Fitch anticipates that Medline will transition from a private equity-controlled governance model to a public company structure, adding independent oversight and committee chairs to comply with SEC and Nasdaq rules. The board will continue to include representatives from major sponsors Blackstone, Carlyle, and Hellman & Friedman, as well as family members with long tenure, but with equal independent representation to ensure alignment of majority and minority interests. Parent and Subsidiary Linkage: The IDRs of Medline Holdings, LP and Medline Borrower, LP are rated on a consolidated basis as discussed in Fitch's Parent-Subsidiary Linkage Criteria using the weak parent/strong subsidiary approach, open access and control factors based on the entities operating as a single enterprise with strong legal and operational ties. Following the conclusion of the IPO, Fitch anticipates rating Medline Inc. on a consolidated basis with Medline Holdings, LP using the same rationale as the existing PSL linkage between Medline Holdings, LP and Medline Borrower, LP. Peer Analysis Medline is distinguished by its vertically integrated model combining manufacturing, distribution, and global sourcing. Compared to peers like Owens & Minor (B+/Rating Watch Negative), Cardinal Health (BBB/Stable) and McKesson (A-/Stable), Medline demonstrates superior profitability with a notably higher EBITDA margin, reflecting its strong branded product portfolio and efficient Prime Vendor model which drives customer retention and sale. While Medline's revenue is smaller than Cardinal Health and McKesson, its EBITDA and cash flow generation are robust relative to its debt, which is higher in absolute terms but aligned with its scale and private equity ownership. The planned 2025 IPO and debt repayment will further improve leverage and liquidity, narrowing the gap with peers like Owens & Minor. Fitch's Key Rating-Case Assumptions - Organic revenue increases at an approximately 7% CAGR over 2025-2028 (the forecast period) with total revenue (inclusive of acquisitions) at a CAGR of 7.5%; - Adjusted EBITDA margins are maintained between 11.5% and 12.0% over the forecast period, and the effects of higher inflation and potential higher costs caused by tariffs are assumed to dampen margins somewhat beginning in 2025; - Working capital is assumed to be substantially neutral to CFO; - Capex of approximately $450 million per year; - FCF used principally to reinvest in the business, make tuck-in acquisitions, and without any material debt reduction, cash balances staying around $1.5 billion or higher and possibly be used for share repurchases or debt reduction; - Distributions from the Medline Holdings LP to certain Unit holders to pay taxes and make payments under the tax receivable agreement (approximately $700 million to $1.0 billion over the forecast period); - Interest expense for the next 12 months based on SOFR of approximately 4.0%; - An IPO is factored into the forecast and expected to be completed in 2025 that reduces debt by $4.0 billion. RATING SENSITIVITIES Rating sensitivities for the post-IPO company have not been set. The current sensitivities will be adjusted after the completion of the IPO. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Expectation of EBITDA leverage sustained at 5.5x or above, and cash flow-capex/debt remaining consistently below 5.0%; - Expectation of EBITDA margins falling below 10%; - Material loss of customer contracts or termination of a GPO relationship or supplier relationship; - Quality problems and product liability claims could lead to recalls or safety alerts, reputational harm, adverse verdicts or costly settlements. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - EBITDA leverage sustained below 4.5x, and cash flow-capex/debt remaining consistently above 7.5% resulting from either continued revenue, EBITDA and FCF momentum, the application of net proceeds from an IPO for debt reduction or both; - Operational strength demonstrated by customer retention and continued market share growth; - Publicly articulated objectives for use of FCF and capital deployment; - Completion of an IPO and application of net proceeds for debt reduction. Liquidity and Debt Structure Fitch expects Medline's cash flow from operations together with its revolving credit facilities to be more than sufficient to fund its long- and short-term capital expenditures, working capital and debt service requirements. The company's revolving credit facility has a financial covenant that provides ample room to borrow in the event of liquidity stress. Medline maintains large cash balances, which are well in excess of its cash needs and are kept in order to pursue acquisition opportunities. Medline is therefore in a position to either reduce debt or acquire other businesses. Fitch expects interest coverage (operating EBITDA/interest paid) to remain well above 3.0x over the forecast period. Medline will have minimal requirements for debt reduction until 2028 other than amortization of term loans, which is expected to be modest relative to FCF. The successful completion of an IPO with at least $4.0 billion of net proceeds used primarily for debt reduction would significantly improve Medline's financial structure by reducing EBITDA leverage. Issuer Profile Medline, headquartered in Northfield, Illinois, is the nation's largest supplier of med-surg products to healthcare providers across the continuum of care. It combines manufacturing, sales and distribution capabilities at scale to provide med-surg products consumed by the healthcare industry daily. Summary of Financial Adjustments Historical and forecast EBITDA excludes non-recurring costs, inventory normalization adjustments and non-operating income and expenses. For historical periods, Fitch's leverage metrics included CMBS debt, which was repaid in July 2024. MACROECONOMIC ASSUMPTIONS AND SECTOR FORECASTS Fitch's latest quarterly Global Corporates Sector Forecasts Monitor data file which aggregates key data points used in its credit analysis. Fitch's macroeconomic forecasts, commodity price assumptions, default rate forecasts, sector key performance indicators and sector-level forecasts are among the data items included. ESG Considerations The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Medline Co-Issuer, Inc. senior unsecured LT BB- Rating Watch Maintained RR4 BB- senior secured LT BB+ Rating Watch Maintained RR1 BB+ Medline Holdings, LP LT IDR BB- Rating Watch Maintained BB- Medline Borrower, LP LT IDR BB- Rating Watch Maintained BB- senior unsecured LT BB- Rating Watch Maintained RR4 BB- senior secured LT BB+ Rating Watch Maintained RR1 BB+ Medline Inc. LT IDR BB- New Rating MILLSIDE PLAZA: Hires David Goldwasser of FIA Capital as CRO ------------------------------------------------------------ Millside Plaza LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire FIA Capital Partners, LLC and designate David Goldwasser as chief restructuring officer. Mr. Goldwasser will provide the Debtor with restructuring and crisis management services. The firm will be paid at these rates: David Goldwasser $800 per hour Mark Taud $600 per hour CFO/CPA $500 per hour Managing Director $450 per hour Paralegal $330 per hour Mr. Goldwasser disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. He can be reached at: David Goldwasser FIA Capital Partners LLC 295 Front Street Brooklyn, NY 11201 About Millside Plaza LLC Millside Plaza LLC leases commercial real estate, with its main property located at 4004 Route 130 in Delran, New Jersey. Millside Plaza LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44642) on September 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joel M. Shafferman, Esq. of SHAFFERMAN & FELDMAN LLP. MIM LANDSCAPE: Seeks to Hire Preeti Gupta as Legal Counsel ---------------------------------------------------------- MIM Landscape Division, LLC seeks approval from the United States Bankruptcy Court for the Southern District of Indiana, Indianapolis Division to hire Preeti Gupta, a professional practicing law, to serve as its counsel. Ms. Gupta will provide these services: (a) advising the Debtor on its Chapter 11 rights, powers and duties as debtor-in-possession; (b) preparing, on behalf of the Debtor, applications, answers, proposed orders, reports, motions, and other pleadings and papers that may be required in this Chapter 11 Case; (c) advising and filing a plan and disclosure statement; and (d) performing any other legal services as counsel for the debtor-in-possession that may be required by the Debtor or this Court. Ms. Gupta will receive an hourly rate of $300. According to court filings, Ms. Gupta is a "disinterested person" within the meaning of the Bankruptcy Code. The firm can be reached at: Preeti (Nita) Gupta, Esq. 2680 East Main Street Suite 322 Plainfield, IN 46168 Telephone: (317) 900-9737 Facsimile: (888) 261-6090 E-mail: nita07@att.net About MIM Landscape Division LLC MIM Landscape Division LLC, doing business as McCammons Irish Market, LLC, operates garden-center and landscape service locations in Greenwood and Brownsburg where it provides landscape services including tree installation. The Company sells plants, trees, shrubs, and a range of gardening products to retail and project-based customers. MIM Landscape Division LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-07218) on November 24, 2025. 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 Andrea K. McCord handles the case. The Debtor is represented by Preeti Gupta, Esq., of Preeti (Nita) Gupta, Attorney. MISS AMERICA: Judge Wants to Probe Alleged Fake Documents --------------------------------------------------------- Carolina Bolado of Law360 Bankruptcy Authority reports that a Florida federal judge said Thursday, December that he intends to determine whether the operating agreements for two companies tied to the Miss America pageant are genuine, after questions surfaced about their authenticity in a $500 million ownership dispute. The judge emphasized that the court cannot proceed without clarity on the legitimacy of the documents, which were submitted as part of the competing claims over control of the iconic competition. According to filings, the parties are battling over who rightfully owns and governs the Miss America organization, with each side presenting its own version of governing documents. The judge has ordered further briefing and indicated that an evidentiary hearing may follow, saying the case hinges on establishing which, if any, of the contested operating agreements can be considered valid. About Miss America Competition LLC Miss America Competition LLC is an annual competition open to women from the United States between the ages of 18 and 28. The competition's inception as a "bathing beauty review" was an act of rebellion during a time when women weren't permitted to wear swimsuits in public. In 1945, the organization started awarding scholarships to the winner instead of prize money, making Miss America one of the first organizations in the United States to offer college scholarships to women. Miss America Competition LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 24-22288) on November 22, 2024. In the petition filed by Glenn Straub, as sole member and manager, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Craig I. Kelley, Esq., at KELLEY KAPLAN & ELLER, PLLC, in West Palm Beach, Florida. MODIVCARE INC: Faces Committee Pushback on Ch. 11 Plan Approval --------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that medical transportation provider Modivcare urged a Texas bankruptcy judge Thursday, December 11, 2025, to confirm its Chapter 11 reorganization plan, arguing the proposed restructuring offers a viable path forward for the company to reduce debt and emerge from bankruptcy. Modivcare told the court its plan reflects extensive negotiations and support from key stakeholders and is designed to strengthen its financial foundation while preserving ongoing operations for clients nationwide. Law360 However, the official committee of unsecured creditors sharply contested the plan, asserting that it is fundamentally flawed due to what the committee described as an unduly low valuation of the business that shortchanges unsecured creditors. The committee’s objection highlights a core dispute over how the company’s value should be measured, with unsecured creditors arguing that a higher valuation could yield better recoveries for their constituency and challenging the plan’s fairness and feasibility, the report states. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MODIVCARE INC: Secures Court Approval for Chapter 11 Debt Swap -------------------------------------------------------------- Emily Lever of Law360 reports that a Texas bankruptcy judge on Friday, December 12, 2025, agreed to approve medical transportation company Modivcare's Chapter 11 plan after a four‑day valuation trial, clearing the way for the debtor's planned roughly $1.1 billion debt‑for‑equity swap. The court found that Modivcare's reorganization proposal was realistic and grounded in business judgment despite objections at trial, paving the way for the healthcare services provider to emerge from bankruptcy with a significantly reduced debt load. Under the confirmed plan, secured lenders are expected to take equity in the reorganized company in exchange for holding less debt, a key part of the healthcare group's restructuring strategy to stabilize operations and support future service lines. The ruling represents a major milestone in Modivcare's bankruptcy proceedings and allows the company to move forward with its plan to deleverage its balance sheet and pursue long‑term viability, the report states. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MONARCH BAY: City's Plan Has 100% for Unsecured Creditors --------------------------------------------------------- The City of San Leandro, holder of a secured claim against the Estate, submitted a Disclosure Statement describing First Amended Liquidating Plan for Monarch Bay For Sale Residential, LLC dated December 5, 2025. The Debtor owns the real property located in the City of San Leandro, County of Alameda, State of California, and as described in the Deed of Trust as follows: Parcel 1 of map entitled Parcel Map No. 11312 filed for record November 30, 2022 in Book 356 of Maps at Pages 58-61 Alameda County Records. APN’s: 079A-0590- 001-05 & 079A-0590-003 (the "Property"). The Property is one component of the Shoreline Project, which provides for the development of the Property and certain City owned real property consisting of approximately seventy-five acres located within the City limits in the Shoreline-Marina area. The Shoreline Project includes reconstruction of the nine-hole executive golf course (the "Golf Course Element") and construction of single-family residential units (the "Residential Element"), townhomes, multifamily residential units, a hotel, a restaurant, a market, and associated infrastructure improvements. On or about December 22, 2022, the City loaned Debtor $24,882,958 for payment of a portion of the purchase price of the Property. In order to memorialize the loan, on December 22, 2022, the Debtor signed a Promissory Note (the "Note") for the amount as the loan, which is secured by a recorded Deed of Trust in favor of the City. The Note obligates the Debtor to pay the principal amount plus interest at a rate of 7.5%, which rate adjusted to the then current prime rate of interest if the term of the Note was extended. The Debtor defaulted on the Note by failing to pay the City upon expiration of the term of the Note. The City exercised its remedies under the Note and Deed of Trust by commencing the non judicial foreclosure of the property. A Notice of Default was recorded on February 20, 2024. The City filed a notice of sale on May 20, 2024. The Plan creates a liquidating trust, appoints a liquidating trustee, and effects a sale of the Debtor's Property to a buyer developer for the purpose of making Distributions to the Holders of Allowed Claims and Interests, and otherwise satisfying the outstanding obligations of the bankruptcy Estate in accordance with the Plan. Class 3 consists of the general unsecured claims of the Debtor not entitled to priority and that do not have recourse against collateral. All Class 3 claims will receive the following estimated percentage of their claims: 100%, to be paid after the Adequate Assurance Reserve has been funded and Classes 1 and 2 have been paid in full. Class 3 is impaired and is entitled to vote on confirmation of the Plan. Class 4 consists of all membership interests in the Debtor. The Debtor's Statement of Financial Affairs states that Edward J. Miller owns a 63% interest in the Debtor, which is inconsistent with the Debtor's LLC Operating Agreement. The LLC Operating Agreement states that 100% of the Debtor is owned by Cal Coast. The Debtor's 2023 tax return, however, provides that it is a multi-member LLC reporting as a partnership. The Debtor's operating reports identify additional equity interests in the Debtor. To the extent all Class 1 to 3 Claims are paid in full, the holder of a Class 4 Claim shall retain its full equity interest in the Debtor. Class 4 is not impaired and is not entitled to vote on confirmation of the Plan. The Plan shall be funded through the sale of the Property to The New Home Company, LLC (the "Buyer") or another Qualified Developer for the Purchase Price set forth in the Shoreline PSA. Upon the Effective Date, the Property shall vest in the Liquidating Trust created on the Effective Date pursuant to the Trust Agreement in substantially the same form as the agreement. The City anticipates that the proceeds from the sale will be sufficient to pay all Allowed Claims against the Debtor in full provided by the Plan. The Plan proposes to create a segregated account deemed the Adequate Assurance Reserve, which will be held and disbursed exclusively to facilitate compliance with the contractual requirements for completing the Monarch Bay Drive Element and the Infrastructure Element. Specifically, the Liquidating Trustee shall deposit $9,300,000.00 of the proceeds from the sale of the Property into the Adequate Assurance Reserve. Disbursement of funds from the Adequate Assurance Reserve shall be governed by the terms of the Trust Agreement. The Plan will be funded through the sale of the Property to the Buyer or another Qualified Developer within the time period set forth in Paragraph 4.4 of the Plan. The City anticipates that the proceeds from the sale of the Property will be sufficient to pay all Allowed Claims against the Debtor in full pursuant to the provisions of the Plan. A full-text copy of the Disclosure Statement dated December 5, 2025 is available at https://urlcurt.com/u?l=m7gax3 from PacerMonitor.com at no charge. Attorneys for Creditor the City of San Leandro: Maggie E. Schroedter, Esq. Lane C. Hilton, Esq. ROBBERSON SCHROEDTER LLP 501 West Broadway, Suite 1260 San Diego, California 92101 (619) 353-5691 About Monarch Bay for Sale Residential Monarch Bay For Sale Residential, LLC, is engaged in activities related to real estate. Monarch Bay For Sale Residential, in Los Angeles CA, filed its voluntary petition for Chapter 11 protection (Bankr. C.D. Cal. Case No. 24-14877) on June 20, 2024, listing as much as $10 million to $50 million in both assets and liabilities. Edward J. Miller as president of Manager, signed the petition. Judge Deborah J Saltzman oversees the case. David B. Shemano, Esq., at ShemanoLaw, serves as the Debtor's legal counsel. MONROE OPERATING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- The U.S. Bankruptcy Court for the District of New Jersey entered a second interim order granting Monroe Operating Group, Inc. limited authority to use cash collateral in its Chapter 11 case. Under the order, the Debtor is permitted to use cash collateral through January 23, 2026, strictly within the line-item limits of the approved budget, with up to a 10% variance. The order notes that secured creditors include Itria Ventures, LLC, which asserts liens on real and personal property, and Performance Food Group, which asserts a lien on inventory. All parties reserve their rights regarding lien validity and other issues. As adequate protection, the secured creditors are granted (1) replacement liens on post-petition assets to the same extent, priority, and validity as their prepetition liens; (2) a potential superpriority administrative expense claim under Section 507(b) if the protection proves insufficient; and (3) automatic perfection of replacement liens without further filings. The order also authorizes an interim adequate protection payment of $3,500 to Itria, subject to future adjustment or challenge. A further interim hearing is scheduled for January 22, 2026. Objections to the order must be filed by January 15, 2026. About Monroe Operating Group, Inc. Monroe Operating Group, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-21213) with $100,001 to $500,000 in both assets and laibilities. Judge Hon. Jerrold N Poslusny Jr oversees the case. The Debtor is represented by: Albert Anthony Ciardi, III Ciardi Ciardi & Astin Tel: 215-557-3550 Email: aciardi@ciardilaw.com Daniel S. Siedman Ciardi Ciardi & Astin Tel: 215-557-3550 Email: dsiedman@ciardilaw.com MY GEORGIA PLUMBER: Hires Jones & Walden LLC as Bankruptcy Counsel ------------------------------------------------------------------ My Georgia Plumber, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ Jones & Walden LLC as attorneys. The firm's services include: (a) preparing pleadings and applications; (b) conducting examination; (c) advising the Debtor of its rights, duties and obligations; (d) consulting with and representing the Debtor with respect to a Chapter 11 plan; (e) performing legal services incidental and necessary to the day-to-day operations of the Debtor's business; and (f) taking all other actions incident to the proper preservation and administration of the Debtor's estate and business. The firm's current fee rates are $225 to $500 per hour for attorneys and $150 to $250 per hour for paralegals and law clerks. Cameron McCord, Esq., a partner at Jones & Walden, disclosed in a court filing that the firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached through: Cameron M. McCord, Esq. 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 Email: cmccord@joneswalden.com About My Georgia Plumber My Georgia Plumber, Inc., a company in Canton, Ga., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64002) on December 1, 2025. In the petition signed by its chief executive officer, Katrina Rief-Derrico, the Debtor reported $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Cameron M. McCor, Esq., at Jones & Walden, LLC, is the Debtor's legal counsel. N & S HOSPITALITY: Gets OK to Employ Paul Hacker as Legal Counsel ----------------------------------------------------------------- N & S Hospitality Group Inc. received approval from the United States Bankruptcy Court for the Western District of Texas to hire Paul S. Hacker to serve as legal counsel in its Chapter 11 case. The Court finds the application to be proper and the relief should be granted. A copy of the Court's Order is available at https://urlcurt.com/u?l=cJOGlQ from PacerMonitor.com. About N & S Hospitality Group Inc. N & S Hospitality Group Inc. is a Texas-based enterprise that owns, manages, and operates businesses within the hospitality sector. Its portfolio generally spans hotels, lodging facilities, restaurants, and related service offerings designed to accommodate both business and leisure travelers. N & S Hospitality Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52793) on November 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Paul S. Hacker, Esq. of Hacker Law Firm. NASITRA LLC: Gets Extension to Access Cash Collateral ----------------------------------------------------- Nasitra, LLC received another extension from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to use cash collateral to pay operating expenses in accordance with its 90-day budget. The budget projects monthly total operational expenses of $92,898.98 for December; $49,550.00 for January; $43,850.00 for February. As adequate protection, Funding Metrics, LLC (Lendini), Small Business Financial Solutions LLC (Rapid Finance), and the taxing authorities will have a post-petition replacement lien on estate assets but only to the extent, priority, and validity as existed on the petition date. The order requires the Debtor to maintain collateral free from new post-petition liens, except for accruing taxes, and preserves the Debtor's ability to seek new credit under section 364 of the Bankruptcy Code. The lenders' replacement liens are subordinate to the fee carveout. Finally, the Debtor must maintain combined cash, deposits, receivables under 60 days, and inventory (at cost) of at least $107,510.21. Funding Metrics is represented by: Anthony F. Giuliano, Esq. Giuliano Law, P.C. 445 Broadhollow Road, Ste. 25 Melville, NY 11747 Phone: (516) 792-9800 afg@glpcny.com About Nasitra LLC Nasitra, LLC dba America's Backyards & Outdoor Living operates as a Texas-based trading company specializing in home furnishings and outdoor living products sold through large retailers and online platforms. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35828) on October 2, 2025. In the petition signed by John Hunt, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Reese Baker, Esq., at Baker & Associates, represents the Debtor as legal counsel. NEOVIA LOGISTICS: Moody's Alters Outlook on 'Caa1' CFR to Positive ------------------------------------------------------------------ Moody's Ratings has affirmed Neovia Logistics, LP's (Neovia) Caa1 corporate family rating, Caa1-PD probability of default rating, B2 rating on its super-senior secured revolving credit facility and Caa1 rating on its first lien senior secured term loan. Moody's also changed the outlook to positive from stable. The change in outlook to positive reflects the ongoing improvements in Neovia's execution that are leading to improved operations, bidding success and profitability. The outlook change also reflects Moody's expectations for top-line and earnings growth through 2026, which will sustain debt/EBITDA below 5x and promote about breakeven or better free cash flow, even if the company pays the interest expense on its term loan fully in cash. RATINGS RATIONALE Neovia's Caa1 CFR reflects the company's modest size within the highly competitive third-party logistics market, moderate financial leverage and history of weak cash generation. Neovia's operating performance over the past several years has been negatively impacted by sizeable contract losses and some underperforming contracts. Through 2025, Moody's believes that Neovia has successfully stabilized its business by renegotiating a significant portion of its existing contracts and enacting various operational efficiencies to improve profitability across its logistical network. Further, Moody's believes the stabilization of Neovia's existing book of business has enabled the company to generate significant new commercial wins. Moody's expects this new business will contribute meaningful incremental revenue in 2026 and beyond, although free cash flow will be constrained by required initial capital investments for the new contracts. Neovia's contracts are largely exposed to customers in the industrial space, with a large concentration in the relatively stable automotive aftermarket. In addition, a sizable portion of Neovia's contracts provide for fixed fees, which helps support profitability through demand cycles. Nonetheless, the company's operating performance does remain exposed to lower customer volumes, which has been a headwind in 2025. Moody's expects Neovia to maintain adequate liquidity over the next twelve months. Moody's expects cash to remain well in excess of the company's operational needs. Close to breakeven free cash flow will limit increased reliance on the revolver or the accounts receivable securitization (A/R) facilities. The $42.8 million super senior revolving credit facility expires in May 2027. At September 30, 2025, the company had approximately $27 million available on this facility. The $70 million A/R facility had approximately $50 million drawn with limited availability. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Neovia maintains adequate liquidity while paying full cash interest expense on its debt, sustains its profitability improvements and successfully executes its new business wins. Sustaining debt/EBITDA below 5.5x could result in an upgrade. The ratings could be downgraded if Neovia's liquidity deteriorates or operating performance weakens, including the loss of one or more large customers. The ratings could also be downgraded if earnings decline, leading to increasing negative free cash flow ahead of the company's debt maturities in 2027. The principal methodology used in these ratings was Surface Transportation and Logistics 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. Neovia Logistics, LP is a global provider of integrated supply chain solutions primarily for automotive, industrial and aerospace service parts, as well as retail, fulfillment and inbound services to manufacturing logistics. Neovia is majority owned by Oaktree Capital, Ares Management and Vector Capital following a recapitalization in November 2022. Revenue for the last twelve months ended September 30, 2025 was approximately $615 million. NEW LOOK: T. Rowe Price Marks $1.1MM 1L Loan at 28% Off ------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,125,000 loan extended to New Look Vision Group, Inc. to market at $392,000 or 72% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 7.96% per annum. The loan matures on May 26, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is the leading provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEXTGEN SLEEP: Seeks to Tap Blackwood Law Firm as Legal Counsel --------------------------------------------------------------- Nextgen Sleep, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Blackwood Law Firm, PLLC to handle its Chapter 11 case. The firm will be paid at these hourly rates: Attorneys $450 Legal Assistants/Law Clerks $100 In addition, the firm will seek reimbursement for expenses incurred. Amanda Blackwood, Esq., an attorney at Blackwood Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Amanda R. Blackwood, Esq. Blackwood Law Firm, PLLC 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 309-3600 Facsimile: (405) 378-4466 Email: amanda@blackwoodlawfirm.com About Nextgen Sleep LLC Nextgen Sleep, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-13738) on Dec. 1, 2025. In its petition, the Debtor disclosed up to $500,000 in estimated assets and up to $1 million in estimated liabilities. Amanda R. Blackwood, Esq., at Blackwood Law Firm, PLLC serves as the Debtor's counsel. NEXTGEN SLEEP: Seeks to Tap Hammond Law Firm as Bankruptcy Counsel ------------------------------------------------------------------ Nextgen Sleep, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to employ Hammond Law Firm, PLLC to handle its Chapter 11 case. The firm's counsel and staff will be paid at these hourly rates: Attorneys $550 Legal Assistants/Law Clerks $100 In addition, the firm will seek reimbursement for expenses incurred. Gary Hammond, Esq., an attorney at Hammond Law Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Gary D. Hammond, Esq. Hammond Law Firm 512 NW 12th Street Oklahoma City, OK 73103 Telephone: (405) 232-6358 Facsimile: (405) 232-6358 Email: gary@okatty.com About Nextgen Sleep LLC Nextgen Sleep, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-13738) on Dec. 1, 2025. In its petition, the Debtor disclosed up to $500,000 in estimated assets and up to $1 million in estimated liabilities. Gary D. Hammond, Esq., at Hammond Law Firm serves as the Debtor's counsel. NONA GOURMET: Employs Law Office of Nina Aritonova as Counsel ------------------------------------------------------------- Nona Gourmet Cafe LLC seeks approval from the U.S. Bankruptcy Court of the Central District of California to hire Nina Aritonova of The Law Office of Nina Aritonova to serve as general bankruptcy counsel. Ms. Aritonova will provide these services: (a) preparing pleadings, motions, applications, and other legal documents; (b) representing the Debtor in hearings before the Court; (c) performing such other legal services as may be necessary; and appropriate in the administration of this Chapter 11 case. Ms. Aritonova will bill her services at $250 per hour, and the Debtor has paid a $2,500 retainer, which was paid by a member of the Debtor. Compensation remains subject to court approval under 11 U.S.C. Sections 330 and 331. According to the filings, The Law Office of Nina Aritonova is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no interests adverse to the Debtor. The firm can be reached at: A Nina Aritonova, Esq. The Law Office of Nina Aritonova 23416 Strathern St West Hills, California 91304 Telephone: (310) 384-7841 E-mail: n_aritonova@hotmail.com About Nona Gourmet LLC Nona Gourmet, LLC, operating as La Creme Cafe, is a restaurant business located in Sherman Oaks, California. Nona Gourmet sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11222) on July 10, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Judge Martin R. Barash handles the case. The Debtor is represented by Nina P. Aritonova, Esq., at The Law Office Of Nina Aritonova. NORCOLD LLC: Bid Rules for Refrigeration Products Biz Sale OK'd --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Delaware has approved Norcold LLC to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor manufactures and distributes refrigeration products for mobile applications, including recreational vehicles and marine vessels. The Court has authorized the Debtor to sell Assets at auction. The Court held that the Debtor has articulated good and sufficient reasons for this Court to approve the Bidding Procedures, approve the Debtor's entry into the Stalking Horse Purchase Asset Purchase Agreement (APA), and schedule the Auction and Sale Hearing. The Bidding Procedures and the Stalking Horse APA were negotiated at arm's length and in good faith by the Debtor and the Stalking Horse Bidder. The Bidding Procedures are fair, appropriate, and reasonably designed to promote active bidding at and participation in the Auction to ensure that the highest or otherwise best value is generated for the Assets. The Stalking Horse Bid represents the highest and best offer the Debtor has received to date to purchase the Purchased Assets. The Stalking Horse APA provides the Debtor the opportunity to sell the Purchased Assets in a manner designed to preserve and maximize their value and provide a floor for a further marketing and auction process, to the benefit of the Debtor's estate, its creditors, and all other parties in interest. The failure to specifically include or reference any particular provision of the Bidding Procedures in the Motion or this Order shall not diminish or otherwise impair the effectiveness of such procedures, it being the Court's intent that the Bidding Procedures are approved in their entirety. The Stalking Horse Bidder is a Qualified Bidder and the bid reflected in the Stalking Horse Bid (including as it may be increased at the Auction (if any)) is a Qualified Bid, as set forth in the Bidding Procedures. Without prejudice to the rights of the Stalking Horse Bidder under the Stalking Horse APA, the Debtor shall have the right to, in consultation with the Consultation Parties, in its reasonable business judgment, and in a manner consistent with their fiduciary duties and applicable law. About Norcold LLC Norcold LLC, a wholly owned subsidiary of Thetford LLC, manufactures and distributes refrigeration products for mobile applications, including recreational vehicles and marine vessels. Founded in 1959, the Company began with gas absorption refrigerators for off-grid use and later became a major supplier in the RV refrigeration market. Norcold functions as Thetford's refrigeration division within a broader portfolio that also includes RV and marine sanitation and waste management systems, and is ultimately owned by Monomoy Capital Partners IV, LP, Monomoy Capital Partners IV Parallel, LP, and Dyson Kissner Moran Corporation. Norcold sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.: 25-11933) on November 3, 2025. In the petition signed by Richard Wu as chief restructuring officer, the Debtor discloses estimated assets of $10 million to $50 million and estimated liabilities of $100 million to $500 million. Judge: Hon. Thomas M. Horan Debtor's Bankruptcy Counsel is Sean M. Beach, Esq., at YOUNG CONAWAY STARGATT & TAYLOR, LLP, in Wilmington, Delaware. Debtor's Financial & Restructuring Advisor: ALVAREZ & MARSAL NORTH AMERICA, LLC Debtor's Notice, Claims, Solicitation & Balloting Agent: SETTO Debtor's Investment Banker is HILCO CORPORATE FINANCE, LLC. OBSIDIAN ENERGY: DBRS Assigns 'B(high)' Credit Rating ----------------------------------------------------- DBRS Limited assigned a credit rating of B (high) with a Stable trend to Obsidian Energy Ltd.'s (Obsidian or the Company) CAD 175 million 8.125% Senior Unsecured Notes, due December 3, 2030 (the Notes). The recovery rating on the Notes is assigned at RR4. The Notes will be direct senior unsecured obligations of Obsidian Energy ranking equal with all other present and future senior unsecured indebtedness of the Company. The proceeds from the Notes will be used pay down indebtedness under the credit facility and redemption of the 2027 Notes. The rating assigned to this newly issued debt instrument is based on the rating of an already-outstanding debt series of the abovementioned debt instrument. Please refer to the most recent Morningstar DBRS press release dated July 25, 2025, for more information, including all relevant disclosures. The credit rating listed above is based on the trust indenture and information provided by Obsidian to Morningstar DBRS as of December 2, 2025. Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating. ORANGE COURIER: Seeks to Tap The Bensamochan Law Firm as Counsel ---------------------------------------------------------------- Orange Courier, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ The Bensamochan Law Firm, Inc. as counsel. The firm will render these services: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, the Bankruptcy Code, the Bankruptcy Rules, and the Office of the United States Trustee as they pertain to it; (b) advise the Debtor with regard to certain rights and remedies of its bankruptcy estate and the rights, claims and interests of the creditors; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving its estate, unless it is represented in such proceeding or hearing by other special counsel; (d) conduct examinations of witnesses, claimants, or adverse parties and represent the Debtor in any adversary proceeding expect to the extent that any such adversary proceeding is in an area outside of my expertise or which is beyond my staffing abilities; (e) prepare and assist the Debtor in the preparation of reports, applications, pleadings, and orders; and (f) perform any other services which may be appropriate in my representation of the Debtor during its bankruptcy case. The hourly rates of the firm's counsel and staff are as follows: Eric Bensamochan, Attorney $525 Kerry Moyniha, Attorney $375 Paulina Buitron, Paraprofessional $120 Daniel Phelan, Paraprofessional $120 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $55,000 from the Debtor. Mr. Bensamochan disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Eric Bensamochan, Esq. The Bensamochan Law Firm, Inc. 2566 Overland Ave., Suite 650 Los Angeles, CA 90064 Telephone: (818) 574-5740 Facsimile: (818) 961-0138 About Orange Courier Inc. Orange Courier, Inc. provides same-day delivery, trucking, warehousing, and logistics services from its base in La Mirada, California. It operates as a for-hire interstate motor carrier handling property freight under federal transportation authority. It serves commercial customers across Southern California and surrounding regions through courier, distribution, and freight transport operations. Orange Courier sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20443) on November 21, 2025, listing up to $10 million in both assets and liabilities. Evell Tara Stanley, president of Orange Courier, signed the petition. Judge Deborah J. Saltzman oversees the case. Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc. represents the Debtor as counsel. ORFEDOR INC: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On December 10, 2025, Orfedor Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Orfedor Inc. Orfedor Inc. is a California-based company engaged in the manufacturing and distribution of orthopedic footwear and related medical support products. The company focuses on designing and supplying specialty shoes and inserts intended to address foot and mobility conditions. Orfedor Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21073) on December 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Julia W. Brand. The Debtor is represented by Thomas B. Ure, Esq. of Ure Law Firm. ORFEDOR INC: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Orfedor Inc. 1112 Montana Ave. #202 Santa Monica, CA 90403 Business Description: Orfedor Inc. is the owner of the residential property at 3530–3534 Grand View Blvd. in Los Angeles, California 90066. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21073 Judge: Hon. Julia W Brand Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Nicolo Dorian as president. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ALU5HPQ/Orfedor_Inc__cacbke-25-21073__0001.0.pdf?mcid=tGE4TAMA OROVILLE HOSPITAL: Gets Interim Court OK for $16MM DIP Loan ----------------------------------------------------------- Yun Park of Law360 Bankrupcty Authority reports that a California bankruptcy judge on Thursday, December 11, 2025, granted interim approval for Oroville Hospital’s proposed $16 million debtor-in-possession financing with its master trustee, providing critical short-term funding as the community hospital navigates its Chapter 11 restructuring. The interim DIP facility is designed to help maintain ongoing operations, ensure continued patient care and cover essential expenses while the hospital pursues a court-supervised process to stabilize its finances. Oroville Hospital and its parent, OroHealth Corporation, filed for Chapter 11 protection in the Eastern District of California earlier this December 2025, listing more than $100 million in debt and indicating that it seeks a strategic partner to secure its long-term future. Throughout the proceedings, the hospital intends to remain open and operational, using this financing to support staff, pay vendors and preserve community services as it works toward a restructuring or transaction that maximizes value for stakeholders. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. OWENS & MINOR: Moody's Cuts CFR to 'B2', Outlook Negative --------------------------------------------------------- Moody's Ratings downgraded Owens & Minor, Inc.'s ("Owens & Minor") Corporate Family Rating to B2 from Ba3 and the Probability of Default Rating to B2-PD from Ba3-PD. Moody's also downgraded the ratings on the senior secured bank credit facilities to B1 from Ba3 and the ratings on the senior unsecured notes to B3 from B2. The outlook is negative. Previously, the rating was on review for downgrade. Concurrently, Moody's downgraded the Speculative Grade Liquidity Rating, to SGL-2 from SGL-1. This concludes the review for downgrade initiated on August 12, 2025. The rating downgrade to B2 reflects the company's reduced scale and diversification, following the planned sale of its Products & Healthcare Services (P&HS) segment. The downgrade also reflects that the sale of P&HS will result in limited deleveraging because the proceeds are small relative to Owens & Minor's total debt outstanding. Moody's expects pro forma leverage to remain above 5x (on a Moody's adjusted basis) after the sale. While Owens & Minor has committed to using all of the net proceeds from the sale to repay debt, the final debt repayment amount is uncertain given transaction-related costs. If the transaction does not close, Moody's expects the CFR will still be at B2 given the weakening combined earnings profile of the company. The negative outlook reflects the potential for elevated separation costs and uncertainty as to the growth trajectory of the standalone Patient Direct business. Governance risk considerations are material to the rating action, reflecting high financial leverage even after the planned debt repayment from the sale of the P&HS segment. RATINGS RATIONALE The B2 CFR reflects Owens & Minor's transition to a smaller, less diversified business model focused solely on its Patient Direct segment, which provides home-based healthcare products through equipment rentals and consumable supply sales. While this segment offers higher margins than legacy distribution, it introduces concentration risk and exposure to reimbursement risks. Owens & Minor faces execution risk in reducing stranded costs after the sale of the P&HS business. The rating is supported by favorable long-term trends—such as the shift to home care and rising prevalence of chronic conditions. Post-sale, Owens & Minor will operate as a national home care platform with approximately $2.8 billion in revenue and approximately $380 million in EBITDA for FY 2025 (based on the midpoint of the company's guidance). The business combines Apria (respiratory and sleep therapy) and Byram Healthcare (diabetes, ostomy, wound care, urology), supported by a nationwide footprint of locations and 8,000+ staff. Revenue is primarily derived from commercial insurance, with additional exposure to Medicare, Medicaid, and consumer out-of-pocket payments. Moody's expects that Owens & Minor will maintain good liquidity (SGL-2) over the next 12-18 months after the sale of the P&HS business. Moody's projects the company will generate modest free cash flow in 2026 and 2027, assuming there are no significant unexpected costs related to the sale of the P&HS segment. As of September 30, 2025, the company had $46 million of cash on the balance sheet. Liquidity is also supported by a $450 million revolving credit facility ($271 million drawn) that expires in March 2027 and a $450 million asset receivable securitization facility ($200 million drawn) that expires in 2028. Moody's anticipates a reduction in revolver borrowings following the sale of P&HS, providing additional revolver capacity. Moody's expects Owens & Minor to maintain adequate headroom on its covenants. The B1 rating on the senior secured debts consider the size and seasonal fluctuation of trade payables. The B3 rating on the senior unsecured debts reflect its junior position relative to a significant amount of secured debt. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade the ratings if Owens & Minor demonstrates earnings growth while maintaining good liquidity after the sale of the P&HS business. Quantitatively, debt/EBITDA maintained below 4.5x could support an upgrade. Moody's could downgrade the ratings if sales proceeds are not fully applied to debt repayment or if separation costs materially reduce liquidity after the close of the P&HS sale. Quantitatively, debt/EBITDA above 5.5x could lead to a downgrade. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Owens & Minor, headquartered in Glen Allen, VA, operates two segments: Products & Healthcare Services that includes a comprehensive portfolio of products and services to healthcare providers and sources medical surgical products, and Patient Direct that distributes critical supplies to the home for patients with chronic conditions. OZLM XXI: Moody's Affirms Ba3 Rating on $22.5MM Class D Notes ------------------------------------------------------------- Moody's Ratings has upgraded the rating on the following notes issued by OZLM XXI, Ltd.: US$35.5M Class C Senior Secured Deferrable Floating Rate Notes, Upgraded to Aa3 (sf); previously on July 7, 2025 Upgraded to A2 (sf) Moody's have also affirmed the ratings on the following notes: US$208.86M (Current outstanding amount US$16,666,351) Class A-1-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on July 7, 2025 Affirmed Aaa (sf) US$54.5M Class A-2-R Senior Secured Floating Rate Notes, Affirmed Aaa (sf); previously on July 7, 2025 Affirmed Aaa (sf) US$27.5M Class B-R Senior Secured Deferrable Floating Rate Notes, Affirmed Aaa (sf); previously on July 7, 2025 Upgraded to Aaa (sf) US$22.5M Class D Secured Deferrable Floating Rate Notes, Affirmed Ba3 (sf); previously on July 7, 2025 Affirmed Ba3 (sf) OZLM XXI, Ltd., originally issued in January 2018 and partially refinanced in February 2024, is a collateralised loan obligation (CLO) backed by a portfolio of mostly high-yield senior secured US loans. The portfolio is managed by Sculptor CLO Management LLC. The transaction's reinvestment period ended in January 2023. RATINGS RATIONALE The rating upgrade on the Class C notes is primarily a result of the deleveraging of the senior notes following amortisation of the underlying portfolio since the last rating action in July 2025. The affirmations on the ratings on the Class A-1-R, A-2-R, B-R and D notes are primarily a result of the expected losses on the notes remaining consistent with their current rating levels, after taking into account the CLO's latest portfolio, its relevant structural features and its actual over-collateralisation ratios. The Class A-1-R notes have paid down by approximately USD26.3 million (12.6%) since the last rating action in July 2025 and USD192.2 million (92.0%) since closing. As a result of the deleveraging, over-collateralisation (OC) has increased across the capital structure. According to the trustee report dated November 2025[1], the Class A, Class B, Class C and Class D OC ratios are reported at 231.30%, 166.84%, 122.69% and 105.07% compared to June 2025[2] levels of 197.09%, 153.74%, 119.74% and 105.02%, respectively. The deleveraging and OC improvements primarily resulted from high prepayment rates of leveraged loans in the underlying portfolio. Most of the prepaid proceeds have been applied to amortise the liabilities. All else held equal, such deleveraging is generally a positive credit driver for the CLO's rated liabilities. The key model inputs Moody's uses in Moody's analysis, such as par, weighted average rating factor, diversity score and the weighted average recovery rate, are based on Moody's published methodology and could differ from the trustee's reported numbers. In Moody's base case, Moody's used the following assumptions: Performing par and principal proceeds balance: USD170.9m Defaulted Securities: USD1.4m Diversity Score: 43 Weighted Average Rating Factor (WARF): 3482 Weighted Average Life (WAL): 2.79 years Weighted Average Spread (WAS) (before accounting for reference rate floors): 3.42% Weighted Average Recovery Rate (WARR): 45.48% Par haircut in OC tests and interest diversion test: 5.3% The default probability derives from the credit quality of the collateral pool and Moody's expectations of the remaining life of the collateral pool. The estimated average recovery rate on future defaults is based primarily on the seniority of the assets in the collateral pool. In each case, historical and market performance and a collateral manager's latitude to trade collateral are also relevant factors. Moody's incorporates these default and recovery characteristics of the collateral pool into Moody's cash flow model analysis, subjecting them to stresses as a function of the target rating of each CLO liability Moody's are analysing. Methodology Underlying the Rating Action: The principal methodology used in these ratings was "Collateralized Loan Obligations" published in October 2025. Counterparty Exposure: The rating action took into consideration the notes' exposure to relevant counterparties using the methodology "Structured Finance Counterparty Risks" published in May 2025. Moody's concluded the ratings of the notes are not constrained by these risks. Factors that would lead to an upgrade or downgrade of the ratings: The rated notes' performance is subject to uncertainty. The notes' performance is sensitive to the performance of the underlying portfolio, which in turn depends on economic and credit conditions that may change. The collateral manager's investment decisions and management of the transaction will also affect the notes' performance. Additional uncertainty about performance is due to the following: -- Portfolio amortisation: The main source of uncertainty in this transaction is the pace of amortisation of the underlying portfolio, which can vary significantly depending on market conditions and have a significant impact on the notes' ratings. Amortisation could accelerate as a consequence of high loan prepayment levels or collateral sales by the collateral manager or be delayed by an increase in loan amend-and-extend restructurings. Fast amortisation would usually benefit the ratings of the notes beginning with the notes having the highest prepayment priority. -- Recovery of defaulted assets: Market value fluctuations in trustee-reported defaulted assets and those Moody's assumes have defaulted can result in volatility in the deal's over-collateralisation levels. Further, the timing of recoveries and the manager's decision whether to work out or sell defaulted assets can also result in additional uncertainty. Moody's analysed defaulted recoveries assuming the lower of the market price or the recovery rate to account for potential volatility in market prices. Recoveries higher than Moody's expectations would have a positive impact on the notes' ratings. In addition to the quantitative factors that Moody's explicitly modelled, qualitative factors are part of the rating committee's considerations. These qualitative factors include the structural protections in the transaction, its recent performance given the market environment, the legal environment, specific documentation features, the collateral manager's track record and the potential for selection bias in the portfolio. All information available to rating committees, including macroeconomic forecasts, input from Moody's other analytical groups, market factors, and judgments regarding the nature and severity of credit stress on the transactions, can influence the final rating decision. PAP-R PRODUCTS: Seeks to Tap Schneider Industries as Auctioneer --------------------------------------------------------------- Pap-R Products Company seeks approval from the U.S. Bankruptcy Court for the Southern District of Illinois to employ Schneider Industries, Inc. to conduct an auction of the Debtor's Colorkraft machinery and equipment. Schneider will provide these services: (a) complete lotting and inventory of all equipment for sale; (b) conduct the auction or private sale of the Colorkraft assets to the highest bidder; (c) provide online auction services, advertising, marketing, promotion, website listing, online bidding, check-out, and removal management; (d) manage all sale operations and check-out details to provide a turnkey sale program; (e) leave the facility in broom-clean condition and dispose of any unsold or abandoned equipment after the auction; and (f) coordinate with buyers regarding equipment pickup, ensuring buyers comply with SI's terms and conditions. Compensation for Schneider will consist of: -- a 5% commission on all successfully sold equipment; -- a 15% buyer's premium, paid by buyers; -- an additional 3% online bidding fee for buyers using certain online services; and -- reimbursement of out-of-pocket expenses up to $55,000 (or up to $45,000 per the Commission Agreement), paid from auction proceeds. Schneider Industries, Inc. can be reached at: Josh Schneider Schneider Industries, Inc. 121 Hunter Ave., Ste. 204 St. Louis, MO 63124 Tel: (314) 200-0410 About Pap-R Products Company Pap-R Products Company specializes in a wide range of coin and currency wrapping solutions. Its product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. It also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. Pap-R Products filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025, listing between $10 million and $50 million in both assets and liabilities. Kenneth Scott Ware, president of Pap-R Products, signed the petition. Judge Mary E. Lopinot oversees the case. Larry E. Parres, Esq., at Lewis Rice, LLC, represents the Debtor as legal counsel. PCAP HOLDINGS: Seeks Ch.11 Bankruptcy w/ Okay from Equity Holders ----------------------------------------------------------------- Hillary Russ of Law360 reports that PCAP Holdings LP, the parent of bankrupt auto dealership lender PrimaLend Capital Partners, filed for Chapter 11 protection Friday after PrimaLend's noteholders objected that the parent company was not included in the lender's original bankruptcy case. The filing brings PCAP under court supervision alongside its subsidiary as the companies seek to restructure their debt obligations. The noteholders had argued that leaving the parent outside the Chapter 11 proceedings complicated negotiations and raised concerns about asset transparency and creditor recoveries. By filing its own petition, PCAP aims to streamline the restructuring process and address creditor concerns as the cases move forward. About PCAP Holdings LP PCAP Holdings LP is a privately held holding company that owns PrimaLend Capital Partners, a lender focused on providing financing solutions to automotive dealerships. The company's role centers on managing ownership interests, capital structure and strategic oversight of its operating subsidiaries. PCAP Holdings LP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case. No. 25-90016) on December 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Jason Patrick Kathman, Esq. of Spencer Fane LLP. PECF USS: S&P Lowers ICR to 'D' From on Missed Interest Payments ---------------------------------------------------------------- S&P Global Ratings lowered all its ratings on PECF USS Intermediate Holding III Corp., including the issuer credit rating, to 'D'. The downgrade follows PECF's missed interest and principal payments. The company missed the recent interest and principal payments due on several tranches of its debt and has entered into a forbearance agreement with its lenders. The debt documents do include cross-default provisions. S&P believes PECF will either undertake a debt restructuring or file for bankruptcy. As of Sept. 30, 2025, the company had moderate cash balances and availability under its $220 million asset-based lending facility. A significant portion of PECF's debt is floating rate and it did not have any interest-rate hedges in place. This meant that the increase in interest rates nearly tripled the company's interest expense in 2024 relative to 2021. Therefore, PECF's S&P Global Ratings-adjusted EBITDA interest coverage was below 1x in 2025, while its debt to EBITDA spiked to about 18x. Operationally, the company has had to contend with inflationary cost pressures, a reduction in its service frequency from peak levels, some top-line weakness due to its exposure to commercial and residential construction, and certain costs that S&P does not add back in its EBITDA calculation, leading to weaker-than-expected EBITDA and EBITDA margins. PHILLIPS ACRES: Court Extends Cash Collateral Access to Dec. 31 --------------------------------------------------------------- Phillips Acres, Inc. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina, Greenville Division, to use cash collateral to fund operations. The court's interim order authorized the Debtor to use cash collateral in accordance with its budget until the earlier of (i) December 31; (ii) the Debtor ceases operations; (iii) the Debtor expends any funds or monies for any purpose or amount other than what is set forth in the budget, (iv) any material or intentional misrepresentation by the Debtor in the reporting to the court; (v) non-compliance or default of the Debtor with any terms and provisions of the interim order; or (vi) another order concerning cash collateral is entered. Secured creditors include the U.S. Small Business Administration, First Bank and Trust Company, and Southern States Cooperative, each holding perfected liens on the Debtor's assets. As adequate protection for any post-petition diminution in value of their interests in their collateral, creditors will be granted post-petition continuing replacement liens on the collateral. These replacement liens will have the same validity, priority and extent as the secured creditors' pre-bankruptcy liens. As additional protection, First Bank retains $40,555.71 from Butterball, LLC's payment under an assignment agreement, subject to later review and $9,271 in Treasury payments as adequate protection. The next hearing is scheduled for December 30. A copy of the Debtor's budget is available at https://shorturl.at/Uxlv3 from PacerMonitor.com. About Phillips Acres Inc. Phillips Acres, Inc operates a flock production facility for turkeys located on a 108.1-acre property in Greene County, North Carolina. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03601-5-PWM) on September 16,2025. In the petition signed by David N. Phillips, president, the Debtor disclosed up to $1million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. C. Scott Kirk, Esq. represents the Debtor as legal counsel. PINSEEKERS DEFOREST: To Sell Golf Accessory Biz to Golf DeForest ---------------------------------------------------------------- PinSeekers DeForest Operations LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Wisconsin, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a year-round entertainment facility located at 6909 River Road in DeForest, Wisconsin, that offers all weather luxury golf suites, mini golf, mini bowling, golf suites, and multi-sport simulators, along with a restaurant and bar. The Debtor's primary assets include furnishings and equipment, cash and bank accounts, food and beverage inventory, limited accounts receivable, merchandise for sale, and intangible assets. The Debtor's assets are encumbered by various security interests including One Community Bank, Golf DeForest RE, LLC, and LEAF Capital Funding, LLC. The Debtor wants to sell its Assets to Golf DeForest RE, LLC and the buyer The Buyer will assume all liabilities and obligations under the Assumed Contracts, all liabilities for transfer taxes, and all other liabilities arising out of or relating to the operation of the business after the Closing. The aggregate purchase price for the Assets will be: (1) a credit bid of the total amount drawn on the DIP Facility between the Debtor and Buyer (currently $700,000.00); and (2) assumption at Closing of the FF&E Loan after application of funds being held by One Community Bank as collateral for such loan (currently $1,392,593.35, which equals $1,623,165.48 less $230,572.13 (Escrow Funds)). The closing will take place on or before January 31, 2026, or at such other date as the Debtor and the Buyer mutually agree. The Debtor submits that there is a strong business justification for selling the Assets. The proposed sale transaction will satisfy the FF&E Loan, the DIP Facility. The Debtor submits that the Buyer will be able to perform all future obligations under the Assumed Contracts. About PinSeekers DeForest Operations LLC PinSeekers DeForest Operations LLC operates a hybrid golf entertainment facility located in DeForest, Wisconsin, just outside of Madison. The facility's year-round offerings include Toptracer golf suites, which are equipped with all-weather luxury suites suitable for golfers of all skill levels. The facility also features mini bowling, with a scaled-down version of traditional bowling called duckpin bowling, a custom-built putting course that caters to all levels of skill and age, and high-definition multi sports simulators. PinSeekers provides a spacious event space for corporate gatherings, networking events, meetings, or parties. The venue also includes a restaurant and bar, offering a diverse menu for casual dining. PinSeekers DeForest Operations LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-10326) on Feb. 18, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and liabilities between $10 million and $50 million. The Debtor is represented by Rebecca R. DeMarb, Esq. at SWANSON SWEET LLP. PLENARY JUSTICE: Moody's Cuts Rating on Senior Secured Notes to Ba1 ------------------------------------------------------------------- Moody's Ratings has downgraded Plenary Justice Miami LLC's (Project or Project Co) senior secured notes to Ba1 from Baa3. The outlook remains under review for downgrade. The action affects approximately $299 million of rated debt. The rating action reflects the challenging relationship between the County and the Project. The Project has filed a notice of default against the County as the parties are in dispute over when the Occupancy Readiness milestone was achieved and the conditions required to achieve Final Completion. The County has alleged non-compliance by the Developer, and separately has demanded immediate payment of the defect damages. The determination of construction defects and damages owed by Project Co to the Miami-Dade (County of) FL (County: Aa2 stable) presents risk given the County has demanded payment while the Design-Builder disputes its responsibility for the damages and has a separate compensation claim against Project Co. These considerations are balanced by the recent achievement of Occupancy Readiness and the transition to a more supportive operating period profile. RATINGS RATIONALE The downgrade to Ba1 reflects the County's demand for immediate payment of the defect damages and continued evidence of strained relations among key project parties, including (1) a dispute over when Occupancy Readiness was achieved, resulting in Project Co filing a notice of default against the County; (2) the County alleging instances of non-compliance on the part of the Developer to be remedied prior to it awarding Final Completion; and (3) payment disputes between Project Co and the Design-Builder which have entered arbitration and resulted in Project Co declaring a default by the Design-Builder. The County has demanded immediate payment of the counterclaim award, which is currently being appealed, and indicated it would use contractual remedies if not paid timely. The Design-Builder has disputed its obligation to pay Project Co for the counterclaim and the two have commenced arbitration on a separate monetary claim. The parties continue to disagree on when completion was achieved and the County has outlined conditions to it granting Final Completion which differ from what is prescribed in the Project Agreement. The rating action reflects uncertainty over the positions, rights and intentions of key project parties. Social and governance risks stemming from strained relations and a track record of disputes and unpredictable actions are key drivers of the rating action. The rating benefits from (1) the achievement of Occupancy Readiness in October 2025, with the Project now transitioning to an operating period characterized by a straightforward scope of services performed by a strong subcontractor; (2) the availability-based revenue stream and standard payment mechanism under the long-term Project Agreement with Miami-Dade County (County, Aa2 stable); (3) Project Co's good liquidity position; and (4) a range of creditor protections included within the Project's financing structure, such as debt service and maintenance reserves. The rating is constrained by (1) the strained relationship between the County and the Project; (2) uncertainty over the resolution of significant damages for design-construction deficiencies; (3) monetary claims against Project Co by the Design-Builder; and (4) the Project's high financial leverage, which reduces its ability to withstand unexpected stress. OUTLOOK: The rating is under review for downgrade, reflecting uncertain resolution of outstanding claims, including the amount and timing of counterclaim damages; and continued strained relations among project parties. This is partially balanced by the recent achievement of Occupancy Readiness, which positions the project for transition to a lower-risk operating period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING -- The rating could be downgraded if there is negative impact to the Project's financial position as a result of adverse developments with the defects damages or other disputes among parties. Evidence of further deterioration in the relationship between key parties could also pressure the rating. -- Increased clarity around resolution of outstanding claims, a track record of positive working relations between project parties, and consistent operating performance with minimal deductions could lead to a higher rating. LIST OF AFFECTED RATINGS Issuer: Plenary Justice Miami LLC Downgrades: Senior Secured, Downgraded to Ba1 from Baa3; Placed On Review for further Downgrade The methodologies used in these ratings were Privately Financed Public Infrastructure (PFI/PPP/P3) Projects in Construction published in July 2023. The difference between the indicated outcome produced by the scorecard and the rating assigned reflects the challenged relationship between project parties. PORT ELIZABETH: Hires Scopelitis Garvin Light as Special Counsel ---------------------------------------------------------------- Port Elizabeth Terminal & Warehouse Corp. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Scopelitis, Garvin, Light, Hanson & Feary, P.C. as special counsel. The firm will analyze the existing collective bargaining agreement to determine areas that require negotiation and develop economic feasibility of a plan going forward. The firm will charge an hourly rate of $625 per hour. As disclosed in the court filings, Scopelitis, Garvin, Light, Hanson & Feary, P.C. does not represent or hold any interest adverse to the debtor or the estate with respect to the matter for which he/she will be retained under 11 U.S.C. Sec. 327(e). The firm can be reached through: Donald J. Vogel, Esq. Scopelitis, Garvin, Light, 30 West Monroe Street, Suite 1600 Chicago, IL 60603 About Port Elizabeth Terminal & Warehouse Corp. Port Elizabeth Terminal & Warehouse Corp. and affiliates provide transportation, logistics, and warehousing services in the U.S., including rail boxcar and container handling, multi-modal shipping, specialized material handling, cross-docking, packing, specialized handling of beverages -- including alcoholic products -- and product care and protection. Port Elizabeth Terminal & Warehouse Corp. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 25-22123) on November 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Turner Falk, Esq. of Saul Ewing LLP. PORT ELIZABETH: Taps Cambridge Financial as Financial Advisor ------------------------------------------------------------- Port Elizabeth Terminal & Warehouse Corp. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Cambridge Financial Services, LLC as financial advisor. The firm will be preparing financial reports and projections, coordinating monthly operating reports, providing strategic advisory to assist in drafting a plan of reorganization, negotiating with classes of creditors, and seeking alternative sources of financing, if necessary. The hourly rate range for Cambridge's professionals is $300 to $500 per hour and $60 per hour for administrative assistants. Approved amounts will be drawn against the $40,000 retainer, and thereafter paid by the Debtors. As disclosed in the court filings, Cambridge Financial Services does not represent or hold any interest adverse to the debtor or the estate with respect to the matter for which he/she will be retained under 11 U.S.C. Sec. 327(e). The firm can be reached through: Nicholas Jalowski Cambridge Financial Services, LLC Raritan Plaza III 105 Fieldcrest Ave., Suite 506 Edison, NJ 08837 Telephone: (732) 512-9200 Facsimile: (732) 512-9300 Email: nbj@cambridgefinancialcorp.com About Port Elizabeth Terminal & Warehouse Corp. Port Elizabeth Terminal & Warehouse Corp. and affiliates provide transportation, logistics, and warehousing services in the U.S., including rail boxcar and container handling, multi-modal shipping, specialized material handling, cross-docking, packing, specialized handling of beverages -- including alcoholic products -- and product care and protection. Port Elizabeth Terminal & Warehouse Corp. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Lead Case No. 25-22123) on November 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Turner Falk, Esq. of Saul Ewing LLP. POSIGEN PBC: Hire Kroll Restructuring as Claims and Noticing Agent ------------------------------------------------------------------ PosiGen PBC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Kroll Restructuring Administration LLC as claims, noticing, and solicitation agent. Kroll will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Kroll received an advance payment of $50,000 from the Debtors. Benjamin Steele, a managing director at Kroll, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin Steele Kroll Restructuring Administration LLC 55 East 52nd Street, 17th Floor New York, NY 10055 About PosiGen PBC PosiGen PBC is a residential solar energy company. PosiGen PBC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90787) on November 24, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Charles R. Koster, Esq. of White & Case. PRECISION DRILLING: S&P Upgrades ICR to 'BB-', Outlook Stable ------------------------------------------------------------- S&P Global Ratings upgraded its issuer credit rating on Precision to 'BB-' from 'B+'. S&P also upgraded its issue-level rating on the company's unsecured notes to 'BB-' from 'B+'. The '3' recovery rating (rounded estimate: 65%) is unchanged. S&P said, "The stable outlook reflects our view that Precision will continue to repay debt and generate improved credit measures over the next 12 months, with S&P Global Ratings-adjusted funds from operations (FFO) to debt averaging above 60% and S&P Global Ratings-adjusted debt to EBITDA of 1.0x-1.5x. "We expect Canada-based drilling contractor Precision Drilling Corp.'s cash flows and leverage metrics will keep strengthening over the next two years, led by a continued focus on reducing balance sheet debt, while activity levels remain relatively supportive, particularly in Canada and U.S. gas basins. "Precision lowered its absolute debt by close to C$535 million since 2022, and we project further debt reduction from free cash flows through 2027. In our view, the lower gross debt levels will enable the company to sustain improved credit measures through the commodity cycle. "We project healthy cash flow generation over the next two years, led by our expectation that activity levels will remain relatively supportive in Canada and natural gas basins in the U.S. We believe day rates will moderate in North America in 2026, with utilization trending lower in the U.S. following some rig churn from lower oil prices. Nevertheless, we expect activity in U.S. gas basins to remain stable to improving based on our assumption for an increased need for liquefied natural gas (LNG) exports and increased domestic demand driven by higher electric demand. "Additionally, Precision gained market share in U.S. gas basins in the third quarter of 2025. We believe decreased drilling in oil basins in the U.S. will be offset by stable to increasing activity in Canada. We expect exploration and production (E&P) companies in Canada to maintain healthy drilling and completion budgets and the supply of super-spec rigs, like those Precision operates, to remain tight. "We also expect Precision's international segment to place one rig back to work in 2026 and maintain its seven-rig program in Kuwait and Saudi Arabia, with most rigs on five-year contracts extending into 2027/2028. We expect utilization and day rates to remain consistent with 2025 levels. Additionally, Precision should benefit from continued penetration of its Alpha technology and EverGreen environmental solutions, which provide for incremental revenues. "While we expect Precision's EBITDA to decline in 2025 from 2024 levels, we expect a moderate increase over the next two years and expect EBITDA margins to remain at 25%-30% in 2026 and 2027. "We believe continued debt reduction will improve credit measure resiliency to cyclical industry trends, supporting the higher rating. Precision has consistently reduced debt over the past several years using excess free cash flow, and this strengthened its balance sheet over this period. Based on our forecasts, we continue to project solid free cash flow generation averaging about C$200 million annually over the next couple of years. "Although the company increased its payout ratio to shareholders (35%-45% of free cash flows), we believe it will remain committed to moderate financial policies, which will prioritize allocating most of its free cash flows to debt reduction. This is in line with its publicly stated target of reducing debt by C$700 million from 2022-2027. Since 2022, Precision has repaid C$535 million in debt so far, including C$101 million through Sept. 30, 2025. "Based on our projections and expected debt reduction, we estimate Precision's S&P Global Ratings-adjusted FFO to debt will average above 60% over the next two years, exceeding our previous upgrade trigger. "While there is risk of continued near-term softness in the U.S. markets given rig reductions and expected lower oil prices, we believe Precision's projected debt reduction will more than offset unanticipated losses in cash flow generation. In our view, although the company remains exposed to cyclical commodity prices, its lower absolute debt and continued adherence to moderate financial policies will somewhat reduce the cash flow and leverage sensitivity to hydrocarbon price volatility, consistent with the higher rating. "Our business risk assessment reflects Precision's fleet composition and meaningful market share but is constrained by its scale relative to that of peers. Our assessment of Precision's business risk profile is supported by our view of the company's high-quality land drilling rig fleet, leading position in the Canadian market with about a 35%-40% share, and a strong position in the U.S. market with 64 Super Triple Alpha rigs. Additionally, the company continues to upgrade rigs that are backed by upfront payments or customer contracts. "Our assessment of Precision's business risk also considers the company's ability to generate steady margins throughout the hydrocarbon price cycle. While wages have increased in the recent past, the company has flexibility to cut fixed costs amid prolonged weak industry conditions, which tempers cash flow and margin deterioration as historically demonstrated. Based on current day rates and utilization, we expect EBITDA margins of 25%-30%, further supporting our profitability assessment and overall business risk profile. "However, we believe Precision's fleet scale and geographic diversity continue to lag those of some North American peers (such as Helmerich & Payne, Patterson-UTI, and Nabors), which our rating continues to reflect. "The stable outlook on Precision reflects our expectation that the company's average FFO to debt will be above 60% over the next two years. We expect continued debt reduction in 2026 and 2027 and for it to maintain a balanced approach to debt reduction and shareholder return initiatives. "We could lower the rating on Precision if FFO to debt approaches 45% with no clear path to improvement. This would most likely occur if commodity prices decrease such that demand for Precision's services drops below our expectations or the company adopts a more aggressive financial policy that limits debt reduction. "While unlikely in the near-term, we could raise our rating on Precision over the next 12 months if we expect the company to increase its scale while maintaining S&P Global Ratings-adjusted FFO to debt well above 60% and generating positive free cash flows." PRINCE LAND: Seeks to Hire RVG & Company as Accountant ------------------------------------------------------ Prince Land, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Larry Rice, a partner of RVG & Company, to serve as its accountant. Mr. Rice will provide these services: (a) prepare tax returns; (b) assist in connection with the Chapter 11 reorganization; and (c) provide other accounting and tax services as required. According to the application, the Debtor has agreed to a post-petition retainer in the amount of $6,850.89, to be held in trust and applied only upon court-approved interim, final, or supplemental fee applications. Prince Land, Inc. states that RVG & Company "does not have any connection with the Creditors or other parties in interest or their respective attorneys, the U.S. Trustee, or any person employed in the Office of the U.S. Trustee" and that neither the accountant nor the firm represents any interest adverse to the Debtor. Mr. Rice and RVG & Company are "disinterested persons" as defined in 11 U.S.C. Sec. 101(14). The firm can be reached at: RVG & Company 1401 E Broward Blvd, Suite 303 Fort Lauderdale, FL 33316 Telephone: (954) 233-1767 E-mail: customerservice@rvgco.com About Prince Land Inc. Prince Land, Inc., is a corporation organized under the laws of the State of Florida which operates as a heavy civil contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992-EPK) on August 1, 2025. In the petition signed by Bruce Prince, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, at Kelley Kaplan & Eller, PLLC, is the Debtor's legal counsel. PRINCE LAND: Seeks to Hire RVGA Audit as Accountant --------------------------------------------------- Prince Land, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to employ Jorge Alvarado CPA CGMA MST of RVGA Audit to serve as accountant. Mr. Alvarado will provide these services: (a) prepare financial statements; (b) compile monthly balance sheets and income statements; (c) prepare monthly Debtor in possession reports required by the U.S. Trustee's Office, including detailed trial balance sheets, bank account reconciliations, sorted and coded check registers, and monthly transaction registers; (d) assist in connection with the Chapter 11 Reorganization; and (e) provide other accounting and tax services as required. Mr. Alvarado will receive a post-petition retainer in the amount of $9,750 to be held in trust, and estimated fees of $19,500 for financial statement preparation and review services, with additional services billed at an hourly rate ranging from $225 to $375. RVGA AUDIT 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: Jorge Alvarado CPA CGMA MST RVGA AUDIT 1401 East Broward Blvd Suite 303 Fort Lauderdale, FL 33301 About Prince Land Inc. Prince Land, Inc., is a corporation organized under the laws of the State of Florida which operates as a heavy civil contractor. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18992-EPK) on August 1, 2025. In the petition signed by Bruce Prince, president, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Erik P. Kimball oversees the case. Craig I. Kelley, at Kelley Kaplan & Eller, PLLC, is the Debtor's legal counsel. PROSPECT MEDICAL: Secures Court OK for Chapter 11 Plan ------------------------------------------------------ Clara Geoghegan of Law360 reports that a Texas bankruptcy judge approved Prospect Medical Holdings Inc.'s Chapter 11 plan Friday, December 12, 2025, after overruling a series of objections during an all-day confirmation hearing. The court found that the plan met confirmation requirements despite opposition from several creditor groups. The ruling clears the way for the healthcare operator to transfer its remaining hospitals and focus on pursuing litigation claims designed to generate recoveries for creditors as the company winds down its operations. About Prospect Medical Holdings Prospect Medical Holdings owns Roger Williams Medical Center, Our Lady of Fatima Hospital, and several other healthcare facilities. Prospect Medical and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80002) on Jan. 11, 2025. In the petition filed by Paul Rundell, as chief restructuring officer, Prospect listed assets and liabilities between $1 billion and $10 billion each. Bankruptcy Judge Stacey G. Jernigan handles the case. The Debtors' general bankruptcy counsel is Sidley Austin LLP, led by Thomas R. Califano, and Rakhee V. Patel, in Dallas, Texas; and William E. Curtin, Patrick Venter, and Anne G. Wallice, in New York. Alvarez & Marsal North America, LLC, is the Debtors' financial advisor; Houlihan Lokey, Inc., is the investment banker; and Omni Agent Solutions, Inc., is the claims, noticing and solicitation agent. PROVIDENT FUNDING: Fitch Alters Outlook on 'B' IDR to Positive -------------------------------------------------------------- Fitch Ratings has affirmed Provident Funding Associates, L.P.'s (Provident) Long-Term Issuer Default Rating (IDR) at 'B'. The Rating Outlook has been revised to Positive from Stable. Fitch has also affirmed Provident's and its wholly owned debt issuing subsidiary PFG Finance Corp (collectively, Provident) senior unsecured long-term debt ratings at 'B' with a Recovery Rating of 'RR4'. These rating actions have been taken as part of a periodic peer review of non-bank mortgage companies, which is comprised of seven publicly rated firms. Key Rating Drivers Positive Outlook: The Positive Outlook reflects the resilience of Provident's niche franchise through the challenging operating period for wholesale-focused originators, which has resulted in relatively consistent profitability and an improvement in its funding flexibility with an increase in unsecured debt. Fitch could upgrade the rating if Provident maintains pre-tax returns on average assets (ROAA) above 1% while maintaining current scale and corporate leverage below 2x over the next 12-24 months. High-Quality Origination and Servicing Focus: The rating affirmation continues to reflect Provident's long track record through multiple business cycles, focus on higher-quality, agency-eligible originations, solid asset quality in the servicing portfolio, appropriate leverage, good liquidity levels, and experienced management. Highly Cyclical Mortgage Industry: Provident has a nominal market share within the wholesale and direct mortgage origination and servicing markets, which are dominated by larger players that benefit from scale. The ratings are also constrained by the highly cyclical nature of the mortgage origination business, capital intensity and valuation volatility of mortgage servicing rights (MSR), key person risk related to CEO Craig Pica. Craig Pica and the Pica family exercise significant control over the company as majority shareholders. Solid Profitability: Provident's return on average assets (ROAA) was 1.6% for the TTM ended 3Q25, down from 2.3% in fiscal 2024, but consistent with the four-year average from 2021-2024. ROAA is within Fitch's 'bb' category benchmark range of 1% to 4% for finance and leasing companies with a sector risk operating environment score in the 'bbb' category. Fitch expects profitability to improve modestly in 2026 due to higher origination volumes and improved gain on sale (GOS) margins amid reductions in industry capacity. Provident's recently implemented MSR hedging program should enhance earnings stability relative to prior periods when MSRs were unhedged. Appropriate Leverage: Provident's gross leverage (gross debt to tangible equity) was 4.4x at 3Q25, up from 2.9x at YE 2024 as warehouse borrowing increased with the use of the private label securitization program. Corporate non-funding leverage, excluding balances under warehouse facilities, was 1.8x at 3Q25, up from 1.6x at YE 2024 following a $125 million unsecured issuance in 2Q25. Capital levels remain sensitive to MSR valuations, with MSRs representing 215% of equity at 3Q25, but the recently implemented hedging program should mitigate declines in MSR valuations. Fitch expects corporate leverage to decrease modestly over the Outlook horizon as improved profitability supports retained earnings growth. Solid Funding Flexibility; Short Duration of Secured Facilities: Unsecured funding was 38% of total debt as of 3Q25, above the peer average, and is comprised of $525 million of senior notes due in 2029. While Fitch expects the unsecured mix to decline as warehouse borrowings increase to fund higher origination volume, it is expected to remain above 25% over the Outlook horizon. Still, consistent with peers, Provident remains reliant on short-term, wholesale secured financing to fund its operations. Provident's warehouse and MSR lines of credit mature within one year and expose the company to refinancing and liquidity risks. However, committed capacity represents 45% of warehouse facilities and 74% of MSR lines at 3Q25, which compares favorably with peers. Adequate Liquidity: Fitch views Provident's liquidity profile as adequate to meet its operating cash needs, potential margin calls, and advancing requirements. At 3Q25, liquidity resources included $29 million of cash and $255 million of availability on MSR lines. This equates to 20% of total debt outstanding, down from 28% at YE 2024 due to growth in warehouse borrowings. Provident also has $929 million of availability on its warehouse facilities to fund originations. Strong Asset Quality: Asset quality risk is not material for Provident, as nearly all originated loans are conforming agency and sold shortly after origination. The servicing portfolio's performance is strong relative to peers, with a 60-plus day delinquency rate of 0.2% as of 3Q25, consistent with YE 2024. In general, mortgages have outperformed other consumer assets over the last year, as home equity levels have supported strong metrics. Gradually rising unemployment could drive higher delinquencies in 2026. Provident has exposure to potential repurchase or indemnification claims on loans sold under certain warranty provisions, but recent claims have been minimal, and reserves remain sufficient. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Outlook could be revised to Stable if ROAA is not sustained above 1% over the Outlook horizon. Beyond that, a rating downgrade could result from: - A sustained increase in corporate leverage above 4.0x; - A sustained increase in gross leverage above 10.0x; - A sustained decrease in the unsecured mix below 10%; - Material franchise erosion, as evidenced by significantly reduced market share; - Regulatory scrutiny resulting in substantial fines that negatively impact Provident's franchise or operating performance; - Failure to implement a succession plan before CEO Craig Pica's eventual departure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Demonstrated consistency of profitability, as evidenced by the maintenance of ROAA over 1% through market cycles; - Corporate sustained leverage below 2.0x; - Gross leverage sustained below 5.0x; - Market share growth that enhances Provident's franchise; - Maintenance of liquidity resources above 10% of total debt; - Maintenance of unsecured funding above 10% of total debt; - Demonstrated effectiveness of corporate governance policies. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS Provident's senior unsecured debt rating is equalized with its IDR. This reflects the funding mix and availability of unencumbered assets, which suggest average recovery prospects for debtholders under a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is primarily sensitive to changes in Provident's IDR and secondarily to the funding mix and availability of unencumbered assets for unsecured creditors. An increase in secured debt or a sustained decline in the level of unencumbered assets that weakens recovery prospects on the senior unsecured debt could result in the unsecured debt rating being notched down from the IDR. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The unsecured debt rating of wholly owned subsidiary and co-issuer of the unsecured notes, PFG Finance Corp, is equalized with that of Provident. Fitch expects the ratings to move in tandem. ADJUSTMENTS The Standalone Credit Profile has been assigned below the implied Standalone Credit Profile due to the following adjustment reason(s): Business Profile (negative). The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason(s): Non-loan exposures (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason(s): Earnings stability (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Risk profile and business model (negative). ESG Considerations Provident has an ESG Relevance Score of '4' for Governance Structure due to elevated key person risk related to its CEO, Craig Pica, who has led the growth and strategic direction of the company, as well as the presence of significant levels of ongoing transactions with affiliated parties. An ESG Relevance Score of '4' means Governance Structure is relevant to Provident's rating but not a key rating driver. However, it does have an impact on the rating in combination with other factors. Provident also has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy, and Data Security due to its exposure to compliance risks including fair lending practices, debt collection practices and consumer data protection, which has a negative impact on the credit profile, and is relevant to the rating 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 Prior ----------- ------ -------- ----- PFG Finance Corp. senior unsecured LT B Affirmed RR4 B Provident Funding Associates, L.P. LT IDR B Affirmed B senior unsecured LT B Affirmed RR4 B PUBLIC PREPARATORY: S&P Downgrades ICR to 'CCC+', Outlook Negative ------------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating (ICR) to 'CCC+' from 'BB' on Public Preparatory Charter Schools Academies (Public Prep, PPA, or the network), N.Y.--a not-for-profit education corporation--on behalf of Boys Preparatory Charter School of New York (Boys Prep), and removed the rating from CreditWatch with negative implications, where it was placed on Oct. 23, 2025. The outlook is negative. S&P said, "The downgrade reflects our view of Public Prep's materially weakened enterprise and financial profile stemming from its precipitous enrollment declines in fall 2024 and fall 2025. Our view of the financial profile has also been diminished by the significant and unexpected increase in lease-adjusted debt, which occurred during the 2024-2025 school year. In addition, the rating action reflects PPA's sizable operating deficit in fiscal 2025, translating to below 1x lease-adjusted maximum annual debt service (MADS) coverage since fiscal 2023, and our expectation that it could remain below 1x for the near term." "The negative outlook stems from uncertainty regarding Public Prep's operating model following significant leadership turnover. Although the appointment of a new Charter Management Organization (CMO) team in July 2025 is a positive step, if management is unable to stabilize enrollment or improve financial performance, we believe this could hinder the school's ability to meet its escalating debt service payments. "Our rating action incorporates elevated risk management, culture, and oversight risk, reflecting challenges surrounding PPA's operating model, and uncertainty regarding management's ability to implement its expansion and relocation plan. In addition, we believe that PPA's social capital risks are elevated and could remain a weakness in our credit analysis, reflecting demographic trends leading to a decline in the school-age population in the area and possibly pressuring enrollment. This trend not only affects PPA's enterprise profile, but also negatively affects its financial profile given that enrollment demand underscores the network's primary operating revenue source. "We believe that environmental factors are neutral relative to the network's market position, financial performance, reserves and liquidity, and debt burden." Environmental, social, and governance (ESG) credit factors for this change in credit rating/outlook and/or CreditWatch status: -- Risk management, culture, and oversight S&P said, "The negative outlook reflects our view that there is one-in-three chance we could lower the rating within the one-year outlook period if Public Prep is unable to stabilize its enrollment, leading to prolonged budgetary imbalance and potentially affecting its ability to meet debt service. "Any immediate pressure on the school's ability to meet its debt obligations could trigger a multi-notch negative rating action. In addition, we could lower the rating if Public Prep's enrollment and enterprise profile weaken further, resulting in a downward revision of the liquidity profile that materially underpins the current rating. We believe further enrollment declines could significantly pressure Public Prep's ability to operate in the near term. "We could revise the outlook to stable if Public Prep demonstrates a trend of enrollment stability and achieves budgetary balance, all while maintaining healthy cash levels." PUREATY MED: Hires Ballstaedt Law Firm as Legal Counsel ------------------------------------------------------- Pureaty Med Spa, LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to hire Ballstaedt Law Firm dba Fair Fee Legal Services as counsel. The firm will provide these services: (a) institute, prosecute, or defend any contested matters arising out of this bankruptcy proceeding in which the Debtor may be a party; (b) assist in the recovery and liquidation of estate assets, and assist in protecting and preserving the same when necessary; (c) assist in determining the priorities and statuses of claims and in filing objections thereto when necessary; (d) assist in preparation of a disclosure statement and Chapter 11 plan of reorganization; and (e) advise the Debtor and perform all other legal services which may be or become necessary in this bankruptcy proceeding. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $150 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm also received a retainer of $21,738 from the Debtor. Seth Ballstaedt, Esq., an attorney at Fair Fee Legal Services, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Seth D. Ballstaedt, Esq. Fair Fee Legal Services 8751 W. Charleston Blvd., Ste. 230 Las Vegas, NV 89117 Tel: (702) 715-0000 Email: help@bkvegas.com About Pureaty Med Spa LLC Pureaty Med Spa, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-16897) on November 14, 2025, listing between $50,001 and $100,000 in assets and between $100,001 and $500,000 liabilities. Seth D. Ballstaedt, Esq., at Ballstaedt Law Firm, LLC represents the Debtor as bankruptcy counsel. PYRAMID CONCRETE: Seeks Approval to Hire Russell Hayes as Counsel ----------------------------------------------------------------- Pyramid Concrete Pumping LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Russell Hayes, Esq., an attorney practicing in Memphis, Tenn., as counsel. Mr. Hayes will assist the Debtor in the collection of delinquent accounts owed to it and for business affairs. Mr. Hayes disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Russell Hayes, Esq. 6410 Poplar Avenue, Suite 900 Memphis, TN 38119 Telephone: (901) 522-9000 Email: rhayes@martintate.com About Pyramid Concrete Pumping LLC Pyramid Concrete Pumping LLC provides concrete pumping services in Tennessee, offering line pumps, boom trucks and specialized trucks to handle residential, commercial and industrial projects. The company has more than two decades of industry experience and focuses on reliability and customer service. It serves as a contractor for concrete placement, including projects that require equipment capable of meeting complex or large-scale construction demands. Pyramid Concrete Pumping sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24656) on September 12, 2025. In its petition, the Debtor reported estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy JudgeÂ Denise E. Barnett the case. The Debtor is represented by Bo Luxman, Esq., at Luxman Law Firm. QUALITY LIVING PROPERTY: Seeks Chapter 11 Bankruptcy in Arkansas ---------------------------------------------------------------- On December 11, 2025, Quality Living Property Management LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Arkansas. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Quality Living Property Management LLC Quality Living Property Management LLC is a property management company that provides residential real estate management services. The company’s operations typically include tenant placement, rent collection, property maintenance coordination, lease administration, and compliance with local housing regulations. Quality Living Property Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-14315) on December 11, 2025. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities in the same range. The case is overseen by Honorable Bankruptcy Judge Phyllis M. Jones. QUIRCH FOODS: S&P Withdraws 'B-' Issuer Credit Rating ----------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Quirch Foods Holdings LLC at the issuer's request. The withdrawal follows the company's private refinancing of its outstanding debt. At the same time, S&P withdrew its 'B-' issue-level rating and '4' recovery rating on Quirch's senior secured term loan. At the time of withdrawal, S&P's outlook on the company was stable. RECREATION DISCOUNT: Hires Madoff & Khoury as Bankruptcy Counsel ---------------------------------------------------------------- Recreation Discount Wholesale, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Madoff & Khoury LLP to handle its Chapter 11 bankruptcy case. The firm will be paid at these rates: Partner $450 per hour Associate $350 per hour Paralegals $160 per hour The firm received a retainer in this case in the amount of $26,738.00, of which, $7,000.00 was drawn for prepetition services rendered in connection with preparing the Chapter 11 filing, and $1,738 was paid to the Bankruptcy Court for the Chapter 11 filing fee, leaving a retainer balance of $18,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. David B. Madoff, Esq., a partner at Madoff & Khoury LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David B. Madoff, Esq. Steffani M. Pelton, Esq. Madoff & Khoury LLP 124 Washington Street Foxboro, MA 02035 Tel: (508) 543-0040 Email: madoff@mandkllp.com About Recreation Discount Wholesale, Inc. Recreation Discount Wholesale, Inc. operates as an online retailer based in Walpole, Massachusetts, offering a range of home-recreation, pool and spa, and outdoor-living products through a family of niche e-commerce websites. Recreation Discount Wholesale, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12606) on December 2, 2025. At the time of filing, the Debtor estimates $322,231 in assets and $3,104,679 in liabilities. The petition was signed by Eric Feigen as treasurer. Judge Christopher J Panos presides over the case. David B. Madoff, Esq. at MADOFF & KHOURY LLP serves as the Debtor's counsel. RELLIS CAMPUS: Seeks to Hire Okin Adams Bartlett as Legal Counsel ----------------------------------------------------------------- RELLIS Campus Data and Research Center, LLC and Optimus DataCenters, LLC seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Okin Adams Bartlett Curry LLP as counsel. The firm will render these services: a) advise the Debtors with respect to their rights, duties and powers in the Chapter 11 Case; b) assist and advise the Debtors in their consultations relative to the administration of the Chapter 11 Case; c) assist the Debtors in analyzing the claims of their creditors and in negotiating with such creditors; d) assist the Debtors in the analysis of and negotiations with any third-party concerning matters relating to, among other things, the terms of a plan of reorganization or sale of substantially all of the Debtors' assets; e) represent the Debtors at all hearings and other proceedings; f) review and analyze all applications, orders, statements of operations and schedules filed with the Court and advise the Debtors as to their propriety; g) assist the Debtors in preparing pleadings and applications as may be necessary in furtherance of the Debtors' interests and objectives; and h) perform such other legal services as may be required and are deemed to be in the interests of the Debtors in accordance with the Debtors' powers and duties as set forth in the Bankruptcy Code. The firm's hourly rates are: Christopher Adams, Esq. $800 Lawyers $400 to $875 Paralegals $130 to $180 Okin Adams received an initial retainer on October 16, 2025, in the amount of $50,000 from Optimus TechServices, LLC f/k/a/ Seamless Advanced Solutions, LLC. As disclosed in the court filings, Okin Adams is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code, as modified by section 1107(b). The firm can be reached through: Christopher Adams, Esq. John Thomas Oldham, Esq. OKIN ADAMS BARTLETT CURRY LLP 1113 Vine St., Suite 240 Houston, Texas 77002 Tel: (713) 228-4100 Fax: (346) 247-7158 Email: cadams@okinadams.com joldham@okinadams.com About RELLIS RELLIS Campus Data and Research Center, LLC and Optimus DataCenters, LLC are two non-operator entities owned by TenTech-3 Holdings, LLC, formed to develop and manage a data center on Texas A&M University's RELLIS Campus in Bryan, Texas. The RELLIS Campus, designed to foster innovation and technology for public and private sector applications, provides the setting for the planned facility along State Highway 21 on its northern side. The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90666) on November 5, 2025. At the time of the filing, RELLIS listed between $10 million and $50 million in assets and liabilities while Optimus DataCenters listed between $10 million and $50 million in assets and up to $50,000 in liabilities. Judge Alfredo R Perez oversees the cases. The Debtors tapped Christopher Adams, Esq., at Okin Adams Bartlett Curry, LLP as legal counsel and Veritas Restructuring Group as restructuring and financial advisor. RK PARISI: Seeks Approval to Hire Amann Burnett as Legal Counsel ---------------------------------------------------------------- RK Parisi Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Amann Burnett, PLLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business situated at 104 Emerald Street, Keene, New Hampshire 03431; (b) advise and assist in formulating and filing first-day motions, monthly operating reports, determining and paying U.S. Trustee (UST) quarterly fees, opening a debtor-in-possession (DIP) bank account, reviewing the UST Region 1 Operating Guidelines, providing insurance information, preparing and attending the Initial Debtor Interview and Section 341 Examination; (c) attend meetings and negotiate with representatives of creditors and other parties in interest, respond to creditor inquiries, and advise and consult on the conduct of the case; (d) negotiate and prepare on behalf of the Debtor a Plan or Plans of reorganization and all related documents and prosecute the Plan or Plans through the confirmation process; (e) advise the Debtor in connection with any sale, use or lease of assets; (f) represent and advise the Debtor regarding post confirmation operations and consummation of a Plan, Decree of reorganization; and (g) prepare necessary legal papers necessary to the administration of the estate. William Amann, Esq., the primary attorney in this representation, will be billed at his hourly rate of $345 and his paralegal's hourly rate is $170. The firm also received a retainer of $22,000 from the Debtor. Mr. Amann disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William J. Amann, Esq. Amann Burnett PLLC 757 Chestnut Street Manchester, NH 03104 Telephone: (603) 695-5404 Email: wamann@amburlaw.com About RK Parisi Enterprises RK Parisi Enterprises, Inc., operating as PoshHaus, sells home-improvement and home-furnishing products, including kitchen and bathroom fixtures, cabinetry, lighting, appliances, and flooring, through an online platform and a physical showroom in Keene, New Hampshire. The Company targets homeowners, builders, and interior designers seeking products for residential renovations. RK Parisi Enterprises sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10842) on December 1, 2025. In the petition signed by Robert M. Parisi, Jr., president, the Debtor reported up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Kimberly Bacher handles the case. The Debtor tapped William J. Amann, Esq., at Amann Burnett PLLC as counsel. ROCK REGIONAL: Seeks Chapter 11 Bankruptcy in Kansas ---------------------------------------------------- Kristin Kuchno of Becker's Hospital Review reports that Rock Regional Hospital in Derby, Kansas, has filed for Chapter 11 bankruptcy protection to maintain hospital operations and ensure uninterrupted patient care. The filing, made December 7, 2025 in the U.S. Bankruptcy Court for the District of Kansas, will allow the hospital to pursue financial restructuring while continuing to serve the community. According to a Dec. 8 news release, Rock Regional remains fully operational, with emergency, inpatient, and outpatient services continuing as scheduled. No changes to staffing, appointments, or services are expected. CEO Ben Quinton emphasized that patient care remains the hospital’s top priority and that the reorganization provides a path to stabilize financial operations while maintaining high-quality services. Opened in April 2019, Rock Regional faced operational and financial pressures, in part due to being ineligible for certain early federal pandemic relief programs. Through Chapter 11, the hospital plans to work with the court, creditors, and community partners to pursue either a financial restructuring or a transition plan to preserve access to healthcare, the report states. About Rock Regional Hospital LLC Rock Regional Hospital, LLC operates an acute-care medical facility in Derby, Kansas, providing emergency services, inpatient and outpatient care, surgical procedures, diagnostic imaging, and laboratory services. The hospital's campus includes operating suites, heart catheterization labs, intensive-care units and private patient rooms supporting a broad range of clinical specialties. It serves communities in south-central Kansas through its healthcare delivery operations. Rock Regional Hospital LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-11362) on December 7, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and 100 million. Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by David Thomas Prelle Eron, Esq. of PRELLE ERON & BAILEY, P.A. RP CAPITAL: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: RP Capital Group LLC 333 East 57th Street Apt 2A New York, NY 10022 Business Description: RP Capital Group LLC, classified as a Single Asset Real Estate entity under 11 U.S.C. Section 101(51B), owns a single-family home in Long Beach, New York, with an estimated value of $700,000. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-74769 Judge: Hon. Alan S Trust Debtor's Counsel: Cooper J Macco, Esq. MACCO & COREY, P.C. 2950 Express Drive South Suite 109 Islandia, NY 11749 Tel: 631-549-7900 Fax: 631-549-7845 Email: CMacco@MaccoLaw.com Total Assets: $700,000 Total Liabilities: $1,192,187 Cody Parker Helberg, General Partner of Parker Hart Limited Partnership, the majority managing member, signed the petition for RP Capital Group LLC. The Debtor has declared in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/AHSX7AI/RP_Capital_Group_LLC__nyebke-25-74769__0001.0.pdf?mcid=tGE4TAMA RT 1 CHICKEN: Gets Interim OK to Use Cash Collateral Until Jan. 7 ------------------------------------------------------------------ Rt 1 Chicken, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court authorized the Debtor to use cash collateral through January 7, 2026, to operate its restaurant in accordance with its budget. The restaurant generates approximately $155,650 in monthly receipts, and the submitted budget shows it can operate at a small profit while building reserves. Any material changes to the budget require further court order or consent from Western Equipment Finance, the Debtor's primary secured creditor. Western financed the restaurant's construction and equipment through a 2024 Master Equipment Financing Agreement. It holds a first-priority lien on all assets including revenues and receivables securing a loan valued at approximately $765,000. As protection, Western will be granted a replacement lien on post-petition assets of the Debtor similar to its pre-bankruptcy lien and a Section 507(b) superpriority claim if such protection proves insufficient. The Debtor believes that Western is adequately protected not only through the replacement liens and superpriority administrative claim but also through well-maintained collateral and a substantial equity cushion, given a going-concern valuation of $1.5 to $1.8 million. The Debtor's authority to use cash collateral terminates upon noncompliance with the order, conversion or dismissal of its Chapter 11 case, or modification of the order without Western's consent. Upon a termination event, the secured creditor may seek expedited relief, including hearings on shortened notice. A final hearing is set for January 6, 2026, with objections due by December 30. A copy of the interim order is available at https://is.gd/T4SBR0 from PacerMonitor.com. About Rt 1 Chicken LLC Rt 1 Chicken LLC is a company engaged in restaurant and food-service operations that held a leasehold interest at 878 US Highway1, Edison, New Jersey, with a franchise agreement involving Restaurant Brands International. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22709) on November 30, 2025, listing $423,050 in total assets and $2,334,868 in total liabilities. Bahadar Durrani, manager, signed the petition. Judge Christine M. Gravelle oversees the case. Brett Silverman, Esq., at Silverman Law, PLLC, represents the Debtor as bankruptcy counsel. RUNITONETIME LLC: Pursues $11.5MM in Rent Relief Settlement ----------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that bankrupt casino operator Maverick Gaming has asked a Texas bankruptcy court to approve a settlement it reached with its secured lenders and Blue Owl Capital Inc., after its Chapter 11 sale process failed to yield any bids for the properties subject to its master lease with Blue Owl. Under the proposed deal, the parties aim to resolve disputes over outstanding rent obligations and related claims tied to the company’s sale-leaseback arrangements with Blue Owl, which had seen multiple casino facilities sold and leased back before the bankruptcy filing. Maverick's court filing seeks approval of the settlement and associated relief, including about $11.5 million in rent reductions and adjustments that would help the company and its creditors move forward without protracted litigation. The agreement reflects efforts to balance lender and landlord interests after the company's formal sale process produced no buyers, leaving negotiation at the center of the restructuring effort in the Southern District of Texas. About RunItOneTime LLC RunItOneTime LLC, formerly known as Maverick Gaming LLC, headquartered in Kirkland, Washington, is a regional casino and cardroom operator across Washington State, Nevada, and Colorado. The company operates a portfolio of 31 properties, with 1,800 slot machines, 350 table games, 1,020 hotel rooms, and 30 restaurants. Maverick was founded in 2017 by Eric Persson and Justin Beltram, who hold over 70% ownership in the company. RunItOneTime LLC and 67 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90191) on July 14, 2025. In its petition, RunItOneTime estimated assets and liabilities between $100 million and $500 million each. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Latham & Watkins LLP as counsel; and Hunton Andrews Kurth LLP, as bankruptcy co-counsel. The Debtors also engaged GLC Advisors & Co., LLC and GLC Securities, LLC, as investment banker, and Triple P TRS, LLC as financial advisor. The Debtors' tax advisor is KPMG LLP. RXBENEFITS INC: S&P Rates New $80MM Revolving Credit Facility 'B' ----------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating to RXB Holdings Inc. subsidiary RxBenefits Inc.'s proposed $80 million revolving credit facility maturing in 2030 and $450 million first-lien term loan maturing in 2030. The recovery rating is '3', reflecting our expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. Proceeds from the proposed term loan, along with cash from the balance sheet, will be used to refinance RxB's existing term loans due in 2027. The transaction modestly reduces the company's S&P Global Ratings-adjusted leverage to about 4x and increases maturity runway as it pursues new growth initiatives. S&P said, "Our 'B' issuer credit rating and stable outlook on RXB Holdings Inc. continue to reflect our expectation that leverage will remain below 4.5x in 2026. Although leverage is below our upgrade trigger of 5x, we view upside as unlikely over the next 12 months given RxB's financial sponsor ownership and lack of history of sustaining leverage at a lower level. We forecast funds from operations less capital expenditures (before changes in working capital) between $65 million and $75 million in 2025 and 2026, and expect the company to utilize cash flow and debt capacity to pursue capital allocation priorities, including potential strategic acquisitions. "Our rating also reflects RxB's small scale and narrow focus on the competitive pharmacy benefits marketplace for small and midsize employers. While its value proposition has remained compelling amid increasing drug costs faced by these companies, RxB must continue reinvesting to broaden its offerings and maintain service quality. Although RxB does not retain rebates or employ spread pricing, it relies on continued partnership with the large pharmacy benefit managers (Optum, CVS Caremark, and Express Scripts) as a source of per-claim revenue." ISSUE RATINGS - RECOVERY ANALYSIS Key analytical factors -- Incorporating the proposed transaction, RxB's capital structure will comprise of a $80 million revolving credit facility maturing in 2030 and $450 million first-lien term loan maturing in 2030. -- S&P's recovery analysis assumes a default in 2028 stemming from increased competitive pressure, a prolonged recession with high unemployment, or the sudden loss of one or more pharmacy benefit manager relationships. -- S&P values the company on a going-concern basis using a 5x multiple of its projected emergence EBITDA, consistent with our treatment of its peers. Simulated default assumptions -- Year of default: 2028 -- Revolver: 85% drawn at default -- EBITDA at emergence: $64 million -- Implied enterprise value multiple: 5x Simplified waterfall -- Net enterprise value (after 5% administration costs): $304 million -- Valuation split (obligor/nonobligor): 100%/0% -- Total value available to first-lien claims: $304 million -- Total first-lien claims: $490 million --Recovery expectations: 50%-70% (rounded estimate: 60%) All debt amounts include six months of prepetition interest. SAI BHOLE-NATH: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Sai Bhole-Nath Hotels, Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Lubbock Division, to use cash collateral. The court authorized the Debtors to use cash collateral from December 1 through January 16, 2026, in accordance with their budget. They may deviate from individual budget line items so long as overall variance does not exceed 20% in the aggregate. G Bank claims a perfected security interest in substantially all assets of the Debtor including cash collateral. As adequate protection, G Bank will be granted replacement liens on post-petition assets similar to its pre-bankruptcy collateral, excluding Chapter 5 causes of action. The Debtors must also make monthly payments equal to 1% of monthly revenue. A copy of the interim order and the Debtor's budget is available at https://shorturl.at/4dNFK from PacerMonitor.com. A final hearing is scheduled for January 5, 2026; any objections must be filed at least seven days prior. Sai Bhole-Nath Hotels, Inc. and its affiliates, Sai Krupa Hospitality, LLC and Sai Shyam Hotels, LLC. own and operate limited-service hotels: Baymont by Wyndham in Lubbock, and La Quinta Inn and Conference Center and Motel 6 in San Angelo. All three properties serve significant local demand generators such as universities, airports, lakes, and civic centers. G Bank is the primary secured lender for all Debtors through three SBA-backed notes: $4.15 million to Sai Bhole-Nath, $4.165 million to Sai Krupa, and $2.29 million to Sai Shyam. It asserts first-priority liens on substantially all assets of each Debtor. Additional pre-bankruptcy debt includes an SBA EIDL loan to Sai Bhole-Nath, which the Debtors believe is unsecured because G Bank's blanket lien fully encumbers the collateral, and a $2.2 million Mercury Capital Funding loan secured by a later-filed deed of trust and UCC-1, which the Debtors similarly believe is wholly unsecured as to cash collateral. As of the petition date, each Debtor holds minimal cash in Wells Fargo accounts: Sai Bhole-Nath has approximately $9,882, Sai Krupa roughly $17,488, and Sai Shyam about $5,636. These funds comprise the cash collateral the Debtors intend to use. G Bank is represented by: Jessica Lynn Haile, Esq. McMahon Surovik Suttle A Professional Corporation P.O. Box 3679 Abilene, Texas 79604 Phone: 325-676-9183 Fax: 676-8836 About Sai Bhole-Nath Hotels Sai Bhole-Nath Hotels, Inc., a Georgia corporation founded in 2015 by Chetan "Chaz" Patel and Bhartiben "Bharti" Patel, operates the Baymont by Wyndham Lubbock - Downtown Civic Center in Lubbock, Texas. The 138-room limited-service hotel features an outdoor pool, business center, and parking, and was acquired in 2019 for approximately $4.8 million. Sai Krupa Hospitality, LLC, a Texas limited liability company formed in 2020 with Chetan Patel as manager, owns the La Quinta Inn by Wyndham and Conference Center San Angelo. The 173-room limited-service hotel, located near Angelo State University, includes a pool, meeting facilities, and daily breakfast, and was purchased in 2021 for approximately $4.8 million. Sai Krupa Hospitality, LLC and Sai Shyam Hotels, LLC, a Texas limited liability company formed in 2021 with Chetan Patel as manager, operates the Motel 6 San Angelo Texas. The 98-room limited-service hotel offers an outdoor pool, Wi-Fi, and guest laundry, and was acquired in 2021 for approximately $2.8 million. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case 25-50333) on December 1, 2025. At the time of the filing, Sai Bhole-Nath Hotels disclosed $4,301,544 in total assets and $2,999,222 in total liabilities. Ferguson Braswell Fraser Kubasta, PC represents the Debtor as legal counsel. SAVI CONSTRUCTION: Taps Law Offices of Young Wooldridge as Counsel ------------------------------------------------------------------ Savi Construction LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire the Law Offices of Young Wooldridge as counsel. The firm's services include: a. consulting with the Debtor about its financial situation, its achievable goals and the efficacy of various forms of bankruptcy as a means to achieve its goals; b. preparing documents for the bankruptcy case; c. advising the Debtor about its duties as debtor-in-possession; d. helping the Debtor formulate a Plan of Reorganization, drafting the Plan, and prosecuting legal proceedings to seek confirmation of the Plan; and e. preparing and prosecuting pleadings. The firm received a retainer in the amount of $21,738. Leonard Welsh, Esq., a partner at the Law Offices of Young Wooldridge, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Leonard K. Welsh, Esq. LAW OFFICES OF YOUNG WOOLDRIDGE 1800 30th Street, Fourth Floor Bakersfield, CA 93301 Tel: (661) 328-5328 Fax: (661) 760-9900 Email: lwelsh@youngwooldridge.com About Savi Construction LLC Savi Construction LLC, previously operating as Solutions Ramirez LLC, provides construction, remodeling, and related services across residential and commercial markets. Savi Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-13979) on November 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. SECURITY TRANSPORT: Hires Herge McMahon & Schimmel as Accountant ---------------------------------------------------------------- Security Transport, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to employ Herge, McMahon, & Schimmel, LLC as accountant. The firm's services include: a. prepare and file all annual and quarterly tax returns, both federal and state for the Debtor; b. consultat and advise the Debtor on tax implications as necessary; and c. prepare annual financials and closing entries. The firm's flat billing rate for tax preparation is $9,500, and partner billing rate is $265 per hour. As disclosed in the court filings, Herge, McMahon, & Schimmel, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Sean McMahon, CPA Herge, McMahon, & Schimmel, LLC 600 Enterprise Drive. #109 Oak Brook, IL 60523 Tel: (312) 345-6201 About Security Transport Inc. Security Transport Inc., headquartered in Hammond, Indiana, provides truckload transportation services for dry goods throughout the contiguous U.S. and Canada. Established in 2012, the Company operates a fleet of tractors and trailers to haul general freight, metals, beverages, paper products, and waste. Its operations concentrate on time-sensitive and value-added logistics solutions in the transportation and logistics sector. Security Transport Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-22114) on October 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Daniel L. Freeland, Esq. of DANIEL L. FREELAND & ASSOCIATES, P.C. SOLCIUM SOLAR: Seeks to Tap Scott W. Spradley as Bankruptcy Counsel ------------------------------------------------------------------- Solcium Solar, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ the Law Offices of Scott W. Spradley, PA to handle its Chapter 11 case. Scott Spradley, Esq., the primary attorney in this representation, will be paid at his hourly rate of $300, plus reimbursement of expenses. The firm received an initial retainer of $6,400 from the Debtor, prior to the commencement of this case. Mr. Spradley disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Scott A. Spradley, Esq. Law Offices of Scott W. Spradley, PA 301 South Central Avenue P.O. Box 1 Flagler Beach, FL 32136 Telephone: (386) 693-4935 Fscsimile: (386) 693-4937 Email: scott@flaglerbeachlaw.com About Solcium Solar Solcium Solar, LLC is a privately owned and operated solar energy company specializing in residential solar solutions, commercial solar solutions, EV solar solutions, and battery storage solutions. Solcium Solar sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-05611) on October 18, 2024, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Aaron R. Cohen serves as Subchapter V trustee. Judge Grace E. Robson oversees the case. Scott A. Spradley, Esq., at Law Offices of Scott W. Spradley, PA serves as the Debtor's counsel. SONARSOURCE FINANCING: Moody's Assigns First Time 'B2' CFR ---------------------------------------------------------- Moody's Ratings assigned a first time B2 corporate family rating and B2-PD probability of default rating to SonarSource Financing, LLC (SonarSource). Concurrently, Moody's also assigned a B2 rating to SonarSource's proposed senior secured first lien bank credit facilities comprising of a term loan and revolving credit facility. The outlook is stable. Net proceeds from the proposed term loan along with $355 million of balance sheet cash will be used to fund a dividend distribution and related fees. The $200 million revolving credit facility is expected to be undrawn at the close of the transaction. Governance considerations were a driver of the rating, including the company's controlled ownership. RATINGS RATIONALE SonarSource's B2 CFR reflects its limited product offerings in a highly competitive and dynamic market and small business scale. The company offers a narrow range of products with its code quality product accounting for the majority of the business. While the company has a leading position in the niche code quality market, the software development industry is evolving rapidly, particularly in recent years with AI adoption. The proliferation of AI has supported the company's growth but could potentially be a headwind for SonarSource longer term. SonarSource has historically faced limited direct competition but competitive intensity could increase as larger players from adjacent code tools markets expand into code quality solutions. Moody's anticipates that the company's private equity owner could pursue aggressive financial policies, a key ESG consideration, that will increase leverage through potential debt-funded distributions or acquisitions. The B2 CFR rating is supported by the company's strong growth, high retention rates and expectation of good cash flow generation despite the interest burden. The company's high enterprise customer base across end markets provides revenue stability. The ratings also reflect the modest leverage (Moody's-adjusted) of about 5x or cash leverage of about 3x (Moody's-adjusted including change in deferred revenue and excluding stock-based compensation) at the close of the transaction. Moody's expects strong organic growth exceeding 10% over the next 12-18 months driven by upsell/cross-sell opportunities, new logo wins, and price increases. However, Moody's expects moderate margin compression due to increased cloud and associated hosting costs to support the growth of cloud products, which will keep cash leverage around 3x in next 12-18 months. Leverage will modestly increase to mid 5x range over the same period driven by the increasing stock-based compensation. Moody's also expects free cash flow to debt to be in the high teens percentage range, supported by growth and minimal capital investments. SonarSource's very good liquidity is supported by $225 million of balance sheet cash and full availability on the proposed $200 million first lien revolver at the close of the transaction. Moody's projects the company to generate free cash flow to debt in the teens percentage range over the next 12 to 18 months. There is $12.5 million of annual mandatory term loan amortization. The proposed $200 million first lien revolver expiring in 2030 has a 7.5x first lien net leverage, which springs at 40% utilization. Moody's do not expect the company to draw on the revolver, however, if tested, Moody's expects the company to remain in compliance. As the first lien debt instruments represent a single class of debt, the proposed first lien term loan and revolver are rated B2, consistent with the B2 CFR. SonarSource, Inc., which is the issuer of the audited financial statements, is a direct parent holding company of SonarSource Global, Inc., which is a direct parent holding company of SonarSource Financing, LLC (SonarSource). SonarSource Financing, LLC is the borrower of the revolving credit facility and term loan. SonarSource, Inc. and SonarSource Global, Inc. do not provide downstream guarantees to SonarSource Financing, LLC's credit facilities. According to management, SonarSource, Inc. is a holding company with no other operations, cash flows, material assets or liabilities other than the equity interests in SonarSource Global, Inc. and SonarSource Financing, LLC. Management has also indicated that appropriate footnote disclosures will be provided in the audited financials to help monitor differences between the borrower and the audited entity going forward. The stable outlook reflects Moody's expectations of continued strong growth, FCF/debt to remain at least in the mid teens percentage range, and cash leverage to remain around 3x in the next 12-18 months. ESG CONSIDERATIONS SonarSource's CIS-4 indicates the rating is lower than it would have been if ESG risk exposures did not exist, primarily due to the governance risks as a result of its controlled ownership. As a provider of software solutions, the company derives its revenues and profitability from services operations, with low exposure to environmental risks. Characteristics of the sector broadly, social risks include dependence on highly skilled technology talent and risk of reputational harm from cybersecurity breaches and data privacy concerns. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if SonarSource commits to a conservative financial policy, reduces product concentration, maintains solid growth, sustains cash leverage below 5x (including change in deferred revenue and excluding stock-based compensation), and maintains its very good liquidity. The ratings could be downgraded if revenue and earnings growth slows materially. A downgrade could also occur if the company pursues a more aggressive financial policy with cash leverage sustained above 6.5x (including change in deferred revenue and excluding stock-based compensation) or FCF/Debt sustained below 5%. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental pari passu debt capacity up to the greater of $162.0 million and 100% of Consolidated EBITDA, plus unlimited amounts subject to no greater than 3.75x first lien net leverage ratio or leverage neutral incurrence. There is an inside maturity sublimit up to the greater of $162.0 million and 100% of Consolidated EBITDA. The credit agreement is expected to include "J. Crew", "Serta" and "Chewy" provisions. Amounts up to 200% of unused capacity from the builder basket and 100% of unused RP covenant capacity may be reallocated to incur debt. PROFILE Based in Austin, Texas, SonarSource is a global provider of integrated code quality and code security software solutions used by software developers. The company has a global customer base across a wide range of industries, in both the Enterprise and SMB segments. SonarSource is controlled by private equity firm Insight Partners. The company generated approximately $350 million in revenue as of LTM September 30, 2025. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Software published in June 2022. SonarSource's B2 rating is three notches below the Ba2 scorecard-indicated outcome, reflecting the company's controlled ownership that has a tolerance for higher leverage and more aggressive financial policy, including debt-funded dividends or acquisitions. The scorecard also does not fully reflect the risk related to the competitive and highly dynamic environment the company operates in and its limited product diversity. SOUTHERN GOURMET: Gets Final OK to Use Cash Collateral ------------------------------------------------------ Southern Gourmet Kitchen, LLC received final approval from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral to fund operations. The Debtor was authorized to use cash collateral according to the budget, with flexibility to exceed individual line items by up to 10% or by a greater amount so long as total expenditures do not exceed the overall budget by more than 10%. Creditors with valid, pre-bankruptcy security interests in the Debtor's cash or accounts will be granted replacement liens of equal priority and extent on post-petition cash and receivables. These liens exclude avoidance actions under Chapter 5 of the Bankruptcy Code and any amounts later surcharged under Section 506(c). The court also granted secured creditors a superpriority administrative claim under Section 503(b) and 507(b) for any decrease in the value of their collateral resulting from the Debtor's use of funds. These claims will take priority over other administrative expenses except fees and expenses of the Debtor's professionals and the Subchapter V trustee approved by the court. A copy of the final order and the Debtor's budget is available at https://shorturl.at/pZrDN from PacerMonitor.com. As of the petition date, Itria Ventures, LLC, a creditor, claims a balance of $63,844 and has asserted its security interest in all accounts, equipment, and cash, backed by a UCC-1 lien. Additionally, the Texas Comptroller has filed tax liens totaling over $70,000, and the IRS has asserted a claim of nearly $205,000 for unpaid payroll taxes from 2021 to 2023. The Texas Workforce Commission has also filed a lien for $5,775. About Southern Gourmet Kitchen LLC Southern Gourmet Kitchen, LLC filed a Chapter 11 bankruptcy petition (Bankr. E.D. Tex. Case No. 25-41761) on June 19, 2025. In the petition signed by Sparkle A. Carter, managing member, the Debtor disclosed up to $50,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Law Office of Robert K. Frisch represents the Debtor as legal counsel. SPEAR SECURITY: Cash Collateral Hearing Set for Dec. 16 ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, is set to hold a hearing on December 16 to consider another extension of Spear Security Operations, LLC's authority to use cash collateral. The Debtor's authority to use cash collateral pursuant to the court's December 1 interim order expires on December 16. The interim order authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. The interim order granted any secured creditor holding a lien on cash collateral a replacement post-petition lien, with the same validity, priority, and extent as its pre-bankruptcy lien. Spear estimates the value of cash and accounts receivable at roughly $171,261 and intends to use these funds to meet post-petition obligations such as payroll, taxes, inventory, and equipment costs. The Debtor had executed multiple pre-bankruptcy loans with various merchant cash advance lenders, pledging accounts receivable, chattel paper, contracts, cash, and other assets as collateral. These loans, however, were all at least one month delinquent, with amounts owed ranging from approximately $15,000 to $217,500. About Spear Security Operations LLC Spear Security Operations, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04144) on November 11, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. SPIRIT AEROSYSTEMS: Completes Merger with Boeing Unit ----------------------------------------------------- Spirit AeroSystems Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Agreement and Plan of Merger with The Boeing Company, and Sphere Acquisition Corp., a Delaware corporation and wholly owned subsidiary of Boeing, was completed on December 8, 2025. Spirit AeroSystems on June 30, 2024, entered into the Merger Agreement with Boeing and Sphere Acquisition, providing for the merger of Merger Sub with and into Spirit and for Spirit to be the surviving corporation in the Merger. On April 27, 2025, Spirit AeroSystems, Inc. and wholly owned subsidiary of Spirit, and Airbus SE, a European public company incorporated under Dutch law, entered into a Stock and Asset Purchase Agreement providing for, among other things, the acquisition by Airbus SE of certain of Spirit's businesses related to the performance by Spirit and its subsidiaries of their obligations under their supply contracts with Airbus SE and its affiliates. On August 8, 2025, Seller and Seller's wholly owned subsidiary Spirit AeroSystems International Holdings, Inc., a Delaware corporation, entered into a Share Purchase Agreement with Composites Technology Research Malaysia Sdn. Bhd., a Malaysian private limited company, and, solely for the purposes set forth therein, DRB-HICOM Berhad, a Malaysian public limited company, providing for, among other things, CTRM to acquire from Seller and Spirit International all of the outstanding equity interests in Spirit AeroSystems Malaysia Sdn. Bhd., a Malaysian private limited company. The Airbus Transaction and the CTRM Transaction were also completed on December 8, 2025. 2026 Notes Eighth Supplemental Indenture: On December 8, 2025, Seller entered into -- an Eighth Supplemental Indenture -- to the Indenture, dated as of June 1, 2016, among Seller, Boeing, and The Bank of New York Mellon Trust Company, N.A., as trustee, in connection with: * Seller's 3.850% Senior Notes due 2026; a First Supplemental Indenture to the Indenture, dated as of November 13, 2023, among Seller, Spirit, Boeing and the Trustee, * Seller's 3.250% Exchangeable Senior Notes due 2028; and a First Supplemental Indentureto the Indenture, dated as of May 30, 2018, among Seller, Boeing and the Trustee, * Seller's 4.600% Senior Notes due 2028. The 2026 Notes Eighth Supplemental Indenture and the 2028 Exchangeable Notes First Supplemental Indenture evidence the release of Spirit AeroSystems North Carolina, Inc., a North Carolina corporation as a guarantor of the 2026 Notes and the 2028 Exchangeable Notes, respectively, and the release of liens on collateral owned by Spirit that had secured the 2026 Notes. In addition, the 2026 Notes Eighth Supplemental Indenture and the 2028 Notes First Supplemental Indenture provide that Boeing will unconditionally guarantee the Seller's obligations under the 2026 Notes and 2028 Notes, respectively. Termination of a Material Definitive Agreement: Concurrently with the closing of the Merger on December 8, 2025, Spirit terminated and repaid in full all outstanding indebtedness and other obligations due under each of: (a) the Amended and Restated Delayed-Draw Bridge Credit Agreement, dated as of June 25, 2025, by and among Spirit, the lenders party thereto and Morgan Stanley Senior Funding, Inc., as administrative agent and as collateral agent and (b) the Term Loan Credit Agreement, dated as of October 5, 2020, by and among Spirit, the lenders party thereto, and Bank of America, N.A., as administrative agent and as collateral agent. In connection with the Payoff, all related security interests and guarantees were automatically and irrevocably terminated and released. In connection with the closing of the Merger, on December 8, 2025, all of the Seller's outstanding 9.375% Senior Secured First Lien Notes due 2029 and 9.750% Senior Secured Second Lien Notes due 2030 will be redeemed at the redemption prices provided for in the applicable indenture, plus in each case, accrued and unpaid interest up to (but excluding) the redemption date. The 2029 Notes were issued pursuant to the Indenture, dated as of November 23, 2022, among Seller, Spirit, Spirit NC and the Trustee, and the 2030 Notes were issued pursuant to the Indenture, dated as of November 21, 2023, among Seller, Spirit, Spirit NC and the Trustee. As a result of the Redemption, each of the Redeemed Notes Indentures were satisfied and discharged. Completion of Acquisition or Disposition of Assets: In accordance with the terms of the Merger Agreement, on December 8, 2025, at the effective time of the Merger, Merger Sub merged with and into Spirit, with Spirit continuing as the surviving corporation in the Merger as a direct wholly owned subsidiary of Boeing. At the Effective Time, each share of Class A common stock, par value $0.01 per share, of Spirit issued and outstanding immediately prior to the Effective Time (other than shares of Spirit Common Stock owned by Boeing, Merger Sub, any other wholly owned subsidiary of Boeing, Spirit, or any wholly owned subsidiary of Spirit, in each case, not held on behalf of third parties) was automatically canceled and ceased to exist, and was converted into the right to receive 0.1955 shares of Common Stock, of the par value of $5.00 each, of Boeing. In addition, at the Effective Time: * Each Spirit restricted stock unit that was outstanding (and was not a Specified Award) was automatically converted into a restricted stock unit denominated in shares of Boeing Common Stock, the number of such shares being equal to the product (rounded to the nearest whole number) of the total number of shares of Spirit Common Stock subject to such Sprit RSU immediately prior to the Effective Time multiplied by the Per Share Merger Consideration, and any accrued but unpaid dividend equivalents with respect to such Spirit RSU were assumed and became an obligation with respect to the applicable Boeing Stock-Based RSU. * Each Spirit performance stock unit that was outstanding (and was not a Specified Award) was automatically converted into a Boeing Stock-Based RSU with respect to a number of shares of Boeing Common Stock equal to the product (rounded to the nearest whole number) of the total number of shares of Spirit Common Stock subject to such Spirit PSU immediately prior to the Effective Time based on the attainment of the applicable performance metrics at the actual level of performance, determined as specified in the Merger Agreement, multiplied by the Per Share Merger Consideration. * Each outstanding Spirit RSU, Spirit PSU or restricted share of Spirit Common Stock granted under Spirit's omnibus incentive plans that: (a) was vested but not yet settled as of immediately prior to the Effective Time, (b) was outstanding, as of immediately prior to the Effective Time, and was granted to a non-employee member of the Board, (c) vested effective as of the Effective Time in accordance with its terms or (d) was outstanding immediately prior to the Effective Time and held by a person who, as of immediately prior to the Effective Time, was no longer an employee or other service provider to Spirit was automatically canceled, and the holder thereof was entitled to receive (subject to any applicable withholding or other taxes or other amounts required to be withheld by applicable law) the Per Share Merger Consideration multiplied by the number of shares of Spirit Common Stock subject to such Specified Award immediately prior to the Effective Time, provided that the number of shares of Spirit Common Stock subject to those Specified Awards that were Spirit PSUs was determined based on the attainment of the applicable performance metrics at the actual level of performance, determined as specified in the Merger Agreement. In accordance with the terms of the SAPA, on December 8, 2025, Airbus SE and its affiliates acquired the Spirit Airbus Business, except for certain assets primarily related to the Airbus SE work packages operated in Spirit's facilities in Subang, Malaysia, which were, in accordance with the terms of the Share Purchase Agreement, acquired by CTRM, and cash in the amount of $621,157,968.71, for nominal consideration of $1.00, subject to working capital and other purchase price adjustments. Notification of Removal from NYSE Listing: In further connection with the Merger, on December 8, 2025, Spirit notified the New York Stock Exchange that the Merger was consummated and requested that NYSE halt trading of Spirit Common Stock prior to the opening of trading on December 8, 2025. In addition, on December 8, 2025, Spirit requested that NYSE file with the United States Securities and Exchange Commission a notification of removal from listing and/or registration under Section 12(b) of the Securities Exchange Act of 1934, as amended, on Form 25 to strike Spirit Common Stock from listing on NYSE and terminate its registration under Section 12(b) of the Exchange Act. NYSE is expected to file the Form 25 on December 8, 2025. As a result of the Form 25 filing, Spirit Common Stock will no longer be listed on NYSE. Material Modification to Rights of Security Holders: At the Effective Time, each holder of shares of Spirit Common Stock issued and outstanding immediately prior to the Effective Time ceased to have any rights as a stockholder of Spirit other than the right to receive the Per Share Merger Consideration pursuant to the Merger Agreement. Changes in Control of Spirit: As a result of the Merger, on December 8, 2025, a change in control of Spirit occurred, and Spirit became a direct wholly owned subsidiary of Boeing. Accordingly, all of the members of the board of directors of Spirit immediately prior to the Effective Time ceased to be directors of Spirit. On December 8, 2025, Boeing issued a press release announcing the completion of the Merger, available at https://tinyurl.com/mujxkcb8 About Spirit AeroSystems Holdings Spirit AeroSystems Holdings, Inc. provides manufacturing and design expertise in a wide range of fuselage, propulsion, and wing products and services for aircraft original equipment manufacturers and operators through Holdings' subsidiaries including Spirit. The Company's headquarters are in Wichita, Kansas, with manufacturing and assembly facilities in Tulsa, Oklahoma; Prestwick, Scotland; Wichita, Kansas; Kinston, North Carolina; Subang, Malaysia; Saint-Nazaire, France; Belfast, Northern Ireland; Casablanca, Morocco; and Dallas, Texas. Hackensack, New Jersey-based Ernst& Young LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated February 28, 2025 attached to the Company's 10-K Report for the fiscal year ended December 31, 2024. The report cited that, the Company has suffered recurring losses from operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of October 2, 2025, the Company had $6.1 billion in total assets, $10.62 billion in total liabilities, and $4.52 billion in total deficit. SPIRIT AVIATION: Hires David Klauder as Independent Fee Examiner ---------------------------------------------------------------- Spirit Aviation Holdings, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Southern District of New York to employ David Klauder, a professional practicing in Wilmington, Delaware, as independent fee examiner. The firm will render these services: (a) prepare reports for the Court to aid in the review and approval of interim and final fee applications, which may include such matters as the efficiency and reasonableness of staffing and expenses and the appropriateness of periodic increases in hourly rates; (b) require applicants for compensation to provide him such supplemental information as he may reasonably require in order to evaluate the reasonableness of any particular fee item; provided, however, that nothing herein shall require a retained professional to provide any information that would disclose privileged information, work product or anything that in the retained professional's reasonable discretion could be damaging or prejudicial to its clients (collectively, "Privileged Information") provided, for the avoidance of doubt, that a professional's general discussion of projects and tasks without reference to confidential details shall not be considered a waiver of any privilege or discovery immunity; provided further, if a retained professional or its client does provide Privileged Information to the fee examiner, the fee examiner shall treat such information as confidential and the disclosure of such information to the fee examiner shall not be deemed to be a waiver by the disclosing party of any applicable work product, attorney-client, or other privilege;; (c) conduct such discovery as may be pertinent and necessary to the performance of his other duties and responsibilities after first securing approval of this Court, which may be granted only upon notice to all interested parties and opportunity for hearing, and the Court retains exclusive jurisdiction over all matters relating to such discovery; and (d) subject to the completion of the procedures set forth in Paragraph 7 for submission of a Preliminary and Final Report (each as defined below) with respect to the applicable fees or expenses, to object to the allowance of fees or expenses sought by any retained professional in a fee application on the same grounds as any party in interest in this case, including based on the reasonableness standard provided in Bankruptcy Code Section 330. Mr. Klauder disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The examiner can be reached at: David M. Klauder Bielli & Klauder, LLC 1204 N. King Street Wilmington, DE 19801 Facsimile: (302) 397-2557 Email: dklauder@bk-legal.com About Spirit Aviation Holdings Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies, LLC as investment banker; and AlixPartners, LLP as financial advisor. STROMA MEDICAL: Seeks Subchapter V Bankruptcy in Delaware --------------------------------------------------------- On December 8, 2025, Stroma Medical Corporation filed for Chapter 11 protection in the District of Delaware. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Stroma Medical Corporation Stroma Medical Corporation, based in Irvine, California, is a clinical-stage medical device company that has developed the Stroma Laser System, a patented, non-invasive laser technology designed to change eye color from brown, hazel, or black to amber, hazel, grey/blue, blue, or green. The procedure is performed in a doctor's office using only a topical anesthetic, requires minimal recovery time, and takes less than a minute per eye. Stroma markets its system for lease to refractive surgeons worldwide and targets the unmet global demand for permanent eye-color change among consumers seeking a safe and natural-looking result. Stroma Medical Corporation sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12169) on December 8, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities within the same range. The case is assigned to Honorable Judge J. Kate Stickles. The Debtor is represented by Jamie Lynne Edmonson, Esq. of Robinson & Cole LLP. SUPERIOR INDUSTRIES: S&P Downgrades ICR to 'SD' on Debt Exchange ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on aluminum wheel manufacturer Superior Industries International Inc. to 'SD' (selective default) from 'CC'. In the coming days, S&P will likely raise its issuer credit rating on the company to reflect its revised capital structure following a thorough review. The downgrade follows the completion of the company's distressed debt restructuring. On Dec. 8, 2025, Superior exchanged a significant portion of its term loan claims for equity in the surviving entity (New Co). S&P said, "We view the transaction as tantamount to a default because we believe the compensation the company's lenders received was less than they were originally promised. In the first quarter, Superior announced the loss of purchase orders from major North American original equipment manufacturer customers that represented 33% of its planned 2025 revenue. Therefore, we expect the company's revenue, earnings, and free operating cash flow (FOCF) will be much weaker due to these customer losses. In addition, we view Superior's path to profitability as uncertain based upon second quarter results and customer losses earlier in the year." S&P said, "We will reevaluate the company's revised capital structure and strategic initiatives over the coming days and expect to raise our issuer credit rating. Through the transaction, Superior has reduced its debt burden and cash interest. However, there is a possibility that we could view the company's pro forma capital structure as unsustainable. Superior's new management team must reckon with its material customer losses and related restructuring expenses as it right-sizes its cost structure and manufacturing footprint, in addition to a weaker light-vehicle demand outlook for 2026. Furthermore, the company's amended revolving credit facility comes due on June 30, 2026. Given this near-term maturity, we await greater clarity around Superior's longer-term sources of liquidity as it implements its turnaround plan and works to generate positive FOCF." TAP-TEE REALTY: Hires Joshua R. Bronstein & Associates as Counsel ----------------------------------------------------------------- Tap-Tee Realty, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Joshua R. Bronstein & Associates PLLC as counsel. The firm's services include: (a) give advice to the Debtor with respect to its powers and duties and the continued management of its property and affairs; (b) negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; (c) prepare the necessary legal papers required for the Debtor who seeks protection from its disputed and legitimate creditors under Chapter 11 of the Bankruptcy Code; (d) appear before the Bankruptcy Court to protect the interests of the Debtor and to represent it in all matters pending before the Court; (e) attend meetings and negotiate with representatives of creditors and other parties in interest; (f) advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of its assets; (g) represent the Debtor in connection with obtaining post-petition financing; take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; and (h) perform all other legal services for the Debtor in this Chapter 11 case which may be necessary for the preservation of the Debtor's estate and to promote its best interests, its creditors and estate. Joshua Bronstein, Esq., the main attorney in this representation, will be paid at his hourly rate of $350, plus expenses. The firm received a pre-petition retainer of $2,500 from the Debtor. Mr. Bronstein disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joshua R. Bronstein, Esq. Joshua R. Bronstein & Associates PLLC 114 Soundview Drive Port Washington, NY 11050 Telephone: (516) 698-0202 Email: jbrons5@yahoo.com About Tap-Tee Realty Inc. Tap-Tee Realty Inc. was established on June 30, 2008 as a domestic business corporation type registered at 525 Myrtle Avenue Suite C1 C-1 Brooklyn, New York. Tap-Tee Realty Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-43854) on August 11, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Joshua Reid Bronstein, Esq., at Joshua R. Bronstein & Associates, PLLC. TC SIGNATURE: T. Rowe Price Marks $1.5MM 1L Loan at 67% Off ----------------------------------------------------------- T. Rowe Price OHA Select Private Credit Fund has marked its $1,551,000 loan extended to TC Signature Holdings, LLC to market at $517,000 or 33% of the outstanding amount, according to T. Rowe's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. T. Rowe is a participant in a First Lien Loan to TC Signature Holdings, LLC. The loan accrues interest at a rate of 10.76% per annum. The loan matures on May 4, 2028. T. Rowe Price OHA Select Private Credit Fund was initially formed on December 16, 2021 as a Delaware limited liability company and subsequently converted into a Delaware statutory trust on March 2, 2022. OHA Private Credit Advisors, LLC is the investment adviser of the Company. The Company invests primarily in directly originated and customized private financing solutions, including loans and other debt securities with a strong focus on senior secured lending to larger companies. The Company primarily targets investments in first lien loans, unitranche loans, second lien loans and other corporate secured debt. The Company may also invest in equity interests such as common stock, preferred stock, warrants or options, which generally would be obtained as part of providing a broader financing solution. T. Rowe is led by Eric Muller as Chief Executive Officer; and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller T. Rowe Price OHA Select Private Credit Fund 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About TC Signature Holdings, LLC TC Holdings, LLC operates as a holding company. The Company, through its subsidiaries, TC Holdings operates in the United States. TERRA COTTAGE: Seeks Approval to Tap J. Zac Christman as Counsel ---------------------------------------------------------------- Terra Cottage Realty Group, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire J. Zac Christman, Esq., an attorney practicing in Stroudsburg, Pa., as counsel. The attorney will render these services: (a) guide the Debtor on compliance with the bankruptcy code, its rights, powers and responsibilities; (b) prepare required applications and motions; (c) file required reports, anticipated defense of contested matters; and (d) prepare and anticipate negotiation of a plan of reorganization. The attorney will be paid at his hourly rate of $300 and paralegal services are billed at $120 per hour. The attorney received a retainer of $5,000 from Shatrugan Sinha, the Debtor's sole member. Mr. Christman disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: J. Zac Christman, Esq. 538 Main Street, Suite 102 Stroudsburg, PA 18360 Telephone: (570) 234-3960 Email: zac@jzacchristman.com About Terra Cottage Realty Group, LLC Terra Cottage Realty Group, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02547) on Sep. 10, 2025, listing $500,001 to $1 million in both assets and liabilities. Judge Mark J Conway presides over the case. J. Zac Christman, Esq. serves as the Debtor's counsel. TOWNSQUARE MEDIA: Moody's Cuts CFR to 'B3', Outlook Stable ---------------------------------------------------------- Moody's Ratings downgraded Townsquare Media, Inc.'s (Townsquare) Corporate Family Rating to B3 from B2, Probability of Default Rating to B3-PD from B2-PD, and the senior secured first lien bank credit facilities ratings to B3 from B2. Additionally, the Speculative Grade Liquidity Rating (SGL) was downgraded to SGL-3 from SGL-2. The outlook remains stable. The downgrade of the CFR reflects Moody's views that Townsquare's revenue growth, EBITDA and free cash flow over the next 12-18 months will be lower than previously anticipated. Secular pressures in the radio industry continue to weigh on the operations, while macroeconomic uncertainties have impacted government advertising budgets. Digital advertising revenue growth has been muted due to decline in remnant digital ad revenue, and the recovery in digital marketing solutions has been slower than expected. Moody's now expect Townsquare's adjusted debt to EBITDA (including Moody's standard lease adjustments) to be in the low 6.0x or high 5.0x range after adding back one-off costs in 2025. In 2026, Moody's expects adjusted leverage to improve to mid-5.0x range, based on low single-digit revenue growth and high single-digit EBITDA growth (adjusted for one-off expense), driven by political ad dollars and a recovery in the digital segment. RATINGS RATIONALE The B3 CFR reflects Townsquare's modest scale, high financial leverage, operations in a cyclical industry with negative secular pressures and intense competition in the digital space. The company has significantly expanded its digital revenue now accounting for 54% of total revenue as of LTM September 2025, compared to 52% in 2024 and 50% in 2022, driven by early investments in digital offerings. However, digital growth was muted over the last year and, was not sufficient to more than offset the decline in traditional radio broadcast, especially in a non-political year. This is counterbalanced by Townsquare's leading positions in its markets and its potential to continue monetizing digital assets. The SGL-3 rating reflects Moody's expectations that Townsquare will maintain adequate liquidity over the next 12-18 months, supported by a cash balance of $4 million as of September 2025, annual free cash flow after dividend payout of $15-$20 million, and $15 million remaining availability under a $20 million revolving credit facility expiring in 2030. Although the revolver is small in size compared to its interest expense, it provides the company with financial flexibility during periods of economic uncertainty. The company's cash needs consist of approximately $15 million of capital expenditures, working capital use, interest expense of approximately $40 million, 2.5% debt amortization of approximately $12 million per annum with a step-up provision in years 3-5, and annual dividends of $13 million. Townsquare's debt maturity profile is well-positioned with its senior secured first lien revolving credit facility and first lien term loan due February 2030. There are no financial covenants under the term loan, and the revolving credit facility has a springing net first lien leverage covenant when 30% of the revolver is drawn. The covenant is set at 5.5x net first lien leverage with no step-downs, providing adequate cushion. The B3 ratings on the senior secured first lien bank credit facilities reflect the probability of default of the company, as reflected in the B3-PD probability of default rating and an average expected family recovery rate of 50% at default given an all-bank debt structure with no financial covenants under the term loan. The bank credit facilities are guaranteed by all existing and future direct and domestic subsidiaries and secured on a first lien basis by substantially all assets. The stable outlook reflects Moody's expectations that declines in traditional radio advertising revenues will be largely offset by digital revenue growth over the next 18 months. Moody's expects leverage to decline to the mid-5x over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Townsquare demonstrates consistent organic revenue growth and expanding EBITDA margins leading to Moody's adjusted financial leverage sustained below 5x and free cash flow to debt ratio of over 5%. The ratings could be downgraded if organic revenue declines materially, financial leverage is sustained above 6.0x, or free cash flow or liquidity weakens. Townsquare Media, Inc., founded in 2010, represents an acquisition roll up of small to medium-sized market stations. The company owns and operates 341 radio stations with corresponding websites and applications in 74 small to mid-sized markets. The company generates revenue through performance of digital marketing solutions, placement of internet-based advertising campaigns, broadcast of commercials on owned and operated radio stations, and the operation of live events. Digital services which include Townsquare Interactive and Townsquare Ignite represent over 50% of total revenue. Townsquare is a publicly traded company listed on the New York Stock Exchange (TSQ). Net revenue for the last twelve months ending September 2025 was $439 million. The principal methodology used in these ratings was Media 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. TPI COMPOSITES: Creditors, Oaktree Strike Deal to End Uptier Suit ----------------------------------------------------------------- Randi Love of Bloomberg Law reports that TPI Composites Inc.'s junior creditors and Oaktree Capital Management have outlined an $18.275 million settlement resolving litigation tied to a nearly $400 million pre-bankruptcy deal that converted Oaktree’s preferred equity into secured debt. The agreement aims to end a contentious dispute over the transaction’s impact on creditor recoveries. If approved, the settlement would allocate a share of potential payouts on Oaktree's claims to general unsecured creditors in TPI's Chapter 11 case, according to a Wednesday, December 10, 2025, filing in the US Bankruptcy Court for the Southern District of Texas. The structure includes a "recovery sharing mechanism" that gives junior creditors a percentage of Oaktree's cash distributions. About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRADE WINDS: Seeks Chapter 11 Bankruptcy in California ------------------------------------------------------ On December 10, 2025, Trade Winds Three, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Trade Winds Three, LLC Trade Winds Three, LLC owns the residential property at 23200 Red Rock Rd, Topanga, CA 90290, on a fee simple basis, with a comparable sale value of $1.2 million. Trade Winds Three, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21122) on December 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Vincent P. Zurzolo. The Debtor is represented by Onyinye N. Anyama, Esq., of Anyama Law Firm, A Professional Corp. TRANSATLANTIC BRIDGE: Ct. Denies Motion to Sell Mount Dora Property ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has denied TransAtlantic Bridge Corp.'s motion seeking authority to sell Property, free and clear of liens, claims, interest, and encumbrances. The Court has determined that the motion is deficient as the prescribed filing fee was not paid as required by the Bankruptcy Court Schedule under 28 U.S.C. Section 1930. The prescribed filing fee is $199.00 The motion is denied to allow movant to file an amended motion. No additional filing fee will be assessed for the filing of any amended motion filed for the purpose of correcting the noted deficiency. About TransAtlantic Bridge Corp. TransAtlantic Bridge Corp. holds an eight- unit multifamily building at 521 E Jackson Avenue in Mount Dora, Florida, a property that is currently valued at about $402,529. TransAtlantic Bridge sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. Case No.: 25-04515) on December 5, 2025. In the petition signed by Hanna Moore as chief executive officer, the Debtor disclosed total assets of $423,518 and total liabilities of $2,755,371. The Debtor's counsel is Bryan K. Mickler, Esq., at LAW OFFICES OF MICKLER & MICKLER, LLP, in Jacksonville, Florida. TREEHOUSE DEVELOPMENT: Seek to Tap Bleakley Bavol Denman as Counsel ------------------------------------------------------------------- The Treehouse Development Group, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Bleakley Bavol Denman & Grace as counsel. The firm's services include: (a) analyze financial situation, and render advice and assistance to the Debtor in determining legal options under Title 11, United States Code; (b) advise the Debtor with regard to its powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents as required by the Court; (d) represent the Debtor at the Section 341 Meeting of Creditors; (e) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property, if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) prepare, on behalf of the Debtor, necessary legal papers and appear on hearings thereon; (h) protect the interest of the Debtor in all matters pending before the Court; (i) represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor which may be necessary herein. Samantha Dammer, Esq., the primary attorney in this representation, will be billed at her hourly rate of $425. Prior to the commencement of this case the Debtor paid an advance fee of $13,738. Ms. Dammer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 Email: sdammer@bbdglaw.com About The Treehouse Development Group The Treehouse Development Group LLC, a single-asset real estate entity, owns a historic church at 921 10th Avenue N. in Saint Petersburg, Florida, with a comparable sale value of $1.9 million. The Treehouse Development Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09027) on December 1, 2025. In its petition, the Debtor reports total assets of $1,900,224 and total liabilities of $1,673,701. Honorable Bankruptcy Judge Catherine Peek McEwen handles the case. The Debtor is represented by Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace. TRIAD AERO: Hires Behar Gutt & Glazer PA as Bankruptcy Counsel -------------------------------------------------------------- Triad Aero Sales Corp. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Behar, Gutt & Glazer, P.A. as its counsel. The firm's services include: a. give advice to the Debtor with respect to its powers and duties; 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 legal documents necessary in the administration of the case; and d. protect the interests of the Debtor with its creditors in the preparation of a Chapter 11 plan. The firm will be paid at these rates: Partners $585 per hour Associates $450 per hour Paralegals $275 per hour The firm received a retainer in the amount of $37,000. Brian Behar, Esq., a member of Behar, Gutt & Glazer, disclosed in court filings that his firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Brian S. Behar, Esq. BEHAR, GUTT & GLAZER, P.A. DCOTA, Suite A-350 1855 Griffin Road Fort Lauderdale, FL 33004 Tel: (305) 931-3771 Email: bsb@bgglaw.com About Triad Aero Sales Corp. Triad Aero Sales Corp. is a Florida-based company that supplies aircraft parts and components to the aviation industry. Triad Aero Sales Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22674) on October 27, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Brian S. Behar, Esq. of BEHAR, GUTT & GLAZER, P.A. URBAN ONE: Inks Supplemental Indenture with 2028 Noteholders ------------------------------------------------------------ Urban One, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 3, 2025, it entered into a supplemental indenture, by and between the Company and Wilmington Trust, National Association, as trustee and collateral agent for the Company's existing 7.375% senior secured notes due 2028. The supplemental indenture amends the provisions of the indenture, dated February 2, 2021, by and among the Company, the guarantors and Wilmington Trust, National Association, as the trustee and the collateral agent. The Supplemental Indenture, among others, provides for the release of guarantees and collateral. Specifically, the Supplemental Indenture provides that effective on and after the Effective Date of this Supplemental Indenture, and without any further action by the Company or the Guarantors, "all Guarantees of the Guarantors under the Notes and the Indenture shall be automatically released, and the Trustee and the Notes Collateral Agent, as applicable, are authorized, directed and instructed to, subject to their rights under Section 13.02 of the Indenture, execute such documents reasonably requested by, and at the costs of, the Issuer to evidence such releases and terminations of the Guarantees." In addition, effective on and after the Effective Date of this Supplemental Indenture, and without any further action by the Company or the Guarantors, "all Liens on all Collateral securing the Obligations of the Issuer and the Guarantors under the Notes, the Indenture and the Security Documents shall be automatically released under the terms of the Indenture and each of the Security Documents, and the Trustee, if applicable, and the Notes Collateral Agent are authorized, directed and instructed to execute, and authorize the filing of (to the extent applicable as determined by Issuer), all releases, termination statements and agreements and any other documents reasonably requested by, and at the costs of, the Issuer to evidence such releases and termination of the security interests on the Collateral and each of the Security Documents." The Supplemental Indenture becomes operative upon the consummation of the previously announced exchange offer and consent solicitation of the Company's Existing Notes. A full text copy of the Supplemental Indenture is available at https://tinyurl.com/4xnkxfk8 Urban One has commenced offers: (a) to exchange any and all of the Company's outstanding 7.375% Senior Secured Notes due 2028 held by Eligible Holders for newly issued 7.625% Second Lien Senior Secured Notes due 2031, to be issued by the Company, plus cash; (b) to purchase up to $185.0 million in aggregate principal amount of the Existing Notes for up to $111.0 million in cash; and (c) for the right to subscribe to purchase up to $60.6 million in aggregate principal amount of newly issued 10.500% First Lien Senior Secured Notes due 2030. As reported by Troubled Company Reporter, Urban One said that as of 5:00 P.M., New York time, on December 1, 2025, the Company received from Eligible Holders valid and unwithdrawn tenders and related Consents, as reported by D.F. King & Co., Inc., representing about $450.0 million in aggregate principal amount of Existing Notes, or approximately 92.2% of the aggregate principal amount of Existing Notes outstanding. Because Existing Notes in a principal amount greater than $185.0 million were tendered into the Tender Offer, the Tender Offer is oversubscribed, and Existing Notes accepted in the Tender Offer will be subject to proration. Prior to the Early Tender Date, Eligible Holders (other than the Supporting Noteholders) subscribed to purchase approximately $4.7 million in aggregate principal amount of New First Lien Notes. Following the Early Tender Date, Eligible Holders may no longer elect to participate in the Subscription Offer. Pursuant to a Transaction Support Agreement, dated as of November 14, 2025, by and among the Company and certain holders of Existing Notes, the Supporting Noteholders have agreed to backstop the full Subscription Offer and are expected to purchase the remaining approximately $55.9 million in aggregate principal amount of New First Lien Notes. The Offers and the Consent Solicitation expires at 5:00 P.M., New York time, on December 15, 2025, unless extended or earlier terminated. Each participating Eligible Holder must tender all of the Existing Notes it holds for purchase in the Tender Offer and/or exchange in the Exchange Offer through The Depository Trust Company's Automated Tender Offer Program. Moelis & Company LLC, the Company’s financial advisors, has been appointed as the dealer manager and solicitation agent and D.F. King & Co., Inc. has been appointed as the exchange and information agent, respectively, for the Offers and Consent Solicitation. The Supporting Noteholders are represented by: Christian Fischer, Esq. Brian Hecht, Esq. Michael Pera, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 E-mail: christian.fischer@davispolk.com brian.hecht@davispolk.com michael.pera@davispolk.com Urban One has engaged as counsel: Jennifer L. Lee, Esq. KIRKLAND & ELLIS LLP 601 Lexington Avenue New York, NY 10022 E-mail: jennifer.lee@kirkland.com About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. The Company reported consolidated revenue of $485 million as of LTM Q4 2022. As of September 30, 2025, the Company had $723.48 million in total assets, $642.06 million in total liabilities, and $78.83 million in total deficit. * * * In May 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CCC+'. S&P also lowered the issue-level rating on the company's senior secured notes to 'D'. VENTURE GLOBAL: Moody's Rates New $2BB Senior Secured Bonds 'Ba2' ----------------------------------------------------------------- Moody's Ratings assigned a Ba2 rating to Venture Global Plaquemines LNG, LLC's (VGPL) proposed offering of up to $2.0 billion of senior secured bonds due 2030 and 2034. Concurrently, Moody's have affirmed VGPL's Ba2 rating on its parity senior secured bonds and revised the outlook to positive from stable. Net proceeds from the new bond issuance combined with interest rate hedge termination proceeds will be used to repay a portion of VGPL's outstanding senior secured bank debt. The new $2 billion of senior secured bonds will be fully parity with VGPL's outstanding $6.5 billion of senior secured bonds, $5.7 billion of senior secured bank debt and a $2.1 billion working capital facility that provides liquidity for working capital and letter of credit requirement. RATINGS RATIONALE Venture Global Plaquemines LNG, LLC's Ba2 rating affirmation and change in outlook to positive from stable considered VGPL's substantial construction progress and its expectations that the 20-year liquefied natural gas (LNG) sale and purchase agreements (SPA) tied to VGPL Phase 1 will commence in the fourth quarter of 2026. Regarding construction, VGPL had to overcome multiple challenges including higher costs, schedule delays, and the May 2024 bankruptcy filing of Zachry Holdings, Inc. (Zachry). Affiliates of KBR, Inc (Ba2 under review for downgrade) and Zachry own KZJV, LLC, which is VGPL's main construction contractor. A substantial amount of additional equity contributions and extensive remedial actions taken by Venture Global, Inc (VGLNG, B1 stable), VGPL's sponsor, have led to significant construction progress at the project. As of September 30, 2025, VGPL reported overall construction at 99% complete excluding commissioning and remediation of any outstanding issues. The project has also generated a substantial amount of commissioning revenues totaling around $5.8 billion in revenues and $1.9 billion of net income during the first nine months of 2025. Over the next 12 months, the project anticipates the completion of its Phase 1 and the commencement of its Phase 1 SPAs. Key remaining construction items including the completion of the Phase 1 power generation facilities and the replacement of defective advanced engineering valves in the natural gas pre-treatment system. VGPL's Phase 2 is expected to be completed in mid 2027 at which time Phase 2's SPAs are expected to commence. In November 2025, VGLNG announced it has sought regulatory approvals to expand the project with another 32 liquefaction trains. VGPL's Ba2 rating considers the predictable future cash flow stream tied to the 12 separate 20-year liquefied natural gas (LNG) SPAs with counterparties that have a strong investment grade weighted average credit quality, the project's competitive position, manageable operating risk, and project finance lender protections such as a 1st lien on assets, a 6-month debt service reserve (DSRA), and minimum 1.20x debt service coverage ratio (DSCR) included in the restricted payment test for the bonds. Among the SPA counterparties, an affiliate of New Fortress Energy Inc (NFE, Ca negative) has low speculative grade credit quality and has entered into a forbearance agreement with its creditors. While NFE's low credit quality is a credit weakness, this risk is partially mitigated by the SPA's competitive pricing relative to US peers and NFE's limited 5% share of VGPL's long term SPA revenue stream. Lenders benefit from the sponsor's large equity investment in the project, attractive market conditions that has enabled substantial commissioning revenues, and expectations of substantial production well above its 20 million tonnes per annum (MTPA) nameplate capacity. Regarding output, VGPL anticipates 28 MTPA of production capacity once both phases are complete. For exports to non-FTA countries above 24 MTPA, VGPL will need further US Department of Energy export authorization. These positive credit considerations are offset in part with remaining construction, exposure to carbon transition risk, natural gas procurement risk, some covenant weaknesses applicable to the bonds, high consolidated leverage, and refinancing risk. High consolidated leverage and refinancing risk are significant risks. Total expected debt of around $12.1 billion after refinancing leads to moderate forecasted cash flow metrics. Under management's base case cash flow forecast and assuming a non-amortizing debt structure, the project has an average interest coverage ratio of 2.1x and Project CFO to Debt of around 7%. Under more conservative assumptions utilized in the Moody's Case, VGPL is forecasted to have average interest coverage ratio of around 1.7x and consolidated Project CFO to Debt of around 5%. The combination of high leverage and refinancing risk also results in sensitivity to interest rates, which is partially mitigated by the benefits of VGPL's 20-year SPAs. RATING OUTLOOK The positive outlook reflects the considerable degree of construction progress achieved to date and the expectation that VGPL will complete Phase 1 and commence its Phase 1 SPAs by year end 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that Could Lead to an Upgrade VGPL's rating could be upgraded if VGPL is able to complete Phase 1 resulting in the commencement of the Phase 1 SPAs while ensuring that VGPL is ring-fenced from the risks from any additional expansions. Factors that Could Lead to a Downgrade VGPL's rating could be downgraded if it were to incur major construction problems that are not mitigated by sufficient net commissioning cash flow, if the project faces challenges refinancing its obligations, or if any of the SPAs are challenged or terminated without a comparable replacement. PROFILE Venture Global Plaquemines LNG, LLC (VGPL) owns an approximately 20 MTPA nameplate LNG liquefaction facility under construction in Plaquemines Parish, Louisiana. VGPL will be comprised of 18 liquefaction blocks (36 trains), four 200,000 cubic meter LNG storage tanks, six pre-treatment facilities, three marine loading berths, two lateral pipelines, and two 720 MW combined cycle power plants using GE 7EA turbines. Tennessee Gas Pipeline Company, L.L.C. (TGP: Baa2 positive), Texas Eastern Transmission L.P. (TETCO; Baa1 stable), and Columbia Gulf Transmission Storage (CGT) provides natural gas transportation services up to the lateral pipelines connecting to VGPL. VGPL currently expects the commercial start of its Phase 1 SPAs will be in Q4 2026 and the commercial start of its Phase 2 SPAs will be in mid 2027. VGPL is 100% indirectly owned by Venture Global LNG, Inc. (VGLNG, B1 stable). LIST OF AFFECTED RATINGS Issuer: Venture Global Plaquemines LNG, LLC Assignments: Senior Secured, Assigned Ba2 Affirmations: Senior Secured, Affirmed Ba2 Outlook Actions: Outlook, Changed To Positive From Stable The principal methodology used in these ratings was Generic Project Finance published in October 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. VIRTUSA HOLDCO: Moody's Affirms 'B2' CFR, Outlook Stable -------------------------------------------------------- Moody's Ratings affirmed Virtusa HoldCo, Inc.'s (Virtusa) B2 corporate family rating and its B2-PD probability of default rating. Concurrently, Moody's affirmed the company's senior secured first lien bank credit facilities, including the $1.2 billion term loan due 2029 and $236.8 million multi-currency revolver expiring 2028, at B1 and $350 million senior unsecured notes due 2028 at Caa1. The outlook is stable. Virtusa is a global digital engineering and information technology outsourcing services provider. The affirmation of the B2 CFR with a stable outlook reflects Moody's anticipations for growing demand for Virtusa's IT services related to digital transformation initiatives, strong profitability rates and very good liquidity. The B2 rating also considers the company's high debt/EBITDA, which Moody's expects to remain around 5x over the next 12 to 18 months, and small revenue scale compared to the many larger global firms and other established niche players in the highly competitive IT industry. A robust liquidity profile, bolstered by Moody's anticipations for free cash flow to remain about 5% of debt provides further ratings support. RATINGS RATIONALE Virtusa's B2 CFR is constrained by its small revenue scale, high financial leverage and opportunistic financial strategies, including periodic debt funded shareholder distributions, as well as acquisitions. Demand for its services are somewhat cyclical, with new project opportunities driven by technology investments by its customers. All financial metrics cited reflect Moody's standard adjustments. Virtusa's ratings are supported by strong demand for IT services related to digital transformation initiatives. Virtusa's profitability compares favorably to many other rated IT outsourcing providers. Moody's expects annual organic revenue growth of 2% to 3% over the next 12 to 18 months, reflecting a recovery after revenue declined in fiscal years 2024 and 2025 (ended 31 March) due to a reduction in IT investments by its customers and the company's decision not to renew certain low or no profit contracts. Virtusa's sector expertise and established client relationships within the financial services, communications, media and healthcare industries support its competitive position. However, the focus on these industries has led to moderate customer concentration, partially mitigated by the long-tenured nature of the relationships and the ever-growing need for new IT capabilities. Virtusa has a very good liquidity profile, reflecting an unrestricted cash balance around $85 million as of September 30, 2025, Moody's anticipations for free cash flow/debt of about 5% over the next 12 to 15 months and access to the fully available $236.8 million revolver expiring in November 2028. Access to the revolver is subject to compliance with a maximum 6.25x senior secured first lien net leverage springing covenant when usage exceeds 35%. Although Moody's do not expect the covenant to be tested, Moody's anticipates that Virtusa would maintain a wide compliance cushion should the covenant be tested. Virtusa's revolving credit facility and $1.2 billion senior secured term loan due February 2029 are rated B1, which is one notch above the company's B2 CFR, reflecting their priority position in the capital structure and the benefit from the loss absorption provided by the $350 million senior unsecured notes due December 2028. The senior secured debts are secured on a first priority basis by substantially all tangible and intangible assets and capital stock of the borrowers and the guarantors, which include existing and future domestic subsidiaries. The Caa1 senior unsecured notes rating, which is two notches below the B2 CFR, reflects the unsecured note's contractual subordination to the senior secured credit facility. The stable outlook reflects Moody's expectations for debt/EBITDA around 5x, EBITA/interest expense above 2.5x and free cash flow around 5% of debt, in the absence of leveraging transactions, over the next 12-18 months. The stable outlook also anticipates that Virtusa may make periodic, opportunistic, debt-funded cash distributions to its private equity sponsor controlled owners, thereby temporarily raising debt/EBITDA to around 6x and stressing other credit and liquidity metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Moody's expects Virtusa will sustain debt/EBITDA below 5x, good liquidity and free cash flow-to-debt of 7% or more. The ratings could be downgraded if revenue or profitability rates become pressured due to customer losses, evidencing a weakened competitive position, Moody's anticipates debt/EBITDA will be sustained above 6x or liquidity weakens. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Virtusa, headquartered in Southborough, Massachusetts and controlled by affiliates of Barings Private Equity Asia, is a global digital engineering and information technology outsourcing services provider with operations in 27 countries. Moody's expects around $1.7 billion of revenue in FY2026 (ends March). VOYAGEUR ACADEMY: S&P Affirms 'B+' LT Rating on 2011 Revenue Bond ----------------------------------------------------------------- S&P Global Ratings affirmed its 'B+' long-term rating on the Michigan Finance Authority's series 2011 public school academy limited obligation revenue bonds, issued for Voyageur Academy (VA). The outlook is stable. S&P said, "Voyageur Academy continues to face elevated social capital risk, in our view, due to the impact of demographic factors on the school's enrollment trends, with the outmigration of population in the greater Detroit metropolitan statistical area and an aging population base leading to a smaller school-age cohort from which to draw students. While these credit risks have not begun to materially affect financial operations, we believe this could affect financial operations if negative trends were to affect future enrollment levels. However, we note the school's growing demand profile and sufficient capacity for growth partly offsetting these risks. We analyzed VA's environmental and governance factors and consider them neutral in our credit rating analysis. "The stable outlook reflects our expectation that enrollment growth will remain steady and that financial performance will likely moderate in fiscal 2026, although still remain positive, supporting operating margins and lease-adjusted MADS coverage consistent with those of peers. No additional debt is expected over the near term. "We could consider a negative rating action if enrollment declines such that our overall view of market position deteriorates, or if financial resources fall to a level that we no longer consider comparable with that of peers. In addition, if debt covenants are not met, we could consider a negative rating action. "We could consider a positive rating action if liquidity measures materially grow and are sustained at a level that we consider comparable with that of higher-rated peers, while enrollment growth expands as projected by management." VYVVE LLC: Trustee Seeks to Hire Jones Walker LLP as Legal Counsel ------------------------------------------------------------------ Linda Leali, Chapter 11 Liquidating Trustee of Vyvve, LLC, seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Jones Walker LLP, as her counsel. The firm will render these services: i. General Case-Administration a. attend meetings and negotiate with representatives of the estate and other parties-in-interest concerning the administration of the case; b. investigate the acts, conduct, assets, liabilities, and financial condition of the Debtor, the operation of the Debtor's business and any other matter relevant to the management of the Liquidating Trust; c. prepare all motions, applications, answers, orders, reports, and papers necessary to the administration of this case; d. attend meetings with third parties and participate in negotiations with respect to the above matters; e. appear before this Court, any appellate courts, and protect the interests of the estate before such courts and the United States Trustee; and f. perform all other necessary legal services and provide all other necessary legal advice to the Liquidating Trustee in connection with this chapter 11 case. ii. Bankruptcy-Related Services and Administration a. advise the Liquidating Trustee with respect to its rights, powers, and duties in this bankruptcy proceeding, as well as applicable deadlines related thereto; b. provide advice and manage the liquidation and collection of assets of the Liquidating Trust; c. evaluate, analyze and litigate general causes of action including avoidance actions and manage related recoveries; and d. provide general bankruptcy, bankruptcy-related litigation and general litigation advice and services as the Trustee deems necessary and appropriate. The firm will be paid at these rates: Nicole G. Helmstetter, Attorney $560 per hour Michelle Green, Paralegal $255 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. Ms. Helmstetter disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Nicole Grimal Helmstetter, Esq. Jones Walker LLP, Esq. 201 South Biscayne Blvd. Citi Center, Suite 3000 Miami, FL 33131-4341 Tel: (305) 679-5784 Fax: (305) 679-5823 Email: nhelmstetter@joneswalker.com About Vyvve LLC Vyvve, LLC, filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 25-13760) on April 7, 2025, listing under $1 million in both assets and liabilities. Judge Erik P. Kimball oversees the case. Robert P. Charbonneau, Esq., at Agentis PLLC is the Debtor's legal counsel. W&J SUBSHOPS: Seeks to Hire Michael Jay Berger as Legal Counsel --------------------------------------------------------------- W&J Subshops, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) advise the Debtor of its legal rights and remedies; (b) negotiate with attorneys for unsecured creditors; (c) negotiate with creditors; (d) represent the Debtor at related hearings; (e) assist the Debtor in complying with the Office of U.S. Trustee (OUST) rules and regulations; (f) assist in paperwork preparation to continue and conclude this Chapter 11 proceeding; (g) prepare Notices of Automatic Stay in all State Court proceedings in which the Debtor is sued during pendency of the bankruptcy; and (h) respond to motions filed in the Debtor's bankruptcy. The firm will be paid at these hourly rates: Michael Berger, Attorney $695 Sofya Davtyan, Partner $645 Angela Gill, Senior Associate $595 Robert Poteete, Associate $475 Senior Paralegals/Law clerks $275 Paralegals $200 On October 17, 2025, the Debtor's principal, Wayne Hennessey, paid the firm $25,000 retainer and $1,738 filing fee from his personal funds as a gift contribution. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email Michael.Berger@bankruptcypower.com About W&J Subshops LLC W&J Subshops LLC, a restaurant company based in Victorville, California, operates multiple sub shop locations including 16251 N D Street, 14712 La Paz Drive, Suite 99, and 15319 C. Palmdale Road. The Company is engaged in the preparation and sale of sandwiches and related food products, serving local customers across its stores. W&J Subshops LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18331) on November 19, 2025. In its petition, the Debtor reports total assets of $425,591 and total liabilities of $1,458,962. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. WEEKLEY HOMES: Moody's Affirms 'Ba2' CFR, Outlook Remains Stable ---------------------------------------------------------------- Moody's Ratings affirmed Weekley Homes, LLC's (Weekley Homes) corporate family rating at Ba2, probability of default rating at Ba2-PD, and the rating on the existing senior unsecured notes due September 2028 at Ba2. At the same time, Moody's assigned a Ba2 rating to the proposed $400 million senior unsecured notes due 2034. The outlook remains stable. Proceeds from the proposed notes will be used to repay $200 million in outstanding borrowings under the company's revolving credit facility, and to use additional cash net of fees and expenses to enhance liquidity and fund working capital as it continues its growth initiatives. The affirmation of the Ba2 ratings with a stable outlook reflects Moody's expectations that Weekley Homes will benefit from revenue growth in 2026 as it continues to open communities across key markets despite soft market conditions. Moody's expects leverage to increase to above 40% debt to book capitalization as a result of the increased debt, but to remain below 45%. The affirmation and stable outlook also reflects Moody's views that the company will maintain a conservative approach to its financial policy moving forward. RATINGS RATIONALE The Ba2 CFR reflects the effectiveness of Weekley Homes' asset-light strategy, a model that minimizes impairment risk stemming from prolonged land exposure. Moody's ratings assessment also factors in the company's broad product offering and price point diversification as well as robust credit indicators, such as gross operating margin, low debt levels and high interest coverage. These positive aspects are counterbalanced by the company's substantial focus on the Texas market, which made up over 40% of revenue for the 12 months ended September 30, 2025. Lastly, the rating acknowledges the homebuilding industry's inherent cost pressures, including land, labor, and materials. Increased use of incentives will continue to pressure gross margins in 2026, which Moody's expects could decline to around 20% in 2026 from 25% for the last 12 months period ending September 30, 2025. Furthermore, it also considers the industry's cyclicality, which can result in protracted revenue declines in a downturn. Moody's expects Weekley Homes to maintain good liquidity over the next 12 to 18 months despite expected negative free cash flow through 2026 as the company continues its land investment to support future growth while also navigating a soft demand environment. Moody's expects the company to comfortably cover its capital needs with cash on balance sheet, which will be $270 million pro forma September 30, 2025. The company's $550 million senior unsecured revolver expiring November 2028 will also be undrawn after the transaction closes. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Weekley Homes meaningfully expands its scale and improves geographic diversity while maintaining conservative financial policies. An upgrade would also reflect a measured approach with respect to acquisitions and shareholder friendly actions, as well as consistently maintaining total debt to capitalization below 35%. Maintenance of gross margins at strong levels, interest coverage consistently above 6.0x and good liquidity, including strong positive cash flow, would also be important factors for a ratings upgrade. The ratings could be downgraded if the company shifts to a more aggressive financial policy with respect to shareholder friendly activities, large scale acquisitions or if debt to book capitalization increases toward 45%. Weakening in EBIT to interest coverage below 5.0x, a significant decline in gross margin, a weakening in liquidity profile or a deterioration in end market conditions that results in net losses and impairments could result in a ratings downgrade. The principal methodology used in these ratings was Homebuilding and Property Development 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. Established in 1976 and headquartered in Houston, TX, Weekley Homes, LLC is one of the largest private homebuilders in the US, constructing entry level, first move-up, second move-up, and custom homes. Owned entirely by the Weekley family, senior management, a charitable trust and an Employee Stock Ownership Plan (ESOP), the company has a presence in 20 metropolitan areas across 12 states. For the 12 months ended September 30, 2025, the company generated approximately $3.6 billion in revenue and $312 million in net income. WOODCREST CONDOMINIUMS: Taps Morris Palerm as Legal Counsel ----------------------------------------------------------- Woodcrest Condominiums V, LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to hire Douglas N. Gottron and Morris Palerm, LLC to serve as legal counsel. Mr. Gottron and Morris Palerm, LLC will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to their powers and duties in these proceedings; (b) represent the Debtors in defense of any proceedings instituted by creditors in the Chapter 11 proceedings; (c) prepare on behalf of the Debtors the necessary applications, answers, orders, reports, and other legal papers, and appear on the Debtors' behalf in proceedings instituted by or against the Debtors; (d) assist the Debtors in the preparation of schedules, statement of financial affairs, and any amendments thereto which may be required; (e) assist the Debtors in the preparation of a plan that complies with the provisions of the Bankruptcy Code for confirmation or the sale of the Debtors' assets; (f) assist the Debtors with other legal matters, including, among others, securities, corporate, real estate, tax, intellectual property, employee relations, general litigation, and bankruptcy legal work; and (g) perform all of the legal services for the Debtors which may be necessary or desirable in this bankruptcy case. Mr. Gottron and Morris Palerm, LLC will receive an hourly rate of $400 for Mr. Gottron, $250 for associate counsel, and $150 for assistants. Douglas N. Gottron and Morris Palerm, LLC are a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Douglas N. Gottron, Esq. Morris Palerm, LLC 804 Pershing Drive, Suite 207 Silver Spring, MD 20910 Telephone: (301) 424-6290 Facsimile: (301) 812-4238 E-mail: dgottron@morrispalerm.com About Woodcrest Condominiums X LLC Woodcrest Condominiums X LLC is a residential real estate company that appears to develop or manage condominium properties in Washington, DC, operating under the Woodcrest Villas brand. Woodcrest Condominiums sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00335) on August 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Elizabeth L. Gunn oversees the case. The Debtors are represented by Douglas Neil Gottron, Esq. at Morris Palerm, LLC. YALDA REAL: Employs Larry A. Vick as Legal Counsel -------------------------------------------------- Yalda Real Estate Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to hire Larry A. Vick, a professional practicing law, to serve as legal counsel. Mr. Vick will provide these services: (a) analyzing the financial situation, and rendering advice and assistance to the Debtor; (b) advising the Debtor with respect to its rights, duties, and powers as a debtor in this case; (c) representing the Debtor at all hearings and other proceedings; (d) preparing and filing of all appropriate petitions, schedules of assets and liabilities, statements of affairs, answers, motions and other legal papers as necessary to further the Debtor's interests and objectives; (e) representing the Debtor at any meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (f) representing the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where the rights of the Debtor may be litigated or otherwise affected; (g) preparing and filing of a Disclosure Statement and Chapter 11 Plan of Reorganization; (h) assisting the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; (i) assisting the Debtor in any matters relating to or arising out of the captioned case; and (j) prosecuting and, as the case may be, defending Debtor in litigation as attorney for the Debtor in Possession. Mr. Vick will receive an hourly rate of $450. He has received a pre-petition retainer in the amount of $10,000, of which $1,738 was applied to Chapter 11 filing fees. Larry A. Vick is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The professional can be reached at: Larry A. Vick, Esq. 13501 Katy Freeway, Suite 1465 Houston, TX 77079 Telephone: (832) 413-3331 Facsimile: (832) 202-2521 E-mail: lv@larryvick.com About Yalda Real Estate Group, LLC YALDA REAL ESTATE GROUP, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36650) on November 3, 2025. At the time of the filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Jeffrey P. Norman oversees the case. Larry A. Vick is Debtor's legal counsel. YERUSHA LLC: Taps Beals Group at EXIT Strategy Realty as Broker --------------------------------------------------------------- YERUSHA LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Wayne Beals of The Beals Group at EXIT Strategy Realty as real estate agent/broker. The Debtor moves to terminate Ronald Ohr and Nicholas Ohr as real estate agent/broker and retain Wayne Beals to market its four vacant lots located at 6431-37 S. Champlain Avenue, Chicago, Illinois. Mr. Beal shall be paid a commission of 2.6 percent of the sales price for any of the properties (the total commission will not exceed 6 percent when the commission of the cooperating broker is included). Mr. Beals, managing broker at The Beals Group at EXIT Strategy Realty, assured the court that he is a "disinterested person" as defined in 11 U.S.C. Sec. 101(14) of the Bankruptcy Code. The broker can be reached at: Wayne Beals The Beals Group at EXIT Strategy Realty 7300 S Cottage Grove Ave Chicago, IL 60619 Mobile: (312) 772-3257 Email: wayne@bealsproperties.com About Yerusha LLC Yerusha, LLC filed Chapter 11 petition (Bankr. N.D. Ill. Case No.24-01640) on February 6, 2024, with $500,001 to $1 million in both assets and liabilities. Judge Deborah L. Thorne oversees the case. Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. ZEEM CAPITAL: Hires McCardell Law Firm as Legal Counsel ------------------------------------------------------- Zeem Capital, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Aaron W. McCardell Sr. and The McCardell Law Firm, PLLC to serve as legal counsel. Mr. McCardell will provide these services: (a) assisting the Debtor with the resolution of all contested claims; (b) assisting the Debtor with the proposing, prosecuting and consummating the plan of reorganization; (c) advising the Debtor with regard to any litigation matters that exist or might arise prior to confirmation of the plan of reorganization; (d) preparing all appropriate pleadings to be filed in this case; and (e) performing any other legal services that may be appropriate in connection with this reorganization case. Mr. McCardell shall receive an hourly rate of $400, associate attorney's rate is $250 to $300, and the firm's bankruptcy paralegal's rate is $75 to $105. According to court filings, The McCardell Law Firm, PLLC are the "disinterested persons" within the definition of section 101(14) of the Bankruptcy Code. The firm can be reached at: Aaron W. McCardell Sr. The McCardell Law Firm, PLLC 440 Louisiana Street, Suite 1575 Houston, TX 77002 Telephone: (713) 236-8736 Facsimile: (713) 236-8990 E-mail: amccardell@mccardelllaw.com About Zeem Capital, LLC Zeem Capital, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. S.D. Tex. Case No. 25-36651) on December 4, 2025. At the time of the filing, Debtor had estimated assets of between $500,001 to $1 million and liabilities of between $500,001 to $1 million. Honorable Judge Eduardo V Rodriguez oversees the case. The McCardell Law Firm, PLLC is Debtor's legal counsel. ZEKELMAN INDUSTRIES: S&P Alters Outlook to Neg., Affirms 'BB+' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on Zekelman Industries Inc. to negative. S&P also affirmed its 'BB+' rating on Zekelman. The issue-level rating on the term loan B remains 'BBB-' with a '2' recovery rating. The negative outlook reflects the risk that Zekelman's leverage remains above 3x in 2026 and 2027, as higher debt levels related to Z-Modular reduce rating headroom and offset improvement in earnings from the pipe and tube business. S&P said, "We expect Zekelman to sustain leverage over 3x again in fiscal 2026. Debt will rise again this year as the company continues to spend on Z-Modular development projects, funded with loans and cash flows from the core pipe and tube business. Earnings from that business were down again in fiscal 2025 (ended September 2025) as tariff policies disrupted supply chains, stagnated prices, and slowed steel buying activity. EBITDA will likely improve to $520 million to $550 million in 2026, compared to $460 million in 2025, but higher debt levels could keep debt leverage elevated. With adjusted debt of about $1.7 billion, we anticipate leverage of 3x to 3.5x in 2026. This follows 3.4x in fiscal 2025. "That said, upside to our EBITDA forecast for 2026 could come from volume and pricing. Zekelman serves end markets such as data centers, warehouses, energy, and electrification infrastructure, which are proving more resilient subsectors in the nonresidential construction market. Tight steel supply chains from tariff-driven uncertainty could raise prices higher. We assume HRC prices of about $850 per ton, compared to latest spot of $895 ton." Zekelman's portfolio of Z-Modular buildings and loans has grown, diminishing rating headroom. In the last couple of years, mortgages and construction loans (Z-Modular loans) and cash generated by the core pipe and tube business has financed the construction of low- and midrise multifamily housing units. In 2026, we expect Zekelman's consolidated leverage, including Z-Modular loans, to be about 3x as these loans are reducing credit cushion. Excluding nonrecourse Z-Modular loans, leverage is about 2.5x, and excluding recourse and nonrecourse loans, it is around 2x. S&P said, "We expect Z-Modular loans to increase to about $650 million in 2026, up from $520 million as of fiscal-year-end 2025 and $365 million in 2024. That said, the loan to value (considering current outstanding loans and total development assets associated with Z-Modular) is 30%-35%. All the Z-Modular loans are held by unrestricted subsidiaries. About 20% is recourse to Zekelman as of fiscal year end 2025 and expect this to rise to about 35% by the end of fiscal 2026. These are unsecured obligations, with no Zekelman assets pledged. The remainder are nonrecourse to Zekelman. We assume the pledged properties to be sufficient collateral for each loan (both recourse and nonrecourse) in a hypothetical default scenario. "We expect Zekelman to spend $250 million to $300 million in development costs in 2026 for site construction, land development, and other related costs to develop the properties. We expect this will be partially funded with mortgages, potential sales of properties and any deficit met with Zekelman free cash flows. Our base case is for core Zekelman free operating cash flow (FOCF) in 2026 to be about $200 million; after adjusting for Z-Modular development and financing costs, this would result in group FOCF of negative $100 million. Faster-than-anticipated building sales could help offset this deficit. In the coming years, we expect development costs to decline and see potential for the monetization of buildings. Zekelman has spent around $1.2 billion developing of these assets since 2023." Zekelman could transition its strategy toward developing real estate for third parties. Zekelman has deployed over 2,500 units and is in the process of deploying an additional 2,100 over the next 12 to 24 months. It has several properties that have reached stabilized occupancy. The company's business model over the last few years has involved Zekelman acquiring land and developing properties which it then leases and manages. The experience developed through this approach has helped refine the company's production process and shape the company's go to market strategy. In the future, S&P could see Zekelman building units to sell to third-party developers. This would reduce development costs required from Zekelman but lower the company's future operating margins compared to the developer model. Modular construction has been a challenging business even for established players due to the high upfront investment and difficulty turning profitable. Achieving profitability though scale can be challenging due to high transportation costs, lack of uniformity and different building codes across different municipalities. With 65% of a building project completed in the factory, Zekelman's manufacturing processes and onsite workforce can create cost efficiencies. Zekelman's manufactured product uses steel, resulting in units that can be built with precision and low tolerance in the finished product specifications, which reduces material waste and creates uniform quality. The company has two modular production facilities in Arizona and Texas. Units are then shipped to the development site for installation alongside other site construction requirements, resulting in a build timeline of about 15 months. While there may be cost advantages to construct these buildings compared to the cost of onsite labor and materials, the buildings are only competitive in regions where the factory fabrication, installation costs, and freight costs are in line with or lower than the labor and construction costs for a similar building in the area. This could limit the target market available to Zekelman and could limit opportunities to scale beyond markets where it has a presence, Arizona and Texas, near its manufacturing sites. The negative outlook reflects the risk that Zekelman's leverage remains above 3x in 2026 and 2027, as higher debt levels related to Z-Modular reduce rating headroom and offset improvement in earnings from the pipe and tube business. S&P could lower its ratings on Zekelman within the next 12 months if it anticipates leverage sustaining over 3x. This could occur if: -- The company's earnings growth is slower than anticipated in 2026; -- The pace of building sales is slower than anticipated, resulting in larger Z-Modular cash deficits; or -- The company takes on more debt than expected to fund Z-Modular investments. S&P said, "We could stabilize the outlook on our ratings on Zekelman in the next 12 months if leverage trends comfortably below 3x. This could occur if steel prices stabilize at higher levels due to current tariffs or if the company starts to generate greater-than-expected cash flow from its Z-Modular business due to building sales or slowing investment. We would also expect confirmation that loans will trend down over time." ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. 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