251216.mbx

251216.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 16, 2025, Vol. 29, No. 349 Headlines 3000 E. IMPERIAL: Seeks to Hire Hahn Fife & Co. as Accountant 345 PROPERTIES: Seeks to Tap Conway Law Group as Bankruptcy Counsel 345 PROPERTIES: Seeks to Tap KW Commercial as Real Estate Broker A.B. INTERNATIONAL: Seeks to Use Cash Collateral AB INTERNATIONAL: Repurchases 3.75 Billion Shares for $675,000 ACCURADIO LLC: Gets Extension to Access Cash Collateral AI SOFTWARE: Lago Evergreen Marks $1.2MM Loan at 21% Off AI SOFTWARE: Lago Evergreen Marks $8.4MM 1L Loan at 20% Off AMERICAN PAVING: Hires Schneider & Stone Inc as Bankruptcy Counsel AMERICAN SIGNATURE: Court Rejects Expedited Sale of Assets ANDERSON PHYSICAL: Seeks to Tap Calaiaro Valencik as Legal Counsel ANGELA HOLDINGS: Seeks to Hire Hurley Law as Bankruptcy Counsel ANNALEE DOLLS: Seeks Approval to Hire a Marketing Agent APEX AMBULATORY: Seeks Chapter 7 Bankruptcy in Arizona APPLE TREE: Initiates Voluntary Ch. 11 to Restructure Operations ARBOR REALTY: Moody's Rates New $400MM Sr. Unsecured Notes 'Ba3' ARM VENTURES: Files Emergency Bid to Use Cash Collateral ASCEND PERFORMANCE: Plan Approval Paves Way for Year-End Exit ASPEN SPECIALTY CARE: Seeks Chapter 7 Bankruptcy in Arizona ASSOCIATION OF APARTMENT: Case Summary & 20 Unsecured Creditors ASSOCIATIONS INC: OHA Senior Marks $356,000 1L Loan at 62% Off ASTER OILFIELD: Case Summary & 20 Largest Unsecured Creditors ASTER OILFIELD: Seeks to Tap Davis & Kotur Law Office as Counsel AUTOMOTORES GILDEMEISTER: Early Tender Hits 97.6% in Note Exchange AZ 400 HERKIMER: Hires Morrison-Tenenbaum PLLC to as Counsel AZURE BUILDERS: Seeks Subchapter V Bankruptcy in Florida BANCO MASTER: Chapter 15 Case Summary BARTRAM LOGISTIC S: Seeks DIP Loan From Winsupply BAUSCH HEALTH: Early Tenders Exceed $2.6B for New 2032 Notes BERRY CAPITAL: Seeks to Hire Ayers & Haidt P.A. as Legal Counsel BLACKSTONE CLAIM: Hires Smeberg Law Firm as Bankruptcy Counsel BLACKSTONE CLAIM: Seeks to Hire KFORD Group as Accountant BOKQUA LLC: Hires r2 advisors as Chief Restructuring Officer BOKQUA LLC: Seeks to Hire Cormican Law PLLC as Special Counsel BRADYIFS HOLDINGS: OHA Senior Marks $393,000 1L Loan at 67% Off BROADBAND INFRASTRUCTURE: Seeks Cash Collateral Access BROADWAY REALTY: Seeks to Extend Plan Exclusivity to March 15, 2026 BUMBLE INC: S&P Upgrades ICR to 'B+', Outlook Stable C.C. GRABER: Seeks to Hire Rebekah Parker as Bankruptcy Counsel CANACOL ENERGY: Secures US$45M DIP Financing in CCAA Restructuring CAPITAL FOUR IV: Fitch Assigns 'BB-sf' Rating on Class E Notes CARHAVEN INC: Seeks Approval to Tap McNamee Hosea as Legal Counsel CBDMD INC: Regains NYSE American Continued Listing CENTRAL FLORIDA: Gets Extension to Access Cash Collateral CHASE INTERMEDIATE: OHA Senior Marks $433,000 1L Loan at 73% Off CHILDREN'S HOSPITAL: Moody's Cuts Rating to Ba1, On Further Review CITY ON A HILL: Case Summary & 20 Largest Unsecured Creditors CITY ON A HILL: Hires Swanson Sweet LLP as Bankruptcy Counsel CITY ON A HILL: Taps Zizzo Group as Public Relations Consultant CLEARSIDE BIOMEDICAL: Moves Ahead with Nasdaq Delisting CLEVELAND-CLIFFS INC: S&P Downgrades ICR to 'B+', Outlook Stable CNX RESOURCES: Moody's Alters Outlook on 'Ba3' CFR to Positive COMPREHENSIVE HEALTHCARE: Court OKs Final Use of Cash Collateral CUBITAC CORP: Unsecured Creditors to Split $500K over 5 Years DEL MONTE: Plan Exclusivity Period Extended to February 26, 2026 DIOCESE OF ALEXANDRIA: Gets Interim OK to Use Cash Collateral DIOCESE OF OAKLAND: Beats Deadline For Ch. 11 Plan Proposal EAST VALLEY SPECIALTY: Seeks Chapter 7 Bankruptcy in Arizona EIF CHANNELVIEW: S&P Rates Secured First-Lien Term Loan B 'BB-' ELIJAH'S XTREME: Seeks to Hire Moon Wright & Houston as Counsel ERMAJO LLC: Unsecureds to be Paid in Full in Sale Plan EVERBRIDGE HOLDINGS: OHA Senior Marks $1.8MM 1L Loan at 61% Off FAIR ANDREEN: Unsecureds to Get Share of Litigation Proceeds FAIRFIELD WILLIAMSBURG: Hires Omni Agent Solutions as Claims Agent FARMSTEAD HOLDINGS: Voluntary Chapter 11 Case Summary FCI SAND: Taps Mark Shapiro of GlassRatner Advisory as CRO FINANCE OF AMERICA: Fitch Affirms 'CCC' IDR, Outlook Positive FIT AND FUN: Seeks to Hire Genova Malin & Trier sa Legal Counsel FOUR FINANCIAL: Gets Interim OK to Use Cash Collateral FREEDOM MORTGAGE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable FREIGHT TECHNOLOGIES: 2025 Q3 Net Loss Widens to $3.27MM GAP INC: S&P Raises Issuer Credit Rating to 'BB+', Outlook Stable GI APPLE: OHA Senior Virtually Writes Off $1.1MM 1L Loan GRANGE PUBLIC: Taps Backes Auction to Provide Valuation Services GST INC: Files Chapter 11 to Restructure Operations GUARDIAN ELDER: Plan Exclusivity Period Extended to Jan. 12, 2026 H&H ENTERPRISES: Taps Perry & Young as Special Litigation Counsel HARDING BELL: Committee Hires Newpoint as Financial Advisor HEARTH DISPLAY: Lago Evergreen Marks $2MM Loan at 35% Off HELIOS SOFTWARE: Moody's Withdraws 'B2' Corporate Family Rating HOWARD'S APPLIANCES: Case Summary & 20 Top Unsecured Creditors INTERTRADERONE LLC: Seeks to Tap Brian K. McMahon as Legal Counsel IROBOT CORP: Seeks Ch. 11 Bankruptcy, To Hand Over Control to Picea J.C.C.M. PROPERTIES: Seeks to Extend Exclusivity to May 11, 2026 JAMES MILLER: Gets Final OK to Use Cash Collateral JENSEN HUGHES: OHA Senior Virtually Writes Off $1.4MM 1L Loan JERSEY SHORE: Hires Collins Vella & Casello as Bankruptcy Counsel JJTA18 REAL PROPERTIES: Section 341(a) Creditors Meeting on Jan. 14 JTA SPRINGS: Seeks to Hire Marcus & Millichap as Listing Agent JTA1 REAL: Seeks to Hire Marcus & Millichap as Listing Agent JTA4 REAL: Seeks Approval to Tap Marcus & Millichap as Broker JUNGLE NURSERY: Seeks Chapter 12 Bankruptcy in Florida KLEINFELDER GROUP: OHA Senior Marks $1.6 1L Loan at 47% Off KLEINFELDER GROUP: OHA Senior Marks $1.6 1L Loan at 83% Off LAGNIAPPE INVESTMENT: Case Summary & Two Unsecured Creditors LAKE FAMILY PRACTICE: Seeks Chapter 11 Bankruptcy in Florida LAKE ST BROOKLYN: Seeks to Hire Morrison-Tenenbaum as Legal Counsel LAS VEGAS: Hires Silverman Consulting as Restructuring Advisor LEFKES DELRAY: Seeks Chapter 11 Bankruptcy in New Jersey LINEAR COMPANIES: Voluntary Chapter 11 Case Summary LINQTO TEXAS: Court Sets Jan. 28 Confirmation Hearing in Ch. 11 LINQTO TEXAS: Unsecureds to Get Share of Wind-Down Trust Proceeds LUFLAW INVESTMENTS: Chapter 15 Case Summary LUMEN TECHNOLOGIES: Upsizes Senior Notes Offering to $1.25 Billion LUMINAR TECHNOLOGIES: Seeks Chapter 11 Bankruptcy After Dispute MAI CAPITAL: OHA Senior Marks $1.6MM 1L Loan at 48% Off MAI CAPITAL: OHA Senior Marks $610,000 1L Loan at 82% Off MAMMOTH HOLDINGS: OHA Senior Marks $909,000 1L Loan at 68% Off MANSION ENTERTAINMENT: Seeks Chapter 7 Bankruptcy in Missouri MATTR CORP: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Neg. MAUSER PACKAGING: Exchange Offer Closes With 97%+ Participation MERCURY PARENT: S&P Withdraws 'B-' Issuer Credit Rating MERIT STREET: Trinity Asks Court to Reject $362K Expense Request MID-COLORADO INVESTMENT: Trustee Hires Onsager Fletcher as Counsel MOTUS GROUP: S&P Affirms 'B-' ICR on Modest Cash Flow Generation MR. BUBBLES AURORA: Gets Interim OK to Use Cash Collateral MY JOB MATCHER: Gets Court OK to Solicit Chapter 11 Plan Vote MYFOREXFUNDS: Court Scales Back Receivership, Returns Assets NEAL FEAY: Seeks to Hire Bensamochan Law Firm as Legal Counsel NEELY MOTORSPORTS: Seeks to Hire Michael G. Spector as Attorney NETCAPITAL INC: Acquires Rivetz Network Assets for 950,000 Shares NETCAPITAL INC: Appoints Rich Wheeless as Chief Executive Officer NETCAPITAL INC: CEO Kay Resigns; Gets Severance & Consulting Deal NETCAPITAL INC: Kevin Kilduff Joins as General Counsel NEW LOOK: OHA Senior Marks $412,000 1L Loan at 28% Off NEW LOOK: OHA Senior Marks $6.1MM 1L Loan at 28% Off NEW LOOK: OHA Senior Marks $791,000 1L Loan at 28% Off NEW LOOK: OHA Senior Marks $850,000 1L Loan at 82% Off NEW SHILOH: Case Summary & Two Unsecured Creditors NEW WORLD: Seeks to Hire Rosen Systems as Equipment Auctioneer NEXTGEN MRO: Seeks to Hire Cox Law Group as Bankruptcy Counsel NEXTGEN SLEEP: Gets Interim OK to Use Cash Collateral NORTHWEST OHIO: Court Extends Cash Collateral Access to Jan. 31 NRO HOLDINGS: OHA Senior Marks $1MM 1L Loan at 50% Off NRO HOLDINGS: OHA Senior Marks $2MM 1L Loan at 92% Off OHIO TRANSMISSION: OHA Senior Marks $1.4MM 1L Loan at 41% Off OM SAI MED: Taps Marcus & Millichap Real Estate as Broker OMNIQ CORP: Raises $950,000 via Stock and Pre-Funded Warrant Sale ORANGE COURIER: Gets Interim OK to Use Cash Collateral OROVILLE HOSPITAL: Cain Brothers to Advise Ch.11 Transaction PAVE AMERICA: OHA Senior Marks $679,000 1L Loan at 52% Off PENNYMAC FINANCIAL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable PEORIA CHARTER: Case Summary & Two Unsecured Creditors PETCO HEALTH: S&P Alters Outlook to Stable, Affirms 'B' ICR PETRO-VICTORY ENERGY: Issues 575,000 Bonus Warrants in Forbearance PHIL KEAN: Seeks to Hire Latham Luna Eden & Beaudine as Counsel PLANET FINANCIAL: Fitch Lowers LongTerm IDR to 'B', Outlook Stable PLURI INC: Appoints Weinstein as Chairman of the Board PORT ELIZABETH: Hires Murphy Schiller & Wilkes as Special Counsel POSIGEN PBC: Secured $25MM Loan Through Fraud, Lender Alleges PREPAID WIRELESS: Cash Collateral Hearing Set for Feb. 2 PRIMALEND CAPITAL: Committee Hires Vartabedian Herster as Counsel PRIMALEND CAPITAL: Panel Taps Triple P TRS as Restructuring Advisor PROSPECT MEDICAL: Plan Exclusivity Period Extended to Feb. 9, 2026 PSCD TRINITY: Seeks to Tap Prince Lobel Tye as Bankruptcy Counsel PURE LLC: Seeks to Hire Richard R. Robles PA as Bankruptcy Counsel RAW BAGELS: Gets Interim OK to Use SBA's Cash Collateral REATON HOMES: Seeks to Tap Richard P. Cook as Bankruptcy Counsel RECORDED BOOKS: OHA Senior Marks $1.1MM 1L Loan at 39% Off RIMKUS CONSULTING: OHA Senior Marks $463,000 1L Loan at 76% Off RIMKUS CONSULTING: OHA Senior Marks $866,000 1L Loan at 79% Off ROCK STAR: OHA Senior Marks $420,000 1L Loan at 80% Off ROCK STAR: OHA Senior Marks $989,000 1L Loan at 94% Off ROSE RENTAL: Lender Seeks to Prohibit Cash Collateral Access RUSS'S MULCH: Has Deal on Cash Collateral Access SABRE CORP: Early Participation Hits $956M in Note Exchange SAFETY RESEARCH: Seeks Chapter 7 Bankruptcy in Alabama SANTOPIETRO FOOD: Cash Collateral Hearing Continued to Jan. 7 SCOTTSDALE DESIGN: Seeks Chapter 7 Bankruptcy in Arizona SF OAKLAND: Gets Final OK to Use Cash Collateral SK INDUSTRIES: Gets Another Extension to Access Cash Collateral SK INDUSTRIES: Gets Extension to Access Cash Collateral SKIN CARE ENTERPRISES: Seeks Chapter 7 Bankruptcy in California SOMERSET ACADEMY: S&P Raises Revenue Bond Rating to 'BB+' SPECIALTY BUILDING: Moody's Cuts CFR to 'B3', Outlook Stable SPIRIT AEROSYSTEMS: Moody's Withdraws B2 CFR on Boeing Transaction SPIRIT AIRLINES: Secures $100MM Funding Boost During Restructuring STUDIO KZ: Seeks Chapter 7 Bankruptcy in Arizona SWEET BOBA: Seeks Chapter 7 Bankruptcy in California TEADS HOLDING: Restructuring Plan Eyes Up to $40MM Annual Savings TEZCAT LLC: Section 341(a) Meeting of Creditors on January 14 THERAPEUTIC EXERCISE: Seeks Chapter 7 Bankruptcy in California THOMAS C. STEET DDS: Case Summary & 20 Top Unsecured Creditor TPI COMPOSITE: Selects Vestas Wind as Buyer of Mexican Assets TPI COMPOSITES: Seeks to Extend Plan Exclusivity to April 8, 2026 TRIAD AERO: Files Emergency Bid to Use Cash Collateral TROON PAIN: Seeks Chapter 7 Bankruptcy in Arizona TROYZ TOWING: Gets Extension to Access Cash Collateral USIC HOLDINGS: OHA Senior Marks $1MM 1L Loan at 66% Off UWM HOLDINGS: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable VALMONT HOLDINGS: Seeks to Hire Equity Union as Real Estate Broker VALMONT HOLDINGS: Seeks to Hire Gary Kurtz as General Counsel VILLA DEL MAR: Hires Homel Mercado Justiniano as Legal Counsel WELTY SERVICES: Seeks Cash Collateral Access Until June 2026 WHITE WILSON: Seeks to Hire Raymond James as Investment Banker WHITEHALL PHARMACY: Hires Independent RX Consulting as Accountant WILLIAMS TREE: Gets Final OK to Use Cash Collateral WK BROWN: Seeks Cash Collateral Access WOMEN'S OB-GYN: Seeks to Tap Winegarden Haley as Bankruptcy Counsel WORKZ LLC: Seeks to Hire Roderick Linton Belfance as Legal Counsel WT REPAIR: Seeks to Extend Plan Exclusivity to January 15, 2026 YALDA REAL: Seeks to Hire Larry A. Vick as Bankruptcy Counsel YUNHONG GREEN: Cancels Part of 2024 Asset Deal; Retires 175K Shares [] Consumer Debt Stress Surges 9.4% YoY in November CLSI ********* 3000 E. IMPERIAL: Seeks to Hire Hahn Fife & Co. as Accountant ------------------------------------------------------------- 3000 E. Imperial, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the Central District of California to employ Hahn Fife & Co., LLP as accountant. The firm will provide accounting services to the bankruptcy estates, including preparation of estate tax returns, and any other reasonable duties necessary or appropriate. The firm will be paid at these hourly rates: Partner $530 Staff $80 In addition, the firm will seek reimbursement for expenses incurred. Donald Fife, a certified public accountant at Hahn Fife & Co., 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: Donald R. Fife, CPA Hahn Fife & Co., LLP 301 E. Colorado Blvd., Ninth Floor Pasadena, CA 91101 Telephone: (626) 796-9123 About 3000 E. Imperial LLC 3000 E. Imperial LLC is a real estate holding company that manages commercial property in Buena Park, California. 3000 E. Imperial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11912) on July 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor tapped Jeffrey I. Golden, Esq., at Golden Goodrich LLP as counsel and Hahn Fife & Co., LLP as accountant. 345 PROPERTIES: Seeks to Tap Conway Law Group as Bankruptcy Counsel ------------------------------------------------------------------- 345 Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ Conway Law Group PC 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 the assets of its estate; (b) advise and consult on the conduct of the case; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties in interest; (d) take all necessary action to protect and preserve the Debtor's estates; (e) prepare all legal papers necessary or otherwise beneficial to the administration of the Debtor's estate; (f) advise the Debtor in connection with any potential sale of assets; (g) appear before the Court to represent the interests of the Debtor's estate before the Court; (h) take any necessary action on behalf of the Debtor to negotiate, prepare on its behalf, and obtain approval of Chapter 11 plan and documents related thereto; and (i) perform all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this case. The firm will be paid at these hourly rates: Kimberly Kalisz, Attorney $550 Paralegal $200 In addition, the firm will seek reimbursement for expenses incurred. Ms. Kalisz 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: Kimberly Kalisz, Esq. Conway Law Group PC 12934 Harbor Drive, Suite 107 Woodbridge, VA 22192 Telephone: (703) 783-9935 Email: kimberly@conwaylegal.com About 345 Properties LLC 345 Properties LLC is a single asset real estate company. 345 Properties LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-34812) on December 3, 2025. In its petition, the Debtor disclosed up to $1,000,000 in both estimated assets and estimated liabilities. Honorable Bankruptcy Judge Frank James Santoro handles the case. The Debtor is represented by Kimberly Ann Kalisz, Esq., at Conway Law Group, PC. 345 PROPERTIES: Seeks to Tap KW Commercial as Real Estate Broker ---------------------------------------------------------------- 345 Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to employ KW Commercial as real estate broker. The Debtor needs a broker to market and sell its property located at 15220 Kings Hwy., Montross, Virginia. As to sales of improved real property, broker's commission shall be 4 percent of the property's gross sales price. In the event of broker cooperation, the broker's commission shall be 6 percent of the gross sales price. Ed Martin, commercial director and principal broker at KW Commercial, and Mike Unruh, partner and broker, 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: Ed Martin Mike Unruh KW Commercial 445 S. Fair Oaks Ave. Pasadena, CA 91105 Telephone: (626) 204-3346 About 345 Properties LLC 345 Properties LLC is a single asset real estate company. 345 Properties LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-34812) on December 3, 2025. In its petition, the Debtor disclosed up to $1,000,000 in both estimated assets and estimated liabilities. Honorable Bankruptcy Judge Frank James Santoro handles the case. The Debtor is represented by Kimberly Ann Kalisz, Esq., at Conway Law Group, PC. A.B. INTERNATIONAL: Seeks to Use Cash Collateral ------------------------------------------------ A.B. International Market Inc. asks the U.S. Bankruptcy Court for the Southern District of New York for authority to use cash collateral and provide adequate protection. The Debtor seeks to use cash collateral to fund business operations according to a 30-day budget. The Debtor operates a retail international grocery store in the Bronx, specializing in African and Caribbean food products, crafts, traditional fabrics, and beauty products. The store serves as a cultural hub for the local African community. As of the petition date, seven creditors claimed liens on the Debtor's cash collateral totaling $1,514,218, although the Debtor disputes the validity of two of them, Kapitus and Forward, contending they do not hold valid security interests. The primary secured creditors with valid liens are the U.S. Small Business Administration and Preferred Bank, whose combined liens of $411,668.40 exceed the estimated value of the Debtor's cash collateral, which is $360,552. The Debtor contends that other creditors, including Northeast, WebBank, ODK, and the disputed creditors, may be wholly unsecured. To protect the interests of the secured creditors, the Debtor proposes granting replacement liens on pre- and post-petition assets and proceeds, maintaining the original priority of liens, and making monthly adequate protection payments of $725 to the SBA and $2,000 to Preferred Bank. Replacement liens are subordinate only to professional fees and Subchapter V trustee fees, and they do not extend to proceeds from successful avoidance actions under Chapter 5 of the Bankruptcy Code. A copy of the motion is available at https://urlcurt.com/u?l=MBypdB from PacerMonitor.com. About A.B. International Market Inc. A.B. International Market Inc., doing business as A B, filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12533) on November 13, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge John P. Mastando, III presides over the case. Kamini Fox, Esq., at Kamini Fox, PLLC represents the Debtor as legal counsel. AB INTERNATIONAL: Repurchases 3.75 Billion Shares for $675,000 -------------------------------------------------------------- AB International Group Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, it entered into a Repurchase Agreement with Anyone Pictures Limited, pursuant to which the Company agreed to repurchase from the Stockholder 3,750,000,000 shares of the Company's common stock, par value $0.001 per share, for an aggregate purchase price of $675,000 USD, or approximately $0.00018 per share. The repurchase represents approximately 46.1% of the Company's currently outstanding common stock (based on 8,121,527,432 shares outstanding as of the most recent practicable date prior to the transaction). Upon closing of the transaction, the Shares will be returned to the Company's treasury and canceled. The transaction closed simultaneously with the execution of the Repurchase Agreement on December 8, 2025. Payment of the Purchase Price has been made, and the Shares have been surrendered and canceled on the books of the Company. The Repurchase Agreement contains customary representations, warranties, and covenants of the parties. A full-text copy of the Repurchase Agreement is available at https://tinyurl.com/2p8ycx3x About AB International Headquartered in Mt. Kisco, N.Y., AB International Group Corp. is an intellectual property (IP) and movie investment and licensing firm, focused on the acquisition and development of various intellectual property, including the acquisition and distribution of movies. Hackensack, N.J.-based Prager Metis CPAs, LLC, the Company's auditor since 2022, issued a "going concern" qualification in its report dated December 1, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that as of August 31, 2025, the Company had limited cash, an accumulated deficit of approximately $10.4 million and a working capital deficit of approximately $3.3 million. For the year ended August 31, 2025, the Company had negative cash flow of approximately $2.3 million from its operations. The continuation of the Company as a going concern is dependent upon the continued financial support from its stockholders or external financing and achieving operating profits. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $6.7 million in total assets, $3.6 million in total liabilities, and $3.1 million in total stockholders' equity. ACCURADIO LLC: Gets Extension to Access Cash Collateral ------------------------------------------------------- AccuRadio, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral. The Debtor is authorized to use cash collateral to pay ordinary and necessary business expenses, as set forth in its budget, subject to a 10% variance. The budget projects monthly operational expenses of $478,500. As adequate protection, Sound Exchange, Inc. was granted replacement liens on the Debtor's property, including the secured creditor's cash collateral and pre-bankruptcy collateral. In addition, Sound Exchange will continue to receive monthly royalty payments of $210,000, subject to adjustment. The order will remain effective until the earlier of January 15, 2026 or entry of a final order. A status hearing is set for January 12, 2026. About AccuRadio Inc. AccuRadio Inc. is a Chicago-based company that offers streaming radio service. Accuradio sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-07366) on May 14, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $10 million and $50 million. Judge Michael B. Slade handles the case. The Debtor is represented by Derek D. Samz, Esq., at Golan Christie Taglia, LLP. AI SOFTWARE: Lago Evergreen Marks $1.2MM Loan at 21% Off -------------------------------------------------------- Lago Evergreen Credit has marked its $1,202,368 loan extended to AI Software, LLC d/b/a Capacity to market at $951,291 or 79% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Lago Evergreen is a participant in a Delayed draw term loan to AI Software, LLC d/b/a Capacity. The loan accrues interest at a rate of PRIME + 6.5% (1.0% PIK) per annum. The loan matures on June 13, 2029. Lago Evergreen is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company is managed by LAGO Asset Management, LLC, a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Company entered into an investment advisory agreement with the Investment Adviser in which the Investment Adviser, subject to the overall supervision of the Company's Board of Trustees, manages the day-to-day operations of, and provides investment advisory services to the Company. Lago Evergreen is led by Tim Gottfried as Chief Executive Officer and Chairman of the Board of Trustees and Todd Knudsen as Chief Financial Officer. The Fund can be reach through: Tim Gottfried 10 S. Wacker Drive, Suite 3540 Chicago, Il 60606 Telephone: (773) 417-5246 About AI Software, LLC d/b/a Capacity Ai Software, LLC designs and develops software solutions. The Company offers a AI-based platform that makes company's information accessible through chat. AI SOFTWARE: Lago Evergreen Marks $8.4MM 1L Loan at 20% Off ----------------------------------------------------------- Lago Evergreen Credit has marked its $8,425,696 loan extended to AI Software, LLC d/b/a Capacity to market at $6,770,352 or 80% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Lago Evergreen is a participant in a First Lien Senior Secured Term Loan to AI Software, LLC d/b/a Capacity. The loan accrues interest at a rate of PRIME + 6.5% (1.0% PIK) per annum. The loan matures on June 13, 2029. Lago Evergreen is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company is managed by Lago Asset Management, LLC, a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Company entered into an investment advisory agreement with the Investment Adviser in which the Investment Adviser, subject to the overall supervision of the Company’s Board of Trustees, manages the day-to-day operations of, and provides investment advisory services to the Company. Lago Evergreen is led by Tim Gottfried as Chief Executive Officer and Chairman of the Board of Trustees and Todd Knudsen as Chief Financial Officer. The Fund can be reach through: Tim Gottfried 10 S. Wacker Drive, Suite 3540 Chicago, Il 60606 Telephone: 773-417-5246 About AI Software, LLC d/b/a Capacity Ai Software, LLC designs and develops software solutions. The Company offers a AI-based platform that makes company's information accessible through chat. AMERICAN PAVING: Hires Schneider & Stone Inc as Bankruptcy Counsel ------------------------------------------------------------------ American Paving Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Indiana to hire the Law Offices of Schneider & Stone, Inc. as its attorneys. The firm will render these services: a. prepare pleadings and applications, and the conduction of examinations incidental to administration; b. develop the relationship of the status of the Debtor-in-Possession to the claims of creditors in these proceedings, all in the best interest of the creditors and other interested parties; c. advise the Debtor-in-Possession of its rights, duties, and obligations as the Debtor-in-Possession; d. perform legal services incidental and necessary to the day-to-day operation of the business, including but not limited to, institution and prosecution of necessary legal proceedings, monthly operating reports, general business and corporate legal advice and assistance, all of which is necessary to the proper preservation and administration of this estate; and e. take any and all other necessary actions incidental to the proper preservation and administration of the estate in the conduct of its business, including filing a Plan and Disclosure Statement. The attorney will charge $250 to $450 per hour for services rendered to the Debtor in Possession, paralegal time will be billed out at $175 per hour. Ben Schneider, Esq., an attorney at Schneider & Stone, 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: Ben Schneider, Esq. SCHNEIDER AND STONE 8424 Skokie Blvd., Suite 200 Skokie, IL 60077 Phone: (847) 933-0300 Email: ben@windycitylawgroup.com About American Paving Services, Inc. American Paving Services, Inc. provides asphalt paving, resurfacing, sealcoating, maintenance, excavating, crack-filling, sweeping, and related pavement services for commercial, industrial, and private-lane projects. The Company operates across multiple communities in Indiana, including Porter, Portage, and Valparaiso, and extends its services into Illinois in areas such as Chicago, Bolingbrook, and Franklin Park. American Paving Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind., Case No. 25-22370) on November 16, 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. Honorable Judge James R. Ahler handles the case. The Debtor is represented by Ben Schneider, Esq. of Schneider and Stone Inc. AMERICAN SIGNATURE: Court Rejects Expedited Sale of Assets ---------------------------------------------------------- Ben Zigterman of Law360 reports that a Delaware bankruptcy judge on Friday, December 12, 2025, rejected American Signature Furniture's bid to fast-track the sale of its assets, finding that the proposed 34-day timeline failed to provide necessary protections for creditors and consumers. The court said the schedule would undermine efforts to review insider transactions connected to the sale. In addition, the judge held that the debtor must first allow for the appointment of a consumer privacy ombudsman to assess how customer information would be treated in any transaction. The ruling effectively slows the sale process while those issues are addressed. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). It employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105) on November 22, 2025. In their petitions, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel while Berkeley Research Group, LLC and SSG Capital Advisors, LLC serves as restructuring advisor and investment banker, respectively. Kurtzman Carson Consultants, LLC, doing business as Verbita Global, is the claims and noticing agent. PNC Bank, N.A., as administrative agent for pre-petition term loan lenders, is represented by Regina Stango Kelbon, Esq., Stanley B. Tarr, Esq., and Lawrence R. Thomas III, Esq., at Blank Rome LLP, in Wilmington, Delaware; and Randall Klein, Esq., Zachary J. Garrett, Esq., and Eva D. Gadzheva, Esq., at Goldberg Kohn Ltd., in Chicago, Illinois. Second Avenue Capital Partners, LLC, as DIP agent, is represented by Daniel J. DeFranceschi, Esq., and John H. Knight, Esq., at Richards, Layton & Finger, P.A., in Wilmington, Delaware; and John F. Ventola, Esq., Jonathan D. Marshall, Esq., and Lucas B. Barrett, Esq., at Choate, Hall & Stewart, LLP, in Boston, Massachusetts. ANDERSON PHYSICAL: Seeks to Tap Calaiaro Valencik as Legal Counsel ------------------------------------------------------------------ Anderson Physical Therapy ETC, PC seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Calaiaro Valencik as counsel. The firm's services include: (a) prepare the bankruptcy petition and attendance at the Initial Debtor Interview and 341 Meeting of Creditors; (b) represent the Debtor in relation to negotiating an agreement on cash collateral; (c) represent the Debtor in relation to acceptance or rejection of executory contracts; (d) advise the Debtor with regard to its rights and obligations during the Chapter 11 case; (e) represent the Debtor in relation to any motions to convert or dismiss this Chapter 11; (f) represent the Debtor in relation to any motions for relief from stay filed by any creditors; (g) prepare the Chapter 11 Plan and Disclosure Statement, or equivalents; (h) prepare any objection to claims in the Chapter 11; and (i) otherwise, represent the Debtor in general. The firm's counsel and staff will be paid at these hourly rates: Donald Calaiaro, Partner $475 David Valencik, Partner $395 Andrew Pratt, Partner $335 Daniel White, Partner $350 Paralegals $125 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $9,238, including filing fee, from the Debtor. Mr. Calaiaro 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: David Z. Valencik, Esq. Calaiaro Valencik 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 Email: dvalencik@c-vlaw.com About Anderson Physical Therapy ETC Anderson Physical Therapy ETC, PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-10654) on November 20, 2025. In its petition, the Debtor reported up to $500,000 in both assets and liabilities. The Debtor is represented by David Z. Valencik, Esq., at Calaiaro Valencik. ANGELA HOLDINGS: Seeks to Hire Hurley Law as Bankruptcy Counsel --------------------------------------------------------------- Angela Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio to employ Hurley Law, LLC as counsel. The firm will render these services: (a) advise the Debtor with respect to its rights, powers and duties in this case; (b) advise and assist the Debtor in the preparation of its petition, schedules, and statement of financial affairs; (c) assist and advise the Debtor in connection with the administration of this case; (d) analyze the claims of the creditors in this case, and negotiate with such creditors; (e) investigate the acts, conduct, assets, rights, liabilities and financial condition of the Debtor and its business; (f) advise and negotiate with respect to the sale of any or all assets of the Debtor; (g) investigate, file and prosecute litigation of behalf of the Debtor; (h) propose a plan of reorganization; (i) appear and represent the Debtor at hearings, conferences, and other proceedings; (j) prepare and/or review motions, applications, orders, and other filings filed with the Court; (k) institute or continue any appropriate proceedings to recover assets of the estate; and (l) perform any and all such other legal services as may be required that are in the best interest of the estate or its creditors. The firm's professionals will be paid at these hourly rates: Christopher Atkins, Attorney $400 James Langendorf, Attorney $395 Dustin Hurley, Attorney $375 Robert Dumes, Attorney $300 Jessica Francis, Attorney $295 Stephen Hurlburt, Attorney $225 Law Clerks $175 Paralegals $175 Legal Assistants $75 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $22,000 from the Debtor. Mr. Hurley 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: Dustin Hurley, Esq. Hurley Law, LLC 301 N. Breiel Blvd. Middletown, OH 45042 Telephone: (513) 705-9000 Facsimile: (513) 705-9001 Email: hurley@hurley.law About Angela Holdings LLC Angela Holdings LLC owns 19 fee-simple residential properties across Ohio and Florida, including single-family homes, small multi-family residences, and a condominium in Cape Canaveral, FL, with a total tax value of about $2.6 million. The Company leases these properties as its primary business activity. Angela Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32459) on December 8, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $1 million to $10 million. Honorable Bankruptcy Judge Tyson A. Crist handles the case. The Debtor is represented by Dustin R. Hurley, Esq. of Hurley Law, LLC. ANNALEE DOLLS: Seeks Approval to Hire a Marketing Agent ------------------------------------------------------- Annalee Dolls, LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to hire a marketing agent. The Debtor wishes to employ one of ROI Advisors, Inc., St. Jean Auctioneers, Devon Moison Auctions or John McInnis (the proposed marketing agents), all of whom are qualified, experienced and well-known auctioneers, for the purpose of marketing the purchased assets. The firm's services include: a. preparing in consultation with Debtor a mailing list based primarily on the mailing list created by Marketing Agent when Marketing Agent last marketed Debtor and/or its assets for Debtor reduced to those persons and entities that Marketing Agent believes in good faith might still be interested in purchasing the Purchased Assets at an Auction conducted pursuant to the Sale Process and Terms approved by the Bankruptcy Court. If and to the extent that Marketing Agent is aware of any other persons or entities with a serious interest in buying the Purchased Assets, Marketing Agent shall add them to the Marketing List; b. advising Debtor with respect to the content of the Tombstone Advertisement giving public notice of the Sale and the letters to be sent to potential bidders based on the Marketing List; c. identifying three (3) trade or other publications that Marketing Agents believes in good faith would provide the Sale and potential Auction with reasonable exposure to whatever market exists or may exist for the Purchased Assets; and d. providing Debtor with up to 10 hours of virtual consultation regarding bids and offers received for the Purchased Assets, if any, and responses thereto, including the bidder's business reputation and ability to complete a purchase if known to Marketing Agent, whether a bidder and bid is a Qualified Bidder and Qualified Overbid and which Qualified Overbid ultimately constitutes the highest and best offer. The agent will be paid a fixed fee of $7,500. The Debtor assures the court that the any of agents does not represent any interest materially adverse to the estate of Debtor. The agents can be reached through: ROI Advisors, Inc. St. Jean Auctioneers Devon Moison Auctions John McInnis About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon, PLLC. APEX AMBULATORY: Seeks Chapter 7 Bankruptcy in Arizona ------------------------------------------------------ On December 4, 2025, Apex Ambulatory Surgery Center, LLC filed for Chapter 7 protection in the District of Arizona bankruptcy court. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Apex Ambulatory Surgery Center Apex Ambulatory Surgery Center, LLC operates an outpatient surgical care facility. Apex Ambulatory Surgery Center, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11736) on December 4, 2025. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Daniel P. Collins handles the case. The Debtor is represented by James R. Gaudiosi, Esq. of Jim Gaudiosi, Attorney at Law. APPLE TREE: Initiates Voluntary Ch. 11 to Restructure Operations ---------------------------------------------------------------- Apple Tree Partners, a leading life sciences venture capital firm, has announced that on December 9, 2025, certain ATP affiliates filed voluntary petitions for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware in order to implement a restructuring plan to ensure its portfolio companies have the funding and resources required to continue their critical missions to research and develop novel breakthrough treatments for cancer, neurological disorders, infectious diseases, and other serious diseases. Since its inception more than 25 years ago, ATP has delivered an industry-leading DPI of 1x on $2.5 billion. The firm's debut fund, ATP I, stands as the second-highest returning fund globally for its vintage (1999). Its most recent fund, ATP Life Science Ventures, has best-in-class performance over 12 years with a net TVPI of 2.7x and a net DPI of 1.0x. ATP and its affiliates will continue to operate during the reorganization. "We undertake this restructuring to serve the best interests of our limited partners, our portfolio companies, their employees and founders, the health care professionals and institutions who partner with us in researching and developing new medical treatments, and ultimately, the patients who stand to benefit from everyone's invention, dedication, risk, and effort," said Seth Harrison, M.D., founder and Managing Partner, ATP. "We have no doubt that the fundamentals underpinning our investments are strong, and that our portfolio companies have shown and continue to show great promise to deliver significant returns on investment and meaningful new treatments and cures." ATP has retained B. Riley as financial and restructuring advisor to the firm, with Perry Mandarino, Senior Managing Director of B. Riley, as Chief Restructuring Officer. Quinn Emanuel Urquhart & Sullivan, LLP and Potter, Anderson & Corroon LLP have been appointed general bankruptcy co-counsels. About Apple Tree Partners Apple Tree Partners (ATP) is a leader in life sciences venture capital. ATP creates companies starting at various stages, from pre-IP ideas to asset spinouts, investing in them from seed stage through IPO and beyond. The core of ATP's strategy is providing flexible capital and access to a world-class team of venture partners and EIRs, to build sustainable, research-driven enterprises that deliver therapeutics to improve human lives. For more information, visit www.appletreepartners.com. ARBOR REALTY: Moody's Rates New $400MM Sr. Unsecured Notes 'Ba3' ---------------------------------------------------------------- Moody's Ratings has assigned a Ba3 backed senior unsecured debt rating to Arbor Realty Sr, Inc.'s proposed $400 million senior unsecured notes due 2028. The primary use of net proceeds from the offering will be to refinance the company's existing $95 million and $175 million senior unsecured notes due in March 2026 and April 2026, respectively. Remaining proceeds will be used to partially pay down the company's secured repurchase facilities. Arbor Realty Sr, Inc. is a subsidiary of Arbor Realty Trust, Inc. (Arbor). Arbor will be a guarantor of the proposed notes. The rating action does not affect Arbor's Ba2 corporate family rating (CFR). The outlook for both entities is stable. RATINGS RATIONALE The Ba3 rating assigned to Arbor Realty Sr, Inc.'s proposed senior unsecured notes reflect their position in the company's capital hierarchy. Moody's views the proposed transaction as credit positive. Although overall corporate leverage will remain at current levels, the transaction addresses certain of the company's upcoming 2026 debt maturities. There remains $270 million of senior unsecured notes due in September 2026, which Moody's expects the company will successfully refinance. Additionally, the proposed transaction modestly increases the proportion of unsecured debt in the company's capital structure. Arbor's Ba2 CFR reflects the company's solid competitive position in the multifamily finance sector, characterized by revenue diversity and a solid asset quality record supported by its granular loan portfolio. Arbor's CFR is constrained by its concentration in multifamily lending, reliance on secured funding, sizeable debt maturity concentrations and unfunded commitments, and limitations inherent in the real estate investment trust (REIT) business model, including the ability to build and retain capital. The stable outlook reflects Moody's expectations that Arbor's asset quality and capitalization will remain stable over the next 12-18 months, and that the company will successfully refinance its upcoming debt maturities. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Moody's could upgrade Arbor's ratings if the company: 1) further diversifies its funding sources to include additional senior unsecured debt and lowers reliance on market-sensitive repurchase facilities; 2) maintains strong, stable profitability and low credit losses; and 3) improves its capitalization on a sustained basis. Arbor's ratings could be downgraded if the company: 1) experiences a significant deterioration in asset quality or an increase in risk appetite; 2) lowers its tangible common equity/tangible managed assets (TCE/TMA) below 16%; 3) reduces its liquidity resources or has trouble refinancing upcoming debt maturities on economically viable terms; 4) suffers a material decline in profitability; or 5) increases its reliance on secured debt. The principal methodology used in this rating was Finance Companies published in July 2024. ARM VENTURES: Files Emergency Bid to Use Cash Collateral -------------------------------------------------------- Arm Ventures, LLC asks the U.S. Bankruptcy Court for the Southern District of Florida, Miami, for authority to use cash collateral and provide adequate protection. The Debtor argues that immediate access to cash collateral is essential to maintain operations, preserve the value of its commercial property, and avoid irreparable harm to the estate, emphasizing that without such relief it cannot meet ongoing obligations or procure necessary goods and services. The Debtor certifies that it made extensive, good-faith efforts to confer with the lender's counsel from November 13 through December 3, during which the parties discussed a consolidated operational budget and potential adequate protection terms. The Debtor explains that cash collateral had not been used historically because tenants directly paid building expenses, and it disputes the lender's asserted lien on rents, noting that no recorded assignment of rents exists. Arm Ventures owns a fully occupied commercial building at 753–755 West 41st Street in Miami Beach valued at $2,350,000, with three tenants producing annual gross rent of approximately $401,052 under long-term NNN leases. The primary secured creditor, Precedent Acquisitions LLC, claims a debt of $1,548,684. As adequate protection for any use of cash collateral, the Debtor offers replacement liens on post-petition property of the same type as the lender's alleged collateral, the benefit of an $800,000 equity cushion representing roughly 51% of the property's value, continued insurance payments, and monthly payments at the note rate—payments the Debtor states it has consistently made to City National Bank for taxes and related property expenses. The Debtor's use of cash collateral in accordance with a detailed operating budget, permitting up to a 10% variance, and scheduling a final hearing. The budget projects stable rental income and outlines all operating expenses, including taxes, insurance, utilities, janitorial costs, professional fees, maintenance, and security. A copy of the motion is available at https://urlcurt.com/u?l=MzfxXy from PacerMonitor.com. About Arm Ventures LLC Arm Ventures LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-22944-LMI) on October 31, 2025. The Debtor previously filed a Chapter 11 petition (Bankr. S.D. Fla. Case No. 16-23633) on October 4, 2016. This bankruptcy case was closed on May 15, 2017. At the time of the recent filing, Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Laurel M. Isicoff (LMI) oversees the case. Joel M. Aresty, P.A. is Debtor's legal counsel. ASCEND PERFORMANCE: Plan Approval Paves Way for Year-End Exit ------------------------------------------------------------- Ascend Performance Materials, a leading producer of high-performance and durable engineered materials for everyday essentials and new technologies, announced today the United States Bankruptcy Court for the Southern District of Texas has confirmed the Company's Plan of Reorganization. This milestone clears the path for Ascend to successfully emerge from Chapter 11 in the coming weeks with significantly less debt and a stronger capital structure for future growth. "We are excited to have reached this milestone," said Phil McDivitt, President and Chief Executive Officer of Ascend. "Since beginning this process, our people have worked hard to strengthen the business and ensure that Ascend is well positioned to accelerate profitable growth while maintaining its commitments to safety, quality, and performance. I am grateful to our talented employees for their efforts, our customers and vendors for their partnership, and our lenders who supported the Plan. We look forward to completing this process very soon and advancing our leadership in high-performance materials." The Company will complete its financial restructuring and emerge from Chapter 11 after the transactions contemplated by the Plan have been finalized, which is expected to occur by year's end. The Company is operating as usual as it takes these final steps towards emergence and continues to manufacture and produce high-performance materials that improve the quality of life today and inspire a better tomorrow. About Ascend Performance Materials Holdings The Debtors, together with their non-Debtor affiliates, are one of the largest, fully-integrated producers of nylon, a plastic that is used in everyday essentials, like apparel, carpets, and tires, as well as new technologies, like electric vehicles and solar energy systems. Ascend's business primarily revolves around the production and sale of nylon 6,6 (PA66), along with the chemical intermediates and downstream products derived from it. Common applications of PA66 include heating and cooling systems, air bags, batteries, and athletic apparel. Headquartered in Houston, Texas, Ascend has a global workforce of approximately 2,200 employees and operates eleven manufacturing facilities that span the United States, Mexico, Europe, and Asia. Ascend Performance Materials Holdings Inc. and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90127) on April 21, 2025. In the petitions signed by Robert Del Genio, chief restructuring officer, the Debtors disclosed $1 billion to $10 billion in both estimated assets and liabilities. Judge Christopher M. Lopez oversees the cases. The Debtors tapped Bracewell LLP and Kirkland & Ellis LLP as counsel; PJT Partners, Inc. as investment banker; FTI Consulting, Inc. as restructuring advisor; and Deloitte LLP as tax advisor. Epiq Corporate Restructuring LLC is the Debtors' claims, noticing, and solicitation agent. ASPEN SPECIALTY CARE: Seeks Chapter 7 Bankruptcy in Arizona ----------------------------------------------------------- On December 4, 2025, Aspen Specialty Care, LLC filed for Chapter 7 bankruptcy protection in the District of Arizona bankruptcy court. According to the filing, the Debtor reports between $0 and $100,000 in debt owed to 1 to 49 creditors. About Aspen Specialty Care Aspen Specialty Care LLC is a healthcare services provider focused on delivering specialized medical care and outpatient treatment services. The company partners with physicians and medical professionals to support patient care across a range of clinical specialties, including chronic disease management and rehabilitation services. Aspen Specialty Care, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11737) on December 4, 2025. The petition reflects estimated assets and estimated liabilities both in the range of $0 to $100,000. Honorable Bankruptcy Judge Daniel P. Collins presides over the case. The Debtor is represented by James R. Gaudiosi of Jim Gaudiosi, Attorney at Law. ASSOCIATION OF APARTMENT: Case Summary & 20 Unsecured Creditors --------------------------------------------------------------- Debtor: Association of Apartment Owners of Kauai Beach Villas 4330 Kauai Beach Drive Lihue, HI 96766 Business Description: The Association of Apartment Owners of Kauai Beach Villas, a not-for-profit corporation incorporated under Hawaii law on April 15, 2025, manages, maintains, and administers the Kauai Beach Villas condominium resort in Lihue, Kauai, Hawaii. The Association was originally established under a Declaration of Horizontal Property Regime recorded in 1981, with subsequent amendments through 2006, which governs all aspects of the condominium, including 150 one- and two- bedroom apartments across eight three-story buildings, two administrative buildings, a pool, and a pool-use facility, 105 of which are utilized as timeshare. Membership in the Association is held by all apartment owners, who are entitled to voting rights proportional to their ownership interest as defined in the Declaration. Chapter 11 Petition Date: December 5, 2025 Court: United States Bankruptcy Court District of Hawaii Case No.: 25-01103 Judge: Hon. Robert J Faris Debtor's General Bankruptcy Counsel: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Tel: 808-533-1877 Email: cchoi@hibklaw.com Debtor's Claims & Noticing Agent: STRETTO, INC. Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Larry D. Warner 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/AGC2AQI/Association_of_Apartment_Owners__hibke-25-01103__0001.0.pdf?mcid=tGE4TAMA ASSOCIATIONS INC: OHA Senior Marks $356,000 1L Loan at 62% Off -------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $356,000 loan extended to Associations, Inc. to market at $135,000 or 38% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Associations, Inc. The loan accrues interest at a rate of 11.8% per annum. The loan matures on July 3, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Associations, Inc. Headquartered in Des Moines, Iowa, Associations Inc. represents clients in a variety of media platforms across the Midwest and beyond. We bring extensive experience and professionalism to every project and customize our support to each client’s unique needs. ASTER OILFIELD: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Aster Oilfield Services, Inc. 206 22nd Street Bellaire, OH 43906 Business Description: Aster Oilfield Services, Inc. provides oilfield and construction-related services, including site clearing, demolition, excavation, and asbestos abatement, operating primarily in Bellaire, Ohio, and surrounding areas. Chapter 11 Petition Date: December 8, 2025 Court: United States Bankruptcy Court Northern District of West Virginia Case No.: 25-00713 Judge: Hon. David L Bissett Debtor's Counsel: Kelly Gene Kotur, Esq. DAVIS & KOTUR LAW OFFICE CO. LPA 407-A Howard Street Bridgeport, OH 43912 Tel: (740) 635-1217 Fax: (740) 633-9843 Email: kellykotur@davisandkotur.com Total Assets: $135,001 Total Liabilities: $2,648,839 The petition was signed by Michael Winland as sole shareholder. 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/UCTGA4Q/Aster_Oilfield_Services_Inc__wvnbke-25-00713__0001.0.pdf?mcid=tGE4TAMA ASTER OILFIELD: Seeks to Tap Davis & Kotur Law Office as Counsel ---------------------------------------------------------------- Aster Oilfield Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to employ Davis & Kotur Law Office, Co., LPA as counsel. The firm will provide these services: (a) give the Debtor advice with respect to its powers and duties and assist it as needed in the administration of its estate and preparation of a plan of reorganization; (b) prepare on behalf of the Debtor any necessary applications, motions, reports, orders, answers, and other pleadings; (c) represent the Debtor at hearings on various motions, applications and proceedings; (d) investigate and institute any proceedings relating to transactions between the Debtor and its creditors; and (e) perform such other legal services as shall be necessary and appropriate in connection with the Debtor's performance of its duties. Kelly Gene Kotur, Esq., the primary attorney in this representation, will be billed at his hourly rate of $250 and the paralegal rate is $110. The firm received a retainer of $8,500 from the Debtor. Ms. Kotur 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: Kelly Gene Kotur, Esq. Davis & Kotur Law Office, Co., LPA 407-A Howard Street Bridgeport, OH 43912 Telephone: (740) 635-1217 Facsimile: (740) 633-9843 Email: kellykotur@davisandkotur.com About Aster Oilfield Services, Inc. Aster Oilfield Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00713) on December 8, 2025. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by Kelly Kotur, Esq. of Davis & Kotur Law Office Co. LPA. AUTOMOTORES GILDEMEISTER: Early Tender Hits 97.6% in Note Exchange ------------------------------------------------------------------ Automotores Gildemeister SpA announced on December 8, 2025, the early results of the previously announced: (i) offer to all Eligible Holders of the Company's 7.50% Junior Secured Notes due 2027 to exchange any and all of their outstanding Existing Junior Notes for new 7.50% Senior Secured PIK Toggle Notes due 2032 to be issued by AG Chile Holding II SpA, a newly incorporated holding company, and cash, and (ii) offer to all Eligible Holders of the Company's 10.00% Subordinated Notes due 2035 to exchange any and all of their outstanding Existing Subordinated Notes for new 10.00% Subordinated Secured PIK Toggle Notes due 2035 to be issued by the Issuer, and cash. Upon the consummation of the Exchange Offers and the related Consent Solicitations, the Issuer will become the parent of the Company. The New Notes will bear interest at a rate and in the manner set forth in the confidential offering memorandum and consent solicitation statement, dated November 21, 2025 (as supplemented on November 28, 2025, and as it may be further supplemented and amended from time to time, the "Exchange Offering Memorandum") and will have such other terms and provisions as described in the Exchange Offering Memorandum. Concurrently with the Exchange Offers, and on the terms and subject to the conditions set forth in the Exchange Offering Memorandum, the Issuer commenced the solicitation of consents from Eligible Holders of the Existing Notes to adopt certain proposed amendments to the indentures governing the Existing Notes to: (a) eliminate substantially all of the restrictive covenants, certain events of default and related provisions and definitions contained in each of the Existing Notes Indentures and the Existing Notes, (b) with respect to the Existing Junior Notes and the indenture governing the Existing Junior Notes only, release the liens on all of the collateral securing such Existing Junior Notes and eliminate any requirement to provide collateral in the future to secure the Existing Junior Notes and (c) permit the Company, in its sole discretion and at any time upon or following the consummation of the Exchange Offers and the Consent Solicitations, to cause the applicable trustee for the Existing Notes (or any successor trustee appointed under the applicable indenture governing the Existing Notes) to: (i) exchange each beneficial interest in the existing global notes representing any Existing Notes and held via the book-entry facilities of DTC for one or more certificated or uncertificated notes representing such Existing Notes, in registered form, and (ii) maintain a register of such certificated or uncertificated notes in order to register the record ownership of such Existing Notes as well as transfers and exchanges of such Existing Notes. The Issuer's obligation to accept for exchange Existing Notes validly tendered (and not validly withdrawn) pursuant to the Exchange Offers and related Consent Solicitations is subject to the satisfaction or waiver of certain conditions set forth in the Exchange Offering Memorandum, including the condition that Eligible Holders representing at least 98% of the outstanding aggregate principal amount of each series of Existing Notes validly tender (and do not validly withdraw) such Existing Notes on or prior to the Expiration Time. Subject to applicable law, the Issuer reserves the right, in its sole discretion, to increase, decrease or otherwise change the Minimum Tender Amount and/or waive the Minimum Participation Condition. The Issuer may waive certain conditions without extending the Exchange Offers or the Consent Solicitation, subject to applicable law. Interim Results of Exchange Offers: As of 5:00 P.M., New York City time, on December 5, 2025, the Company has received, from Eligible Holders, valid and unwithdrawn tenders and related Consents, as reported by the Exchange Agent (as defined herein), representing $411,903,640 in aggregate principal amount of the Existing Notes, or approximately 97.60% of the aggregate principal amount of Existing Notes outstanding. * 7.50% Junior Secured Notes due 2027 * CUSIP / ISIN (Rule 144A): 05330JAH1 / US05330JAH14 * CUSIP / ISIN (Regulation S): P06006AG8 / USP06006AG89 * Principal Amount Outstanding: $312,565,304 * Principal Amount Tendered at or prior to 5:00 p.m., New York City time, on December 5, 2025: $304,235,616 * Early Exchange Consideration per $1,000 principal amount of Existing Notes: $1,000 in value, consisting of (i) $775 principal amount of New 2032 Notes and (ii) $225 in cash * 10.00% Subordinated Notes due 2035 * CUSIP / ISIN (Rule 144A): 05330JAJ7 / US05330JAJ79 * CUSIP / ISIN (Regulation S): P06006AH6 / USP06006AH62 * Principal Amount Outstanding: $109,478,440 * Principal Amount Tendered at or prior to 5:00 p.m., New York City time, on December 5, 2025: $107,668,024 * Early Exchange Consideration per $1,000 principal amount of Existing Notes: $1,000 in value, consisting of: (i) $970 principal amount of New 2035 Notes and (ii) $30 in cash To the extent there are no additional tenders of Existing Notes following the Early Exchange Time, and all of the Existing Notes validly tendered prior to the Early Exchange Time are accepted for exchange by the Company in accordance with the terms of the applicable Exchange Offer, the aggregate principal amount of New 2032 Notes to be issued following consummation of the Existing Junior Notes Exchange Offer will be approximately $235,782,540 and the aggregate principal amount of New 2035 Notes to be issued following consummation of the Existing Subordinated Notes Exchange Offer will be approximately $104,437,942. In addition, as of the Withdrawal Deadline, the Issuer has received the requisite number of Consents in each of the concurrent Consent Solicitations from Eligible Holders of Existing Notes to adopt the Proposed Amendments with respect to each series of Existing Notes. The Company expects to enter into supplemental indentures with respect to each of the Existing Notes Indentures with the applicable Existing Notes Trustee (as defined in the Exchange Offering Memorandum) and, with respect to the Existing Junior Notes, the Existing Junior Notes Collateral Agent (as defined in the Exchange Offering Memorandum), and the guarantors party thereto to reflect the Proposed Amendments immediately after the Early Exchange Time elapses, but the Proposed Amendments will become operative only upon the Exchange Offers on the Early Settlement Date, as further described in the Exchange Offering Memorandum. AZ 400 HERKIMER: Hires Morrison-Tenenbaum PLLC to as Counsel ------------------------------------------------------------ AZ 400 Herkimer LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Morrison-Tenenbaum PLLC to serve as counsel. MT Law will provide these services: (a) advising the Debtor with respect to its powers and duties as Debtor-in-possession in the management of its estate; (b) assisting in any amendments of Schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; (c) negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; (d) preparing on behalf of the Debtor all necessary motions, applications, answers, proposed orders, reports and other papers to be filed by the Debtor in this case; (e) appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and the estate; and (f) performing all other legal services for the Debtor that may be necessary and proper for an effective reorganization. MT Law will receive these hourly rates: Partners $695 Associates $495 Paraprofessionals $350 The firm received a retainer in the amount of $40,000. MT Law is a "disinterested party" within the meaning of Secs. 101(14) and 327 of the Bankruptcy Code, according to court filings. The firm can be reached at: Lawrence F. Morrison, Esq. Brian J. Hufnagel, Esq. MORRISON TENENBAUM PLLC 87 Walker Street, Floor 2 New York, NY 10013 Phone: (212) 620-0938 E-mail: lmorrison@m-t-law.com About AZ 400 Herkimer LLC AZ 400 Herkimer LLC is a limited liability company. AZ 400 Herkimer LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44916) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Lawrence Morrison, Esq. AZURE BUILDERS: Seeks Subchapter V Bankruptcy in Florida -------------------------------------------------------- On December 6, 2025, Azure Builders Inc. filed for Chapter 11 protection in the Middle District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Azure Builders Inc. Azure Builders Inc. provides residential and commercial construction services in Sarasota County, Florida, offering custom home building, commercial construction and renovation, project management, design-and-build solutions, property development, and renovation services. Founded in 2000, the Company has expanded from a small team into a full-service construction firm serving homeowners, businesses, and developers in the region. Azure Builders Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-02434) on December 6, 2025. In its petition, the Debtor reports estimated assets in the range of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Luis Ernesto Rivera II handles the case. The Debtor is represented by Michael R. Dal Lago. BANCO MASTER: Chapter 15 Case Summary ------------------------------------- Chapter 15 Debtors: Banco Master, S.A. Centro Empresarial Rio - Praia de Botafogo, 228 - 1702 CEP: 22250-040 Rio de Janeiro-RJ, Brazil Banco Letsbank, S.A., Rua Elvira Ferraz, 440, 3 ao 13 andar, CEP: 04551-010 Sao Paulo, SP, Brazil Banco Master de Investimentos, S.A. Avenida Brigadeiro Faria Lima, 3477 Torre A 11 andar CEP: 04538-133, Sao Paulo, SP, Brazil Master S/A Corretora De Cambio, Titulos e Valores Mobiliarios Centro Empresarial Rio - Praia de Botafogo, 228 - 1702 CEP: 22250-040 Rio de Janeiro, RJ, Brazil Business Description: Banco Master, S.A., formerly known as Banco Maxima, is a financial institution that provides corporate credit, foreign exchange, and treasury services, and later expanded into real estate credit as well as fund and wealth management activities. The bank began operations in 1974 and broadened its business lines in the mid-1990s as part of its growth strategy within the financial services sector. Chapter 15 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-24568 Judge: Hon. Scott M Grossman Foreign Representative: EFB Regimes Especiais de Empresas, Ltda. 23 Largo da Misericordia Sao Paulo CEP.01012-020 Brazil Foreign Proceeding: Central Bank of Brazil Presidential Act Numbers 1.369, 1.371, 1.372, and 1.373 Foreign Representative's Counsel: Fernando J. Menendez, Esq. SEQUOR LAW, P.A. 1111 Brickell Ave, Suite 1250 Miami FL 33131 Tel: (305) 372-8282 Email: fmenendez@sequorlaw.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WMVTUQY/Banco_Master_SA_Banco_Letsbank__flsbke-25-24568__0001.0.pdf?mcid=tGE4TAMA BARTRAM LOGISTIC S: Seeks DIP Loan From Winsupply ------------------------------------------------- Bartram Logistics, LLC asks the U.S. Bankruptcy Court for the Middle District of Tennessee for authority to obtain post-petition financing. The proposed financing arrangement is structured through a Promissory Note with Winsupply HESCO Acq Co., a major electrical supplier that holds potential mechanics' lien rights on numerous Bartram projects. HESCO is owed a pre-petition balance of $979,208 and has agreed to issue lien waivers on various projects, which will unlock substantial customer payments currently being withheld due to outstanding lien claims. These released funds will serve as the functional proceeds of the financing. In exchange, the Note provides HESCO with a super-priority administrative expense claim and sets a 7% interest rate, with repayment beginning February 15, 2026, through 13 equal monthly installments and a final balloon payment on March 15, 2027. The Note triggers default upon nonpayment, business suspension, case conversion, new liens, restructuring transactions, or transfer of ownership. Bartram waives avoidance claims and offsets against HESCO relating to pre-petition payments. Bartram, an 80-employee electrical subcontractor with nearly 50 active construction projects, continues to experience delayed payments from general contractors, often due to unresolved vendor lien issues -- delays that threaten payroll and operations despite prior cash-collateral authorization by the court. After conducting a market search, Bartram determined that the HESCO financing -- effectively a restructuring of existing debt combined with lien waivers -- offered the most viable means of stabilizing cash flow without incurring new indebtedness. The Debtor asserts that the financing will preserve operations, maintain workforce stability, improve vendor and customer confidence, and maximize estate value. A copy of the motion is available at https://urlcurt.com/u?l=POOR9e from PacerMonitor.com. About Bartram Logistics LLC Bartram Logistics, LLC, doing business as Bartram Electric, operates as an electrical subcontractor providing installation and related services for construction projects in the Southeastern United States. The company focuses on multifamily, hotel, and restaurant developments and undertakes electrical scopes of work under general contractors. It has completed more than 70 projects in the region and continues to work on dozens of active and contracted assignments. Bartram Logistics sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03788) on September 9, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Randal S. Mashburn handles the case. The Debtor is represented by Erin Malone-Smolla, Esq., at Bradley Arant Boult Cummings, LLP. BAUSCH HEALTH: Early Tenders Exceed $2.6B for New 2032 Notes ------------------------------------------------------------ Bausch Health Companies Inc. announced on December 8, 2025, the results to date of its previously announced offers to exchange the Company's outstanding 4.875% Senior Secured Notes due 2028 and 11.00% Senior Secured Notes due 2028 for up to $1.6 billion aggregate principal amount of new 10.00% Senior Secured Notes due 2032 to be issued by the Company's indirect wholly-owned subsidiary 1261229 B.C. Ltd., in each case, pursuant to the terms described in a confidential exchange offer memorandum dated November 24, 2025. All terms and conditions of the Offers remain unchanged as set forth in the Exchange Offer Memorandum. As reported by D.F. King & Co., Inc., the exchange agent and information agent for the Offers, as of 5:00 p.m., New York City time, on December 8, 2025, an aggregate principal amount of $2,690,016,000 of Existing Senior Secured Notes had been validly tendered (and not validly withdrawn) in the Offers. A. BHC 11.00% Senior Secured Notes due 2028 -- CUSIP (Rule 144A / Reg S): 071734AQ0 / C07885AL7 -- Principal Amount Outstanding: $1,774,067,000 -- Principal Amount Tendered: $1,519,477,000 B. BHC 4.875% Senior Secured Notes due 2028 -- CUSIP (Rule 144A / Reg S): 071734AN7 / C07885AJ2 -- Principal Amount Outstanding: $1,600,000,000 -- Principal Amount Tendered: $1,170,539,000 Based on the aggregate principal amount of the Existing Senior Secured Notes validly tendered (and not validly withdrawn) in the Offers as of the Early Tender Time and subject to the terms and conditions set forth in the Exchange Offer Memorandum, including the Maximum Notes Amount and Target Ratio (each as defined in the Exchange Offer Memorandum) and proration, we would expect approximately $1,600 million of New Notes to be issued in the Offers. Withdrawal rights for the Offers expired as of 5:00 p.m., New York City time, on December 8, 2025. Because the Withdrawal Deadline is not being extended, holders may not withdraw previously tendered Existing Senior Secured Notes, and any tenders after the Withdrawal Deadline may not be withdrawn except as may be required by law. Each Offer will expire at 5:00 p.m., New York City time, on December 23, 2025, or any other date and time to which the Offerors extend such offer in their discretion subject to the terms of a transaction support agreement, dated November 24, 2025. Since the aggregate principal amount of Existing Senior Secured Notes tendered before the Early Tender Time would otherwise result in issuance of New Notes in an aggregate principal amount that exceeds the Maximum Notes Amount, any Existing Senior Secured Notes tendered after the Early Tender Time but prior to the Expiration Time will not be accepted for purchase in the Offers. Subject to all conditions of the Offers having been either satisfied or waived by the Offerors, the settlement date is expected to be within three business days following the Expiration Time or as promptly as practicable thereafter. The Offers of the New Notes are only made to eligible holders of Existing Senior Secured Notes who are either: (a) persons who are reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) that are also "qualified purchasers" (as defined in Section 2(a)(51) of the Investment Company Act of 1940, as amended) and to whom the New Notes are offered in the United States in a transaction not involving a public offering, pursuant to Section 4(a)(2) of the Securities Act, or (b) persons other than "U.S. persons" (as defined in Regulation S under the Securities Act) who agree to purchase the New Notes outside of the United States, and who are otherwise in compliance with the requirements of Regulation S under the Securities Act and to whom the New Notes are offered outside of the United States pursuant to Regulation S under the Securities Act; provided that, in each case, if such holder is resident in Canada, such holder is required to complete, sign and submit to the exchange agent a Canadian holder form, which may be obtained from the information agent. The holders of Existing Senior Secured Notes who have certified to the Offerors that they are eligible to participate in the Offers pursuant to at least one of the foregoing conditions are referred to as "Eligible Holders." Eligible Holders may go to www.dfking.com/bhc to confirm their eligibility. The Offers are subject to the terms and conditions specified in the Exchange Offer Memorandum. Eligible Holders of the Existing Senior Secured Notes are encouraged to read these documents, as they contain important information regarding the Offers. Requests for the Exchange Offer Memorandum and other documents relating to the Offers may be directed to D.F. King & Co., Inc., the exchange agent and information agent for the Offers, at (646) 989-1598 (for banks and brokers only) or (866) 340-7108 (toll-free) (for all others) or bhc@dfking.com. None of the Offerors, any of their respective subsidiaries or affiliates, or any of their respective officers, boards of directors or directors, the exchange agent and information agent or any trustee is making any recommendation as to whether Eligible Holders should tender any Existing Senior Secured Notes in response to the Offers and no one has been authorized by any of them to make such a recommendation. Eligible Holders must make their own decision as to whether to tender their Existing Senior Secured Notes, and, if so, the principal amount of Existing Senior Secured Notes as to which action is to be taken. The Offers are not being made to Eligible Holders of Existing Senior Secured Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction. In any jurisdiction in which the Offers are required to be made by a licensed broker or dealer, the Offers will be deemed to be made on behalf of the Offerors by one or more registered brokers or dealers that are licensed under the laws of such jurisdiction. About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of September 30, 2025, the Company had $26.82 billion in total assets, $26.47 billion in total liabilities, and $356 million in total equity. The Company had an accumulated deficit of $9.56 billion as of September 30, 2025. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. BERRY CAPITAL: Seeks to Hire Ayers & Haidt P.A. as Legal Counsel ---------------------------------------------------------------- Berry Capital Management LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to hire Ayers & Haidt, P.A. to serve as legal counsel in its Chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm will be paid a retainer in the amount of $15,000. David J. Haidt, Esq., a partner at Ayers & Haidt, PA, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: David J. Haidt, Esq. AYERS & HAIDT, PA P.O. Box 1544 307 Metcalf Street New Bern, NC 28563 Tel: (252) 638-2955 Email: davidhaidt@embarqmail.com About Berry Capital Management LLC Berry Capital Management LLC, based in Brevard, North Carolina, is an agricultural investment company providing capital for a 400-acre organic blueberry farm. Its affiliated entity, Berry Capital Management II, LLC, supports the same investment projects. Berry Capital Management LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04002) on October 10, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Joseph N. Callaway handles the case. The Debtor is represented by David J. Haidt, Esq. of AYERS & HAIDT, PA. BLACKSTONE CLAIM: Hires Smeberg Law Firm as Bankruptcy Counsel -------------------------------------------------------------- Blackstone Claim Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Smeberg Law Firm, PLLC as counsel. The firm will give the Debtors legal advice with respect to the Case, the Debtor's powers and duties as Debtor-in-Possession and management of the Debtor's property, and to perform all legal services for the Debtor-in-Possession that may be necessary. The firm will be paid at these rates: Ronald J. Smeberg $450 per hour Associate Attorneys $300 per hour Legal Assistants/Paralegals $175 per hour Non partner attorneys $375 per hour Accounting Professionals $250 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ronald J. Smeberg, Esq., a partner at Smeberg Law Firm, PLLC, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Ronald J. Smeberg The Smeberg Law Firm, PLLC 4 Imperial Oaks San Antonio, TX 78248 Tel: (210) 695-6684 Fax: (210) 598-7357 Email: ron@smeberg.com About Blackstone Claim Services, Inc. Blackstone Claim Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52804) on November 19, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Ronald J Smeberg, Esq. at Smeberg Law Firm, PLLC serves as the Debtor's counsel. BLACKSTONE CLAIM: Seeks to Hire KFORD Group as Accountant --------------------------------------------------------- Blackstone Claim Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The KFORD Group as accountants. The firm will render these services: a. file the amended tax returns; b. provide tax and financial reporting support; c. assist with monthly operating reports; and d. provide accounting services necessary for plan formulation and confirmation. KFORD will be employed at its ordinary hourly rates, with reimbursement of reasonable expenses. As disclosed in the court filings, The KFORD Group is a "disinterested person" under Sec. 101(14). The firm can be reached through: Jennifer Edwards, CPA The KFORD Group, 8620 N. New Braunfels, Suite 300 San Antonio, TX 78217 Tel: (210) 340-8351 Fax: (210) 340-8359 Email: jedwards@thekfordgroup.com About Blackstone Claim Services, Inc. Blackstone Claim Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52804) on November 19, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Ronald J Smeberg, Esq. at Smeberg Law Firm, PLLC serves as the Debtor's counsel. BOKQUA LLC: Hires r2 advisors as Chief Restructuring Officer ------------------------------------------------------------ Bokqua LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire r2 advisors, llc as chief restructuring officer. The firm will render these services: a. oversight and financial authority for the financial management of the Debtor, including general accounting, financial reporting and cash management, and final authority, custody, and accounting for all cash and other assets; b. maintain bank accounts as needed and requested by the Debtor and by Genesis; c. assist the Debtor in its dealings with its lenders and other creditors; d. maintain final authority to negotiate and enter into contracts, agreements, pleadings, or other documents deemed advisable in connection with the Debtor's operations; e. maintain final authority to pay the Debtor's expenses as appropriate, including any payroll, insurance, and asset maintenance; f. final authority to formulate a strategic plan, including, but not limited, developing; a sale process to maximize the value of the portfolio; g. review all financial information, specifically including all monthly operating reports as required by the Debtor and any lenders; h. retain professionals including accountants, attorneys, and other experts and professionals deemed advisable; i. final authority to bring suit or defend any suit on behalf of the Debtor; j. final authority to conserve, manage, sell, operate, lease, or otherwise dispose of any of the property owned by or under control of the Debtor deemed appropriate for such price and upon such terms and conditions deemed appropriate and to execute such deeds, bills of sale, assignments and other instruments in connection therewith; and k. perform such other duties as requested by the Debtor of the Lender or that are consistent with the other duties expressly identified in the Engagement Letter. The firm will be paid at these rates: Boris Klein, Manager $700 per hour Other Staff $150 to $500 per hour As disclosed in the court filings, r2 is a "disinterested person" as defined under section 101(14) of the Bankruptcy Code. The firm can be reached through: Boris Klein r2 advisors, llc 90 Madison St #500 Denver, CO 80206 Phone: (303) 865-8460 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 LLC 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 reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BOKQUA LLC: Seeks to Hire Cormican Law PLLC as Special Counsel -------------------------------------------------------------- Bokqua LLC seeks approval from the U.S. Bankruptcy Court for the District of Colorado to hire Cormican Law PLLC as special counsel. The firm will advise the Debtor regarding compliance with Texas law governing public adjusters, employment law, corporate governance, and litigation management, and to provide transactional drafting. The firm's current hourly billing rates are: Stacey Cormican $250 Legal Assistants/Paralegals $175 Stacey Cormican and Cormican Law PLLC are "disinterested persons" as that term is defined by 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: Stacey Cormican, Esq. Cormican Law PLLC 27502 Boerne Cave Boerne, TX 78006 Tel: (210) 610-1483 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 LLC 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 reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Michael E. Romero handles the case. The Debtor is represented by Jeffrey S. Brinen, Esq. at KUTNER BRINEN DICKEY RILEY. BRADYIFS HOLDINGS: OHA Senior Marks $393,000 1L Loan at 67% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $393,000 loan extended to Bradyifs Holdings, LLC to market at $129,000 or 33% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Bradyifs Holdings, LLC. The loan accrues interest at a rate of 9.31% per annum. The loan matures on October 31, 2029. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Bradyifs Holdings, LLC Bradyifs Holdings LLC, along with Envoy Solutions, rebranded as BradyPLUS Holdings LLC in early 2024 after their merger in late 2023. The company is a leading private distributor of janitorial, sanitation (JanSan), foodservice disposables, and industrial packaging products across North America. BROADBAND INFRASTRUCTURE: Seeks Cash Collateral Access ------------------------------------------------------ Broadband Infrastructure, Inc asks the U.S. Bankruptcy Court for the District of South Carolina for authority to use cash collateral. The Debtor intends to use cash collateral derived from its accounts receivable and business operations to fund operating expenses and continue operations while pursuing reorganization and potential asset sales. The cash collateral budget projects revenues from both ISP and OSP sales, estimating net revenues ranging from approximately $510,000 to $750,000 monthly over the forecast period. Projected costs of revenue, including labor, materials, fuel, subcontracting, and travel, are estimated at $355,000 to $522,000 per month, leaving a gross profit margin of roughly 30%. General and administrative expenses, including salaries, rent, insurance, and professional fees, are projected at $76,000 to $124,000 per month, resulting in net income ranging from approximately $37,000 to $129,000 monthly. Broadband Infrastructure provides services including structured cabling, fiber infrastructure, AV solutions, security, and wireless infrastructure. It has multiple secured loans from lenders such as the U.S. Small Business Administration, Coastal Carolina National Bank, Parsonex Special Solutions Fund, Courtyard Holdings, Doug2, Inc., and Alpha Equity Fund, LLC. Each of these loans is secured by nearly all of the Debtor's tangible and intangible assets, including accounts receivable, equipment, inventory, and general intangibles. The Debtor has no real estate holdings. A court hearing is scheduled for January 7, 2026. A copy of the motion is available at https://urlcurt.com/u?l=9XXABB from PacerMonitor.com. About Broadband Infrastructure Inc. Broadband Infrastructure, Inc. provides turnkey telecommunications infrastructure solutions for inside and outside plant projects across the eastern United States, offering services including fiber optic splicing and terminations, structured cabling, security and access control, 5G, DAS and Small Cell, long-haul, and overbuild fiber construction. It serves industrial, commercial, education, government, and healthcare markets, working alongside general and electrical contractors to deliver integrated network solutions. Managed by industry veterans with over 100 years of combined experience, Broadband Infrastructure designs, builds, and activates networks that connect end users through service providers. Broadband Infrastructure sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 25-04610) on November 21, 2025, listing up to $10 million in both assets and liabilities. Braddock Cunningham, president of Broadband Infrastructure, signed the petition. Judge Helen E. Burris oversees the case. Robert Pohl, Esq., at Pohl Bankruptcy, LLC, represents the Debtor as legal counsel. BROADWAY REALTY: Seeks to Extend Plan Exclusivity to March 15, 2026 ------------------------------------------------------------------- Broadway Realty I Co., LLC and its debtor affiliates asked the U.S. Bankruptcy Court for the Southern District of New York to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 15, 2026 and May 18, 2026, respectively. The Debtors explain that they have made good use of their First Extended Exclusive Periods and continue to make substantial progress towards achieving the objectives of chapter 11. To date, approximately 140 potential bidders have executed non-disclosure agreements in connection with the Marketing Process with multiple parties having accessed the data room and toured the Debtors' properties. The Debtors have received multiple initial indications of interest, and various parties have expressed interest in serving as a stalking horse bidder (any such bidder designated by the Debtors, a "Stalking Horse Bidder"). The Debtors claim that the mere potential that another party could propose an alternative plan would create uncertainty among potential bidders, throw the entire Marketing Process into upheaval, and jeopardize the Debtors' ability to close on any Transactions. The Debtors deserve time to complete the Marketing Process and to seek to confirm the Plan in accordance with the agreed upon, and court-approved timeline. The Debtors state that their Plan hinges on the outcome of the Marketing Process and resulting Transactions. As contemplated under the Final Cash Collateral Order and the Bidding Procedures Order, additional time is necessary to review bids reasonably determined by the Debtors to meet the requirements set forth in the Bidding Procedures Order (the "Qualified Bids"), designate a Stalking Horse Bidder (if deemed appropriate), conduct one or more auctions (if necessary), select one or more of the highest or otherwise best Qualified Bids for a particular asset or assets as the successful bid (a "Successful Bid"), and ultimately close on a Transaction(s). The Debtors assert that the relationship with their stakeholders, including the Mortgage Lender and its professionals, has been transparent, cooperative, and constructive. The Debtors' conduct in these chapter 11 cases demonstrates the Debtors are acting in a prudent and transparent manner and are not seeking these extensions to artificially delay the administration of these chapter 11 cases. The Debtors further assert that allowing the Exclusive Periods in these chapter 11 cases to lapse would be contrary to the purpose of section 1121(a) of the Bankruptcy Code and would jeopardize the progress that the Debtors have already made in these cases and disrupt the sale and refinancing Marketing Process before it is fully underway. Attorneys for the Debtors: Gary T. Holtzer, Esq. Garrett A. Fail, Esq. Matthew P. Goren, Esq. Philip L. DiDonato, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. Flagstar Bank, N.A., as creditor, is represented by: Harvey A. Strickon, Esq. Brett Lawrence, Esq. Justin Rawlins, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com BUMBLE INC: S&P Upgrades ICR to 'B+', Outlook Stable ---------------------------------------------------- S&P Global Ratings raised its issuer credit rating on online dating app Bumble Inc. to 'B+' from 'B'. The stable outlook reflects S&P's expectation that Bumble will increase its leverage to about 3x while generating about $130 million of free operating cash flow (FOCF) over the next 12 months as it implements its payer turnaround strategy. Bumble Inc. has substantially reduced its debt load through the cash settlement of its tax receivable agreement (TRA) liabilities and the voluntary prepayment of its term loan. Pro forma for the TRA liability settlement, the company reduced its S&P Global Ratings-adjusted gross leverage to 2.0x from 3.4x as of Sept. 30, 2025. S&P believes Bumble will continue to generate strong cash flows, despite its revenue declines, and maintain a sufficient leverage cushion relative to our 5.0x downgrade threshold over the next 12 months as it executes its turnaround strategy. The upgrade reflects Bumble's substantial debt reduction. On Nov. 3, 2025, the company announced it had settled its reported TRA liabilities of $419 million for $186 million of cash. This removed a significant debt-like obligation, improved Bumble's cash flow generation, and enhanced its strategic flexibility. The company also paid down $25 million of its outstanding term loan debt over the three months ended Sept. 30, 2025, which reduced its pro forma leverage to 2.0x. S&P said, "We still view Bumble as a sponsor-owned/controlled company; however, its track record of prepaying debt since its IPO in 2021 indicates a financial policy geared toward low leverage. Therefore, although the company has not communicated to a formal leverage target, we expect it will maintain leverage well below 5x while using its cash flow to reinvest in the business and fund share repurchases. Under our base-case forecast, we assume Bumble's leverage increases to about 3.0x in 2026 and 2027 due to substantial EBITDA declines. Nonetheless, we believe the company has capacity to absorb these declines while maintaining leverage within our thresholds for the current rating. The company's revolving credit facility and term loan mature in June 2026 and January 2027, respectively, and we expect it will refinance its capital structure over the near term without adding additional debt. "The recovery in Bumble's top-line trends remains uncertain. We expect the company's operating trends will remain challenged through 2026. We believe Bumble's weak operating performance has stemmed from changes in consumer preferences, branding issues, and delays in product innovation by its prior management team. To offset these challenges, the company's new management has made a strategic decision focused to improve the quality of its customer base and user experience through a refreshed app ecosystem. This new strategy, which involves prioritizing quality, emotional intelligence, and user safety over short-term growth metrics, aims to address payer dissatisfaction. We believe the company has sufficient liquidity to fund these growth initiatives due to its significant workforce reduction program and pause in its marketing spending, which have supported an increase in its EBITDA despite the declines in its top-line revenue." Bumble's new operational strategy has created near-term headwinds to its revenue and payer user metrics, including a 16% year-over-year decline in its total paying users in the third quarter of 2025. S&P said, "While the company's strategy to refresh its app ecosystem could improve its operating performance over the longer term, we believe it entails some execution risk and uncertainty around the timing of its recovery. Therefore, we forecast Bumble's revenue will decline about 10% and 13% in 2025 and 2026, respectively, before returning to growth in 2027. We also forecast the company's EBITDA margins will decline by about 400-600 basis points (bps) in 2026 to 24.6% as it continues investing in its product development, AI features, and more-targeted marketing spend." Bumble participates in the highly competitive online dating industry. S&P believes the company's small size, niche focus, and participation in a competitive market with low barriers to entry limits its ratings upside. Online dating platforms require ongoing investments in marketing and features to drive innovation, engagement, and growth. Bumble competes against more-prominent players in the online dating industry such as Match Group, which owns the highly popular Tinder app. Bumble's EBITDA margins are about 400-500 bps lower than Match Group's because the competitor owns a larger number of popular dating apps and has a larger pool of daily active and paying users. Furthermore, the online dating industry's low barriers to entry and use of AI render it vulnerable to competition from smaller regional competitors. S&P said, "The stable outlook reflects our expectation that Bumble will increase its leverage to about 3x while generating about $130 million of FOCF over the next 12 months as it implements its payer turnaround strategy. "We could lower our rating on Bumble if it increases its S&P Global Ratings-adjusted leverage above 5x and sustains it at that level. This would likely occur if the company's turnaround plans are unsuccessful (leading to continued revenue and EBITDA declines), there is a secular shift in online dating trends, it faces a macroeconomic downturn, or it employs a more-aggressive-than-expected financial policy. "While unlikely over the next 12 months, we could consider raising our rating on Bumble if it generates consistent organic revenue growth while maintaining high profitability such that its leverage remains substantially below 4x, while providing it with a sufficient cushion to weather any revenue and EBITDA volatility stemming from an economic downturn or its growth initiatives. For an upgrade, we would also look for the company to reduce the concentration of its voting power by its sponsor owner, with the expectation that its sponsor would relinquish its control within two to three years." C.C. GRABER: Seeks to Hire Rebekah Parker as Bankruptcy Counsel --------------------------------------------------------------- C.C. Graber Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Rebekah Parker as bankruptcy counsel. The firm will render these services: a. advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code, and Bankruptcy Rules relating to the administration of this case, and the operation of the Debtor's estate as a debtor in possession; b. represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; c. assist in compliance with the requirements of the Office of the United States trustee; d. provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; e. assist the Debtor in the administration of the estate's assets and liabilities; f. prepare necessary applications, answers, motions, orders, reports and/or other legal documents on behalf of the Debtor; g. assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; h. provide advice, as counsel, concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and i. prepare, negotiate, prosecute and attain confirmation of a plan of reorganization. Ms. Parker will bill $465 per hour for her services and bill $145 per hour for paraprofessional time. The counsel received $5,000 as retainer and a $3,500 cost deposit. Ms. Parker is a "disinterested person" as that term is defined by 11 U.S.C. Sec. 101(14). The counsel can be reached through: Rebekah Parker, Esq. Attorney-At-Law 4225-H Oceanside Boulevard #369 Oceanside, CA 92056-3472 Phone: (213) 268-2918 About C.C. Graber Company, Inc. C.C. Graber Company, Inc. produces specialty food products centered on olives and related items, drawing on its long-established operations in Ontario, California, where the Graber family has manufactured fully tree-ripened olives since the late 19th century. C.C. Graber Company, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18678) on December 2, 2025, listing $3,160,472 in assets and $2,884,358 in liabilities. The petition was signed by Kely Graber as authorized agent. Rebekah Parker, Esq. serves as the Debtor's counsel. CANACOL ENERGY: Secures US$45M DIP Financing in CCAA Restructuring ------------------------------------------------------------------ Canacol Energy Ltd. announced on December 9, 2025, that it has entered into an agreement with an ad hoc group of holders of the Company's 5.75% senior unsecured notes due 2028 for debtor-in-possession financing, comprised of a U.S.$45 million delayed-draw new-money term loan with capacity to obtain additional commitments to issue up to U.S.$22 million in letters of credit to renew and/or replace certain existing letters of credit. The DIP Financing will bear customary DIP interest and fees, will mature on June 30, 2026 (with a three-month extension option subject to conditions), and, subject to court approval, will be secured by a court-ordered super-priority charge over all of the Company's and its operating subsidiaries' assets, subject only to a court-ordered super priority administration charge granted in the CCAA proceedings. Proceeds of the DIP Financing will be used to fund ongoing operations and restructuring costs and, with proceeds from the LC Tranche, to facilitate the renewal or replacement of required letters of credit, all in accordance with cash flow forecasts as approved by the DIP Lenders and subject to the other terms and conditions of the DIP Credit Agreement. Initial funding of U.S.$15 million of the Term Loan Tranche will be available subject to customary conditions precedent, including entry of a DIP approval order by the Court of King's Bench of Alberta and recognition of such order by the US Bankruptcy Court in the Company's Chapter 15 proceedings in the United States. Availability of the remaining U.S.$30 million of the Term Loan Tranche is subject to customary conditions precedent, including obtaining a Colombian recognition order and compliance with prescribed milestones. The DIP financing remains subject to court approvals and will support a sale and investment solicitation process to be sought by the Company and related broader restructuring efforts under the CCAA. In connection with the negotiation of the DIP Financing, parties proposing to provide credit support were provided with certain non-public material information regarding the Company and its affairs. The copies of the MNPI and summaries and / or consolidations of certain operating information is now posted on the Monitor's website at https://kpmg.com/ca/canacol, where it is available for review by all persons. Additional information for investors regarding Canacol, including regarding the CCAA proceeding and Chapter 15 proceedings, will be published on the Monitor's website. Investors should monitor the Monitor's website for material updates and other important information regarding Canacol, its business, operations, and results and its insolvency proceedings. As indicated in the Company's press release dated November 18, 2025, regarding its application for creditor protection under the Companies' Creditors Arrangement Act, the Company is currently operating under the protection of the CCAA which provides certain protections from creditors while the Company restructures its affairs. Trading of the Company's shares has been suspended since November 17, 2025 and this suspension will continue until the delisting takes effect. Once the delisting takes effect, there will no longer be a Canadian trading market for the Common Shares. After the delisting shareholders will retain their legal rights and equity interests in the Company. The value, if any, of the Common Shares of the Corporation will be determined after a comprehensive restructuring or sale of the Corporation has been completed. Shareholders should consult the Monitor's website for a Q&A document which sets out some of the questions most frequently asked by shareholders. While the Company's shares continue to be listed in the United States on the OTCID under the ticker CNNEQ and on the Colombian Stock Exchange (BVC) under the ticker CNEC, it is expected that the OTCID will also delist the Company's common shares, and that the Colombian Financial Superintendency will review the issuer's registration in the Colombian National Registry of Securities and Issuers, which could affect their listing on the BVC. A copy of the DIP Credit Agreement is available on the Monitor's website. About Canacol Energy Ltd. Canacol Energy Ltd. is a Canadian natural gas explorer. Canacol Energy Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12576) on November 18, 2025. The Debtor is represented by Steven William Golden, Esq. of Pachulski Stang Ziehl & Jones LLP. CAPITAL FOUR IV: Fitch Assigns 'BB-sf' Rating on Class E Notes -------------------------------------------------------------- Fitch Ratings has assigned ratings and Rating Outlooks to Capital Four US CLO IV Ltd. Entity/Debt Rating ----------- ------ Capital Four US CLO IV Ltd. A-1 14016BAA6 LT AAAsf New Rating A-J 14016BAC2 LT AAAsf New Rating B 14016BAE8 LT AAsf New Rating C 14016BAG3 LT Asf New Rating D-1 14016BAJ7 LT BBB-sf New Rating D-J 14016BAL2 LT BBB-sf New Rating E 14016AAA8 LT BB-sf New Rating Subordinated Notes 14016AAC4 LT NRsf New Rating Transaction Summary Capital Four US CLO IV Ltd. (the issuer) is an arbitrage cash flow collateralized loan obligation (CLO) that will be managed by Capital Four US CLO Management LLC. Net proceeds from the issuance of the secured and subordinated notes will provide financing on a portfolio of approximately $400 million of primarily first lien senior secured leveraged loans. KEY RATING DRIVERS Asset Credit Quality: The average credit quality of the indicative portfolio is 'B+'/'B', which is in line with that of recent CLOs. The weighted average rating factor (WARF) of the indicative portfolio is 21.97 and will be managed to a WARF covenant from a Fitch test matrix. Issuers rated in the 'B' rating category denote a highly speculative credit quality; however, the notes benefit from appropriate credit enhancement and standard U.S. CLO structural features. Asset Security: The indicative portfolio consists of 98.69% first-lien senior secured loans. The weighted average recovery rate (WARR) of the indicative portfolio is 73.77% and will be managed to a WARR covenant from a Fitch test matrix. Portfolio Composition: The largest three industries may comprise up to 40% of the portfolio balance in aggregate while the top five obligors can represent up to 12.5% of the portfolio balance in aggregate. The level of diversity resulting from the industry, obligor and geographic concentrations is in line with other recent CLOs. Portfolio Management: The transaction has a 4.9-year reinvestment period and reinvestment criteria similar to other CLOs. Fitch's analysis was based on a stressed portfolio created by adjusting the indicative portfolio to reflect permissible concentration limits and collateral quality test levels. Cash Flow Analysis: Fitch used a customized proprietary cash flow model to replicate the principal and interest waterfalls and assess the effectiveness of various structural features of the transaction. In Fitch's stress scenarios, the rated notes can withstand default and recovery assumptions consistent with their assigned ratings. The WAL used for the transaction stress portfolio and matrices analysis is 12 months less than the WAL covenant to account for structural and reinvestment conditions after the reinvestment period. In Fitch's opinion, these conditions would reduce the effective risk horizon of the portfolio during stress periods. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Variability in key model assumptions, such as decreases in recovery rates and increases in default rates, could result in a downgrade. Fitch evaluated the notes' sensitivity to potential changes in such a metric. The results under these sensitivity scenarios are as severe as between 'Asf' and 'AAAsf' for class A-1, between 'BBB+sf' and 'AA+sf' for class A-J, between 'BB+sf' and 'A+sf' for class B, between 'B+sf' and 'BBB+sf' for class C, between less than 'B-sf' and 'BB+sf' for class D-1, and between less than 'B-sf' and 'BB+sf' for class D-J and between less than 'B-sf' and 'B+sf' for class E. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Upgrade scenarios are not applicable to the class A-1 and class A-J notes as these notes are in the highest rating category of 'AAAsf'. Variability in key model assumptions, such as increases in recovery rates and decreases in default rates, could result in an upgrade. Fitch evaluated the notes' sensitivity to potential changes in such metrics; the minimum rating results under these sensitivity scenarios are 'AAAsf' for class B, 'AA+sf' for class C, 'A+sf' for class D-1, and 'Asf' for class D-J and 'BBB+sf' for class E. USE OF THIRD PARTY DUE DILIGENCE PURSUANT TO SEC RULE 17G -10 Form ABS Due Diligence-15E was not provided to, or reviewed by, Fitch in relation to this rating action. ESG Considerations Fitch does not provide ESG relevance scores for Capital Four US CLO IV Ltd.. In cases where Fitch does not provide ESG relevance scores in connection with the credit rating of a transaction, program, instrument or issuer, Fitch will disclose any ESG factor that is a key rating driver in the key rating drivers section of the relevant rating action commentary. CARHAVEN INC: Seeks Approval to Tap McNamee Hosea as Legal Counsel ------------------------------------------------------------------ Carhaven, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maryland to employ McNamee Hosea, PA as counsel. The firm's services include: (a) provide the Debtor legal advice with respect to its powers and duties and in the operation and management of its property; (b) prepare any necessary legal papers, and appear on the Debtor's behalf in proceedings instituted by or against it; (c) assist the Debtor in the process of selling its property and/or the confirmation of a plan; (d) assist the Debtor with other legal matters related to its reorganization; and (e) perform all of the legal services for the Debtor that may be necessary or desirable herein. The hourly rates of the firm's attorneys are: Craig M. Palik $450 Janet M. Nesse $575 Chris L. Hamlin $425 Kevin R. Feig $375 On November 24, 2025, McNamee Hosea received a $50,000 retainer from the Debtor. Craig Palik, Esq., a principal at McNamee Hosea, 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: Craig M. Palik, Esq. McNamee Hosea, PA 6404 Ivy Lane, Suite 820 Greenbelt, MD 20770 Telephone: (301) 441-2420 Email: cpalik@mhlawyers.com About Carhaven Inc. Carhaven, Inc. operates a used vehicle dealership in Millersville, Maryland, offering pre-owned cars, trucks, and SUVs to retail customers in the region. Carhaven Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md., Case No. 25-21081) on November 24, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1 million-$10 million. Honorable Judge Nancy V. Alquist handles the case. The Debtor is represented by Craig Palik, Esq., at McNamee Hosea, PA. CBDMD INC: Regains NYSE American Continued Listing -------------------------------------------------- cbdMD, Inc. is pleased to announce that it has regained full compliance with the continued listing standards of the NYSE American. As a result, the ".BC" indicator has been removed from the list of noncompliant Companys effective at the open of trading, December 8, 2025. The NYSE American formally notified the Company in a letter dated December 5, 2025, confirming that cbdMD has resolved all deficiencies related to Sections 1003(a)(i) and (ii) of the NYSE American Company Guide. "We are excited to share this important news with our shareholders, partners, and team. Preserving our NYSE American listing was a critical achievement and reflects the tremendous work completed this year to strengthen our balance sheet and position the Company for sustainable growth," said Ronan Kennedy, cbdMD's CEO. "We believe our successful Series A Preferred share conversion in May and capital raise completed in September were essential components of our compliance strategy and demonstrated the commitment of our investors and stakeholders to cbdMD's long-term vision. We appreciate the NYSE American for their constructive engagement throughout this process, and we look forward to continuing to build long-term value for our shareholders as we move ahead." The Company will remain subject to NYSE American's continued listing monitoring procedures and remains committed to maintaining strong financial discipline and governance going forward. About cbdMD, Inc. Headquartered in Charlotte, N.C., cbdMD, Inc. -- http://www.cbdmd.com/-- owns and operates the nationally recognized CBD (cannabidiol) brands cbdMD, Paw CBD, and cbdMD Botanicals. Its mission is to enhance its customers' overall quality of life while bringing CBD education, awareness, and accessibility of high-quality and effective products to all. The Company sources cannabinoids, including CBD, which are extracted from non-GMO hemp grown on farms in the United States. Charlotte, North Carolina-based Cherry Bekaert LLP, the Company's auditor since 2016, issued a "going concern" qualification in its report dated Dec. 18, 2024, citing that the Company has historically incurred losses, including a net loss of approximately $3.7 million in the current year, resulting in an accumulated deficit of approximately $182 million as of September 30, 2024. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $9.90 million in total assets, $3.78 million in total liabilities, and $6.11 million in total cbdMD, Inc. shareholders' equity. CENTRAL FLORIDA: Gets Extension to Access Cash Collateral --------------------------------------------------------- Central Florida Firearms, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the December 9 hearing, the court approved the Debtor's interim use of cash collateral through January 22, 2026. The Debtor's cash collateral consists of funds subject to liens by Cadence Bank (successor to First Chatham Bank and guaranteed by the U.S. Small Business Administration) and other secured creditors with subordinate interests. The Debtor was previously authorized to use its cash collateral under the court's November 20 preliminary order. This preliminary order granted secured creditors a replacement lien on post-petition cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. Cadence Bank, as secured creditor, is represented by: Matthew D. Baylor, Esq. Jason M. Ellison, Esq. Ellison | Lazenby 150 2nd Ave N. Ste. 1770 St. Petersburg, FL 33701 Phone: (727) 362-6151 mbaylor@elattorneys.com Jellison@elattorneys.com admin4@elattorneys.com About Central Florida Firearms LLC Central Florida Firearms, LLC, doing business as Live Free Armory, specializes in the production of slides, barrels, and other firearm parts, offering next-day shipping on available inventory for orders received before the daily cutoff. Central Florida Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case. No. 25-06150) on September 26, 2025. In its petition, the Debtor reported estimated assets of $5.2 million and estimated liabilities of $12.7 million. The Debtor is represented by Jeffrey S. Ainsworth, Esq. of BransonLaw, PLLC. CHASE INTERMEDIATE: OHA Senior Marks $433,000 1L Loan at 73% Off ---------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $433,000 loan extended to Chase Intermediate, LLC to market at $118,000 or 27% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Chase Intermediate, LLC. The loan accrues interest at a rate of 8.91% per annum. The loan matures on October 30, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Chase Intermediate, LLC Chase Intermediate, LLC offers industrial machinery and equipment. The Company operates in the United States. CHILDREN'S HOSPITAL: Moody's Cuts Rating to Ba1, On Further Review ------------------------------------------------------------------ Moody's Ratings has downgraded Children's Hospital Los Angeles' (CHLA) (CA) rating to Ba1 from Baa3. The ratings are under review for further downgrade. Previously, the outlook was negative. CHLA had approximately $570 million of debt outstanding at FYE 2025. The downgrade of CHLA's rating to Ba1 reflects a material decline in liquidity and operating performance in excess of expectations from Moody's most recent review. A key driver of the weak performance is CHLA's heavy reliance on state funding due to its significant Medicaid exposure, which reflects its high social risk and is a primary driver of this rating action. The rating is under review for further downgrade, which could be multi-notch, as Moody's assess the risk of additional liquidity and cashflow losses in the near term. RATINGS RATIONALE The Ba1 rating reflects CHLA's vital role as a premier teaching and research institution and a leading provider of high-acuity pediatric services, tempered by its very weak financial performance. A contributing factor to the weak performance is CHLA's heavy reliance on state funding due to its significant Medicaid exposure. Delays in receiving provider fee funds, combined with weak operating cash flow, have led to a sharp decline in liquidity with 29 days of unrestricted cash on hand as of September 2025. Nevertheless, planned monetization of provider fee funds via a third-party transaction is expected to generate approximately $64 million in cash inflows, stabilizing days cash near 40 days. With support from external consultants, CHLA has identified opportunities for performance improvement in fiscal 2026, including labor-related savings and revenue cycle enhancements. Failure to enhance core operating performance may precipitate further declines in both days cash and cash to debt ratios, exacerbating already weak levels. Positively, CHLA's strong reputation is expected to sustain robust fundraising efforts, supporting its sizable restricted investment portfolio of over $400 million, which in turn benefits operations, capital initiatives, and research programs. RATING OUTLOOK The rating is under review for further downgrade as Moody's assess the risk of additional liquidity declines and prospects to stem cash flow losses. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS An upgrade is unlikely in the foreseeable future, but could result from a combination of: -- Material growth in liquidity absent additional debt -- Sustained and material improvement in operating performance FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Inability to stabilize days cash on hand around 40 days -- Failure to stem operating cash flow losses PROFILE CHLA is a nationally recognized pediatric academic medical center, providing high acuity care across a range of specialties, conducting significant research, and operating numerous residency and training programs. CHLA is affiliated with the Keck School of Medicine of the University of Southern California. METHODOLOGY The principal methodology used in these ratings was Not-for-profit Healthcare published in October 2024. CITY ON A HILL: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: City on a Hill, Inc. 2224 W. Kilbourn Ave. Milwaukee, WI 53233 Business Description: City on A Hill, Inc. is a nonprofit, tax- exempt 501(c)(3) organization based in Milwaukee, Wisconsin, that provides healthcare, dental care, and social services to uninsured and underserved residents of the city's central area. The organization also operates youth and family programs focused on emotional, social, and academic support, and offers training opportunities designed to equip individuals with skills to support community well-being. Chapter 11 Petition Date: December 5, 2025 Court: United States Bankruptcy Court Eastern District of Wisconsin Case No.: 25-26829 Judge: Hon. Katherine M. Perhach Debtor's Counsel: Paul G. Swanson, Esq. SWANSON SWEET LLP 107 Church Avenue Oshkosh, WI 54901 Tel: 920-235-6690 Fax: 920-426-5530 Email: pswanson@swansonsweet.com Debtor's Public Relations Consultant: ZIZZO GROUP, INC. Total Assets as of October 31, 2025: $3,585,449 Total Liabilities as of October 31, 2025: $2,512,575 The petition was signed by Michael B. Williams as interim executive director. 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/7BWQI4Q/City_on_a_Hill_Inc__wiebke-25-26829__0001.0.pdf?mcid=tGE4TAMA CITY ON A HILL: Hires Swanson Sweet LLP as Bankruptcy Counsel ------------------------------------------------------------- City on a Hill Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Swanson Sweet LLP as its general bankruptcy counsel. The firm's services include: a. advising the Debtor with respect to its powers and duties as Debtor in possession and the continued management and operation of its business and property; b. assisting the Debtor with the commencement of DIP operations, including the initial debtor interview, section 341 meeting of creditors and monthly reporting requirements; and c. advising the Debtor and taking all necessary action to protect and preserve the Debtor's estate, including prosecuting actions on behalf of the Debtor, defending any action commenced against the Debtor, and representing the Debtor's interests in negotiations concerning litigation in which the Debtor is involved; d. preparing bankruptcy schedules, statements of financial affairs, and all related documents; e. assisting with the preparation of a plan of reorganization and the related negotiations and hearings; f. preparing pleadings in connection with the Chapter 11 case, including motions, applications, answers, orders, reports, and papers necessary or otherwise beneficial to the administration of the Debtor's estate; g. analyzing executory contracts and unexpired leases, and the potential assumptions, assignments, or rejections of such contracts and leases; h. advising the Debtor in connection with any potential sale of assets; i. appearing at and being involved in various proceedings before this Court; and j. analyzing claims and prosecuting any meritorious claim objections. The firm will be paid at these hourly rates: Paul G. Swanson, Partner $675 Peter T. Nowak, Associate $365 Heather Saladin, Paralegal $195 Swanson Sweet received a retainer of $50,000. Paul G. Swanson, a partner at Swanson Sweet LLP, assured the court that his firm does not hold or represent any interest adverse to the Debtor or its Chapter 11 estate, its creditors, or any other party in interest and is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul G. Swanson, Esq. Swanson Sweet LLP 107 Church Avenue Oshkosh, WI 54901 Telephone: (920) 385-1905 Facsimile: (920) 426-5530 About City on a Hill Inc. City on a Hill Inc. operates as a community-focused nonprofit organization offering programs and services designed to support youth, families, and neighborhood development. City on a Hill Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-26829) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Katherine M. Perhach handles the case. The Debtor is represented by Paul G. Swanson, Esq. of Swanson Sweet LLP. CITY ON A HILL: Taps Zizzo Group as Public Relations Consultant --------------------------------------------------------------- City on a Hill Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to hire Zizzo Group, Inc. as its public relations consultant. Zizzo Group will implement and manage a public relations plan that explains the Debtor's vision for the future, maintains strong donor relationships, improves public sentiment regarding the Chapter 11 case, and deepens community engagement. In addition, Zizzo Group will assist the Debtor's leadership and representatives with managing any press inquiries and media contacts. Zizzo Group will charge $150 per hour for services rendered. Zizzo Group received an advanced payment of $25,000 on November 26, 2025. Anne Zizzo, the founder and CEO at Zizzo Group, assured the court that her firm is a "disinterested person" as that term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Anne Zizzo, Esq. Zizzo Group, Inc. 648 N. Plankinton, Suite 270 Milwaukee, WI 53203 Phone: (414) 319-5700 About City on a Hill Inc. City on a Hill Inc. operates as a community-focused nonprofit organization offering programs and services designed to support youth, families, and neighborhood development. City on a Hill Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-26829) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Katherine M. Perhach handles the case. The Debtor is represented by Paul G. Swanson, Esq. of Swanson Sweet LLP. CLEARSIDE BIOMEDICAL: Moves Ahead with Nasdaq Delisting ------------------------------------------------------- Clearside Biomedical, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, it filed a Form 25 (Notification of Removal of Listing) with the SEC to complete the previously disclosed process to delist the Company's common stock, par value $0.001 per share, from The Nasdaq Stock Market LLC and terminate registration of the Common Stock under Section 12(b) of the Securities Exchange Act of 1934, as amended, in advance of Nasdaq's anticipated filing of a Form 25-NSE with the SEC. On November 24, 2025, the Company received written notice from the staff of Nasdaq notifying the Company that, as a result of the Company's filing of a voluntary petition (Case No. 25-12109) for relief under Chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware, the staff of Nasdaq had determined that the Common Stock would be delisted from Nasdaq and Nasdaq would file a Form 25-NSE with the SEC to remove the Common Stock from listing on Nasdaq and terminate the registration of the Common Stock under Section 12(b) of the Exchange Act. The Common Stock was suspended from trading on Nasdaq as of December 1, 2025, and the Common Stock began trading on the OTC Pink Limited Market on December 1, 2025. As of December 8, 2025, Nasdaq had not filed a Form 25-NSE with the SEC. Accordingly, Clearside filed the Company Form 25 to complete the process of delisting the Common Stock from Nasdaq when the Company Form 25 becomes effective no earlier than December 18, 2025. The Company Form 25 will also serve to deregister the Common Stock under Section 12(b) the Exchange Act, effective 90 days thereafter, which will reduce certain SEC reporting obligations of the Company. About Clearside Biomedical Inc. Clearside Biomedical, Inc. is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $50 million to $100 million. The Debtor is represented by Daniel J. DeFranceschi, Esq. CLEVELAND-CLIFFS INC: S&P Downgrades ICR to 'B+', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Ohio-based steel producer Cleveland-Cliffs Inc. to 'B+' from 'BB-'. S&P said, "We also lowered our rating on its unsecured notes to 'B+' from 'BB-' and on subordinated debt to 'B-' from 'B'. Our respective '3' and '6' recovery ratings are unchanged. "The stable outlook reflects our expectation that an earnings recovery could improve credit metrics, with leverage likely in the 5x-6x range over the next 12 months." S&P expects Cliffs will to end fiscal 2025 with extremely high leverage, the second consecutive year of weak EBITDA and leverage exceeding our downgrade threshold of 4x. Cliffs' earnings could rebound in fiscal 2026, benefitting from new fixed-price auto contracts at higher prices, overall better hot rolled coil prices and ability to sell more slab products at higher spot prices. However, leverage could remain elevated above 5x because of high debt levels. Cliffs is on track for another year of double-digit leverage. In fiscal 2024, S&P Global Ratings-adjusted debt to EBITDA deteriorated to 20.5x from 2.3x in fiscal 2023, mainly due to the use of significant debt to fund the Stelco acquisition, weak demand, and low hot-rolled coil (HRC) prices averaging about $770 per ton compared to about $920 per ton the prior year. While prices have moderately improved in fiscal 2025, Cliffs' EBITDA deficit in the first two quarters was a result of the spillover of the previous year's market weakness from 2024 and time lag for recent price improvements to reflect in its books. Adjusted EBITDA turned slightly positive in the third quarter (about $119 million), which would likely continue and improve over the upcoming quarters. Overall, Cliffs' S&P Global Ratings-adjusted EBITDA for the nine months ended Sep. 30, 2025 remains negative and the company is on track to post another year of double-digit leverage and negative free cash flow. S&P still sees the risk of elevated leverage above its previous downgrade threshold of 4x over the next year given Cliffs' high adjusted debt of about $8.4 billion as of Dec. 5, 2025, assuming it pays off drawings under its asset-based lending (ABL) facility. The company has no cushion in its credit metrics to absorb earnings volatility and could require consecutive years of strong earnings and cash flow to reduce the debt balance (absent a cash injection from equity or significant asset sales). Subsequently, S&P lowered its rating on Cliffs. S&P said, "We expect a recovery in fiscal 2026 earnings. Renewed fixed-price contracts with better pricing, cost-saving initiatives, overall better HRC pricing, and the ability to sell more slab products at higher spot prices will be key factors. However, leverage could remain above 5x because of high debt. We assume Cliffs could generate S&P Global Ratings adjusted EBITDA of $1.3 billion-$1.7 billion in fiscal 2026, up from our projection of close to break-even to about $100 million for fiscal 2025." The low-margin slab supply contract with ArcelorMittal ended on Dec. 9, 2025, giving Cliffs the ability to sell more slabs at U.S.-based prices, which are higher and more profitable than the former Brazilian index-based contract. Cliffs estimates it will generate about $500 million of EBITDA annually from this change alone. Furthermore, Cliffs signed multiyear fixed-price contracts with major automotive manufacturers in the second half of 2025, winning back some volumes it lost last year and securing better prices. On the cost side, S&P believes idled operations and headcount reduction could reduce production costs. Cliffs has also opted to use more internally generated coke from its Hamilton, Ontario, facility, reducing its reliance on third-party coke. The U.S.-Canada trade tension and overall weakness of Canadian steel markets continues to limit the profitability of the Stelco acquisition, which Cliffs funded with about $3.25 billion of new debt issuance, a quarter or two before the imposition of 50% tariffs on steel from Canada. Canadian steel prices remain significantly lower than U.S. prices amid pressure from cheap imports and unprofitable access to U.S. markets. This has hurt Cliffs' Canadian operations greatly given that about 95% of sales are spot-based and the imposition of tariffs by the U.S limits access to the U.S. market. S&P believes the Canadian government's recent initiatives such as higher tariff rate quotas to curb cheap imports and tightening border measures to prevent dumping could help steel prices and, ultimately, an earnings recovery at Cliffs' Canadian subsidiary. Cliffs has taken steps to prioritize deleveraging. In October 2025, Cliffs issued about 75 million common shares for expected gross proceeds close to $1 billion that it expects to use to repay borrowings under its ABL facility ($847 million outstanding as of Sept. 30). This is Cliffs' only debt repayment with non-debt capital; it financed previous as previous ABL borrowing repayments with new unsecured debt. As a result, while its adjusted debt balance could decline to about $8.4 billion, it will be similar to its Dec. 30, 2024, balance. The company continues to consider potential asset sales to further reduce debt. While S&P expects management will continue to prioritize debt reduction with free cash flow, this could be hindered by rising interest expense ($650 million-$700 million annually) from its increased debt load and high sustaining capital expenditure (capex; $500 million-$600 million) associated with its operations. S&P said, "Our analysis incorporates an extraordinary peak-to-trough cycle. We view the earnings decline over the past two years as unusual and due to a confluence of factors including loss of volumes to automotive customers, trade wars that limited contributions from its recent acquisitions, and significantly depressed margins on some products, and overall market weakness. Cliffs has taken steps to address some of these challenges and we expect a return to more normalized financial performance associated with troughlike to midcycle conditions. Therefore, our rating is one notch higher than warranted by the combination of its business and financial risk profiles. "The stable outlook on Cliffs reflects our expectation of leverage improving to the 5x-6x range over the next 12 months from a substantial recovery in earnings and cost efficiencies. We also expect that Cliffs would have adequate liquidity sources available to finance its operations and could likely generate free cash flows to facilitate debt reduction." S&P could lower its ratings on Cliffs over the next 12 months if we expect a weaker-than-projected recovery in earnings and cash flow. In such a situation, S&P would expect: -- Leverage sustained above 5x with low prospects for improvement; and -- Continued free cash flow deficits. S&P could raise its ratings on Cliffs over the next 12 months if leverage declines below 4x. This could occur if: -- Earnings and cash flow rebound strongly such that the company reduces significantly debt; and -- It restores cushion in its credit metrics to withstand earnings volatility. CNX RESOURCES: Moody's Alters Outlook on 'Ba3' CFR to Positive -------------------------------------------------------------- Moody's Ratings revised both CNX Resources Corporation's (CNX) and CNX Midstream Partners LP's (CNXM) outlooks to positive from stable. Moody's affirmed CNX's Ba3 Corporate Family Rating, Ba3-PD Probability of Default Rating, and B1 ratings for the company's senior unsecured notes. CNX's Speculative Grade Liquidity (SGL) rating remains SGL-1. Concurrently, Moody's affirmed CNXM's Ba3 CFR, Ba3-PD PDR, and B1 senior unsecured notes rating. "The change in CNX's outlook to positive considers the company's flexibility in capital allocation and expectation for positive free cash flow next year that could support debt reduction and a durable strengthening in credit metrics," commented Jonathan Teitel, a Moody's Vice President. RATINGS RATIONALE CNX's positive outlook reflects Moody's expectations for the company to generate positive free cash flow in 2026 supported by natural gas demand fundamentals and the sizable portion of natural gas production that is hedged along with flexibility in capital allocation, which if applied toward debt repayment, could solidify credit metrics. CNXM's positive outlook reflects Moody's expectations for the company to maintain strong credit metrics and is in line with the positive outlook for CNX. CNX's Ba3 CFR reflects the company's large-scale natural gas production in a low-cost basin, ample proved reserves, and a long runway for drilling and completion activities. Its acquisition of Apex Energy II, LLC in January 2025 contributed complementary assets and increased scale. CNX's credit profile is supported by conservative financial policies, strong liquidity, and a successful track record of operational and financial risk management. While the acquisition of Apex resulted in more debt, the company only termed out a portion via an add-on to its senior notes. It left a meaningful portion on the revolver to which free cash flow can be applied for debt reduction. The company's sizable hedge positions provide cash flow visibility and mitigates exposure to volatile natural gas prices. While firm transportation commitments ensure flow of volumes, they could become burdensome if production declines. CNX wholly owns CNXM, which adds valuable assets and lowers its cost structure, though CNXM also carries its own debt. CNXM's Ba3 CFR reflects low leverage, solid interest coverage, and long-term, fixed-fee contracts. CNXM derives most of its revenue from CNX but also serves third-party shippers. CNXM, a wholly owned subsidiary of CNX, benefits from its strategic importance to CNX, operating midstream infrastructure that is critical to and integrated with CNX's production activities. Fixed-fee contracts limit direct commodity price exposure but there are volume risks. CNXM's rating is constrained by concentrated counterparty exposure to CNX. CNX's SGL-1 rating reflects Moody's expectations for the company to maintain very good liquidity. As of September 30, 2025, CNX had $247 million in borrowings and $27 million in letters of credit outstanding on its revolver. The revolver has $1.4 billion in elected commitments and a $2.4 billion borrowing base. The facility matures in 2029 but if (1) on or after January 2026, revolver availability minus the $331 million convertible notes outstanding is less than 20% of the revolving lender commitments, the maturity will spring, or if (2) on or after October 2028, revolver availability minus the outstanding amount of senior notes due 2029 is less than 20% of the revolving lender commitments, the maturity will spring. The springing maturities are not expected to be triggered. CNX is expected to remain in compliance with its revolver financial covenants that include a maximum leverage ratio and a minimum current ratio. CNXM is expected to maintain good liquidity. As of September 30, 2025, CNXM had $21 million outstanding on its $600 million revolving credit facility due 2029. The revolver includes covenants for maximum leverage, maximum secured leverage, and minimum interest coverage. CNXM is expected to remain in compliance with these covenants. CNX's senior unsecured notes are rated B1, one notch below CNX's CFR, due to effective subordination to CNX's secured revolver. CNX's convertible senior notes rank pari passu with CNX's other senior notes. CNXM does not guarantee CNX's notes or revolver, nor does CNX guarantee CNXM's debt. CNXM's senior unsecured notes are rated B1, one notch below CNXM's CFR, due to effective subordination to CNXM's secured revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Factors that could lead to an upgrade for CNX include significant debt reduction and maintenance of lower leverage; managing shareholder returns within cash flow; retained cash flow (RCF) to debt above 30%; and a leveraged full cycle ratio (LFCR) above 1.5x at mid-cycle natural gas prices. Factors that could lead to a downgrade for CNX include deteriorating cash margins or capital returns; RCF/debt below 20%; weakening liquidity; or more aggressive financial policies. Factors that could lead to an upgrade for CNXM include an upgrade of CNX's ratings and maintenance of solid credit metrics. Factors that could lead to a downgrade for CNXM include a downgrade of CNX's ratings; substantial increases in leverage; or weakening liquidity. CNX, headquartered in Canonsburg, Pennsylvania is a publicly traded independent exploration and production company focused on natural gas production in the Utica and Marcellus Shales. CNXM, a wholly owned subsidiary of CNX, owns and operates midstream infrastructure in the region, deriving most of its revenue from CNX while also serving third-party customers. The principal methodology used in rating CNX Resources Corporation was Independent Exploration and Production published in December 2022. For CNX Resources Corporation, 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. CNX Midstream Partners LP's Ba3 rating is two notches below the scorecard-indicated outcome of Ba1. The difference primarily reflects constraints arising from concentrated counterparty exposure to CNX Resources Corporation and the company's relatively small scale and geographic concentration relative to higher rated midstream peers. COMPREHENSIVE HEALTHCARE: Court OKs Final Use of Cash Collateral ---------------------------------------------------------------- Comprehensive Healthcare Management Services, LLC received final approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to use cash collateral. The court issued a final order authorizing the Debtor to use cash collateral in accordance with its budget. The Debtor must use post-petition receipts before using cash on hand and may spend only on necessary operational expenses per the approved budget. The budget projects total operational expenses of $2,637,092.38 for December and $2,680,101.13 for January 2026. As adequate protection, secured creditors Twomagnets LLC (doing business as Clipboard Health) and The U.S. Department of Housing and Urban Development will be granted replacement liens on post-petition cash collateral consisting of inventory, receivables, cash and the proceeds thereof; and assets on which they held pre-bankruptcy liens. If replacement liens prove to be insufficient, both creditors will receive superpriority administrative claims, pari passu only with professional fees and U.S. Trustee fees. Their liens are automatically perfected and will survive any conversion or trustee appointment. The final order specifies events that would terminate HUD's consent for the Debtor's continued use of cash collateral such as default and dismissal or conversion of its Chapter 11 case, after proper notice and cure periods. If termination occurs, the Debtor must stop using HUD's cash collateral and segregate funds pending further court order. HUD retains the right to seek additional adequate protection or stay relief if needed. The final order is available at https://shorturl.at/7g1bf from PacerMonitor.com. Twomagnets is represented by: Jerrold S. Kulback, Esq. Archer & Greiner, A Professional Corporation 1025 Laurel Oak Road Voorhees, NJ 08043 Telephone: (856) 795-2121 Facsimile: (856) 795-0574 jkulback@archerlaw.com About Comprehensive Healthcare Management Services Comprehensive Healthcare Management Services, LLC doing business as Brighton Rehabilitation & Wellness Center, operates a long-term care and skilled nursing facility in Beaver, Pennsylvania. It provides rehabilitation, therapy, and sub-acute services, including physical, occupational, and speech therapy, along with nursing and supportive care for residents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02775) on September 29, 2025, listing up to $50,000 in assets and between $50 million and $100 million in liabilities. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C., represents the Debtor as legal counsel. CUBITAC CORP: Unsecured Creditors to Split $500K over 5 Years ------------------------------------------------------------- Cubitac Corp. filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan dated December 5, 2025. The Debtor is a New York corporation and is registered in the State of New Jersey as a foreign for-profit Corporation. Cubitac was incorporated in 2011. It is in the business of manufacturing kitchen cabinets which it sells at wholesale to retailers. The Chapter 11 petition in this case was filed in response to the actions of AVT-New Jersey, L.P., a creditor that obtained a foreign judgment that it domesticated in New Jersey, and had obtained a state-court order locking Cubitac out of the premises for as long as necessary for AVT to remove its collateral. Had the lockout continued, 150 people would have been abruptly out of work and Cubitac out of business and the Chapter 11 was filed to preserve jobs and reorganize. This is a plan of reorganization that provides for the payment of creditors from the assets of Debtor. The Effective Date of the proposed Plan is 30 days after entry of an Order of the Bankruptcy Court confirming the Plan. This is a plan of reorganization that provides for the payment in full to all creditors from the Debtor's revenues on or about the Effective Date. In addition to the distribution to Creditors, the Plan provides for a restructuring of the Debtor's corporate structure and management by a deemed merger of the Debtor with another entity, Cabitac Corp. The Debtor and Cabitac will be treated as a single entity for purposes of the Plan but shall remain as separate corporations. Class 3 consists of General Unsecured Claims. The holders of Allowed Claims in this Class shall be paid $500,000, to be distributed pro rata among the holders of all Allowed Claims in this Class, payable in five annual installments commencing on the Effective Date and continuing on each anniversary Date thereafter. Cabitac shall guaranty the payments to this Class. Class 4 consists of Claims of Insiders and Non-Debtors. Claims in this Class shall be subordinated to all other Allowed Claims and shall be paid in full but only after all other Allowed Claims in other classes have been paid in full. Creditors will be paid from the revenues of the Debtor. A full-text copy of the Disclosure Statement dated December 5, 2025 is available at https://urlcurt.com/u?l=OZFg9P from PacerMonitor.com at no charge. Counsel to the Debtor: Timothy P. Neumann Esq. Broege, Neumann, Fischer & Shaver, LLC 25 Abe Voorhees Drive Manasquan, NJ 08736 Telephone: (732) 223-8484 Email: timothy.neumann25@gmail.com About Cubitac Corp. Cubitac Corp. is in the business of manufacturing kitchen cabinets which it sells at wholesale to retailers. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 24-20659) on Oct. 28, 2024. In the petition signed by Joel Weiss, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge Janet S. Baer presides over the case. Broege, Neumann, Fischer & Shaver, LLC represents the Debtor as counsel. DEL MONTE: Plan Exclusivity Period Extended to February 26, 2026 ---------------------------------------------------------------- Judge Michael B. Kaplan of the U.S. Bankruptcy Court for the District of New Jersey extended Del Monte Foods Corporation II Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 26, 2026 and April 28, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that there are 18 Debtor entities which collectively, as of the Petition Date, have over 2,700 employees, including employees who are members of collective bargaining units, and approximately $1.23 billion in long-term, secured funded debt obligations. At the outset of these Chapter 11 Cases, the Debtors commenced the comprehensive Sale Process for substantially all of their assets as a going-concern business, and closing for any sale transaction is expected to occur in early 2026. In short, these Chapter 11 Cases are complex, strongly weighing in favor of an extension of the Debtors' Exclusive Periods. The Debtors claim that as with most chapter 11 cases, the initial 120-day period was dominated by their transition into bankruptcy, including the Debtors' efforts to minimize disruptions to their business operations, and in working to respond to extensive information demands of key stakeholders. For the foregoing reasons, the Debtors believe that they will be able to propose a viable plan in these Chapter 11 Cases, and the Debtors have made significant progress toward that goal in the first few months of these Chapter 11 Cases, all of which fully supports an extension of the Exclusive Periods. Importantly, the Debtors are not seeking the extension of the Exclusivity Periods to pressure or prejudice any of their stakeholders, but rather to continue the orderly, efficient and cost-effective restructuring process, the lynchpin of which is the Sale Process, for the ultimate benefit of their stakeholder group as a whole. Being required to defend against one or more competing plans while pursuing all of these critical workstreams would give rise to uncertainty and unnecessary expense that would reduce, and not preserve, estate value to the detriment of all stakeholders. The Debtors assert that they continue to pay timely their undisputed postpetition obligations in the ordinary course of business or as otherwise provided by Court order, and intend to continue to do so. Additionally, the Debtors maintain ongoing communications with their major creditors, the U.S. Trustee, and other stakeholders regarding their business operations and postpetition obligations. Accordingly, this factor weighs in favor of extending the Debtors' Exclusivity Periods. Co-Counsel to the Debtors: Michael D. Sirota, Esq. David M. Bass, Esq. Felice R. Yudkin, Esq. COLE SCHOTZ P.C. Court Plaza North, 25 Main Street Hackensack, New Jersey 07601 Tel: (201) 489-3000 Email: msirota@coleschotz.com dbass@coleschotz.com fyudkin@coleschotz.com -and- Adam C. Rogoff, Esq. Rachael L. Ringer, Esq. Megan M. Wasson, Esq. Ashland J. Bernard, Esq. HERBERT SMITH FREEHILLS KRAMER (US) LLP 1177 Avenue of the Americas New York, New York 10036 Tel: (212) 715-9100 E-mail: Adam.Rogoff@HSFKramer.com Rachael.Ringer@HSFKramer.com Megan.Wasson@HSFKramer.com Ashland.Bernard@HSFKramer.com About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The Committee retained Morrison & Foerster LLP as counsel, and Kelley Drye & Warren LLP as co-counsel. DIOCESE OF ALEXANDRIA: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- The Diocese of Alexandria received interim approval from the U.S. Bankruptcy Court for the Western District of Louisiana, Monroe Division, to use the cash collateral of Southern Heritage Bank. The court authorized the Debtor to use cash collateral from December 10 until the earliest of the effective date of a confirmed plan; dismissal of the Chapter 11 case; any material provision of the interim order ceasing to be valid or binding; the Debtor's attempt to modify the interim order without the bank's prior written consent; or five business days after the Debtor receives notice from the bank of a breach of the interim order or related loan covenants. The cash collateral held by Southern Heritage Bank, the Debtor's lender, consists of a certificate of deposit issued on April 11, with a face value of $1,850,000, along with accrued interest deposited into its money market account at SHB. The Debtor intends to use the interest earned on this certificate of deposit to pay accruing interest on its secured debt to the bank while continuing its operations. Southern Heritage Bank will be protected by a continuing security interest and lien on all collateral of the same type and nature, with the same validity, enforceability, and priority as of the petition date. In addition, Southern Heritage Bank will receive regular interest payments on the unpaid principal balance under the loan agreement at a rate of 6.00%, on a schedule consistent with the pre-bankruptcy payment frequency. A final hearing is scheduled for January 13, 2026. The interim order is available at https://is.gd/OI15Dh from PacerMonitor.com. Southern Heritage Bank, as secured creditor, is represented by: Richard A. Rozanski, Esq. Richard A. Rozanski, APLC P.O. Box 13199 Alexandria, LA 71315-3199 318/445-5600 About Diocese of Alexandria Established as the Diocese of Natchitoches on July 29, 1853, by Pope Pius IX and later relocated to Alexandria, the Diocese of Alexandria in Louisiana serves as the ecclesiastical authority for the Catholic Church in north-central Louisiana. Headquartered at 4400 Coliseum Boulevard and led by Bishop Robert W. Marshall Jr., it encompasses 50 parishes and 21 mission churches across 13 civil parishes, with St. Francis Xavier Cathedral as its cathedral church. The Diocese operates as a Louisiana non-profit religious corporation and 501(c) (3) organization, providing spiritual, educational, and charitable services to roughly 36,228 Catholics across an 11,108-square-mile area. Diocese of Alexandria sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-31257) on October 31, 2025. In its petition, the Debtor reported total assets of $16,667,411 and total liabilities of $9,467,288. Honorable Bankruptcy Judge John S. Hodge oversees the case. The Debtor is represented by Bradley L. Drell, Esq., at Gold, Weems, Bruser, Sues & Rundell. DIOCESE OF OAKLAND: Beats Deadline For Ch. 11 Plan Proposal ----------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that the Roman Catholic Diocese of Oakland on Thursday filed a term sheet describing a reorganization plan that would establish a $242 million settlement trust for sexual abuse survivors, narrowly avoiding dismissal of its Chapter 11 case for failure to meet a court deadline. The diocese has been in bankruptcy for more than three years as it works to resolve abuse claims through a global settlement. Under the proposed plan framework, the trust would be funded by diocesan assets, parish contributions and insurance recoveries, with distributions to survivors subject to court approval as the case moves toward confirmation, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. EAST VALLEY SPECIALTY: Seeks Chapter 7 Bankruptcy in Arizona ------------------------------------------------------------ On December 4, 2025, East Valley Specialty Care, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About East Valley Specialty Care East Valley Specialty Care, LLC operates as a specialty healthcare provider offering targeted medical services to its patient base. The company’s business model emphasizes outpatient and specialty care supported by healthcare professionals. East Valley Specialty Care, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11738) on December 4, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. The case is overseen by Honorable Bankruptcy Judge Daniel P. Collins. The Debtor is represented by James R. Gaudiosi, Esq., of Jim Gaudiosi, Attorney at Law. EIF CHANNELVIEW: S&P Rates Secured First-Lien Term Loan B 'BB-' --------------------------------------------------------------- S&P Global Ratings assigned its 'BB-' rating to EIF Channelview Cogeneration LLC's $220 million senior secured first-lien term loan B (TLB); the recovery rating is '1+' (100%). Elliott Investment Management (Elliott) has acquired EIF Channelview Cogeneration LLC, an 851-megawatt (MW) combined cycle plant near Houston, Tex., from Ares Management. Ares has retained a small stake in the asset. To fund the acquisition, Elliott raised $260 million, consisting of a $220 million senior secured first-lien term loan B (TLB), a $30 million senior secured revolving credit facility (RCF), and a $10 million senior secured letter-of-credit (LOC) facility. S&P said, "The 'BB-' rating reflects our view that the Electric Reliability Council of Texas (ERCOT) region's market fundamentals will be strong in the coming years, driven by expected load growth attributable to data centers, cryptocurrency mining, and commercial and industrial demand. The rating also reflects our belief that cash-flow visibility will improve in the coming years due to Elliott's hedging strategy. "Based on our view of Channelview's expected operating performance as well as projections of market-driven variables such as power and gas prices in ERCOT, we forecast a minimum debt service coverage ratio (DSCR) of about 2.78x, which occurs during the TLB period. "The stable outlook reflects our belief that energy market dynamics and steady operating performance will allow Channelview to achieve strong DSCRs over the life of the TLB and meaningfully deleverage through its cash-flow sweep mechanism, which supports DSCRs in the post-refinancing period, when we model a fully amortizing structure. S&P said, "The 'BB-' rating reflects our view that the Electric Reliability Council of Texas (ERCOT) region's market fundamentals will be strong in the coming years, driven by expected load growth attributable to data centers, cryptocurrency mining, and commercial and industrial demand. The rating also reflects our belief that cash-flow visibility will improve in the coming years due to Elliott's hedging strategy. "Based on our view of Channelview's expected operating performance as well as projections of market-driven variables such as power and gas prices in ERCOT, we forecast a minimum debt service coverage ratio (DSCR) of about 2.78x, which occurs during the TLB period. "The stable outlook reflects our belief that energy market dynamics and steady operating performance will allow Channelview to achieve strong DSCRs over the life of the TLB and meaningfully deleverage through its cash-flow sweep mechanism, which supports DSCRs in the post-refinancing period, when we model a fully amortizing structure." EIF Channelview Cogeneration LLC is an operational 851-MW, 4x1 combined cycle cogeneration facility near Houston that started commercial operation in 2002. The project utilizes four Siemens 501F-D2 combustion turbines, four Nooter/Eriksen heat recovery steam generators, and one Alstom steam turbine generator. The plant currently provides 333 MW of contractual power and contractual steam to Equistar, a subsidiary of LyondellBasell Industries N.V. (BBB/Negative/A-2), which operates within the Channelview petrochemical complex. It also sells merchant power. S&P said, "The final terms of the issuance are commensurate with our 'BB-' rating. The final issuance of $220 million project-finance debt is in-line with our expectations when we assigned the preliminary rating in July, and so the rating remains 'BB-'. The pricing of SOFR + 400 basis points is also as expected in the preliminary rating. The final credit documents provide for a typical project-finance structure, including anti-filing mechanisms. Channelview will have an independent manager whose vote is required for material actions, such as initiating bankruptcy. In addition, despite Ares retaining a small ownership percentage, Elliott and Ares representatives will have mutual consent rights over material decisions, including the decision to initiate bankruptcy, effectively creating blocking rights. "We'll continue to monitor the project's financial performance closely given the material underperformance through the third quarter of 2025. Our forecasts for the second and third quarters of 2025 anticipated aggregate cash flow available for debt service (CFADS) of approximately $33 million compared to the issuer's budget of approximately $43 million. Actual CFADS in these quarters was significantly below our expectations and the project's budget at about $15 million. Although generation was lower than expected in both quarters due to outages, we believe the primary driver of the project's underperformance over this period has been weaker spark spreads." Unlike other markets in the U.S. that utilize long-term capacity markets to incentivize the development of new resources, ERCOT relies on scarcity pricing to incentivize new entrants. This market construct results in volatile energy prices, exacerbated by ebbs and flows of intermittent generation and unpredictable weather conditions. Over 2022 and 2023, the project realized robust cash flows in the summer months. S&P said, "However, despite high observed load growth in ERCOT this summer, we believe milder weather and increased renewable penetration engendered a weak pricing environment similar to that of summer 2024. Although our view of ERCOT's underlying fundamentals--including growing load and tightening reserve margins over the near- to mid-term--remains unchanged, it's a highly volatile market prone to periods of material under- or overperformance. We'll continue to closely monitor the project's financial performance and its ability to pay down the TLB via its sweep mechanism." S&P said, "The stable outlook reflects our view that Channelview will exhibit steady operational performance in the coming years and benefit from a generally supportive market environment as demand grows in ERCOT. Based on our view of market-driven variables, we believe Channelview will achieve DSCRs greater than 2.5x over the term loan period. We anticipate about $117 million of the TLB's principal balance will remain at maturity. "We could take a negative rating action on Channelview if DSCRs fall below 2x on a sustained basis, either over the life of the TLB or in the post-refinancing period." This could occur if: -- Channelview experiences operational difficulties that result in decreased generation, increased cost, or material obligations under its contracts; or -- Market driven variables such as power and gas prices remain depressed for an extended period and/or our long-term view of ERCOT and Channelview's cash flow generation prospects weaken; or -- Channelview's steam supply contract with Equistar is not extended and the facility's operating and cash flow profile change as a result; or -- S&P's view of the project's market exposure changes given inherent power price volatility in ERCOT. S&P could take a positive rating action on Channelview if the facility is consistently able to achieve DSCRs above 3x, including in the post-refinancing period. This could occur if: -- The facility is able to generate significantly higher cash flows due to a strong market and operating environment, and those cash flows result in a material paydown of the project's debt or; -- S&P's long-term outlook on ERCOT and Channelview's cash-flow generation prospects further strengthens. ELIJAH'S XTREME: Seeks to Hire Moon Wright & Houston as Counsel --------------------------------------------------------------- Elijah's Xtreme Gourmet Sauces, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to employ Moon Wright & Houston, PLLC as counsel. The firm will provide these services: (a) provide legal advice with respect to its powers and duties in the continued operation of its business affairs and management of its properties; (b) negotiate, prepare, and pursue confirmation of a Chapter 11 plan and approval of a disclosure statement (if applicable), and all related reorganization agreements and/or documents; (c) prepare necessary legal papers on behalf of the Debtor; (d) represent the Debtor in litigation arising from or relating to the bankruptcy estate; (e) appear in court to protect the interests of the Debtor; and (f) perform all other legal services for the Debtor that may be necessary and proper in the Chapter 11 proceeding. The firm will be paid at these hourly rates: Richard Wright, Principal $575 Andrew Houston, Principal $550 Caleb Brown, Principal $375 Shannon Myers, Paralegal $185 Jaime Schaedler, Assistant $150 In addition, the firm will seek reimbursement for expenses incurred. Mr. Wright 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: Richard S. Wright, Esq. Moon Wright & Houston, PLLC 212 N. McDowell Street, Suite 200 Charlotte, NC 28204 Telephone: (704) 944-6560 Facsimile: (704) 944-0380 About Elijah's Xtreme Gourmet Sauces Inc. Elijah's Xtreme Gourmet Sauces, Inc. produces and sells handcrafted hot sauces, specializing in high-heat, flavor-forward products. Founded in 2014 by a father-and-son team, the Company operates from the United States and distributes its sauces through national retailers, including Bass Pro Shops. It is classified within the food manufacturing industry, focusing on specialty condiments and hot sauces. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Case No. 25-31225) on November 14, 2025. In the petition signed by Bret Morey, president, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Ashley Austin Edwards oversees the case. Richard S. Wright, Esq., at Moon Wright & Houston, PLLC represents the Debtor as counsel. ERMAJO LLC: Unsecureds to be Paid in Full in Sale Plan ------------------------------------------------------ Ermajo LLC filed with the U.S. Bankruptcy Court for the Eastern District of New York a Disclosure Statement describing Plan of Liquidation dated December 5, 2025. The Debtor was organized under the laws of the State of New York on January 22, 2008. The Debtor is a limited liability company, authorized to do business in the State of New York, with a principal place of business located at 492 Third Street, Brooklyn, New York 11215. The Debtor is the owner of certain real property and improvements located at 492 Third Street, Brooklyn, New York 11215 (the "Property"). The Property currently has a fair market value of approximately $4,900,000. In fact, prior to the Chapter 11 Case, the Debtor received an initial offer to purchase the Property for $4,600,000, which the Debtor did not accept. On March 3, 2022, the Debtor obtained a loan from Mount Eden Asset Management Inc. ("Lender") in the principal amount of $1,000,000, secured by a mortgage dated March 3, 2022 and recorded with the New York City Registrar on March 22, 2022. On February 14, 2024, Lender declared the loan in default and on April 29, 2024, the Lender commenced a foreclosure action in New York Supreme Court, Kings County under index no. 512092/2024 (the "Foreclosure Action"). In order to protect and preserve the Debtors' interests in the Property, the Debtor filed for Chapter 11 bankruptcy protection in the United States Bankruptcy Court for the Eastern District of New York on September 10, 2025 (the "Petition Date"). The Debtor has utilized the Chapter 11 process to date to market and sell the Property via the Plan process which the Debtor believes will result in a 100% distribution to all creditors with a significant return to equity. During the Chapter 11 Case, the Debtor has been talking to potential brokers and purchasers to sell the Property. Subject to the time deadlines set forth in the Plan, the Debtor shall market the Property immediately, and the Debtor, if necessary, will retain a licensed real estate broker, subject to Court approval, to sell and liquidate the Property. Upon closing, the proceeds of the sale shall be distributed to holders of Claims and Interests in the same manner as provided for in the Plan. Class 3 consists of Allowed Unsecured Claims. The holders of Allowed Class 3 Unsecured Claims in the estimated aggregate amount of $25,000 shall be paid in full from the proceeds of the sale on or shortly after the Sale Closing Date. The Class 3 Claims are unimpaired and deemed to accept the Plan. The holders of Class 4 interests shall continue to retain their interests in the Debtor after the Effective Date and shall receive any net proceeds after payment in full to all Allowed classified and unclassified Claims. Class 4 interests are unimpaired under the Plan and are deemed to accept the Plan. The Debtor shall continue to market the Property and shall have the right to retain a Broker to assist in such efforts, in order to sell and liquidate the Property. Upon Closing, the proceeds of sale, and any separate sale of the Debtor's personal property, shall be distributed to holders of Claims and Interests in the same manner as provided for under the Plan. A full-text copy of the Disclosure Statement dated December 5, 2025 is available at https://urlcurt.com/u?l=tPPS5o from PacerMonitor.com at no charge. Counsel to the Debtor: Robert L. Rattet, Esq. Jonathan S. Pasternak, Esq. Davidoff Hutcher & Citron LLP 120 Bloomingdale Road, Suite 100 White Plains, NY 10605 Telephone: (914) 381-7400 About Ermajo LLC Ermajo LLC operates in the real estate sector under NAICS 5313, providing specialized services such as property management, appraisal, listing, and related support functions. Ermajo LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44337) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Jonathan S. Pasternak, Esq. at DAVIDOFF HUTCHER & CITRON LLP. EVERBRIDGE HOLDINGS: OHA Senior Marks $1.8MM 1L Loan at 61% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,828,000 loan extended to Everbridge Holdings, LLC to market at $713,000 or 39% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Everbridge Holdings, LLC. The loan accrues interest at a rate of 9.29% per annum. The loan matures on July 2, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Everbridge Holdings, LLC Everbridge, Inc. operates as an enterprise software company. The Company provides applications that automate the delivery of critical information to help keep people safe and businesses running. Everbridge offers a software-as-a-service platform that deliver messaging to a large group of people during critical situations. FAIR ANDREEN: Unsecureds to Get Share of Litigation Proceeds ------------------------------------------------------------ Fair Andreen, Incorporated filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Disclosure Statement describing Chapter 11 Plan dated December 5, 2025. In 2021, Steven Bates started looking to purchase a business. Six months after being laid off, he became frustrated looking for a job. He learned of the ability to use his retirement account to purchase a business under "ROBS." It stands for "Rollover as Business Start-up," and is approved under the IRS laws. In May 2022, he caused the Debtor to be incorporated in Illinois. He was preparing to purchase a business in Illinois. However, that purchase fell through. He then learned from a business broker's solicitation of the opportunity to purchase the business of City Press, Inc., n/k/a Lau & Fehring, Inc. (the "Seller"). Since Mr. Bates already had a corporate entity, he used it to purchase the Debtor's business. The Debtor purchased the business, including the trade name, "City Press," on February 13, 2023. Mr. Bates put in approximately $1.0 million toward the purchase and operations by using his retirement account for the purchase. The Debtor partially financed the purchase. It obtained a term loan of $1,934,400 and a revolving line of credit loan in the amount of $ 450,000 from The Huntington National Bank in Green Bay. The combined loss of income due to the Seller's fraud, the Fuji J Press 750HS problems and Mr. Retzlaff's disloyalty significantly impacted the Debtor's finances. The business could not realize anticipated sales. It could not generate sales due to the equipment problems and the sales taken by Mr. Retzlaff and Graphicolor Printing. Entering into high-interest MCA loans exacerbated the financial problems. Despite these setbacks, the Debtor's sales are presently increasing. To cut costs, the Debtor has let two nonproduction people go and has put a third non production person on part-time. Throughout the Case, the Debtor operated its printing business. The Debtor took steps to reduce expenses. It rejected two leases for presses and a vehicle that were not needed, saving $22,300 per month in payments. The Debtor renegotiated a warehouse lease that could be terminated on six months' notice to reduce damages when the warehouse was no longer needed. The Debtor took other steps to reduce overhead, including reducing its workforce, to lower its overhead costs. The Debtor also raised its prices to increase revenue. Class 3 consists of Convenience Claims. Convenience Claims are those Claims of $1,000 or less and Creditors that elect to reduce their Claims to $1,000. They will be paid their Pro Rata share from a pool of $4,000 on the Effective Date. This is a dividend of approximately 35%. Class 3 is impaired and entitled to vote to accept or reject the Plan. Class 4 consists of Unsecured Claims. Unsecured Claims of more than $1,000 that are not entitled to priority (which includes Huntington Bank's Unsecured Claim) shall be paid their Pro Rata share from the Net Litigation Proceeds plus their Pro Rata share from a pool of $50,000 on the first day of the 48th month after the Effective Date. In addition, to the extent that Huntington Bank's Allowed Claims are treated under Section 4.2(c) due to a cramdown, the difference between $8,700 and the amount determined to be paid Huntington Bank under Section 4.2(c) shall be paid into a pool and distributed quarterly on a Pro Rata basis to Class 3 Claims on a quarterly basis for the first 48 months after the Effective Date. Class 4 is impaired under the Plan. Creditors holding Class 4 Claims are entitled to vote to accept or reject the Plan. Provided however, if any amount is owed for Administrative Expenses, any amount to be paid to Class 4 shall first be paid to Administrative Expenses. Class 5 consists of Equity Securities. Equity security holders will retain their interests in the Debtor. They are not impaired and not entitled to vote to accept or reject the Plan. Funding for the Plan depends on the Debtors' business operations and proceeds of the litigation. Litigation is inherently risky so the Debtor's projections do not show any receipts from the litigation. Preliminarily, the Debtor estimates that it lost $1 million of gross revenue from the actions of Graphicolor Printing, Inc. and Gregory D. Retzlaff. Assuming a gross profit margin of 32%, this suggests damages of $320,000 for one or more years. Preliminarily, the Debtor estimates that due to the false statements made in a Confidential Information Memorandum, the Debtor overpaid for the business by $ 1.6 million. Preliminarily, the Debtor made payments of $19,000 per month for 11 months, a total of $209,000, for a press that the Debtor could not use. These total approximately $2.1 million. If litigation costs one third of the preliminary values, this suggests a gross of $1.4 million which should be further discounted by the uncertainty of litigation. A full-text copy of the Disclosure Statement dated December 5, 2025 is available at https://urlcurt.com/u?l=xMTD8o from PacerMonitor.com at no charge. Fair Andreen Inc., is represented by: Jerome R. Kerkman, Esq. Kerkman & Dunn 839 N. Jefferson St., Suite 400 Milwaukee, WI 53202-3722 Tel: (414) 277-8200 Fax: (414) 277-0100 Email: jkerkman@kerkmandunn.com About Fair Andreen Incorporated Fair Andreen, Incorporated, doing business as CityPress, is a printing and graphic communications company specializing in commercial printing, book printing, prepress, direct mail, digital printing, and art printing services. With a strong focus on innovation and eco-friendly solutions, the company serves diverse industries by providing customized printing options. Fair Andreen filed a Chapter 11 petition (Bankr. E.D. Wisc. Case No. 25-21724) on April 2, 2025, listing up to $10 million in both assets and liabilities. Steven S. Bates, president of Fair Andreen, signed the petition. Judge G. Michael Halfenger oversees the case. Jerome R. Kerkman, Esq., at Kerkman & Dunn, represents the Debtor as legal counsel. Huntington Bank, as secured creditor, is represented by: Matthew L. Hendricksen, Esq. Plunkett Cooney PC 221 N. LaSalle Street, Suite 3500 Chicago, IL 60601 Tel: 312-970-3495 Email: mhendricksen@plunkettcooney.com FAIRFIELD WILLIAMSBURG: Hires Omni Agent Solutions as Claims Agent ------------------------------------------------------------------ Fairfield Williamsburg Property Owners Association seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Omni Agent Solutions, Inc. as notice, claims, administrative and solicitation agent. Omni will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Prior to the petition date, the Debtors provided Omni an advance payment in the amount of $7,500. Paul Deutch, an executive vice president at Omni, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Paul Deutch Omni Agent Solutions, Inc. 1120 Avenue of the Americas, 4th Floor New York, NY 10036 Telephone: (212) 302-3580 Facsimile: (212) 302-3820 About Fairfield Williamsburg Property Owners Association Fairfield Williamsburg Property Owners Association is a nonprofit organization responsible for the administration and management of the Fairfield Williamsburg neighborhood. Fairfield Williamsburg Property Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-51179) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor is represented by Neil E. McCullagh, Esq. of Spotts Fain PC. FARMSTEAD HOLDINGS: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Farmstead Holdings, LLC 63 Hemlock Drive Whiteville NC 28472 Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-04933 Debtor's Counsel: William Kroll, Esq. GASKINS HANCOCK TUTTLE HASH LLP 220 Fayetteville Street 300 Raleigh NC 27601 Tel: 919-755-0025 Email: bill@ghthlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Bricklyn Rooks as manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2K4QLKA/Farmstead_Holdings_LLC__ncebke-25-04933__0001.0.pdf?mcid=tGE4TAMA FCI SAND: Taps Mark Shapiro of GlassRatner Advisory as CRO ---------------------------------------------------------- FCI Sand Operations, LLC and FCI South, LLC filed an amended application seeking approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ GlassRatner Advisory & Capital Group, LLC and designate Mark Shapiro as chief restructuring officer. The firm's services include: a. consulting on all aspects of the Debtors' business activities and operations, including budgeting, cash management and financial management; b. opening and closing bank accounts; c. assisting with communications and negotiations with the Debtors' lenders, vendors and other stakeholders; d. working with Debtors to hire and terminate employees; e. reviewing daily operating activity, purchases, and expenses; f. evaluating liquidity options including restructuring, refinancing, reorganizing, and/or one or more sales of some or all of the Debtors' assets; g. advising the Debtors on exercising their rights under certain agreements; h. reviewing historical and projected financial information, including operating results, capital structure and funding mechanics, for the Debtors and each of their affiliates; i. working with the Debtors on developing financial projections and a liquidity projection model to help assess capital needs; j. identifying and assessing potential restructuring alternatives; k. attending hearings, providing information and analyses for inclusion in bankruptcy court filings, and giving testimony related thereto; l. supporting negotiations with the creditors and other constituents in the Bankruptcy Cases; m. supervising Debtors' preparation of monthly financial reports as required of a debtor in possession and other financial reporting required by the Office of the United States Trustee on behalf of a debtors in possession; n. coordinating all activities on behalf of the Debtors in connection with any refinancing, capital raising, and/or sale process for the Debtors in their capacity as debtors in possession o. working with the Debtors and their professionals to maximize the value of the Debtors' estates; p. developing a plan to sell some or all of the Debtors' assets of and/or to reorganize the Debtors; and q. negotiating terms of debtor in possession financing, if necessary. GlassRatner's hourly rates are: Mark Shapiro, CRO $895 Senior Managing Directors $650 to 895 Managing Directors $495 to 850 Other $325 to 495 GlassRatner will receive a retainer in the amount of $100,000. GlassRatner is a "disinterested persons" as that term is defined in Sec. 101(14) of the Bankruptcy Code, and does not hold or represent any interest adverse to the Debtors' Estates, according to court filings. The firm can be reached through: Mark Shapiro GlassRatner Advisory & Capital Group, LLC 3445 Peachtree Road, Suite 1225 Atlanta, GA 30326 Phone: (470) 346-6800 About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC and FCI South, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80481) on July 30, 2025. In its petition, FCI Sand Operations reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtors are represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FINANCE OF AMERICA: Fitch Affirms 'CCC' IDR, Outlook Positive ------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Finance of America Companies Inc. and its subsidiaries, Finance of America Equity Capital LLC and Finance of America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating Outlook has been assigned. Fitch has also affirmed Finance of America Funding's senior secured rating at 'CCC-' with a Recovery Rating of 'RR5'. This rating action has 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 FOA's improved operating performance over the last year, which has helped to rebuild capital levels and the improved maturity laddering given the restructuring of its unsecured debt obligations in November 2024. Fitch could upgrade the ratings by one notch if the company builds a substantial liquidity cushion exceeding its upcoming repayment obligations and continues to de-lever the balance sheet through improved retained earnings. Leading Reverse Mortgage Lender: The rating affirmation reflects FOA's established market position within the reverse mortgage sector, experienced senior management, and a history of strong support from founder and Chairman, Brian Libman. Highly Cyclical Mortgage Industry: Ratings remain constrained by relatively weak liquidity and high leverage, a short-tenured and largely secured funding profile, and elevated key person risk related to Brian Libman. FOA's ratings are also constrained by the highly cyclical nature of the mortgage origination business and the capital intensity and valuation volatility of mortgage servicing rights (MSR) and securitization residuals. Liquidity Improved but Remains a Ratings Constraint: While recently improved, Fitch continues to believe FOA has a relatively weak liquidity profile. At 3Q25, available liquidity consisted of $110 million of unrestricted cash and $70 million of available borrowing capacity on its non-funding secured lines of credit and promissory note. This represented 15% of total debt, an improvement from 5% in 3Q24. However, available liquidity will be impacted in the short term by $53 million of debt, which was repaid in November 2025, and the $80 million the company expects to pay in the coming quarters to repurchase shares from a large shareholder. This would reduce liquidity to 4% of total debt on a pro forma basis. FOA has $60 million of secured notes maturing in November 2026 and $90 million maturing in November 2027. Fitch believes FOA's ability to meet its long-term obligations will be dependent on positive operating results and cash flow generation in the near term, which highlights significant risks to the credit profile. However, Fitch believes the company is considering other initiatives to bolster its liquidity profile. Execution of these initiatives could support positive rating momentum over time. Earnings Benefit from Rate Easing Cycle: FOA reported $129 million of pre-tax income through 9M25, improved from $38 million in 2024 and compared with operating losses between 2021-2023. Fitch believes FOA's profitability should benefit from the easing of the interest rate cycle, as this is expected to drive higher mortgage origination volume and stronger gain on sale margins. A more conducive operating environment will also improve the valuation of the company's residual investments in its securitizations, which has historically challenged profitability and impaired capital. Markets that allow for regular calling and reissuing of these securitizations generates cash from the residual interest and provides a meaningful source of liquidity for the company to repay upcoming obligations. FOA's transition to a monoline reverse mortgage lender reduced operating costs to approximately 25% of what they were prior to the transition, and the recent repayment of high cost working capital loans should lower the company's interest burden going forward, providing further support to a potential increase in earnings. High Leverage: Total debt, excluding Home Equity Conversion Mortgage-Backed Securities (HMBS) obligations and non-recourse debt, to tangible equity was 6.8x at 3Q25, down from 23.4x at YE 2024 as FOA's capital base has grown with improved earnings. Fitch believes earnings retention could continue to drive higher capital levels over the medium term, but leverage will remain sensitive to movements in interest rates. Fitch views the expected repurchase of shares as negative for FOA's credit profile given the impact to capitalization and liquidity, and further shareholder friendly actions that reduce capital could result in a revision of the Outlook to Stable. Limited Funding Flexibility: FOA's capital structure is largely secured, aside from $40 million of convertible notes and an undrawn $20 million promissory note from Brian Libman, which Fitch believes limits its funding flexibility. Fitch would view the increase of unsecured funding as positive for the funding profile. Solid Asset Quality: FOA is not subject to material asset quality risks as nearly all originated loans are sold to investors shortly after origination. At 3Q25, less than 2% of loans held for investment were 90+ days past due or on non-accrual. Within FOA's non-recourse securitizations, this metric was 0.12%. In general, mortgage assets have outperformed other consumer assets over the last year, as home equity levels have supported strong metrics. FOA does have exposure to potential losses due to repurchase or indemnification claims from investors under certain warranty provisions, but Fitch expects FOA will continue to hold sufficient reserves. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade The Outlook could be revised to Stable or negative rating action could be taken should the company fail to enhance its liquidity buffers to prepare for near-term obligations. Beyond that, negative rating action could be driven by: - Weakening profitability; - Leverage maintained above 15x; - Inability to refinance secured funding facilities or avoid covenant breaches; - Regulatory scrutiny resulting in FOA incurring substantial fines that negatively affect its franchise or operating performance; - The departure of Brian Libman, who has led the growth and direction of the company. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Sustained improvement in the liquidity cushion following the repayment of upcoming obligations; - Improved funding flexibility, including an extension of funding duration, and an increase in committed facilities; - Improved profitability as demonstrated by an ROAA sustained above 1% and positive cash flow generation; - Maintenance of gross leverage below 10x; - Continued growth of the business that enhances FOA's franchise; - Demonstrated effectiveness of corporate governance policies, including enhanced management team depth and/or clearly articulated succession planning for key management positions. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior secured debt rating is one notch below FOA's IDR and reflects below-average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The secured debt rating is primarily sensitive to changes in the IDR and secondarily to the funding mix and available collateral. A material increase in unencumbered assets and recovery prospects could result in the unsecured debt rating being equalized with the IDR. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The ratings of wholly owned subsidiaries Finance of America Equity Capital LLC and Finance of America Funding LLC are equalized with that of FOA. Their IDRs are primarily sensitive to changes in FOAs IDR and would be expected to move in tandem. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned below the implied SCP due to the following adjustment reason(s): Weakest Link - Funding, Liquidity & Coverage (negative). - The Business Profile score has been assigned below the implied score due to the following adjustment reason(s): Business model (negative). - The Earnings & Profitability score has been assigned above the implied score due to the following adjustment reason(s): Historical and future metrics (positive). - The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason(s): Size of capital base (negative). - The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason(s): Liquidity coverage (negative). ESG Considerations FOA has an ESG Relevance Score of '4' for Governance Structure due to elevated key-person risk related to its founder and Chairman, Brian Libman, who has led the growth and strategic direction of the company. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. FOA has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy and Data Security, due to its exposure to compliance risks that include fair lending practices, debt collection practices and consumer data protection. 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. FIT AND FUN: Seeks to Hire Genova Malin & Trier sa Legal Counsel ---------------------------------------------------------------- Fit and Fun Playscapes, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of New York to employ Genova, Malin & Trier, LLP as legal counsel. The firm's services include: (a) advise the Debtor with respect to its powers and duties in the continued management and operation of its business; (b) advise and consult on the conduct of this Chapter 11 case; (c) attend meetings and negotiate with representatives of creditors and other parties in interest; (d) prepare, on behalf of the Debtor, legal papers necessary or otherwise beneficial to the administration of its estate; and (e) perform all other legal services for the Debtor which may be necessary herein. The firm will be paid at these hourly rates: Partner $450 Paralegal $200 The firm received a retainer of $15,000 from the Debtor. Michelle Trier, Esq., an attorney at Genova, Malin & Trier, 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: Michelle L. Trier, Esq. Genova, Malin & Trier, LLP 1136 Route 9 Wappinger Falls, NY 12590 Telephone: (845) 298-1600 Email: michelle@gmtllp.com About Fit and Fun Playscapes Fit and Fun Playscapes, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-36245) on December 8, 2025, with up to $500,000 in estimated assets and up to $1 million in estimated liabilities. Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP represents the Debtor as counsel. FOUR FINANCIAL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, granted The Four Financial LLC authority to use cash collateral on an interim basis. The second interim order authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. This authorization will continue through December 30, 2025. As adequate protection, Secured Creditors are granted replacement liens on post-petition cash collateral having the same validity, extent, and priority as their prepetition liens. The Order does not determine the validity or priority of any creditor's lien and preserves all parties' rights to challenge or seek modifications. A continued preliminary hearing is scheduled for December 30. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/YIo4E from PacerMonitor.com. About The Four Financial LLC The Four Financial LLC is a limited liability company. The Four Financial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08387) on November 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Justin M. Luna, Esq. of Latham, Luna, Eden & Beaudine, LLP. FREEDOM MORTGAGE: Fitch Affirms 'BB-' LongTerm IDR, Outlook Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of Freedom Mortgage Holdings LLC (Freedom Holdings) and its primary operating subsidiary, Freedom Mortgage Corporation (Freedom Mortgage, collectively Freedom) at 'BB-'. The Rating Outlook is Stable. Fitch has also upgraded Freedom's senior unsecured debt ratings to 'BB-' from 'B+'. 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 Established Mortgage Franchise: The ratings affirmation reflects Freedom's established franchise in the U.S. residential mortgage space, historical track record through various cycles, strong market position within the government lending channel, experienced senior management, and a sufficiently robust and integrated technology platform. Fitch views Freedom's multichannel approach favorably. The agency believes its servicing retained business model with high recapture rates and bulk mortgage servicing rights (MSR) acquisitions serve as a natural hedge, although not a full offset, to the cyclicality of the mortgage origination business. Highly Cyclical Mortgage Industry: The ratings are constrained by Freedom's corporate leverage, which remains above its 1.5x target, the highly cyclical nature of the mortgage origination business and MSR valuation exposure, above-average exposure to Ginnie Mae (GNMA) loans with higher advancing needs and elevated regulatory scrutiny compared to conventional loans, which could pressure earnings as a result of heightened compliance standards, and key person risk related to its founder and CEO, Stanley Middleman, who sets the tone, vision and strategy. Solid Core Earnings: Freedom's annualized pre-tax return on average assets (ROAA), adjusted for GNMA loans subject to repurchase, was negative 1.8% in 9M25, driven by a significant change in marks to the MSR portfolio in 3Q25. This is down from 4.7% in 2024 and a four-year average of 4.4%. Excluding the MSR marks, annualized ROAA was 2.2% in 9M25, compared to 3.4% in 2024, as core earnings benefitted from higher servicing income and improved margins but lower origination volumes. Fitch believes profitability will improve in the near term with increased origination volumes and stronger gain-on-sale margins, but earnings will be sensitive to recapture rates as prepayment speeds increase. Higher Corporate Leverage: Freedom's total leverage (gross debt to tangible equity) was 2.9x at 3Q25, unchanged from YE 2024 as tangible equity growth offset higher borrowings. Corporate leverage, which excludes balances under funding facilities, was 1.9x at 3Q25, down from 2.1x at 2Q25 due to the approximately $750 million capital injection from Freedom Parent in September 2025. Corporate leverage remains above management's long-term target of 1.5x, but Fitch expects it to continue to decline with improved earnings retention over the Outlook horizon. Secured Funding Profile: Unsecured debt represented 34% of total debt at 3Q25, above the peer average, with remaining funding comprised of warehouse facilities, MSR term notes and loans, and revolving lines of credit secured by MSRs. The unsecured mix was unchanged following the $800 million issuance in December as the company redeemed $800 million of its 2028 notes in October. At the time of renewal, 43% of Freedom's warehouse facilities had maturities of two years. However, at 3Q25, 12% of Freedom's warehouse facilities had maturities greater than one year. Committed facilities represented 29% of total capacity, which compares favorably to peers. Still, Fitch believes the short tenor of overall funding exposes the company to liquidity and refinancing risk and would view an increase in the funding duration and committed capacity as credit positive. Adequate Liquidity: Fitch views Freedom's liquidity profile as adequate, consisting of $1.2 billion of unrestricted cash, $740 million of availability under its KeyBank RCF and $1.0 billion under its GNMA MSR facility as of 3Q25. Additionally, the company had $4.9 billion of committed and uncommitted capacity under its warehouse facilities to fund loan originations. Asset Quality to Normalize: Delinquencies of 60 days or more in the servicing portfolio totaled 2.6% at 3Q25, excluding loans in bankruptcy and foreclosure, in line with a year earlier. Fitch anticipates continued normalization in asset quality, as delinquencies remain low by historical standards. 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. Freedom is exposed to potential losses due to repurchase or indemnification claims from investors under certain warranty provisions, although claims in recent years have been manageable. Stable Outlook: The Stable Outlook reflects Fitch's expectation that corporate debt to tangible equity will decline below 1.5x over the next 12 months. Fitch also expects Freedom to maintain sufficient liquidity and reserves for potential margin calls, servicing advance needs and indemnification activity, and adequate access to warehouse funding for origination growth as rates decline. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Corporate debt to tangible equity sustained above 2.0x; - A sustained increase in gross leverage above 5.0x; - A sustained decline in unsecured funding below 15% of total debt; - Inability to refinance secured funding facilities and/or insufficient liquidity to manage servicing advances or to meet margin call requirements; - Substantial fines that negatively impact Freedom's franchise or operating performance; - Lack of appropriate staffing and resource levels relative to growth in the servicing portfolio; - An abrupt departure of founder and CEO, Stanley Middleman. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - A sustained reduction in gross leverage below 3.0x; - A sustained reduction in corporate leverage at-or-below 1.0x; - Growth of the business that enhances the franchise and platform scale; - Improved earnings consistency; - Improvement in the funding profile, including an extension of funding duration and/or an increase in the proportion of committed funding and the maintenance of unsecured debt above 25% of total debt; - A stronger liquidity profile, evidenced by a substantial increase in the percentage of liquidity sources (cash and available borrowing capacity) to total debt sustained above 25%. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The upgrade of Freedom's unsecured debt ratings, such that they are equalized with the Long-Term IDRs, reflects Fitch's expectation for average recovery prospects in a stressed scenario, compared with below average previously, given the improved unsecured funding mix and sufficient unencumbered assets available to noteholders. Freedom Holdings' debtholders benefit from an upstream guarantee provided by Freedom Mortgage to satisfy ongoing payment obligations, as well as a guarantee from Freedom Mortgage Parent LLC (Freedom Parent; not rated), the ultimate parent and managing member of Freedom Holdings. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is primarily sensitive to changes in Freedom Holdings and Freedom Mortgage's Long-Term IDRs and would be expected to move in tandem. However, a material decline in unencumbered assets and/or an increase in the proportion of secured funding could result in a widening of the notching between the Long-Term IDRs and the unsecured notes. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES Freedom Mortgage is a wholly owned subsidiary of Freedom Holdings, and its IDR is equalized with the Long-Term IDR of the holding company. Freedom Mortgage's IDR is primarily sensitive to changes in Freedom Holdings' IDR and would be expected to move in tandem. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP; - 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). Criteria Variation This is a text exhibit 'NBFI - Criteria Variations'. See instructions in side pane. ESG Considerations Freedom has ESG Relevance Scores of '4' for Governance Structure due to elevated key man risk related to its founder and CEO, Stanley Middleman, who sets the tone, vision, and strategy for the company. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. Freedom has ESG Relevance Scores of '4' for Customer Welfare - Fair Messaging, Privacy and Data Security, due to its exposure to compliance risks that include 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 Prior ----------- ------ ----- Freedom Mortgage Corporation LT IDR BB- Affirmed BB- senior unsecured LT BB- Upgrade B+ Freedom Mortgage Holdings LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Upgrade B+ FREIGHT TECHNOLOGIES: 2025 Q3 Net Loss Widens to $3.27MM -------------------------------------------------------- Freight Technologies, Inc. filed in a Report of Foreign Private Issuer on Form 6-K with the U.S. Securities and Exchange Commission to report its operating results for the quarterly period ended September 30, 2025. The Company reported a net loss of $3,267,429 for the three months ended September 30, 2025, compared to a net loss of $267,293 for the three months ended September 30, 2024. Revenues for the three and nine months ended September 30, 2025, were $2,456,191 and $9,546,741, respectively, compared to revenues of $1,887,030 and $10,012,632 for the same respective periods in 2024. Since inception, the Company has met its cash needs through proceeds from issuing convertible notes, loans, and issuance of shares. As of and for the three months and nine months ended September, 30, 2025, the Company has an accumulated deficit of $49,137,016, a shareholders' equity of $6,284,099, net working capital of $(323,947), short-term debt (including borrowings and financing payable) of $2,814,656 and $291,940 of unrestricted cash on hand. For the nine months ended September 30, 2025, the Company reported a net loss of $4,220,236 and negative cash flows from operations of $4,199,260, whereas for the same nine months ended in 2024 the company reported a net loss of $4,478,299 and negative cash flows from operations of $2,950,069. As of September 30, 2025, the Company had $12,201,412 million in total assets, $5,917,313 in total liabilities, and $6,284,099 in total stockholders' equity. The Company has historically met its cash needs through a combination of term loans, promissory notes, convertible notes, private placement offerings and sales of equity. The Company's cash requirements are generally for operating activities. The Company currently projects that it will need to draw additional funds on its existing facilities and need additional capital to fund its current operations and capital investment requirements until the Company scales to a revenue level that permits cash self-sufficiency. As a result, the Company may need to raise additional capital or secure debt funding to support ongoing operations until such time. This projection is based on the Company's current expectations regarding revenues, expenditures, cash burn rate and other operating assumptions. The sources of this capital are anticipated to be from drawing on existing facilities, and/or the sale of equity, any of which may not be achievable on favorable terms, or at all. Additionally, any debt or equity transactions may cause significant dilution to existing stockholders. If the Company is unable to raise additional capital moving forward, its ability to operate in the normal course and continue to invest in its product portfolio may be materially and adversely impacted, and the Company may be forced to scale back operations or divest some or all of its assets. As a result, in connection with the Company's assessment of going concern considerations in accordance with Financial Accounting Standard Board's Accounting Standards Update 2014-15, "Disclosures of Uncertainties about an Entity's Ability to Continue as a Going Concern," management has determined that the Company's liquidity condition raises substantial doubt about the Company's ability to continue as a going concern through the next 12 months. A full-text copy of the Company's report filed on Form 6-K with the Securities and Exchange Commission is available at https://tinyurl.com/ykpstve5 About Freight Technologies, Inc. Freight Technologies (Nasdaq: FRGT) is a logistics management innovation company, offering a diverse portfolio of technology-driven solutions that address distinct challenges within the supply chain ecosystem. Diamond Bar, California-based TAAD, LLP, the Company's auditor since 2025, issued a "going concern" qualification in its report dated April 11, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations that raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $12,201,412 million in total assets, $5,917,313 in total liabilities, and $6,284,099 in total stockholders' equity. GAP INC: S&P Raises Issuer Credit Rating to 'BB+', Outlook Stable ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on San Francisco-based The Gap Inc. to 'BB+' from 'BB'. At the same time, S&P raised its issue-level rating on the company's senior unsecured notes to 'BB+' from 'BB'. The '3' recovery rating reflects its expectation for meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a default. The stable outlook reflects S&P's expectation that Gap Inc. will sustain improved operating performance, supported by brand momentum, that will lead to leverage sustained below 2x. The Gap Inc. reported comparable-sales acceleration and operating margin improvement in 2025 despite difficult macroeconomic conditions. S&P expects the company will sustain improved operating margins in 2026 as it manages increased costs from tariffs and continues to execute its brand reinvigoration plan. The upgrade reflects steady improvement in Gap Inc's operating performance despite weak consumer confidence. The company's S&P Global Ratings-adjusted EBITDA margin expanded to 17.6% in the third quarter on a trailing-12-month basis compared to 16.7% for the same prior-year period and 11.5% in 2023. This demonstrates good execution of the company's reinvigoration plan and improved operational efficiency. In addition, the company's focus on inventory management resulted in only a 5.5% increase in value compared to the prior year due to elevated merchandise costs and lower units. While elevated tariff rates hurt the merchandise margin by 190 basis points in the quarter, it was partially offset by higher prices on specific products, cost management and fixed-cost leverage. S&P said, "We forecast an adjusted EBITDA margin of 17.2% in 2026 compared to 17.1% this year as the company manages elevated tariff rates on goods. In 2027, we expect the adjusted EBITDA margin will increase to 17.5% due to higher average unit retail (AUR) from improved price realizations and cost-reduction initiatives. In our view, the company's ability to sustain comparable sales growth momentum will be a critical factor to improve its operating margins." The company's reinvigoration plan focused on strengthening its brand position by enhancing consumer value perception and improving operational efficiency. Marketing optimization through strategic collaborations allowed the company to leverage the power of its iconic brand equity and broaden its consumer reach. In addition, more effective inventory management following supply-chain challenges three years ago contributed to reduced promotions and increased inventory turnover, leading to improved operating margins and faster cash conversion. Operating efficiency efforts also included optimized store operations, increased productivity, and reduced overhead expenses, which are expected to result in cost savings of about $150 million in 2025. While the reinvigoration plan has generated benefits over the last two years, S&P continues to apply a negative comparable ratings adjustment to our issuer credit rating to account for the relatively short track record of the improved performance. It also reflects the risk of potential operational missteps or the brands losing momentum due to shifting consumer preferences. S&P expects comparable sales will continue to grow in 2026, supported by brand momentum. Gap Inc. reported total revenue growth of 3% in the third quarter, with comparable sales accelerating to 5%, largely driven by Old Navy and Gap banners' consistent execution. Old Navy's comparable sales increased by 6% in the quarter due to a compelling assortment of merchandise, notably in the activewear category, with growth across different income cohorts and affordable price points. In addition, the company started to expand beauty product categories in 150 stores. Gap brand's comparable sales increased by 7% in the quarter, driven by denim. The company used campaigns, collaborations, and partnerships to increase relevance and customer acquisitions, with increasing engagement of younger demographics. Gap brand's product assortment has resonated well with consumers due to on-point merchandising and styles that are on-trend and at the right price points. Banana Republic reported a revenue decline of 1.1% in the quarter due to store closures as the company continues to optimize its fleet, which was partially offset by comparable-sales growth of 4%. S&P said, "We expect the company will continue to adjust the banner's value/price balance with a focus on premium offerings. Athleta reported a revenue and comparable sales decline of 11% in the quarter, as the brand continues to reset its inventory and reposition itself as an aspirational premium brand. The company has recently made changes in the Athleta management team, appointing Maggie Gauger as brand president and CEO to lead the turnaround efforts. While we expect continued weakness in Athleta in 2026, it contributes less than 10% of the company's overall revenue." S&P said, "We expect the company's overall revenue will increase 2.1% in 2026, supported by continued brand relevance and market-share gains led by Gap brand and Old Navy. We expect Old Navy's value offerings will resonate with consumers as inflation affects spending habits. In 2027, we expect revenue will grow 1.8%, partially supported by the roll out of new product categories like beauty and accessories and the stabilization of the Banana Republic and Athleta brands." Gap Inc.'s ample cash balance provides a cushion to its credit metrics. The company's S&P Global Ratings-adjusted leverage improved to 1.2x in the third quarter compared to 1.4x in the prior year due to an elevated cash balance and improved profitability. The company doesn't have a stated leverage target as part of its financial policy, but it has strategically strengthened its liquidity position in the last three years by increasing its cash balance. As of Nov. 1, 2025, the cash, cash equivalents and short-term investments balance reached $2.5 billion, in addition to a fully undrawn $2.2 billion asset-based lending (ABL) facility due in 2027. S&P's base-case forecast assumes a cash balance reduction back to historical levels of $1 billion–$1.5 billion. Therefore, we forecast adjusted leverage will increase to 1.6x in 2026 and 2027, driven by an increase in shareholder returns. S&P said, "We expect Gap Inc. will generate consistent free operating cash flow (FOCF). Reported FOCF decreased to $280 million in the third quarter on a year-to-date basis compared to $540 million in the prior year due to elevated costs from tariffs, the timing of merchandise inventory, and higher compensation payments. While the company has generated more than $1 billion in reported FOCF in the last two years, we believe tariffs will dent the company's FOCF in 2025 due to higher working-capital requirements and lower profitability. In addition, the company plans to increase capex spending to $500 million-$550 million this year, which includes investments in technology to drive efficiencies and customer experience and new product categories. We project reported FOCF will increase to $932 million in 2026 compared to $820 million this year. In 2027, we expect reported FOCF will further increase to $993 million as the company executes its reinvigoration plan. "The stable outlook reflects our expectation that Gap Inc. will sustain improved operating performance, supported by brand strength, which will lead to leverage below 2x." S&P could lower its rating on Gap Inc. if adjusted leverage is above 2.5x. This could occur if the company: -- Is unable to maintain its brand momentum due to shifting consumer preferences or increased competition resulting in comparable sales declines; -- Materially underperforms our projection due to increased promotions or an inability to offset elevated merchandise costs from tariffs; or -- Adopts a more aggressive financial policy, demonstrated by a significant increase in dividends or share repurchases. S&P could raise its rating on Gap Inc. if the company demonstrates a track record of consistent operating performance across macroeconomic cycles and maintains adjusted leverage below 2x, supported by a stated financial policy target. This could occur if the company: -- Navigates the less-favorable macroeconomic environment while maintaining its market share and increasing its comparable sales across its banners; -- Continues to improve operating margins, supported by disciplined inventory management, leading to strong FOCF generation; and -- Maintains a conservative financial policy consistent with investment-grade ratings. GI APPLE: OHA Senior Virtually Writes Off $1.1MM 1L Loan -------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,133,000 loan extended to GI Apple Midco LLC to market at $24,000 or 2% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to GI Apple Midco LLC. The loan accrues interest at a rate of 10.75% per annum. The loan matures on April 19, 2029. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About GI Apple Midco LLC GI Apple Midco LLC is a holding company created by investment funds advised by GI Partners to acquire Atlas Technical Consultants, Inc. in a $1.07 billion merger completed in April 2023, making Atlas a private, wholly-owned subsidiary. GRANGE PUBLIC: Taps Backes Auction to Provide Valuation Services ---------------------------------------------------------------- The Grange Public House & Brewery, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Iowa to employ Randall Backes of Backes Auction to provide valuation services. The firm will provide a third-party appraisal on the Debtor's personal property, which include real estate, equipment and machinery, subject to Danville State Savings Bank security interest. The firm will receive payment up to $1,000 for valuation services. Backes is a disinterested person as that term is defined in Bankruptcy Code Sec. 101(14), according to court filings. The firm can be reached through: Randall Backes Backes Auction Company 6605 Dubuque Road Raymond, IA 50667 Telephone: (800) 876-8070 Facsimile: (319) 226-3024 About The Grange Public House & Brewery The Grange Public House & Brewery, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-01625) on September 22, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge Lee M. Jackwig presides over the case. Robert C. Gainer, Esq. represents the Debtor as legal counsel. GST INC: Files Chapter 11 to Restructure Operations --------------------------------------------------- Grand Slam Track(TM), the global home of professional track competition, announced on Dec. 11, 2025, a comprehensive reorganization to position the league for sustainable long-term growth. To facilitate the reorganization, GST has filed a voluntary petition for Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware. GST intends to utilize the Chapter 11 process to stabilize its finances, implement a more efficient cost and operating model, and position GST for long-term success. Earlier this year after committed financing fell through, GST undertook extensive efforts, in consultation with its advisors, to address its liquidity challenges and sought to negotiate payment arrangements that would provide a meaningful recovery to stakeholders. However, a court-supervised reorganization was deemed the most prudent path forward as these efforts continue. With a rightsized financial profile, the League will have the ability to return for future seasons and pursue new initiatives -- including through the expansion of participatory events, enhanced media offerings, and deeper connections with the global running community -- ultimately with the goal of executing on its vision of transforming track into a unified, globally commercialized sport. Michael Johnson, Founder of Grand Slam Track, said: "Grand Slam Track was founded to create a professional platform that reflects the talent and dedication of this sport's athletes. While GST has faced significant challenges that have caused frustrations for many -- myself included -- I refuse to give up on the mission of Grand Slam Track and the future we are building together." Nicholas Rubin, Chief Restructuring Officer, said: "These steps will allow GST to address its outstanding liabilities while continuing constructive discussions with interested investors. Ultimately, the goal of the reorganization is to create a more efficient operating structure, enhance athlete and partner relationships, and provide the League with a platform for future success." GST is actively finalizing debtor-in-possession financing as part of the reorganization process. Information about GST's Chapter 11 proceeding can be found at https://cases.stretto.com/GrandSlamTrack. Vendors with questions can also call GST's claims agent, Stretto, at (855) 511-0844 (toll-free) or +1 (626) 544-1812 (international) or email GSTInquiries@stretto.com. Levene, Neale, Bender, Yoo & Golubchik L.L.P. is serving as legal counsel to GST, and Force Ten Partners LLC is serving as restructuring advisor. Kekst CNC is serving as strategic communications advisor to GST. About Grand Slam Track, Inc. (GST, Inc.) 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. GUARDIAN ELDER: Plan Exclusivity Period Extended to Jan. 12, 2026 ----------------------------------------------------------------- Judge Jeffery A. Deller of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended Guardian Elder Care at Johnstown, LLC d/b/a Richland Healthcare and Rehabilitation Center, and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 12, 2026 and March 16, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the Chapter 11 Cases involved two separate sale processes, one of which involved the termination of a Court approved stalking horse agreement and a full day, contested sale hearing. Further, the Chapter 11 Cases involved three different secured lenders, necessitating separate debtor-in-possession loans for the Cuarzo Portfolio Debtors and the Owned Portfolio Debtors. Accordingly, the size and complexity of these Chapter 11 Cases warrants a further extension of the Exclusive Periods. The Committee has recently asserted, by letter, certain claims (the "Alleged Estate Claims"). While the Alleged Estate Claims are disputed, in accordance the August 26 Order, the Debtors and the Committee are working diligently to pursue a mediation of the claims asserted against Public Credit and the Committee's Alleged Estate Claims as soon as possible. While the Debtors remain focused on these issues, more time is needed for the Debtors, in consultation with S&T Bank and the Committee to address the issues, to pursue the mediation, and otherwise determine the best path forward for these Chapter 11 Cases. The Debtors assert that the requested extensions of the Exclusive Periods will provide the Debtors with the time needed to address the issues described herein and thereby permit the Debtors to focus on both resolving such issues in a manner that best serves their estates and creditors and establishing a framework for a viable path forward without the distraction of a looming exclusivity deadline. The Debtors' Counsel: Jeffrey C. Hampton, Esq. Sabrina Espinal, Esq. SAUL EWING LLP 1500 Market Street, 38th Floor Philadelphia, PA 19102 Tel: (215) 972-7777 Email: jeffrey.hampton@saul.com sabrina.espinal@saul.com - and - Michael J. Joyce, Esq. SAUL EWING LLP One PPG Place, Suite 3010 Pittsburgh, PA 15222 Tel: (412) 209-2539 Email: michael.joyce@saul.com - and - Mark Minuti, Esq. Monique B. DiSabatno, Esq. Paige N. Topper, Esq. 1201 N. Market Street, Suite 2300 Wilmington, DE 19801 Tel: (302) 421-6800 Email: mark.minuti@saul.com monique.disabatino@saul.com paige.topper@saul.com About Guardian Elder Care at Johnstown Guardian Elder Care at Johnstown, LLC (doing business as Richland Healthcare and Rehabilitation Center), its affiliates, and their non-debtor affiliates are a private, family-owned organization that has provided inpatient and outpatient services to predominately small and/or rural communities through a network of skilled nursing facilities and personal care homes since 1995. Guardian Healthcare maintains 19 skilled nursing facilities, with one facility in West Virginia and the remaining facilities located in Pennsylvania. Through its facilities, Guardian Healthcare maintains more than 1,700 skilled nursing, personal care, and independent living beds, providing long-term care and rehabilitation services. Guardian Elder Care at Johnstown and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Lead Case No. 24-70299) on July 29, 2024. In the petitions signed by Allen Wilen, chief restructuring officer, Guardian Elder Care at Johnstown disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Jeffery A. Deller oversees the cases. The Debtors tapped Saul Ewing LLP as legal counsel, Eisner Advisory Group LLC as financial advisor, and Omni Agent Solutions, Inc., as claims and noticing agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. H&H ENTERPRISES: Taps Perry & Young as Special Litigation Counsel ----------------------------------------------------------------- H&H Enterprises of PC BCH LLC, doing business as Sandbar, seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Perry & Young PA as special litigation counsel. The firm will provide services assisting on litigation matters and providing bankruptcy counsel information on creditor claims. The firm will equally divide the anticipated 40 percent attorney's fee carveout with the Debtor's estate in order to address administrative fee claims which have arisen in this case. Marcus Green, Esq., an attorney at Perry & 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: Marcus Green, Esq. Perry & Young, PA 200 Harrison Avenue Panama City, FL 32401 Telephone: (850) 215-7777 About H&H Enterprises of PC BCH, LLC d/b/a Sandbar H&H Enterprises of PC BCH LLC d/b/a Sandbar, a Florida corporation established in December 2009, operates a restaurant in the heart of Panama City Beach, Fla. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 24-50032) on March 6, 2024, listing $165,486 in assets and $1,086,708 in liabilities. The petition was signed by Craig K. Harris as manager. Judge Karen K. Specie oversees the case. The Debtor tapped Michael Austen Wynn, Esq., at Wynn & Associates PLLC as bankruptcy counsel and Marcus Green, Esq., at Perry & Young PA as special litigation counsel. HARDING BELL: Committee Hires Newpoint as Financial Advisor ----------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 case of Harding Bell International, Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Newpoint Advisors Corporation as financial advisor. The firm will render the following services: (a) Forensic Investigation: (i) analyze the Debtor's books and records; (ii) analyze the Debtor's budget and/or cash flow projections; (iii) attend hearings as necessary; (iv) consult with the committee and counsel for the committee throughout the engagement; (v) other services, as requested by the committee or the Court; and (vi) forensic accounting and expert testimony, if needed. (b) Strategic Options Analysis (i) Document & Financial Review (1) collect and review the Debtor's proposed plan and all supporting schedules; (2) analyze historical financial statements, operating reports, tax filings, and management-prepared projections; and (3) assess accuracy, consistency, and completensess of the data. (ii) Feasibility and Stress Testing (1) test the Debtor's financial projections against industry benchmarks and historical performance; (2) conduct sensitivity analysis (e.g., revenue downturns, margin pressure, interest rate shifts); and (3) evaluate whether proposed debt service, working capital, and capital expenditure assumptions are realistic. (iii) Recovery Analysis (1) gather third-party valuation inclusive of multiple methodologies (DCF, market comps, liquidation); (2) compare plan-implied valuation against creditor claims and recoveries; and (3) develop a liquidation analysis to compare plan outcomes with Chapter 7; (iv) Capital Structure and Debt Analysis (1) review current capital structure and claims pool; (2) assess proposed treatment of secured lenders, unsecured creditors, and equity holders; and (3) identify gaps or weaknesses in plan compliance with the Bankruptcy Code (e.g., absolute priority, feasibility). (v) Operational Assessment (1) evaluate management's turnaround strategy, cost reductions, and revenue growth assumptions; (2) identify operational inefficiencies, non-core assets, or diviisons that may be candidates for sale; and (3) assess management capabilities and recommend leadership/board enhancements, if necessary. (vi) Alternatives to the Plan (1) develop restructuring alternatives (e.g., new capital infusion, debt-for equity swap, sale of business or assets, refinancing); (2) model creditor recoveries under each alternative; and (3) provide recommendations on the best path forward. (vii) Reporting and Communication (1) prepare a written report summarizing findings, analyses, and recommendations; (2) present results to stakeholders (creditors' committee, board, investors, etc.); and (3) support negotiations with the Debtor and other constituencies. (viii) Deliverables (1) Feasibility Analysis Report; (2) valuation and recovery analysis; (3) alternatives assessment; and (4) executive presentation for stakeholders. The firm's professionals will be paid at these hourly rates: Senior Managing Director $425 Managing Director $405 Others $175 - $375 In addition, the firm will seek reimbursement for expenses incurred. Kenneth Yager, president at Newpoint Advisors Corporation, 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: Kenneth R. Yager Newpoint Advisors Corporation 750 Old Hickory Blvd., Building 2, Suite 150 Brentwood, TN 37027 About Harding Bell International Inc. Harding Bell International, Inc., is a certified public accounting firm based in Central Florida that provides tax preparation, business support, and FIRPTA services to U.S. and international clients. The firm serves over 9,000 clients across 22 U.S. states and more than 170 countries, with a focus on real estate investment and cross-border tax matters. Founded in 2000, it operates six offices in the region. Harding Bell International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04912) on July 17, 2025. In its petition, the Debtor reported total assets of $3,826,150 and total liabilities of $6,221,386. Judge Roberta A. Colton handles the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC, is the Debtor's counsel. On August 5, 2025, the Office of the United States Trustee appointed an official committee of unsecured creditors in this Chapter 11 case. The committee tapped Berger Singerman LLP as counsel and Newpoint Advisors Corporation as financial advisor. HEARTH DISPLAY: Lago Evergreen Marks $2MM Loan at 35% Off --------------------------------------------------------- Lago Evergreen Credit has marked its $2,000,000 loan extended to Hearth Display, Inc. to market at $1,297,707 or 65% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. Lago Evergreen is a participant in a Delayed draw term loan to Hearth Display, Inc. The loan accrues interest at a rate of SOFR + 8.0% per annum. The loan matures September 12, 2027. Lago Evergreen is an externally managed, non-diversified closed-end management investment company that has elected to be regulated as a business development company under the Investment Company Act of 1940. The Company is managed by LAGO Asset Management, LLC, a Delaware limited liability company and a registered investment adviser under the Investment Advisers Act of 1940, as amended. The Company entered into an investment advisory agreement with the Investment Adviser in which the Investment Adviser, subject to the overall supervision of the Company's Board of Trustees, manages the day-to-day operations of, and provides investment advisory services to the Company. Lago Evergreen is led by Tim Gottfried as Chief Executive Officer and Chairman of the Board of Trustees and Todd Knudsen as Chief Financial Officer. The Fund can be reach through: Tim Gottfried 10 S. Wacker Drive, Suite 3540 Chicago, Il 60606 Telephone: (773) 417-5246 About Hearth Display, Inc. Hearth Display Inc. provides health care information services. The Company offers health operating system for family management and productivity, made to lighten the load of organization for busy families. Hearth Display serves customers Worldwide. HELIOS SOFTWARE: Moody's Withdraws 'B2' Corporate Family Rating --------------------------------------------------------------- Moody's Ratings has withdrawn the ratings of Helios Software Holdings, Inc. (Helios or the company), including its B2 corporate family rating and its B2-PD probability of default rating. Concurrently, Moody's have also withdrawn the B2 instrument ratings on the existing backed senior secured term loan, backed senior secured multi-currency revolving credit facility and backed senior secured first lien global notes issued by Helios. Prior to the withdrawal, the outlook was stable. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). This action comes after substantially all of the company's outstanding debt was refinanced or exchanged, in the case of existing notes, by new instruments issued by ION Platform Investment Group Limited (ION Platform) and related entities. Only a negligible portion of less than 0.4% of the existing notes were not exchanged and remain in the Helios perimeter. Helios, a division of ION Platform following the merger earlier in the year, provides software and services for treasury risk management, foreign exchange processing, and energy and commodity trading risk management (E/CTRM) applications. On a standalone basis, Helios generated revenue of approximately $708 million in 2024. HOWARD'S APPLIANCES: Case Summary & 20 Top Unsecured Creditors -------------------------------------------------------------- Debtor: Howard's Appliances, Inc. 111 N. Baldwin Park Blvd. La Puente, CA 91746 Business Description: Howard's Appliances, Inc. operated as a Southern California retailer of household appliances, televisions, and mattresses. The Company offered a range of major appliance brands and home electronics products across multiple locations in the region. Chapter 11 Petition Date: December 10, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21116 Judge: Hon. Sheri Bluebond Debtor's Counsel: David M. Goodrich, Esq. GOLDEN GOODRICH LLP 3070 Bristol Street Suite 640 Costa Mesa, CA 92626 Tel: (714) 966-1000 Fax: (714) 966-1002 E-mail: dgoodrich@go2.law Total Assets: $11,483,285 Total Liabilities: $17,186,002 The petition was signed by David Steinhafel as manager of H Retail Holdings, LLC. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/57STMOQ/Howards_Appliances_Inc__cacbke-25-21116__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. GE Appliances Retail Trade Debt $1,421,717 302 Hurstbourne Pkwy Louisville, KY 40222 Attn: Chena Weilage 302 Hurstbourne Pkwy Louisville, KY 40222 2. LG Appliances Trade Debt $1,129,221 1000 Sylvan Avenue Engelwood Cliffs, NJ 07632-33188 3. Electrolux Home Products Trade Debt $894,411 PO Box 2638 Carol Stream, IL 60132 4. Fox 11 (KTTV) Media/ $562,521 1999 South Bundy Drive Advertising Los Angeles, CA 90025 5. R&B Wholesale Trade Debt $431,247 2350 S. Milliken Ave. Ontario, CA 91762 6. Thermador Trade Debt $274,724 1901 Main Street, Ste. 600 Irvine, CA 92614 7. CDTFA Taxes $273,500 PO Box 942879 Sacramento, CA 94279 8. LG Signature Kitchen Trade Debt $262,101 Suite 111 Sylvann Inc. Engelwood Cliffs, NJ 07632 9. Samsung Electronics Trade Debt $239,564 5601 E. Slauson Ave. Ste. 200 Los Angeles, CA 90074 10. Top Staffing Solutions, Inc. Services $203,841 14232 Imperial Hwy La Mirada, CA 90638 11. American Express Credit Card $197,120 PO Box 0001 Los Angeles, CA 90096 12. Zephyr Ventilation Services $173,565 9324 Paysphere Circle Chicago, IL 60674 13. 2121 Main Street LLC Rent $157,743 PO Box 250250 Glendale, CA 91225 14. Miele Trade Debt $150,628 PO Box 22924 New York, NY 10087 15. Angels Baseball L.P. Media/ $150,000 2000 Gene Autry Way Advertising Anaheim, CA 92806 16. Torrance Town Ctr. Assoc. Rent $143,421 2601 Airport Drive, Suite 300 Torrance, CA 90505 17. KTLA Media/ $138,586 PO Box 11155 Advertising Los Angeles, CA 90074 18. H. Taylor Investments, Ltd. Rent $121,033 6256 Windemere Way Riverside, CA 92506 19. Viking Range LLC Trade Debt $118,269 PO Box 734806 Chicago, IL 60673 20. Google, LLC Media/ $117,094 PO Box 883654 Advertising Los Angeles, CA 90088 INTERTRADERONE LLC: Seeks to Tap Brian K. McMahon as Legal Counsel ------------------------------------------------------------------ Intertraderone, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Brian K. McMahon, PA as counsel. The firm will render these services: (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; (d) protect the interest of the Debtor in all matters pending before the Court; (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. Brian McMahon, Esq., the primary attorney in this representation, will be billed at his hourly rate of $450. The firm agreed to accept $8,000 retainer from the Debtor to proceed wth this case. Mr. McMahon 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: Brian K. McMahon, Esq. Brian K. McMahon, PA 1401 Forum Way, Suite 730 West Palm Beach, FL 33401 Telephone: (561) 478-2500 Facsimile: (561) 478-3111 Email: briankmcmahon@gmail.com About Intertraderone LLC Intertraderone, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23754) on November 20, 2025, listing up to $1 million in estimated assets and up to $500,000 in estimated liabilities. Brian K. McMahon, PA represents the Debtor as counsel. IROBOT CORP: Seeks Ch. 11 Bankruptcy, To Hand Over Control to Picea ------------------------------------------------------------------- Consumer robotics company iRobot entered Chapter 11 bankruptcy on Sunday, December 14, 2025 and struck a deal to hand control of the company to its largest supplier, ending years of financial strain that intensified after its failed sale to Amazon.com. The company said the court-supervised restructuring will allow it to continue operating while addressing mounting debt obligations. As part of the agreement, iRobot's primary contract manufacturer, Picea, will take ownership of all equity in the company. iRobot reported total debt of $352 million owed to Picea, with nearly $91 million already past due. The company said it plans to move quickly through a prepackaged bankruptcy process, targeting an exit by February 2026, the report states. The filing triggered a sharp selloff in iRobot stock, which fell nearly 73% Monday to $1.18, underscoring the company's fall from prominence. iRobot has faced sustained pressure from lower-cost overseas competitors and tariffs, while regulatory opposition in the U.S. and European Union led Amazon to abandon its $1.7 billion acquisition of the company last 2024. About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The case is overseen by Honorable Judge Brendan Linehan Shannon. The Debtor is represented byPaul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. J.C.C.M. PROPERTIES: Seeks to Extend Exclusivity to May 11, 2026 ---------------------------------------------------------------- J.C.C.M. Properties, Inc., asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 11, 2026, and July 8, 2026, respectively. The Debtor explains that the facts and circumstances of this Chapter 11 case warrant the requested extension of the Exclusivity Periods. The Debtor is presently working to negotiate a plan of reorganization with its creditors, but the Debtor requires additional time to allow its operations to stabilize now that it has been given the breathing room afforded by the automatic stay. Debtor is currently litigating the Judgment in the Lawsuit and requires additional time for the liquidation of those claims before proposing a plan of reorganization. The Debtor seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed. The Debtor claims that the request for an extension will not unfairly prejudice or pressure its creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. The Debtor further asserts that given the consequences for its estate if the relief requested herein is not granted and the progress made to date, the requested extension of the Exclusivity Periods will not prejudice the legitimate interests of any party in interest in this case. Rather, the extension will further the Debtor's efforts to preserve value and avoid unnecessary and wasteful litigation. J.C.C.M. Properties Inc. is represented by: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About J.C.C.M. Properties J.C.C.M. Properties Inc. leases real estate, with its main assets situated at 1585 Crater Lake in Kennesaw, Georgia. J.C.C.M. Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55412) on May 14, 2025. In its petition, the Debtor estimated liabilities between $1 million and $10 million and estimated liabilities between $50 million to $100 million. Judge Paul Baisier oversees the case. The Debtor is represented by Will Geer, Esq., at Rountree Leitman Klein & Geer, LLC. JAMES MILLER: Gets Final OK to Use Cash Collateral -------------------------------------------------- James Miller Construction, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The court authorized the Debtor to use cash collateral to fund post-petition operating expenses in accordance with its budget. The Debtor may exceed the amounts set forth in the budget by as much as 15% without court approval. The Debtor projects total operational expenses of $221,916 for December; $223,616 for January 2026; $221,916 for February 2026; and $223,616 for March. As adequate protection, the U.S. Small Business Administration will be granted replacement liens on the Debtor's post-petition cash, accounts receivable and inventory. These replacement liens will have the same extent, validity, and priority as the SBA's pre-bankruptcy liens. The Debtor was authorized to make $500 monthly payments to attorney Michael DeLeo beginning January 5, 2026, through confirmation, to be held for administrative fees pending further court order. The Debtor's authority to use cash collateral terminates on March 31, 2026, or upon conversion or dismissal of its Chapter 11 case; appointment of a trustee or examiner; entry of an order modifying the final order; or plan confirmation. The final order is available at https://is.gd/6V8Gyg from PacerMonitor.com. A UCC search revealed five active financing statements but only the SBA holds a first-priority lien on James Miller's accounts receivable and proceeds, with an outstanding claim of approximately $1.1 million. As of the petition date, the Debtor reported $53,310 in bank deposits and $34,000 in receivables, for a total of $87,310 in available cash collateral. About James Miller Construction Inc. James Miller Construction, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-13174) on November 9, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Derek Baker, president of James Miller Construction, signed the petition. Judge Timothy W. Dore oversees the case. Jennifer L. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as legal counsel. JENSEN HUGHES: OHA Senior Virtually Writes Off $1.4MM 1L Loan ------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,467,000 loan extended to Jensen Hughes Inc. to market at $36,000 or 2% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Jensen Hughes Inc. The loan accrues interest at a rate of 9.32% per annum. The loan matures on September 2, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Jensen Hughes Inc. Jensen Hughes, Inc. provides engineering and consulting services. The Company offers construction, litigation, security, pollution prevention, risk analysis, renovation, fire modeling, design, and training services. Jensen Hughes serves education, health care, power, hospitality, manufacturing, transportation industries worldwide. JERSEY SHORE: Hires Collins Vella & Casello as Bankruptcy Counsel ----------------------------------------------------------------- Jersey Shore Steel, Inc. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Collins, Vella & Casello, LLC as counsel. The firm will examine the Debtor's financial affairs and assist it in preparing, filing and confirming a Chapter 11 plan of reorganization. Joseph Casello, Esq., the primary attorney in this representation, will be billed at his hourly rate of $500. The firm received a $10,000 retainer from the Debtor. Mr. Casello 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 firm can be reached through: Joseph M. Casello, Esq. Collins, vella & Casello, LLC 2430 Highway 34, B12 Manasquan, NJ 08736 Telephone: (732) 751-1766 About Jersey Shore Steel Inc. Jersey Shore Steel Inc. is a steel fabrication company headquartered in Jackson, New Jersey. It focuses on fabricating and erecting structural and miscellaneous steel components for commercial, residential, and public-sector construction projects. Jersey Shore Steel Inc.sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22002) on November 11, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor is represented by Joseph Casello, Esq., at Collins, Vella & Casello. JJTA18 REAL PROPERTIES: Section 341(a) Creditors Meeting on Jan. 14 ------------------------------------------------------------------- On December 8, 2025, JJTA18 Real Properties LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on January 14, 2026 at 01:00 PM. U.S. Trustee (Jax) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 1501240#. About JJTA18 Real Properties JJTA18 Real Properties LLC owns and leases a single property at 5601 California Avenue in Jacksonville, Florida, generating revenue exclusively from leasing this property. It operates in the real estate industry under NAICS 5311 (Lessors of Real Estate). JJTA18 Real Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04534) on December 8, 2025. In its petition, the debtor reports estimated assets ranging from $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess is handling the case. The debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC. JTA SPRINGS: Seeks to Hire Marcus & Millichap as Listing Agent -------------------------------------------------------------- JTA Springs LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Marcus & Millichap as listing agent and broker. The Debtor needs a broker to sell its property located at 1202-1240 Potter Drive, Colorado Springs, Colorado, sometimes referred to as "Vista Peak Apartments." In the event Vista Peak is not sold in conjunction with Berkshire Square Apartments and Park Athmar Apartments, to a singular buyer, broker shall be entitled to a commission equal to 1.5 percent of the final purchase price. In the event Vista Peak is sold in conjunction with Berkshire Square and Park Athmar, to a singular buyer, the applicable commission shall be reduced to 1 percent of the aggregate portfolio purchase price. Jason Hornik, a managing director investments at Marcus & Millichap, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Hornik Marcus & Millichap 1144 15th Street, Suite 2150 Denver, CO 80202 Telephone: (303) 328-2000 Email: Jason.Hornik@marcusmillichap.com About JTA Springs LLC JTA Springs LLC is a single asset real estate company. JTA Springs LLC 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 reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq., at Bransonlaw PLLC. JTA1 REAL: Seeks to Hire Marcus & Millichap as Listing Agent ------------------------------------------------------------ JTA1 Real Properties LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Marcus & Millichap as listing agent and broker. The Debtor needs a broker to sell its property located at 1065 S. Quivas Street, Denver, Colorado, sometimes referred to as "Park Athmar Apartments." In the event Park Athmar is not sold in conjunction with Vista Peak Apartments and Berkshire Square Apartments, to a singular buyer, broker shall be entitled to a commission equal to 1.5 percent of the final purchase price. In the event Park Athmar is sold in conjunction with Vista Peak and Berkshire Square, to a singular buyer, the applicable commission shall be reduced to 1 percent of the aggregate portfolio purchase price. Jason Hornik, managing director investments at Marcus & Millichap, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Hornik Marcus & Millichap 1144 15th Street, Suite 2150 Denver, CO 80202 Telephone: (303) 328-2000 Email: Jason.Hornik@marcusmillichap.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. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC serves as the Debtor's counsel. JTA4 REAL: Seeks Approval to Tap Marcus & Millichap as Broker ------------------------------------------------------------- JTA4 Real Properties LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Marcus & Millichap as listing agent and broker. The Debtor needs a broker to sell its property located at 2617, 2647, and 2667 W. Evans Avenue, Denver, Colorado, sometimes referred to as "Berkshire Square Apartments." In the event Berkshire Square is not sold in conjunction with Vista Peak Apartments and Park Athmar Apartments, to a singular buyer, broker shall be entitled to a commission equal to 1.5 percent of the final purchase price. In the event Berkshire Square is sold in conjunction with Vista Peak and Park Athmar, to a singular buyer, the applicable commission shall be reduced to 1 percent of the aggregate portfolio purchase price. Jason Hornik, managing director investments at Marcus & Millichap, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Jason Hornik Marcus & Millichap 1144 15th Street, Suite 2150 Denver, CO 80202 Telephone: (303) 328-2000 Email: Jason.Hornik@marcusmillichap.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. Jeffrey Ainsworth, Esq., at Bransonlaw PLLC serves as the Debtor's counsel. JUNGLE NURSERY: Seeks Chapter 12 Bankruptcy in Florida ------------------------------------------------------ On December 7, 2025, The Jungle Nursery, Inc., filed for Chapter 12 protection in the Southern District of Florida. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About The Jungle Nursery, Inc. Jungle Nursery, Inc. is a horticultural company focused on the cultivation and wholesale distribution of nursery plants, serving landscaping and agricultural markets in Florida. The Jungle Nursery, Inc. sought relief under Chapter 12 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24435) on December 7, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Corali Lopez-Castro handles the case. The Debtor is represented by James Schwitalla, Esq. KLEINFELDER GROUP: OHA Senior Marks $1.6 1L Loan at 47% Off ----------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,641,000 loan extended to The Kleinfelder Group, Inc. to market at $1,311,000 or 53% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to The Kleinfelder Group, Inc. The loan accrues interest at a rate of 9.31% per annum. The loan matures on September 18, 2030. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About The Kleinfelder Group, Inc. The Kleinfelder Group, Inc. provides architectural, engineering, and scientific consulting solutions. The Company offers civil engineering, construction management, environmental analysis and remediation, and natural resource management services. Kleinfelder Group serves customers worldwide. KLEINFELDER GROUP: OHA Senior Marks $1.6 1L Loan at 83% Off ----------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,643,000 loan extended to The Kleinfelder Group, Inc. to market at $279,000 or 17% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to The Kleinfelder Group, Inc. The loan accrues interest at a rate of 11.25% per annum. The loan matures on September 18, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About The Kleinfelder Group, Inc. The Kleinfelder Group, Inc. provides architectural, engineering, and scientific consulting solutions. The Company offers civil engineering, construction management, environmental analysis and remediation, and natural resource management services. Kleinfelder Group serves customers worldwide. LAGNIAPPE INVESTMENT: Case Summary & Two Unsecured Creditors ------------------------------------------------------------ Debtor: Lagniappe Investment Fund, LLC 220 Margaret Street Breaux Bridge, LA 70517 Business Description: Lagniappe Investment Fund, LLC operates as a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: December 12, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-51153 Judge: Hon. John W Kolwe Debtor's Counsel: D. Patrick Keating, Esq. THE KEATING FIRM, APLC 220 Heymann Blvd. Lafayette, LA 70503 Tel: (337) 233-0300 Fax: (337) 233-0694 Email: rick@dmsfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million Stephen Bartley signed the petition as authorized representative. A copy of the Debtor's list of two unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/GPSJXPA/Lagniappe_Investment_Fund_LLC__lawbke-25-51153__0005.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/B5FSA7Q/Lagniappe_Investment_Fund_LLC__lawbke-25-51153__0001.0.pdf?mcid=tGE4TAMA LAKE FAMILY PRACTICE: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------ On December 8, 2025, Lake Family Practice of Orlando & Evans Family Care filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Lake Family Practice of Orlando & Evans Family Care Lake Family Practice of Orlando & Evans Family Care is a Florida-based medical practice providing primary and family healthcare services to patients in the Orlando area. Lake Family Practice of Orlando & Evans Family Care sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-07970) on December 8, 2025. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge Grace E. Robson handles the case. The debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC. LAKE ST BROOKLYN: Seeks to Hire Morrison-Tenenbaum as Legal Counsel ------------------------------------------------------------------- Lake St Brooklyn LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ Morrison-Tenenbaum, PLLC as counsel. The firm's services include: (a) advise the Debtor with respect to its power and duties in the management of its estate; (b) assist in any amendments of schedules and other financial disclosures and in the preparation/review/amendment of a disclosure statement and plan of reorganization; (c) negotiate with the Debtor's creditors and take the necessary legal steps to confirm and consummate a plan of reorganization; (d) prepare on behalf of the Debtor all necessary legal papers in this case; (e) appear before the Bankruptcy Court to represent and protect the interests of the Debtor and its estate; and (f) perform all other legal services for the Debtor that may be necessary and proper for an effective reorganization. The hourly rates of the firm's counsel and staff are: Partners $550 - $695 Senior Counsel and Associates $495 Paraprofessionals $350 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer of $7,950 from a third party. Lawrence Morrison, Esq., an attorney at Morrison Tenenbaum, 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 F. Morrison, Esq. Morrison Tenenbaum PLLC 87 Walker St. New York, NY 10013 Telephone: (212) 620-0938 About Lake St Brooklyn LLC Lake St Brooklyn LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-44353) on September 11, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Lawrence F. Morrison, Esq., at Morrison Tenenbaum PLLC. LAS VEGAS: Hires Silverman Consulting as Restructuring Advisor -------------------------------------------------------------- Las Vegas Color Graphics, Inc. and ColorArt, LLC seek approval from the U.S. Bankruptcy Court for the District of Nevada to employ Silverman Consulting as restructuring advisor. The firm will provide Michael Silverman as chief restructuring officer (CRO) and certain additional personnel to the Debtors. The CRO and additional personnel will provide these services: (a) manage he Debtors' cash and liquidity and budget compliance; (b) oversee, lead and direct preparation of the Debtors' reporting; (c) assist in the preparation of the Debtors' statement of financial affairs and bankruptcy filing schedules and monthly operating reports; (d) assist the Debtors' in preparation, monitoring, and amendment of the cash budget and any variance reporting; (e) attend meetings and assist in discussions with the creditors' committee (if appointed), the U.S. Trustee, and other interested parties; (f) assist with post-petition reporting requirements, including budget reporting pursuant to the cash collateral orders; (g) assist in Chapter 11 administrative matters, as required; and (h) render such other general business consulting or such other assistance as the Debtors' management or counsel may deem necessary. The firm will be paid at these hourly rates: Michael Silverman, CRO $675 Trevek Sengbusch, Assistant CRO $625 Partners $625 - $675 Managing Directors/Directors/Associates $275 - $450 Financial Analysts $300 - $350 In addition, the firm will seek reimbursement for expenses incurred. The Debtors will pay Silverman Consulting the amount of $50,000 as a retainer. Mr. Silverman 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 Silverman Silverman Consulting 1 N. Wacker Dr. Chicago, IL 60606 Telephone: (847) 470-0200 About Las Vegas Color Graphics Inc. Las Vegas Color Graphics Inc. offers a full suite of graphic communication solutions, including offset and digital printing, finishing, mailing, signage, and large-format display services. Las Vegas Color Graphics Inc. and ColorArt, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Lead Case No. 25-16697) on November 5, 2025. In its petition, Las Vegas Color Graphics reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Natalie M. Cox handles the cases. The Debtors tapped Teresa M. Pilatowicz, Esq., at Garman Turner Gordon as counsel and Silverman Consulting as restructuring advisor. LEFKES DELRAY: Seeks Chapter 11 Bankruptcy in New Jersey -------------------------------------------------------- On December 8, 2025, Lefkes Delray LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of New Jersey. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Lefkes Delray LLC Lefkes Delray LLC is a limited liability company. Lefkes Delray LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-22963) on December 8, 2025. In its petition, the debtor reports estimated assets between $0 and $100,000 and estimated liabilities ranging from $100,001 to $1 million. The case is assigned to Honorable Bankruptcy Judge Stacey L. Meisel. The debtor is represented by Andreas Koutsoudakis, Esq., of Davidoff Hutcher & Citron LLP. LINEAR COMPANIES: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Linear Companies, LLC DBA Linear Investments LLC DBA Linear Investments AZ LLC 7129 E. 6th Avenue Scottsdale, AZ 85251 Business Description: Linear Companies, LLC, doing business as Linear Investments LLC and Linear Investments AZ LLC, operates in the real estate and investment sector and manages property holdings and conducts financial investment activities. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-11955 Judge: Hon. Brenda Moody Whinery Debtor's Counsel: Philip R. Rudd, Esq. SACKS TIERNEY P.A. 4250 N Drinkwater Blvd. 4th Floor Scottsdale, AZ 85251-3693 Tel: 480-425-2600 Email: Philip.Rudd@SacksTierney.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Sean Parsons as member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P75XIHI/Linear_Companies_LLC__azbke-25-11955__0001.0.pdf?mcid=tGE4TAMA LINQTO TEXAS: Court Sets Jan. 28 Confirmation Hearing in Ch. 11 --------------------------------------------------------------- Linqto, Inc. announced on December 5, 2025, that Judge Alfredo Perez of the U.S. Bankruptcy Court for the Southern District of Texas set a confirmation hearing date of January 28, 2026 in the Linqto Chapter 11 bankruptcy proceedings. Also in the December 5 hearing, the Disclosure Statement was conditionally approved. The proposed Disclosure Statement and the Company's Plan of Reorganization, drafted with the support of the Unsecured Creditors Committee (UCC), provide a detailed and comprehensive roadmap for recovery for customers, timely emergence from bankruptcy, and reflect the best path forward to maximize recovery for customers and creditors. Highlights of the proposed Plan of Reorganization and Disclosure Statement include: -- provide customers the choice of two recovery options: a closed-end fund and a liquidating trust, and the opportunity to allocate a percentage of assets to each vehicle; -- provide unsecured creditors, shareholders and customers holding deficiency claims (claims not satisfied by either of the two other options) a path to recovery by pursuing claims and causes of action through the wind-down trust (formerly called the litigation trust); -- a general finding of no wrongdoing and release of claims against current management, but not former management; and -- establish the timeline for confirmation of the plan and emergence from bankruptcy. "Today's scheduling of the confirmation hearing represents a major step forward for Linqto customers, creditors and other stakeholders. We are grateful for the collaboration with the Unsecured Creditors Committee to get to this stage in the process," said Dan Siciliano, CEO of Linqto. "Our actions and decisions have been governed by three principles: emerge from bankruptcy quickly and cost-effectively, return as much as possible to those who have suffered at the hands of prior management's fraudulent behavior, and honor the original intent of democratizing private equity investing for individual investors. We think the Plan of Reorganization and related Disclosure Statement, drafted with the support of the UCC, achieves these goals." "We fought for a Plan that provided a choice between the closed-end fund and liquidating trust but also allowed the opportunity for customers to allocate a percentage of their assets to either vehicle. The work of the Special Subcommittee of the Board -- focused on determining which parties are responsible for the fraud and for securing additional funds from these responsible parties -- will potentially increase the recovery for all stakeholders." A hearing to review the Plan of Reorganization and Disclosure Statement will be held on January 28, 2026, and all customers and creditors will have the opportunity to raise objections in Court. The current timeline is to present the options to customers for a vote by the end of December 2025 and seek approval of the Plan of Reorganization on January 28, 2026. The complete Plan of Reorganization and relation Disclosure Statement can be found on the Epiq website at Docket 1064. About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. LINQTO TEXAS: Unsecureds to Get Share of Wind-Down Trust Proceeds ----------------------------------------------------------------- Linqto Texas, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Chapter 11 Plan dated December 5, 2025. Founded in 2010 by Bill Sarris as a technology and software development company providing services to financial technology firms, Linqto, Inc. evolved into a financial technology platform that was intended to enable investors to indirectly invest in private-market startups and pre-IPO companies. From February 2020 through March 14, 2025, Linqto, Inc. operated an online platform that purported to allow customers to indirectly invest in private companies, with a focus on the technology sector. More specifically, Debtor Liquidshares would purchase and hold Liquidshares Portfolio Companies. With respect to a limited number of transactions at the start of the platform's operation, Linqto, Inc. would loan money to Liquidshares to fund its purchase of Platform Securities. Following the acquisition of Platform Securities, the Platform Securities were held in Liquidshares' inventory. After arms'-length negotiations, the Debtors, the Committee, and the Deaton Parties (collectively, the "Settlement Parties") reached a compromise regarding funding the administration of the Chapter 11 Cases and the treatment of the claims or interests of Customers (the "Settlement"). The Settlement resolved objections to the DIP Financing Motion and the Ripple Motion and set forth terms for the treatment of the claims or interests of Customers pursuant to a plan of reorganization, subject to Sections 1125, 1126, and 1129 of the Bankruptcy Code. Pursuant to the terms of the Settlement, the Debtors are authorized to finance the administration of the Chapter 11 Cases through use of (i) the proceeds of Reserved Securities, (ii) the Platform Securities Proceeds (including the Ripple Tender Proceeds), and (iii) DIP financing in an aggregate amount of up to $25,000,000, in accordance with the Approved Budget. In exchange, the Debtors agreed to the treatment of Customer claims or interests under a plan of reorganization to be proposed, the principal terms of which are set forth in the "Customer Securities Treatment Term Sheet" (as defined in the Settlement Motion). The Debtors, with the support of the Committee, propose the Plan to maximize value for all stakeholders. The Plan provides for the creation of three vehicles: a Wind-Down Trust, a Liquidating Trust, and a Closed-End Fund. Customers may elect to have their Customer Interests contributed to the Liquidating Trust, the Closed-End Fund, or a combination of the two, subject to the terms and limitations in the Plan. Each vehicle has a distinct purpose: * The Wind-Down Trust will be responsible for monetizing certain assets including the Reserved Securities and the Retained Causes of Action. It will also be responsible for the reconciliation of Claims against the Estates, and the administrative tasks associated with the winding up of the Debtors, subject to the terms of the Plan. Except for Customer Claims, which get the treatment described in 2 and 3, the Wind-Down Trust is the vehicle through which all Claims will recover through the Plan. * The formation of the Liquidating Trust will allow Customers, other than those who indirectly hold any Designated Platform Securities, to contribute their Customer Interest to the Liquidating Trust in exchange for Liquidating Trust Interests that represent the Customers' economic interest in a Liquidshares Portfolio Company. The Liquidating Trust will terminate upon the earlier of (i) five years from the Effective Date (subject to periodic extensions as may be approved by the Bankruptcy Court) and (ii) the occurrence of certain events as set forth in the Liquidating Trust Agreement. The Liquidating Trust is designed to allow most Customers to keep their envisioned investment as close to their original intent as possible. * The formation of the Closed-End Fund will allow Customers, including those who indirectly hold any Designated Platform Securities, to contribute their Customer Interest to the Closed End Fund in exchange for publicly traded shares. The Closed-End Fund will not have a termination date. The Closed-End Fund will allow Customers to obtain intraday liquidity and to hold their investment long-term. All contributed Customer Interests will be pooled in the Closed-End Fund, and Electing Customers will receive shares of the Closed-End Fund equal to the value of such Electing Customers' contribution. Class 7 consists of Other General Unsecured Claims. Each Holder of an Allowed Other General Unsecured Claim shall receive a beneficial interest in the Wind-Down Trust. Such interest shall entitle each Holder of an Allowed Other General Unsecured Claim to its share of the proceeds from the WindDown Trust Assets pursuant to the WindDown Trust Waterfall. As of the Effective Date, the Debtors' liability for all Other General Unsecured Claims shall be (i) assumed by the WindDown Trust without further act, deed, or Court order and (ii) administered and paid from the Wind-Down Trust as set forth in the Wind-Down Trust Agreement. The Debtors shall fund or make distributions under the Plan, as applicable, with: (i) the Closed-End Fund Assets, (ii) the Liquidating Trust Assets, and the (iii) Wind-Down Trust Assets. The Liquidating Trust shall be formed on the Effective Date to effect the liquidation of Liquidshares and applicable Liquidating Trust Assets, (other than the Closed-End Fund Assets), including without limitation, the Platform Securities attributable to the Liquidating Trust Beneficiaries as well as any and all transactions incidental thereto, in accordance with the Plan, the Confirmation Order, and the Liquidating Trust Agreement. The corpus of the Liquidating Trust will consist of the Liquidating Trust Assets. The Combined Hearing before the Bankruptcy Court shall be on January 28, 2026. Objections to the adequacy of the Disclosure Statement and Confirmation of the Plan must be filed and served on the Debtors, and certain other parties, by no later than January 14, 2026. A full-text copy of the Disclosure Statement dated December 5, 2025 is available at https://urlcurt.com/u?l=AlVOzZ from Epiq Corporate Restructuring, LLC, claims agent. The Debtors' Counsel: Gabrielle A. Hamm, Esq. Veronica A. Polnick, Esq. Renee D. Wells, Esq. Athanasios E. Agelakopoulos, Esq. SCHWARTZ PLLC 440 Louisiana Street, Suite 1055 Houston, Texas 77002 Tel: (713) 900-3737 Fax: (702) 442-9887 E-mail: ghamm@nvfirm.com vpolnick@nvfirm.com rwells@nvfirm.com aagelakopoulos@nvfirm.com - and - Samuel A. Schwartz, Esq. 601 East Bridger Avenue Las Vegas, Nevada 89101 Tel: (702) 385-5544 Fax: (702) 442-9887 E-mail: saschwartz@nvfirm.com About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: 310-600-3980 Office: 212-444-7200 LUFLAW INVESTMENTS: Chapter 15 Case Summary ------------------------------------------- Chapter 15 Debtor: Luflaw Investments Inc. 900-1134 rue Sainte-Catherine O Montreal Quebec H3B1H4 Canada Chapter 15 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02470 Judge: Hon. Luis Ernesto Rivera II Foreign Representative: Arthur Blumber & Associates Inc. 900-1134 rue Sainte-Catherine O Montreal Quebec H3B1H4 Canada Foreign Proceeding: Office of the Superintendent of Bankruptcy Canada Foreign Representative's Counsel: Carmen Contreras-Martinez, Esq. SAUL EWING LLP 701 Brickell Avenue, 17th Floor Miami FL 33131 Tel: (305) 425-4500 E-mail: carmen.contreras-martinez@saul.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UVCCCPY/Luflaw_Investments_Inc__flmbke-25-02470__0001.0.pdf?mcid=tGE4TAMA LUMEN TECHNOLOGIES: Upsizes Senior Notes Offering to $1.25 Billion ------------------------------------------------------------------ Lumen Technologies, Inc. announced on Dec. 8, 2025, that its wholly-owned subsidiary, Level 3 Financing, Inc., has agreed to sell $1.25 billion aggregate principal amount of its 8.500% Senior Notes due 2036, which represents a $500 million increase from the previously announced size of the offering. The Notes were priced to investors at a price of 100.000% of their aggregate principal amount and will mature on January 15, 2036. Upon issuance, the Notes will be fully and unconditionally guaranteed, jointly and severally, on an unsubordinated and unsecured basis by Level 3 Parent, LLC, the direct parent of Level 3 Financing, and certain unregulated subsidiaries of Level 3 Financing. Level 3 Financing intends to use the net proceeds from this offering, together with cash on hand or other available liquidity, if necessary, to purchase its Existing Second Lien Notes pursuant to the Tender Offers and to pay related fees and expenses. To the extent not applied to purchase the Existing Second Lien Notes in the Tender Offers and to pay related fees and expenses, Level 3 Financing intends to use the net proceeds for general corporate purposes. The offering of the Notes is expected to be completed on Dec. 23, 2025, subject to the satisfaction or waiver of customary closing conditions. Concurrently with the offering, Level 3 is conducting cash tender offers to purchase the outstanding notes described below, pursuant to and on the terms and subject to the conditions set forth in an Offer to Purchase and Consent Solicitation Statement, as supplemented. The notes offered to be purchased in the Tender Offers, listed in the order of priority, are the: (1) 4.000% Second Lien Notes due 2031, (2) 3.875% Second Lien Notes due 2030, (3) 4.500% Second Lien Notes due 2030, and (4) 4.875% Second Lien Notes due 2029 up to an aggregate purchase price, excluding accrued and unpaid interest, of $1.5 billion. The Aggregate Purchase Price represents an increase in the previously announced amount of $1.0 billion. Level 3 Financing has correspondingly increased the minimum gross proceeds required from one or more debt financings to satisfy the financing condition set forth in the Offer to Purchase to $1.25 billion, from the previously announced amount of $750 million. In connection with the Tender Offers, Level 3 Financing also intends to commence the solicitation of consents to amend the indentures governing each series of Existing Second Lien Notes to, among other things, eliminate substantially all of the restrictive covenants and certain events of default and release all of the collateral securing the obligations of Level 3 Financing and the guarantors under the applicable indenture governing such series of Existing Second Lien Notes. Consents will not become operative with respect to any series of the Existing Second Lien Notes if the acceptance of such series is prorated in the applicable Tender Offer. The terms and conditions of the Tender Offers and Consent Solicitations are described in a separate Offer to Purchase and Solicitation of Consents dated Dec. 8, 2025. The Tender Offers and Consent Solicitations will expire at 5 p.m. EST on Jan. 7, 2026, unless extended, earlier expired or terminated. Holders of the Existing Second Lien Notes must validly tender and not validly withdraw their Existing Second Lien Notes (which valid tender constitutes the valid delivery of consents in the Consent Solicitation with respect to such Existing Second Lien Notes) at or prior to 5 p.m. EST on Dec. 19, 2025 in order to be eligible to receive the applicable Total Consideration, which includes the applicable Early Tender Premium. Holders who validly tender their Existing Second Lien Notes after the Early Tender Deadline and at or prior to the Expiration Date will be eligible to receive only the applicable tender consideration. Level 3 Financing has retained Citigroup Global Markets Inc. and Morgan Stanley & Co. LLC to act as Dealer Managers and Global Bondholder Services Corporation to act as the information agent and the tender agent in connection with the Tender Offers and Consent Solicitations. The Dealer Managers: Citigroup Global Markets Inc Liability Management Group 388 Greenwich Street, 7th Floor New York, NY 10013 Tel: (212) 723-6106 (Collect) (800) 558-3745 (Toll-Free) Morgan Stanley & Co. LLC may be reached through: Liability Management Group 1585 Broadway, 6th Floor New York, NY 10036 Tel: (212) 761-1057 (Collect) (800) 624-1808 (Toll-Free) The Tender and Information Agent: Global Bondholder Services Corporation 65 Broadway, Suite 404 New York, NY 10006 Tel: (212)-430-3774 (Banks and Brokers Call Collect) (855) 654-2014 (All Others Call Toll Free) About Lumen Technologies Headquartered in Monroe, Louisiana, Lumen Technologies, Inc. -- https://lumen.com/ -- is a facilities-based technology and communications company that provides a broad array of integrated products and services to its domestic and global business customers and its domestic mass markets customers. The Company's platform empowers its customers to swiftly adjust digital programs to meet immediate demands, create efficiencies, accelerate market access, and reduce costs, which allows its customers to rapidly evolve their IT programs to address dynamic changes. As of September 30, 2025, the Company had $34.29 billion in total assets, $35.46 billion in total liabilities, and $1.17 billion in total stockholders' deficit. * * * In July 2025, Fitch Ratings has placed the Long-Term Issuer Default Ratings (IDRs) of Lumen Technologies Inc., Level 3 Parent LLC, Level 3 Financing Inc., Qwest Corporation and related subsidiaries on Rating Watch Positive (RWP). The current Long-Term IDR for each rated entity is 'CCC+'. LUMINAR TECHNOLOGIES: Seeks Chapter 11 Bankruptcy After Dispute --------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that automotive lidar maker Luminar Technologies Inc. entered Chapter 11 bankruptcy on December 15, 2025 in Texas bankruptcy court, citing financial strain following the termination of a key commercial relationship with Volvo Cars. Court filings show the company holds hundreds of millions of dollars in assets but faces significantly higher liabilities, placing pressure on its balance sheet amid broader challenges in the autonomous vehicle sector. Luminar said it will use the bankruptcy process to pursue a restructuring that may include asset sales, strategic partnerships, or other transactions, while maintaining business operations. The company emphasized that Chapter 11 will allow it to manage debt obligations and reposition its core technology platform for long-term viability. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90808) on December 15, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. The Debtor is represented by Stephanie Nicole Morrison, Esq. of Weil, Gotshal & Manges LLP. MAI CAPITAL: OHA Senior Marks $1.6MM 1L Loan at 48% Off ------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,625,000 loan extended to MAI Capital Management Intermediate, LLC to market at $844,000 or 52% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to MAI Capital Management Intermediate, LLC. The loan accrues interest at a rate of 8.5% per annum. The loan matures on August 29, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MAI Capital Management Intermediate, LLC MAI Capital Management Intermediate LLC operates as a wealth management company. The Company provides financial and estate planning, investment management, tax planning and preparation, insurance and risk management, accounting, and bill payment services. MAI Capital Management Intermediate serves customers in the United States. MAI CAPITAL: OHA Senior Marks $610,000 1L Loan at 82% Off --------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $610,000 loan extended to MAI Capital Management Intermediate, LLC to market at $107,000 or 18% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to MAI Capital Management Intermediate, LLC. The loan accrues interest at a rate of 8.5% per annum. The loan matures on August 29, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About MAI Capital Management Intermediate, LLC MAI Capital Management Intermediate LLC operates as a wealth management company. The Company provides financial and estate planning, investment management, tax planning and preparation, insurance and risk management, accounting, and bill payment services. MAI Capital Management Intermediate serves customers in the United States. MAMMOTH HOLDINGS: OHA Senior Marks $909,000 1L Loan at 68% Off -------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $909,000 loan extended to Mammoth Holdings, LLC to market at $295,000 or 32% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Mammoth Holdings, LLC. The loan accrues interest at a rate of 10% per annum. The loan matures on November 15, 2029. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Mammoth Holdings, LLC Mammoth Holdings, LLC operates as a holding company. The Company, through its subsidiaries, provides car wash and emission testing services. MANSION ENTERTAINMENT: Seeks Chapter 7 Bankruptcy in Missouri ------------------------------------------------------------- Mansion Entertainment Group, LLC commenced a voluntary Chapter 7 bankruptcy case on December 1, 2025, in the Western District of Missouri. Court records indicate the company lists liabilities ranging from $10 million to $50 million and identifies between 1 and 49 creditors. About Mansion Entertainment Group, LLC Mansion Entertainment Group, LLC is an entertainment company that has engaged in various event and venue-focused projects within the United States. On December 1, 2025, Mansion Entertainment Group, LLC filed for relief under Chapter 7 of the U.S. Bankruptcy Code (Case No. 25-60808). The bankruptcy filing shows assets estimated at $0 to $100,000, compared with liabilities estimated between $10 million and $50 million. The matter is assigned to U.S. Bankruptcy Judge Brian T. Fenimore. The Debtor is represented by Jesse L. Langford, Esq., of Licata Bankruptcy Firm. MATTR CORP: S&P Affirms 'BB-' Issuer Credit Rating, Outlook Neg. ---------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' issuer credit rating on Ontario-based industrial products manufacturer Mattr Corp. and its 'BB+' and 'BB-' issue-level ratings on the company's revolving credit facility and unsecured notes, respectively. The outlook remains negative, reflecting S&P's view that the company has limited ratings headroom to underperform our base-case forecast, contributing to at least a one-in-three likelihood of a downgrade within the next six-12 months. Mattr Corp.'s credit metrics have been trending weaker than S&P had expected due to lower industrial demand, tariffs, and operational setbacks. While S&P expects these headwinds to continue through 2026, resulting in S&P Global Ratings-adjusted debt to EBITDA of about 3.8x, it anticipates earnings recovery in 2027 will reduce leverage to the low-3x area. Lower demand and operational setbacks have contributed to weaker earnings and higher leverage since Mattr's acquisition of AmerCable earlier this year. S&P said, "We expect Mattr's S&P Global Ratings-adjusted debt to EBITDA to be about 4x in 2025 and about 3.8x in 2026, which we consider high for the rating. This leaves little room for earnings and free operating cash flows to underperform against our estimates, which is reflected in the negative outlook." This year has been challenging for the company, as macroeconomic headwinds and uncertainty have led to weaker demand in many of its end markets. Weakness in Canadian industrial output, lower capital investment, and operational challenges at new facilities have resulted in lower sales and margin compression in the company's Shawflex wire and cable products and DSG-Canusa heat-shrink products. In addition, copper tariffs resulted in short-term supply-chain disruptions that affected profitability. S&P said, "We expect Canadian industrial end-market weakness to continue throughout most of 2026, resulting in lower sales that we expect the company will offset through higher sales from AmerCable products. In addition, lower oilfield activity and a slower ramp-up of new facilities affected results in the company's Composite Technologies segment. Relatively low oil prices have led to reduced well activity in North America, affecting demand for the company's Flexpipe products. Absent a recovery in oil prices in 2026, we expect this trend to continue. Although activity is expected to remain low in the short term, new higher-margin pipe products are expected to be introduced by the end of 2025, which we believe will improve profitability and competitiveness. In the company's Xerxes tank business, labor issues at the company's production facility have depressed margins, as the facility has struggled to meet demand. We view these issues as temporary and expect the facility to be ramped up to meet demand by the end of 2026. This should contribute to a recovery in margins that expands consolidated earnings and reduces leverage over the next couple of years. "Margins are expected to improve as the company works through operational challenges and supply-chain issues. We believe that the key to the company's deleveraging will be margin expansion in its primary segments. Issues regarding the ramp-up of increased capacity within the company's DSG-Canusa and Xerxes businesses have led to margins below what we had expected, pressuring earnings in 2025. Our forecast assumes these facilities ramp up to full production by the end of 2026 and contribute to consolidated EBITDA margins increasing to about 14% in 2027 from about 12% in 2025. Over the next couple of years, tariff costs could limit the recovery of Mattr's operating income, as we expect the company will absorb most of the costs in the near term. Furthermore, we assume low activity in the oil and gas and mining end markets will persist through most of 2026, which will likely constrain margins in its Flexpipe and Amercable product lines." Additional tariffs could add pressure in 2026. Shawflex provides wires and cables to industrial end-markets. It manufactures its products in Toronto, Ontario. Copper tariffs have affected its margins, as have indirect effects such as weakening demand from Canadian industrial customers. The U.S. has stated that it's contemplating an additional 50% tariff on finished wire and cables, which could take effect next year. If these additional tariffs are applied, S&P anticipates Mattr will likely absorb the extra cost until it's able to re-position its supply chains, cutting EBITDA by about $5 million-$10 million in the short term. S&P said, "The negative outlook on Mattr reflects our expectation for adjusted debt to EBITDA in the high-3x area through 2026, which--if sustained beyond then--could lead to a downgrade. While we assume meaningful deleveraging over the next couple of years, the negative outlook incorporates our view that the company has limited ratings headroom to underperform our base-case forecast. "We could lower our issuer credit rating on Mattr within the next six to 12 months if we expect adjusted debt to EBITDA to be in the high-3x area on a sustained basis. This could result from prolonged weakness in key end-markets or other industry headwinds that reduce demand for Mattr's products and services. "We could revise the outlook to stable within the next 12 months if financial results trend roughly in line with or better than our estimates, supporting our expectation for adjusted debt to EBITDA in the mid-to-low 3x area beyond 2026. In this scenario, we would likely expect margins to improve toward the mid-teens percent area and for demand within its core end markets to improve." MAUSER PACKAGING: Exchange Offer Closes With 97%+ Participation --------------------------------------------------------------- Mauser Packaging Solutions Holding Company announced on Dec. 9, 2025, the final results of its offers to exchange: (i) any and all $2,695.8 million of its outstanding principal amount of 7.875% Senior First Lien Notes due 2027 for newly issued 7.875% Senior First Lien Notes due 2030 and (ii) any and all $1,343.5 million of its outstanding principal amount of 9.25% Senior Secured Second Lien Notes due 2027 for newly issued 9.25% Senior Secured Second Lien Notes due 2030, each upon the terms and conditions set forth in the Confidential Offering Memorandum and Consent Solicitation Statement dated November 7, 2025. As of 5:00 p.m. New York City time on December 9, 2025, a total of: (i) $2,639,439,000 principal amount of Old First Lien Notes had been validly tendered in the First Lien Note Exchange Offer, representing approximately 97.91% of the outstanding Old First Lien Notes, which includes the $2,636,050,000 aggregate principal amount of Old First Lien Notes previously validly tendered and not validly withdrawn on or before 5:00 p.m. New York City time on November 21, 2025, and previously accepted by Mauser for exchange on November 26, 2025, and (ii) $1,301,003,000 principal amount of Old Second Lien Notes had been validly tendered in the Second Lien Note Exchange Offer, representing approximately 96.84% of the outstanding Old Second Lien Notes, which includes the $1,298,646,000 aggregate principal amount of Old Second Lien Notes previously validly tendered and not validly withdrawn on or before the Early Tender Time, and previously accepted by Mauser for exchange on November 26, 2025. Eligible holders who validly tendered their Old Notes after the Early Tender Time but on or prior to the Expiration Time and whose Old Notes were accepted for exchange will receive the applicable Total Consideration, which is $1,000 principal amount of applicable New Notes per $1,000 principal amount of applicable Old Notes tendered. All eligible holders whose Old Notes were accepted for exchange received or will receive, as applicable, accrued and unpaid interest in cash from the last interest payment date to, but not including, the applicable settlement date for the Exchange Offers. The final settlement date for the Exchange Offers occurred on December 11, 2025. Mauser had previously received consents sufficient to approve the proposed amendments to the indenture governing the Old First Lien Notes and indenture governing the Old Second Lien Notes, in each case to release the liens and the security interests in the collateral securing each series of Old Notes and to eliminate substantially all of the restrictive covenants and certain of the default provisions contained in each indenture governing the Old Notes. Accordingly, Mauser and the trustee for the Old Notes entered into supplemental indentures containing such Proposed Amendments and released the collateral governing the Old Notes, and the Proposed Amendments became operative concurrent with the settlement of Old Notes accepted for tender at the Early Tender Time, which occurred on November 26, 2025. BofA Securities, Inc. acted as Dealer Manager and Solicitation Agent for the Exchange Offers and the Consent Solicitations. D.F. King & Co., Inc. acted as Exchange Agent and Information Agent for the Exchange Offers and the Consent Solicitations. About Mauser Mauser is a global supplier of rigid packaging products and services. Mauser currently operates manufacturing locations in over 20 countries serving industry-leading customers on an international basis. MERCURY PARENT: S&P Withdraws 'B-' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Mercury Parent LLC (doing business as Matrix Medical Network) at the issuer's request. At the time of withdrawal, S&P's outlook on the company was stable. MERIT STREET: Trinity Asks Court to Reject $362K Expense Request ---------------------------------------------------------------- Emlyn Cameron of Law360 reports that Trinity Broadcasting of Texas Inc. urged a Dallas bankruptcy judge to reject Merit Street Media's request to pay roughly $362,000 in administrative expenses, arguing that the debtor has not adequately justified the payroll and employee benefits it claims must be covered. Trinity said the request lacks sufficient detail and should not be approved without closer scrutiny of the underlying costs. In a court filing, Trinity contended that Merit Street has failed to demonstrate that the expenses are necessary or reasonable, asserting that further investigation is needed before estate funds are used. Trinity asked the court to deny the motion outright or, at minimum, require additional disclosures to ensure the payments are appropriate under the circumstances of the Chapter 11 case. About Merit Street Media Merit Street Media is a television and media content production and distribution company based in Fort Worth, Texas. It appears to focus on creating, producing, and distributing television content, maintaining business relationships with major cable providers including DIRECTV and DISH Network, as well as numerous television stations and production companies. Merit Street Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80156) on July 2, 2025, before the Hon. Scott W. Everett. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million. The Debtor is represented by Sidley Austin LLP as bankruptcy counsel. Epiq Corporate Restructuring, LLC serves as Claims, Noticing, and Solicitation Agent, effective as of the Petition Date. MID-COLORADO INVESTMENT: Trustee Hires Onsager Fletcher as Counsel ------------------------------------------------------------------ Joli Lofstedt, the Chapter 11 trustee appointed in the case of Mid-Colorado Investment Company, Inc., seeks approval from the U.S. Bankruptcy Court for the District of Colorado to employ Onsager Fletcher Johnson Palmer LLC as counsel. The firm will assist with, among other things, the employment of and communications with certain professionals, investigating the assets and liabilities of the estate, and pursuing a potential sale of estate assets, among other things. Gabrielle Palmer, Esq., the primary attorney in this representation, will be billed at her hourly rate of $375. Other attorneys of the firm will be billed between $425 to $600 per hour. Ms. Palmer 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: Gabrielle G. Palmer, Esq. Onsager Flether Johnson Palmer LLC 1801 California Street, Suite 2400 Denver, CO 80202 Telephone: (720) 457-7059 Email: gpalmer@OFJlaw.com About Mid-Colorado Investment Company Mid-Colorado Investment Company provides bulk water services to a community in El Paso County and operates a small cattle ranch. Mid-Colorado Investment Company filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-11742) on March 31, 2025, listing up to $10 million in assets and up to $50,000 in liabilities. Charles A. Hagedorn, president and treasurer, signed the petition. Judge Joseph G. Rosania, Jr. oversees the case. The Debtor tapped Daniel J. Garfield, Esq., at Fairfield and Woods, PC as bankruptcy counsel and Hackstaff Snow Atkinson & Griess, LLC as special counsel. On Apr. 2, 2025, Joli Lofstedt was appointed as Chapter 11 trustee in this Chapter 11 case. The trustee tapped Onsager Fletcher Johnson Palmer LLC as counsel. MOTUS GROUP: S&P Affirms 'B-' ICR on Modest Cash Flow Generation ---------------------------------------------------------------- S&P Global Ratings affirmed its 'B-' long-term issuer credit rating on Motus Group LLC and its 'B-' issue-level rating on its first-lien credit facility. The stable outlook reflects S&P's expectation that Motus' recurring revenue with steady retention rates will contribute to modest operating growth and positive free operation cash flow (FOCF) generation over the next 12 months." Motus Group LLC, a Boston-based reimbursement and expense management software provider, has maintained modest cash flow generation despite macroeconomic uncertainties. S&P expects the company will continue to grow in the mid-single-digit percent area in 2026. S&P expects S&P Global Ratings-adjusted EBITDA margins to be in the low- to mid-30% area and leverage in the 9x area in 2026. S&P said, "We expect Motus' growth to moderate in 2026 on softer bookings and a cautious customer spending environment. Although Motus increased revenue by a low-teen percentage in year-to-date 2025, which was largely driven by its acquisition of Everlance (a mileage and expense tracker for small businesses and sole proprietors) that closed in February 2025, projected growth for next year has moderated due to softer nonrenewal bookings performance. We believe cautious customer budgeting amid macroeconomic uncertainty is the primary driver. "Usage of vehicle-reimbursement and mileage tracking software Motus offers depends highly on the pace of economic activities and labor market conditions. We now expect the company will grow in the mid-single-digit percentage in 2026. Nevertheless, we continue to view Motus as a leading provider in the vehicle-reimbursement and mileage tracking software solution market and believe slower growth is affecting all players in the space. We don't expect Motus to lose share over the next 12 months. "We believe adequate liquidity and positive FOCF generation will support Motus' credit profile over the next 12 months. As of Sept. 30, 2025, the company had total liquidity of almost $90 million, consisting of about $40 million cash on the balance sheet and full availability under its $50 million revolving credit facility it recently extended to September 2028. Despite higher interest expenses and one-time costs related to the Everlance acquisition, we anticipate the company will generate modest free cash flow of $10 million to $15 million over the next 12 months, reflecting its low capital expenditure (capex) and working capital requirement. "We believe Motus will be able to service debt while continue to grow its revenue, with support from high recurring revenue base of over 80% and good net retention rate of almost 100%. However, we do not expect any material deleveraging over the near term. We project S&P Global Ratings-adjusted leverage will be about 10.2x in 2025, modestly improving to the 9x area in 2026, driven by EBITDA expansion in 2026. We forecast S&P Global Ratings-adjusted EBITDA margins will be in the low- to mid-30% area, improving modestly from 2025. The margin improvement will be largely driven by realization of synergies related to the Everlance acquisition and rolling off certain one-time costs related to product investments. Our leverage calculation now excludes Motus' class A units from adjusted debt under our new controlling shareholder financing criteria which no longer requires common and preferred units to be sold together (also referred to as stapling). "The stable outlook reflects our expectation that Motus' high recurring revenue base with consistent retention rates will contribute to modest operating growth and positive FOCF generation over the next 12 months." S&P could lower its rating if: -- Motus materially underperforms our base-case expectations for sales and earnings, resulting in break-even or negative FOCF on a sustained basis and a failure to reduce high leverage such that its capital structure becomes unsustainable; or -- Liquidity substantially falls because of a weaker operating performance or declining organic growth, large debt-financed acquisitions or dividends, customer losses, or an unexpected spike in costs. S&P could raise its rating if Motus consistently grows its revenue and maintains profitability, such that S&P Global Ratings-adjusted leverage is below 7x and FOCF to debt stays above 5%. MR. BUBBLES AURORA: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- Mr. Bubbles Aurora-1, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use the cash collateral of Patriot Bank and the U.S. Small Business Administration. The court authorized the Debtor to use cash collateral from December 1 to 31 in accordance with its budget, plus up to 10% of the expense payments. As protection, Patriot Bank and the SBA will be granted replacement liens on all property of the Debtor, with the same validity, priority, and extent as their pre-bankruptcy liens. The Debtor must allow the secured creditors to inspect books and records, maintain adequate insurance, keep the collateral in good repair, and provide evidence of collateral upon request. A further hearing is scheduled for December 22. The interim order is available at https://is.gd/2lvni7 from PacerMonitor.com. The Debtor's business operates from property owned by an affiliated entity, 2903 Kirk Rd. LLC, which is also in Chapter 11, and both entities share common ownership and creditors. The Chapter 11 filing was prompted by litigation involving Patriot Bank. As of the petition date, the Debtor held $12,864 in cash collateral, which Patriot Bank and the SBA claim as secured creditors, with the bank asserting approximately $5 million in secured debt. About Mr. Bubbles Aurora-1 LLC Mr. Bubbles Aurora-1 LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18469) on December 1, 2025. In the petition signed by Kyle Evans, managing member, the Debtor disclosed up to $10 million in both assets and liabilities. Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman, represents the Debtor as legal counsel. MY JOB MATCHER: Gets Court OK to Solicit Chapter 11 Plan Vote ------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that My Job Matcher Inc., which operates the Job.com recruiting platform, won approval Friday, December 12, 2025, from a Delaware bankruptcy judge to solicit votes on its Chapter 11 plan, despite concerns raised over an unconventional approach to handling the company's tax liabilities. The judge said those issues should be taken up at the confirmation hearing rather than at the solicitation stage, allowing the debtor to continue advancing its reorganization. The ruling moves the case closer to a potential exit from Chapter 11 while leaving unresolved objections to be addressed in subsequent proceedings. About My Job Matcher Inc. My Job Matcher, Inc., owns the Job.com platform, which has been developed to a cutting-edge, AI-driven recruitment platform. On July 6, 2025, My Job Matcher, Inc., and seven affiliates filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11280). In its petition, the Debtor reports estimated assets between $10 million and $50 million and liabilities ranging from $50 million to $100 million. The case is pending before the Honorable Karen B. Owens. The Debtors tapped Morris James, LLP, as counsel, and Corliss Moore & Associates, as financial advisor. Stretto is the claims agent. An official committee of unsecured creditors has been appointed in the case and is represented by Greenberg Traurig, LLP as counsel. The DIP Lenders and Prepetition Lenders are represented by Geoffrey T. Raicht, PC and Chipman Brown Cicero & Cole, LLP. Ankura Trust Company, LLC, which serves as the Agent under the DIP loan and the prepetition credit facility, is represented by A&O Shearman and Chipman Brown Cicero & Cole, LLP. Creditors Venture Debt, LLC and SOJA Ventures, LLC are represented by Bayard, P.A. and Varnum LLP. Lily Grace Investments PTY Ltd., another creditor, is represented by K&L Gates LLP. MYFOREXFUNDS: Court Scales Back Receivership, Returns Assets ------------------------------------------------------------ MyForexFunds announced on Dec. 9, 2025, that is now in the process of regaining control of its assets after the Ontario Superior Court approved an order that lifts previous restrictions and substantially reduces the receiver's oversight. This marks a significant turning point for the company, which will begin a comprehensive review of its assets, technical systems and operations as it plans its next steps. This order follows a decisive victory in U.S. federal court earlier this year, which dismissed all allegations brought by the Commodity Futures Trading Commission (CFTC), sanctioned the regulator, and awarded attorney's fees to MyForexFunds. Together, these court decisions mark a clear vindication for both the company and its founder, Murtuza Kazmi. In August 2023, the Ontario Securities Commission (OSC) issued asset freeze directions and later in January 2024, the Ontario Superior Court appointed a receiver over MyForexFunds' assets, placing the company's assets and data under court-controlled receivership and effectively halting operations. These measures were prompted by parallel legal action in the United States. For more than two years, MyForexFunds' assets and data remained under court control while the company worked through the Canadian and U.S. legal systems to contest the allegations and seek restoration of its business. As a result, MyForexFunds' global workforce was disbanded instantly, and customers worldwide were left without support or service. "These past two years have been incredibly challenging, not just for myself and the company, but for our staff around the world and the customers who relied on us," said CEO Murtuza Kazmi. "With restrictions now being lifted and access to our assets being restored, we can finally begin to repair the harm done to the company and our community, and focus on our next chapter." Prior to the shutdown, MyForexFunds grew from a Canadian start-up into the world's largest proprietary trading firm, supporting traders in more than 80 countries. Throughout this period, the company maintained its commitment to customer satisfaction and Canadian fintech leadership. With most restrictions now removed, MyForexFunds will commence a full financial, operational and technical systems review with its advisors and key vendors. Further updates will be provided as the process continues. About MyForexFunds MyForexFunds (MFF), founded in 2020 and headquartered in Vaughan, Ontario, Canada, is a proprietary trading firm that provides capital and infrastructure for retail traders worldwide. The company partners with traders in over 80 countries. NEAL FEAY: Seeks to Hire Bensamochan Law Firm as Legal Counsel -------------------------------------------------------------- Neal Feay Company 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's services include: (a) advise the Debtor about the requirements of the Bankruptcy Court, the Bankruptcy Code, the Bankruptcy Rules, and the Office of the United States Trustee; (b) advise the Debtor about 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 Debtors in any adversary proceeding except to the extent that any such adversary proceeding is in an area outside of proposed counsel's expertise or which is beyond Mr. Bensamochan's staffing capabilities; (e) prepare and assist the Debtor in his preparation of reports, applications, pleadings and orders; (f) assist the Debtor in the negotiation, formulation, preparation, and ultimate confirmation of a plan of reorganization and the preparation and approval of a disclosure statement; and (g) perform any other services which may be appropriate in Eric Bensamochan's representation of the Debtor during its bankruptcy case. The firm will be paid at these hourly rates: Eric Bensamochan, Attorney $525 Kerry Moynihan, 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 $25,000 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 Email: eric@eblawfirm.us About Neal Feay Company Neal Feay Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-11446) on October 29, 2025. In its petition, the Debtor disclosed up to $50,000 in estimated assets and up to $10 million in estimated liabilities. Honorable Bankruptcy Judge Ronald A. Clifford, III handles the case. The Debtor is represented by Eric Bensamochan, Esq., at The Bensamochan Law Firm Inc. NEELY MOTORSPORTS: Seeks to Hire Michael G. Spector as Attorney --------------------------------------------------------------- Neely Motorsports, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Law Offices of Michael G. Spector as attorneys. The firm will render these legal services: (a) prepare pleadings, applications and conduct examinations incidental to administration; (b) advise the Debtor with respect to its rights, duties and powers in the administration of its Chapter 11 case; (c) advise and assist the Debtor with respect to compliance with the requirements of the Office of the U.S. Trustee; (d) advise the Debtor regarding matters of bankruptcy law; (e) advise and represent the Debtor in connection with all applications, motions or complaints for adequate protection, sequestration, relief from stays, appointment of a trustee or examiner and all other similar matters; (f) develop the relationship of the status of the Debtor to the claims of creditors in these proceedings; (g) advise and assist the Debtor in the formulation and presentation of a reorganization plan; (h) represent the Debtor in any necessary adversary proceedings; and (i) perform other legal services. The hourly rates of the firm's attorneys and staff are as follows: Michael G. Spector, Attorney $490 per hour Vicki L. Schennum, Of Counsel $460 per hour Law Clerk $110 per hour Brittany Porter, Paralegal $100 per hour The firm received a retainer in the amount of $40,000. Michael Spector, Esq., the proprietor of the Law Offices of Michael G. Spector, disclosed in a court filing that his firm is a "disinterested person" as defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael G. Spector, Esq. Law Offices of Michael G. Spector 2122 N. Broadway Santa Ana, CA 92706 Telephone: (714) 835-3130 Facsimile: (714) 558-7435 Email: mgspector@aol.com About Neely Motorsports, Inc. Neely Motorsports, Inc. engages in wholesale and retail sales of motorsports-related products, serving both individual consumers and businesses in the automotive and racing sectors. Neely Motorsports, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20834) on December 3, 2025, listing $205,763 in assets and $2,771,336 in liabilities. The petition was signed by Thomas J. Neely as president. Judge Sheri Bluebond presides over the case. Michael G. Spector, Esq. at LAW OFFICES OF MICHAEL G. SPECTOR serves as the Debtor's counsel. NETCAPITAL INC: Acquires Rivetz Network Assets for 950,000 Shares ----------------------------------------------------------------- Netcapital 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 an Asset Purchase Agreement with Rivetz Corp., a Delaware corporation. Under the Asset Purchase Agreement, the Company agreed to acquire substantially all of Rivetz's assets related to its "Rivetz Network" which develops technology combining hardware-based cybersecurity with blockchain services for mobile and other computing devices. As consideration for the Purchased Assets, the Company agreed to issue to Rivetz 950,000 shares of the Company's common stock, par value $0.001 per share. In addition, the Company assumed only specified liabilities of Rivetz relating to the Purchased Assets and certain contracts, subject to an aggregate cap of $100,000 for liabilities other than those arising under assumed contracts. All other liabilities of Rivetz, including liabilities relating to Rivetz tokens, employee-related obligations, and indebtedness for borrowed money, remain with Rivetz. The Asset Purchase Agreement contains customary representations, warranties and covenants of the Company and Rivetz, including covenants relating to conduct of the business prior to closing, non-competition and non-solicitation restrictions applicable to Rivetz and certain related parties for a period following closing, and covenants concerning further assurances and transition assistance. Under the Asset Purchase Agreement, Rivetz has agreed to indemnify the Company and its affiliates for certain losses arising out of breaches of Rivetz's representations, warranties, and covenants and certain excluded liabilities, subject to negotiated limitations. The Company may, at its option, satisfy certain indemnification claims by requiring Rivetz to deliver a portion of the Buyer Stock for repurchase at a per share price determined by reference to the value of the Buyer Stock at closing or the volume-weighted average trading price for a specified period, as described in the Asset Purchase Agreement. The closing of the transactions contemplated by the Asset Purchase Agreement took place on December 3, 2025, contemporaneously with the execution of the Asset Purchase Agreement. A full-text copy of the Asset Purchase Agreement is available at https://tinyurl.com/3z7j7dmw About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2025, the Company had $28.43 million in total assets, $5.31 million in total liabilities, and $23.13 million in total stockholders' deficit. NETCAPITAL INC: Appoints Rich Wheeless as Chief Executive Officer ----------------------------------------------------------------- Netcapital Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 7, 2025, the Board of Directors appointed Rich Wheeless, age 46, as the Company's Chief Executive Officer, effective December 7, 2025. Mr. Wheeless has more than 20 years of financial leadership and corporate management experience across public and private companies. Since February 2020, he has served as Chief Executive Officer and Chief Financial Officer of ParcelPal Logistics Inc., a last-mile delivery and warehousing solutions company. From March 2019 to February 2020, Mr. Wheeless served as Interim Chief Executive Officer of Enrich Media Group. From January 2018 to March 2019, he served as Chief Financial Officer of Taal Distributed Information Technologies Inc., a publicly traded technology company. Since 2014, Mr. Wheeless has served as CFO of Rivetz Corp., a financial security software company. Mr. Wheeless holds an MBA with honors from Otterbein University and a Bachelor of Science in Finance from Miami University. In connection with his employment as CEO, the Company will pay Mr. Wheeless an annual base salary of $180,000, payable in accordance with the Company's regular payroll practices and he will be eligible to receive periodic bonuses throughout the year, or additional salary in excess of the base salary, in each case as may be approved by the Board or Compensation Committee. Mr. Wheeless will also be eligible to receive one or more grants of stock options under the Company's stock option plan, subject to approval by the Board or its Compensation Committee and a majority of the Company's shareholders, with the amount, timing and terms of any such grants to be determined in the sole discretion of the Board or such committee. There is no arrangement or understanding between Mr. Wheeless and any other person, other than the Company's directors or officers acting solely in their capacity as such, pursuant to which he was selected as an officer or director of the Company. Mr. Wheeless is not related by blood, marriage or adoption to any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. The Company is not aware of any transaction, or currently proposed transaction, in which the Company was or is to be a participant and in which Mr. Wheeless, or any member of his immediate family, had or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K. In connection with his appointment as Chief Executive Officer, the Company entered into an Employment Agreement with Mr. Wheeless, pursuant to which Mr. Wheeless will serve as the Company's Chief Executive Officer for a 12-month term commencing on December 7, 2025, unless earlier terminated in accordance with its terms. Under the Employment Agreement, Mr. Wheeless is entitled to an annual base salary of $180,000, payable in accordance with the Company's regular payroll practices. He is eligible to receive periodic bonuses throughout the year, or additional salary in excess of the base salary, in each case as may be approved by the Company's Board of Directors or its Compensation Committee. Mr. Wheeless will also be eligible to receive one or more grants of stock options under the Company's stock option plan, subject to approval by the Company's Board of Directors or its Compensation Committee and a majority of the Company's shareholders, with the amount, timing and terms of any such grants to be determined in the sole discretion of the Board or such committee. During the term of the Employment Agreement, Mr. Wheeless is eligible to participate in the employee fringe benefits, pension and/or profit sharing plans, medical and health plans and other employee welfare benefit plans that may be provided by the Company for its key executive employees, in accordance with the terms of such plans, and is entitled to sick leave, sick pay and disability benefits in accordance with the Company's applicable policies. The Employment Agreement provides that Mr. Wheeless's employment may be terminated upon his death, by the Company in the event of his disability or incapacity, by the Company for "cause", by the Company without cause, or by Mr. Wheeless for any reason (including resignation or retirement) or for "good reason" (as defined therein, which includes a material breach by the Company of its obligations or a change of control, as defined in the Employment Agreement). If Mr. Wheeless's employment is terminated due to his death, by the Company due to disability or for cause, or by Mr. Wheeless other than for good reason, his right to compensation and benefits under the Employment Agreement terminates immediately. If his employment is terminated by the Company without cause (other than due to disability) or by Mr. Wheeless for good reason, his right to compensation and benefits continues through the end of the twelve-month employment term. No interest accrues on any payments under the Employment Agreement. For the period of his employment and for two years thereafter, Mr. Wheeless is subject to certain non-competition and non-solicitation covenants, including restrictions on engaging in or assisting competitive businesses and on soliciting certain customers, clients, suppliers and employees of the Company and its affiliates, subject to customary limited exceptions. The Agreement also contains customary provisions relating to non-disparagement, remedies, severability, waiver, governing law and other matters. A full-text copy of the Employment Agreement is available at https://tinyurl.com/393mucrv About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2025, the Company had $28.43 million in total assets, $5.31 million in total liabilities, and $23.13 million in total stockholders' deficit. NETCAPITAL INC: CEO Kay Resigns; Gets Severance & Consulting Deal ----------------------------------------------------------------- Netcapital Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 3, 2025, Martin Kay entered into a CEO Separation, Severance and Consulting Agreement with the Company. Pursuant to the Separation Agreement, effective December 3, 2025, Mr. Kay resigned as Chief Executive Officer, director and all other officer, director, board and committee positions with the Company. Mr. Kay's resignation was not due to a disagreement with the Company on any matter relating to the registrant's operations, policies or practices. In consideration of Mr. Kay's service and execution of the Separation Agreement, the Company agreed to pay Mr. Kay a one-time severance payment equal to 3-months' salary ($98,750). All options previously granted to Mr. Kay shall be fully vested and Mr. Kay shall have 4-years from the date of the Separation Agreement to exercise his options... Mutual releases and non-disparagement clauses were also agreed to by the parties in the Separation Agreement. The Company also agreed to engage Mr. Kay as a consultant for a period of 12-months following the date of the Separation Agreement, under which Mr. Kay will be paid $10,000 per month A full-text copy of the Separation Agreement is available at https://tinyurl.com/4yksc6z8 About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities' association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2025, the Company had $28.43 million in total assets, $5.31 million in total liabilities, and $23.13 million in total stockholders' deficit. NETCAPITAL INC: Kevin Kilduff Joins as General Counsel ------------------------------------------------------ Netcapital Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 7, 2025, the Board appointed Kevin Kilduff, age 59, as its General Counsel effective December 7, 2025. Since 2018, Mr. Kilduff has been a senior partner at The Law Officer of Kevin Kilduff, P.C. Previously, Mr. Kilduff has been a partner at each of Foley Hoag, LLP, Burns & Levinson LLP and Schander Harrison, Segal & Lewis LLP. Mr. Kilduff received his BA in Economics from Boston College, his Juris Doctor from the New England School of Law, and his LLM in Tax Law from New York University. In connection with his employment as General Counsel, the Company will pay Mr. Kilduff a base salary of $60,000 payable in accordance with the Company's regular payroll practices, and he will be eligible to receive periodic bonuses throughout the year, or additional salary in excess of the base salary, in each case as may be approved by the Board or Compensation Committee. In addition, the Company issued Mr. Kilduff 1,000,000 shares of its common stock as a Restricted Stock Award under the Company's 2023 Omnibus Equity Incentive Plan in accordance with NASDAQ Listing Rule 5635(c)(4) to Kevin Kilduff to induce him to accept employment with the Registrant as its General Counsel. The shares of Restricted Stock will have voting rights upon issuance and will vest in whole or in part on March 15, 2027 with the number of shares of Restricted Stock that will vest on the vesting date will be determined based on the Company's revenue during the period beginning on February 1, 2026 and ending on January 31, 2027. Specifically, in the event that the revenue during the measuring period is below $900,000, none of the shares of Restricted Stock shall vest and in the event that the revenue during the measuring period is at least equal to $1,500,000, 100% of the shares of Restricted Stock shall vest as of the vesting date, with pro-rata vesting for results between the minimum and maximum revenue targets. The Restricted Stock Award will be an Exempt Award (as defined in the Plan) under the Plan by reason of being an award granted as an inducement grant pursuant to NASDAQ Listing Rule 5635(c), as this award is specifically made to induce Mr. Kilduff to become an employee of the Company. There is no arrangement or understanding between Mr. Kilduff and any other person, other than the Company's directors or officers acting solely in their capacity as such, pursuant to which he was selected as an officer or director of the Company. Mr. Kilduff is not related by blood, marriage or adoption to any director, executive officer or person nominated or chosen by the Company to become a director or executive officer. The Company is not aware of any transaction, or currently proposed transaction, in which the Company was or is to be a participant and in which Mr. Kilduff, or any member of his immediate family, had or will have a direct or indirect material interest that would be required to be reported under Item 404(a) of Regulation S-K. About Netcapital Inc. Headquartered in Boston, Mass., Netcapital Inc. -- www.netcapital.com -- is a fintech company with a scalable technology platform that allows private companies to raise capital online and provides private equity investment opportunities to investors. The Company's consulting group, Netcapital Advisors, provides marketing and strategic advice and takes equity positions in select companies. The Company's funding portal, Netcapital Funding Portal, Inc. is registered with the U.S. Securities & Exchange Commission (SEC) and is a member of the Financial Industry Regulatory Authority (FINRA), a registered national securities association. Spokane, Washington-based Fruci & Associates II, PLLC, the Company's auditor since 2017, issued a "going concern" qualification in its report dated August 12, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended April 30, 2025, citing that the Company has a negative working capital, operating losses, and negative cash flows from operations. These factors, among others, raise substantial doubt about the Company's ability to continue as a going concern. As of July 31, 2025, the Company had $28.43 million in total assets, $5.31 million in total liabilities, and $23.13 million in total stockholders' deficit. NEW LOOK: OHA Senior Marks $412,000 1L Loan at 28% Off ------------------------------------------------------ OHA Senior Private Lending Fund LLC has marked its $412,000 loan extended to New Look Vision Group, Inc. to market at $296,000 or 72% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is a provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: OHA Senior Marks $6.1MM 1L Loan at 28% Off ---------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $6,189,000 loan extended to New Look Vision Group, Inc. to market at $4,448,000 or 72% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is a provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: OHA Senior Marks $791,000 1L Loan at 28% Off ------------------------------------------------------ OHA Senior Private Lending Fund LLC has marked its $791,000 loan extended to New Look Vision Group, Inc. to market at $568,000 or 72% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior 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. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is a provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW LOOK: OHA Senior Marks $850,000 1L Loan at 82% Off ------------------------------------------------------ OHA Senior Private Lending Fund LLC has marked its $850,000 loan extended to New Look Vision Group, Inc. to market at $149,000 or 18% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to New Look Vision Group, Inc. The loan accrues interest at a rate of 7.95% per annum. The loan matures on May 26, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About New Look Vision Group, Inc. New Look Vision Group Inc. is a provider of eye care products and services across Canada and the largest luxury optical retailer in North America. NEW SHILOH: Case Summary & Two Unsecured Creditors -------------------------------------------------- Debtor: New Shiloh Christian Center, Inc. f/d/b/a Shiloh Christian Center, Inc. d/b/a Shiloh Christian Academy 3900 Sarno Road Melbourne, FL 32934 Business Description: New Shiloh Christian Center, Inc., based in Melbourne, Florida, is a Christian church and private educational institution founded on January 5, 1997, by Bishop Jacquelyn D. Gordon and Deacon Haywood Gordon. The organization provides religious services, community programs, and operates Shiloh Christian Academy, a K-12 private Christian school, within its 125,000-square-foot facility on 17 acres that also includes a 3,000-seat sanctuary, chapel, office space, and youth division. Chapter 11 Petition Date: December 12, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08093 Judge: Hon. Grace E Robson Debtor's Counsel: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com Total Assets: $8,619,548 Total Liabilities: $3,298,592 The petition was signed by Lashaunda Gordon as CFO. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CP6VQVA/New_Shiloh_Christian_Center_Inc__flmbke-25-08093__0001.0.pdf?mcid=tGE4TAMA NEW WORLD: Seeks to Hire Rosen Systems as Equipment Auctioneer -------------------------------------------------------------- New World Contracting, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Rosen Systems Inc. as equipment auctioneer. The Debtor needs an auctioneer to perform sales consulting and advisory services and to market and sell certain heavy duty road construction equipment. The firm will receive a commission of 10 percent and 8 percent buyer's premium on all items actually sold. Michael Rosen, president at Rosen Systems, 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 Rosen Rosen Systems Inc. 2323 Lanford St. Dallas, TX 75206 About New World Contracting , New World Contracting, LLC is a construction company specializing in public infrastructure projects including schools, parks, historic restorations, highways, bridges, and hospitals. Based in Rockwall, Texas, New World Contracting has worked with government entities such as the U.S. Army Corps of Engineers and the Department of Defense. It was founded in 2013 and is woman-owned, minority-owned, and certified as a disadvantaged business enterprise. New World Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31944) on May 28, 2025. In its petition, the Debtor reported total assets of $9,329 and total liabilities of $1,567,984. Judge Stacey G. Jernigan oversees the case. The Debtor is represented by Kevin S. Wiley, Sr., at Wiley Law Group, PLLC. NEXTGEN MRO: Seeks to Hire Cox Law Group as Bankruptcy Counsel -------------------------------------------------------------- NextGen MRO Solutions LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to employ Cox Law Group, 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 the assets of its estate; (b) advise and consult on the conduct of the case; (c) attend meetings and negotiate with representatives of the Debtor's creditors and other parties in interest; (d) take all necessary action to protect and preserve the Debtor's estates; (e) prepare all pleadings necessary or otherwise beneficial to the administration of the Debtor's estate; (f) advise the Debtor in connection with any potential sale of assets; (g) appear before the Court to represent the interests of the Debtor's estate before the Court; (h) take any necessary action on behalf of the Debtor to negotiate, prepare on its behalf, and obtain approval of Chapter 11 plan and documents related thereto; and (i) perform all other necessary or otherwise beneficial legal services to the Debtor in connection with prosecution of this case. The firm will be paid at these hourly rates: David Cox, Member $450 David Wright, Member $300 Janice Hansen, Member $300 Heidi Shafer, Member $300 Jennifer Wagoner, Member $300 Tracy Lombre, Paralegal $100 Leanette Watkins, Paralegal $100 Shamesse Carr, Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. The firm will require a retainer of $25,000, prior to the initiation of further work on the case. Mr. Cox 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: David Cox, Esq. Cox Law Group, PLLC 900 Lakeside Dr. Lynchburg, VA 24501 Telephone: (434) 845-3838 Email: david@coxlawgroup.com About NextGen MRO Solutions LLC NextGen MRO Solutions LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-61428) on November 21, 2025. In the petition signed by William Henery Tucker, Jr., manager, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. David Cox, Esq., at Cox Law Group, PLLC represents the Debtor as counsel. NEXTGEN SLEEP: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- NextGen Sleep, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to use cash collateral. The court authorized the Debtor to use cash collateral within the limits of the budget, subject to a 10% variance. The U.S. Small Business Administration will be granted first-priority lien on and security interests in the Debtor's post-petition collateral. This lien is deemed automatically perfected as of the petition date. In case the replacement liens prove inadequate, the SBA will be granted a superpriority claim, subordinate only to the carveout for professional fees and the Subchapter V trustee's compensation. A final hearing is scheduled for January 7, 2026. A copy of the interim order and the Debtor's budget is available at https://is.gd/Yt5NjB and https://shorturl.at/T7ZlI from PacerMonitor.com. Nextgen Sleep provides in-home sleep study services and supplies CPAP equipment but is unable to meet its debt obligations due to delays caused by a recent switch in third-party billing companies. The Debtor has identified the SBA and Idea 247 as secured creditors with liens on its accounts and other assets. About NextGen Sleep LLC NextGen Sleep, LLC provides in-home sleep study services and supplies CPAP equipment. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Okla. Case No. 25-13738) on December 1, 2025. In the petition signed by Karl Barreto, chief financial officer, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Gary D Hammond, Esq., at Hammond Law Firm, represents the Debtor as legal counsel. NORTHWEST OHIO: Court Extends Cash Collateral Access to Jan. 31 --------------------------------------------------------------- Northwest Ohio Speech, Language and Rehabilitation Services, Ltd received another extension from the U.S. Bankruptcy Court for the Northern District of Ohio to use cash collateral to fund operations. The court issued a second interim order authorizing the Debtor to use the cash collateral of its secured creditors through January 31, 2026, or until the occurrence of so-called events of default. The creditors are Huntington National Bank, RBS Citizens, FC Market Place, BayFirst National Bank, ReadyCap Lending and the U.S. Small Business Administration. As adequate protection, the secured creditors will receive replacement liens on the Debtor's property, with the same priority and extent as their pre-bankruptcy liens. As further protection, Huntington will receive a monthly payment of $1,838.69. The other creditors will not receive adequate protection payments. The next hearing is set for January 22, 2026. The second interim order is available at https://is.gd/YYepuA from PacerMonitor.com. Northwest believes it holds approximately $53,023 in assets classified as cash collateral comprised of receivables and a Chase bank account. About Northwest Ohio Speech, Language and Rehabilitation Services Ltd Northwest Ohio Speech, Language and Rehabilitation Services, Ltd operates from Toledo, Ohio and provides speech, language, and occupational therapies to schools, nursing homes, and rehabilitation facilities. Northwest filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-32078) on September 30, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. M. Colette Gibbons, Esq., a practicing attorney in Westlake, Ohio, serves as Subchapter V trustee. Judge Mary Ann Whipple oversees the case. Eric R. Neuman, Esq., at Diller and Rice, LLC, represents the Debtor as legal counsel. The Debtor filed its Chapter 11 Small Business Subchapter V Plan on November 13, 2025. NRO HOLDINGS: OHA Senior Marks $1MM 1L Loan at 50% Off ------------------------------------------------------ OHA Senior Private Lending Fund LLC has marked its $1,050,000 loan extended to NRO Holdings III Corp. to market at $520,000 or 50% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to NRO Holdings III Corp. The loan accrues interest at a rate of 9.4% per annum. The loan matures on July 15, 2030. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NRO Holdings III Corp. NRO Holdings III Corp. is a diversified investment fund focusing on U.S. real estate companies and REITs, seeking high current income and capital appreciation. NRO HOLDINGS: OHA Senior Marks $2MM 1L Loan at 92% Off ------------------------------------------------------ OHA Senior Private Lending Fund LLC has marked its $2,079,000 loan extended to NRO Holdings III Corp. to market at $175,000 or 8% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to NRO Holdings III Corp. The loan accrues interest at a rate of 9.57% per annum. The loan matures on July 15, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About NRO Holdings III Corp. NRO Holdings III Corp. is a diversified investment fund focusing on U.S. real estate companies and REITs, seeking high current income and capital appreciation. OHIO TRANSMISSION: OHA Senior Marks $1.4MM 1L Loan at 41% Off ------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,490,000 loan extended to Ohio Transmission Corporation to market at $877,000 or 59% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Ohio Transmission Corporation. The loan accrues interest at a rate of 99.5% per annum. The loan matures on December 19, 2030. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Ohio Transmission Corporation Ohio Transmission Corporation is a technical distributor of highly engineered products across automation, motion control, fluid power, flow control and compressed air categories. OM SAI MED: Taps Marcus & Millichap Real Estate as Broker --------------------------------------------------------- Om Sai Med Center LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Marcus & Millichap Real Estate Investment Services of Nevada, Inc. as broker. The firm's services include: (a) representing the Debtor as its agent in all aspects of identifying and communicating with prospective purchasers of the Debtor's property, Rodeway Inn & Suites Houston Near Medical Center located at 6712 Morningside Drive, Houston, TX 77030; (b) participating in meetings with the Debtor and potential purchasers; (c) providing necessary information to prospective purchasers; (d) negotiating the terms and conditions of sale with any prospective purchasers of the Property; and (e) generally taking any reasonable actions and initiatives necessary to sell the Property. The broker will receive a 3 percent commission for the successful sale of the property. Marcus & Millichap is a disinterested person as that term is defined in section 104(14) of the Bankruptcy Code and does not represent or hold an interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Alexander Curry Marcus & Millichap Real Estate Investment Services 9600 North Mopac Expressway, Suite 300 Austin, TX 78759 Phone: (512) 338-7829 Email: Acurry@marcusmillichap.com About Om Sai Med Center LLC Om Sai Med Center LLC is a limited liability company. Om Sai Med Center LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case. 25-36622) on November 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Joyce W. Lindauer, Esq. of JOYCE W. LINDAUER ATTORNEY, PLLC. OMNIQ CORP: Raises $950,000 via Stock and Pre-Funded Warrant Sale ----------------------------------------------------------------- Omniq Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, it entered into an agreement with a group of accredited investors to purchase an aggregate of 9,500,000 unregistered shares of Common Stock and/or pre-funded warrants. The Company raised an aggregate of $950,000 in the offering based on a price of $0.10 per share. Shai Lustgarten, the Company's Chief Executive Officer, purchased an aggregate of 1,500,000 pre-funded warrants for a total of $150,000. The form of Subscription Agreement is available at https://tinyurl.com/wbzx3wh Pursuant to the Subscription Agreements, the Company issued an aggregate of 9,750,000 shares and/or pre-funded warrants. In total, the Company sold 2,750,000 shares and 6,750,000 pre-funded warrants. The form of pre-funded warrant is available at https://tinyurl.com/4ucaay75 About OmniQ Corp OmniQ Corporation -- www.omniq.com -- provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver real-time object identification, tracking, surveillance, and monitoring for the Supply Chain Management, Public Safety, and Traffic Management applications. The technology and services provided by the Company help clients move people, objects, and manage big data safely and securely through airports, warehouses, schools, and national borders and in many other applications and environments. Salt Lake City, Utah-based Haynie & Company, the Company's auditor since 2019, 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 fiscal year ended December 31, 2024, citing that the Company has a deficit in stockholders' equity and has sustained recurring losses from operations. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $25 million in total assets, $38.1 million in total liabilities, and a total stockholders' deficit of $13.1 million. ORANGE COURIER: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Orange Courier, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California to use cash collateral. The court approved the Debtor's interim use of cash collateral from December 4 to 19. The authorization is limited to the line items and amounts set forth in the budget. The use of cash collateral must comply strictly with the budget. The court specifically prohibited the debtor from using any cash collateral to pay or reimburse the Debtor's counsel or insiders unless the court separately approves such payments. This restriction ensures that cash collateral is used only for necessary operating expenses during the interim period and not for professional fees or insider compensation. A continued hearing is scheduled for December 16. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/pDZoc from PacerMonitor.com. 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 bankruptcy counsel. OROVILLE HOSPITAL: Cain Brothers to Advise Ch.11 Transaction ------------------------------------------------------------ Oroville Hospital and its parent corporation, OroHealth, on December 8, 2025, filed voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code to help facilitate and maximize the value of a transaction and preserve its critical healthcare facilities for the community. The filing will best position the hospital to maintain its strong focus on high-quality patient care and continuity of operations, while maximizing stakeholder interests. The hospital, its skilled nursing facility, its clinics, and its related services will all remain open and continue serving the community during the Chapter 11 process. The hospital issued the following statement regarding the Dec. 8 filing: "We believe this filing is an important step toward securing the hospital's long-term future as a vital healthcare provider and employer in our community. The purpose of the filing is to facilitate a court-supervised transaction with a partner that has the resources and operating experience to invest in the hospital and maintain its mission for the benefit of all our stakeholders. "It is important to emphasize that we will remain open and continue to operate during the Chapter 11 process. Patient care remains our top priority and will be unaffected. As part of this process, we have secured additional financing that will allow us to continue to provide patient care, support employees, pay vendors, and serve the community during the bankruptcy process. "As part of our strategy for maintaining Oroville Hospital's long-term viability, our board recently made the decision to pursue a transaction with a partner to ensure that we can continue serving residents of Oroville and the surrounding foothill and valley communities, as we have done successfully since 1962, for many years to come. "We appreciate the continued support of our physicians, employees, patients, labor union partners, vendors, elected officials, community leaders, residents and other stakeholders as we work through this process." The Chapter 11 petitions were filed in the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division. Judge Christopher M. Klein is the presiding judge. The hospital is being advised by the law firm of Fox Rothschild LLP, under the leadership of partners Keith Owens and Nicholas Koffroth, which is serving as the general bankruptcy counsel. FTI Consulting, Inc. is serving as the financial advisor to the hospital. The hospital has retained Cain Brothers, a division of KeyBanc Capital Markets, as the investment banking firm to advise the hospital on the process to select an affiliation partner. In addition, the law firm of Hooper, Lundy & Bookman, P.C., led by partners Robert Miller and Karl Schmitz, is serving as special healthcare regulatory and transactional counsel. The claims agent for the Chapter 11 case is Epiq Corporate Restructuring, LLC. For more information about the filing, email OrovilleHospital@Epiqglobal.com or go to https://dm.epiq11.com/OrovilleHospital. 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. PAVE AMERICA: OHA Senior Marks $679,000 1L Loan at 52% Off ---------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $679,000 loan extended to Pave America LLC to market at $323,000 or 48% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Pave America LLC. The loan accrues interest at a rate of 8.75% per annum. The loan matures on August 27, 2032. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Pave America LLC Pave America is the nation's leading asphalt & concrete pavement company. PENNYMAC FINANCIAL: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ------------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) and unsecured debt rating of PennyMac Financial Services Inc. (PFSI) at 'BB'. The Rating Outlook is Stable. Today's rating action has been taken as part of a periodic review of non-bank mortgage companies, which is comprised of seven publicly rated firms. Key Rating Drivers Diversified Business Model: The rating affirmation reflects PFSI's solid franchise and historical track record in the U.S. non-bank residential mortgage space, strong financial profile, experienced senior management team and a sufficiently robust and integrated technology platform. Fitch views PFSI's multichannel approach favorably and believes its largely hedged servicing business model with high recapture rates may serve as a natural hedge, although not a full offset, to the cyclicality of the mortgage origination business. Highly Cyclical Mortgage Industry: The ratings are constrained by the highly cyclical nature of the mortgage origination business, elevated exposure to Ginnie Mae (GNMA) loans with higher advancing needs and potentially higher regulatory scrutiny, reliance on short-term, uncommitted funding, and a complex group structure given elevated related party transactions with PennyMac Mortgage Investment Trust (PMT), which invests in mortgage-related assets, and other affiliates. Leading Franchise and Market Position: PFSI has a strong position within the correspondent lending channel with a market-leading 20.3% share during 9M25, according to Inside Mortgage Finance. The company also maintains significant scale as a wholesale-broker originator and mortgage servicer. Improving Profitability: Pre-tax return on average assets (ROAA), adjusted for GNMA loans subject to repurchase, was 2.9% for the trailing 12 months (TTM) ended Sept. 30, 2025. This is up from 2.4% in 2024 but below the four-year average of 4.2% from 2021 to 2024. Fitch expects profitability to improve in 2026 given higher origination volumes and stronger gain on sale (GOS) margins amid reductions in industry capacity. PFSI's large servicing portfolio should continue to contribute to earnings, which Fitch expects will be maintained through retaining the mortgage servicing rights (MSRs) from originations and refinance recapture. Appropriate Leverage: PFSI's leverage (gross debt to tangible equity) was 3.3x as of 3Q25, consistent with 3.2x at 3Q24. Corporate leverage, which excludes the balances under origination funding facilities, was 1.5x compared to 1.4x at YE24. Fitch expects gross leverage to increase modestly in the near term as originations rise and MSR valuations decline, partially offset by improved earnings retention. Still, Fitch expects total leverage to remain below 4.0x and corporate leverage to remain at or below 1.5x over the Outlook horizon. Funding Mix Improves: Unsecured debt comprised 35% of total debt as of 3Q25, up from 22% at YE24 and above the four-year average of 23% from 2021 to 2024, driven by the issuance of $2.35 billion of unsecured notes in 2025 YTD. Proceeds were largely used to repay secured borrowings, which improves funding flexibility and reduces refinancing risk. At 3Q25, approximately 39% of PFSI's secured facilities were committed, which compares favorably to peers. Still, PFSI's funding tenor is generally short, with approximately half of its secured facilities expiring within one year as of 3Q25. Fitch would view continued improvement in the unsecured mix and committed funding capacity as credit positive. Solid Liquidity: Fitch views PFSI's liquidity profile as adequate to meet its upcoming unsecured debt maturities, operating cash needs, potential margin calls and advancing requirements. As of 3Q25, liquidity resources consisted of $684 million of cash and equivalents and $1.6 billion of borrowing capacity on its MSR lines, equating to 16% of total debt. PFSI's next unsecured maturity is in February 2029, when $650 million comes due. In addition, the company had $901 million of advance facility availability to fund servicing advances, as well as $2.9 billion of warehouse capacity to fund originations. Solid Asset Quality: PFSI is not subject to material asset quality risks as nearly all originated loans are conforming agency or GNMA-eligible and sold shortly after origination. Delinquencies of 60 days or more in the owned servicing portfolio totaled 3.4% at 3Q25, down from 3.6% at YE24 and below the four-year average of 3.8% from 2021 to 2024. In general, mortgages have outperformed other consumer assets over the last year, as home equity levels have supported strong metrics. Gradual rising unemployment could drive higher delinquencies in 2026. PFSI does have exposure to potential losses due to repurchase or indemnification claims from investors under certain warranty provisions, although claims in recent years have been manageable. Stable Outlook: The Stable Outlook reflects Fitch's expectation that PFSI's leverage will rise moderately but remain below 4.0x on a gross basis, corporate leverage will remain at 1.5x or below as improved earnings retention will reduce future corporate borrowings, access to funding and liquidity will remain sufficient for operating needs, and profitability will continue to improve. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Corporate leverage sustained above 1.5x; - Gross leverage sustained above 5.0x; - Sustained profitability challenges that erode tangible equity and the company's market position; - A decrease in aggregate liquidity resources or reduction in unencumbered assets that constrain the company's funding flexibility and/or increased utilization of secured funding that reduces the unsecured funding mix below 15% on a sustained basis; - Regulatory scrutiny resulting in PFSI incurring substantial fines that negatively impact its franchise or operating performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Leverage maintained at or below 3.0x and corporate leverage maintained at or below 1.0x; - Growth of the business that enhances the franchise and platform scale; - Improvement in the funding profile, including an extension of funding duration, an increase in the committed funding percentage and the maintenance of unsecured debt above 35% of total debt on a sustained basis; - Improved earnings consistency; - Stronger liquidity profile, as evidenced by a meaningful increase in the percentage of available liquidity resources (cash and available borrowing capacity) to total debt. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt is equalized with PFSI's Long-Term IDR, reflecting the funding mix and average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is primarily sensitive to changes in PFSI's Long-Term IDR and would be expected to move in tandem. However, a meaningful increase in the proportion of secured debt could result in the unsecured debt being notched down from the IDR. ADJUSTMENTS - The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. - The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business Model (negative). - The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Non-Loan Exposure (negative). - The Capitalization and Leverage score has been assigned below the implied score due to the following adjustment reason: Profitability, Payouts and Growth (negative). - The Funding, Liquidity & Coverage has been assigned below the implied score due to the following adjustment reason: Funding Flexibility (negative). ESG Considerations PFSI has an ESG Relevance Score of '4' for Customer Welfare — Fair Messaging, Privacy and Data Security due to its exposure to compliance risks that include 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. PFSI has an ESG Relevance Score of '4' for Governance Structure due to board effectiveness as it relates to protection of creditor and shareholder rights and related party transactions among PMT, its externally managed REIT, and other affiliates. 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 Prior ----------- ------ ----- PennyMac Financial Services, Inc. LT IDR BB Affirmed BB senior unsecured LT BB Affirmed BB PEORIA CHARTER: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: Peoria Charter Coach Company 2600 NE Adams Street Peoria, IL 61603 Business Description: Peoria Charter Coach Company provides passenger transportation services across the Midwest, including Peoria, Urbana, and Chicago, and has been operating since 1941. The Company offers charter services, private rides, and tours using a fleet of motorcoaches with capacities of 38 and 56 passengers, equipped with amenities such as reclining seats, 110V outlets, overhead storage, and additional features including DVD players, PA systems, and Wi-Fi. All vehicles are fully insured, licensed, and operated by professional drivers. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Central District of Illinois Case No.: 25-80900 Judge: Hon. Peter W Henderson Debtor's Counsel: Jeana K. Reinbold, Es.q SGRO, HANRAHAN, DURR, RABIN & REINBOLD LLP 1119 S. 6th Street Springfield, IL 62703 Tel: 217-789-1200 Email: jeana@casevista.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million 2 23The petition was signed by Jingning Wang a/k/a James Wang as CEO. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3GH5WSI/Peoria_Charter_Coach_Company__ilcbke-25-80900__0001.0.pdf?mcid=tGE4TAMA PETCO HEALTH: S&P Alters Outlook to Stable, Affirms 'B' ICR ----------------------------------------------------------- S&P Global Ratings revised its outlook on U.S.-based specialty pet retailer Petco Health and Wellness Co. Inc. to stable from negative. S&P also affirmed its ratings, including the 'B' issuer credit rating. S&P said, "The stable outlook reflects our expectations that the company will continue to improve its profitability and expand its EBITDA base over the next two years while executing on its operational efficiency initiatives." Petco Health has made substantial progress on its turnaround initiatives, improving profitability and cash flow generation, due to solid execution of its operational improvement initiatives through the first three quarters of its fiscal year. S&P said, "The stable outlook reflects our expectation of sustainable margin expansion and other progress Petco has made on its turnaround initiatives. Despite difficult macroeconomic conditions, Petco has executed on its turnaround plan and improved its operating efficiency and margin profile ahead of our previous expectations. The company's work with its vendors to manage its cost of goods sold (COGS) and its improved promotional discipline has supported sequential quarterly improvement in its gross margin. We continue to expect a low-single-digit percent revenue decline this year from approximately 20 net store closures. However, we anticipate Petco's improved profitability will likely support increased EBITDA generation and cash flow. "Petco will continue to face a difficult operating environment in 2026 with more cautious consumer spending amid intense competition. That said, we expect further gross margin benefits, albeit at a slower pace due to tariff impacts, through the remainder of the year and continuing in 2026. In our view, Petco's tariff exposure is manageable, and its direct exposure is limited to its owned brands with indirect exposure through its national brand vendors. Our forecast projects the company's S&P Global Ratings-adjusted interest coverage will be in the low-3x area, and its reported interest coverage will be in the mid-2x range, which is up from 2.6x and 1.4x, respectively, last year. Petco achieved S&P Global Ratings-adjusted interest coverage 3.1x and reported interest coverage of 2.2x on a trailing-12-month basis in its third quarter of fiscal year 2025. In our view, the company's improved profitability better positions it to cover additional fixed costs such as maintenance capital expenditure (capex). "We project S&P Global Ratings-adjusted EBITDA generation of $755 million this year, with EBITDA margins of 12.7%. In addition to its gross margin improvements, Petco's efforts to standardize and simplify its store-level operations have enabled it to better leverage its selling, general, and administrative expenses (SGA) in 2025. Our base case projects further modest improvements to gross and SGA margins over the next two years stemming from the company's efficiency initiatives. As a result, we project S&P Global Ratings-adjusted EBITDA margins of 12.7% this year and 12.9% next year, up from 11% in fiscal 2024. In-store events for pets and pet parents will improve store traffic in the near term. In our view, enhancing the utilization of its pet services business, and capturing opportunities to cross sell, will be key growth opportunities in the years ahead. "Given our expectations for EBITDA growth, we forecast S&P Global Ratings-adjusted leverage of 4.0x this year and 3.7x next year, compared with 4.5x at the end of fiscal 2024. We believe Petco's new management is committed to eventually achieving its 2x net leverage target (company calculated), though we note its net leverage stood at 3.7x as of the end of the third quarter (ended Nov. 1, 2025). Although we do not anticipate the company will achieve its leverage target in the near term, we expect it will improve its leverage through the expansion of its EBITDA and expect its net leverage will be around 3.5x this year." Improved profitability and working capital benefits will lead to positive free operating cash flow (FOCF) over the next 12 months. Year to date, Petco has made substantial progress optimizing its inventory assortment and leveraging its high-volume SKUs. This, combined with net store closures, has caused its inventory balance to reduce about 5% since year end. S&P's base case projects additional modest reduction in inventory in the fourth fiscal quarter. S&P said, "As a result, we expect net working capital inflow over $30 million this year. We forecast $125 to $135 million in capital expenditure (capex) this year, with about 40% of the spend going toward growth initiatives related to enhancing omnichannel and digital capabilities, as well as piloting new store formats. This leads us to forecast reported FOCF of about $94 million this year. We project FOCF will moderate to about $70 million next year primarily due to a somewhat normalized working capital use. We believe Petco's liquidity, consisting of $237 million in cash and $495 available under its asset-based lending (ABL) facility, is adequate to fund the company's growth initiatives in the near term. "The stable outlook reflects our expectations that Petco will continue improving its operating performance and maintain adequate liquidity while improving S&P Global Ratings-adjusted leverage such that it is sustained below 4x with adjusted EBITDA interest coverage of at least 3x." S&P could lower the rating on Petco if its operating performance deteriorates, either due to execution issues or macroeconomic challenges. This would likely cause the company to: -- Sustain S&P Global Ratings-adjusted EBITDA interest coverage of 3x or below, which correlates with reported interest coverage of less than 2x; or -- Experience weak cash generation, relative to our base-case assumption, that limits its ability to comfortably cover its maintenance capex. S&P could raise its rating on Petco if: -- The company improves its profitability and generates material positive FOCF; and -- S&P Global Ratings-adjusted leverage sustains at or below 3.5x with adjusted EBITDA interest coverage of 3.5x or more; and -- S&P believes the company's financial policy supports credit metrics sustained at these levels. PETRO-VICTORY ENERGY: Issues 575,000 Bonus Warrants in Forbearance ------------------------------------------------------------------ Petro-Victory Energy Corp. announced on Dec. 10, 2025, that the Company has issued 575,000 bonus warrants to PPF 13, LLC in consideration for the forbearance and extension of the principal payment on the previously announced loan from the Lender to the Company. The Bonus Warrants are exercisable at CAD$0.75 on or before August 25, 2026. The issuance of the Bonus Warrants remains subject to TSXV final acceptance. The Bonus Warrants replace the existing 475,000 bonus warrants that were previously issued to the Lender that were exercisable at CAD$2.03 on or before August 25, 2026. 375,000 of the Existing Warrants were issued in consideration for the Loan and the remaining 100,000 of the Existing Warrants were issued on August 23, 2024 in consideration for a previous forbearance and extension of Loan. About Petro-Victory Energy Corp. Petro-Victory Energy Corp. is an oil and gas company engaged in the acquisition, development, and production of crude oil and natural gas in Brazil. The total portfolio under management as of the date of this filing includes 49 concession contracts with 276,755 acres, net to Petro-Victory, plus an additional 6 concessions and 19,074 acres owned jointly with BlueOak in Capixaba Energia. Through disciplined investments in high-impact, low-risk assets, Petro-Victory is focused on delivering sustainable shareholder value. The Company's common shares trade on the TSX Venture Exchange under the ticker symbol VRY. PHIL KEAN: Seeks to Hire Latham Luna Eden & Beaudine as Counsel --------------------------------------------------------------- Phil Kean Designs Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Latham, Luna, Eden & Beaudine, LLP as counsel. The firm's services include: (a) advise the Debtor of its rights and duties in this case; (b) prepare pleadings related to this case; and (c) take any and all other necessary action incident to the proper preservation and administration of this estate. The firm will be paid at these hourly rates: Daniel Velasquez, Attorney $275 - $475 Junior Paraprofessionals $105 Prior to the commencement of this case, the Debtor paid an advance fee of $36,738 for services and expenses to be incurred in connection with creditor negotiations, litigation, preparation of the bankruptcy filing. Mr. Velasquez 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: Daniel A. Velasquez, Esq. Latham, Luna, Eden & Beaudine, LLP 201 S. Orange Ave., Suite 1400 Orlando, FL 32801 Telephone: (407) 481-5800 Facsimile: (407) 481-5801 About Phil Kean Designs Inc. Phil Kean Designs, Inc. provides integrated architecture, interior design, and residential construction services, specializing in luxury custom homes for clients in Central Florida and surrounding coastal areas. It is based in Winter Park, Florida. Phil Kean Designs filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07667) on November 25, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Tommy Watkins, president, signed the petition. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as counsel. PLANET FINANCIAL: Fitch Lowers LongTerm IDR to 'B', Outlook Stable ------------------------------------------------------------------ Fitch Ratings has downgraded the Long-Term Issuer Default Rating (IDR) of Planet Financial Group, LLC's (PFG) to 'B' from 'B+'. Fitch has also downgraded PFG's senior unsecured debt rating to 'B-' with a Recovery Rating of 'RR5' from 'B'/'RR5'. The Rating Outlook is Stable. This rating action has 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 Ratings Downgraded: The downgrade reflects PFG's higher corporate and gross leverage, which exceed Fitch's prior downgrade triggers. Fitch expects leverage to remain elevated over the Outlook horizon, given anticipated growth in origination volumes and ongoing acquisitions of mortgage servicing rights (MSRs), which are predominantly debt-funded. Growing Franchise: The ratings reflect PFG's modest but growing franchise as a correspondent and retail lender in the U.S. non-bank residential mortgage space; its established role as an agency and government mortgage servicer/sub-servicer; an experienced management team; effective servicing systems and technology; appropriate underwriting standards and risk controls; and sufficient coverage of interest expense. Highly Cyclical Mortgage Industry: The ratings are constrained by elevated leverage; the highly cyclical nature of the mortgage origination business; PFG's more limited scale relative to larger peers; reliance on secured, short-term wholesale funding; and potential servicing advance needs and regulatory scrutiny arising from its exposure to Ginnie Mae (GNMA) loans. Established Lender and Servicer: PFG is an established mortgage lender and servicer, in operation since 2007. As of Sept. 30, 2025, it was the sixth-largest correspondent lender in the U.S. and the 13th largest lender overall, according to Inside Mortgage Finance. PFG is also an established GNMA servicer, with $125 billion in owned and $14 billion in third-party servicing. While PFG is well positioned for growth, Fitch believes competition within the correspondent channel and its smaller scale compared with peers is a rating constraint. Growing MSR Exposure Mitigated by Hedging: MSR exposure has grown significantly since 2021, as PFG has retained MSRs from its production and acquired bulk portfolios. MSRs were 310% of equity at 3Q25, up from 247% at 3Q24 and significantly higher than peers. The company employs a conservative hedging strategy which seeks to offset 100% of mark-downs, and the low average coupon partially reduces prepayment risk. As such, Fitch believes MSR valuation risks are manageable, but leverage and profitability remain sensitive to the effectiveness of hedges. Consistent Profitability: PFG's pre-tax return on average assets — adjusted for imputed interest and debt cost amortization from variable interest entities (VIEs) and GNMA loans eligible for repurchase — was 0.9%, annualized in 9M25, compared with 0.8% in 2024 and a 2021-2024 average of 1.0%. Fitch expects improved profitability in 2026, stemming from increased origination volumes and enhanced operating margins from its growing scale, but earnings will be sensitive to recapture rates and hedge effectiveness as prepayment speeds increase. High Leverage: Debt to tangible equity, adjusted for VIEs with noncontrolling interests, was 9.3x at 3Q25, up from 7.3x at YE24, as an increase in borrowings outpaced growth in tangible equity. Corporate leverage, excluding funding facility balances, was 4.6x at 3Q25, up from 3.3x a year ago and well above rated peers. Fitch expects leverage to increase further in the near term as origination activity increases with interest rate cuts and the firm continues to acquire MSRs. PFG's capital levels are sensitive to the effectiveness of its MSR hedging. If the hedges underperform, MSR valuation changes could materially increase leverage. Secured Funding Profile: Consistent with other mortgage companies, PFG's funding profile is predominantly secured, comprising warehouse facilities, an MSR line, and debt secured by property and equipment. Unsecured debt was 15.9% of total debt at 3Q25, compared with 17.3% at YE24, which is consistent with Fitch's 'bb' category benchmark range of 10% to 35% for finance and leasing companies. The company also had $594 million of warehouse capacity available to fund originations. PFG's warehouse facilities typically mature within one year, resulting in increased liquidity and refinancing risk. However, committed lines were 58% of total capacity at 3Q25, which compares favorably to Fitch-rated peers. Fitch would view an increase in funding duration and committed capacity as credit positive. Adequate Liquidity: Fitch views PFG's current liquidity profile as adequate to meet operating needs, potential margin calls and advancing requirements. At 3Q25, liquidity consisted of $71 million in cash and $620 million of borrowing capacity on its MSR line. Total liquidity represented 19% of total debt, relatively consistent with peers. The next unsecured debt maturity is in December 2029, when $600 million is due. Limited Asset Quality Risk: Asset quality risk is limited for PFG as nearly all loans are sold to investors shortly after origination. Delinquencies greater than 60+ days were 4.0% of the portfolio at 3Q25, down from 4.7% at YE24. 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. PFG is exposed to potential losses due to repurchase or indemnification claims from investors under certain warranty provisions, although claims in recent years have been manageable. Stable Outlook: The Stable Outlook reflects Fitch's expectation that PFG will continue to generate consistent operating cash flows, corporate leverage will remain between 4x-6x, and liquidity and reserves to cover advances and margin calls will remain adequate. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Corporate debt to tangible equity sustained above 5x; Gross leverage sustained above 10x; An inability to maintain consistent and stable earnings due to the lack of originations and/or materially negative marks on the MSR portfolio; Failure to maintain sufficient liquidity to manage servicer advances, meet margin call requirements, service debt, or fund originations; Inability to economically refinance secured corporate debt or funding facilities; Lack of appropriate staffing and resource levels relative to planned growth; Increased regulatory scrutiny of the company or industry, or if PFG incurs substantial fines that negatively impact its franchise or operating performance. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade A reduction corporate leverage sustained below 4x; A reduction in gross leverage sustained below 7x; Continued growth of the business that enhances PFG's franchise and scale; Enhanced earnings consistency, with pre-tax ROAA sustained above 3%; An extension in the duration of the funding profile. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The unsecured debt rating is one-notch below PFG's Long-Term IDR, due to the secured funding mix and subordination to secured debt in the capital structure, reflecting below-average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The unsecured debt rating is primarily sensitive to PFG's Long-Term IDR and would be expected to move in tandem. However, a material increase in the proportion of unsecured funding and the size of the unencumbered asset pool could result in narrowing the notching between the 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: Weakest Link - Capitalization & Leverage (negative). The Business Profile score has been assigned below the implied score due to the following adjustment reason: Market position (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Risk profile and business model (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). The Capitalization & Leverage score has been assigned below the implied score due to the following adjustment reason: Profitability, pay-outs and growth (negative). The Funding, Liquidity & Coverage score has been assigned below the implied score due to the following adjustment reason: Funding flexibility (negative). ESG Considerations Planet Financial Group, LLC has an ESG Relevance Score of '4' for Customer Welfare - Fair Messaging, Privacy & 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[s] in conjunction with other factors. The highest level of ESG credit relevance is a score of '3', unless otherwise disclosed in this section. A score of '3' means ESG issues are credit-neutral or have only a minimal credit impact on the entity, either due to their nature or the way in which they are being managed by the entity. Fitch's ESG Relevance Scores are not inputs in the rating process; they are an observation on the relevance and materiality of ESG factors in the rating decision. Entity/Debt Rating Recovery Prior ----------- ------ -------- ----- Planet Financial Group, LLC LT IDR B Downgrade B+ senior unsecured LT B- Downgrade RR5 B PLURI INC: Appoints Weinstein as Chairman of the Board ------------------------------------------------------ Pluri Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that effective December 4, 2025, Mr. Weinstein was appointed by the Board as Chairman of the Board, and Mr. Zami Aberman was appointed as Vice Chairman of the Board. In connection therewith, Mr. Aberman's consultancy agreement with the Company will be terminated effective January 4, 2026. About Pluri Inc. Haifa, Israel-based Pluri Inc. is a biotechnology company, leveraging proprietary cell expansion platform to develop scalable, cell-based solutions across the healthcare, food, and agriculture sectors. As of September 30, 2025, the Company had $33.7 million in total assets, $39.3 million in total liabilities, and $5.6 million in total deficit. Haifa, Israel-based Kesselman & Kesselman, the Company's auditor since 2021, issued a "going concern" qualification in its report dated September 17, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has incurred recurring losses and negative cash flows from operating activities and has an accumulated deficit as of June 30, 2025 and the loan received from European Investment Bank is due on June 1, 2026. These circumstances raise substantial doubt about its ability to continue as a going concern. PORT ELIZABETH: Hires Murphy Schiller & Wilkes as Special Counsel ----------------------------------------------------------------- Port Elizabeth Terminal & Warehouse Corp. seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Murphy Schiller & Wilkes LLP as special counsel. The firm's legal services will be related to leasing transactions and landlord-tenant litigation. The firm's rates are: Professionals $350 to $550 per hour Paralegals $150 to $250 per hour The professional holds a prepetition claim of $131,175. As disclosed in the court filings, Murphy Schiller & Wilkes LLP is a disinterested person under 11 U.S.C. Sec. 101(14). The firm can be reached through: Charles J. Wilkes, Esq. Murphy Schiller & Wilkes LLP One Gateway Center, Suite 4200 Newark, NJ 07102 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. Five affiliated entities simultaneously filed voluntary Chapter 11 petitions under the Bankruptcy Code. Debtor Case No. ------ -------- P. Judge & Sons, Inc. 25-22127 Amex Shipping Agent, Inc. 25-22129 The Judge Organization, LLC 25-22130 P. Judge & Sons Trucking, LLC 25-22131 Judge Warehousing, LLC 25-22132 Honorable Bankruptcy Judge John K. Sherwood handles the case. The Debtor is represented by Turner Falk, Esq. of Saul Ewing LLP. POSIGEN PBC: Secured $25MM Loan Through Fraud, Lender Alleges ------------------------------------------------------------- Rick Archer of Law360 Bankruptcy Authority reports that a creditor of PosiGen urged a Texas bankruptcy judge to deny the solar leasing company's bid to tap its cash, asserting that some of the funds are traceable to a $25 million loan procured through fraudulent conduct. The lender said PosiGen's alleged misstatements during the loan process call into question the legitimacy of the cash on hand and contended that permitting its use would improperly benefit the debtor at the expense of creditors. 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. PREPAID WIRELESS: Cash Collateral Hearing Set for Feb. 2 -------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland is set to hold a hearing on January 29 to consider another extension of Prepaid Wireless Group, LLC's authority to use cash collateral. The Debtor's authority to use the cash collateral of T-Mobile USA, Inc. under the court's November 20 order expires on February 2, 2026. The November 20 order granted T-Mobile a replacement lien on post-petition collateral and a superpriority claim against the Debtor as protection. The Debtor's right to use cash collateral will terminate on February 2, 2026, or upon conversion of its Chapter 11 case to one under Chapter 7; the appointment of a trustee or examiner; and the consummation of a plan of reorganization or emergence of the Debtor from Chapter 11 protection. Prepaid Wireless operates a Mobile Virtual Network Aggregator (MVNA) in the U.S. Following unexpected demands from T-Mobile for a large security deposit, the Debtor filed for Chapter 11 bankruptcy protection to prevent disruptions to its services and pursue successful reorganization. The Debtor buys wireless voice, messaging, and data services in bulk from T-Mobile under a wholesale supply agreement originally executed in 2012 between T-Mobile and Cintex Wireless, LLC and assigned to the Debtor in 2013. Under the agreement, the Debtor granted T-Mobile a security interest in all assets, giving T-Mobile a first-priority lien on cash collateral to the extent it constitutes proceeds of pre-bankruptcy accounts receivable. About Prepaid Wireless Group Prepaid Wireless Group, LLC is a provider of wireless telecommunications services in Rockville, Md. Prepaid Wireless Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-18852) on October 21, 2024, with $10 million to $50 million in both assets and liabilities. Paul Greene, chief executive officer, signed the petition. Judge Maria Ellena Chavez-Ruark oversees the case. The Debtor is represented by: Irving Edward Walker, Esq. Cole Schotz P.C. Tel: 410-230-0660 Email: iwalker@coleschotz.com PRIMALEND CAPITAL: Committee Hires Vartabedian Herster as Counsel ----------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Primalend Capital Partners, LP and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Vartabedian Hester & Haynes LLP as counsel. The firm will provide these services: (a) advise the committee with respect to its rights, duties, and powers in these Chapter 11 cases; (b) assist and advise the xommittee in its consultations with the Debtors relative to the administration of these Chapter 11 cases; (c) assist the committee in analyzing the claims of the Debtors' creditors and its capital structure and in negotiating with holders of claims; (d) assist the committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors, and its insiders and affiliates, and of the operation of the Debtors' business; (e) assist the committee in its investigation of the liens and claims of the Debtors' lenders and the prosecution of any claims or causes of action revealed by such investigation; (f) assist the committee in its analysis of, and negotiations with, the Debtors or any third-party concerning matters related to, among other things, the assumption and rejection of leases of nonresidential real property and executory contracts, asset dispositions, financing or other transactions, and the terms of one or more plans of reorganization for the Debtors and accompanying disclosure statements and related plan documents; (g) assist and advise the committee in communicating with unsecured creditors regarding significant matters in these Chapter 11 cases; (h) represent the committee at hearings and other proceedings; (i) review and analyze applications, orders, statements of operations, and schedules filed with the Court, and advise the committee as to their propriety; (j) assist the committee in preparing pleadings and applications as may be necessary in furtherance of its interests and objectives; (k) prepare, on behalf of the committee, any pleadings; and (l) perform such other legal services as may be required or requested or as may otherwise be deemed in the interests of the committee in accordance with its powers and duties as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law. The firm will be paid at these hourly rates: Martin Sosland, Attorney $1,050 Jeff Prostok, Attorney $975 Suzanne Rosen, Attorney $755 Other Firm Attorneys $475 - $890 Paralegal/Legal Assistant $225 - $275 In addition, the firm will seek reimbursement for expenses incurred. Mr. Prostok also provided the following in response to the request for additional information set forth in Section D of the Revised U.S. Trustee Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: No. Question: If you represented the client in the twelve (12) months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: The firm did not represent the committee before being selected as its counsel on November 8, 2025. The firm's billing rates have not changed since the Petition Date. Mr. Prostok 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: Jeff Prostok, Esq. Vartabedian Hester & Haynes LLP 301 Commerce Street, Suite 2200 Fort Worth, TX 76102 Telephone: (817) 214-4990 Email: jeff.prostok@vhh.law About Primalend Capital Partners PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, and its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen, president, signed the petitions. Judge Mark X. Mullin oversees the cases. The Debtors tapped Spencer Fane as legal counsel; FTI Consulting, Inc. as financial advisor; and Houlihan Lokey, Inc. as investment banker. Stretto, Inc. is the Debtors' claims and noticing agent. On November 6, 2025, the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Vartabedian Hester & Haynes LLP as counsel and Triple P TRS, LLC as restructuring advisor. PRIMALEND CAPITAL: Panel Taps Triple P TRS as Restructuring Advisor ------------------------------------------------------------------- The official committee of unsecured creditors appointed in the Chapter 11 cases of Primalend Capital Partners, LP and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Triple P TRS, LLC as restructuring advisor. The firm will provide Robert Albergotti as chief restructuring officer (CRO) and certain additional personnel to the Debtors. The CRO and additional personnel will provide these services: (a) develop strategies to maximize recoveries from the Debtors' assets and advise and assist the committee with such strategies; (b) monitor liquidity and cash flows throughout the Chapter 11 cases and scrutinize cash disbursements and capital requirements; (c) develop and issue periodic monitoring reports to enable the committee to effectively evaluate the Debtors' performance relative to projections and any relevant operational issues; (d) advise and assist the committee in its analysis and monitoring of the historical, current and projected financial affairs of the Debtors; (e) advise and assist the committee with respect to any financing arrangements and/or use of cash collateral; (f) analyze both historical and ongoing intercompany and/or related party transactions and/or material unusual transactions of the Debtors and non debtor affiliates, with such analysis to include developing an oversight protocol with its advisors to closely monitor such transactions to prevent value leakage; (g) advise and assist the committee and its counsel in their review of any potential prepetition liens of secured parties; (h) advise the committee with respect to any potential preference payments, fraudulent conveyances, and other potential causes of action that the Debtors' estates may hold against insiders and/or third parties and assist with any investigations related to such matters as required; (i) identify and assess the value of unencumbered assets; (j) as appropriate and in concert with the committee's other professionals, analyze and monitor any sale processes and transactions and assess the reasonableness of the process and the consideration received; (k) assist with the development and review of a cost/benefit analysis with respect to the assumption or rejection of various executory contracts and leases; (l) monitor the Debtors' claims management process; (m) review and provide analysis of any bankruptcy plan and disclosure statement relating to the Debtors; (n) evaluate the Debtors' and non-debtors' business plan/operational restructuring; (o) prepare valuations of the Debtors' assets; (p) identify and develop strategies related to the Debtors' intellectual property; (q) advise and assist the committee in reviewing and evaluating any court motions; (r) attend committee meetings, court hearings, and auctions as may be required; and (s) provide committee with other financial advisory services as may be specifically agreed upon in writing by the committee or counsel to the committee and Portage Point. The firm will be paid at these hourly rates: Chief Executive Officer $1,150 Service Line Leader $950 - $995 Managing Director $895 - $950 Director $695 - $800 Vice President $550 - $675 Associate $395 - $450 In addition, the firm will seek reimbursement for expenses incurred. Mr. Albergotti 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: Robert Albergotti Triple P TRS, LLC 300 North LaSalle, Suite 1420 Chicago, IL 60654 Email: portagepointpartners.com About Primalend Capital Partners PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, and its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen, president, signed the petitions. Judge Mark X. Mullin oversees the cases. The Debtors tapped Spencer Fane as legal counsel; FTI Consulting, Inc. as financial advisor; and Houlihan Lokey, Inc. as investment banker. Stretto, Inc. is the Debtors' claims and noticing agent. On November 6, 2025, the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Vartabedian Hester & Haynes LLP as counsel and Triple P TRS, LLC as restructuring advisor. PROSPECT MEDICAL: Plan Exclusivity Period Extended to Feb. 9, 2026 ------------------------------------------------------------------ Judge Stacey G. Jernigan of the U.S. Bankruptcy Court for the Northern District of Texas extended Prospect Medical Holdings, Inc. and its debtor affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 9, 2026 and April 13, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that ample cause exists to grant the relief requested in these chapter 11 cases. The relevant factors strongly weigh in favor of an extension of the Exclusivity Periods: * The Debtors' Chapter 11 Cases Are Large and Complex. These cases met the requirements for and were designated as complex cases. As of the HCo Petition Date, the Debtors had approximately $2.3 billion of funded debt, along with unsecured obligations to various vendors, contractual counterparties, and, as of the HCo Petition Date, thousands of employees. In addition, the filing of the PCo and TopCo Debtors added 28 Debtor entities, further increasing the complexity of the case. * The Additional Time Requested Will Provide the Debtors with Sufficient Time to Seek Confirmation and Consummation of the Plan. The Debtors' confirmation hearing is currently set for November 18, 2025. Exclusivity will terminate before the Court will be able to consider confirmation of the Debtors' Plan. Additional time will allow the Debtors the room to confirm the Plan. Accordingly, this factor weights in favor of granting a further extension of the Exclusivity Periods. * The Debtors Have Made Good Faith Progress Toward Exiting Chapter 11. The Debtors have progressed their cases substantially since the HCo Petition Date, and are strenuously endeavoring to confirm the Plan in order to exit chapter 11 in the near term. The Debtors have spent the time in these cases operating in the ordinary course and running multiple complicated sale processes. Accordingly, this factor weighs in favor of granting a further extension of the Exclusivity Periods. Counsel to the Debtors: SIDLEY AUSTIN LLP Thomas R. Califano, Esq. Rakhee V. Patel, Esq. Maegan Quejada, Esq. 2021 McKinney Avenue, Suite 2000 Dallas, Texas 75201 Telephone: (214) 981-3300 Facsimile: (214) 981-3400 Email: tom.califano@sidley.com rpatel@sidley.com mquejada@sidley.com SIDLEY AUSTIN LLP William E. Curtin, Esq. Patrick Venter, Esq. Anne G. Wallice, Esq. 787 Seventh Avenue New York, New York 10019 Telephone: (212) 839-5300 Facsimile: (212) 839-5599 Email: wcurtin@sidley.com pventer@sidley.com anne.wallice@sidley.com 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. PSCD TRINITY: Seeks to Tap Prince Lobel Tye as Bankruptcy Counsel ----------------------------------------------------------------- PSCD Trinity, LLC seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to employ Prince Lobel Tye, LLP as counsel. The firm will render these services: (a) advise the Debtor with respect to any plan of reorganization and any other matters relevant to the formulation and negotiation of a plan or plans of reorganization in the case; (b) represent the Debtor at all hearings and matters pertaining to its affairs, assets, and operations; (c) prepare, on the Debtor's behalf, all necessary and appropriate legal documents, and review all financial and other reports filed in this Chapter 11 case; (d) advise the Debtor with respect to, and assist in the negotiation and documentation of, financing agreements, debt, and related transactions; (e) advise the Debtor regarding its ability to initiate actions to collect and recover property for the benefit of their estates; (f) advise and assist the Debtor in connection with the potential sale of its assets; (g) advise the Debtor concerning executory contracts and unexpired leases assumptions, lease assignments, rejections, recharacterization of contracts and leases; (h) review and analyze the claims of the Debtor's creditors, the treatment of such claims and the preparation, filing or prosecution of any objections to claims; (i) commence and conduct any and all litigation necessary or appropriate to assert rights held by the Debtor, protect assets of its Chapter 11 bankruptcy estates or otherwise further the goal of effectuating the successful completion of the Chapter 11 case; and (j) perform all other legal services and provide all other necessary legal advice to the Debtor as may be necessary in this bankruptcy case. The firm's counsel and staff will be paid at these hourly rates: Attorneys $325 - $775 Paralegals $265 - $375 In addition, the firm will seek reimbursement for expenses incurred. George W. Tetler III, Esq., an attorney at Prince Lobel Tye, 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: George W. Tetler III, Esq. Prince Lobel Tye, LLP One Mercantile Street, Suite 220 Worcester, MA 01608 Telephone: (508) 318-1740 Email: gtetler@princelobel.com About PSCD Trinity LLC PSCD Trinity, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12658) on December 8, 2025. In its petition, the Debtor disclosed up to $100 million in both assets and liabilities. The Debtor is represented by George W. Tetler III, Esq., at Prince Lobel Tye, LLP. PURE LLC: Seeks to Hire Richard R. Robles PA as Bankruptcy Counsel ------------------------------------------------------------------ Pure LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire the Law Offices of Richard R. Robles, P.A. as its bankruptcy counsel. The firm will render these services: (a) give advice to the Debtor with respect to its powers and duties as a debtor in possession; (b) advise the Debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the Court; (c) prepare motions, pleadings, orders, applications, adversary proceedings and other legal documents necessary in the administration of the case; (d) protect the interest of the Debtor in all matters pending before the Court; and (e) represent the Debtor in negotiation with its creditors in the preparation of a plan. The firm received a pre-petition initial retainer of $20,000 as well as $1,738 for the filing fee in this matter. Richard Robles, Esq., a partner at the Law Offices of Richard R. Robles, 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 at: Richard R. Robles, Esq. Law Offices of Richard R. Robles, P.A. 905 Brickell Bay Drive, Suite 228 Miami, FL 33131 Telephone: (305) 755-9200 Email: rrobles@roblespa.com assistant@roblespa.com About Pure LLC Pure LLC is a limited liability company. Pure LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla., Case No. 25-23858) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Richard R. Robles, Esq. RAW BAGELS: Gets Interim OK to Use SBA's Cash Collateral -------------------------------------------------------- Raw Bagels Inc. received interim approval from the U.S. Bankruptcy Court for the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral in which the U.S. Small Business Administration holds a secured interest. The SBA holds a perfected lien arising from a 2020 loan of approximately $500,000, and has filed a secured claim for $535,556.02. The court authorized the Debtor to use cash collateral on an interim basis in accordance with the budget, with up to 10% variance per line item. The SBA consented to this interim use. Without access to cash collateral, the Debtor would suffer immediate and irreparable harm, including inability to fund operations or maintain the estate's value pending the sale process. As adequate protection for any diminution in value of its collateral, the SBA will be granted: (a) monthly adequate-protection payments of $2,502 beginning December 10; a valid, perfected post-petition replacement lien on the same collateral and its proceeds (excluding avoidance actions); and a Section 507(b) superpriority administrative claim. These liens and claims are subordinate only to a limited carveout, which includes court fees, U.S. Trustee fees, Subchapter V trustee and counsel fees up to $25,000, and hypothetical Chapter 7 trustee fees up to $5,000. The Debtor's authority to use cash collateral terminates upon specific events, such as non-compliance, entry of a contrary court order, or unauthorized post-petition liens. The protections and liens granted to the SBA survive conversion, dismissal, or confirmation. Cash collateral cannot be used to challenge the SBA's claim or liens. About Raw Bagels Inc. Raw Bagels, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22997) on October 20, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Kyu Young Paek presides over the case. Anne J. Penachio, Esq., at Penachio Malara, LLP represents the Debtor as counsel. REATON HOMES: Seeks to Tap Richard P. Cook as Bankruptcy Counsel ---------------------------------------------------------------- Reaton Homes, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina to employ Richard P. Cook, PLLC as counsel. The firm's services include: (a) analyze the Debtor's financial situation and render advice and assistance in determining whether to file a petition under Title 11 of the United States Code; (b) prepare and file any petition, schedule, statement of affairs, plan of reorganization, and other documents required by the court; (c) represent the Debtor at the meeting of creditors, confirmation hearing and any adjourned hearings thereof; and (d) represent the Debtor in adversary proceedings and other contested bankruptcy matters. The firm will be paid at these hourly rates: Richard Cook, Attorney $400 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. Rhea Reaves, the spouse of member Christopher Reaves, on behalf of the Debtor, paid $2,200 to the firm prior to the filing of this Chapter 11 case. Mr. Cook 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: Richard P. Cook, Esq. Richard P. Cook, PLLC 7036 Wrightsville Ave, Suite 101 Wilmington, NC 28403 Telephone: (910) 399-3458 Email: Richard@CapeFearDebtRelief.com About Reaton Homes LLC Reaton Homes, LLC, formerly doing business as Reaton Property Management, engages in residential real estate development and property management. It builds, sells, and manages single-family homes and other residential properties in the Raleigh Durham area of North Carolina. Reaton Homes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04217) on October 24, 2025, with $1 million to $10 million in assets and liabilities. Harry Kyle Poston, managing member, signed the petition. Richard P. Cook, Esq., at Richard P. Cook, PLLC represents the Debtor as counsel. RECORDED BOOKS: OHA Senior Marks $1.1MM 1L Loan at 39% Off ---------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,160,000 loan extended to Recorded Books Inc. to market at $702,000 or 61% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Recorded Books Inc. The loan accrues interest at a rate of 9.96% per annum. The loan matures on August 31, 2028. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Recorded Books Inc. Recorded Books Inc. produces digital audiobooks. The Company offers digital magazines, games, movies, language learning, ebooks, educational offerings, and sports training products. Recorded Books serves customers in the United States, Canada, and the United Kingdom. RIMKUS CONSULTING: OHA Senior Marks $463,000 1L Loan at 76% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $463,000 loan extended to Rimkus Consulting Group Inc. to market at $113,000 or 24% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Rimkus Consulting Group Inc. The loan accrues interest at a rate of 9.54% per annum. The loan matures on April 1, 2030. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rimkus Consulting Group Inc. The Rimkus family of companies encompasses specialized teams of consultants across the globe who provide services spanning a wide variety of industries. RIMKUS CONSULTING: OHA Senior Marks $866,000 1L Loan at 79% Off --------------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $866,000 loan extended to Rimkus Consulting Group Inc. to market at $179,000 or 21% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Rimkus Consulting Group Inc. The loan accrues interest at a rate of 9.54% per annum. The loan matures on April 1, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rimkus Consulting Group Inc. The Rimkus family of companies encompasses specialized teams of consultants across the globe who provide services spanning a wide variety of industries. ROCK STAR: OHA Senior Marks $420,000 1L Loan at 80% Off ------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $420,000 loan extended to Rock Star Mergersub, LLC to market at $83,000 or 20% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Rock Star Mergersub, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on December 15, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rock Star Mergersub, LLC Rock Star Mergersub, LLC is a Delaware Domestic limited-liability company. ROCK STAR: OHA Senior Marks $989,000 1L Loan at 94% Off ------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $989,000 loan extended to Rock Star Mergersub, LLC to market at $57,000 or 6% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to Rock Star Mergersub, LLC. The loan accrues interest at a rate of 9.07% per annum. The loan matures on December 15, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About Rock Star Mergersub, LLC Rock Star Mergersub, LLC is a Delaware Domestic limited-liability company. ROSE RENTAL: Lender Seeks to Prohibit Cash Collateral Access ------------------------------------------------------------ The Citizens National Bank of Meridian asks the U.S. Bankruptcy Court for the Southern District of Missouri to prohibit Rose Rental Properties, LLC from using cash collateral. The Bank asserts jurisdiction over the matter as a core proceeding, with proper venue in the current court. The Bank is the holder of two commercial promissory notes both of which have matured, and the Debtor, along with Jerrick W. Rose, have defaulted on their obligations. As of December 1, 2025, the total amount due on both loans, including interest and fees, is $1,746,474. In exchange for these loans, the Debtor pledged twenty rental properties in Hinds, Rankin, and Madison counties, all of which are secured by duly recorded Deeds of Trust, each containing an Assignment of Leases and Rents provision. This provision grants the Bank a security interest in all rental income, rents, and profits generated by these properties, classifying the rental income as cash collateral. The Bank has not consented to the use of any cash collateral, including rental income or other proceeds from the Debtor's operations, and asserts that the Debtor is unauthorized to use or dispose of such collateral without court approval. The Bank claims that the Debtor's unauthorized use of this cash collateral will lead to immediate and irreparable harm to the Bank's interest in the properties. The Debtor filed its Chapter 11 petition on December 4, 2025, without providing adequate protection to the Bank for its use of the cash collateral. The Bank requests that the Court require the Debtor to account for all cash collateral collected since the petition date, turn over all such collateral to the Bank, and cease using it until authorized by the Court. Furthermore, the Bank seeks adequate protection, including replacement liens and periodic payments, to prevent any diminution in the value of its collateral. The Bank also requests reimbursement for any fees and expenses incurred in relation to this matter, as well as any other necessary relief. A copy of the motion is available at https://urlcurt.com/u?l=0vMEjk from PacerMonitor.com. About Rose Rental Properties, LLC Rose Rental Properties, LLC is a Mississippi-based real estate rental business that operates from Jackson and is associated with residential property activities. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-03091) on December 4, 2025. In the petition signed by Jerrick W Rose, member-manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jamie A. Wilson oversees the case. Thomas C. Rollins, Jr., Esq., at THE ROLLINS LAW FIRM, PLLC, represents the Debtor as legal counsel. RUSS'S MULCH: Has Deal on Cash Collateral Access ------------------------------------------------ Russ's Mulch and Trucking LLC and Commercial Credit Group Inc. advise the U.S. Bankruptcy Court for the Eastern District of Wisconsin that they have reached an agreement regarding the Debtor's use of cash collateral and now desire to memorialize the terms of this agreement into an agreed order. Before bankruptcy, the Debtor entered into a 2022 loan and Security Agreement with CCG for $366,732, granting CCG a lien on substantially all assets, including accounts, deposit accounts, and two dump trucks. CCG perfected its security interest through a UCC-1 filing and title notations. As of the bankruptcy filing on September 12, 2025, CCG is owed approximately $71,911. The parties agreed that the Debtor may use CCG's cash collateral while providing CCG with post-petition replacement liens on the same collateral, limited to any diminution in value caused by such use. The Debtor also agrees to make monthly adequate protection payments of $5,100, with an initial $10,200 covering November and December 2025. The stipulation remains in effect until plan confirmation, case dismissal or conversion, full payment of the debt, or further agreement. A copy of the stipulation is available at https://urlcurt.com/u?l=r7v8Is from PacerMonitor.com. Commercial Credit Group is represented by: Christopher Combest, Esq. QUARLES & BRADY LLP 155 N. Wacker Dr., Suite 3200 Chicago, IL 60606 Phone: 312-715-5091 Christopher.Combest@quarles.com About Russ's Mulch & Trucking LLC Russ's Mulch & Trucking, LLC provides general freight trucking services in Wisconsin, focusing on the intrastate transport of bulk and general freight materials. Russ's Mulch & Trucking sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25134) on September 12, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Kevin Benjamin, Esq., at Benjamin Legal Services, PLC. SABRE CORP: Early Participation Hits $956M in Note Exchange ----------------------------------------------------------- Sabre Corporation announced on December 5, 2025, the initial results of the previously announced exchange offers by Sabre GLBL Inc., a wholly-owned subsidiary of Sabre, to exchange: (i) any and all of its outstanding 8.625% Senior Secured Notes due 2027 and 11.250% Senior Secured Notes due 2027 and (ii) up to the 2029 Notes Maximum Exchange Amount of its 10.750% Senior Secured Notes due 2029 for Sabre GLBL's new 10.750% Senior Secured Notes due 2030, upon the terms and subject to the conditions described in the confidential offering circular, dated as of November 20, 2025, for the Exchange Offers. Sabre GLBL is also amending the Exchange Offers for each of the 2027 Notes by offering the "Early Exchange Premium" of $75 in cash in respect of all 2027 Notes that are validly tendered by 5:00 p.m., New York City time, on December 19, 2025, and that are accepted for exchange, regardless of whether such 2027 Notes were tendered before or after 5:00 p.m., New York City time, on December 4, 2025). Accordingly, Eligible Holders who tender their 2027 Notes after the Early Exchange Date but before the Expiration Date will be eligible to receive the applicable "Total Consideration", which is $755 in cash and $320 principal amount of New Notes per $1,000 principal amount of 2027 Notes. Except for this amendment, no other terms of the Exchange Offers are being amended. The following sets forth the principal amount of each series of the Existing Notes that was validly tendered and not validly withdrawn as of 5:00 p.m., New York City time, on the Early Exchange Date, according to information provided by D.F. King, the information and exchange agent for the Exchange Offers: - 8.625% Senior Secured Notes due 2027 - CUSIP / ISIN (Rule 144A): 78573NAJ1 / US78573NAJ19 - CUSIP / ISIN (Regulation S): U86043AG8 / USU86043AG86 - Principal Amount Outstanding: $331,783,000 - Offering Amount being made: Any and all - Principal Amount Tendered by the Early Exchange Date: $235,986,000 - Principal Amount Expected to be Accepted for Exchange: $235,944,000 - 11.250% Senior Secured Notes due 2027 - CUSIP / ISIN (Rule 144A): 78573NAH5 / US78573NAH52 - CUSIP / ISIN (Regulation S): U86043AF0 / USU86043AF04 - Principal Amount Outstanding: $45,814,000 - Offering Amount being made: Any and all - Principal Amount Tendered by the Early Exchange Date: $44,014,000 - Principal Amount Expected to be Accepted for Exchange: $44,006,000 - 10.750% Senior Secured Notes due 2029 - CUSIP / ISIN (Rule 144A): 78573NAL6 / US78573NAL64 - CUSIP / ISIN (Regulation S): U86043AJ2 / USU86043AJ26 - Principal Amount Outstanding: $824,714,000 - Offering Amount being made: Up to $379 million - Principal Amount Tendered by the Early Exchange Date: $676,492,000 - Principal Amount Expected to be Accepted for Exchange: $378,999,000 Total: - Principal Amount Outstanding: $1,202,311,000 - Principal Amount Tendered by the Early Exchange Date: $956,492,000 - Principal Amount Expected to be Accepted for Exchange: $658,949,000 Sabre GLBL's obligation to accept for exchange the Existing Notes validly tendered and not validly withdrawn in each Exchange Offer is subject to the satisfaction or waiver of certain conditions as described in the Offering Circular, including the consummation of a previously announced financing. Assuming the satisfaction or waiver by Sabre GLBL (in its sole discretion, subject to applicable law) of such conditions to the Exchange Offers, Sabre GLBL expects to pay the cash consideration and deliver the New Notes in respect of the Existing Notes validly tendered at or prior to the Early Exchange Date on December 8, 2025, unless extended, in aggregate amounts of $244.6 million in cash and $468.6 million in New Notes. Eligible Holders whose Existing Notes are accepted for exchange will be paid the accrued and unpaid interest, if any, on the Existing Notes to, but not including, the Early Settlement Date. The New Notes will be issued in minimum denominations of $2,000 and $1,000 increments thereof. Sabre GLBL will not accept tenders of Existing Notes for exchange if it would result in less than the minimum denomination of $2,000 principal amount of New Notes being issued to tendering holders. Since the maximum aggregate principal amount of New Notes to be issued in exchange for all the tendered 2029 Notes would exceed the 2029 Notes Maximum Exchange Amount, the tendered 2029 Notes will be accepted subject to a proration factor of approximately 56.07%. Although the Exchange Offers are scheduled to expire on the Expiration Date), since 2029 Notes have been validly tendered such that the maximum aggregate principal amount of New Notes to be issued in exchange for all such tendered 2029 Notes would exceed the 2029 Notes Maximum Exchange Amount, Sabre GLBL does not expect to accept for exchange any 2029 Notes tendered after the Early Exchange Date. Any waiver of a condition by Sabre GLBL will not constitute a waiver of any other condition. For avoidance of doubt, the Exchange Offer in respect of one series of Existing Notes is not conditioned on the Exchange Offer in respect of another series of Existing Notes, or vice versa. Sabre GLBL reserves the right to extend, amend or terminate any Exchange Offer for any reason or for no reason. In addition, Sabre announced that Sabre GLBL will refinance certain of its existing senior secured term loans into two tranches in an aggregate amount of $375 million (including any premium to be paid in the form of new debt) pursuant to an amendment to Sabre GLBL's existing credit agreement. The Term Loan Refinancing Amendment will, among other things, extend the maturity of the Refinanced Term Loans to July 30, 2029 and modify the pricing on the Refinanced Term Loans to SOFR + CSA + 625 bps. This refinancing is expected to close on December 8, 2025, subject to customary closing conditions. The Exchange Offers are being made only to holders of Existing Notes that have certified, by submitting an instruction to the clearing system, that they are either: (i) "qualified institutional buyers" as defined in Rule 144A under the Securities Act of 1933, as amended or (ii) are located outside the United States and are not "U.S. persons" as defined in Rule 902 under the Securities Act. Only Eligible Holders are authorized to receive or review the Offering Circular or to participate in the Exchange Offers. Non-U.S. persons may also be subject to additional eligibility criteria. BofA Securities is serving as Sole Dealer Manager for the Exchange Offers. Perella Weinberg Partners is serving as Capital Markets Advisor to Sabre. About Sabre Corporation Sabre Corporation is a leading technology company that takes on the biggest opportunities and solves the most complex challenges in travel. Sabre harnesses speed, scale and insights to build tomorrow's technology today -- empowering airlines, hoteliers, agencies and other partners to retail, distribute and fulfill travel worldwide. Headquartered in Southlake, Texas, USA, with employees across the world, Sabre serves customers in more than 160 countries globally. SAFETY RESEARCH: Seeks Chapter 7 Bankruptcy in Alabama ------------------------------------------------------ On December 11, 2025, Safety Research Corporation of America, L.L.C. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Middle District of Alabama. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Safety Research Corporation of America Safety Research Corporation of America, L.L.C. provides research and consulting services focused on safety and risk management. The company supports clients with safety analysis, regulatory compliance, and risk mitigation strategies. Safety Research Corporation of America, L.L.C. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. M.D. Ala. Case No. 25-11418) on December 11, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities between $1 million and $10 million. The case is handled by Honorable Bankruptcy Judge Christopher L. Hawkins. The Debtor is represented by J. Kaz Espy, Esq., of Espy, Metcalf & Espy, P.C. SANTOPIETRO FOOD: Cash Collateral Hearing Continued to Jan. 7 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of North Carolina, Raleigh Division, continued the hearing on Santopietro Food Group, LLC's bid to use cash collateral to January 7, 2026. The Debtor was previously authorized to utilize the cash collateral of its secured creditors through the December 11 hearing under the court's fourth interim order. The fourth interim order granted United Community Bank and other potential secured creditors a post-petition lien on the Debtor's cash, inventory and other assets, with the same priority as their pre-bankruptcy lien. As additional protection, the Debtor paid $7,600 to United Community Bank. There are four UCC financing statements filed with the North Carolina Secretary of State that may perfect liens on the Debtor's cash collateral. These include filings by United Community Bank, Funding Futures LLC, and two by CT Corporation System acting as a representative. United Community Bank, as secured creditor, is represented by: Brian D. Darer, Esq. Parker Poe Adams & Bernstein, LLP 301 Fayetteville Street, Suite 1400 Raleigh, NC 27602 Telephone: (919) 828-0564 briandarer@parkerpoe.com About Santopietro Food Group Santopietro Food Group, LLC, doing business as Nancy's Pizzeria, operates a franchised casual dining restaurant specializing in Chicago-style stuffed and deep-dish pizzas along with other Italian-American dishes. It offers dine-in, takeout, and delivery services and operates in North Carolina under a franchise agreement with Chicago Franchise Systems, Inc. Santopietro Food Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03108) on August 13, 2025, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Ciara Rogers, Esq., at Waldrep Wall Babcock & Bailey, PLLC serves as Subchapter V trustee. Judge Pamela W. McAfee presides over the case. William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC represents the Debtor as legal counsel. SCOTTSDALE DESIGN: Seeks Chapter 7 Bankruptcy in Arizona -------------------------------------------------------- On December 5, 2025, Scottsdale Design Build LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $100,001 and $1,000,000 in liabilities owed to between 1 and 49 creditors. About Scottsdale Design Build LLC Scottsdale Design Build LLC is an Arizona-based company engaged in design-build services, providing integrated planning, design, and construction solutions for residential and commercial projects. The company operates by managing projects from concept through completion, coordinating architectural design, construction management, and project delivery under a single contract structure. Scottsdale Design Build LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11774) on December 5, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by Ronald J. Ellett, Esq. of Ellett Law Offices, P.C. SF OAKLAND: Gets Final OK to Use Cash Collateral ------------------------------------------------ SF Oakland Bay, LLC received final approval from the U.S. Bankruptcy Court for the Northern District of California to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget through confirmation of a plan of reorganization, appointment of a Chapter 11 trustee, or conversion of its bankruptcy case under Chapter 7, whichever comes first. The Debtor is prohibited from using cash collateral to pay insiders. As adequate protection, the court granted replacement liens to affected creditors including Bank of Hawaii, Portside, the U.S. Small Business Administration, 21st Century Corporation, and Continental Casualty Insurance, with the same priority and extent as their pre-bankruptcy liens. These liens do apply to Chapter 5 causes of action. A copy of the final order and the Debtor's budget is available at https://shorturl.at/l87UC from PacerMonitor.com. SF's cash collateral consists of revenues generated from its parking garage and funds in its JP Morgan bank accounts. The Debtor operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The entire operating revenue of the Debtor derives from monthly parking fees, which are essential for maintaining ongoing business operations. About SF Oakland Bay LLC SF Oakland Bay, LLC operates a parking garage located at 401 Main Street/38 Bryant Street in San Francisco, which serves nearby condominiums, offices, and residences. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30699) on September 3, 2025, listing up to $10 million in assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Peter Hadiaris, Esq., at the Law Office of Peter N. Hadiaris, represents the Debtor as bankruptcy counsel. SK INDUSTRIES: Gets Another Extension to Access Cash Collateral --------------------------------------------------------------- SK Industries, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral to fund operations. At the December 12 hearing, the court authorized the Debtor's interim use of cash collateral pending a further hearing scheduled for February 13, 2026. The court's seven prior interim orders authorized the Debtor to pay expenses from Regions Bank's cash collateral and provided the secured creditor with protection through $15,000 monthly payments and post-petition replacement liens on personal property. As of the petition date, SK Industries' assets include monies of deposit, and personal property consisting primarily of fitness equipment worth approximately $50,000. It is operating and generating revenue each month. The creditors that may claim an interest in the cash collateral are Regions Bank and Credibly of Arizona, LLC, pursuant to UCC-1 financing statements filed in the State of Florida's secured transaction registry. Regions Bank is in first lien position with respect to the cash collateral. The bank also holds the first mortgage on SK Industries' real property. About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on February 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. Regions Bank, as lender, is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 (813) 221-2626 (voice) (813) 221-7335 (fax) drobbins-boehner@burr.com SK INDUSTRIES: Gets Extension to Access Cash Collateral ------------------------------------------------------- SK Industries, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division, to use cash collateral until the next hearing. The court issued its seventh interim order authorizing the Debtor to use cash collateral to pay its expenses per the budget, subject to a 10% variance per line item. As protection, Regions Bank, the Debtor's lender, was granted post-petition replacement liens on all personal property of the Debtor, including accounts receivable. In addition, the Debtor was ordered to make a monthly payment of $15,000 to Regions Bank and to keep its property insured in accordance with the terms of their loan agreement. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/LGxDR from PacerMonitor.com. About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on February 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. Regions Bank, as lender, is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 (813) 221-2626 (voice) (813) 221-7335 (fax) drobbins-boehner@burr.com SKIN CARE ENTERPRISES: Seeks Chapter 7 Bankruptcy in California --------------------------------------------------------------- On December 11, 2025, Skin Care Enterprises, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of California. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Skin Care Enterprises, Inc. Skin Care Enterprises, Inc. operates as a personal care and skincare company, producing cosmetic and skincare products for consumers of all ages and skin types. Its portfolio includes moisturizers, facial treatments, and cleansing products. Skin Care Enterprises, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-05146) on December 11, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Gustavo E. Bravo, Esq., of Bravo Law APC. SOMERSET ACADEMY: S&P Raises Revenue Bond Rating to 'BB+' --------------------------------------------------------- S&P Global Ratings raised its rating to 'BB+' from 'BB' on the Arizona Industrial Development Authority's series 2021 education revenue bonds, issued for Somerset Academy of Las Vegas--Aliante and Skye Canyon Campus, Nev. S&P Global Ratings also raised its rating to 'BB+' from 'BB' on Somerset's series 2019education revenue bonds, issued for its Lone Mountain Campus by the authority, and its series 2015A and 2018A charter school lease revenue bonds, issued by the Nevada State Department of Business and Industry. The outlook is stable. The raised rating reflects Somerset's improved academic performance, which resulted in its authorizer removing all prior notices of academic concern or breach and approving a six-year charter renewal through 2032. S&P views the school's environmental, social, and governance (ESG) factors as neutral in our credit rating analysis. The stable outlook reflects our expectation that during the one-year outlook period, Somerset will maintain steady enrollment. While there could be some moderation in operating performance during the outlook period, S&P expects lease-adjusted MADS coverage and liquidity ratios to remain sufficient with current rating category medians. S&P said, "We could take a negative rating action if Somerset generates operating deficits on a full-accrual basis, lease-adjusted MADS coverage declines, or liquidity weakens significantly. We could also lower the rating if the school's academic performance regresses and sparks renewed concerns from its authorizer. Although not expected at this time, the issuance of additional debt could also lead to a negative rating action without a commensurate growth in resources and revenue. "We could consider a positive rating action if Somerset is able to demonstrate a sustained trend of healthy operating results, lease-adjusted MADS coverage and liquidity ratios that are more in line with those of higher-rated peers amid maintenance of its demand profile." SPECIALTY BUILDING: Moody's Cuts CFR to 'B3', Outlook Stable ------------------------------------------------------------ Moody's Ratings downgraded Specialty Building Products Holdings, LLC's (SBP) corporate family rating to B3 from B2 and the probability of default rating to B3-PD from B2-PD. Moody's also downgraded the ratings on the company's outstanding $985 million backed senior secured first lien bank credit facility due October 2028 and $510 million backed senior secured first lien notes due October 2029 to Caa1 from B3. The outlook was changed to stable from negative. The downgrade of the CFR to B3 was prompted by the company's weak profitability and resulting high leverage above 8x debt/EBITDA and weak interest coverage of 1.1x EBITA to interest expense. Prospects for material improvements in credit metrics are limited by Moody's expectations for continued soft demand in the single family repair and remodel (R&R) and new construction end markets over the next 12 months. The stable outlook reflects Moody's expectations that SBP will maintain good liquidity over the next 12-18 months. It also considers that the recent acquisition of OrePac will provide an uplift to revenue and EBITDA in 2026 and will significantly expand SBP's geographic footprint to the Western United States. RATINGS RATIONALE SBP's B3 CFR reflects its high leverage of 8.2x debt/EBITDA for the last twelve months ended October 05, 2025, which Moody's expects to decline to below 8x by year-end 2026 as the company integrates its OrePac acquisition. Moody's expects demand in SBP's end markets to remain weak in 2026 as affordability concerns, high mortgage rates and limited existing home inventory will continue to pressure single family new construction and R&R activity. Additionally, some products distributed by SBP are available from other distributors, making it difficult to increase pricing significantly and maintain strong margins. SBP has experienced a continued erosion in its profitability in the last few years, which is the main driver of the deterioration in the company's credit metrics. It will be difficult for the company to improve profitability and credit metrics in a weak demand environment. SBP has shown modest revenue growth over the last twelve months driven by the company's sales initiatives to introduce additional products into new markets, helping outpace many peers in the industry facing revenue declines. Moody's expects EBITDA margin to remain around 7% through 2026. Moody's expects SBP to maintain good liquidity over the next 12-18 months, supported by external liquidity in the form of an ABL revolving credit facility, which is mainly used for working capital needs and acquisitions. The company has borrowings of approximately $480 million on the recently upsized $948 ABL facility expiring in 2029, which Moody's expects to remain at similar levels over the next 12 months. Excess cash flow generation is expected to be prioritized to reduce revolver borrowings. The company had $4 million of cash on the balance sheet as of October 05, 2025. The $550 million purchase price for OrePac acquisition, which closed on November 04, 2025, included a $150 million equity contribution from The Jordan Company, L.P., a $50 million promissory note to the seller, and an additional $350 million drawn on the company's ABL facility that Moody's expects will reduce borrowing base availability to around $250 million at year-end 2025. The Caa1 ratings on the senior secured first lien bank credit facility and senior secured first lien notes reflect the subordination to the company's ABL facility in the capital structure. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's could upgrade SBP's ratings if end markets remain supportive of organic growth and improvements in profitability that result in leverage approaching 6.0x debt/EBITDA and EBITA/interest expense is maintained near 2.0x. Maintenance of good liquidity would also be required for upwards rating movement. Moody's could downgrade SBP's ratings if debt/EBITDA remains above 7.0x and EBITA/interest expense remains near 1.0x. A deterioration in liquidity, an aggressive acquisition or significant shareholder return activity could result in downward rating pressure as well. Specialty Building Products Holdings, LLC, headquartered in Duluth, Georgia, operates as a two-step distributor, buying and reselling a large variety of specialty products mostly to national and other one-step distributors. The Jordan Company, L.P. through its affiliates, is the owner of Specialty Building Products Holdings, LLC. The company recorded revenue of about $3.9 billion for the twelve months that ended October 05, 2025. 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. SPIRIT AEROSYSTEMS: Moody's Withdraws B2 CFR on Boeing Transaction ------------------------------------------------------------------ Moody's Ratings has withdrawn the following ratings assigned to Spirit AeroSystems, Inc. (Spirit): B2 corporate family rating, B2-PD probability of default rating, Ba2 rating on the $594 million first lien senior secured term loan due 2027, Ba2 rating on the $900 million first lien senior secured notes due 2029 and the B3 rating on the $1.2 billion second lien senior secured notes due 2030 and SGL-3 speculative grade liquidity rating. RATINGS RATIONALE The rating actions follow the completion of the acquisition of Spirit by The Boeing Company (Boeing). The actions partially resolve the review for upgrade commenced on July 01, 2024 following the announcement that Spirit had agreed to the acquisition by Boeing. Moody's took no action on the Ba2 rating on the $300 million first lien senior secured notes due 2026 (2026 notes) and the Caa1 rating on the $700 million of senior unsecured notes due 2028 (2028 notes), which remain on review for upgrade. The outlook remains ratings under review. The instrument ratings being withdrawn reflect that these obligations were retired in connection with the closing of the acquisition by Boeing. The review for upgrade for the 2026 notes and the 2028 notes will be resolved at a later date. In the acquisition by Boeing, the liens on the secured notes due 2026 have been released. Headquartered in Wichita, Kansas, Spirit AeroSystems, Inc. is now a subsidiary of The Boeing Company. Prior to the sale to Boeing, the company designed and manufactured aerostructures for commercial and military aircraft. Components include fuselages, pylons, struts, nacelles, thrust reversers and wing assemblies, principally for Boeing but also for Airbus and for select military aircraft. A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. SPIRIT AIRLINES: Secures $100MM Funding Boost During Restructuring ------------------------------------------------------------------ Sri Taylor of Bloomberg Law reports that bankrupt ultra-low-cost carrier Spirit Aviation Holdings Inc. has obtained a fresh liquidity boost after creditors agreed to expand its debtor-in-possession financing, easing near-term financial strain as the airline works through a second Chapter 11 case in under a year. Spirit disclosed Monday, December 15, 2025, that it amended its DIP credit facility to allow access to an additional $100 million in funding. The airline can draw $50 million immediately, with the balance subject to meeting restructuring milestones. The remaining funds will be released only if Spirit makes sufficient progress toward a standalone reorganization or a potential strategic transaction. The company said it expects normal flight schedules, ticket sales and customer operations to continue during the process, the report states. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. STUDIO KZ: Seeks Chapter 7 Bankruptcy in Arizona ------------------------------------------------ On December 11, 2025, Studio KZ LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Arizona. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Studio KZ LLC Studio KZ LLC is a creative services company based in Arizona, specializing in design and studio-based projects. The company provides tailored solutions for clients, focusing on visual production, design, and other specialized creative work. Its operations are primarily project-driven, serving a select client base. Studio KZ LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11975) on December 11, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $0 to $100,000. Honorable Chief Bankruptcy Judge Eddward P. Ballinger Jr. handles the case. The Debtor is represented by Ronald J. Ellett, Esq. of Ellett Law Offices, P.C. SWEET BOBA: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- On December 10, 2025, Sweet Boba filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Central District of California. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Sweet Boba Sweet Boba is a food and beverage operator specializing in bubble tea products. The company offers a range of tea-based drinks designed for customization and quick service. Sweet Boba sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18879) on December 10, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Scott H. Yun. The Debtor is represented by Lawrence Bautista Yang, Esq., of the Law Offices of Lawrence Bautista Yang. TEADS HOLDING: Restructuring Plan Eyes Up to $40MM Annual Savings ----------------------------------------------------------------- Teads Holding Co. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 3, 2025, it commenced a Strategic Restructuring Plan intended to reduce operating costs, improve operating margins and advance the Company's ongoing commitment to profitable growth. The Restructuring Plan is expected to impact approximately 10% of the Company's employees globally. Decisions regarding the elimination of positions are, however, subject to local law and consultation requirements in certain countries, as well as the Company's business needs. Accordingly, the Restructuring Plan is expected to result in annualized savings of approximately $35 million to $40 million when fully implemented. The Company currently estimates that it will incur approximately $8 million to $12 million in charges in connection with the Restructuring Plan, substantially all of which are expected to be future cash expenditures. These charges consist primarily of notice period and severance payments and employee benefits. The Company expects to incur the majority of the charges associated with the Restructuring Plan in the fourth quarter of fiscal year 2025 and the first quarter of fiscal year 2026. The actions associated with the Restructuring Plan are expected to be substantially complete by the first quarter of fiscal year 2026, subject to local law and consultation requirements. The estimates of the charges and expenditures that the Company expects to incur in connection with the Restructuring Plan, and the timing thereof, are subject to a number of assumptions, including local law requirements in various jurisdictions, and actual amounts may differ materially from estimates. In addition, the Company may incur other charges or cash expenditures not currently contemplated due to unanticipated events that may occur, including in connection with the implementation of the Restructuring Plan. Expected annualized savings attributable to the Restructuring Plan are also subject to a number of assumptions, and actual amounts may differ materially from estimates. About Teads Teads Holding Co. (f/k/a. Outbrain Inc.) and TEADS combined on February 3, 2025. The combined company has been operating under the new Teads brand and the corporate name was changed from Outbrain Inc. to Teads Holding Co. (Nasdaq: TEAD) on June 6, 2025. Teads is the omnichannel outcomes platform for the Open Internet, driving full-funnel results for marketers across premium media. With a focus on meaningful business outcomes for branding and performance objectives, Teads drives value with every media dollar by leveraging predictive AI technology to connect quality media, beautiful brand creative, and context-driven addressability and measurement. One of the most scaled advertising platforms on the open internet, Teads is directly partnered with more than 10,000 publishers and 20,000 advertisers globally. The company is headquartered in New York, New York, with a global team of nearly 1,800 people in 30+ countries. As of September 30, 2025, the Company had $1.7 billion in total assets, $1.2 billion in total liabilities, and $519.3 million in total stockholders' equity. * * * In November 2025, Fitch Ratings has downgraded Teads Holding Co. and OT Midco. Inc.'s (collectively, Teads) Company Default Rating (IDR) to 'CCC+' from 'BB-'. Fitch has also downgraded the senior secured instruments to 'CCC+' with a Recovery Rating of 'RR4'. The downgrade reflects delays in successful merger integration, which prevented Teads from achieving its projected EBITDA of $180 million for 2025. Consequently, the company's financial risk profile has materially deteriorated. The downgrade also reflects the possibility that the company may not be able to realize substantial revenue growth and cost optimization in 2026, which could delay deleveraging prospects and result in further negative rating actions. TEZCAT LLC: Section 341(a) Meeting of Creditors on January 14 ------------------------------------------------------------- On December 5, 2025, Tezcat, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Middle District of Florida. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on 1/14/2026 at 11:00 AM. U.S. Trustee (Jax) will hold the meeting telephonically. Call in Number: 888-330-1716. Passcode: 1501240#. About Tezcat, LLC Tezcat, LLC, dba Tepeyolot Cerveceria, is a limited liability company. Tezcat, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04520) on December 5, 2025. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge handles the case. The debtor is represented by Bryan K. Mickler, Esq. of Mickler & Mickler. THERAPEUTIC EXERCISE: Seeks Chapter 7 Bankruptcy in California -------------------------------------------------------------- On December 9, 2025, Therapeutic Exercise Design & Development, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Eastern District of California. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Therapeutic Exercise Design & Development, Inc. Therapeutic Exercise Design & Development, Inc. is a specialized healthcare company dedicated to developing therapeutic exercise systems that assist in rehabilitation, physical therapy, and wellness initiatives. The company focuses on delivering structured, research-informed exercise designs that support recovery and functional improvement. Therapeutic Exercise Design & Development, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26936) on December 9, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. The case is handled by Honorable Bankruptcy Judge Fredrick E. Clement. The Debtor is represented by David Medby, Esq. of Garcia & Coman. THOMAS C. STEET DDS: Case Summary & 20 Top Unsecured Creditor ------------------------------------------------------------- Debtor: Thomas C. Steet, DDS PA 1142 Executive Circle Suite A Cary, NC 27511-4570 Business Description: Thomas C. Steet, DDS PA is a dental practice based in Cary, North Carolina, providing general, cosmetic, and restorative dental services, including porcelain veneers, dental implants, crowns, and bridges. The practice is led by Dr. Thomas C. Steet and serves patients in Cary and surrounding communities from a single location. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-04930 Debtor's Counsel: Philip M. Sasser, Esq. SASSER LAW FIRM 2000 Regency Parkway Suite 230 Cary, NC 27518 Tel: 919-319-7400 Fax: 919-657-7400 Email: travis@sasserbankruptcy.com Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas C. Steet as owner and manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/V3DPMVA/Thomas_C_Steet_DDS_PA__ncebke-25-04930__0001.0.pdf?mcid=tGE4TAMA TPI COMPOSITE: Selects Vestas Wind as Buyer of Mexican Assets ------------------------------------------------------------- James Nani of Bloomberg Law reports that Bankrupt wind turbine blade manufacturer TPI Composites Inc. has selected Denmark-based Vestas Wind Systems AS as the buyer for a package of assets, including its equity interests in Mexican subsidiaries and certain property tied to its U.S. and Indian operations. TPI called off a planned auction after receiving no competing qualified bids, according to a notice filed December 12, 2025 in the U.S. Bankruptcy Court for the Southern District of Texas. Under the proposed transaction, Vestas would acquire the equity of the reorganized successors to TPI Mexico V LLC and TPI Mexico VI LLC, along with other related assets outlined in the filing. 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. TPI COMPOSITES: Seeks to Extend Plan Exclusivity to April 8, 2026 ----------------------------------------------------------------- TPI Composites, Inc. and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 8, 2026 and June 9, 2026, respectively. The Debtors explain that ample cause exists to grant their requested extension of the Exclusive Periods. * First, the scale and complexity of the Debtors' business and industry, which require the Debtors to navigate complex issues during these chapter 11 cases, support the need for the extension of the Exclusive Periods. In addition, the Debtors have a complex capital structure with over $600 million in total funded debt, which includes the Senior Secured Term Loan and Convertible Notes. Accordingly, the Debtors' size, the complexity of these chapter 11 cases, and the breadth of financial and legal issues involved therein warrant the requested extension of the Exclusive Periods. * Second, the Debtors require additional time to negotiate a chapter 11 plan. In tandem with their marketing and sale process, the Debtors have continued to negotiate with the Customers, Oaktree, the Creditors' Committee, and other key stakeholders regarding a potential plan of reorganization that will best maximize the value of the Debtors' estates. Accordingly, the Debtors require additional time to continue negotiating a confirmable chapter 11 plan. * Notwithstanding the significant progress that has been made to date, the administration of these chapter 11 cases and the potential confirmation and implementation of a chapter 11 plan will require additional time and effort. Under these circumstances, the requested extension of the Exclusive Periods is necessary and appropriate to afford the Debtors the opportunity to achieve the objectives of chapter 11 as contemplated by section 1121 of the Bankruptcy Code. * The Debtors are not seeking an extension of the Exclusive Periods as a tactic. Rather, the Debtors seek an extension of the Exclusive Periods so they have sufficient time to continue negotiations with their creditors and forge a path forward towards a comprehensive reorganization. Additionally, an extension of the Exclusive Periods will not harm or prejudice any of the Debtors' creditors. * Fifth, the Debtors are making administrative expense payments and intend to continue doing so. To this end, the Debtors have received funding through the DIP Facility and from postpetition arrangements with the Customers. The Debtors continue to monitor their liquidity position closely and will continue to work with the Customers to ensure their payment terms support ongoing production requirements during the requested extension of the Exclusive Periods. * Finally, relatively little time has elapsed in these chapter 11 cases and an extension of the Exclusive Periods will not prejudice creditors and stakeholders. An extension of the Exclusive Periods will enable the Debtors to continue negotiations with their key constituents without the distraction of a third party chapter 11 plan. Allowing a non-Debtor to propose a chapter 11 plan at this juncture in these chapter 11 cases will only hamper the Debtors' chances of achieving their chapter 11 objectives. The Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com Clifford.Carlson@weil.com - and - Matthew S. Barr, Esq. Lauren Tauro, Esq. Ryan C. Rolston, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com Lauren.Tauro@weil.com Ryan.Rolston@weil.com 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. TRIAD AERO: Files Emergency Bid to Use Cash Collateral ------------------------------------------------------ Triad Aero Sales Corp. asks the U.S. Bankruptcy Court for the Southern District of Florida for authority to use cash collateral and provide adequate protection. The Debtor argues that it will suffer immediate and irreparable harm if it cannot access these funds to continue operating its aircraft parts business. The Debtor requests an interim hearing by December 18, 2025, emphasizing that without access to cash collateral it will be unable to pay essential expenses and will be forced to cease operations. The company filed for Chapter 11 Subchapter V relief on October 27, 2025, following the entry of a significant judgment against it. Triad Aero explains that the value of its assets—mainly older aircraft parts, some requiring repairs—does not exceed approximately $400,000, and that its business has already been adversely affected by increased tariffs. The Debtor identifies the U.S. Small Business Administration as the only creditor holding a perfected security interest in cash collateral, with a claim of roughly $149,000, which the Debtor believes is fully secured based on asset values. While reserving the right to challenge the validity and extent of the SBA's lien, the Debtor provides a budget outlining projected income and expenses through April 16, 2026, and seeks approval to use cash collateral within that budget, including limited variances of up to 10% per line item or in aggregate. Triad Aero argues that its use of cash collateral is authorized under 11 U.S.C. Section 363, which permits a debtor-in-possession to use estate property in the ordinary course of business, but requires creditor consent or court approval for the use of cash collateral. The Debtor contends that the SBA is adequately protected through replacement liens on post-petition assets, maintaining the same priority and scope as the prepetition liens, thereby preserving the value of the SBA's secured position. Citing case law, the Debtor argues that adequate protection is flexible and designed to ensure that secured creditors receive the value they bargained for, while also supporting the Debtor's opportunity to reorganize. A copy of the Debtor's motion is available at https://urlcurt.com/u?l=e7nEFI from PacerMonitor.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 byBrian S. Behar, Esq. of BEHAR, GUTT & GLAZER, P.A. TROON PAIN: Seeks Chapter 7 Bankruptcy in Arizona ------------------------------------------------- On December 4, 2025, Troon Pain Management, LLC filed for Chapter 7 protection in the District of Arizona bankruptcy court. According to court filings, the Debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Troon Pain Management, LLC Troon Pain Management, LLC provides pain management and related healthcare services. Troon Pain Management, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11739) on December 4, 2025. In its petition, the Debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Paul Sala handles the case. The Debtor is represented by James R. Gaudiosi of Jim Gaudiosi, Attorney at Law. TROYZ TOWING: Gets Extension to Access Cash Collateral ------------------------------------------------------ Troyz Towing & Storage, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida to use cash collateral. At the recent hearing, the court extended the Debtor's authority to use cash collateral through April 2, 2026, the date of the next hearing. The court's two prior interim orders authorized the Debtor to use cash collateral to pay court-approved amounts, including U.S. trustee quarterly fees; budgeted expenses plus up to a 10% variance per line item; and additional amounts with approval from the secured creditor, the U.S. Small Business Administration. The interim orders granted secured creditors, including the SBA, protection through replacement liens on post-petition assets and $550 monthly payments to the SBA. The SBA asserts a secured claim of $530,775.74 against the Debtor, secured by pre-bankruptcy bank accounts and accounts receivable totaling $24,742.57, which constitute cash collateral. About Troyz Towing & Storage Inc. Troyz Towing & Storage Inc., a company based in Jacksonville, Florida, provides towing, roadside assistance, and vehicle storage services. The Company operates 24/7 and offers light, medium, and heavy-duty towing, flatbed transport, diesel truck repair, and related automotive support. It serves the Jacksonville area through its main facility on Old Kings Road. Troyz Towing & Storage sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02906) on August 23, 2025. In its petition, the Debtor reported total assets of $2,125,617 and total liabilities of $2,043,87. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Rehan N. Khawaja, Esq., at Nassau Bankruptcy Lawyers, P.A. USIC HOLDINGS: OHA Senior Marks $1MM 1L Loan at 66% Off ------------------------------------------------------- OHA Senior Private Lending Fund LLC has marked its $1,073,000 loan extended to USIC Holdings Inc. to market at $369,000 or 34% of the outstanding amount, according to OHA Senior's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. OHA Senior is a participant in a First Lien Loan to USIC Holdings Inc. The loan accrues interest at a rate of 9.45% per annum. The loan matures on September 10, 2031. OHA Senior Private Lending Fund LLC was formed on June 27, 2022. OHA Private Credit Advisors II, L.P. is the investment adviser of the Company. OHA Senior's investment objective is to generate attractive risk-adjusted returns, predominately in the form of current income, with select investments exhibiting the ability to capture long-term capital appreciation with a focus on downside protection. The Company seeks to achieve its investment objective by investing primarily in the non-investment grade credit markets in North America and Europe, with a primary focus on direct lending in the United States. OHA Senior is led by Eric Muller as Chief Executive Officer and Thomas Hansen as Chief Financial Officer. The Fund can be reach through: Eric Muller OHA Senior Private Lending Fund LLC 1 Vanderbilt, 16th Floor New York, NY 10017 Telephone: (212) 326-1500 About USIC Holdings Inc. USIC Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, provides damage prevention, cross-bore mitigation, geospatial, gas and water, managed, and public utility services. USIC Holdings serves customers in the United States. UWM HOLDINGS: Fitch Alters Outlook on 'BB-' LongTerm IDR to Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) of UWM Holdings Corporation, UWM Holdings, LLC and United Wholesale Mortgage, LLC (collectively, UWM) at 'BB-'. The Rating Outlook has been revised to Stable from Positive. Fitch has also affirmed the senior unsecured debt ratings of UWM Holdings, LLC and United Wholesale Mortgage, LLC at 'BB-'. Today's rating action has 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 Outlook Revised to Stable: The revision of UWM's Outlook to Stable from Positive reflects its increased gross and corporate leverage yoy, as borrowings have increased to fund originations and operations and tangible equity has declined with dividends in excess of earnings. Fitch no longer expects corporate leverage to decline below its upgrade trigger of 1.0x over the next 12-24 months. Leading Franchise and Market Position: UWM's rating affirmation reflects its market position and franchise as the leading wholesale residential mortgage lender, adequate liquidity, solid asset quality of the servicing portfolio, a robust and integrated technology platform, and an experienced management team. The company has a dominant position within the wholesale channel with a market share of 43% and was the nation's largest mortgage originator in 9M25 and FY24, according to Inside Mortgage Finance. Highly Cyclical Mortgage Industry: UWM's ratings are constrained by the highly cyclical nature of the mortgage origination business, elevated leverage, mortgage servicing rights (MSR) valuation risk exposure, and a reliance on secured, short-term, uncommitted funding facilities. It is also exposed to elevated key person risk related to the CEO and president, Mat lshbia, who, together with the lshbia family, exercises significant control over the company as majority shareholders. UWM's exclusive focus on the wholesale channel is another rating constraint, as it could limit further market share gains within the overall mortgage market. Mixed GAAP Results: UWM's pre-tax return on average assets, adjusted for Ginnie Mae (GNMA) loans subject to repurchase right, was 0.8% for the trailing 12 months (TTM) ended 3Q25, improved from negative 1.3% in TTM 3Q24 but below the four-year average of 4.2% from 2021-2024. Recent profitability has been affected by MSR markdowns (net of hedges) totaling $183 million and $415 million during the TTMs ended 3Q25 and 3Q24, respectively, contributing to weaker GAAP results and partially eroding the company's equity balance. Solid Core Profitability: Adjusted for MSR valuation changes, the company achieved positive operating results in each of the last 12 quarters. Fitch expects profitability to improve in 2026, due to higher origination volumes and improved gain on sale margins amid reductions in industry capacity, but to remain well below peak profitability seen in 2020. Elevated Leverage: UWM's leverage (gross debt to tangible equity) was 8.6x at 3Q25, up from 5.9x at YE24 and 3.1x at YE23, driven by increased funding and non-funding debt as well as lower tangible equity as capital distributions exceeded net income. Corporate leverage, which excludes balances under origination funding facilities, was 2.4x at 3Q25, up from 1.7x at YE24 and 1.2x at YE23. Fitch views UWM's leverage as elevated for the rating level and a key rating constraint. Fitch believes leverage will remain elevated in the near term as higher originations and MSR write-downs are partially offset by improved earnings retention. Failure to reduce corporate leverage below 2.0x over the 12- to 24-month Outlook horizon could result in the Outlook being revised to Negative. Reliance on Secured Funding: UWM remains reliant on the wholesale debt market to fund operations, consistent with other non-bank mortgage companies. Unsecured debt comprised 28% of total debt at 3Q25, or 22% pro forma for the repayment of $800 million in unsecured notes in November 2025. UWM has a diverse set of warehouse lenders, but only 6% of total capacity was committed as of 3Q25, lower than similarly rated peers. The funding tenor is generally short, with 95% of warehouses (by drawn amount) expiring within one year as of 3Q25, which exposes UWM to increased refinancing risk. Fitch would view a further extension of the funding duration and increases in committed capacity and the unsecured funding mix as credit positive. Adequate Liquidity: Fitch views UWM's current liquidity profile as adequate to meet operating cash needs, upcoming debt maturities, potential margin calls and advancing requirements. As of 3Q25, liquidity resources consisted of $871 million of unrestricted cash and available borrowing capacity on its MSR lines, which Fitch estimates to be $1.6 billion given UWM's MSR holdings. This equates to 18% of total debt outstanding and 65% of corporate debt outstanding, which compares favorably to peers. UWM's next upcoming unsecured debt maturity is in June 2027, when $500 million of notes become due. The company also has access to a $500 million unsecured revolving credit facility with SFS Corp, its principal shareholder, which is currently undrawn. Solid Asset Quality: Asset quality risk is not material for UWM, as nearly all originated loans are conforming agency or GNMA-eligible and sold shortly after origination. Performance of the servicing portfolio has remained solid, with the 60+ day delinquency rate, including forbearance, at 1.6% at 3Q25, up from 1.4% at YE24 but below the peak of 1.9% at YE20. 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. UWM does have exposure to potential losses due to repurchase or indemnification claims from investors under certain warranty provisions, although claims in recent years have been manageable. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Corporate leverage sustained above 2x; - Total leverage sustained above 10x; - A decrease in aggregate liquidity resources or reduction in unencumbered assets that constrain the company's funding flexibility and/or increased utilization of secured funding that reduces the unsecured funding mix below 10%; - Sustained profitability challenges that erode tangible equity and the firm's market position; - Regulatory scrutiny resulting in UWM incurring substantial fines that negatively impact its franchise or operating performance; - The departure of Mat lshbia and/or reduced involvement of the Ishbia family, who have led the growth and direction of the company. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Corporate leverage sustained at or below 1x; - Gross leverage sustained below 5x; - Sustained earnings generation in excess of capital distributions; - Improvement in the funding profile, including an extension of funding duration and/or an increase in the proportion of committed funding and the maintenance of unsecured debt above 25% of total debt; - Increased liquidity resources above 30% of total debt; - Maintenance of market position and leadership in the wholesale origination channel; - Demonstrated effectiveness of corporate governance policies. DEBT AND OTHER INSTRUMENT RATINGS: KEY RATING DRIVERS The senior unsecured debt ratings are equalized with the IDRs given the funding mix and adequate unencumbered assets available to the noteholders, suggesting average recovery prospects in a stressed scenario. DEBT AND OTHER INSTRUMENT RATINGS: RATING SENSITIVITIES The ratings on the unsecured notes are primarily sensitive to changes in the Long-Term IDRs and would be expected to move in tandem with them. However, a material decrease in unencumbered assets and/or an increase in the proportion of secured funding could result in the unsecured notes being notched down from the IDRs. SUBSIDIARY AND AFFILIATE RATINGS: KEY RATING DRIVERS The ratings of UWM Holdings, LLC (the go-forward debt-issuing subsidiary) and United Wholesale Mortgage, LLC (the operating company and legacy debt-issuing subsidiary) are equalized with that of UWM Holdings Corporation given they are wholly owned subsidiaries, and debt issued by UWM Holdings, LLC benefits from a corporate guarantee from United Wholesale Mortgage, LLC. SUBSIDIARY AND AFFILIATE RATINGS: RATING SENSITIVITIES The ratings of UWM Holdings, LLC and United Wholesale Mortgage, LLC are equalized with that of UWM Holdings Corporation and are expected to move in tandem. ADJUSTMENTS The Standalone Credit Profile (SCP) has been assigned in line with the implied SCP. The Business Profile score has been assigned below the implied score due to the following adjustment reason: Business model (negative). The Asset Quality score has been assigned below the implied score due to the following adjustment reason: Non-loan exposures (negative). The Earnings & Profitability score has been assigned below the implied score due to the following adjustment reason: Historical and future metrics (negative). ESG Considerations UWM has an ESG Relevance Score of '4' for Governance Structure due to elevated key person risk related to its President and CEO Mat Ishbia, who has led the growth and strategic direction of the company since its inception. This has a negative impact on the credit profile and is relevant to the rating in conjunction with other factors. UWM also has an ESG Relevance Score of '4' for Customer Welfare — Fair Messaging, Privacy and Data Security due to its exposure to compliance risks that include fair lending practices, debt collection practices and consumer data protection. 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 Prior ----------- ------ ----- UWM Holdings, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- UWM Holdings Corporation LT IDR BB- Affirmed BB- United Wholesale Mortgage, LLC LT IDR BB- Affirmed BB- senior unsecured LT BB- Affirmed BB- VALMONT HOLDINGS: Seeks to Hire Equity Union as Real Estate Broker ------------------------------------------------------------------ Valmont Holdings Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Equity Union Real Estate as broker. The firm will market and sell the Debtor's property located at 27417 Park Vista Rd., Agoura Hills, CA 91301. The broker is entitled to a commission equal to 1.5 percent of the listing price. Lisa Gutman, a broker with Equity Union, assured the court that her firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Lisa Gutman Equity Union Westlake Village 4353 Park Terrace Dr, Westlake Village, CA 91361 Tel: (818) 535-0862 Email: Lisagutman@aol.com About Valmont Holdings Inc. Valmont Holdings Inc. engages in real estate development and management, focusing on its primary property at 27417 Park Vista Rd in Agoura Hills, California, which is valued at approximately $6 million. Valmont Holdings Inc. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20756) on December 01, 2025, reporting estimated assets and liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Barry Russell. The Debtor is represented by Gary Kurtz, Esq. of Law Office of Gary Kurtz. VALMONT HOLDINGS: Seeks to Hire Gary Kurtz as General Counsel ------------------------------------------------------------- Valmont Holdings, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Office of Gary Kurtz as counsel. The firm will render these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rigts and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the Office of the United States Trustee (the "OUST"); (e) prepare status reports as required by the Court, respond to any motions filed in the Debtor's bankruptcy proceeding; and (f) if appropriate, prepare a Disclosure Statement and Chapter 11 Plan. The firm will be paid at these hourly rates: Gary Kurtz, Attorney $450 Senior Paralegals $275 The firm will receive a retaier of $15,000 from the Debtor. Mr. Kurtz 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 Kurtz, Esq. Law Office of Gary Kurtz 5126 Clarenton Dr., Suite 208 Agoura Hills, CA 91301 Telephone: (747) 222-7559 About Valmont Holdings Inc. Valmont Holdings Inc. engages in real estate development and management, focusing on its primary property at 27417 Park Vista Rd. in Agoura Hills, California, which is valued at approximately $6 million. Valmont Holdings Inc. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20756) on December 1, 2025, reporting estimated assets and liabilities between $1 million and $10 million. The case is assigned to Honorable Bankruptcy Judge Barry Russell. The Debtor is represented by Gary Kurtz, Esq., at the Law Office of Gary Kurtz. VILLA DEL MAR: Hires Homel Mercado Justiniano as Legal Counsel -------------------------------------------------------------- Villa Del Mar, LLC seeks approval from the U.S. Bankruptcy Court for the District of Puerto Rico to hire Homel Mercado Justiniano as its counsel. The firm will render these services: a. examine documents and other necessary information to submit schedules and statement of financial affairs; b. prepare the disclosure statement, plan of reorganization, records and reports as required by the Bankruptcy Code and the Federal Rules of Bankruptcy Procedures; c. prepare applications and proposed orders; d. identify and prosecute claims and causes of action assertable by the Debtor; e. examine proof of claims filed and to be filed in the case; f. advise the Debtor and prepare documents in connection with the ongoing of Debtor's business; g. advise the Debtor and prepare documents in connection with the liquidation of the assets of the estate; and h. provide other legal services. The firm will be paid at these hourly rates: Attorneys $250 Associates $125 Paralegal $50 Homel Mercado Justiniano received a retainer in the amount of $7,000, plus $1,738 filing fee. As disclosed in court filings, Homel Mercado Justiniano is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Homel A. Mercado-Justiniano, Esq. Homel Mercado Justiniano Calle Ramirez Silva #8 Ensanche Martinez Mayaguez, PR 00680-4714 Tel: (787) (831) 2577 (787) (808) 2945 Email: hmjlaw2@gmail.com About Villa Del Mar, LLC Villa Del Mar, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.P.R. Case No, 25-05526) on December 5, 2025, listing $500,001 to $1 million in both assets and liabilities. Homel A. Mercado-Justiniano, Esq. serves as the Debtor's counsel. WELTY SERVICES: Seeks Cash Collateral Access Until June 2026 ------------------------------------------------------------ Welty Services, LLC asks the U.S. Bankruptcy Court for the Southern District of Texas, Galveston Division, for authority to use cash collateral and provide adequate protection. Multiple creditors assert interests in Welty's cash collateral, though the Debtor states that Northpoint Commercial Finance, LLC—the senior UCC-1 filer—appears to be owed nothing, and that many of the remaining creditors are undersecured or entirely unsecured. These creditors include the U.S. Small Business Administration as the second-position lienholder, followed by CSC (a filing service acting for undisclosed principals), Byz Funder and On Deck Capital (both merchant cash advance creditors), and Third Coast Bank. Additional creditors assert only purchase-money security interests in specific equipment rather than in cash collateral. Third Coast Bank previously objected to a prior supplement, but the objection was resolved through a final order authorizing cash collateral usage pending further hearing. In this filing, Welty seeks authority to use cash collateral from December 28, 2025, through June 27, 2026, under the same terms as the operative final order, including continued adequate protection payments to the SBA and Third Coast Bank. The Debtor asserts that the secured creditors are adequately protected through the existing cash collateral, the ongoing revenue generated by the business, and their prepetition liens. Because Welty has no meaningful unencumbered cash and cannot obtain post-petition financing other than through 11 U.S.C. Section 363, it contends that continued access to cash collateral is essential to maintain operations, preserve estate value, and serve creditors' best interests. A copy of the motion is available at https://urlcurt.com/u?l=IARUFR from PacerMonitor.com. About Welty Services, LLC Welty Services, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-80315) on July 10, 2025, listing between $1 million and $10 million in assets and liabilities. The petition was signed by Donnie Welty Jr. as managing member. Judge Alfredo R. Perez oversees the case. Genevieve Marie Graham, Esq., at Genevieve Graham Law, PLLC and Steven Robert Fox, Esq., are the Debtor's legal counsel. WHITE WILSON: Seeks to Hire Raymond James as Investment Banker -------------------------------------------------------------- White Wilson Medical Center, PA seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Raymond James & Associations, Inc. as investment banker. The firm will render these services: (a) review and analyze the Debtor's business, operations, properties, financial condition and prospective counterparties; (b) evaluate the Debtor's debt capacity, including by advising the Debtor generally as to available financing and assist in determination of an appropriate capital structure; (c) evaluate potential transaction alternatives and strategies; (d) prepare documentation within its area of expertise that is required in connection with a transaction; (e) identify prospective counterparties regarding one or more particular transactions; (f) contact prospective counterparties on behalf of the Debtor and with prior written consent by the Debtor, which Raymond James, after consultation with the Debtor's management, believes meet certain industry, financial, and strategic criteria and assist the Debtor in negotiating and structuring a transaction; (g) advise the Debtor as to potential business combination transactions; (h) as and if applicable, advise the Debtor on tactics and strategies for negotiating with holders of the Debtor securities, debt obligations, and/or other claims of the Debtor; (i) work with the Debtor to develop the Debtor's liquidation analysis and present the same to Stakeholders; (j) advise the Debtor on timing, nature, and terms of any new Company securities, other consideration or other inducements to be offered to its stakeholders in connection with any restructuring transaction; and (k) participate in the meetings of the Debtor's governing authority as determined by the Debtor to be appropriate, and, upon request, provide periodic status report and advice to the governing authority with respect to matters falling within the scope of Raymond James's retention. The compensation includes: a. Transaction Fee: 4% of the gross sale price. b. Reimbursement of Reasonable Expenses (capped at $50,000 without approval). c. No monthly fees or retainers are required. As disclosed in a court filing, Raymond James & Associates is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Geoffrey Richards Raymond James & Associates, Inc. 880 Carillon Parkway St. Petersburg, FL 33716 Tel: (727) 567-1000 About White Wilson Medical Center White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as counsel. WHITEHALL PHARMACY: Hires Independent RX Consulting as Accountant ----------------------------------------------------------------- Whitehall Pharmacy LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Independent RX Consulting, LLC as its substitute accountant. The previous accountant, Sykes & Company, P.A., notified the Debtor that it could no longer provide accounting services due to the additional work required in connection with the Debtor's Chapter 11 bankruptcy. Independent Rx has agreed to: (a) assume responsibility for the Debtor's ongoing accounting functions; (b) review and correct the Debtor's existing accounting records: (c) assist with all bankruptcy-related accounting and reporting requirements, including correction of previously filed MORs; and (d) prepare and assist with all required reports and MORs on a going-forward basis. Independent Rx will charge a $5,000 implementation fee and $5,000 per month thereafter and has indicated it is prepared to commence services on or about Jan. 1, 2026. Independent Rx does not hold or represent any interest adverse to the Debtor or its estate, according to court filings. The firm can be reached through: Heidi Danhof Independent Rx Consulting, LLC 7333 Paragon Road, #160 Dayton, OH 45459 Phone: (937) 522-0175 About Whitehall Pharmacy LLC Whitehall Pharmacy, LLC operates pharmacies in multiple locations in Arkansas. Whitehall Pharmacy sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Ark. Case No. 25-12406) on July 21, 2025, listing between $1 million and $10 million in assets and liabilities. Floyd Lelan Stice, company owner, signed the petition. Judge Phyllis M. Jones oversees the case. The Debtor tapped Charles Darwin Davidson, Sr., Esq., at Davidson Law Firm, as bankruptcy counsel and Sykes & Company, P.A. as accountant. WILLIAMS TREE: Gets Final OK to Use Cash Collateral --------------------------------------------------- Williams Tree Service, LLC received final approval from the U.S. Bankruptcy Court for the Western District of Virginia to use cash collateral to fund operations. The court authorized the Debtor to use the cash collateral and pre-bankruptcy collateral of Atlantic Union Bank, a secured creditor, in accordance with its budget, subject to a 10% variance per line item. The Debtor is prohibited from using cash collateral to challenge the bank's liens or debt or to seek alternative cash collateral terms. As adequate protection, Atlantic will receive replacement liens on its pre-bankruptcy collateral; a first-priority lien on cash collateral and post-petition assets to the extent of any diminution or unpaid protection; and a Section 507(b) superpriority claim, subordinate only to clerk fees and the fees of the Debtor’s counsel and the Subchapter V trustee. In addition, Atlantic will continue to receive monthly payments of $5,000. The authority to use cash collateral continues until the earliest of 120 days after December 1; entry of a post-petition financing order; an uncured default under the final order; appointment of a trustee or examiner; removal of Williams as debtor-in-possession; modification of the final order or liens; or conversion or dismissal of the Chapter 11 case. A copy of the final order and the Debtor's budget is available at https://shorturl.at/JhYBs from PacerMonitor.com. As of the petition date, Williams owes Atlantic at least $752,115.53. Atlantic's pre-bankruptcy claim is secured by first-priority liens on the Debtor's vehicles, equipment, trailers, proceeds, and on real property owned by the Debtor's principal. All post-petition cash and accounts constitute the bank's cash collateral. Atlantic, as secured creditor, is represented by: Jeremy S. Williams, Esq. 1021 East Cary Street, Suite 810 Richmond, VA 23219 Telephone: (804) 644-1700 Facsimile: (804) 783-6192 jeremy.williams@kutakrock.com About Williams Tree Service Williams Tree Service, LLC, was formed as a Virginia limited liability company in 2004. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Va. Case No. 25-50509) on August 29, 2025, with $500,001 to $1 million in assets and liabilities. Judge Rebecca B. Connelly presides over the case. Andrew S. Goldstein, at Magee Goldstein Lasky & Sayers, P.C., is the Debtor's legal counsel. WK BROWN: Seeks Cash Collateral Access -------------------------------------- WK Brown, LLC asks the U.S. Bankruptcy Court for the District of Minnesota for authority to use cash collateral and provide adequate protection to its secured creditor, Bravera Bank. The Debtor owns commercial real estate located at 2590 Freeway Blvd. in Brooklyn Center, Minnesota, and generates approximately $38,000 per month in rental income, which constitutes Bravera Bank's cash collateral under its mortgage and assignment of rents. It has opened a debtor-in-possession account in which all rents are deposited, and states that use of these funds is essential to maintain ongoing operations, preserve the value of the property, and pay necessary expenses. The Debtor acknowledges Bravera Bank's first-priority liens on the real property, rents, and certain personal property. WK Brown proposes several forms of adequate protection: (1) a replacement lien on post-petition rents to the extent of any diminution in Bravera Bank's collateral resulting from the use of cash collateral; (2) monthly adequate protection payments beginning January 1, 2026, equal to the contractual mortgage payment of $32,175; (3) provision of monthly operating reports; and (4) maintenance of property insurance, taxes, utilities, and repairs through the tenant. The Debtor further notes that it has already made a substantial $155,000 post-petition payment to Bravera Bank, which provides additional protection. It asserts that the proposed adequate protection satisfies the requirements of 11 U.S.C. sections 361 and 363 and is consistent with Eighth Circuit precedent in In re Martin, requiring courts to measure the value of the creditor's interest, assess risk from the Debtor's proposed use of cash collateral, and ensure the proposal offers indubitable equivalent protection. A hearing on the matter is set for December 23. A copy of the motion is available at https://urlcurt.com/u?l=cECNkx from PacerMonitor.com. About WK Brown WK Brown, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-42685) on August 18, 2025, with $500,001 to $1 million in assets and $1,000,001 to $10 million in liabilities. Judge Mychal A. Bruggeman presides over the case. Jeffrey H. Butwinick, Esq., represents the Debtor as legal counsel. Bravera Bank, as secured creditor, is represented by: Aaron B. Chapin, Esq. Husch Blackwell LLP 120 S. Riverside Plaza, Suite 2200 Chicago, IL 60606 Tel: 312.655.1500 Fax: 312.655.1501 aaron.chapin@huschblackwell.com WOMEN'S OB-GYN: Seeks to Tap Winegarden Haley as Bankruptcy Counsel ------------------------------------------------------------------- Women's OB-GYN, PC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Michigan to employ Winegarden, Haley, Lindholm, Tucker & Himelhoch, PLC to handle its Chapter 11 case. Zachary Tucker, Esq., the primary attorney in this representation, will be billed at his hourly rate of $325, plus reimbursement of expenses incurred. The firm received $18,262 as a retainer for services to be rendered in this Chapter 11 proceeding. Mr. Tucker 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: Zachary R. Tucker, Esq. Winegarden, Haley, Lindholm, Tucker & Himelhoch, PLC G-9460 S. Saginaw Road, Suite A Grand Blanc, MI 48439 Telephone: (810) 579-3600 Email: ztucker@winegarden-law.com About Women's OB-GYN PC Women's OB-GYN, PC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-21306) on October 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Daniel S. Opperman presides over the case. Zachary R. Tucker, Esq., at Winegarden, Haley, Lindholm, Tucker & Himelhoch, PLC represents the Debtor as counsel. WORKZ LLC: Seeks to Hire Roderick Linton Belfance as Legal Counsel ------------------------------------------------------------------ The Workz, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to hire Roderick Linton Belfance, LLP, as counsel. The firm's services include: (a) advising Debtor with respect to their powers and duties as debtor-in-possession in the continued operation of the business; (b) advising Debtor with respect to all bankruptcy matters; (c) preparing all necessary motions, applications, answers, orders, reports, and papers in connection with the administration of the estates of Debtor; (d) representing Debtor at all hearings on matters relating to its affairs and interests as debtor-in-possession before this Court and protecting the interests of Debtor; (e) prosecuting and defending litigated matters that may arise during these cases, including such matters as may be necessary for the protection of Debtor's rights, the preservation of estate assets, or Debtor's successful reorganization; (f) advising Debtor with respect to other legal matters that may arise during the pendency of the case; and (g) performing other legal services that are necessary for the economic and efficient administration of the case. The firm's hourly rates are: Steven J. Heimberger, Partner $350 David Randolph, Associate $265 Partner Attorneys $300 to 400 Associate & Of Counsel $225 to 350 Paralegals $125 to 165 In addition, the firm will seek reimbursement for expenses incurred. The firm received an initial retainer in the amount of $7,500. Steven Heimberger, Esq., an attorney at Roderick Linton Belfance, 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: Steven J. Heimberger, Esq. Roderick Linton Belfance, LLP 50 S. Main Street, 10th Floor Akron, OH 44308 Telephone: (330) 434-3000 Facsimile: (330) 434-9220 Email: sheimberger@rlbllp.com About The Workz, LLC The Workz, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-52060) on December 4, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Alan M Koschik presides over the case. Steven Heimberger, Esq. at Roderick Linton Belfance, LLP represents the Debtor as counsel. WT REPAIR: Seeks to Extend Plan Exclusivity to January 15, 2026 --------------------------------------------------------------- WT Repair, LLC asked the U.S. Bankruptcy Court for the District of Arkansas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to January 15, 2026 and March 16, 2026, respectively. The present exclusivity deadline for filing the Plan and Disclosure Statement with a Court order is December 11, 2025. The Debtor requires additional time to file its Plan and Disclosure Statement. The Debtor believes that it can have a Plan and Disclosure Statement filed with the Court if given until January 15, 2026. There are at least three sales scheduled at of the Debtor's property in December 2025 and January 2026 and the Debtor's cooperation in consuming the time necessary to file a Chapter 11 Plan. The Debtor states that the complication of this case, which includes the Debtor closing businesses and transitioning to a new accountant, is cause to allow an extension. The Debtor explains that the extension of time for the filing of the Plan and Disclosure Statement and the extension of time for the exclusivity periods will not work a hardship on creditors and are in the best interest of all parties. WT Repair LLC is represented by: Colin N. Gotham, Esq. Evans & Mullinix, PA 7225 Renner Road, Suite 200 Shawnee, KS 66217 Telephone: (913) 962-8700 Facsimile: (913) 962-8701 Email: cgotham@emlawkc.com About WT Repair LLC WT Repair, LLC is an independently owned used equipment dealer and service shop based in Beloit, Kansas. It specializes in buying, selling, and servicing farm machinery, including tractors, harvesters, and used trucks. WT Repair is also a full-line dealer for Bush Hog, Farm King, MacDon, Geringhoff, Quicke, Kelly Ryan, and HyGrade. WT Repair sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan.) on May15, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Dale L. Somers presides over the case. Colin N. Gotham at Evans & Mullinix, P.A. represents the Debtor as legal counsel. YALDA REAL: Seeks to Hire Larry A. Vick as Bankruptcy Counsel ------------------------------------------------------------- Yalda Real Estate Group, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Larry Vick, Esq., an attorney practicing in Houston, Tex., as counsel. The firm's services include: (a) analyze the financial situation, and render advice and assistance to the Debtor; (b) advise the Debtor with respect to its rights, duties, and powers in this case; (c) represent the Debtor at all hearings and other proceedings; (d) prepare and file all appropriate legal papers as necessary to further the Debtor's interests and objectives; (e) represent the Debtor at any meeting of creditors and such other services as may be required during the course of the bankruptcy proceedings; (f) represent the Debtor in all proceedings before the Court and in any other judicial or administrative proceeding where its rights may be litigated or otherwise affected; (g) prepare and file a Disclosure Statement and Chapter 11 Plan of Reorganization; (h) assist the Debtor in analyzing the claims of the creditors and in negotiating with such creditors; (i) assist the Debtor in any matters relating to or arising out of the captioned case; and (j) prosecute and, as the case may be, defend the Debtor in litigation as its attorney. Mr. Vick will be paid at his hourly rate of $450 plus reimbursement. Mr. Vick received a pre-petition retainer in the amount of $10,000 remitted on November 3, 2025 and applied $1,738 towards the Chapter 11 filing fee. Mr. Vick 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: Larry A. Vick, Esq. 13501 Katy Freeway, Suite 3474 Houston, TX 77079 Telephone: (832) 413-3331 Facsimile: (832) 202-2821 Email: lv@larryvick.com About Yalda Real Estate Group LLC Yalda Real Estate Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36650) on November 3, 2025. In its petition, the Debtor disclosed up to $10 million in both assets and liabilities. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by Larry A. Vick, Esq. YUNHONG GREEN: Cancels Part of 2024 Asset Deal; Retires 175K Shares ------------------------------------------------------------------- Yunhong Green CTI Ltd. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 2, 2025, it entered into an agreement with Yunhong Technology Industry (Hubei) Co., Ltd. and affiliated parties to unwind a portion of the Asset Purchase Arrangement originally entered into on June 30, 2024. Under the original arrangement, the Company issued shares as consideration, a portion of which related to anticipated operating support to be provided by the selling parties. As operations associated with that support did not commence, the parties agreed to cancel this portion of the arrangement. As part of the unwind, 175,000 previously issued shares were returned to the Company and retired, and the related obligation was released. No cash consideration was exchanged. A copy of the Stock Surrender Agreement is available at https://tinyurl.com/5n8m92zk About Yunhong Green Barrington, Ill.-based Yunhong Green CTI Ltd develops, produces, distributes and sells a number of consumer products throughout the United States and in several other countries, and it produces film products for commercial and industrial uses in the United States. The Company's principal lines of products include Novelty Products consisting principally of foil and latex balloons and related gift items; and Flexible Films for food and other commercial and packaging applications. Boston, Mass.-based Wolf & Company, P.C, the Company's auditor since 2020, issued a "going concern" qualification in its report dated April 14, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit of $25.9 million for the year ended December 31, 2024. This raises substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $22.2 million in total assets, $11.6 million in total liabilities, and $10.5 million in total stockholders' equity. [] Consumer Debt Stress Surges 9.4% YoY in November CLSI -------------------------------------------------------- As holiday spending rises, so does LegalShield's latest Consumer Legal Stress Index -- Composite Consumer Legal Stress up 9th consecutive month; Bankruptcy, foreclosure and consumer debt subindices also continue upward trend in November. LegalShield tracks more than 150,000 monthly calls from members seeking help across the nation real actions people take when facing financial and legal pressure. Americans kicked off the holiday season with record spending -- and record requests for legal help with their debts. LegalShield's Consumer Legal Stress Index (CLSI) climbed to 72.5 in November, its ninth consecutive monthly increase (up 9.4% YoY), driven by a sharp spike in calls about billing disputes, debt collection and loan modifications. The Consumer Finance subindex jumped 4.6% in just two months to 113.3, signaling that financial strain has shifted from a looming threat to an immediate crisis for millions of households. "The story all year has been warning signs, foreclosures in spring, bankruptcies in summer," said Matt Layton, LegalShield senior vice president of Consumer Analytics. "Now we're seeing people pick up the phone about consumer debts. That's a different kind of call." Consumers Override Their Own Caution: The surge in legal stress comes as consumers appear to be overriding their own financial caution. A November Gallup poll found Americans slashed their projected holiday gift spending by a record $229, the steepest midseason decline in the survey's history, exceeding the 2008 financial crisis. Yet Adobe Analytics reported Cyber Week spending hit $44.2 billion, up 7.7% year over year, with Buy Now, Pay Later (BNPL) usage reaching an all-time high of $1.03 billion on Cyber Monday alone. The question is whether the final weeks of the season bring more of the same, or whether rising legal stress signals a pullback still to come. "Gallup measures what people say they'll do. Adobe measures what they spend. We measure what happens next -- when they call a lawyer," Layton said. "Right now, all three are flashing warning signs, but only one captures the legal dimensions." Holiday Spending Meets Late Summer Warning Signs: The spike in Consumer Finance inquiries validates concerns LegalShield identified earlier this year. An August LegalShield survey of more than 2,000 Americans found 76% use BNPL services, with half having missed payments and 45% facing billing disputes or other legal issues. According to that survey, two-thirds of BNPL users juggle multiple loans, often for essentials like groceries (47%) and medical bills (35%), creating exactly the kind of debt stress now showing up in calls to LegalShield's network of provider law firms. Adding pressure, FICO is expected to factor BNPL payment history into credit scores, a change 38% of users remain unaware of. For the 49% who have missed BNPL payments, the credit impact could compound their financial strain heading into 2026. Stress Across All Three Subindices: The CSLI is a composite index built from three subindices tracking calls related to Bankruptcy, Foreclosure and Consumer Finance. All three remain elevated: -- Consumer Finance: 113.3, up 4.6% since September and 6.9% year over year. This subindex tracks inquiries about billing disputes, loan modifications and debt collection. -- Bankruptcy: Up 5.2% year over year, continuing its climb since the Federal Reserve's initial rate hike in March 2022. LegalShield's bankruptcy data historically leads actual filings by two quarters. -- Foreclosure: Up 20.9% year over year, the sharpest increase among the three subindices, as elevated mortgage rates and affordability constraints continue to stress homeowners. "Foreclosures surged first, then bankruptcies spiked, and now Consumer Finance is shooting up as people load on holiday debt," Layton added. "Cyber Week is in the books, but holiday shopping isn't. We'll be watching whether this Consumer Finance surge is a leading indicator of a spending pullback, or evidence that people are pushing through despite the stress. Either way, our data suggests 2026 will start with a heavy financial hangover." About the Research: LegalShield Consumer Stress Legal Index LegalShield tracks more than 150,000 monthly calls to provider law firms across the country -- real actions people take when facing financial and legal challenges, not surveys measuring sentiment. The CSLI is derived from more than 36 million records dating to 2002. As part of LegalShield's mission to ensure every person has equal access to justice, the company mines its data for insights policymakers and business leaders can use to make informed decisions. Released quarterly with periodic updates, view past reports on the CSLI page on LegalShield.com. About LegalShield: For more than 50 years, LegalShield has provided everyday Americans with easy and affordable access to legal advice, counsel, protection, and representation. Serving millions, LegalShield is one of the world's largest platforms for legal, identity, and reputation management services protecting individuals and businesses across North America. Founded in 1972, LegalShield, and its privacy management product, IDShield, has provided individuals, families, businesses, and employers with tools and services needed to affordably live a just and secure life. Through technology and innovation, LegalShield is disrupting the traditional legal system and transforming how and where people receive legal guidance and services, with access to hundreds of qualified, trusted attorneys and law firms. LegalShield and IDShield are products of Pre-Paid Legal Services, Inc. To learn more about LegalShield and IDShield, visit LegalShield.com and IDShield.com. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***