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251218.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, December 18, 2025, Vol. 29, No. 351 Headlines 7855 RIVERTOWN: Seeks Chapter 11 Bankruptcy in Georgia 9 CROSBY: Unsecureds' Recovery "TBD" in Sale Plan 901 MERRICK: Withdraws Motion to Sell Copiague Property AKOUSTIS TECHNOLOGIES: Court Approves Chapter 11 Liquidation Plan AMALGAMATE PROCESSING: Court Denies Quasar Capital Financing AMI ENTERPRISES: Janice Seyedin Named Subchapter V Trustee ANGELA HOLDINGS: James Coutinho Named Subchapter V Trustee ANR INSULATION: Joseph Cotterman Named Subchapter V Trustee ANTHOLOGY INC: Gets OK to Send Chapter 11 Plan to Creditor Vote APPLE TREE: Seeks Chapter 11 Bankruptcy in Delaware ARTWOOD ENGINEERING: Mark Sharf Named Subchapter V Trustee ATHENIAN EACADEMY: S&P Affirms 'BB' LT Rating on 2024A/B Rev Bonds AUTO LINK: Seeks Chapter 7 Bankruptcy in Georgia AVALO ENTERPRISES: Linda Leali Named Subchapter V Trustee BLACKSTONE MORTGAGE: S&P Affirms 'B+' ICR, Outlook Stable BOSQUE BREWING: Seeks to Use Cash Collateral BSG CORP: Gerard Luckman Named Subchapter V Trustee BSG CORP: Section 341(a) Meeting of Creditors on January 7 BUDDY MAC: Gets Interim OK to Use Cash Collateral Until Jan. 5 BULLIVANT HOUSER: Seeks Chapter 11 Bankruptcy After Nov. Closure CAPITAL PROJECTS: Moody's Cuts Rating on $109.3MM Rev. Bonds to Ba3 CAUSEY STREETER: Gets Final OK to Use Cash Collateral CHIC & COMPANY: Seeks Subchapter V Bankruptcy in Georgia CK BUILDERS: To Sell San Antonio Property to K. Ortiz & L. Craig COGECO COMMUNICATIONS: S&P Affirms 'BB' ICR, Outlook Stable COGECO COMMUNICATIONS: S&P Sub Affirms 'BB+' Issuer Credit Rating CRESCENT ENERGY: S&P Upgrades ICR to 'BB-', Outlook Stable D2 GOVERNMENT: Court Extends Cash Collateral Access to Dec. 31 DATAVAULT AI: Dream Bowl Meme Coin Distribution on Dec. 24 DENISE PROPERTY: Jerrett McConnell Named Subchapter V Trustee DM ELECTRICAL: Gets Final OK to Use Cash Collateral DVMARSHALL & ASSOCIATES: Seeks Chapter 7 Bankruptcy in Georgia EE TLB: S&P Assigns 'BB-' Rating on $300MM Term Loan B ELETSON HOLDINGS: New Docs Reveal Reed Smith Lied in $102MM Fight ENVERIC BIOSCIENCES: Raises $3.1MM via Warrant Exercise Inducement FINANCE OF AMERICA: Moody's Ups CFR to Caa1, Outlook Stable FIRST BRANDS: Court Sets Former CEO's Fraud Trial for June 2026 FREEDOM ELECTRIC: Gets Interim OK to Use Cash Collateral FREEDOM ELECTRIC: Seeks to Sell Boat Making Assets at Auction FREIGHT TECHNOLOGIES: Signs $5.5 Million JAK Solar Loan Acquisition FTE NETWORKS: Controller Avoids Jail for Assisting in Fraud Case FULLER'S SERVICE: Court OKs Bid to Appoint Chapter 11 Trustee GFL ENVIRONMENTAL: Moody's Assigns 'B2' CFR, Outlook Stable GLOBAL TECHNOLOGIES: To Complete 2024 Fin'l Restatement by Yearend GRAND RIVER HOSPITAL: S&P Affirms 'BB+' Rating on 2018 GO Bonds HAH GROUP: Moody's Affirms 'B3' CFR & Alters Outlook to Negative HANNON ENTERPRISE: Seeks Subchapter V Bankruptcy in Florida HEALTHLYNKED CORP: Appoints Duncan McGillivray as COO HEALTHLYNKED CORP: Expands Board with Two Leading Insurance Execs HILMORE LLC: Reaches Plan Treatment Stipulation with Shellpoint HORIZON WEST MEDICAL: Seeks Chapter 11 Bankruptcy in Florida INNOVATE CORP: Moody's Withdraws 'Caa2' Corporate Family Rating INTERCHANGE LOGISTICS: Case Summary & 20 Top Unsecured Creditors IROBOT CORP: Gets Court Nod to Use Cash Collateral in Chapter 11 JAGUAR HEALTH: Preferreds Swapped for 440,000 Shares & Warrants KCAP DOMINIK: Gets Court OK to Use Cash Collateral KLEOPATRA FINCO: Gets Final OK to Obtain EUR984-Mil. DIP Loan LCC INC: Claims to be Paid from Ongoing Operations LEFEVER MATTSON: Updates Liquidating Plan Disclosures LEXDEN MANAGEMENT: Seeks Chapter 11 Bankruptcy in Florida LLW CONSTRUCTION: Hearing Today on Bid to Use Cash Collateral LUMEXA IMAGING: S&P Upgrades ICR to 'B+' on IPO, Outlook Stable LUMINAR TECHNOLOGIES: Case Summary & 30 Top Unsecured Creditors LUMINAR TECHNOLOGIES: Files Ch. 11 to Facilitate $110MM LSI Sale LUMINAR TECHNOLOGIES: Gets Court OK to Use $25MM Case Reserve MATTHEWS INTERNATIONAL: S&P Lowers LT ICR to 'B', Outlook Stable MAX COLLECTION: Seeks Chapter 7 Bankruptcy in Georgia MEDICAL DEPOT: S&P Withdraws 'CCC' Issuer Credit Rating MEDICAL MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors MEZMEREYES PLLC: Gets Extension to Access Cash Collateral NANOVIBRONIX INC: Changes Name to ENvue Medical NEELY MOTORSPORTS: Gets Interim OK to Use Cash Collateral NEW SHILOH: Seeks Chapter 11 Bankruptcy in Florida NOAH WEBSTER: S&P Lowers Revenue and Refunding Bond Rating to 'B+' NORTHEAST GROCERY: S&P Alters Outlook to Negative, Affirms 'B+' ICR NYC ALPHA: Seeks to Use Cash Collateral OB LLC: Claims to be Paid from Asset Sale Proceeds OLDE TOWN: Section 341(a) Meeting of Creditors on January 15 ORCHARD FALLS: Gets Final OK to Use Cash Collateral PARTNERS PHARMACY: Court Extends DIP Financing, Cash Collateral Use PERIMETER SOLUTIONS: S&P Affirms 'B+' ICR, Outlook Stable PHIL KEAN DESIGNS: Gets Interim OK to Use Cash Collateral PINE GATE: Court OKs Brookfield Property Sale to BII Bid Solar PINE GATE: Secures Court Approval for $500MM Ch.11 Credit Bid Sale POSIGEN PBC: US Trustee Wants Chapter 11 Exec Bonuses Rejected PRIMO BRANDS: S&P Affirms 'BB-' ICR, Alters Outlook to Stable PRIMP CORP: To Close All Stores on December 23 PULASKI ROOFING: Neema Varghese Named Subchapter V Trustee QUARTZ ACQUIRECO: S&P Affirms 'B' ICR on Announced Acquisition R.R. DONNELLEY: S&P Alters Outlook to Stable, Affirms 'B' ICR RAD POWER BIKES: Case Summary & 20 Largest Unsecured Creditors RENT TO OWN REALTY: Seeks Chapter 7 Bankruptcy in Florida RK PARISI: Stephen Darr of Huron Named Subchapter V Trustee RYVYL INC: Secures Additional $1.5 Million in Series C Stock SEASPAN CORP: S&P Upgrades ICR to 'BB' on Improved Profitability SEAVIEW APARTMENTS: Voluntary Chapter 11 Case Summary SHERWOOD HOSPITALITY: Amends DVKOCR Only Secured Creditors Claim SIGNAL PARENT: Moody's Cuts CFR to 'Caa1', Outlook Negative SOL BEAUTY: Seeks Chapter 7 Bankruptcy in California SONARSOURCE INC: S&P Rates Sr. Secured Notes 'B', Outlook Positive SOUTHERN TREE: Section 341(a) Meeting of Creditors on January 5 SUITECCENTRIC LLC: Court Extends Cash Collateral Access to Feb. 28 TABERNACLE CHRISTIAN: Gets Final OK to Use Cash Collateral TEZCAT LLC: Aaron Cohen Named Subchapter V Trustee TRAXX CONSTRUCTION: Hearing Today on Bid to Use Cash Collateral TRICOLOR AUTO: Jury Charge Former Execs w/ Fraud TRINITY FENCE: Seeks Chapter 7 Bankruptcy in Florida UNIQUE THIRD: Cash Collateral Hearing Set for Dec. 19 UPGRADE SALON: Chris Quinn Named Subchapter V Trustee US FOODS: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable US RENAL: Moody's Affirms 'Caa1' CFR & Alters Outlook to Positive VANKIRK ELECTRIC: Affiliate to Sell BMW Vehicle to CarMax VELOCITY VEHICLE: S&P Downgrades ICR to 'B-' on Higher Leverage VINTAGE RESTORATION: Frances Smith Named Subchapter V Trustee VITAL ENERGY: S&P Upgrades ICR to 'BB-', Outlook Stable WACS-REY INVESTMENT: Seeks Chapter 7 Bankruptcy in Florida WAHL TO WAHL: Seeks to Sell Auto Parts Business at Auction WARREN'S READY-MIX: Case Summary & 20 Largest Unsecured Creditors WFO LLC: To Sell Vernia Property to Napa Construction WHIRLPOOL CORP: S&P Downgrades LT ICR to 'BB', Outlook Negative WORKHORSE GROUP: Completes 1-for-12 Reverse Stock Split WORKSPORT LTD: All 5 Proposals Approved at Annual Meeting ZINC-POLYMER PARENT: S&P Lowers ICR to 'CCC+' on Underperformance ZYNEX INC: Case Summary & 30 Largest Unsecured Creditors ZYNEX INC: Seeks Chapter 11 Bankruptcy in Texas w/ Lenders' Support [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 7855 RIVERTOWN: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------ On December 2, 2025, 7855 Rivertown Rd LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About 7855 Rivertown Rd LLC 7855 Rivertown Rd LLC is a Georgia-based real estate entity that owns and manages commercial and residential properties. The company focuses on property acquisition, leasing, and management services within its regional market. 7855 Rivertown Rd LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64032) on December 2, 2025. In its petition, the debtor reports estimated assets and estimated liabilities each in the range of $100,001 to $1 million. The case is assigned to Honorable Judge Paul Baisier. 9 CROSBY: Unsecureds' Recovery "TBD" in Sale Plan ------------------------------------------------- 9 Crosby LLC filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Chapter 11 Plan dated December 8, 2025. The Debtor is the owner and operator of the NoMo SoHo Hotel, located at 150 Lafayette Street a/k/a 9 Crosby Street, New York, NY (the "Hotel"). The Debtor sought Chapter 11 relief as an outgrowth of liquidation proceedings in Israel relating to the indirect owner of 99% of the Debtor's membership interests [Sapir Corp. Ltd.]. The Receivers in the Israeli insolvency proceedings approved the commencement of the Chapter 11 case by the Debtor in order to pursue a renewed process relating to the sale of the Hotel in bankruptcy. The Debtor obtained Bankruptcy Court authority on December 1, 2025 to conduct the sale process based upon an approved stalking horse contract (the "Stalking Horse Contract") with DH 9 Crosby LLC (the "Stalking Horse Buyer") (an affiliate of Dan Hotels Ltd.) at a purchase price of $125 million. An auction is currently scheduled for December 22, 2025 to the extent Qualified Bids are received. The Debtor will file a supplement to this Disclosure Statement listing the specific auction results after conclusion of the auction on December 22, 2025. Whether the Hotel is ultimately sold to the Stalking Horse Buyer or to another successful purchaser that emerges at the auction, the accompanying liquidating plan of even date provides the vehicle to complete the sale transaction and distribute the net sale proceeds, together with the Debtor's existing cash deposits, to holders of Allowed Claims in accordance with the priorities established under the Bankruptcy Code. The Debtor intends to close the sale transaction following confirmation of the Plan so as to qualify for the transfer-tax exemptions under section 1146(a) of the Bankruptcy Code and pay Class 2 Creditors 100% of their Allowed Claims. The Debtor verily believes that the Plan provides the most efficient and cost effective means of selling the Debtor's Hotel and distributing the proceeds. Accordingly, the Debtor urges all creditors to vote favorably on the Plan. Class 2 consists of Unsecured Claims. Following final reconciliation and objections, the Allowed Class 2 Unsecured Claims shall be paid in full no later than 45 days after the Effective Date of the Plan from Available Cash (or a pro rata portion thereof), together with postpetition interest at the federal judgment rate to the extent there are sufficient net proceeds available to pay Allowed Class 2 Unsecured Claims in full. Holders of other general unsecured claims in Class 2 are impaired and their projected recovery is still "to be determined", according to the Disclosure Statement. The allowed unsecured claims total $11.7 million, plus a reserve for the disputed Mold Claim asserted by Eliott and Shirley Encarnacion. The holders of Class 4 equity interests shall receive any surplus that becomes available from Available Cash after payment of all Allowed Claims. The surplus shall be paid to and for the benefit of the Series 18 Bondholders. The Plan shall be implemented and funded through the sale of the Hotel pursuant to the Stalking Horse Contract or such other higher and better offer that may emerge at the auction. The results of the auction of the Hotel shall be confirmed by the Bankruptcy Court at the Sale Approval Hearing to be conducted on January 7, 2026. The Closing shall occur after confirmation and in furtherance of the Plan and Confirmation Order. A full-text copy of the Disclosure Statement dated December 8, 2025 is available at https://urlcurt.com/u?l=5r1si7 from PacerMonitor.com at no charge. Proposed Counsel for the Debtor: Kevin J. Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com About 9 Crosby LLC 9 Crosby LLC owns and operates the NoMo SoHo Hotel at 150 Lafayette Street, also known as 9 Crosby Street, in New York, NY, featuring 264 guest rooms and suites, meeting and event spaces, and a restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12559) on Nov. 17, 2025. In the petition signed by Daniel Sasson, manager, the Debtor disclosed $126,638,227 in assets and $102,847,791 in liabilities. Judge Lisa G. Beckerman oversees the case. Kevin J. Nash, at GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP, is the Debtor's legal counsel. 901 MERRICK: Withdraws Motion to Sell Copiague Property ------------------------------------------------------- 901 Merrick Road LLC seeks permission from the U.S. Bankruptcy Court for the Eastern District of New York, to withdraw motion to sell Property located at 901 Merrick Road, Copiague, New York. The Debtor withdraws its motion to sell in a private sale a portion of its real property located at 901 Merrick Road, Copiague, New York to Flagship New York Propco, LLC pursuant to the Amended and Restated Agreement of Sale dated August 8, 2025 free and clear of any and all claims, liens, encumbrances and other interests which is scheduled for a hearing on December 18, 2025 at 10:30 am. About 901 Merrick Road LLC 901 Merrick Road LLC is a single-asset real estate company that owns the property located at 901 Merrick Road, Copiague, New York. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-43271) on July 9, 2025. In the petition signed by Rubin Margules, authorized signatory, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Elizabeth S. Stong oversees the case. Erica Aisner, Esq., at Kirby Aisner & Curley, LLP, represents the Debtor as legal counsel. AKOUSTIS TECHNOLOGIES: Court Approves Chapter 11 Liquidation Plan ----------------------------------------------------------------- Ben Zigterman of Law360 Bankruptcy Authority reports that radio frequency filter maker Akoustis Technologies Inc. received approval Tuesday, December 16, 2025, from the Delaware bankruptcy court to implement its Chapter 11 liquidation plan after resolving a dispute with two company directors over the estimation of their claims. The judge found that the plan satisfied the requirements of the Bankruptcy Code and could move forward. The disagreement centered on how the directors' claims would be valued for distribution purposes, an issue the parties settled ahead of the confirmation hearing, according to court filings. With the dispute resolved, Akoustis can proceed with liquidating its remaining assets and distributing proceeds to creditors, the report states. About Akoustis Technologies Akoustis Technologies, Inc. -- http://www.akoustis.com/-- is a high-tech BAW RF filter solutions company that is pioneering next-generation materials science and MEMS wafer manufacturing to address the market requirements for improved RF filters -- targeting higher bandwidth, higher operating frequencies and higher output power compared to legacy polycrystalline BAW technology. The Company utilizes its proprietary and patented XBAW(R) manufacturing process to produce bulk acoustic wave RF filters for mobile and other wireless markets, which facilitate signal acquisition and accelerate band performance between the antenna and digital back end. Superior performance is driven by the significant advances of poly-crystal, single-crystal, and other high purity piezoelectric materials and the resonator-filter process technology which enables optimal trade-offs between critical power, frequency and bandwidth performance specifications. Akoustis owns and operates a 125,000 sq. ft. ISO-9001:2015 registered commercial wafer-manufacturing facility located in Canandaigua, NY, which includes a class 100 / class 1000 cleanroom facility -- tooled for 150-mm diameter wafers -- for the design, development, fabrication and packaging of RF filters, MEMS and other semiconductor devices. Akoustis is headquartered in the Piedmont technology corridor near Charlotte, North Carolina. Akoustis and three affiliates sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 24-12796) on Dec. 16, 2024. Akoustis disclosed $53,371,000 in total assets against $122,586,000 in total debt as of Sept. 30, 2024. The Hon. Laurie Selber Silverstein is the case judge. The Debtors tapped K&L Gates, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel. Raymond James & Associates, Inc. as investment banker; Getzler Henrich & Associates, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Stretto is the claims agent and has launched the page https://cases.stretto.com/Akoustis The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. AMALGAMATE PROCESSING: Court Denies Quasar Capital Financing ------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, denied the motion by Amalgamate Processing, Inc. to obtain post-petition financing from Quasar Capital Partners, Inc. The ruling followed the conversion of Amalgamate's Chapter 11 case to a Chapter 7 liquidation case on December 12. Amalgamate on December 4 sought court approval for a post-petition factoring arrangement with Quasar under which the lender would advance up to 85% of accounts receivable and inventory generated by the equity infusion or purchased using SouthState Bank, N.A.'s cash collateral, with advances of up to $1.5 million. The company also asked the court to allow its principal, Duane Renfro, to provide a $500,000 equity infusion as working capital into a segregated debtor-in-possession account. Two days before the case conversion, the court issued an order granting interim debtor-in-possession bridge financing. The order entered on December 10 authorized Mr. Renfro to provide up to $200,000 in equity infusion and granted SouthState Bank replacement liens on any accounts receivable or new inventory generated by the equity infusion. Amalgamate needed the financing to continue operations after its right to use the cash collateral of SouthState Bank, the company's primary secured creditor, was terminated. SouthState Bank successfully objected to the company's proposed asset sale, triggering a default under the final cash collateral order, which required the company to complete the sale of its assets. About Amalgamate Processing Inc. Amalgamate Processing, Inc., doing business as Advanced Foam Recycling, processes and supplies polyurethane foam, making it a major scrap foam provider to the carpet cushion industry in the U.S. The Company also engages in contract filling of fiberfill, natural down, and custom foam blends for applications in furniture, pillows, pet bedding, and other home goods, while offering fulfillment and cut-and-sew services for home textile brands. It operates distribution and warehouse facilities in Fort Worth and Mineral Wells, Texas, and provides custom foam and fiber products for the furniture, bedding, and pet supply markets. Amalgamate Processing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No.: 25-43320. In a petition signed by Duane Renfro as chief executive officer, the Debtor disclosed estimated assets of $1 million to $10 million and estimated liabilities of $10 million to $50 million. Judge Edward L. Morris presides over the case. M. Jermaine Watson at Cantey Hanger LLP, represents the debtor as legal counsel. AMI ENTERPRISES: Janice Seyedin Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for AMI Enterprises, LLC. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About AMI Enterprises LLC AMI Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18803) on December 8, 2025, with up to $50,000 in assets and liabilities. Judge David D. Cleary presides over the case. Gregory J. Jordan, Esq., at Jordan & Zito, LLC represents the Debtor as legal counsel. ANGELA HOLDINGS: James Coutinho Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed James Coutinho of Allen Stovall Neuman & Ashton, LLP, as Subchapter V trustee for Angela Holdings, LLC. Mr. Coutinho will be paid an hourly fee of $385 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Coutinho declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James A. Coutinho Allen Stovall Neuman & Ashton LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 Telephone: (614) 221-8500 Email: coutinho@asnalaw.com 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. It leases these properties as its primary business activity. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-32459) on December 28, 2025, with $2,677,035 in assets and $2,929,104 in liabilities. Douglas Kraus, sole member, signed the petition. Judge Tyson A. Crist presides over the case. Dustin R. Hurley, Esq., at Hurley Law, LLC represents the Debtor as bankruptcy counsel. ANR INSULATION: Joseph Cotterman Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 14 appointed Joseph Cotterman as Subchapter V trustee for ANR Insulation, LLC. Mr. Cotterman will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cotterman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph E. Cotterman 5232 W. Oraibi Drive Glendale, AZ 85308 Telephone: 480-353-0540 Email: cottermail@cox.net About ANR Insulation LLC ANR Insulation, LLC, doing business as King Insulation, provides thermal and sound insulation materials and services for residential, commercial, and industrial properties in Arizona. Since 1981, the Company has supplied insulation solutions that comply with local building codes and homeowners, contractors, property managers, developers, and business owners across the state. Its offerings include installation and re-insulation for projects ranging from small residential additions to large commercial warehouses. ANR Insulation filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11784) on December 7, 2025, with $3,666,410 in assets and $5,566,839 in liabilities as of September 30, 2025. Ricardo Caceres, president of ANR Insulation, signed the petition. Christopher C. Simpson, Esq., at Osborn Maledon, P.A. represents the Debtor as legal counsel. ANTHOLOGY INC: Gets OK to Send Chapter 11 Plan to Creditor Vote --------------------------------------------------------------- Clara Geoghegan of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Monday, December 15, 2025, approved Anthology Inc.'s request to begin soliciting votes on its Chapter 11 plan, which would hand a majority of the equity in the reorganized education technology company to its senior creditors. The court found that the disclosure statement accompanying the plan contained adequate information for creditors to make an informed decision. Under the proposed restructuring, existing equity holders would be wiped out while senior lenders would emerge as the primary owners of the reorganized business, according to court filings. Anthology filed for Chapter 11 earlier this year as it works to restructure its debt and continue operations. About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher-education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. APPLE TREE: Seeks Chapter 11 Bankruptcy in Delaware --------------------------------------------------- On December 9, 2025, Apple Tree Life Sciences, Inc., filed for Chapter 11 protection in the District of Delaware. According to court filing, the Debtor reports between $100,000 and $500,000 in debt owed to 1 and 49 creditors. About Apple Tree Life Sciences, Inc. Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre -intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, the Debtor reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors' General Bankruptcy Co-Counsel is L. Katherine Good, Esq. of POTTER ANDERSON & CORROON LLP. The Debtors' General Bankruptcy Co-Counsel is QUINN EMANUEL URQUHART & SULLIVAN, LLP. The Debtors' Financial & Restructuring Advisor is B. RILEY. The Debtors' Cayman Law Counsel is WALKERS. ARTWOOD ENGINEERING: Mark Sharf Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 17 appointed Mark Sharf, Esq., a practicing attorney in Los Angeles, as Subchapter V trustee for Artwood Engineering and Building Commissioning, LLC. Mr. Sharf will charge $660 per hour for his services as Subchapter V trustee and $150 per hour for his trustee administrator's services. In addition, the Subchapter V trustee will seek reimbursement for work-related expenses incurred. Mr. Sharf declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Mark Sharf, Esq. 6080 Center Drive, 6th Floor Los Angeles, CA 90045 Telephone: (323) 612-0202 Email: mark@sharflaw.com About Artwood Engineering and Building Commissioning Artwood Engineering and Building Commissioning LLC, based in Los Angeles, California, provides construction engineering and building commissioning services, including project and construction management, primarily serving commercial clients. Artwood filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-20971) on December 8, 2025, with $1,468,329 in assets and $1,348,946 in liabilities as of December 3, 2025. Marcus Jackson, sole member and managing member, signed the petition. Judge Barry Russell presides over the case. Don Nguyen, Esq., at the Law And Justice Legal Services represents the Debtor as bankruptcy counsel. ATHENIAN EACADEMY: S&P Affirms 'BB' LT Rating on 2024A/B Rev Bonds ------------------------------------------------------------------ S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB' long-term rating on the Utah Charter School Finance Authority's series 2024A and 2024B charter school revenue bonds issued for Athenian eAcademy (Athenian). The outlook revision reflects S&P's view of Athenian's recent financial outcomes, leading to unexpected, material weakening in the liquidity profile as well as expectations for higher pro forma debt, such that liquidity and debt metrics may no longer remain consistent with currently rated peers. S&P analyzed environmental, social, and governance factors and consider them neutral in our credit rating analysis. S&P said, "The negative outlook reflects the one-in-three chance of a rating change within the outlook period, based on recent liquidity trends and the expectation that debt metrics could become pressured through the inclusion of the Moab obligation, such that these metrics could no longer support the current rating despite enrollment growth. "We could consider a downgrade if the school materially draws down cash further or if the absorption of additional long-term obligations pressures debt metrics to levels no longer consistent with the current rating. We could also consider a negative rating action if any risks associated with enterprise factors such as unforeseen management turnover, continued audit findings, or covenant violations become heightened. "We could consider revision to a stable outlook if the school generates healthy and organic operational outcomes from tight financial management, both improving liquidity metrics and demonstrating sustainability and covenant compliance of a higher debt burden, all while maintaining recent enrollment trends." AUTO LINK: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------ On December 4, 2025, Auto Link, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $0 and $100,000 in debt owed to between one and 49 creditors. About Auto Link, Inc. Auto Link, Inc. is a U.S.-based automotive company offering vehicle sales, parts distribution, and related support services. The company works with individual and commercial clients to provide vehicles, components, and maintenance solutions. Auto Link, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11813) on December 4, 2025. In its petition, the debtor reports estimated assets and estimated liabilities each in the range of $0 to $100,000. The case is assigned to Honorable Judge Paul Baisier. The debtor is represented by J. Nevin Smith, Esq., of Smith Conerly LLP. AVALO ENTERPRISES: Linda Leali Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Avalo Enterprises, LLC. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Avalo Enterprises LLC Avalo Enterprises, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24455) on December 8, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Robert A. Mark presides over the case. BLACKSTONE MORTGAGE: S&P Affirms 'B+' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings revised its outlook on Blackstone Mortgage Trust Inc. (BXMT) to stable from negative. S&P also affirmed the 'B+' issuer credit and senior secured debt ratings. The stable outlook indicates S&P's expectation that, over the next 12 months, BXMT will maintain adequate liquidity to meet its ongoing funding needs, experience no material deterioration in asset quality from current levels, and sustain leverage below 4.5x while it continues to expand origination activity. BXMT has seen an improvement in its asset quality over the past year, as shown by a decrease in watch list loans (loans with internal ratings at BXMT of 4), a decrease in impaired loans (loans with internal ratings at BXMT of 5), and ongoing resolutions of these loans with manageable losses. Broader commercial real estate (CRE) market conditions have largely stabilized this year, supported by Federal Reserve rate cuts. Other contributors included the rebound in transaction activity and the gradual return of liquidity to the market, indicating improving sentiment. The outlook revision reflects stabilizing asset quality in BXMT's loan portfolio and improved CRE market conditions. Asset quality steadily improved over the last year, as a more active transactional and refinance market allowed lenders to resolve legacy troubled assets. As of Sept. 30, 2025, net loan exposure to loans with internal ratings at BXMT of 4 or 5 was $2.6 billion and $670 million, respectively--down from $2.8 billion and $2.3 billion, respectively, the same time last year. Also as of Sept. 30, 2025, BXMT's watch list and impaired loans were 87% of its adjusted total equity, versus 127% a year before. While the number of loans with an internal rating at BXMT of 5 has fallen, the company has taken several assets onto its balance sheet as real estate owned (REO) as part of its resolution process. REO increased to $934 million (10 assets) at the end of September from $588 million at year-end 2024. S&P said, "Our base case anticipates that BXMT may need to restructure some or all of the loans on its impaired-loan list, as well as some on its watch list, but we also expect that potential losses are adequately reserved for. Allowance for credit losses decreased to $696 million (including $505 million of asset-specific reserve) or 4% of loan receivables, from $1.0 billion (including $884 million of asset-specific reserve) last year. "Despite macroeconomic headwinds, we don't expect systemic pressure on CRE portfolios to the extent recorded over the past few years. As interest rates and cap rates remain high, BXMT's and other CRE lenders' asset valuations could continue to feel pressure. But the extent of the impact will depend on location, property type, and the underwriting quality on the properties securing their loans. "While we think the impact of high interest rates has been realized in the portfolios of CRE lenders like BXMT, we think older vintage loans (that is, those originated before first-quarter 2022), especially office loans, may cause further asset quality deterioration. In BXMT's loan portfolio ($18.1 billion as of Sept. 30, 2025), office exposure was 29% (with U.S. office at 22%), down from 35% a year before and the pre-pandemic peak of 60%." Also, as of the end of September, about 22% of BXMT's loan portfolio was originated after 2022--and that should help the portfolio withstand the ongoing challenges in the CRE market. Although BXMT's office exposure remains the highest among its rated peers, the company has strategically shifted away from this sector to other asset classes such as multifamily (25% of the loan portfolio on Sept. 30) and industrial (21%). The company is also capitalizing on attractive relative value opportunities in Europe and Australia, further diversifying its geographic footprint. S&P saw BXMT ramp up its origination activity as market conditions stabilized. BXMT's leverage was 4.3x as of Sept. 30, 2025, compared with 4.0x on Dec. 31, 2024. Originations are gradually increasing, and BXMT has closed $5.3 billion of investments year to date, including $4.4 billion in loan originations. For the third quarter, distributable earnings before charge-offs were 48 cents per share, covering the 47-cent-per-share dividend. However, including charge-offs, distributable earnings were 24 cents per share. S&P said, "In our base case, we don't expect a precipitous decline in distributable earnings from current levels, and we think ongoing resolutions of troubled assets and deployment in new originations should improve earnings. We anticipate that BXMT will likely take a long-term view before any potential reduction to its quarterly dividend. "We expect BXMT to maintain adequate liquidity to meet its operational needs. BXMT's cash on hand of $378 million as of Sept. 30, 2025; its availability of roughly $844 million across various funding facilities; and its expected loan maturities of at least $5.1 billion in 2025-2026 will, in our view, be sufficient to cover future funding obligations of $431 million and distributions of about $323 million over the next 12 months. We anticipate that new originations and the investment in the REO portfolio will be additional calls on liquidity." Positively, an increased investor risk appetite and a tightening of credit spreads allowed BXMT and other CRE lenders to prudently reduce their cost of funding by refinancing and upsizing their secured term loans. BXMT was able to borrow about $2.2 billion through term loans and issue $831 million in collateralized loan obligation (CLO) financing. As of Sept. 30, 2025, BXMT had $15.5 billion of debt outstanding (28% mark to market), 62% of which was repurchase facilities, 16% of which was CLOs, and 11% of which was term loans. The company refinanced its 2026 debt maturities subsequent third quarter end, resulting in no corporate debt maturities scheduled for 2026. 2027 maturities are manageable, with $335 million of notes and $266 million of convertible notes due in January and March, respectively. BXMT's common stock traded at approximately 88% of book value on Sept. 30, 2025, which limits its flexibility to raise capital through the equity markets. The stable outlook reflects S&P's expectation that over the next 12 months--despite macroeconomic headwinds--BXMT will maintain adequate liquidity to meet its ongoing funding needs, experience no material deterioration in asset quality from current levels, and sustain leverage below 4.5x while it continues to expand origination activity. S&P could lower the ratings over the next 12 months if: -- Asset quality deteriorates significantly (as evidenced by a material increase in provisions for loan losses, nonaccrual loans, transfers to real estate owned, or a substantial rise in loans with internal ratings at BXMT of 4 or 5); -- Liquidity weakens materially, in S&P's view; or -- Leverage (measured as debt to adjusted total equity) rises above 4.5x on a sustained basis. An upgrade is unlikely over the next 12 months. Over time, S&P could raise the ratings if BXMT materially improves its asset quality--as evidenced by lower exposure to REO and loans with internal ratings at BXMT of 4 or 5--compared with its similarly rated peers. S&P could also raise the ratings if the company meaningfully diversifies its funding such that unsecured debt becomes a larger part of the funding mix. An upgrade is contingent on leverage being well below 4.0x. BOSQUE BREWING: Seeks to Use Cash Collateral -------------------------------------------- Bosque Brewing Co., LLC asks the U.S. Bankruptcy Court for the District of New Mexico for authority to use cash collateral for the period of January 1 through March 31, 2026. The Debtor, which filed for Chapter 11 on October 6, continues to operate its 11-location brewery, taproom, and restaurant business under existing cash collateral orders without any allegations of default. It asserts that continued access to cash collateral is critical to maintaining operations, paying employees, preserving vendor and customer relationships, and preventing irreparable harm that would otherwise follow a shutdown. As of the petition date, the Debtor reports assets valued at approximately $2,063,878 and identifies several secured and purportedly secured creditors. Live Oak Bank, holding perfected first-priority liens on all assets except certain equipment, is partially secured in the amount of about $1.94 million and is the only creditor potentially entitled to adequate protection payments. Other creditors including the U.S. Small Business Administration, New Mexico Recovery Fund, L.P., First Citizen's Bank & Trust, Channel Partners Capital, and WebBank are wholly unsecured under 11 U.S.C. section 506(a) and therefore not entitled to adequate protection. The Debtor argues that Live Oak Bank, as an undersecured creditor, may receive adequate protection only to prevent collateral value decline and not post-petition interest, and that any payments should be applied to principal. The Debtor is negotiating with Live Oak Bank and proposes $10,000 per month in adequate protection. The Debtor requests approval of a detailed budget for the second cash collateral period and offers replacement liens to secured creditors to protect against any diminution in collateral value. It believes that its operations will produce positive cash flow and avoid the accrual of senior tax liens, further protecting creditor interests. A copy of the motion is available at https://urlcurt.com/u?l=m6J5b4 from PacerMonitor.com. About Bosque Brewing Co. LLC Bosque Brewing Co., LLC doing business as Restoration Pizza and The Drinkery, operates as a craft brewery and hospitality company based in Albuquerque, New Mexico. The Company produces and sells a range of craft beers at its brewery and taproom while also offering dining experiences through Restoration Pizza and a 21+ beverage-focused environment at The Drinkery. It serves the Albuquerque area with a focus on local community engagement and multiple on-site operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.M. Case No. 25-11236 on October 6, 2025, listing between $1 million and $10 million in assets and liabilities. Gabriel Jensen, managing member and chief executive officer, signed the petition. Judge Robert H. Jacobvitz oversees the case. The Debtor is represented by Chris Gatton, Esq. at Gatton & Associates, P.C. BSG CORP: Gerard Luckman Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 2 appointed Gerard Luckman, Esq., at Forchelli Deegan Terrana, LLP as Subchapter V trustee for BSG Corp. Mr. Luckman will be paid an hourly fee of $725 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Luckman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gerard R. Luckman, Esq. Forchelli Deegan Terrana, LLP 333 Earle Ovington Blvd., Suite 1010 Uniondale, NY 11553 Tel: (516) 812-6291 Email: gluckman@ForchelliLaw.com About BSG Corp. Bio-Signal Group Corp. (BSG Corp.) develops neurodiagnostic solutions that provide functional brain assessment across medical, military, sports, and consumer markets. The Company's offerings include the microEEG portable EEG system and a range of complementary components, such as the StatNet disposable electrode headset, the EzeNet semi-disposable headpiece, and HydroDot biosensors used for EEG signal acquisition. Bio-Signal Group also provides EEG interpretation services through its EEG Interpretation Platform and physician panel, facilitating clinical-grade brain monitoring anytime and anywhere. Bio-Signal Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12755) on December 8, 2025, with $1 million to $10 million in assets and liabilities. Andre Fenton, president of Bio-Signal Group, signed the petition. Judge John P. Mastando III presides over the case. Ru Hochen, Esq., at Romano Law, PLLC represents the Debtor as bankruptcy counsel. BSG CORP: Section 341(a) Meeting of Creditors on January 7 ---------------------------------------------------------- On December 8, 2025, BSG Corp. filed for Chapter 11 protection in the Southern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on January 7, 2026 at 03:00 PM at Zoom.us - USTrustee 1: Meeting ID 160 7717 9142, Passcode 0186029495, Phone 1 (202) 381-3292. About Bio-Signal Group Corp. (BSG Corp.) BSG Corp. develops neurodiagnostic solutions that provide functional brain assessment across medical, military, sports, and consumer markets. The Company's offerings include the microEEG portable EEG system and a range of complementary components, such as the StatNet disposable electrode headset, the EzeNet semi-disposable headpiece, and HydroDot biosensors used for EEG signal acquisition. Bio-Signal Group also provides EEG interpretation services through its EEG Interpretation Platform and physician panel, facilitating clinical-grade brain monitoring anytime and anywhere. BSG Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12755) on December 8, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge John P. Mastando III handles the case. The Debtor is represented by Ru Hochen, Esq. of ROMANO LAW PLLC. BUDDY MAC: Gets Interim OK to Use Cash Collateral Until Jan. 5 -------------------------------------------------------------- Buddy Mac Holdings, LLC and its affiliates received interim approval from the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, to use cash collateral to fund operations. The court authorized the Debtors to use cash collateral consistent with their budget through January 5, 2026, subject to earlier termination upon appointment of a Chapter 11 or Chapter 7 trustee or an uncured default. Phonix RBS, LLC, the Debtors' lender, will be granted replacement liens on and security interests in certain assets, with the same priority, validity and extent as its pre-bankruptcy liens. The replacement liens do not apply to Chapter 5 causes of action. In case the replacement liens prove inadequate, Phonix will be granted superpriority administrative expense claims, subject to the fee carveout. The final hearing is set for January 5, 2026, with objections due by December 29. The interim order is available at https://is.gd/u1yAnZ from PacerMonitor.com. The cash collateral is primarily held by Phonix, which asserts a lien on all or substantially all assets of the Debtors, including BMH RTO, LLC and its subsidiaries. Under the pre-bankruptcy loan agreement, the current principal outstanding is $12,620,605.79, along with accrued and unpaid interest and costs. About Buddy Mac Holdings LLC Buddy Mac Holdings, LLC, together with its affiliates, operates a rent-to-own retail business selling home furnishings, electronics, and appliances, allowing customers to make periodic payments with the option to complete purchase or return the product at any time. The company began its rent-to-own operations in 2014 as a franchisee of Buddy's Home Furnishings and has expanded to operate 47 store locations across Arkansas, Florida, Illinois, Kansas, Missouri, New Mexico, Oklahoma, and Texas. It offers products under franchise agreements, with typical customer contracts spanning 12 to 18 months. Buddy Mac Holdings and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-34839) on December 4, 2025. In the petition signed by William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to $50 million in both assets and liabilities. John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents the Debtors as legal counsel. BULLIVANT HOUSER: Seeks Chapter 11 Bankruptcy After Nov. Closure ---------------------------------------------------------------- Rose Krebs of Law360 reports that the shuttered firm Bullivant Houser Bailey PC has entered Chapter 11 in California, with its chief dissolution officer saying the move was necessary to liquidate assets while maintaining an "orderly wind-down" of the firm. The bankruptcy provides a court-supervised framework for resolving claims following the firm’s closure. In filings, the firm said the case will help it sell remaining assets and manage outstanding debts and liabilities tied to its former operations. The Chapter 11 process is intended to streamline the wind-down and maximize value for creditors as the firm completes its dissolution. About Bullivant Houser Bailey PC Bullivant Houser Bailey PC was a West Coast law firm founded in 1938 and headquartered in Portland, Oregon, with offices in California, Washington, and Nevada. The firm offered a broad range of legal services, including corporate law, commercial litigation, employment, real estate, insurance coverage, and products liability. Bullivant Houser Bailey PC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-31017) on December 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Kevin W. Coleman, Esq. of Nuti Hart LLP. CAPITAL PROJECTS: Moody's Cuts Rating on $109.3MM Rev. Bonds to Ba3 ------------------------------------------------------------------- Moody's Ratings has downgraded to Ba3 from Ba1 the rating on Capital Projects Finance Authority's (FL) $109.3 million Student Housing Revenue Bonds (PRG -UnionWest Properties LLC Project), Senior Series 2024A-1 (Tax-Exempt) and 2024A-2 (Taxable). The outlook is revised to negative from ratings under review. The rating action concludes the review for downgrade initiated on November 17, 2025. RATINGS RATIONALE The downgrade to Ba3 reflects the sharp decline in fall 2025 occupancy, which was 68% compared to 94% (per the O/S dated June 1st FY2024), primarily due to resident no-shows, skips, and evictions. The December 01, 2025 debt service payment was made using funds from the bond fund and operating contingency accounts. As a result, all escrow accounts (except for the debt service reserve fund) have been largely depleted, with only $1.25 million remaining. Management reports that spring 2026 occupancy remains at 68%. Operating revenues and the remaining contingency funds will likely not be enough to cover the June 01, 2026 payment, which will result in a draw on the debt service reserve fund. RATING OUTLOOK The negative outlook reflects the project's ongoing liquidity decline and persistent occupancy challenges, which are expected to continue over the outlook period. A further downgrade is likely upon a tap to the debt service reserve and/or if financial performance fails to materially improve during the 2026-2027 academic year, resulting in significant additional reserve draws. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Sustained occupancy growth and/or financial support from UCF and Valencia College that positively impacts debt service coverage to above 1.2x FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Taps to the debt service reserve fund -- Prolonged sub-par occupancy and rent levels below prior years PROFILE PRG - UnionWest Properties whose sole member is Provident Resources Group ("Provident"), was established for the purposes of planning, developing, acquiring, financing, equipping, operating, and maintaining a mixed-use student housing facility located in the City of Orlando, Florida, for the benefit of the University and Valencia College. METHODOLOGY The principal methodology used in these ratings was Global Housing Projects published in August 2024. CAUSEY STREETER: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Georgia entered a final order authorizing Causey Streeter CPAs LLC to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with the final budget, finding such use essential to preserving estate value. The U.S. Small Business Administration may hold liens on certain personal property and may claim an interest in the Debtor's revenue, which constitutes cash collateral under Section 363 of the Bankruptcy Code. As adequate protection for the SBA's potential secured interest, the court granted the creditor an automatically perfected replacement lien on the Debtor's post-petition assets similar to its pre-bankruptcy collateral. This replacement lien does not apply to proceeds of Chapter 5 avoidance actions. In addition, the Debtor must continue making monthly payments to the SBA under the loan agreement. The final order is available at https://is.gd/ovyotd from PacerMonitor.com. About Causey Streeter CPAs LLC Causey Streeter CPAs, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61703) on October 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Paul Baisier oversees the case. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. CHIC & COMPANY: Seeks Subchapter V Bankruptcy in Georgia -------------------------------------------------------- On December 5, 2025, Chic & Company Studio, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Georgia. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About Chic & Company Studio, LLC Chic & Company Studio, LLC is a U.S.-based salon and beauty studio offering hair and personal care services. The company provides styling, grooming, and beauty treatments to its customer base. Chic & Company Studio, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ga. Case No. 25-41151) on December 5, 2025. In its petition, the debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1 million. The case is assigned to Honorable Edward J. Coleman III. The debtor is represented by Jon A. Levis, Esq., of Levis Law Firm, LLC. CK BUILDERS: To Sell San Antonio Property to K. Ortiz & L. Craig ---------------------------------------------------------------- CK Builders LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The asset proposed to be sold is real property and improvements described as 318 Elks Division, San Antonio, TX 78211. The Debtor's Court appoints Realtor Laurie Robinson. The contact was escrowed with Key Title Group. The Bexar Appraisal District values the real property in the amount $130,000 for 2025. The Debtor scheduled the real property with a value of $175,000. A copy of the One to Four Family Residential Contract is attached as Exhibit A. https://urlcurt.com/u?l=hRQUE1 The Debtor believes that the proposed sale of the real property to Kristopher R. Ortiz and Lily K. Craig for the cash sales price in the amount of $158,000 represents a fair price for the real property. The sale is subject to third party financing addendum in the amount of $152,470. The Debtor believes that the proposed sale of the real property generates a reasonable value based upon the asset proposed to be sold and its marketability/condition under the circumstance of the sale. The Property is not subject to a mortgage loan to any lender. The real property is subject to ad valorem taxes to Bexar County. The Debtor asserts that the sale proposed is in good faith and in the best interests of the Debtor and its creditors. About About CK Builders LLC CK Builders, LLC provides home improvement and general contracting services in the Pipe Creek and San Antonio areas of Texas. The Company holds a home improvement contractor license and has completed various residential remodeling and repair projects. CK Builders sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51458) on June 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and up to $50,000 in liabilities. Judge Craig A. Gargotta handles the case. The Debtor is represented by William R. Davis, Jr., at Langley & Banack, Inc. COGECO COMMUNICATIONS: S&P Affirms 'BB' ICR, Outlook Stable ----------------------------------------------------------- S&P Global Ratings revised its outlook on U.S. cable operator Cogeco Communications (USA) Inc. (doing business as Breezeline) to stable, in conjunction with the parent, and affirmed all the ratings, including the 'BB' issuer credit rating, which benefits from parental support. However, operating metrics at Breezeline remain weak, as it lost about 27,000 broadband subscribers and earnings declined about 3% in 2025. As a result, S&P revised its downgrade threshold for the stand-alone credit profile (SACP) for Breezeline to 4.75x from 5.25x. Breezeline's SACP remains 'bb-'. The stable outlook on Breezeline reflects its ability to pay down debt using its solid cash flow such that its net S&P Global Ratings-adjusted debt to EBITDA could decline 0.2x-0.3x per year. However, our issuer credit rating largely reflects the credit strength of its parent. S&P said, "We expect U.S. cable operator Cogeco Communications (USA) Inc.'s (doing business as Breezeline) parent Cogeco Communications Inc.'s leverage to improve, falling below 3.5x over the next 12-months as EBITDA and free operating cash flow (FOCF) remain stable. "Therefore, we revised our outlook on Breezeline to stable, in conjunction with the parent, and affirmed all the ratings, including the 'BB' issuer credit rating, which benefits from parental support." However, operating metrics at Breezeline remain weak, as it lost about 27,000 broadband subscribers and earnings declined about 3% in 2025. S&P said, "We believe that intensifying competition will continue to pressure Breezeline's subscriber metrics in 2026. We project Breezeline's broadband subscriber base will contract about 4% in 2026, driving broadband penetration down to about 33% from 34.4% in 2025. We believe the company's competitive overlap with fiber-to-the-home (FTTH) providers and hybrid fiber coaxial cable overbuilders has increased to about 50% from roughly 25% in 2021. Furthermore, we expect that this overlap will continue to grow over time as competing telco's increasingly view FTTH as a strategic asset in a converging marketplace. Greater competition from other broadband providers is pressuring both broadband average revenue per user (ARPU) and subscriber growth. In addition, wireless carriers are offering in-home broadband with fixed wireless access (FWA), which has limited Breezeline's ability to take share from digital subscriber line (DSL) providers because many of these consumers are opting to switch to cheaper FWA services instead of converting to cable. "We believe FTTH poses a competitive threat to small cable operators such as Breezeline. We believe FTTH competitors such as Frontier, Verizon, and AT&T will take market share because they offer very fast data speeds, which could increase customer churn.” Furthermore, Verizon and AT&T are increasingly bundling discount fiber with its wireless services. Breezeline is not as well positioned as larger peers Comcast Corp. and Charter Communications Inc. to effectively defend against FTTH competition given its scale disadvantages to profitably bundle mobile service via a mobile virtual network operator agreement with its in-home broadband product. It also lacks scale to offer a more compelling video product like Charter to help retain its broadband customers. FWA will continue to pressure cable subscriber additions over the near term. The technology works well and is offered at lower prices. S&P said, "Therefore, we believe FWA could make it more challenging for Breezeline to add customers, especially at the lower end of the market. In addition, the company's residential broadband ARPU is one of the industry's highest, representing a material risk. We believe the company's FWA competitors now offer their services in most of its markets at lower prices, typically about $50 per month or $35 if bundled with a mobile service. We believe the company could respond with new, low-priced options, which could result in repricing its existing customer base, leading to significant declines in ARPU and continued declines in broadband revenue." S&P said, "We believe Breezeline can return to positive earnings growth in 2026 on continued margin improvement. This is due to the continued benefits of the company's cost reduction efforts and lower integration and due diligence expenses, resulting in margins reaching 50% from 47.3% in 2025. We believe the company can reduce expenses by $45 million-$50 million on lower programming expenses, workforce management improvements, contract renegotiations, and increased automation and digitalization, such that earnings increase 0%-1% in 2026. This follows roughly $50 million in cost reductions in 2025 during the first year of the company's three-year expense optimization initiative. In 2027, we believe Breezeline can reduce expenses by an additional $30 million-$40 million on lower programming expenses and workforce efficiencies, such that margins reach 51%. "Longer term, we believe margin expansion and earnings growth will be limited because of fewer opportunities to make meaningful cost cuts. In addition, if cost cutting actions become too aggressive, there is the potential that under investment in the workforce could result in lower revenue if customer churn increases because of a more competitive marketplace. "We believe Breezeline's good cash flow will enable it to manage its leverage even amid a challenging operational environment. We believe the company will generate FOCF of about $155 million-$165 million in 2026, in line with 2025, on similar levels of capital spending totaling about $200 million. Still, lower net debt balances combined with 0%-1% earnings growth in 2026 should enable the company to deleverage to about 4.4x from 4.7x as of fiscal-year-end 2025. "We treat Caisse de dépôt et placement du Québec's (CDPQ) $315 million, 21% equity stake in the company as a debt-like obligation, which adds about 0.6x-0.7x to our leverage calculations. Still, we recognize the benefits of the instrument, which does not hurt FOCF because there is no interest component. "Our rating on its parent limits any movement in our rating on Breezeline. We apply a positive one-notch adjustment to our SACP on Breezeline to reflect the support from its parent, Cogeco Communications. We incorporate this adjustment because we believe its parent will likely support the business in times of stress given that it accounts for about 50% of the parent's overall earnings and cash flow. "The stable outlook on Breezeline reflects its ability to pay down debt using its solid cash flow such that its net S&P Global Ratings-adjusted debt to EBITDA could decline 0.2x-0.3x per year. However, our issuer credit rating largely reflects the credit strength of its parent. "We are unlikely to downgrade the company because we can apply up to three notches of uplift (subject to a cap one notch below the 'bb+' group credit profile) to our SACPs for strategically important subsidiaries, such as Breezeline. Therefore, the most likely path to a downgrade would involve a downgrade of its parent. "Separately, we could lower our SACP on the company if its leverage rises above 4.75x, which we view as unlikely given our expectation for leverage in the mid-4x area on lower net debt balances and marginal earnings growth over the next 12 months. This would not affect our issuer credit rating on Cogeco Communications (USA) Inc. unless we lower our SACP by more than two notches. "An upgrade is unlikely because we cap our rating at one notch below our 'BB+' rating on its parent. Therefore, the most likely path to an upgrade would involve an upgrade of the parent. Separately, we could revise our SACP on the company if management commits to maintain leverage of less than 4x on a sustained basis. "This would not affect our 'BB' issuer credit rating on Cogeco Communications (USA) Inc. unless we raise our SACP by two notches, to be in line with our SACP on its parent, which is highly unlikely." COGECO COMMUNICATIONS: S&P Sub Affirms 'BB+' Issuer Credit Rating ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BBB-' issue-level rating on Quebec-based regional cable operator Cogeco Communications Inc.'s senior secured debt and its 'BB+' issue-level rating on unsecured debt. The stable outlooks reflect our expectation that Cogeco's leverage will improve by 0.1x-0.2x to about 3.4x in the next 12 months as the company's EBITDA remains stable and FOCF remains strong. S&P expects Cogeco Communications Inc.'s leverage to improve below 3.5x in the next year as the company's EBITDA and free operating cash flow (FOCF) remains stable. The company's 2025 leverage improvement to around 3.5x reflects the company's focus on operating efficiency and debt repayment from robust free cash flow. The stable outlook reflects our expectation that Cogeco's leverage will improve modestly as it continues to generate stable EBITDA and FOCF. S&P said, "We project Cogeco's leverage to improve to about 3.4x in fiscal 2026 (ending August 31). The company has embarked on a three-year transformation program, in which it focused on cost savings in the first year (fiscal 2025) and will emphasize both cost savings and top line growth for the following two years (fiscal 2026 and 2027). We estimate that recent measures will lead to about $45 million-$50 million in annualized cost savings, while various strategies to support top line growth (either through selling higher-margin products or lowering churn in customer base) should support stable EBITDA. While we expect capex intensity largely unchanged in fiscal 2026, we expect FOCF to remain close to 2025 levels and thus bring leverage down by 0.1x-0.2x to 3.4x in fiscal 2026." S&P said, "In our view, the company's geographic diversity leads to limited pressure on EBITDA compared with other regional cable players, especially in the U.S. We still expect 2026 S&P Global Ratings-adjusted EBITDA to show minimal decline signifying the Canadian subsidiary Cogeco Connexion's robust growth in internet subscribers, offset by continued attrition in the legacy video and phone services. Growth opportunities in Canada reflect expansion in Ontario markets (with support from government subsidies) and adding customers on the Oxio platform in most of Canada. Recent wireless service offerings as an MVNO will also reduce churn in the company's legacy footprint. "We forecast the company will continue to increase the number of internet subscribers in its Canadian operations and maintain its average revenue per user (ARPU) supported by core price increases. However, in 2026 we expect Cogeco Connexion's EBITDA will remain flat as growing broadband revenues and better efficiency are offset by cord cutting and higher costs from an expanding wireless operation. Lower promotion intensity, strategic increases in core internet pricing, and increased penetration as networks expand will support Cogeco Connexion's EBITDA growth in 2027. That said, we believe competition in the mature market, slowing population growth, and value-seeking behavior of consumers could generate headwinds to Cogeco Connexion's earnings growth over the near term." Cogeco's U.S. subsidiary, Breezeline (about 45% - 50% of consolidated EBITDA in Canadian dollars), still faces competitive headwinds from incumbent telco operators. These companies continue to overbuild with fiber technology while offering wireless and wireline bundling services at competitive rates, and these telcos offer services using fixed wireless access (FWA) technology. S&P estimates overlap with overbuilders and FWA is about 50%, up from 25% in 2021. These factors contributed to lower revenue and EBITDA for fiscal-year-end 2025. S&P said, "We forecast Breezeline's revenues will continue to decline through fiscal 2026 due to continued cord cutting offset by lower internet subscriber erosion. The company is focused on maintaining high-margin customers and cutting costs that should keep EBITDA flat to slightly up for 2026. Overall, for 2026 we expect Cogeco's consolidated S&P Global adjusted EBITDA to show modest decline." Cogeco's stable EBITDA and lower capital expenditure (capex) will support credit metrics for the next 12 months. S&P said, "We expect S&P Global Ratings-adjusted debt to EBITDA will improve marginally to about 3.4x in 2026. We also expect consolidated EBITDA to show marginal decline from 2025 levels but 2026 FOCF to stay strong at C$460 million-C$500 million. The competitive intensity in the Canadian market reduced as larger incumbents pulled back from deep promotions that pressured ARPU. Cogeco's wireless offerings should support subscriber retention and the impact of its transformation strategy should support margins. At the same time, we expect margins to modestly grow in the U.S. despite lower absolute EBITDA. A strategic focus on subscriber adds to higher-speed subscription tiers will be offset video and telephone subscriber losses as well as increased marketing and promotional costs. As a result, for 2026, we expect S&P Global Ratings-adjusted consolidated EBITDA will be marginally lower than 2025, when incorporating any restructuring and the wireless costs in our EBITDA calculations." The company's 2026 capex plans remain stable, which will support free cash flow and continue to reduce net balance sheet debt compared with last year. As part of its plan to extend its high-speed internet coverage to underserved and unserved areas in Canada; Cogeco will continue its fiber-to-the-home (FTTH) internet network expansion projects in Ontario and will pursue in-fill opportunities in the U.S. S&P said, "Therefore, we anticipate its capex will remain C$560 million-C$600 million in fiscal 2026, with consolidated capital intensity close to 20%, similar to fiscal 2025. As a result, adjusted FOCF to debt will remain unchanged in 2026 at about 10%. Similar to 2025, we expect the company to make dividend payments and no share buybacks, which should support discretionary cash flow." S&P said, "Our debt calculations also include La Caisse's US$315 million 21% equity stake in the company, which we treat as a debt-like obligation. We also incorporate parent Cogeco Inc.'s debt (about $134 million of existing debt) and EBITDA in our leverage calculations. For the 12-month-ended August 2025, the company exited with 3.6x leverage, which we expect to improve to 3.4x by fiscal 2026. "We expect management will focus on deleveraging for the next two years. Mid fiscal-2024, the management team announced a three-year strategic transformational program focused on creating operational efficiencies and revenue growth. The company aimed to identify cost synergies with an increased focus on digitization, and analytics. With the lion share of cost reduction completed in fiscal 2025 and a focus on growing customers and revenues in the next two years, we expect to see the benefits of the program in EBITDA and margins in fiscal 2026." Furthermore, after buying back shares from Rogers Communications Inc. in December 2023, Cogeco paused its share buyback program until the company's leverage hits its target of low-3x (equivalent to S&P Global Ratings-adjusted leverage of 3.5x). We expect the company to focus on prudent capital allocation and any acquisitions will be tuck-ins. S&P estimates Cogeco will generate positive discretionary cash flow (after dividends) of above C$300 million over the next 12 months and improve S&P Global Ratings-adjusted debt to EBITDA to about 3.4 in fiscal 2026. S&P said, "The stable outlook reflects S&P Global Ratings' expectation that Cogeco will focus on EBITDA stability and debt repayment as the impact of its transformation strategy materializes. We expect more normal earnings growth and moderate discretionary cash flow should lead to adjusted leverage in the 3.3x-3.4x range through fiscal 2027." S&P could lower its rating on Cogeco over the next 12 months if: -- S&P expects S&P Global Ratings-adjusted debt to EBITDA weakens above 3.5x on a sustained basis due to underperformance at the telecommunications operations (on a consolidated basis) due to increased competition; or -- S&P assesses the consolidated business risk profile to be weaker, mostly because of lackluster performances at its U.S. subsidiary without sufficient offsets from its Canadian operations. Although unlikely in the short term, S&P could raise its ratings on Cogeco if: -- The company adopts more moderate financial policies by sustaining its consolidated adjusted debt leverage below 2.75x; and -- Improves operations such that revenue and EBITDA grows, reflecting lower competitive intensity in both Canada and U.S. CRESCENT ENERGY: S&P Upgrades ICR to 'BB-', Outlook Stable ---------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on independent oil and gas exploration and production (E&P) company Crescent Energy Co. to 'BB-' from 'B+' and removed the rating from CreditWatch, where S&P placed it with positive implications on Aug. 26, 2025. At the same time, S&P affirmed its 'BB-' issue-level rating on the company's unsecured notes. S&P also revised its recovery rating to '3' (rounded estimate: 65%) from '2'. The stable outlook reflects S&P's expectation that Crescent's credit metrics will remain appropriate for the rating over the next two years, including funds from operations (FFO) to debt in the 45%-50% range and S&P adjusted debt to EBITDA in the 1.7x-1.9x range, supported by the incremental production from the Vital assets and our assumption it will use the majority of its discretionary cash flow and asset sale proceeds for debt reduction over the next 12 months. The upgrade reflects Crescent's larger scale, greater geographic diversification, and stronger expected profitability following the acquisition. The Vital acquisition will initially increase the company's proved reserves and current production by 50% and establish a new operating area in the oil-focused Permian Basin. S&P said, "Although Vital's Permian acreage is spread across the Midland and Delaware basins, we believe Crescent will be able to keep the operating costs of its acquired assets at least flat, which--combined with a higher oil and liquids content--will likely improve its profitability. In addition, management has identified at least $90 million-$100 million of expected cost synergies (primarily related to overhead and capital allocation), which will support its cash flow generation. We estimate Crescent's pro forma production will average 325,000 barrels of oil equivalent per day (boe/d)-335,000 boe/d in 2026, which is up 30% from its stand-alone level of 253,000 boe/d in the third quarter." Crescent's pro forma proved reserves and production levels are closer to those of its higher-rated peers. The company will now be larger than some of its peers, such as Murphy Oil Corp. (BB+/Negative/--), and just slightly smaller than Permian Resources (BB+/Positive/--). S&P said, "However, we believe execution risk is high given that the Permian is a new operating area for Crescent, its acquired acreage is not considered Tier 1 relative to other companies' Permian assets, and Vital's assets are somewhat scattered throughout the basin. Importantly, while the Permian is a new operating area for the company, Crescent recently hired Joey Hall, who previously worked for Permian-focused producer Pioneer Natural Resources and has extensive experience in the region, as its new COO. We also note Crescent's historical operating costs have been higher than peers on a per-unit of production basis, although we expect them to come down as a result of the new Permian production and asset sales. Despite expected production declines on the acquired assets in 2026 and 2027, we anticipate it will generate material free operating cash flow (FOCF). In line with its typical approach following an acquisition, Crescent intends to slow its activity on the Vital assets to focus on its FOCF generation. While Vital had been running four rigs, Crescent plans to reduce that to one to two rigs, which we expect will lead to production declines on the acquired assets in 2026 and 2027. Based on a pro forma annual capital budget of about $1.2 billion, we estimate that the company will generate $750 million-$850 million of FOCF per year in 2026 and 2027. In addition, Crescent has assumed Vital's hedge book and has over 50% of its pro forma oil production and more than 70% of its natural gas production hedged at above market prices for 2026, which will also support FOCF next year." S&P said, "We expect the company will allocate most of its DCF and asset sale proceeds for debt reduction over the next 12 months. We anticipate this will enable Crescent to maintain appropriate leverage for the higher rating. The company has announced definitive agreements to sell over $900 million of non-core assets, primarily conventional assets in the Rockies and Barnett shale, along with non-operated assets in the DJ Basin. The divestitures will also transfer about $240 million of asset retirement obligations, which we include in our adjusted debt metric. We expect Crescent will use these proceeds, along with the majority of its DCF (FOCF less dividends) to repay debt. Shortly after close of the acquisition, the company intends to pay off the amounts outstanding under Vital's reserve-based lending (RBL) facility (about $705 million as of Sept. 30, 2025) and we expect it will pay down the remaining $500 million of its legacy 9.25% senior unsecured notes due 2028 early next year. We anticipate Crescent will prioritize debt reduction over the next 12 months as it works to reduce its leverage toward its long-term 1.0x company reported debt to EBITDA target. Therefore, we estimate the company's FFO to debt will be in the 45%-50% range over the next two years, which we consider appropriate for the 'BB-' issuer credit rating given its larger scale. "The stable outlook reflects our expectation that Crescent's credit metrics will remain appropriate for the rating over the next two years, including FFO to debt in the 45%-50% range and S&P adjusted debt to EBITDA in the 1.7x-1.9x range, supported by the incremental production from the Vital assets and our assumption it will use the majority of its DCF and asset sale proceeds for debt reduction over the next 12 months. "We could lower our rating on Crescent if we expect its FFO to debt will decline well below 45% for a sustained period. This would most likely occur if the company's production falls short of our expectations, its costs exceed our estimates, or it does not use its DCF and asset sale proceeds to repay debt as we currently anticipate. "We could raise our rating on Crescent if it increases its size and scale or improves its profitability to levels that are more in line with those of its higher-rated peers, while expanding its FFO to debt closer to 60% on a sustained basis. This would most likely occur if the company achieves greater operating efficiencies than we currently anticipate, reduces the costs on its acquired assets, and uses its DCF and asset sale proceeds to repay debt." D2 GOVERNMENT: Court Extends Cash Collateral Access to Dec. 31 -------------------------------------------------------------- D2 Government Solutions, Inc. received eighth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral through December 31. The eighth interim order authorized the Debtor 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 total operational expenses of $500,703. As protection for any diminution in value of the lenders' interests in their collateral, the lenders will be granted a post-petition continuing replacement lien on assets, including accounts receivables generated post-petition, similar to their pre-bankruptcy collateral. The replacement lien will have the same validity, perfection, extent and priority as the lenders' pre-bankruptcy lien. Meanwhile, LSQ Funding Group, LC, a creditor, will receive a $6,000 payment as adequate protection. The Debtor, which operates as a defense contractor across the U.S., filed for bankruptcy largely due to delays in payments on government contracts, its primary source of income. All receivables from the Debtor's contracts are handled through a factoring agreement with LSQ Funding Group, which holds a significant reserve. Although several recorded UCC-1 filings show blanket liens from the U.S. Small Business Administration, First Corporate Solutions, and Corporation Servicing Company, the Debtor believes that most, if not all, of the pre-bankruptcy receivables had been assigned to LSQ prior to filing. Therefore, at the time of bankruptcy, the Debtor likely had no receivables generating cash collateral for these lenders. However, LSQ's reserve may still qualify as property of the estate and potentially subject to lender claims. About D2 Government Solutions Inc. D2 Government Solutions, Inc. founded in 2010, is a Service-Disabled Veteran-Owned Small Business (SDVOSB) that provides a broad spectrum of professional services to U.S. government agencies. The Company specializes in aviation-related operations including base and flight operations, aircraft maintenance, logistical support, aerial imaging, and range services. In addition, D2 offers administrative and facility support services such as mailroom operations, military transition assistance, ID processing support, clerical staffing, and medical administrative functions, reflecting its versatility in meeting diverse federal contracting needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01322) on April 11, 2025. In the petition signed by Darryl Centanni, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. The Debtor is represented by: J.M. Cook, Esq. J.M. Cook, P.A. Tel: 919-675-2411 Email: j.m.cook@jmcookesq.com DATAVAULT AI: Dream Bowl Meme Coin Distribution on Dec. 24 ---------------------------------------------------------- Datavault AI Inc., announced on December 11, 2025, that its board of directors has set December 24, 2025, as the distribution date for the Dream Bowl 2026 Meme Coin token to all eligible record equityholders of Datavault AI. December 24, 2025 will also be the distribution date for Datavault AI's voluntary distribution of Meme Coins to record holders of common stock of Scilex Holding Company (NASDAQ: SCLX), which is being made as a token of Datavault AI's appreciation for Scilex's relationship with Datavault AI as a significant stockholder of Datavault AI, licensing partner and co-sponsor of the Dream Bowl XIV event to be held on January 11, 2026. The previously announced record date for the distribution of the Meme Coins was November 25, 2025. Datavault AI expects to begin mailing detailed instructions, on or about December 12, 2025, regarding wallet setup, token access, and distribution procedures to stockholders of record of both Datavault AI and Scilex on the books and records of the transfer agents of Datavault AI and Scilex. Datavault AI also expects to file a Current Report on Form 8-K with the Securities and Exchange Commission on or about the same date outlining such instructions. Any stockholders of Datavault AI and/or Scilex that hold their shares of common stock of Datavault AI and/or Scilex in "street name" through a brokerage firm, bank, dealer or other similar organization should receive such instructions and other information from their broker, bank, dealer or other similar organization once such organizations receive the instructions from Datavault AI. In order to receive the Meme Coins, all eligible recipients will be required to open a digital wallet with Datavault AI and execute an Opt-In Agreement, pursuant to which such holders will agree, among other things, to the payment conditions set forth therein, and acknowledge that such holders understand the process for receiving the Meme Coins, that the Datavault Board can change the record date or payment date or revoke the distribution prior to the payment date, and that the Meme Coins may not have or maintain any value. Datavault AI remains firmly committed to stockholder value creation and continuous innovation. Datavault AI will commemorate the upcoming Dream Bowl XIV through this one-time distribution of the Meme Coins to eligible record equity holders of Datavault AI and record holders of common stock of Scilex. Each holder will receive an exclusive commemorative digital collectible designed with utility features, including immutable proof of ownership, embedded ticketing details, and exclusive content related to invited athletes, game highlights, and event access. The Meme Coins will be airdropped to DataVault(R) wallets beginning on December 24, 2025, subject to recipients opening a digital wallet with Datavault AI and executing an Opt-In Agreement (including to provide any additional documentation requested by Datavault AI to verify any shares of common stock of Datavault AI and/or Scilex that are held in "street name" with a brokerage firm, bank, dealer or other similar organization). The record date for the distribution may be changed by the Datavault Board for any reason at any time prior to the actual distribution date, and payment of the distribution is conditioned upon the Datavault Board not having revoked the distribution prior to the distribution date, including for a material change to the solvency or surplus analysis presented to the Datavault Board. The Meme Coin is a digital collectible intended solely for personal, non-commercial use in connection with the Dream Bowl XIV event to be held on January 11, 2026. The Meme Coin does not: (i) represent or confer any equity, voting, dividend, profit-sharing, or ownership rights in Datavault AI or any other entity; (ii) provide any right to receive monetary payments, distributions, or appreciation; or (iii) create any expectation of profit or reliance on the managerial or entrepreneurial efforts of Datavault AI or others. The Meme Coin is not designed or intended to function as an investment, currency, or financial product, and it is not being offered, sold, or distributed for fundraising or capital-raising purposes. Use of the Meme Coin is limited to entertainment, event-access, and digital-collectible functions. Any transferability features are provided solely to support personal digital item portability, and not to facilitate or imply investment or speculative use. The Meme Coins will be tradeable on Datavault AI's proprietary Information Data Exchange, which acts as a digital marketplace where registered buyers and sellers can securely exchange payment for data assets, including the Meme Coins. Datavault AI will notify holders of Meme Coins via email when they can commence trading the Meme Coins on the Information Data Exchange. Datavault AI currently anticipates that trading of the Meme Coins on such exchange will commence on or about January 11, 2026. Holders of Meme Coins may also be able to export the Meme Coins to other digital wallets. While there will be no fees associated with an eligible holder of Datavault AI securities or Scilex common stock opening a digital wallet with Datavault AI for purposes of accepting the Meme Coins in the Distribution, trades of Meme Coins made on the Information Data Exchange will incur ordinary course trading fees that are based on transaction value and embedded within the terms of the applicable smart contract. Meme Coins that are exported to and traded on other trading platforms or digital exchanges may be subject to additional fees not imposed by Datavault AI. About Datavault AI Datavault AI Inc., headquartered in Beaverton, Ore., develops and licenses patented platforms for AI-driven data management, valuation, and monetization. The Company offers cloud-based Web 3.0 solutions incorporating high-performance computing, generative AI agents, and secure data utilities. Datavault AI operates in the data technology and software licensing industry, providing tools for enterprise-grade data solutions focused on privacy and cybersecurity. BPM LLP's audit report dated March 31, 2025, included a "going concern" qualification, noting that the Company's ongoing operational losses, net capital deficiency, and cash flow situation cast significant doubt on its ability to continue operating. Management of the Company intends to raise additional funds through the issuance of equity securities or debt. There can be no assurance that, in the event the Company requires additional financing, such financing will be available at terms acceptable to the Company, if at all. Failure to generate sufficient cash flows from operations, raise additional capital and reduce discretionary spending could have a material adverse effect on the Company's ability to achieve its intended business objectives. As of June 30, 2025, the Company had $120.69 million in total assets, $46.62 million in total liabilities, and $74.07 million in total stockholders' equity. Cash and cash equivalents as of June 30, 2025 were $0.7 million compared to $3.3 million, as of Dec. 31, 2024. The Company recorded a net loss of $37.1 million and $46.7 million for the three and six months ended June 30, 2025 and used net cash in operating activities of $12.8 million for the six months ended June 30, 2025 vs $9.0 million for the six months ended June 30, 2024. Excluding non-cash adjustments, the primary reasons for the increase in the use of net cash from operating activities during the six months ended June 30, 2025, was related to an increase in the net loss. DENISE PROPERTY: Jerrett McConnell Named Subchapter V Trustee ------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Denise Property Management, LLC. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Denise Property Management LLC Denise Property Management, LLC, a company in Jacksonville, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04539) on December 8, 2025, with $1 million to $10 million in assets and liabilities. Izhak Azulay, manager, signed the petition. Judge Jacob A. Brown presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. DM ELECTRICAL: Gets Final OK to Use Cash Collateral --------------------------------------------------- DM Electrical and Construction, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral to fund operations. The court authorized the Debtor to use its revenues and other cash collateral in accordance with the budget. As adequate protection, secured creditors including Supplier Success, Mercury Funding Group Inc., The LCF Group Inc., Corporation Service Company, C T Corporation System, and William Bryant Ewing, Jr., will be granted replacement liens on post-petition cash collateral and property, excluding Chapter 5 causes of action. These replacement liens will have the same priority and extent as the secured creditors' pre-bankruptcy liens. Other secured creditors with perfected interests in cash collateral will also receive replacement liens on post-petition receivables, contract rights, and deposit accounts. The final order provides for a fee carveout but this carveout is not a lien on any of the Debtor's real property or tangible personal property. The Debtor's right to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case, appointment of a trustee, expiration of the authorized period, or material breach of the budget. Defaults may be raised by notice and court hearing. A copy of the final order and the Debtor's budget is available at https://shorturl.at/kmK5a from PacerMonitor.com. About DM Electrical and Construction LLC DM Electrical and Construction, LLC, formed on June 30, 2014, operates an electrical contracting business primarily focused on commercial projects while also providing residential electrical services. The Company's operations include new construction work under general contractors, maintenance contracts, residential generator and battery system installations, and whole-home electrical services across Texas. Its electricians are licensed by the Texas Department of Licensing and Regulation, and the company emphasizes safety, quality, and customer-focused project completion. DM Electrical and Construction filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36621) on November 3, 2025, listing between $1 million and $10 million in assets and liabilities. Tom Howley, Esq., at Howley Law, PLLC serves as Subchapter V trustee. Judge Eduardo V. Rodriguez oversees the case. The Lane Law Firm, PLLC is the Debtor's bankruptcy counsel. DVMARSHALL & ASSOCIATES: Seeks Chapter 7 Bankruptcy in Georgia -------------------------------------------------------------- On December 4, 2025, DVMarshall & Associates, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About DVMarshall & Associates, Inc. DVMarshall & Associates, Inc. is a limited liability company specializing in business consulting and advisory services. The company provides clients with management support, strategic planning, and operational consulting to strengthen business performance. DVMarshall & Associates, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-11817) on December 4, 2025. In its petition, the debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1 million. The case is assigned to Honorable Judge Paul Baisier. The debtor is represented by Ian M. Falcone of The Falcone Law Firm, P.C. EE TLB: S&P Assigns 'BB-' Rating on $300MM Term Loan B ------------------------------------------------------ S&P Global Ratings assigned its 'BB-' rating and '1+' recovery rating to EE TLB Borrower LLC's (Earthrise) $300 million term loan B (TLB). Earthrise will use the proceeds to repay existing debt and to fund solar capital expenditures (capex) outside of the project perimeter. Earthrise benefits from some cash flow visibility through cleared capacity revenues and bilateral capacity contracts, supporting cash flow sweeps. At the same time, MISO capacity market pricing remains volatile with limited long-term visibility and is a key risk since it accounts for 40%-45% of forecast gross margin. The '1+' recovery rating on the TLB reflects S&P's expectation of full (100%) recovery in a default scenario. S&P said, "The stable outlook reflects our expectation of robust debt service coverage (DSC) during the TLB period, with a minimum debt service coverage ratio (DSCR) of 2.21x in 2026. The TLB has a robust sweep structure, with a 75% excess cash flow sweep and a target debt balance mechanism, which should support full repayment by 2032 assuming that MISO capacity clears as indicated under our base-case scenario." Earthrise is an operational 1.7 gigawatt thermal portfolio owned by Earthrise Energy PBLLC (Vision Ridge Partners; the company). The company also owns solar assets that are outside of the project perimeter. The project consists of five natural gas combustion turbine facilities in Illinois, spanning both the PJM and MISO markets in approximately equal proportion. The facilities reached the commercial operations date between 1999-2001 and have heat rates commensurate with peaking facilities. Gibson, Shelby, and Tilton participate in the MISO market; Crete and Lincoln participate in the PJM market. S&P said, "About 40%-45% of the project's cash flow available for debt service (CFADS) is tied to MISO capacity, which is volatile, and on which we lack visibility. MISO capacity revenues account for 40%-45% of gross margin over the life of the project. We have limited long-term visibility on MISO capacity revenues and historical prices have been volatile. We recognize there is robust short- to medium-term visibility on MISO capacity revenues via cleared capacity and bilateral capacity contracts. However, in the medium- to long-term, the percentage of MISO capacity revenue that is locked in steps down. We note that historically, there has been considerable volatility in MISO due to limited capacity being cleared in the planning resource auction (PRA; capacity auction) alongside a vertical demand curve. Although MISO has changed its auction to seasonal and implemented a sloped demand curve that will reward excess capacity and temper prices if there's a shortfall, it remains unclear what impact this will have on capacity prices. Moreover, the PRA clears shortly before the delivery year and only one year out, meaning there is limited price visibility. We expect that near-term tightness due to increased demand should increase capacity prices and forecast prices of about $150 per megawatt-day (/MW-day) to $225/MW-day through the TLB period. Therefore, although we see prices improving, realized auction prices could be materially different from our projections." The project also has bilateral contracts, which help support cash flow visibility until 2028, with less visibility beyond then. Bilateral capacity contracts are common in MISO, as most capacity is either self-supplied or procured bilaterally, with just 3% secured in the PRA. S&P said, "We expect Earthrise will continue to execute on bilateral capacity contracts, as per management's strategy. The contracts are with creditworthy counterparties that we do not expect will constrain the rating." The robust sweep structure supports the 'BB-' rating. The TLB will have a flat 75% excess cash flow sweep feature alongside a target balance--whichever leads to a larger sweep amount--a structure that is more robust compared with that of peers. S&P said, "As a result, our minimum DSCR is 2.21x, which we view as commensurate with the rating. Moreover, the target balance is set to reach zero by maturity in 2032. At the same time, the project is materially dependent on MISO capacity revenues, which we view as volatile and on which we lack long-term visibility." The assets are all peakers, meaning the project is reliant on capacity revenues for debt repayment. S&P expects the project will generate more than 90% of gross margin from capacity revenues and/or bilateral contracts. As a result, the project is exposed to fluctuations in capacity prices long term, with minimal cash flows generated from energy margin or ancillary services. The project is dependent on capacity revenues from both MISO and PJM for CFADS and cash flow sweeps. PJM capacity revenues are cleared through May 2027 and the project does not materially engage in PJM capacity hedging. As a result, the portfolio-wide contracted and cleared capacity revenue steps down substantially in 2028 to 31% and about 18%-20% through the TLB period. The collar in PJM does provide incremental visibility on gross margins prior to the auction. Asset lives are limited due to regulations, reducing long-term cash flows. The project's assets are subject to the Climate and Equitable Jobs Act (CEJA) in Illinois, limiting asset lives to either 2034 or 2039, reducing project cash flows as they retire. CEJA requires that assets with high nitrogen oxides (NOx) or sulfur dioxide (SO2) emissions and within 3 miles of an Equity Investment Eligible Community (EIEC) are to shut down by 2030, which affects Tilton and Crete. S&P said, "However, for these assets we assume selective catalytic reduction (SCR) technology is employed, with corresponding capex in our base-case scenario, to reduce emissions below the threshold and continue to operate until 2035 (end of 2034). The incremental capex leads to accretive cash flows for the additional five-year operating period. We assume decommissioning costs that the project must bear are nominally the same as salvage value. The project could also sell the assets to public utilities, which are not subject to CEJA. As Gibson, Shelby, and Lincoln are not near an EIEC, they can operate until the end of 2039 and do not require SCR capex. Ultimately, our assumed project life is limited to the end of 2039. CEJA also requires gas plants to reduce emissions to 50% below 2018-2020 levels. Although we do expect capacity factors will step down in 2029 (Tilton and Crete) and in 2034 (Gibson, Shelby, and Lincoln), the impact is minimal given low contributions from energy margin to overall cash flows." Gross margin from each asset is driven primarily by its nameplate capacity, as gross margins are primarily from capacity revenues. The project has an independent director in place, de-linking it from the credit quality of its parent. Management has indicated there is an independent director in place whose vote is required to commence voluntary bankruptcy proceedings, thereby de-linking it from the credit quality of Earthrise from its parents. S&P said, "The stable outlook reflects our expectation of robust DSC during the TLB period and post-refinancing, with a minimum DSCR of 2.21x in 2026. The TLB has a robust sweep structure, with a 75% excess cash flow sweep and target debt balance mechanism, which should support full repayment by 2032 assuming MISO capacity clears as indicated under our base-case scenario." S&P could consider a negative rating action if it expects the minimum DSCR will fall below 1.5x on a sustained basis. This could occur if: -- Capacity prices, in either MISO or PJM, are lower than S&P's forecast; -- The project experiences material operational issues, such as forced outages leading to lower energy margin or capacity penalties; and -- The project's excess cash flows do not result in debt paydown, leading to a higher TLB balance. S&P could consider a positive rating action if: -- The project maintains a minimum DSCR above 2.0x in all years and S&P has better visibility on cash flows driven by executed long-term bilateral contracts or more visibility on MISO capacity prices; and -- The project demonstrates a robust operating track record. This could occur if the project's sweeps lead to repayment of the debt and capacity prices clear higher than our forecast. This could also occur if MISO capacity prices clear higher than forecast or the project executes on long-term bilateral contracts that improve its cash flow visibility. ELETSON HOLDINGS: New Docs Reveal Reed Smith Lied in $102MM Fight ----------------------------------------------------------------- Emily Sawicki of Law360 Bankruptcy Authority reports that Levona Holdings Ltd. is asking a Manhattan federal court to overturn a $102 million arbitral award granted to international shipping company Eletson, claiming the award was obtained through fraud. The company argues that newly released documents, disclosed under the crime-fraud exception, show that Eletson and its former lawyers at Reed Smith LLP lied and misrepresented facts during the arbitration. Levona contends that the evidence reveals intentional misconduct that undermines the integrity of the arbitral process. The company is seeking to have the award vacated and alleges that the arbitration should be set aside to prevent enforcement of a judgment based on fraudulent claims. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ENVERIC BIOSCIENCES: Raises $3.1MM via Warrant Exercise Inducement ------------------------------------------------------------------ Enveric Biosciences, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 11, 2025, the Company entered into warrant exercise inducement offer letters with certain institutional investors that held certain outstanding warrants to purchase up to an aggregate of 426,390 shares originally issued in February 2025 and September 2025, having exercise prices of $36.00 and $10.98 per share, respectively. Pursuant to the Inducement Letters, the Holders agreed to exercise for cash their Existing Warrants at a reduced exercise price of $7.05 per share and pay a purchase price of $0.125 per share in consideration for the Company's agreement to issue in a private placement: (x) new Series E Common Stock Purchase Warrants to purchase up to 426,390 shares of Common Stock and (y) new Series F Common Stock Purchase Warrants to purchase up to 426,390 shares of Common Stock. The Company received aggregate gross proceeds of approximately $3.1 million from the exercise of the Existing Warrants by the Holders, before deducing placement agent fees and other offering expenses payable by the Company. The Company engaged H.C. Wainwright & Co., LLC to act as its exclusive placement agent in connection with the transactions summarized above and have agreed to pay the Placement Agent a cash fee equal to 7.0% of the aggregate gross proceeds received from the Holders' exercise of their Existing Warrants, as well as a management fee equal to 1.0% of the aggregate gross proceeds from the exercise of the Existing Warrants. The Company has also agreed to reimburse the Placement Agent for its expenses in connection with the exercise of the Existing Warrants and the issuance of the New Warrants of $35,000 for its non-accountable expenses, up to $50,000 for its accountable expenses and $15,950 for its clearing costs. The Company has also agreed to issue to the Placement Agent or its designees warrants to purchase up to 29,847 shares of Common Stock (7.0% of the Existing Warrants being exercised) which will have the same terms as the New Series E Warrants, except the Placement Agent Warrants will have an exercise price equal to $9.125 per share (125% of the offering price). The Placement Agent Warrants will be exercisable immediately and will expire five years after the effective date of the Resale Registration Statement. The closing of the transactions contemplated pursuant to the Inducement Letters was December 12, 2025, which was subject to satisfaction of customary closing conditions. The Company expects to use the net proceeds from these transactions for product development, working capital and general corporate purposes. The resale of the shares of Common Stock underlying the Existing Warrants has been registered pursuant to existing registration statements on Form S-1, as amended (File No. 333-284277), declared effective by the Securities and Exchange Commission on January 30, 2025, and Form S-3, as amended (File No. 333-290580), declared effective by the SEC on December 8, 2025. The Company also agreed to file a registration statement on Form S-3 (or other appropriate form if it is not then Form S-3 eligible) providing for the resale of the New Warrant Shares issued or issuable upon the exercise of the New Warrants, as soon as practicable (and in any event within 10 calendar days of the date of the Inducement Letters), and to use commercially reasonable efforts to have such Resale Registration Statement declared effective by the SEC within 45 calendar days following the date of the Inducement Letters (or within 75 calendar days following the date of the Inducement Letters in case of a "full review" of such registration statement by the SEC) and to keep the Resale Registration Statement effective at all times until no Holder of the New Warrants owns any New Warrants or New Warrant Shares. In the Inducement Letters, the Company agreed not to issue any shares of Common Stock or Common Stock equivalents or to file any other registration statement with the SEC (in each case, subject to certain exceptions) until five days after the Closing Date. The Company also agreed not to effect or agree to effect any Variable Rate Transaction (as defined in the Inducement Letters) until one year after the Closing Date (subject to an exception). New Warrant Terms: -- Duration and Exercise Price Each New Warrant will have an exercise price equal to $7.05 per share. The New Series E Warrants will be exercisable immediately and will expire five years after the effective date of the Resale Registration Statement. The New Series F Warrants will be exercisable immediately and will expire 18 months after the effective date of the Resale Registration Statement. The exercise price and number of New Warrant Shares issuable upon exercise of the New Warrants are subject to customary adjustment in the event of stock dividends, stock splits, subsequent rights offerings, pro rata distributions, reorganizations, or similar events affecting the Common Stock and the exercise price. -- Exercisability The New Warrants will be exercisable, at the option of each Holder, in whole or in part, by delivering to the Company a duly executed exercise notice accompanied by payment in full for the number of shares of the Company's Common Stock purchased upon such exercise (except in the case of a cashless exercise). A Holder (together with its affiliates) may not exercise any portion of such Holder's New Warrants to the extent that the Holder would own more than 4.99% of the outstanding Common Stock immediately after exercise, except that upon at least 61 days' prior notice from the Holder to us, the Holder may increase the amount of ownership of outstanding stock after exercising the Holder's New Warrants up to 9.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of the New Warrants. -- Cashless Exercise If, at the time a Holder exercises its New Warrants, a registration statement registering the issuance of the shares of Common Stock underlying the New Warrants under the Securities Act of 1933, as amended is not then effective or available for the issuance of such shares, then in lieu of making the cash payment otherwise contemplated to be made to the Company upon such exercise in payment of the aggregate exercise price, the Holder may elect instead to receive upon such exercise (either in whole or in part) the net number of shares of Common Stock determined according to a formula set forth in the New Warrants. -- Fundamental Transactions In the event of any fundamental transaction, as described in the New Warrants and generally including any merger with or into another entity, sale of all or substantially all of the Company's assets, tender offer or exchange offer, or reclassification of the Company's Common Stock, then upon any subsequent exercise of a New Warrant, the Holder will have the right to receive as alternative consideration, for each share of the Company's Common Stock that would have been issuable upon such exercise immediately prior to the occurrence of such fundamental transaction, the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration receivable upon or as a result of such transaction by a Holder of the number of shares of Common Stock for which the New Warrant is exercisable immediately prior to such event. Notwithstanding the foregoing, in the event of a fundamental transaction (other than for the purposes listed in the New Warrants), the Holders of the New Warrants have the right to require the Company or a successor entity to redeem the New Warrants for cash in the amount of the Black-Scholes Value (as defined in each New Warrant) of the unexercised portion of the New Warrants concurrently with or within 30 days following the consummation of a fundamental transaction. However, in the event of a fundamental transaction which is not in the Company's control, including a fundamental transaction not approved by its board of directors, the Holders of the New Warrants will only be entitled to receive from the Company or its successor entity, as of the date of consummation of such fundamental transaction, the same type or form of consideration (and in the same proportion), at the Black Scholes Value of the unexercised portion of the New Warrant that is being offered and paid to the Holders of Common Stock in connection with the fundamental transaction, whether that consideration is in the form of cash, stock or any combination of cash and stock, or whether the Holders of Common Stock are given the choice to receive alternative forms of consideration in connection with the fundamental transaction. -- Transferability Subject to applicable laws, a New Warrant may be transferred at the option of the Holder upon surrender of the New Warrant to the Company together with the appropriate instruments of transfer. -- Fractional Shares No fractional shares of Common Stock will be issued upon the exercise of the New Warrants. Rather, the number of shares of Common Stock to be issued will, at the Company's election, either be rounded up to the next whole share or the Company will pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the exercise price. -- Trading Market There is no established trading market for the New Warrants, and the Company does not expect an active trading market to develop. The Company does not intend to apply to list the New Warrants on any securities exchange or other trading market. Without a trading market, the liquidity of the New Warrants will be extremely limited. -- Right as a Stockholder Except as otherwise provided in the New Warrants or by virtue of the Holder's ownership of shares of Common Stock, such Holder of New Warrants does not have the rights or privileges of a Holder of Company Common Stock, including any voting rights, until such Holder exercises such Holder's New Warrants. The New Warrants will provide that the Holders of the New Warrants have the right to participate in distributions or dividends paid on shares of Common Stock. -- Waivers and Amendments The New Warrants may be modified or amended or the provisions of the New Warrants waived with the Company and the Holder's written consent. Full-text copies of the Inducement Letter, New Series E Warrant, New Series F Warrant, and the Placement Agent Warrant are attached as https://tinyurl.com/3sc5e354, https://tinyurl.com/28nktew3, https://tinyurl.com/29ebamms, and https://tinyurl.com/bdd4a7z2, respectively. About Enveric Biosciences Enveric Biosciences (NASDAQ: ENVB) -- http://www.enveric.com/-- is a biotechnology company dedicated to the development of novel neuroplastogenic small-molecule therapeutics for the treatment of depression, anxiety, and addiction disorders. Leveraging its unique discovery and development platform, The Psybrary, the Company has created a robust intellectual property portfolio of new chemical entities for specific mental health indications. The Company's lead program, the EVM201 Series, comprises next generation synthetic prodrugs of the active metabolite, psilocin. The Company is developing the first product from the EVM201 Series "EB-002" for the treatment of psychiatric disorders. The Company is also advancing its second program, the EVM301 Series "EB 003" expected to offer a first-in-class, new approach to the treatment of difficult-to-address mental health disorders, mediated by the promotion of neuroplasticity without also inducing hallucinations in the patient. Morristown, New Jersey-based Marcum LLP, the Company's former auditor, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. Enveric Biosciences had total assets amounting to $3.5 million, total liabilities (all current) of $1.4 million, and total shareholders' equity of $2.2 million as of June 30, 2025. FINANCE OF AMERICA: Moody's Ups CFR to Caa1, Outlook Stable ----------------------------------------------------------- Moody's Ratings has upgraded Finance of America Funding LLC's (FOA) corporate family rating and backed senior secured debt rating to Caa1 from Caa2. Following the upgrade, FOA's outlook remains stable. RATINGS RATIONALE The upgrade of FOA's CFR to Caa1 reflects the improvement in the company's capitalization through a series of actions this year, following the announcement by the company on December 11, 2025 that it is expanding its strategic partnership with funds managed by Blue Owl Capital, Inc. (Baa2, positive), including a $2.5 billion commitment for new product innovation and a $50 million preferred equity investment. Proforma for this transaction, FOA's tangible common equity (TCE, excluding deferred tax assets) to adjusted tangible managed assets (TMA, excluding loans eligible for repurchase and home equity conversion mortgages) will improve modestly, though remain weak at about 2.0%. FOA's cash balance improved to $110 million as of September 30, 2025 from $47 million at year-end 2024, primarily reflecting a higher volume of proprietary securitizations issued in 2025 that generated proceeds used to retire an $85 million high-cost working capital facility and free up collateral for two secured notes. Concurrently, Finance of America Companies Inc. (the holding company of FOA) issued $40 million of new zero-coupon convertible notes due 2028 and amended the amortization schedule of existing corporate debt to create a more laddered maturity profile. Moody's views these capital actions as credit positive, demonstrating proactive management of liquidity and maturities, despite the reverse mortgage sector's comparatively weak access to funding compared to the forward mortgage market. FOA's profitability remains the company's key credit challenge due to lower origination volumes in recent years as a result of elevated interest rates, as well as fair value marks on loans and residual interests in the company's proprietary securitizations, which decline in value when interest rate rises. On November 18, 2025, FOA announced that it entered into an agreement to acquire the home equity conversion mortgage (HECM) servicing portfolio and a pipeline of reverse mortgage loans from Onity Group Inc. (B3, stable), and that Onity will partner with FOA to help it distribute second-line reverse mortgage products to Onity's eligible customers. Moody's considers this arrangement to be credit positive because it positions FOA to capture greater market share, which could support future profitability. The stable outlook reflects Moody's expectations that FOA will generate modest profitability and capital to improve modestly over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company's operating performance improves, as evidenced by a sustained improvement in core profitability and capitalization, or liquidity improves further with available resources sufficient to cover debt maturities over the next 12-18 months. The ratings could be downgraded if the company is unable to generate consistent profitability when the market downturn fades or its liquidity deteriorates such that it cannot cover debt maturities over the next 12-18 months. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. FIRST BRANDS: Court Sets Former CEO's Fraud Trial for June 2026 --------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Texas bankruptcy judge on Monday, December 15, 2025, set a two-week trial for June in First Brands Group LLC's lawsuit against its former chief executive, Patrick James, agreeing to hear allegations that his purported fraud drove the auto-parts manufacturer into bankruptcy. The judge said the matter would require significant court time due to the complexity of the claims. According to court filings, First Brands accuses James of engaging in improper transactions and misleading conduct that damaged the company and its creditors. James disputes the allegations, and the trial is expected to determine whether his actions played a direct role in the company's insolvency. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FREEDOM ELECTRIC: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Freedom Electric Marine, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with the budget through January 6, 2026, or until the effective date of a confirmed Chapter 11 plan; dismissal or conversion of its Chapter 11 case; entry of a further cash collateral order; or the occurrence of an uncured event of default. As protection, Triad Business Bank and Credibly of Arizona, LLC will be granted replacement liens on the Debtor's post-petition property similar to their pre-bankruptcy collateral. These replacement liens will have the same priority, validity and enforceability as the secured creditors' pre-bankruptcy liens. In addition, Triad will receive payment in the amount of $500 as further protection. The next hearing is set for January 6, 2026. The interim order is available at https://is.gd/wbJi7k from PacerMonitor.com. Founded in 2005 and now operated by Josh Robbins, Freedom Electric Marine designs and sells the Twin Troller electric fishing boat, with manufacturing and assembly performed entirely by third parties. Declining sales over the last two years -- driven by market conditions, design issues, and internal challenges -- led to the bankruptcy filing, and the Debtor now intends to conduct a sale of substantially all assets, with Supply Source Options, LLC as the stalking horse bidder. The Debtor's cash collateral consists of approximately $13,567 in bank accounts and receivables, allegedly encumbered by two liens: a first-priority claim of $62,000 held by Triad and a disputed claim of roughly $30,700 held by Credibly of Arizona. Triad, as secured creditor, is represented by: Lisa P. Sumner, Esq. Maynard Nexsen, PC 4141 Parklake Avenue, Suite 200 Raleigh, NC 27612 Telephone: (919) 573-7423 Facsimile: (919) 573-7454 LSumner@maynardnexsen.com About Freedom Electric Marine Inc. Freedom Electric Marine, Inc. sells electric fishing boats. Freedom Electric Marine sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-10835) on November 30, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Joshua Robbins, president of Freedom Electric Marine, signed the petition. Judge Benjamin A. Kahn oversees the case. Samantha K. Brumbaugh, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP, represents the Debtor as legal counsel. FREEDOM ELECTRIC: Seeks to Sell Boat Making Assets at Auction ------------------------------------------------------------- Freedom Electric Marine Inc. seeks permission from the U.S. Bankruptcy Court for the Middle District of North Carolina, Greensboro Division, to sell Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor was founded in 2005 by an engineer and lifelong, avid fisherman, Frank Jones, who worked with a friend to design and create a small electric fishing boat, the Twin Troller. The Twin Troller first came to market in 2007. From the outset, all manufacturing, production, and assembly of the boat was performed by third parties. The Debtor is currently owned and operated by Josh Robins. Mr. Robbins provided supply chain consulting services for the Debtor prior to his purchasing the company. Mr. Robbins' current role is to manage the supply chain and vendors, direct marketing and sales efforts, manage outside contractors and direct customer service activities. The Debtor owns the boat mold and two patents for the Twin Troller, among other things. The hull for the boats is currently manufactured by a third party and the boats are assembled by Supply Source Options LLC. Supply Source owns and holds all inventory necessary for the manufacturing and assembly of the boats, pursuant to an Assembly and Kitting Services Agreement with Debtor. The Debtor sells the Twin Troller through its online platform, along with accessories. The Debtor has relationship with a dealer in Florida who also offers the Twin Troller for sale in its brick-and-mortar storefont. The Debtor sells the Twin Troller to the dealer at wholesale prices. Accessories, such as dolly and trailer, are provided by CE Smith as turnkey products and are drop shipped to customers by CE Smith when ordered. Upon payment for a boat, the Debtor pays to Supply Source the agreed upon costs of the turnkey product, which is then drop shipped by Supply Source to the customer. The Debtor is also responsible for the shipping costs associated with the purchased/sold product. While the Debtor has been profitable in years past, market conditions, outside factors and internal challenges, including certain design issues, sales have declined substantially over the last two years, which led to the chapter 11 filing. The proposed purchaser and stalking horse bidder for the sale is Supply Source. Supply Source and the Debtor entered into an Asset Purchase Agreement on December 16, 2025, for the sale and purchase of certain assets owned by Debtor. The Sale Assets include two patents, a 2017 Forest F150, Twin Troller boat mold and all component old, and Debtor's intellectual property, specifically its name, domain names and website. A summary of the general terms of the Asset Purchase Agreement with Buyer is also provided. https://urlcurt.com/u?l=K7svBY The Purchase Price offered by the Buyer is $30,000, which is referred to as the Initial Bid. A break up fee shall be paid to Buyer at closing as a breakup fee in the amount of $1,000 in the event the Sal Assets are sold at the Auction Sale and the Buyer is not the Highest Bidder for the Initial Bid amount. The lienholders of the Property are Triad Business Bank and Credibly Arizona. The Debtor believes the bidding procedures and the Breakup fee are fair and reasonable and should be approved as part of the Auction and sales procedures order. The Debtor seeks to employ Auction Promotions Unlimited for the purchase of advertising the auction sale. About Freedom Electric Marine Freedom Electric Marine, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 25-10835) on November 30, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Judge Benjamin A. Kahn handles the case. The Debtor is represented by Samantha K. Brumbaugh, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP as counsel. FREIGHT TECHNOLOGIES: Signs $5.5 Million JAK Solar Loan Acquisition ------------------------------------------------------------------- Freight Technologies, Inc. disclosed in a Form 6-K Report filed with the U.S. Securities and Exchange Commission that on December 9, 2025, the Company entered into a Share Purchase Agreement with DIP SPV I, L.P., a limited partnership organized under the laws of the British Virgin Islands. Pursuant to the Share Purchase Agreement, the Company agreed to acquire from the Seller all of the issued and outstanding shares of JAK Solar Loans 1 Limited, a company limited by shares organized under the laws of the British Virgin Islands and a wholly owned subsidiary of the Seller, in exchange for the issuance to the Seller of a number of a new series of convertible preferred shares of the Company to be known as the Series C-1 preferred shares, par value $0.0001 per share having an aggregate stated value of $5,500,000, subject to the satisfaction or waiver of certain closing conditions. The Preferred Shares are required to be created and issued within 10 Business Days (as defined in the Share Purchase Agreement) of the Closing Date and in no event later than December 31, 2025 and if the Company is not able to issue the Preferred Shares within such timeframe, the Company must pay to the Seller by December 31, 2025 $5,500,000 in cash. The Preferred Shares will have a stated value per share of $1.00. The initial conversion price of the Preferred Shares will be equal to the Stated Value divided by the lower of: (A) 120% of the market price per Ordinary Share on the date of the closing of the Transaction, and (B) the greater of: (y) the lowest daily volume weighted average price of the Ordinary Shares during the seven consecutive trading days immediately prior to the applicable date of conversion, and (z) 20% of the Nasdaq Minimum Price as of the Closing Date. Holders of the Preferred Shares will participate in any dividends issued by the Company to the holders of its other capital shares on an as converted basis. Similarly, in case of a dissolution or liquidation of the Company, holders of the Preferred Shares will be eligible to receive their pro-rata share of the Company's assets with the holders of the Ordinary Shares on an as converted basis. Holders of the Preferred Shares will not have the right to convert any Preferred Shares if, as a result of such conversion, such holder or such holder's affiliates would collectively beneficially own in excess of 9.99% of the Ordinary Shares outstanding immediately after giving effect to such conversion. The Share Purchase Agreement contains customary representations, warranties, covenants, including, among other things, indemnification by the Company in favor of the Seller and its affiliates for certain third-party claims relating to the transaction contemplated by the Share Purchase Agreement, subject to customary limitations. The closing of the Transaction is subject to the satisfaction or waiver of the conditions set forth therein and in any event is required to occur no later than 10 days following the date of the Share Purchase Agreement, but in no event will the closing occur later than December 31, 2025. If the closing of the Transaction has not occurred within 7 Business Days of the date of the Share Purchase Agreement, the Seller will have the right to terminate its obligations under the Share Purchase Agreement without liability of the Seller to the Buyer or to any other party, provided that if the closing did not occur as a result of a breach of the Share Purchase Agreement by the Seller, the Seller will not have the ability to terminate the Share Purchase Agreement. If at any time the Company has registered or has determined to register any Ordinary Shares under the Securities Act of 1933, as amended for its own account or for the account of other security holders of the Company on any registration form (other than Form F-4 or S-8), the Company will give the Seller written notice thereof promptly (but in no event less than 15 days prior to the anticipated filing date) and shall include in such Registration all Conversion Shares requested to be included therein pursuant to the written request of the Seller received within 10 days after delivery of the Company's notice. The Preferred Shares and the Conversion Shares issuable upon conversion of the Preferred will be will not be registered and will be issued and sold in reliance on the exemption from registration provided by Section 4(a)(2) of the Securities Act promulgated under the Securities Act for offers and sales made outside the United States. As of November 30, 2025, JAK Solar owned a portfolio of 62 active and performing U.S.-based residential solar power system loans, with an aggregate outstanding principal and interest through maturity of $1,846,848 and a weighted average maturity (by outstanding principal) of 9.6 years, as well as a highly scalable platform integrated to manage and service residential solar loans, as well as similar energy efficiency and home improvement based loans and other financial products serving residential properties. For the year ended December 31, 2024 and the nine months ended September 30, 2025, JAK Solar had unaudited gross cash receipts of $314,810 and $246,587, respectively. Since January 1, 2024, JAK Solar wrote off three loans having an aggregate outstanding principal and accrued interest of $82,576. A full text copy of the Share Purchase Agreement is available at https://tinyurl.com/354th3me 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. FTE NETWORKS: Controller Avoids Jail for Assisting in Fraud Case ---------------------------------------------------------------- Pete Brush of Law360 reports that a Manhattan federal judge on Tuesday, December 16, 2025, declined to impose a prison sentence on a former financial controller for FTE Networks who took part in a $13 million revenue fraud at the Florida telecommunications company, pointing to the defendant's role as a "reluctant conspirator" and his years of cooperation. The court said the controller's five-year effort assisting federal prosecutors weighed heavily in favor of leniency. The judge nonetheless underscored the seriousness of the offense, noting that the fraud caused significant financial harm. Prosecutors said the defendant's extensive and sustained cooperation materially aided the government's case against other participants, justifying a sentence below the guidelines range, according to report. About FTE Networks Inc. FTE Networks Inc., formerly known as Beacon Enterprise Solutions Group, through its subsidiary US Home Rentals LLC, owns, operates and invests in affordable rental housing in tier 3 and 4 markets. FTE Networks Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12465) on November 2, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge David S. Jones handles the case. The Debtor is represented by Amalia Y. Sax-Bolder, Esq. of Brownstein Hyatt Farber Schreck, LLP and Fred Steven Kantrow, Esq. of The Kantrow Law Group, PLLC. FULLER'S SERVICE: Court OKs Bid to Appoint Chapter 11 Trustee ------------------------------------------------------------- Judge Deborah Thorne of the U.S. Bankruptcy Court for the Northern District of Illinois granted the motion by Brian and Kristine Richards, independent administrators of the Estate of Sean Patrick Richards, to appoint a Chapter 11 trustee in Fuller's Service Center, Inc.'s bankruptcy case. Judge Thorne directed the Office of the U.S. Trustee to appoint a Chapter 11 trustee. In their motion filed on July 9, the independent administrators asserted that the following list demonstrates the ways in which the Debtor has engaged in fraudulent, dishonest, and incompetent conduct as well as gross mismanagement, which warrants the appointment of a Chapter 11 trustee: * At the end of 2023, the Debtor's combined financial statements reflect $3,032,894 in loans made to the principals, as well as a loan $187,804 paid to a "non-shareholder family member." While these loans to shareholders were accounted for in at least two separate tax returns signed by Ms. Groenewold, they were "reclassified" as distributions and eliminated from the Debtor's books and records on the eve of bankruptcy. Susan Headley, the Debtor's Controller, admitted during her deposition that the loans to shareholders were at least in part an accumulation of historical personal credit card spending by the principals on a Debtor company credit card. * Between 2023-2024, the Debtor issued over $1.2 million in periodic non-salary dividend payments to the principals via 102 separate checks. After deciding to file for bankruptcy, the Debtor paid Mr. Fuller and Ms. Groenewold each a bonus of $13,000 in October, and an additional bonus of $51,000 each at the end of December, just one month before filing for bankruptcy. * On January 15, 2025, less than two weeks before filing its petition, the Debtor increased its regular biweekly salary payments to Mr. Fuller and Ms. Groenewold roughly 70%, from $5,293.40 to $8,950.00. * In September of 2023, shortly after the incident that killed Sean Patrick Richards, the Debtor purchased whole life insurance policies on the six Principals worth $1,000,000 per individual, and named an affiliate, Fuller Administrative, LLC, the beneficiary for each Principal. The Debtor pays the premium payments on these policies. * After the incident that killed Sean Richards, the Debtor transferred its snowplowing and removal business to an affiliate, Fuller's Home & Hardware, Inc.; the Debtor continues to provide this affiliate with the equipment to operate these services, for no consideration. The administrators are represented by: Matthew M. Murphy, Esq. Louise Kathleen Simpson, Esq. Paul Hastings, LLP 71 S. Wacker Drive, Forty-Fifth Floor Chicago, IL 60606 Telephone: (312) 499-6000 Facsimile: (312) 499-6100 Email: mattmurphy@paulhastings.com louisesimpson@paulhastings.com -and- Michael C. Whalen, Esq. Kirkland & Ellis, LLP 333 W. Wolf Point Plaza Chicago, IL 60654 Telephone: (312) 862-2000 Facsimile: (312) 862-2200 Email: michael.whalen@kirkland.com About Fuller's Service Center Inc. Fuller's Service Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Douglas A. Fuller Jr., president of Fuller's Service Center, signed the petition. Judge Deborah L. Thorne oversees the case. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. GFL ENVIRONMENTAL: Moody's Assigns 'B2' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings has assigned ratings to GFL Environmental Services (Holdco) LP ("GFL ES (Holdco)") consisting of a B2 corporate family rating and B2-PD probability of default rating. The existing B2 ratings on GFL Environmental Services Inc. (Canada)'s backed senior secured first lien bank credit facility, consisting of a $2.15 billion term loan B and C$500 million revolving credit facility, have been reviewed and remain unchanged. The outlook assigned for GFL ES (Holdco) is stable and the outlook for GFL Environmental Services Inc. (Canada) is unchanged at stable. In the same rating action, Moody's have withdrawn the B2 CFR, B2-PD PDR and stable outlook at GFL Environmental Services LP. Moody's have reassigned the CFR and PDR to GFL ES (Holdco) from GFL Environmental Services LP based on the fact that the financial statements are issued at GFL ES (Holdco) which is a guarantor to GFL Environmental Services Inc. (Canada), the debt issuing entity. Private equity ownership is a governance concern, mainly because of the propensity to sustain higher financial leverage with the ongoing risk of debt-funded acquisitions. RATINGS RATIONALE GFL ES (Holdco)'s financial performance is trailing expectations, primarily due to regional softness in Ontario, Canada and lower refined oil prices in the used motor oil business weaking margins, partly offset by robust demand from other regions. Acquisitions have also led to higher revolver utilization, resulting in higher financial leverage with proforma debt/EBITDA around 6x expected for FY2025. As maintenance related capital projects from industrial customers resume, debt/EBITDA is projected to fall towards 5.5x over the next 12 to 18 months. However, Moody's expects GFL ES (Holdco) to continue its acquisition growth strategy that will keep financial leverage between 5.5x and 6x. In addition to its high financial leverage, GFL ES (Holdco)'s rating is constrained by its modest scale within a highly fragmented industry and volume fluctuations tied to emergency event activity and delays in customer projects during economic downturns. The rating benefits from 1) its vertically integrated business model that generates good EBITDA margins of close to 30%, 2) mostly essential non-hazardous liquid waste services and regulatory waste compliance on customers that underpin re-occurring volumes, 3) diversified and large customer base with high retention rates, 4) valuable facility network with hard-to-obtain regulatory permits that create barriers to entry, and 5) good free cash flow. GFL ES (Holdco) has adequate liquidity reflecting sources totaling around C$460 million compared to around C$30 million of mandatory debt payments and C$25 million lease payments over the next 12 months to December 2026, and factors in the utilization of GFL ES (Holdco)'s revolver (issued by GFL Environmental Services Inc. (Canada)) to fund acquisitions. GFL ES (Holdco) has cash of around C$10 million, about C$300 million available under its C$500 million revolving credit facility expiring March 2030 and Moody's expectations of around C$150 million of free cash flow through 2026. GFL ES (Holdco)'s revolver is subject to a springing net first lien leverage covenant tested when 40% of the commitment is drawn, which Moody's expects will have sufficient buffer over the next four quarters. The revolver and term loan B are secured by substantially all assets of GFL ES (Holdco), limiting the company's ability to sell assets to generate liquidity. GFL ES (Holdco)'s $2.15 billion first lien term loan B and C$500 million revolving facility are both rated B2, which is at the level of the corporate family rating. This is because these liabilities make up the preponderance of the capital structure and are pari passu with each other. The debt is secured by a first priority lien on substantially all assets of the borrower and guarantors. The obligations of the borrowers, GFL Environmental Services Inc. (Canada) and GFL ES US LLC (co-borrower), are guaranteed by its parent holding company, GFL Environmental Services LP, GFL ES (Holdco), and its wholly-owned Canadian and US operating subsidiaries. The stable outlook reflects Moody's expectations that steady revenue and EBITDA growth will deleverage the business towards 5.5x over the next 12 to 18 months. Furthermore, Moody's expects prudent scale expansion without weakening margins and financial leverage as the company pursues and integrates acquisitions. Moody's have decided to withdraw the rating(s) because Moody's believes Moody's have insufficient or otherwise inadequate information to support the maintenance of the rating(s). A comprehensive review of all credit ratings for the respective issuer(s) has been conducted during a rating committee. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if GFL ES (Holdco) increases in scale and solidifies its market position. There is evidence of commitment to a conservative financial policy with debt/EBITDA sustained below 5x. Moody's would also expect GFL to maintain good liquidity, including the maintenance of ample revolver availability and consistent positive free cash flow to fund the company's growth and diversification. The ratings could be downgraded if debt/EBITDA remains around 6x on a sustained basis or EBITDA/interest expense is sustained below 2x, as a result of weaker performance or aggressive financial policies such as significant debt funded acquisitions or shareholder distributions. Furthermore, if liquidity deteriorates from negative free cash flow or diminishing revolver availability. The principal methodology used in these ratings was Environmental Services and Waste Management 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. GFL ES (Holdco), headquartered in Toronto, Canada provides liquid waste management and soil remediation services across Canada and the US. Its services include the collection, transportation, treatment, and final disposal of liquid waste and soil remediation. The company is 44% owned by GFL Environmental Inc. (Ba2 stable) together with Apollo Global Management, Inc. and BC Partners, each holding 28%. GLOBAL TECHNOLOGIES: To Complete 2024 Fin'l Restatement by Yearend ------------------------------------------------------------------ Global Technologies, Ltd. confirms in a regulatory filing that its engagement with Qi CPA, LLC as independent registered public accounting firm remains in full effect, and both parties continue to work collaboratively toward the completion of the 2025 financial audit, the restatement of the 2024 financial statements and the filing of the Company's Annual Report on Form 10-K. The audit process has been rigorous and comprehensive, which the Company believes is in the best interest of all shareholders. The Company anticipates filing the Form 10-K on or before December 31, 2025. Immediately thereafter, the Company will begin preparing its Form 10-Q for the period ended September 30, 2025, with the goal of bringing all SEC filings fully current. About Global Technologies Headquartered in Parsippany, N.J., Global Technologies, Ltd -- http://www.globaltechnologiesltd.info/-- is a multi-operational company with a strong desire to drive transformative innovation and sustainable growth across the technology and service sectors, empowering businesses and communities through advanced, scalable solutions that enhance connectivity, efficiency, and environmental stewardship. The Company envisions a future where technology seamlessly integrates into every aspect of life, improving the quality of life and the health of the planet. The Company's vision is to lead the industries it serves with groundbreaking initiatives that set new standards in innovation, customer experience, and corporate responsibility, thereby creating enduring value for all shareholders. Lagos, Nigeria-based Olayinka Oyebola & Co., the Company's auditor since 2024, issued a "going concern" qualification in its report dated Sept. 20, 2024, citing that the Company suffered an accumulated deficit of $(166,666,296), and a negative working capital of $(6,304,772). These matters raise substantial doubt about the Company's ability to continue as a going concern. As of Mar. 31, 2025, the Company had $4.91 million in total assets, $4.09 million in total liabilities, and $821,825 in total stockholders' equity. GRAND RIVER HOSPITAL: S&P Affirms 'BB+' Rating on 2018 GO Bonds --------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating and underlying rating (SPUR) on Grand River Hospital District (GRHD), Colo.'s series 2018 general obligation (GO) bonds. The outlook is stable. S&P said, "We view GRHD's social capital risk to be elevated within our credit analysis as the district operates in a highly limited service area, with a population of less than 100,000. The area is also heavily reliant on the oil and gas industry, which can cause shifts in employment dynamics. While the board of directors is appointed by the voters of the district and is not self-perpetuating, we do not view this as an elevated governance risk given that this is a typical structure for district hospitals. Finally, there have been previous wildfires in the county. In recent years, the hospital has not been directly affected given its location within the Town of Rifle. That said, wildfires remain a risk that we continue to monitor. "The stable outlook reflects our expectation that GRHD will continue to produce positive operating margins that should preserve its solid unrestricted reserve metrics. The stable outlook additionally reflects our view that the new debt will be fully supported by property taxes, and should be absorbable at the current rating. Finally, it also reflects the expectation that solid volume trends will continue as the hospital targets areas of high growth as well as needed specialties in the area. "We could revise the outlook to negative or lower the rating if operations were to fall below management's expectations, including due to a sustained trend of lower tax revenue or if the balance sheet were to unexpectedly weaken. Additionally, any material weakening of the enterprise profile could pressure the rating or outlook. "Given the imminent borrowing, we view a higher rating as unlikely during the outlook period. Over time, we could raise the rating or revise the outlook to positive should GRHD's revenue base materially grow and there is a sustained trend of very strong financial performance and solid balance sheet metrics that offset the pressures of the new debt issuance." Additionally, any strengthening and stability of the district's tax base would be viewed favorably. HAH GROUP: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ---------------------------------------------------------------- Moody's Ratings affirmed the ratings of HAH Group Holding Company, LLC ("HAH") including the B3 corporate family rating, the B3-PD probability of default rating and the B3 ratings of the backed senior secured bank credit facility and backed senior secured notes due 2031. At the same time, Moody's revised the outlook to negative from stable. The change of the outlook to negative reflects Moody's views that HAH will operate with elevated financial leverage with debt/EBITDA in the low-to-mid 7.0 times range in the next 12-18 months. Operating with higher financial leverage is the result of the loss of business in New York state due to regulatory changes and ongoing challenges in obtaining reimbursement rate increases in Pennsylvania. In addition, HAH opportunistically purchased a portion of its shares from a minority shareholder using $35 million drawing on its revolver. Moody's expects HAH's liquidity to be adequate in the next 12-18 months. RATINGS RATIONALE HAH's B3 CFR reflects its high financial leverage, uncertain reimbursement environment, and a substantial concentration of revenue in New York, Illinois and Pennsylvania. Moody's estimates that HAH's pro forma financial leverage was approximately 7.5x at the end of September 2025, assuming reasonable reduction in one-time costs associated with prior acquisitions, strategic initiatives, process optimization and legal expenses among other items. HAH's B3 CFR is supported by its leading solid position in the highly fragmented home care market, growing demand for home-based services, and a significant cost advantage compared to facility-based care. Moody's anticipates HAH to have adequate liquidity over the next 12 months. Free cash flow will be near breakeven with a skew to slightly positive in the next 12 months. As of September 30, 2025, liquidity is supported by cash on hand totaling $54.8 million and access to approximately $215 million of the company's $250 million revolving credit facility ($35 million was drawn in the fourth quarter of 2025 for equity repurchase). The company's debt instruments ($250 million revolving credit facility due 2029, $825 million term loan due 2031 and $675 million senior secured notes due 2031) represent the preponderance of the company's debt. These instruments are secured by the same collateral on a pari passu basis and are rated the same as the corporate family rating, B3. The negative outlook reflects Moody's views that HAH's debt/EBITDA will remain elevated in the low-to-mid 7.0 times range, and liquidity will be adequate in the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if HAH experiences significant profit declines due to unfavorable regulatory changes affecting reimbursements. Ratings could also be downgraded if the company undertakes an aggressive debt-funded acquisition strategy or large shareholder dividends. A material weakening of liquidity, including persistent negative free cash flow, could also result in a ratings downgrade. HAH's ratings could be upgraded if the company further increases its scale while also improving its geographic diversification. Ratings could be upgraded if the company achieves and sustains positive free cash flow and debt/EBITDA is sustained below 6.0 times. HAH Group Holding Company, LLC, headquartered in Chicago, IL, is one of the largest providers of home personal care and support services to the elderly and people with disabilities in their homes and community-based settings. Revenue was $2.2 billion for the twelve months ended September 30, 2025. HAH is owned by CenterBridge Partners, L.P., The Vistria Group, L.P., Wellspring Capital Partners, L.P. and certain executive officers, employees and other minority investors. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. HANNON ENTERPRISE: Seeks Subchapter V Bankruptcy in Florida ----------------------------------------------------------- On December 15, 2025, Hannon Enterprise Group, 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. About Hannon Enterprise Group, LLC Hannon Enterprise Group, LLC is a single asset real estate company. Hannon Enterprise Group, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08135) on December 15, 2025. In its petition, the debtor reports estimated assets in the range of $1 million to $10 million and estimated liabilities in the range of $1 million to $10 million. The case is assigned to Honorable Judge Lori V. Vaughan. The debtor is represented by Mark S. Steinberg, Esq., of Mark S. Steinberg, P.A. HEALTHLYNKED CORP: Appoints Duncan McGillivray as COO ----------------------------------------------------- HealthLynked Corp. announced on December 8, 2025, the appointment of Duncan McGillivray, MBA, as its new Chief Operating Officer (COO). McGillivray brings more than 30 years of executive leadership across healthcare, technology, capital markets, and large-scale project finance. In his new role, he will drive HealthLynked's operational scale-up, support national payer and employer partnerships, and lead capital formation and banking relations as the company advances its efforts to uplist to the Nasdaq Capital Market. The Company and Mr. McGillivray have agreed that Mr. McGillivray's base salary will be $120,000 per year initially and increase to $150,000 if the Company successfully uplists to the Nasdaq Capital Market. Mr. McGillivray will also receive a restricted stock unit grant for up to 180,000 shares, of which 90,000 shall vest ratably over a three-year period from grant and 90,000 shall vest upon the Company's successful Uplisting. There are no arrangements or understandings between Mr. McGillivray and any other person pursuant to which he was selected for his position. In addition, there are no family relationships between Mr. McGillivray and any directors or executive officers of the Company, and no transactions are required to be reported under Item 404(a) of Regulation S-K between Mr. McGillivray and the Company. Proven Executive With Deep Healthcare, Technology & Financial Expertise: Mr. McGillivray holds an MBA from Columbia Business School and a BA from Pomona College, two of the nation's most prestigious academic institutions. His career spans senior leadership roles across healthcare systems, fintech, AI-driven health analytics, community development finance, and capital project advisory work. Over his 35-year career, he has: * Advised on more than $1 billion in hospital and healthcare facility development projects, including major ground-up construction, rehabilitation, and acquisition initiatives. * Served as Senior Vice President & COO of Healthcare Community Development Group, working with hospital CEOs, CFOs, and Boards across the U.S. and facilitating complex financing structures through the U.S. Treasury's $76 billion of allocation sized New Markets Tax Credit program. * Acted as a National Capital Project Advisor for a U.S. Department of Health & Human Services' (HRSA) national cooperative partner Capital Link, where he helped guide the nation's approximately 1,400 Federally Qualified Health Centers and supported over $200 million in funded healthcare projects. * Led discussions regarding advanced analytics, AI-enabled care models, and interoperability-driven system transformation with the CIOs and CMIOs at many large hospitals across the USA while representing a hospital focused digital EHR management company whose investors include Microsoft and whose clients have included NASA, MIT, Disney and Catholic Health Initiatives. Driving Capital Strategy & Nasdaq Uplisting: In addition to leading daily operations, McGillivray will oversee HealthLynked's capital-raising strategy, investor-engagement programs, and banking relationships that support the company's planned Nasdaq uplisting in 2026. His extensive background in finance, including prior roles with Bank of America, Morgan Guaranty Trust, Union Bank, and the Bank of California--positions him to accelerate HealthLynked's growth trajectory as it expands nationwide. "With Duncan's combination of operational leadership, healthcare expertise, and sophisticated capital markets experience, HealthLynked is significantly strengthening its executive team at a pivotal time," said Dr. Michael Dent, Founder, Chairman & CEO of HealthLynked. "His experience working with national health systems, payers, technology platforms, and financing partners will be instrumental as we expand ARI, scale our provider network, and advance toward our Nasdaq listing." Supporting National Expansion & AI-Driven Healthcare Transformation: McGillivray will also help guide the rollout of ARI, HealthLynked's patented AI healthcare guide, as well as the company's participation in nationwide initiatives such as TEFCA interoperability, "Kill the Clipboard," and the federal government's recently launched Genesis Mission to accelerate AI-driven scientific discovery. "I'm excited to join HealthLynked at a moment when AI, interoperability, and consumer-driven platforms are reshaping the future of healthcare," said McGillivray. "HealthLynked has the key building blocks--technology, partnerships, and a national vision--to deliver real change, and I'm honored to help drive its next phase of growth." About HealthLynked Corp. HealthLynked Corp. is a healthcare technology company based in Nevada, founded on Aug. 6, 2014. It operates in three main divisions: Digital Healthcare, Medical Distribution, and Health Services, focusing on enhancing patient care, reducing costs, and creating long-term value for shareholders. In an audit report dated March 31, 2025, the Company's auditor RBSM LLP, issued a "going concern" qualification citing that the Company has recurring losses from operations, limited cash flow, and an accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $1.8 million in total assets, $6.6 million in total liabilities, and a total shareholders' deficit of $4.8 million. HEALTHLYNKED CORP: Expands Board with Two Leading Insurance Execs ----------------------------------------------------------------- HealthLynked Corp., announced on December 2, 2025, the appointment of two nationally recognized leaders in insurance, employer benefits, and healthcare risk management to its Board of Directors: Chris G. Pulos, Senior Vice President of Employee Health & Benefits at Marsh McLennan Agency, and Jason Bishara, senior insurance executive at NSI Insurance Group. These additions bring deep industry expertise as HealthLynked expands large-scale collaborations with payers, employer groups, and healthcare organizations seeking to improve outcomes through AI-powered care navigation and interoperable health data. Chris G. Pulos: Employer Benefits & Value-Based Healthcare Strategist With 35 Years of Leadership For his service as a non-employee director, Mr. Pulos will be compensated pursuant to a director agreement, under which he will receive annual compensation equal to $20,000 in shares of Company common stock that will vest in four equal installments upon the last day of each fiscal quarter over the one-year period of service, provided he is a member of the Board as of such date. Mr. Pulos brings more than three decades of experience advising major employers, health systems, and national payors on benefit design, cost containment, data-driven plan management, and value-based care strategies. As Senior Vice President at Marsh McLennan Agency--one of the world's largest employee benefits advisory firms--he has guided some of the most advanced employer health programs in the country. "Chris's expertise in how employer groups and payers structure and fund healthcare delivery is invaluable as we expand partnerships with insurers and Accountable Care Organizations," said Dr. Michael Dent, Founder, CEO, and Chairman of HealthLynked. "His insight into cost-control initiatives and risk-based benefit design will help us align the HealthLynked Network and our AI platform, ARI, with the needs of the nation's largest health purchasers." "HealthLynked is solving one of healthcare's biggest problems--connecting patients, providers, and payers with real-time data and AI," Pulos said. "The industry has talked about interoperability and cost transparency for years. HealthLynked is actually delivering it, and I'm excited to help accelerate adoption among employers and insurers." Jason Bishara: Insurance and Fintech Innovator Focused on Risk Alignment for AI-Driven Healthcare Transformation For his service as a non-employee director, Mr. Bishara will be compensated pursuant to a director agreement, under which he will receive annual compensation equal to $20,000 in shares of Company common stock that will vest in four equal installments upon the last day of each fiscal quarter over the one-year period of service, provided he is a member of the Board as of such date. With more than 25 years of experience across insurance, banking, and fintech, Mr. Bishara brings deep expertise in risk management, capital markets, and executive liability. As Financial Practice Leader at NSI Insurance Group, he develops innovative insurance and risk-mitigation solutions that support better decision-making in high-stakes environments. That perspective will be invaluable as HealthLynked advances AI-driven care coordination and cost efficiency, where managing system-wide risk, ensuring trust, and protecting stakeholders are critical to scaling global healthcare transformation. "Jason's experience at the intersection of insurance, and technology is a perfect fit for where HealthLynked is heading," said Dr. Dent. "As our AI-driven care navigation and appointment-booking solutions roll out to large insurers and employer groups, his understanding of risk alignment will be instrumental." "I'm thrilled to join the Board at a time when HealthLynked is scaling nationwide," Bishara added. "The platform has the potential to meaningfully reduce healthcare costs while enhancing patient outcomes--exactly what employers and payers are demanding." Strengthening Governance to Support National Expansion and NASDAQ listing The addition of Pulos and Bishar reflects HealthLynked's ongoing strategy to strengthen its independent Board with leaders across insurance, healthcare delivery, digital health, and capital markets. Their combined expertise will support HealthLynked as it: * Expands partnerships with major insurers, employer groups, and ACOs * Deploys ARI, its patented AI healthcare guide developed with OpenAI * Advances national initiatives such as the "Kill the Clipboard" movement, the 21st Century Cures Act interoperability mandates, and the federal Genesis Mission AI acceleration effort announced on November 24, 2025 * Scales its platform of healthcare providers in the US and serving more than one million users * Supports payers and employers in reducing cost, improving access, and enhancing care coordination * Completes its listing to Nasdaq Capital Markets About HealthLynked Corp. HealthLynked Corp. is a healthcare technology company based in Nevada, founded on Aug. 6, 2014. It operates in three main divisions: Digital Healthcare, Medical Distribution, and Health Services, focusing on enhancing patient care, reducing costs, and creating long-term value for shareholders. In an audit report dated March 31, 2025, the Company's auditor RBSM LLP, issued a "going concern" qualification citing that the Company has recurring losses from operations, limited cash flow, and an accumulated deficit. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $1.8 million in total assets, $6.6 million in total liabilities, and a total shareholders' deficit of $4.8 million. HILMORE LLC: Reaches Plan Treatment Stipulation with Shellpoint --------------------------------------------------------------- Hilmore LLC submitted an Amended Disclosure Statement in support of Plan of Reorganization dated December 8, 2025. This is a reorganization plan. In other words, the Proponent seeks to accomplish payments under the Plan with family contributions to the Proponent. On November 25, 2025, Debtor executed a document titled "Stipulation re: Non Material Modification to Plan for Treatment of Creditor's Claim" ("Plan Treatment Stipulation") which was offered by Shellpoint and accepted by Debtor. Under the terms of the Plan Treatment Stipulation, Debtor was required to make the first payment on December 1, 2025, and that payment was timely made. The Debtor submits this information to bring to the Court's attention that a Plan Treatment Stipulation has been reached, that Debtor has accepted its terms, and that Debtor is prepared to proceed toward plan confirmation. The Debtor sought bankruptcy protection after receiving a notice of default from NewRez, LLC. Debtor has since reached a Plan Treatment Stipulation regarding the secured claim that has been filed by Shellpoint, the terms of which are included in this Amended Disclosure Statement and Plan and attached to and incorporated into the Plan. In addition, Debtor intends to clear title to the Hilgard Property by challenging and removing the disputed second and fourth deeds of trust and their corresponding liens, thereby further resolving issues affecting the property. The Debtor will have approximately $86,440.67 cash on hand on the Effective Date of the Plan. The source of this cash will be the Javidzad family contributions to Debtor. Class 1 Stipulation Re: Non-Material Modification to Plan for Treatment of Creditor's Claim. On November 25, 2025, Debtor executed a document titled "Stipulation re: Non Material Modification to Plan for Treatment of Creditor's Claim" ("Plan Treatment Stipulation") which was offered by Shellpoint and accepted by Debtor. Debtor expressly incorporates the terms and provisions of the Plan Treatment Stipulation into Debtor's Chapter 11 Plan. While the full Plan Treatment Stipulation is attached as Exhibit 1 to the Plan, the main terms of the agreed plan treatment are summarized as follows: * Secured Claim. Shellpoint (its successors or assigns) shall have an allowed, fully secured claim in the unpaid principal amount of $3,544,752.47. The interest bearing portion of the unpaid principal balance shall be $3,430,797.82, which shall accrue interest over a period of 344 months in accordance with the following scheduled rates of interest: 1) 2.5% per annum for a period of 60 months (December 1, 2025 to November 1, 2030); and 2) 3.5% per annum for a period of 284 months (December 1, 2030 to July 1, 2054) The remaining non-interest bearing portion of the unpaid principal balance, of $113,954.65, shall be due and payable upon either the sale/refinancing of the Property, or the maturity date of July 1, 2054 as a balloon payment ("Secured Claim"). * Contractual Payments on the Secured Claim. Debtor shall tender regular monthly principal and interest payments to Shellpoint for the Secured Claim in the amount of $13,980.20, plus an escrow portion, commencing December 1, 2025 and continuing on the first day of each month thereafter for a period of 59 months. On December 1, 2030, the monthly payment of principal and interest shall adjust to $15,522.11, plus an escrow portion, and continue on the first day of each month thereafter until July 1, 2054 when all outstanding amounts owed on the Secured Claim, including any outstanding escrow amounts and/or charges as required per the terms and provisions of this Stipulation and/or the Note and Deed of Trust, must be paid in full. * Account Escrowed for Property Taxes and Insurance. Debtor agrees the Loan shall remain escrowed/impounded for property taxes and insurance. The amount of the current escrow payment is $3,334.79, and this amount shall be tendered to Shellpoint along with the principal and interest payment, commencing December 1, 2025. Debtor understands this escrow payment is subject to change and adjustment per any updated escrow analysis provided by Creditor. Like in the prior iteration of the Plan, each member of Class 5 General Unsecured Claims shall be paid 100% of its claim over five years in equal monthly installments, due on the first day of each calendar month, without interest, starting on the Effective Date. The percentage is fixed: this Plan is a commitment to pay this percentage regardless of future revenues, expenses, or the total allowed claims. If Debtor is unable to pay this percentage then that will be a default under this Plan. The allowed unsecured claims total $33,149.55. The ongoing capital contributions by the Javidzad Sons and other family. Evidence of Debtor's financial solvency is demonstrated by Debtor's current assets, Debtor's current monthly and projected 5-year profit and loss statements. A full-text copy of the Amended Disclosure Statement dated December 8, 2025 is available at https://urlcurt.com/u?l=FBG9mI from PacerMonitor.com at no charge. General Bankruptcy Counsel for Hilmore, LLC: Sheila Esmaili, Esq. LAW OFFICES OF SHEILA ESMAILI 10940 Wilshire Blvd., Suite 1600 Los Angeles, California 90024 T: 310.734.8209 | F: 877.738.6220 E: selaw@bankruptcyhelpla.com W: www.bankruptcyhelpla.com About Hilmore LLC Hilmore LLC is a single asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Hilmore LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No.: 25-10481) on Jan. 22, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Raymond H. Aver, at LAW OFFICES OF RAYMOND H. AVER. HORIZON WEST MEDICAL: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------------------ On December 14, 2025, Horizon West Medical Group, PLLC 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 million in debt owed to between one and 49 creditors. About Horizon West Medical Group, PLLC Horizon West Medical Group, PLLC is a Florida-based healthcare provider specializing in outpatient medical services. The company offers primary care, diagnostic services, and patient management programs to support the health and wellness of its local community. Horizon West Medical Group, PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08105) on December 14, 2025. In its petition, the debtor reports estimated assets and estimated liabilities each in the range of $100,001 to $1 million. The case is assigned to Honorable Lori V. Vaughan. The debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC INNOVATE CORP: Moody's Withdraws 'Caa2' Corporate Family Rating --------------------------------------------------------------- Moody's Ratings has withdrawn all ratings for INNOVATE Corp., including the Caa2 corporate family rating, Caa3-PD Probability of Default Rating, SGL-4 speculative grade liquidity rating and the Caa3 rating on its 8.5% senior secured notes due 2026. At the time of the withdrawal the outlook was negative. RATINGS RATIONALE Moody's have decided to withdraw the rating(s) following a review of the issuer's request to withdraw its rating(s). Headquartered in New York, NY, INNOVATE Corp. is a holding company whose principal focus is on acquiring or entering into combinations with businesses in diverse segments. The company's principal holdings include controlling interests in DBM Global Inc., a North American engineering and construction company. Additionally, INNOVATE owns or has investments in other businesses, including in life sciences (Pansend, R2, MediBeacon) and over-the-air broadcast television (Spectrum). INTERCHANGE LOGISTICS: Case Summary & 20 Top Unsecured Creditors ---------------------------------------------------------------- Debtor: Interchange Logistics, LLC 27 Quail Hollow Drive Sewell, NJ 08080 Business Description: Interchange Logistics, LLC provides interstate freight transportation services in the United States, operating as an asset- based motor carrier with company-owned tractors and trailers. The Company is based in Sewell, New Jersey, and supports general freight and refrigerated hauling within the trucking and logistics industry. Chapter 11 Petition Date: December 14, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-23199 Judge: Hon. Andrew B Altenburg Jr Debtor's Counsel: Daniel Reinganum, Esq. LAW OFFICES OF DANIEL REINGANUM 615 White Horse Pike Haddon Heights, NJ 08035 Tel: 856-548-5440 E-mail: daniel@reinganumlaw.com Total Assets: $209,265 Total Liabilities: $1,652,891 The petition was signed by Zeb M. Campagna as managing member. 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/6JHYP4I/Interchange_Logistics_LLC__njbke-25-23199__0001.0.pdf?mcid=tGE4TAMA IROBOT CORP: Gets Court Nod to Use Cash Collateral in Chapter 11 ---------------------------------------------------------------- Yun Park of Law360 reports that a Delaware bankruptcy judge on Tuesday, December 16, 2025, authorized iRobot Corp., the maker of the Roomba robot vacuum, to use its cash collateral to fund operations during its Chapter 11 case and move forward with its prepackaged restructuring plan. The court granted the relief on an interim basis, finding the proposed budget necessary to preserve the business and maintain continuity while the plan advances. The order allows iRobot to cover ordinary-course expenses, including payroll and vendor payments, while protecting lenders’ interests through adequate-protection provisions. A final hearing on the cash-collateral request is scheduled for later in the case as the company works to quickly confirm its prepackaged plan, the report states. 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. JAGUAR HEALTH: Preferreds Swapped for 440,000 Shares & Warrants --------------------------------------------------------------- Jaguar Health, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 9, 2025, the Company entered into a privately negotiated exchange agreement with Iliad Research and Trading, L.P., pursuant to which the Company issued: (i) 400,000 shares of the Company's common stock, par value $0.0001 and (ii) a pre-funded common stock purchase warrant to purchase 1,304,545 shares of Common Stock to Iliad in exchange for 75 shares of Series M Preferred Stock held by Iliad. Upon completion of the First Exchange Transaction, such 75 shares of Series M Preferred Stock were cancelled and retired. As previously disclosed, on June 27, 2025, the Company sold and issued to Iliad an aggregate of 170 shares of Series M Perpetual Preferred Stock of the Company in a privately negotiated exchange transaction. On December 11, 2025, the Company entered into another privately negotiated exchange agreement with Iliad, pursuant to which the Company issued: (i) 40,000 shares of Common Stock and (ii) a pre-funded common stock purchase warrant to purchase 304,827 shares of Common Stock to Iliad in exchange for 16 shares of Series M Preferred Stock held by Iliad. Upon completion of the Second Exchange Transaction, such 16 shares of Series M Preferred Stock were cancelled and retired. Each of the Exchange Agreements includes representations, warranties, and covenants customary for transactions of this type. Each of the Pre-Funded Warrants is exercisable in part or in full immediately at an exercise price of $0.001 per share, and may be exercised at any time until such Pre-Funded Warrant is exercised in full. The Pre-Funded Warrants provide that the number of shares that may be exercised shall be limited to ensure that, following such exercise, the number of shares of Common Stock beneficially owned by the holder, together with its affiliates and certain related parties, does not exceed 9.99% of the total number of shares of Common Stock then issued and outstanding. About Jaguar Health Jaguar Health, Inc. -- http://www.jaguar.health/-- is a commercial-stage pharmaceuticals company focused on developing novel, plant-based, sustainably derived prescription medicines for people and animals with gastrointestinal ("GI") distress, including chronic, debilitating diarrhea. Jaguar Health's wholly owned subsidiary, Napo Pharmaceuticals, Inc., focuses on developing and commercializing proprietary plant-based human pharmaceuticals from plants harvested responsibly from rainforest areas. The Company's crofelemer drug product candidate is the subject of the OnTarget study, a pivotal Phase 3 clinical trial for prophylaxis of diarrhea in adult cancer patients receiving targeted therapy. Larkspur, California-based RBSM, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has an accumulated deficit, recurring losses, and expects continuing future losses. These conditions raise substantial doubt about the Company's ability to continue as a going concern. The Company, since its inception, has incurred recurring operating losses and negative cash flows from operations and has an accumulated deficit of $346.5 million as of December 31, 2024. As of June 30, 2025, the Company had $48.3 million in total assets, $41.4 million in total liabilities, $6.9 million in total stockholders' equity. KCAP DOMINIK: Gets Court OK to Use Cash Collateral -------------------------------------------------- KCAP Dominik LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use cash collateral to fund operations. At the recent hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for January 26, 2026. KCAP is the owner and operator of a 240-unit multifamily complex in College Station, Texas. With occupancy at approximately 38% and heightened tenant turnover driven by inflation, the Debtor asserts that immediate access to cash is essential to complete unit turns, maintain the property, and stabilize revenue. The Debtor purchased the property for roughly $21.3 million in 2022 and has since invested an additional $7 million in renovations; it is currently valued at approximately $25 million. Against this, the lender -- Fannie Mae, successor to X-Caliber -- asserts a loan balance of about $18.25 million, resulting in what the Debtor characterizes as a substantial equity cushion. The Debtor believes that this cushion, along with replacement liens, provides adequate protection for the lender's interests. Although full debt-service payments ceased approximately five months before filing, the Debtor continues contributing roughly $65,000 monthly while funding operational expenses out of pocket. About KCAP Dominik LLC KCAP Dominik LLC, doing business as The Dominik Apartments, operates a residential apartment community in College Station, Texas, offering one-, two-, and three-bedroom units for rent. The property features amenities including a swimming pool, fitness center, clubhouse, playground, bark park, and landscaped grounds, with in-unit facilities such as all-electric kitchens, air conditioning, washers and dryers, and Wi-Fi. The Company serves residents seeking pet-friendly, amenity-rich apartment living with convenient access to local shopping, dining, entertainment, and major highways. KCAP sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44740) on December 3, 2025, listing between $10 million and $50 million in assets and liabilities. Tie Lasater, chief executive officer of KCAP, signed the petition. Judge Mark X. Mullin oversees the case. Jeff Carruth, Esq., at Condon Tobin Sladek Sparks Nerenberg, PLLC represents the Debtor as legal counsel. KLEOPATRA FINCO: Gets Final OK to Obtain EUR984-Mil. DIP Loan ------------------------------------------------------------- Kleopatra Finco S.a r.l. received final approval from the U.S. Bankruptcy Court for the Southern District of Texas to obtain post-petition financing to get through bankruptcy. The final order authorized the Debtors to obtain a senior secured superpriority term loan facility of up to EUR984 million, including EUR349 million in new money term loans, of which EUR264 million was made available after the November 5 interim order, and EUR85 million upon final court approval. Wilmington Savings Fund Society, FSB serves as administrative and collateral agent under the EUR984 million credit agreement. The final order granted the lenders protection in the form of a valid, non-avoidable, and automatically perfected security interests in and liens on the collateral securing the DIP loans and a superpriority administrative expense claim, subject and subordinate to the fee carveout. The DIP loans are due and payable on the earliest of: (i) The date that is nine months after the closing date; (ii) The date on which all loans are accelerated and all unfunded commitments (if any) have been terminated in accordance with the credit agreement, by operation of law or otherwise; (iii) The date the bankruptcy court orders the dismissal of the Debtors' Chapter 11 cases or their conversion to a Chapter 7 liquidation; (iv) The closing of any sale of assets pursuant to Section 363 of the Bankruptcy Code, which when taken together with all other sales of assets since the closing date, constitutes a sale of all or substantially all of the assets of the borrowers; and (v) Effective date of a Chapter 11 plan. The final order also authorized the Debtors to use the cash collateral of pre-bankruptcy secured creditors and to provide such creditors with adequate protection in the form of valid, perfected replacement and additional security interests in and liens on the DIP collateral; administrative expense claim under section 507(b) of the Bankruptcy Code; and payment of fees and expenses. A copy of the final order is available at https://urlcurt.com/u?l=Prt2zD from PacerMonitor.com. About Kleopatra Finco and Klockner Kleopatra Finco S.a r.l. is a private limited company incorporated under the laws of Luxembourg. Finco is the financing arm of Klockner, a global manufacturer of packaging for companies all around the world. . Kleopatra Finco and 24 affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90642) on November 4, 2025, before the Hon. Christopher M. Lopez. The Debtors listed $1 billion to $10 billion in estimated assets and liabilities. The Debtors filed Chapter 11 petition after entering into a restructuring support agreement with an ad hoc group of lenders. A Chapter 11 plan was filed together with the petition. The Debtors tapped Kirkland & Ellis, LLP as bankruptcy counsel; Porter Hedges, LLP as local counsel; PJT Partners, Inc. as investment banker; Alvarez & Marsal North America, LLC as restructuring advisor; and Ernst & Young, LLP as tax advisor. Stretto, Inc. is the claims and noticing agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. Wilmington Savings Fund Society, FSB, as DIP agent, is represented by: Jeffery R. Gleit, Esq. Patrick A. Feeney, Esq. ARENTFOX SCHIFF LLP 1301 Avenue of the Americas, 42nd Floor New York, NY 10019 Tel: (212) 484-3900 Jeffrey.Gleit@afslaw.com Patrick.Feeney@afslaw.com -and- Matthew R. Bentley, Esq. 233 South Wacker Drive, Suite 7100 Chicago, IL 60606 Telephone: (312) 258-5500 Matthew.Bentley@afslaw.com Coface Finanz Gmbh is represented by: Jennifer Joyce Kellner, Esq. Mayer Brown LLP 1221 Avenue of the Americas New York, NY 10020 Tel: (212) 506-2500 jkellner@mayerbrown.com FactoFrance is represented by: Robert E. Richards Dentons US LLP 233 S. Wacker Drive, Suite 5900 Chicago, IL 60606-6404 Telephone: (312) 876-8000 robert.richards@dentons.com LCC INC: Claims to be Paid from Ongoing Operations -------------------------------------------------- L.C.C., Inc., filed with the U.S. Bankruptcy Court for the District of Colorado a Disclosure Statement to accompany Plan of Reorganization dated December 8, 2025. The Debtor is a Colorado company with operations based in Fort Lupton, Colorado which specializes in the sale and service of commercial, off road, light truck and passenger tires. The Debtor's secured debt exceeds the Debtor's asset value. A slowdown in business has further harmed the Debtor's ability to service the debt. Further impacting the Debtor's cash flow is merchant credit advance debt incurred by the Debtor which bleeds the Debtor's cash flow. As provided in Section 1123(a)(1) of the Code, the Priority, Administrative and Tax Claims against the Debtor is not designated as Classes. The holders of such Allowed Claims are not entitled to vote on the Plan and such Claims will be paid in full. The Plan provides for the reorganization of the Debtor under Chapter 11 of the Code. Pursuant to the Plan, the Debtor will restructure its debts and obligations. The Debtor will fund the Plan through its disposable income earned from ongoing business operations. Following the Effective Date of the Plan, the Debtor will deposit 5% of Gross Income into the Unsecured Creditors Account for a period of five years and will distribute such funds to unsecured creditors on a monthly basis. The Debtor has a number of unsecured pre-petition creditors. Several of the unsecured creditors have filed proofs of Claim as of the bar date set in this case for filing claims which was October 3, 2025. Unsecured Claims against LCC in the total amount of $5,061,529.08 have been asserted against LCC's estate, including of Code Section 506 claims. Class 16 consists of the unsecured creditors of the Debtor who hold Allowed Claims. Holders of Class 16 Allowed Claims shall share on a Pro Rata basis money deposited by the Debtor into the Unsecured Creditor Account and distributed in accordance with paragraph 9.2 of the Plan after the satisfaction of Allowed Administrative Claims for the five-year term of the Plan. Class 17 includes the Interests in the Debtor, which Interests are unimpaired by the Plan. Upon confirmation of the Plan, the interest holders in the Debtor shall continue to maintain their interests in the Debtor. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued business operations, including sales of tires and related services. As detailed in the Projections, the Debtor will have sufficient income during the term of the Plan to satisfy its Plan obligations. A full-text copy of the Disclosure Statement dated December 8, 2025 is available at https://urlcurt.com/u?l=DOHuzh from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: agarber@wgwc-law.com About L.C.C. Inc. L.C.C. Inc. specializes in selling and servicing commercial, off-road, light truck, and passenger tires. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Colo. Case No. 25-15137) on October 15, 2025. In the petition signed by Luis Carlos Chavez, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael E. Romero oversees the case. Aaron A. Garber, Esq., at Wadsworth Garber Warner Conrardy, P.C., is the Debtor's legal counsel. LEFEVER MATTSON: Updates Liquidating Plan Disclosures ----------------------------------------------------- Lefever Mattson and its affiliates, and the Official Committee of Unsecured Creditors submitted a Third Amended Disclosure Statement in support of Third Amended Joint Plan of Liquidation dated December 7, 2025. The Plan is a "single pot" plan, meaning that it pools and consolidates all of the assets and liabilities of all of the Debtors and the KSMP Investment Entities for distribution purposes. This pooling is known as substantive consolidation. Under the Plan, no third parties, including Mr. Mattson and Mr. Timothy LeFever, will receive a release for their conduct related to the Debtors. The Plan further provides, in accordance with applicable Ponzi scheme case law, that Investor claims will be "netted" to make sure all Investors are treated fairly. Specifically, pursuant to the Global Settlement, each Investor will receive (a) a claim for the total amount of money (or value of property) it invested in the Debtors over time less the total amount of any distributions the Investor received over the seven years prior to September 12, 2024 (referred to as the Investor Tranche 1 Claim) and (b) a separate claim for the amount of those deducted distributions (referred to as the Investor Tranche 2 Claim) (if any). The Plan provides that Investors will first receive their pro rata distribution of available assets on account of their Investor Tranche 1 Claim. If and when each Investor Tranche 1 Claim is paid in full, Investors will then receive their pro rata distribution of available assets on account of their Investor Tranche 2 Claim (if any). The Plan further provides, in accordance with applicable Ponzi scheme case law, that Investor claims will be "netted" to make sure all Investors are treated fairly. Specifically, pursuant to the Global Settlement, each Investor will receive (a) a claim for the total amount of money (or value of property) it invested in the Debtors over time less the total amount of any distributions the Investor received over the seven years prior to September 12, 2024 (referred to as the Investor Tranche 1 Claim) and (b) a separate claim for the amount of those deducted distributions (referred to as the Investor Tranche 2 Claim) (if any). The Plan provides that Investors will first receive their pro rata distribution of available assets on account of their Investor Tranche 1 Claim. If and when each Investor Tranche 1 Claim is paid in full, Investors will then receive their pro rata distribution of available assets on account of their Investor Tranche 2 Claim (if any). To effectuate distributions to Investors, the Plan provides for the creation of the Plan Recovery Trust. The Plan Recovery Trust will take ownership of the Debtors' assets, sell or otherwise dispose of those assets to generate cash, and distribute that cash to Investors. The Plan Recovery Trust also will own litigation claims against third parties, including Mr. Mattson and Mr. LeFever, and may generate cash through prosecution or settlement of those claims. The Plan Recovery Trust will distribute cash to Investors and creditors over time, as it monetizes the Plan Recovery Trust Assets. The Plan Recovery Trust will also hold certain litigation claims known as "Contributed Claims." Contributed Claims include all Causes of Action that are legally assignable (including Causes of Action that are legally assignable solely because of the preemptive effect of the Plan) that an Investor has against any Person that is not a Debtor and that are related in any way to the Debtors, their predecessors, their respective affiliates, or any Excluded Parties. The Plan Proponents believe that the settlement reflected in the Plan provides the best prospect for Investors and other creditors to maximize their recoveries from the Debtors' estates, and to receive those distributions as soon as reasonably possible. After (i) all administrative and priority claims (including, without limitation, Administrative Expense Claims, Involuntary Gap Claims, Professional Fee Claims, Priority Tax Claims, and Priority Claims), and (ii) all Plan Recovery Trust expenses, including any litigation financing expenses, are paid or reserved for, the Plan Recovery Trust will make Distributions of Available Cash to Investors and Holders of Trade Claims (if Class 4 votes to reject the Plan) as follows: * First, the Plan Recovery Trust shall distribute the proceeds of the Plan Recovery Trust Assets to each Investor and Holder of a Trade Claim (if Class 4 votes to reject the Plan) on a Pro Rata basis until all Investor Tranche 1 Claims and Allowed Trade Claims (if Class 4 votes to reject the Plan) have been paid in full; * Second, the Plan Recovery Trust shall distribute the proceeds of the Plan Recovery Trust Assets to each Investor on a Pro Rata basis until all Investor Tranche 2 Claims have been paid in full; * Notwithstanding anything to the contrary contained in the Plan or in the Confirmation Order, the Plan Recovery Trust shall distribute the net proceeds of any Contributed Claims solely to Investors that voted to accept the Plan and did not opt out of the Contributed Claim Election. A full-text copy of the Third Amended Disclosure Statement dated December 7, 2025 is available at https://urlcurt.com/u?l=dy7DGO from Kurtzman Carson Consultants, LLC, claims agent. Attorneys for the Lefever Mattson Debtors: Tobias S. Keller, Esq. David A. Taylor, Esq. Thomas B. Rupp, Esq. Keller Benvenutti Kim LLP 425 Market Street, 26th Floor San Francisco, California 94105 Telephone: (415) 496-6723 Facsimile: (650) 636-9251 Email: tkeller@kbkllp.com dtaylor@kbkllp.com Attorneys for the KSMP Debtors: HOGAN LOVELLS US LLP Richard L. Wynne, Esq. Erin N. Brady, Esq. Edward J. McNeilly, Esq. Todd M. Schwartz, Esq. 1999 Avenue of the Stars, Suite 1400 Los Angeles, California 90067 Telephone: (310) 785-4600 Email: richard.wynne@hoganlovells.com erin.brady@hoganlovells.com edward.mcneilly@hoganlovells.com todd.schwartz@hoganlovells.com Attorneys for the Official Committee of Unsecured Creditors: Debra I. Grassgreen, Esq. Pachulski Stang Ziehl & Jones LLP One Sansome Street, Suite 3430 San Francisco, CA 94104 Tel: (415) 263-7000 Fax: (415) 263-7010 Email: dgrassgreen@pszjlaw.com About LeFever Mattson LeFever Mattson, a California corporation, manages a large real estate portfolio. Timothy LeFever and Kenneth W. Mattson each owns 50% of the equity in the company. Based in Citrus Heights, Calif., LeFever Mattson manages a portfolio of more than 200 properties, comprised of commercial, residential, office, and mixed-use real estate, as well as vacant land, located throughout Northern California, primarily in Sonoma, Sacramento, and Solano Counties. It generates income from the properties through rents and use the proceeds to fund its operations. LeFever Mattson and its affiliates filed voluntary Chapter 11 petitions (Bankr. N.D. Cal. Lead Case No. 24-10545) on September 12, 2024. At the time of the filing, LeFever Mattson listed $100 million to $500 million in assets and $10 million to $50 million in liabilities. Judge Charles Novack oversees the cases. Keller Benvenutti Kim LLP, led by Thomas B. Rupp, is the Debtors' counsel. Kurtzman Carson Consultants, LLC is the Debtors' claims and noticing agent. LEXDEN MANAGEMENT: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------------- On December 12, 2025, Lexden Management LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About Lexden Management LLC Lexden Management LLC is a single asset real estate company. Lexden Management LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24680) on December 12, 2025. In its petition, the debtor reports estimated assets and estimated liabilities each in the range of $100,001 to $1 million. The case is assigned to Honorable Peter D. Russin. The debtor is represented by Mark S. Roher, Esq., of the Law Office of Mark S. Roher, P.A. LLW CONSTRUCTION: Hearing Today on Bid to Use Cash Collateral ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, is set to hold a hearing today to consider another extension of LLW Construction, Inc.'s authority to use cash collateral. The Debtor was previously authorized to use cash collateral under the court's fourth interim order entered on December 8 to pay the amounts expressly allowed by the court; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by the U.S. Small Business Administration, a secured creditor. The fourth interim order granted the SBA protection through a replacement lien on the cash collateral, with the same validity, priority and extent as its pre-bankruptcy lien. The Debtor's budget projects total operational expenses of $155,444.17 for the period from December to May 2026. About LLW Construction Inc. LLW Construction, Inc., doing business as Adeline Custom Homes, is a construction company specializing in residential and commercial projects. It operates with a network of experienced project managers, subcontractors, and suppliers. Founded by Michal and Mary Winiarek, the Company emphasizes hands-on expertise and client-centered service in its operations. LLW Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04229) on June 23, 2025. In its petition, the Debtor reported total assets of $63,757 and total liabilities of $1,865,048. Judge Roberta A. Colton handles the case. The Debtor is represented by: Buddy D. Ford, Esq. Ford & Semach, P.A. Tel: 813-877-4669 Email: buddy@tampaesq.com LUMEXA IMAGING: S&P Upgrades ICR to 'B+' on IPO, Outlook Stable --------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Lumexa Imaging Equity Holdco LLC (previously US Radiology Specialist Holdings LLC) and rating on its outstanding debt to 'B+' from 'B-'. The outlook is stable. The preliminary rating of 'B+' on its proposed debt issuance and recovery rating of '3' are unchanged. The stable outlook reflects S&P's expectation that Lumexa will reduce leverage below 5x within a year and generally maintain it at 4x-5x. Lumexa (previously US Radiology Specialist Holdings LLC) priced its IPO this week and expects to use about $375 million of the $435 million proceeds to reduce debt. The company is also in the market to issue a new $825 million term loan B and $250 million revolver to replace its $1.191 billion term loan and $165 million revolver. S&P said, "We estimate this will reduce S&P Global Ratings-adjusted leverage by about 2x to modestly above 5x and substantially lower interest expense, improving free cash flow. We expect Lumexa will prioritize deleveraging over the next year via both EBITDA growth and debt reduction, keeping leverage in the 4x-5x range. "We no longer view Lumexa as controlled by private-equity sponsors. Following the IPO, private equity ownership will decline to 30%, with minority representation on the board of directors. We view this as meaningfully credit positive for its financial policy because private equity investors tend to favor high leverage to enhance their returns. Pro forma for the IPO, we expect 30% of Lumexa's shares will be owned by Welsh, Carson, Anderson & Stowe (WCAS), 26% by public shareholders, and 44% by existing and prior employees, physicians, and health system partners. We expect WCAS will have one seat on the nine-person board and that six members will be independent." S&P Global Ratings-adjusted leverage will likely be generally below 5x. The reduction in private equity ownership and management's indications of a more conservative financial policy support this view. Lumexa's leverage for the 12 months ended Sept. 30, 2025, was 7.4x. Pro forma for the approximately $375 million of debt reduction from IPO proceeds, leverage would decline by over 2x to about 5.3x. Our base case assumes that will fall below 5x within one year, helped both by EBITDA improvement and further reduction in debt balances. Our expectations are supported by the strength of its business, improved free cash flow from a substantial reduction in interest expense, management's stated financial policy priorities, and that public shareholders tend to be averse to companies maintaining very high leverage. S&P said, "We expect rising demand for imaging to support robust revenue growth. We believe the aging population and scientific advances that are increasing the number of medical conditions that can be diagnosed noninvasively supports rising demand for diagnostic imaging. This tailwind is compounded by a payer-driven secular shift in diagnostic imaging moving toward lower-cost outpatient settings, where Lumexa is focused, and away from hospitals. "We expect modest margin pressure from wage inflation and for margins to fluctuate somewhat depending on the level of de novo investment. Increasing imaging volumes has contributed to a shortage of radiologists and wage inflation for these professionals in certain areas of the U.S. albeit at a more modest pace than in prior years. Lumexa has focused on hiring more remote radiologists (teleradiology), which provides radiologists much-desired flexibility and is more cost efficient to the company. Moreover, Lumexa's variable compensation model with employee ownership also helps it absorb some of these labor pressures. We expect margins will be modestly pressured as the increase in labor costs is outpacing reimbursement trends as both government and commercial payers seek to constrain rising health care costs." The company is pursuing software tools to improve radiologist productivity (and profit margins) and could help partially offset the margin pressure. Some involve externally developed AI modules and enhance radiologist efficiency and diagnosis accuracy. Diagnostic imaging is a leading use-case for AI in health care, indicated by the high proportion of U.S. Food and Drug Administration approved AI-based products that focus on imaging modalities. S&P said, "We expect Lumexa to focus on expanding its footprint by opening de novo (newly opened) locations, where profitability is initially weaker, and for that to contribute to margin compression in 2025. In recent years there has been increased regulatory scrutiny around private equity investors consolidating physician groups, including those owned by WCAS. It's unclear to us the extent to which the shift in control increases the potential for Lumexa to acquire other companies, but we expect it will primarily focus on expansion via de novos." Reimbursement is a modest but persistent headwind. The U.S. Centers for Medicare and Medicaid Services has gradually reduced Medicare reimbursement (about 24% of the company's 2024 revenue) for diagnostic radiology services over the last several years. Reimbursement has been relatively flat for the last decade and longer. This stems in part from the steady rise in utilization of diagnostic imaging and the requirement for Medicare to be budget neutral, which requires an offsetting reduction in price. Moreover, commercial payers are also limiting reimbursement increases to below the pace of wage inflation in an aggressive effort to constrain rising health care costs, even though outpatient imaging is reimbursed at a much lower rate than in a hospital facility. S&P said, "The stable outlook on Lumexa reflects our expectation for at least mid- to high-single-digit percent revenue growth, boosted by growth via new de novo locations. We expect labor costs that are outpacing the trends in reimbursement and below-average profitability on newly opened sites will moderately pressure Lumexa's EBITDA margins, relative to historical levels." S&P could lower the ratings on Lumexa if it expects S&P Global Ratings-adjusted leverage to remain above 5x for more than a year or to regularly rise above 5x. This could occur if: -- The company pursues debt financed acquisitions or share buybacks; or with -- A significant rise in labor costs, adverse shift in payer mix, or material reimbursement decrease. S&P could raise its rating if Lumexa: -- Reduces leverage below 4x; and -- S&P expecta it to sustain that despite other competing priorities and reimbursement pressures. LUMINAR TECHNOLOGIES: Case Summary & 30 Top Unsecured Creditors --------------------------------------------------------------- Lead Debtor: Luminar Technologies, Inc. 2603 Discovery Drive, Suite 100 Orlando, Florida 32826 Business Description: Luminar Technologies, Inc. is a technology company that develops Light Detection and Ranging (LiDAR) hardware, semiconductor components, and software used in advanced driver assistance and autonomous vehicle systems, with its technology included as standard equipment on production vehicles such as Volvo's EX90 and ES90. The Company operates through autonomy solutions and advanced technologies and services segments, providing LiDAR systems and related semiconductor and software capabilities for passenger and commercial vehicles and adjacent markets. Luminar is headquartered in Orlando, Florida, operates across the United States and internationally including Germany, Mexico, India, and Sweden, and its common stock trades on the Nasdaq under the ticker LAZR. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Southern District of Texas Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Luminar Technologies, Inc. (Lead Case) 25-90807 LAZR Technologies, LLC 25-90806 Luminar, LLC 25-90808 Debtors' Bankruptcy Counsel: Stephanie N. Morrison, Esq. Austin B. Crabtree, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: stephanie.morrison@weil.com Austin.Crabtree@weil.com AND Ronit J. Berkovich, Esq. Jessica Liou, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: ronit.berkovich@weil.com Jessica.Liou@weil.com Debtors' Restructuring Advisor: TRIPLE P TRS, LLC Debtors' Investment Banker: JEFFERIES LLC Debtors' Claims & Noticing Agent: OMNI AGENT SOLUTIONS, INC. Total Assets as of November 30, 2025: $189,472,181 Total Debts as of November 30, 2025: $508,210,642 The petitions were signed by Robin Chiu as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IJGQKQY/Luminar_Technologies_Inc__txsbke-25-90807__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Bank National Association 1.25% Convertible $134,883,000 Attn.: Bradley E. Scarbrough Senior Notes 633 West 5th Street, 24th Floor due 2026 Los Angeles, California 90071 Phone: (213) 615-6047 Email: bradley.scarbrough@usbank.com 2. Celestica LLC Lease $43,885,475 Attn.: Liza Castillo Obligations 11 Continental Boulevard Merrimack, New Hampshire 03054-4341 Email: lizacastillo@celestica.com 3. Scale AI, Inc. Software $10,650,000 Attn.: Eloise Cagas 303 2nd Street, 5th Floor San Francisco, California 94107-1366 Email: eloise.cagas@scale.com 4. Fujian Hitronics Trade Goods $2,536,942 Technologies, Inc. Attn.: Donny Li No. 1-1 Nanbian Road, Minhou Fuzhou, China 350100 Phone: (408) 791-6352 Email: donny.li@hi-tronics.com 5. Applied Intuition, Inc. Software $1,175,000 Attn.: Greg Granito 145 E Dana Street Mountain View, California 94041-1507 Phone: (508) 523-3786 Email: greg@applied.com 6. Fabrinet Co Ltd Trade Goods $1,081,460 Attn.: Harpal S. Gill 4900 Patrick Henry Drive Santa Clara, California 95054 Phone: (609) 815-4795 Email: harpalg@fabrinet.co.th 7. P3 USA, Inc. Software $997,699 Attn.: Breanne Mason One N Main St, 4th Floor Greenville, South Carolina 29601-2770 Email: breanne.mason@p3-group.com 8. Optera TPK Holding Pte. Ltd. Trade Goods $759,742 Attn.: Dana Lu 80 Robinson Road, #02-00 Singapore 068898 Phone: + (86) 592-573-8999 Email: dana.lu@tpk.com 9. CSC Advisory FZ LLE Professional $666,000 Attn.: Murtaza Ahmed Services City Gate (Bin Ham) Building, Port Saeed Office 1309, 13th Floor Abu Dhabi Phone: + (971) 585-368-212 Email: murtaza@chilternstreet.capital 10. TPK Precision Trade Goods $513,946 Hong Kong Co., Ltd. Attn.: Kevin Tsai Units 610-611, 6/F, Tower 2 Lippo Centre, 89 Queensway Admiralty, Hong Kong China Phone: + (86) 592-573-8999 Email: kevin.tsai@tpk.com 11. Workday, Inc. Software $411,025 Attn.: Garrett Cox 6110 Stoneridge Mall Road Pleasanton, California 94588-3211 Email: garrett.cox@workday.com 12. Orrick, Herrington & Sutcliffe LLP Professional $407,148 Attn.: Dan Kim Services 2121 Main Street Wheeling, West Virginia 26003-2809 Phone: (304) 231-2704 Email: dan.kim@orrick.com 13. Steer Tech LLC Equipment $303,036 Attn.: Anuja Sonalker 10840 Guilford Road, Suite 401-402 Annapolis Junction, Maryland 20701-1121 Phone: (240) 787-8000 Email: anuja@steer-tech.com 14. Vector North America, Inc. Software $288,675 Attn.: Elizabeth Abbott 39500 Orchard Hill Place, Suite 400 Novi, Michigan 48375-5371 Email: elizabeth.abbott@vector.com 15. Oracle America, Inc. Software $249,767 Attn.: Taylor Cleaves 500 Oracle Parkway Redwood City, California 94065-1677 Phone: (339) 236-0172 Email: taylor.cleaves@oracle.com 16. Daedalus Tech Supplemental $234,455 Attn.: Brenno Caldato Workforce Padre Joao Quadra Street 15-81 Sao Paolo, Brazil 17012-020 Email: sales@daedalustech.com brenno.caldato@dt-labs.ai 17. B9 McLeod Owner LLC Facilities $217,091 Attn.: Legal Department 233 S Wacker Drive, Suite 4700 Chicago, Illinois 60606-6332 18. Corning Auto Glass Solutions LLC Trade Goods $213,894 Attn.: Rebecca Flint One Riverfront Plaza Corning, New York 14830-2556 Phone: (607) 542-2709 Email: flintr@corning.com 19. McDermott Will & Emery LLP Professional $177,017 Attn.: Ahsan Shaikh Services 444 West Lake Street Chicago, Illinois 60606-0029 Phone: (312) 984-7750 Email: ashaikh@mwe.com 20. UnitedHealthcare Insurance Company Health $157,116 Attn.: Legal Department Insurance 9900 Bren Road E Minnetonka, Minnesota 55343 Email: Employer_eServices@uhc.com 21. Alidade Discovery Lakes II, LLC Facilities $155,761 Attn.: Matt Roslin 40900 Woodward Avenue, Suite 250 Bloomfield Hills, Michigan 48304-5119 Email: roslin@alidadecapital.com 22. Marsh USA Inc. Insurance $121,761 Attn.: Scot Sterenberg 4 Embarcadero, Suite 1100 San Francisco, California 94111 Email: scot.sterenberg@marsh.com 23. Workiva, Inc. Software $118,961 Attn.: Courtney Shipton 2900 University Boulevard Ames, Iowa 50010-8665 Phone: (724) 831-6757 Email: courtney.shipton@workiva.com 24. Squeaky Trees LLC Professional $100,557 Attn.: Kimberly Kryger Services P.O. Box 99 Beaver Island, Michigan 49782-0099 Phone: (678) 372-9167 Email: kim@squeakytrees.com 25. PTC Inc. Software $97,844 Attn.: Sorin Radulescu 121 Seaport Boulevard, Suite 1700 Boston, Massachusetts 02210-2050 Email: sradulescu@ptc.com 26. The Volvo Store Property & $92,175 Attn.: David Bokai-Lukinich Equipment 1051 W Webster Avenue, Winter Park Orlando, Florida 32789-0000 Email: dbokai@thevolvocarstore.com 27. Velocity Global, LLC d/b/a Pebl Supplemenal $85,421 Attn.: Kelsey Garton Workforce 3858 Walnut Street, Suite 107 Denver, Colorado 80205-3463 Email: kelseygarton@hellopebl.com 28. Tata Consultancy Services Limited Professional $78,225 Attn.: Rahulh Nair Services 9th Floor, Nirmal Building, Nariman Point, Maharashtra 400 021 India Email: rahulh.nair@tcs.com 29. PwC US Business Advisory LLP Professional $78,000 Attn.: Kevin C. Jackson Services 4040 W. Boy Scout Boulevard Tampa, Florida 33607-5750 Email: kevin.c.jackson@pwc.com 30. Austin Circuit Design Engineering $76,348 Attn.: Sabrina Nottingham Services 2908 National Drive, Suite 100 Garland, Texas 75041-2337 Email: sabrina.nottingham@austincircuit.com LUMINAR TECHNOLOGIES: Files Ch. 11 to Facilitate $110MM LSI Sale ---------------------------------------------------------------- Luminar Technologies, Inc. and certain of its subsidiaries on December 15, 2025, filed voluntary petitions for relief under chapter 11 of the Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas thereby commencing chapter 11 cases. The Company's subsidiary Luminar Semiconductors, Inc. and LSI's subsidiaries are not Debtors in the Chapter 11 Cases and the operations of LSI and its subsidiaries will not be affected by the filing of the Chapter 11 Cases. Luminar disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Chapter 11 filing has the support of approximately 91.3% of the holders of 1L Notes, and approximately 85.9% of the holders of 2L Notes. The bankruptcy filing comes a week after Luminar reached an extension of forbearance agreements with its lender group. In a Form 8-K Report last week, the Company and a group of Extending Noteholders on December 7, 2025, entered into new forbearance agreements -- Fifth Forbearance Agreements -- in connection with which the Extending Noteholders agreed to forbear from exercising rights and remedies with respect to the failure to make the October 15 Interest Payments and the November 15 Interest Payments, as applicable, and otherwise extend the Extended Forbearance Period with respect to the 1L Notes and 2L Notes to December 10, with the ability to extend further through December 14, 2025. As previously reported, Luminar entered into: (i) forbearance agreements, effective as of October 30, 2025 -- First Forbearance Agreements, with the Initial Forbearing Noteholders of the Company's Floating Rate Senior Secured Notes due 2028 and 9.0% Convertible Second Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Senior Secured Notes due 2030, as applicable, beneficially owning, collectively, approximately 94.5% of the 1L Notes and approximately 89% of the 2L Notes; (ii) forbearance agreements, effective as of November 6, 2025 -- Second Forbearance Agreements with the Extending Noteholders of the 1L Notes and 2L Notes, as applicable, beneficially owning, collectively, approximately 91.3% of the 1L Notes and approximately 85.8% of the 2L Notes; (iii) forbearance agreements, effective as of November 12, 2025 -- Third Forbearance Agreements -- with the Extending Noteholders; and (iv) forbearance agreements, effective as of November 25, 2025 -- Fourth Forbearance Agreements -- with the Extending Noteholders. In addition to the Bankruptcy Petitions, the Debtors are filing, among other things, a motion with the Bankruptcy Court seeking joint administration of the Chapter 11 Cases under the caption "In re Luminar Technologies, Inc. et al". The Debtors will continue to operate their businesses as "debtors-in-possession" under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. To ensure their ability to continue operating in the ordinary course of business, the Debtors filed with the Bankruptcy Court certain motions seeking a variety of customary "first day" relief, including authority to pay employee wages and benefits, to honor customer programs, to pay certain critical vendors and suppliers for goods and services, and to continue honoring insurance and tax obligations as they come due. To facilitate the transactions contemplated by the Bankruptcy Petitions, fund the Chapter 11 Cases, and support operations throughout the marketing and sale process, the Ad Hoc Group has consented to the Debtors' use of the Debtors' approximately $25 million of cash on hand, which is their secured noteholders' cash collateral. The Ad Hoc Group's consent to the Debtors' use of cash collateral is conditioned on certain terms, including, without limitation, the Debtors' adherence to a budget with an agreed upon variance, regular reporting requirements, compliance with a minimum liquidity covenant, and meeting certain milestones in the Chapter 11 Cases. The Debtors will also file a motion seeking authorization to conduct sale processes for the LSI equity and the LiDAR business designed to achieve the highest or otherwise best offer for the assets pursuant to section 363 of Bankruptcy Code. The motion will set out proposed bidding procedures for both sales, along with a proposed timeline that, given the extensive marketing processes already conducted by the Company, anticipates completion of the transactions by the end of January 2026, subject to Bankruptcy Court approval and other customary closing conditions. Stock Purchase Agreement: Prior to initiating these chapter 11 cases, the Company, LSI, and Quantum Computing Inc. entered into a Stock Purchase Agreement, pursuant to which, subject to the terms and conditions set forth therein, QCi agreed to acquire all of the issued and outstanding shares of LSI, for a total purchase price of $110 million in cash, subject to certain adjustments as contemplated by the Stock Purchase Agreement. QCi is an integrated photonics and quantum optics technology company with a focus on photonics-driven technologies and advanced sensing applications. LSI's innovation platform and engineering depth complement QCi's existing capabilities and long-term strategic priorities in optical systems, chip-scale innovation, and high-reliability photonic architectures. The combination will position LSI to accelerate its growth and capitalize on the growing demand for high-performance photonics solutions. "We are pleased to partner with QCi as they continue to accelerate their photonics roadmap," said Paul Ricci, CEO of Luminar. "QCi's focus on photonics-driven technologies provides an aligned platform for LSI to expand its customer base, accelerate growth opportunities, and invest in markets where long-term demand for high-reliability optical systems is increasing. We are incredibly proud of the LSI team for the progress they have made to reach this milestone, and we are excited for the opportunities ahead for LSI under QCi's ownership." "I'm excited about the opportunity to partner with the exceptional team and valued customers of LSI. There is clear strategic alignment and shared vision between our organizations, creating strong momentum from day one. Following the closing, we will move quickly to invest in and scale LSI's existing business, while bringing our teams together to accelerate our quantum photonics roadmap. This is a powerful combination, and I'm energized by what we will achieve together," said Yuping Huang, CEO of Quantum Computing Inc. LSI expects to uphold all existing commitments and continue serving customers as usual, as both organizations are committed to ensuring strong continuity and long-term support for customers and partners. Upon receipt of Bankruptcy Court approval, QCi is expected to be designated as the "stalking horse" bidder in connection with a sale of the Debtors' stock in LSI under section 363 of the Bankruptcy Code. The Transaction will be conducted pursuant to Bankruptcy Court-approved bidding procedures and is subject to the receipt of higher or better offers from competing bidders, approval of the sale by the Bankruptcy Court, and the satisfaction of certain conditions. Subject to Bankruptcy Court approval, in the event that QCi is not the successful bidder at the auction, QCi may be entitled to a break-up fee equal to 3% of the Purchase Price. "These transactions provide Luminar with the best opportunity to maximize value for all of its stakeholders," said Paul Ricci, CEO of Luminar. "Over the past six months, we have taken meaningful steps to drive operational discipline, streamline our cost structure, and sharpen our strategic direction, but our legacy debt obligations and the pace of industry adoption have challenged our ability to operate the business in a sustainable way. After a comprehensive review of our alternatives, the board determined that a court-supervised sale process is the best path forward. As we navigate this process, our top priority is to continue delivering the same quality, reliability and service our customers have come to expect from us." The Stock Purchase Agreement contains customary representations, warranties and covenants of the parties for a transaction involving the acquisition of assets from a debtor in bankruptcy, and the completion of the Transaction is subject to a number of conditions, including, among others, the entry of an order of the Bankruptcy Court authorizing and approving the Transaction, the performance by each party of its obligations under the Stock Purchase Agreement, the accuracy of each party's representations, subject to certain materiality qualifiers, and that 50% of: (i) certain identified employees of LSI as of December 15, 2025 and (ii) all employees of LSI as of December 31, 2025 (other than the identified employees), remain employed and have not indicated an intent to leave as of the closing. The Seller also agreed to refrain from competing with LSI and to refrain from soliciting LSI's employees, customers, vendors, suppliers and other business partners (subject to limited exceptions) for a period of three years following the closing of the Transaction. The Stock Purchase Agreement may be terminated by the QCi or the Seller under certain circumstances, including if the Transaction is not closed by March 31, 2026 or upon the occurrence of certain Bankruptcy Court actions. The Stock Purchase Agreement also contains a post-closing escrow of $11,000,000, to be held for a period of twelve months, as the QCi's sole recourse against the Company in the event of the breach of certain representations and warranties. A full-text copy of the Stock Purchase Agreement is available at https://tinyurl.com/un35p7s9 In addition, in connection with the Transaction, at the Closing, the Company, LSI and Optogration, Inc., a Delaware corporation will enter into an Intellectual Property License Agreement whereby, OGI grants Luminar a royalty-free license to intellectual property owned by OGI that is embodied by certain OGI avalanche photodiode (APD) architecture attributes to continue to conduct and operate the Company's business in substantially the same manner in which it was conducted prior to Closing. The license is exclusive in the field of development, manufacture and commercialization of LiDAR hardware and software for the road vehicle industry, solely with respect to selling products or services to certain specified competitor entities, for a period of three years (after which it continues on a non-exclusive basis). OGI is not permitted to use or license others to use such OGI Licensed IP during such three-year period with respect to such entities, but is otherwise be unrestricted in using OGI Licensed IP. In addition, the Company and LSI will grant each other certain mutual non-exclusive licenses to respective intellectual property currently used in the other party's business to ensure freedom to operate following the Closing. Transaction Support and Forbearance Agreements: On December 15, 2025, the Company and the Ad Hoc Group entered into transaction support and forbearance agreements in connection with which the Ad Hoc Group agreed to forbear from exercising rights and remedies against LSI and certain of its subsidiaries with respect to the occurrence of any Event of Default under the 1L Notes and 2L Notes during the period beginning December 14, 2025 and ending at the earliest to occur of, among other things, the consummation of a sale of LSI and its subsidiaries, the termination of the Stock Purchase Agreement, or LSI and its subsidiaries becoming debtors in the Chapter 11 Cases. During the Forbearance Period, the Ad Hoc Group has also agreed to support the LSI Sale and take actions in furtherance of such support. In addition, pursuant to the Transaction Support and Forbearance Agreements, the Company, LSI and the Ad Hoc Group have agreed to enter into supplemental indentures to each of the 1L Indenture and 2L Indenture to facilitate the consummation of the Transaction and the application of the net proceeds thereof, which net proceeds shall be used to promptly make an asset sale offer to the holders of 1L Notes in accordance with the terms of each of the 1L Indenture and 2L Indenture, in each case as amended. Triggering Events That Accelerate a Direct Financial Obligation: As a result of the filing of the Chapter 11 Cases, an event of default permits an acceleration of the Company's obligations under the following debt instruments: * Indenture, dated as of December 17, 2021, by and between the Company and U.S. Bank National Association, as trustee; * First Lien Indenture, dated August 8, 2024, by and between the Company and GLAS Trust Company LLC, as trustee; and * Second Lien Indenture, dated August 8, 2024, by and between the Company and GLAS Trust Company LLC, as trustee. As of December 12, 2025, the aggregate amount of outstanding Unsecured Notes, 1L Notes and 2L Notes, including principal and accrued but unpaid interest, was approximately $135.7 million, $104.6 million and $247.7 million, respectively. Any efforts to enforce payment obligations against the Debtors under the Debt Instruments are automatically stayed because of the filing of the Chapter 11 Cases and the holders' rights of enforcement in respect of the Debt Instruments are subject to the applicable provisions of the Bankruptcy Code. Full-text copies of the First Lien and Second Lien Indenture are available at https://tinyurl.com/2tcxm5km and https://tinyurl.com/6u6vra69, respectively. Nasdaq Delisting: Furthermore, as a result of filing the Chapter 11 Cases, the Company expects to receive a notice from The Nasdaq Stock Market that the Class A Common Stock, $0.0001 par value per share, of the Company no longer meets the eligibility requirements necessary for listing pursuant to Nasdaq Listing Rule 5110(b). If the Company receives such notice, and as a result of the pendency of the Chapter 11 Cases, the Company does not intend to appeal Nasdaq's determination and, therefore, it is expected that its Common Stock will be delisted from trading on Nasdaq. The delisting of the Common Stock does not presently change its reporting requirements under the rules of the Securities and Exchange Commission. Company Information: As previously announced, to address liquidity and balance sheet issues, the Company engaged financial and legal advisors to consider a number of strategic alternatives the Company may take to address these issues. In connection with the review of strategic alternatives, the Company entered into discussions, and confidentiality agreements, with the Ad Hoc Group. In connection with such discussions, and pursuant to the Confidentiality Agreements, the Ad Hoc Group was provided with certain confidential information regarding the Company, which includes the materials available at https://tinyurl.com/2s4y33su Court filings and information about the Chapter 11 Cases can be found at a website maintained by the Company's claim agent at https://omniagentsolutions.com/Luminar The Claim Agent may be reached at: Omni Agent Solutions, Inc. Tel: (888) 901-3403 (Toll Free) +1 (747) 293-0190 (International) Email: luminarinquiries@omniagnt.com About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by: Marty Korman, Esq. Mark Holloway, Esq. Catherine Riley Tzipori, Esq. Wilson Sonsini Goodrich & Rosati Professional Corporation 650 Page Mill Road Palo Alto, CA 94304 Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. LUMINAR TECHNOLOGIES: Gets Court OK to Use $25MM Case Reserve ------------------------------------------------------------- Emily Lever of Law360 reports that a Texas bankruptcy judge on Tuesday, December 16, 2025, authorized Luminar Technologies Inc., a bankrupt maker of lidar systems for autonomous vehicles, to tap $25 million in cash collateral to finance its Chapter 11 proceedings as it moves forward with a planned sale. The approval was granted on an interim basis, with the court finding the proposed budget adequate to sustain operations and protect the value of the estate during the sale process. The ruling allows Luminar to pay ordinary operating costs, including employee wages and professional fees, while marketing its assets to potential buyers. Creditors' liens remain in place, and the company must comply with reporting requirements, with a final hearing on cash collateral use to be held at a later date, the report staets. About Luminar Technologies Inc. Luminar Technologies Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by: Marty Korman, Esq. Mark Holloway, Esq. Catherine Riley Tzipori, Esq. Wilson Sonsini Goodrich & Rosati Professional Corporation 650 Page Mill Road Palo Alto, CA 94304 Ropes & Gray, LLP, serves as legal advisors and Ducera Partners LLC, acts as investment banker for the holders of Floating Rate Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible Second Lien Senior Secured Notes due 2030 -- Series 2 Notes. GLAS Trust Company LLC, serves as Trustee and Collateral Agent for both the 1L and 2L Notes. MATTHEWS INTERNATIONAL: S&P Lowers LT ICR to 'B', Outlook Stable ---------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on Pittsburgh-based Matthews International Corp. (MATW) to 'B' from 'B+'. S&P said, "At the same time, we lowered our issue-level rating on the company's second-lien senior secured notes to 'B-' from 'B'. The recovery rating remains '5', but we've lowered our rounded estimate to 10% from 15%. This change reflects a revised enterprise value based on the planned divested businesses, leading to less value available to secured note holders in our simulated default scenario. "The stable outlook reflects our expectation for leverage to be near 5x and for reported discretionary cash flow to be negative $20 million-$30 million in 2026 after considering shareholder distributions. The outlook also incorporates our assumptions that most one-time costs incurred in 2025 will fall off in 2026 and the $180 million-$190 million in recently announced net sale proceeds will be used for debt repayment." MATW underperformed our expectations for fiscal 2025, resulting in high leverage and cash-flow deficits despite some debt reduction using the proceeds from its sale of SGK. S&P said, "We believe the recently announced divestitures of its Warehouse Automation and European tooling and packaging businesses will further aid debt repayment. However, we expect 2026 results to remain challenged, with continued one-time costs and our forecast for limited cash flow after dividend payments." While greater dependence on its Memorialization business should improve operational stability, near- to medium-term uncertainty remains regarding the company's financial policy and operational performance. S&P said, "The downgrade reflects uncertainty around MATW's ability to improve operating performance, reduce leverage, and increase cash flow. Following the proposed divestitures, we expect MATW's Memorialization business to drive the majority of its pro forma EBITDA. We project its organic top-line growth to be roughly flat in 2026 before returning to a steady 1%-3% organic growth rate. The increased exposure to Memorialization should help operational consistency, though we anticipate MATW will likely look to supplement this business' low growth profile with bolt-on acquisitions or investments in other business lines. These investments are likely to increase leverage metrics in the near term, and the mixed track record of successfully operating businesses outside of Memorialization adds uncertainty to the company's ability to deleverage. At the same time, the current dispute in its Energy Storage business has led to a drag on profitability, significant one-time legal costs, and working capital outflows. While we expect the one-time adverse impacts to dissipate, the business will remain a drag on profitability over the next few years as MATW works to build an order pipeline." The potential for incremental acquisitions, share repurchases, and cash costs adds uncertainty to future debt balances. S&P said, "In addition, the company has maintained its dividend despite a smaller EBITDA base, which weakens our view of the company's ability to generate consistent cash flow. The company also mentioned all its assets are under consideration as part of its strategic review, so we see further uncertainty on the composition and capital structure of the future business. MATW also has near-term cash costs, including the divestiture and other strategic initiatives that we think will significantly decline in 2026, but could be higher than expected given the ongoing strategic review." Expected debt reduction in 2026 will partially offset the weaker-than-expected credit metrics in fiscal 2025. For the fiscal year ended Sept. 30, 2025, MATW's pro forma S&P Global Ratings-adjusted leverage was in the high-6.0x area. Profitability came in below expectations due to continued softness in warehouse automation and energy storage, the latter of which is in a legal dispute with a much larger company with greater financial resources. Although the energy storage business' potential remains intact following a generally positive arbitration result with Tesla, near- to medium-term prospects are uncertain as the company attempts to rebuild its order pipeline. Through the arbitration process with Tesla, MATW incurred legal fees of roughly $22.2 million in 2025. Furthermore, MATW incurred a working-capital outflow of roughly $45.4 million in 2025 versus S&P's expectation for a modest inflow. The bulk of the outflow was related to severance and termination benefits, lower accounts receivable and inventory levels, and negative impacts from the Tesla arbitration. S&P said, "We had previously expected a significant cash inflow from receivables in the energy storage business in 2025, but that was not received. MATW may still receive those funds in 2026, which would likely reduce debt and improve leverage, but we have not included it in our base case given uncertainty in timing and the amount MATW will receive. Regardless, the interest savings from a lower debt balance would not materially change our view of the company's cash flow profile." Through MATW's strategic portfolio review, it announced the sale of its Warehousing business for net proceeds of about $160 million and the sale of its European packaging and tooling business for net proceeds of about $30 million. The company anticipates these transactions will close early in its fiscal 2026 and will use proceeds for further debt reduction. Therefore, with pro forma EBITDA benefiting from lower one-time items in 2026 and proceeds from the recently announced transactions to pay down debt, S&P expects leverage to come down toward the 5x area in 2026. S&P said, "We think Memorialization remains a steady cash generator while the industrial technologies segment could provide long-term upside. We expect the death rate will stabilize at a more normalized rate in 2026 to 2027, and longer-term tailwinds will return, including the growing and aging population. The shift from casketed deaths to cremation is a slight headwind to revenue, but margins will increase with more demand for profitable cremation products, including urns and markers. We don't think Memorialization requires significant investment to remain competitive because MATW has a national infrastructure and established contractual relationships that create a solid barrier to entry, and there are some switching costs for funeral home customers. "Supplementing the low-single-digit percent growth in Memorialization, we see growth upside from the energy storage business that provides manufacturing equipment for dry cell electric car batteries, among other potential applications. The timing of uptake for this equipment is uncertain due to the technical challenges of scaling up this new technology, borne by customers. We believe that the cost, performance, and environmental upside to dry cell batteries creates a long-term opportunity, and MATW is still the most advanced in this niche. We think this long-term upside, which could lead to high-single-digit percent revenue growth for MATW overall for several years, currently relieves the pressure on the company to make a large acquisition or investments elsewhere to drive growth. However, the inability to drive profitability on this business could be a drag and delay the company's deleveraging. "The stable outlook reflects our expectation for leverage to be near 5x in 2026 and for reported discretionary cash flow to be negative $20 million- $30 million in 2026 after considering the dividend payout. "We could consider lowering the ratings again if we expect MATW's S&P Global Ratings-adjusted debt to EBITDA to be sustained above 6x or that the company will be unable to consistently generate positive discretionary cash flow after shareholder distributions." S&P believes this scenario could occur if: -- The company is unable to grow revenues and margins remain pressured because of strategic business missteps in its Industrial Technology business; or -- It demonstrates more aggressive financial polices by executing share repurchases, making acquisitions, or increasing its dividends while performance and cash flow are weak. S&P said, "We could consider a higher rating on MATW if EBITDA improves through operational execution, leading to S&P Global Ratings-adjusted debt to EBITDA sustained below 5x. We would also expect MATW to build a track-record of generating consistent positive discretionary cash flow." S&P believes this could occur if: -- The company's Memorialization business grows at least in the low-single-digit percentages and the battery performance generates positive EBITDA; and -- The company maintains financial discipline with its capital-allocation priorities. MAX COLLECTION: Seeks Chapter 7 Bankruptcy in Georgia ----------------------------------------------------- On December 4, 2025, Max Collection Trading, LLC, filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About Max Collection Trading, LLC Max Collection Trading, LLC is a U.S.-based trading and distribution company that supplies consumer goods to retail and commercial clients. The company handles product sourcing, inventory management, and sales operations to support its customer base. Max Collection Trading, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64153) on December 4, 2025. In its petition, the debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1 million. The case is assigned to Honorable Judge Jeffery W. Cavender. The debtor is represented by Marcus Nakjoon Kim, Esq., of Law Office of Marcus N. Kim, LLC. MEDICAL DEPOT: S&P Withdraws 'CCC' Issuer Credit Rating ------------------------------------------------------- S&P Global Ratings withdrew its 'CCC' issuer credit rating on Medical Depot Holdings Inc. at the issuer's request following the company's sale to Kingswood Capital Management. In conjunction with the sale, all of Medical Depot's debt was refinanced. At the same time, S&P withdrew its 'CCC-' issue-level rating and '5' recovery rating on Medical Depot's first-lien term loan because all its rated debt facilities have been repaid. At the time of withdrawal, S&P's outlook on the company was negative. MEDICAL MANAGEMENT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Medical Management Health and Rehab Center, LLC 8369 Rivoli Drive Bolingbroke, GA 31004 Business Description: Medical Management Health and Rehab Center, LLC, registered in Bolingbroke, Georgia, operates a skilled nursing facility in Macon, Georgia, providing long-term care, short-term rehabilitation, and skilled nursing services. The Company is Medicare and Medicaid certified and maintains approximately 100 licensed beds. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Middle District of Georgia Case No.: 25-52007 Debtor's Counsel: Wesley J. Boyer, Esq. BOYER TERRY LLC 348 Cotton Avenue, Suite 200 Macon, GA 31201 Tel: (478) 742-6481 Fax: (770) 200-9230 Email: Wes@BoyerTerry.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Michael E. Winget, Sr. as 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/77YBACA/Medical_Management_Health_and__gambke-25-52007__0001.0.pdf?mcid=tGE4TAMA MEZMEREYES PLLC: Gets Extension to Access Cash Collateral --------------------------------------------------------- Mezmereyes, PLLC received another extension from the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, to use cash collateral to fund operations. At the December 16 hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for January 6, 2026. The Debtor was initially allowed to access cash collateral to pay post-petition expenses through December 16 pursuant to the budget and the court's December 10 interim order. The December 10 interim order granted secured lenders, Bank of America and the U.S. Small Business Administration, automatically perfected replacement liens on post-petition cash and accounts receivable, with the same priority and validity as their pre-bankruptcy liens. Bank of America asserts a first-priority lien securing approximately $420,374 under a 2013 loan and UCC filing while the SBA holds a second-priority lien securing approximately $49,865 under an EIDL loan and 2020 UCC filing. Both lenders claim liens on all business assets, including cash, making the Debtor's operational revenue cash collateral under the Bankruptcy Code. Mezmereyes filed for Subchapter V Chapter 11 relief on December 5 after opening a second clinic -- the Frisco East location -- whose rent obligations of $8,500 per month have consistently exceeded revenue, prompting the need for reorganization and lease rejection. About Mezmereyes PLLC Mezmereyes, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43708) on December 5, 2025. In the petition signed by Kirtesh Patel, member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as legal counsel. NANOVIBRONIX INC: Changes Name to ENvue Medical ----------------------------------------------- NanoVibronix, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, the Company filed a Certificate of Amendment its Certificate of Incorporation to change the name of the Company from "NanoVibronix, Inc." to "ENvue Medical, Inc." effective as of December 12, 2025. In addition, effective before the open of market trading on December 12, 2025, the Company's common stock, par value $0.001 per share, ceased trading under the ticker symbol "NAOV" and began trading on the Nasdaq Stock Market under "FEED". "Our strategy is now focused on scaling hospital utilization, strengthening our commercial footprint and building a comprehensive enteral-feeding ecosystem around ENvue through both internal development and external business development opportunities," said Doron Besser, M.D., Chief Executive Officer of the Company. "We believe this rebranding marks a new phase for the Company: one defined by precision enteral access, technology-driven growth and clinical excellence." Neither the Name Change nor the Symbol Change affects the rights of the Company's security holders. There will be no change to the Company's CUSIP in connection with the Name Change or the Symbol Change. Pursuant to Section 242 of the Delaware General Corporation Law, stockholder approval was not required to complete the Name Change or to approve or effect the Certificate of Amendment. A full text copy of the Certificate of Amendment is available at https://tinyurl.com/kvnuhpa8 About NanoVibronix Elmsford, N.Y.-based NanoVibronix, Inc., a Delaware corporation, commenced operations on October 20, 2003, and is a medical device company focusing on noninvasive biological response-activating devices that target wound healing and pain therapy and can be administered at home without the assistance of medical professionals. Southfield, Mich.-based Zwick CPA, PLLC, the Company's auditor since 2023, issued a "going concern" qualification in its report dated Mar. 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, it had $54.4 million in total assets, $11.9 million in total liabilities, and $42.5 million in total stockholders' equity. NEELY MOTORSPORTS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Neely Motorsports, Inc. received interim approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court authorized the Debtor to use cash collateral through January 30, 2026, in accordance with its budget except for $400 per month in interest, which is currently disallowed. The Debtor may exceed total monthly budget amounts by 10% and individual line items by 20%, with unused amounts allowed to roll forward. As adequate protection, Newtek Small Business Finance, LLC and the U.S. Small Business Administration will be granted replacement liens on post-petition cash, inventory, accounts and the proceeds thereof, subject to a carveout. The replacement liens will have the same validity and priority as the lenders' pre-bankruptcy liens and do not apply to avoidance actions and their proceeds. A final hearing is scheduled for January 28, 2026. The interim order is available at https://is.gd/PTxxjO from PacerMonitor.com. Newtek and the SBA hold blanket liens on Neely Motorsports' assets, making nearly all operational funds cash collateral that cannot be used without court approval. As of the petition date, the Debtor estimates the liquidation value of its collateral, primarily inventory and equipment, at roughly $192,575, significantly below the more than $2.7 million combined secured debt owed to Newtek and the SBA. The Debtor believes that the use of cash collateral will not diminish the lenders' position because operations are projected to be cash-flow positive during the interim period, with an estimated net cash increase of approximately $5,380 by February 28, 2026. Neely Motorsports, operating under the name ANplumbing.com, is a long-standing supplier of U.S.-manufactured, military-spec Army and Navy aluminum plumbing and hardware serving defense contractors, aerospace firms, motorsports teams, marine industries, and home-built aircraft builders. Its primary asset is its inventory, with virtually no accounts receivable. The Debtor's financial distress stems largely from a $2.4 million secured loan obtained from Newtek in 2019, personally guaranteed and secured by the Lawndale property, and from aggressive enforcement actions and devaluation pressures by the City of Lawndale, which issued numerous code citations beginning in 2021. These actions undermined efforts to sell the Lawndale property at market value, eventually reducing its estimated worth from $1.8 million to approximately $1 million. Facing the risk of losing its business license, the Debtor relocated operations to Torrance in late 2024, but ultimately defaulted on the Newtek loan, leading to imminent foreclosure and potential deficiency liability. On December 3, Neely Motorsports filed for Chapter 11 protection, seeking to reorganize and continue operating as a debtor-in-possession. Newtek, as lender, is represented by: Jessica M. Simon, Esq. Hemar, Rousso & Heald, LLP 15910 Ventura Blvd., 12th Floor Encino, CA 91436 Tel: (818) 501-3800 Fax: (818) 501-2985 jsimon@hrhlaw.com About Neely Motorsports Inc. Neely Motorsports, Inc. is a long-standing supplier of U.S.-manufactured, military-spec Army and Navy aluminum plumbing and hardware serving defense contractors, aerospace firms, motorsports teams, marine industries, and home-built aircraft builders. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20834) on December 3, 2025. In the petition signed by Thomas J. Neely, president, the Debtor disclosed up to $205,763 in total assets and $2,771,336 in liabilities. Judge Sheri Bluebond oversees the case. Michael G. Spector, Esq., at the Law Offices of Michael G. Spector represents the Debtor as legal counsel. NEW SHILOH: Seeks Chapter 11 Bankruptcy in Florida -------------------------------------------------- On December 12, 2025, New Shiloh Christian Center, Inc. filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the Middle District of Florida. The filing states the debtor reports between $1 million and $10 million in debt and has between one and 49 creditors. About New Shiloh Christian Center, Inc. New Shiloh Christian Center, Inc. is a Florida-based nonprofit religious organization that operates as a Christian church and community ministry. The organization provides worship services, religious education, and faith-based programs to its congregation and surrounding community. New Shiloh Christian Center, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code on December 12, 2025 (Bankr. M.D. Fla. Case No. 25-08093). The company lists estimated assets and estimated liabilities each in the range of $1 million to $10 million. The case is handled by Honorable Grace E. Robson. The debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC. NOAH WEBSTER: S&P Lowers Revenue and Refunding Bond Rating to 'B+' ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating to 'B+' from 'BB-' on the Pima County Industrial Development Authority, Ariz.'s series 2014 and series 2015 charter school revenue and revenue refunding bonds, issued for Noah Webster Basic Schools Inc. The outlook is negative. S&P said, "The downgrade reflects our view of the combination of declining enrollment and decreasing cash reserves, which we believe increase pressure on the school's financial stability and operational sustainability. "The negative outlook reflects our view that, should declining enrollment continue, it could pressure the school's overall credit profile by negatively affecting its operating margins, coverage, or liquidity. "Though Maricopa County's population is growing, the student-aged population trend in the immediate vicinity of the schools is weaker; and, coupled with high competition for students given many educational options available in the area, this has led to declining enrollment for NWS and is an elevated social capital risk, in our view. We analyzed the school's environmental and governance factors and view them as neutral in our credit rating analysis. "The negative outlook reflects our view that there is at least a one-in-three chance we could lower the rating within the outlook period if enrollment declines persist, resulting in continued pressured liquidity, or should there be any declines in operating margins or DSC. "We could take a negative rating action should NWS fail to adjust operations, resulting in deficits or DSC covenant violations. Furthermore, should there be continued declines in enrollment or should liquidity not be above 30 DCOH in fiscal 2026, we could consider a negative rating action. "We could consider revising the outlook to stable if enrollment stabilizes or grows while operating performance remains at least balanced and DCOH improves and is sustained relative to that of peers." NORTHEAST GROCERY: S&P Alters Outlook to Negative, Affirms 'B+' ICR ------------------------------------------------------------------- S&P Global Ratings revised its outlook on Northeast Grocery Inc. to stable from negative and affirmed all its ratings, including its 'B+' issuer credit rating. The stable outlook reflects S&P's expectation for steady operating performance and credit metrics over the next 12 months, supporting S&P Global Ratings-adjusted leverage sustained in the low 4x-area and consistent FOCF generation despite a challenging operating environment. Northeast Grocery reported better-than-expected operating performance during its second quarter of 2026 despite a challenging operating environment, leading to improved credit metrics. S&P said, "We project Northeast Grocery will continue to generate positive free operating cash flow (FOCF) and maintain steady profitability metrics, including S&P Global Ratings-adjusted margins in the mid- to high-5% range for fiscal 2026. "The outlook revision reflects Northeast Grocery's better-than-expected operating performance despite softer consumer spending and heighted competition. We forecast total consolidated sales will increase approximately 1.0% in fiscal 2026 and 1.7% in fiscal 2027, driven primarily by steady growth within the Tops business. During the second quarter ended Oct. 11, 2025, total consolidated net sales increased 1.9%, while comparable same-store sales also rose 1.6%, driven by strong performance in the Tops segment as the company benefited from new customer migration following the Rite Aid bankruptcy. "We believe this influx of new customers supports Northeast's long-term sales growth, as newly acquired pharmacy customers increasingly expand into nonpharmacy merchandise. The Tops segment posted robust same-store sales growth of 4.7%, while the Price Chopper/Market 32 segment's same-store sales contracted 0.6%, primarily reflecting planned GLP-1 dispensing initiatives and elevated competitive pressures. "Nevertheless, we believe underlying prescription trends remain favorable, as both the Tops and Price Chopper/Market 32 segments benefited from new patient acquisitions stemming from Rite Aid store closures, positive vaccination trends, and continued momentum in diabetes care and expanded clinical service offerings. "We expect ongoing efforts to improve operational efficiency will benefit profitability metrics over the next 12 months despite anticipated cost headwinds. We anticipate the company's launch of its new commissary in January 2026 could create long-term cost efficiencies for the business through higher-quality product offerings, extended shelf lives for a portion of its items, and incremental store labor savings. "However, we anticipate elevated utility costs, particularly around electricity, along with ongoing tariff volatility, will partially offset EBITDA margins. As such, we forecast S&P Global Ratings-adjusted EBITDA margins of 5.7% in fiscal 2026 and 5.8% in fiscal 2027. Northeast Grocery's trailing-12-month S&P Global Ratings-adjusted EBITDA margin improved 20 basis points (bps) year over year to 5.7% as of Oct. 11, 2025 (compared with 5.5% in the prior-year period), reflecting modest top-line growth and higher gross margin from enhanced labor scheduling, tighter inventory standards, better pharmacy performance, and improved trade funding." Northeast Grocery's "Fight for 50" initiative and alternative revenue initiatives continue to make meaningful progress. As of the end of the second quarter of fiscal 2026, the company realized $27.3 million in run-rate savings with an additional $11.4 million in progress, comprising roughly 77% of its $50 million run-rate goal by the end of fiscal 2027. Furthermore, S&P expects the company's efforts to strengthen its digital capabilities, including its recent partnership with DoorDash, to support incremental revenue growth over the long term. DoorDash orders generate average basket sizes of approximately $37, with repeat purchase rates near 74%, underscoring strong customer adoption driven by the convenience of online ordering relative to in-store visits. S&P said, "We expect Northeast Grocery to maintain adequate liquidity over the next 12 months, supported by availability under its asset-based lending (ABL) facility, balance sheet cash, and consistent FOCF generation. As of the end of the second quarter, Northeast Grocery had roughly $41 million of cash on hand and roughly $152 million of availability under its ABL facility. We project the company will generate FOCF of $75 million-$85 million for fiscal 2026 after capital expenditures (capex) of about $70 million, with the bulk of expenditures going toward supermarket conversions and remodels, centralized commissary investments, maintenance, and key IT initiatives. This reflects a meaningful improvement from the company's FOCF generation of roughly $49 million in fiscal 2025 due to improved working capital and incremental vendor funding through strategic negotiations. "The stable outlook reflects our expectation for steady operating performance and credit metrics over the next 12 months, supporting S&P Global Ratings-adjusted leverage sustained in the low 4x area and consistent FOCF generation despite a challenging operating environment. "We could lower our ratings on Northeast Grocery if we expect its S&P Global Ratings-adjusted leverage will rise and remain above 5x or S&P Global Ratings-adjusted EBITDA interest coverage will decline below 2x." This could occur if: -- Operating performance is pressured, possibly due to a weaker economic environment that leads to reduced spending and heightened competition, ultimately weakening EBITDA margins and FOCF generation. -- Management's financial policy becomes more aggressive, potentially involving large share repurchases or debt-funded acquisitions. S&P could raise its rating on Northeast Grocery if: -- The company demonstrates a track record of a more conservative financial policy such that S&P expects it will sustain S&P Global Ratings-adjusted leverage below 4x, and S&P Global Ratings-adjusted EBITDA interest coverage rises and remains above 3x; or -- The company's operating prospects and competitive standing improve such that S&P believes it compares more closely with its larger and more diversified competitors. This could occur if it materially expands its operating scale beyond its current regional scope and improves its competitive position by materially increasing its customer base. NYC ALPHA: Seeks to Use Cash Collateral --------------------------------------- NYC Alpha Champions Construction, LLC asks the U.S. Bankruptcy Court for the Eastern District of Wisconsin for authority to use cash collateral and provide adequate protection. The Debtor argues that access to cash collateral is urgently required to continue operations and prevent immediate and irreparable harm. The Debtor, a Wisconsin real estate services company, explains that it relies on ongoing income and post-petition receipts to meet payroll, pay taxes, maintain insurance, purchase materials, and manage its rental portfolio. The Debtor identifies F Street Investments and the City of Milwaukee as entities with potential interests in cash collateral arising from hard-money loans secured by two Milwaukee properties and unpaid property taxes. The Debtor outlines its limited assets and pre-petition obligations, emphasizing that it cannot obtain alternative financing under 11 U.S.C. Section 364 and therefore must rely on existing cash collateral to remain operational. A 12-week budget demonstrates projected positive cash flow, and the Debtor requests authority to exceed individual budget line items by up to 10%, with a cumulative 10% variance cap. In arguing adequate protection, the Debtor highlights that maintaining operations preserves the value of secured creditors' collateral, and it offers replacement liens to protect against any diminution. A copy of the motion is available at https://urlcurt.com/u?l=11dGj1 from PacerMonitor.com. About NYC Alpha Champions Construction NYC Alpha Champions Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25467) on September 28, 2025, with $100,001 to $500,000 in assets and liabilities. Judge Katherine M. Perhach presides over the case. Jude Witkowski, Esq. at Seifert & Associates LLC represents the Debtor as legal counsel. F Street Investments, LLC, as lender, is represented by Beth M. Brockmeyer, Esq. and Daniel J. Habeck, Esq. at Cramer Multhauf, LLP. OB LLC: Claims to be Paid from Asset Sale Proceeds -------------------------------------------------- OB LLC filed with the U.S. Bankruptcy Court for the District of Maryland a Subchapter V Plan of Reorganization dated December 8, 2025. OB was formed as a Delaware limited liability company, on October 4, 2011, for purposes of acquiring the real property commonly known as 8800 Grandhaven Avenue in Upper Marlboro, Maryland (the "Real Estate"). The Debtor proceeded to close on an acquisition of the Real Estate on October 19, 2011 and has held the parcel of unimproved land at all times since. The Real Estate was originally acquired with financing from American Bank, which furnished a loan of $2.5 million at closing. The loan was, and continues to be, secured by a deed of trust on the Real Estate. When American Bank was acquired by a third party in or about 2015, Democracy Capital Corporation ("DCC") acquired the subject promissory note and deed of trust. The disputes culminated in DCC scheduling a foreclosure of the real estate for November 19, 2025. Shortly before the scheduled auction, OB filed a voluntary petition for chapter 11 relief and thereby commenced this case. OB’s designs in so doing, transparently, were to (i) avoid a loss of the asset to foreclosure; (ii) create a mechanism through which the dispute over the size of DCC's claim may be finally adjudicated; and (iii) utilize the provisions of Title 11 of the United States Code to facilitate a sale of the Real Estate while the claim dispute plays out. Two days after entering bankruptcy, OB filed a motion to sell the Real Estate, to WPLLC, for the increased sum of $4 million. Correlative therewith, OB secured the written commitment of WPLLC to an amended purchase agreement, noting the increased sales price and providing for the modification of other critical terms so as to facilitate a sale through the bankruptcy process. Under this Plan, all creditors will be paid, in full, on the date on which their claims become allowed claims (or, if such occurred prior to closing on the sale of the Real Estate, shortly following said closing). The monies to make such payments will come from the sale of the Real Estate, which will occur on the effective date of this Plan. Sale proceeds will be held by the Debtor, in a debtor in-possession bank account, unless and until all claims are fully retired (at which time excess monies will be distributed to equity). Within thirty calendar days of the Effective Date, the Debtor will close on a sale of the Real Estate, for $4 million, to WPLLC. A full-text copy of the subchapter V Plan dated December 8, 2025 is available at https://urlcurt.com/u?l=Xj8hU9 from PacerMonitor.com at no charge. The firm can be reached at: Maurice B. VerStandig, Esq. The VerStandig Law Firm, LLC 9812 Falls Road, #114-160 Potomac, MD 20854 Phone: (301) 444-4600 Email: mac@mbvesq.com About OB LLC OB LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md.) Case No. 25-20897 on November 19, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Maria Ellena Chavez-Ruark handles the case. The Debtor is represented by Maurice Belmont VerStandig, Esq. of The VerStandig Law Firm, LLC. OLDE TOWN: Section 341(a) Meeting of Creditors on January 15 ------------------------------------------------------------ On December 9, 2025, Olde Town Apartments Owner LLC filed for Chapter 11 protection in the Central District of Illinois. According to court filing, the Debtor reports between $10 million and $50 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on January 15, 2026 at 10:00 AM via Telephonically with Chapter 11 Trustee (Conference Line: 1-888-330-1716, Access Code: 5685201. About Olde Town Apartments Owner LLC Olde Town Apartments Owner LLC, based in Springfield, Illinois, owns and manages the Olde Towne Apartments complex located at 748 Bruns Lane, which consists of a multi-building residential community. The Company operates within the real estate and property management industry, overseeing leasing, maintenance, and related services for the apartment units. Olde Town Apartments Owner LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-70986) on December 9, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mary P. Gorman handles the case. The Debtor is represented by Ariel Weissberg, Esq. of WEISBERG AND ASSOCIATGES, LTD. ORCHARD FALLS: Gets Final OK to Use Cash Collateral --------------------------------------------------- Orchard Falls Operating Company, LLC received final approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court authorized the Debtor to use the cash collateral held by Wilmington Trust National Association including rents, cash, cash equivalents, accounts, and accounts receivable. Wilmington Trust will be protected against any diminution in collateral value through monthly payments of $45,000 and an automatically perfected replacement lien on all post-petition inventory and business income. The Debtor's authority to use cash collateral terminates upon failure to make any adequate protection payment to the lender; entry of an order granting stay relief to any other secured creditor; dismissal or conversion of its Chapter 11 case to a Chapter 7 liquidation case; or failure to comply with applicable laws and regulations. The final order is available at https://is.gd/fpnJ2V from PacerMonitor.com. Orchard Falls filed for Chapter 11 protection on September 19 and obtained an interim cash collateral order on October 8 based on an agreement with Wilmington Trust. The interim order allowed the parties to request a final order if no objections were filed by October 10. Since then, the Debtor and the lender collaborated to develop a comprehensive final budget, correcting earlier omissions and aligning projected expenses with historical operations and cash-basis accounting. Their revisions include significant increases in maintenance and operational categories: window cleaning (adding interior and exterior services), carpet cleaning, electrical repairs, and a substantial increase for elevator repairs to address potential motor replacement and control panel reconfiguration. Wilmington Trust, as lender, is represented by: Craig K. Schuenemann, Esq. Bryan Cave Leighton Paisner, LLP 1700 Lincoln Street, Suite 4100 Denver, CO 80203 Phone: (303) 861-7000 craig.schuenemann@bclplaw.com About Orchard Falls Operating Company Orchard Falls Operating Company, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). Orchard Falls Operating Company, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-16047) on September 19, 2025. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $1 million to $50 million in liabilities. Kenneth Grant, Manager of Orchard Falls Holding Company LLC, signed the petition on behalf of Orchard Falls Operating Company, LLC, which is managed by the holding company. Judge Thomas B Mcnamara presides over the case. Jeffrey A. Weinman, Esq. at Michael Best & Friedrich LLP represents the Debtor as counsel. PARTNERS PHARMACY: Court Extends DIP Financing, Cash Collateral Use ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas entered a fourth agreed order extending to December 19 the previously issued final order authorizing Partners Pharmacy Services, LLC and its affiliates to obtain post-petition financing and use cash collateral. The original final DIP order permitted the Debtors to borrow up to $6.5 million from CS One, LLC and use cash collateral under approved DIP financing documents. It also provided adequate protection to prepetition secured creditors. Since the expiration of the original budget period, the court has already entered three consecutive agreed orders extending the final DIP order: one-week extensions on November 7 and November 14, and a two-week extension through December 5. The Debtors now advise that closing of the sale to CS One cannot occur before December 19, primarily because the parties require additional time to replace Cardinal as part of the closing process. As a result, the Debtors requested a further extension to maintain access to post-petition financing and cash collateral. CS One and Cardinal have agreed to extend the final DIP order and to continue permitting the Debtors' use of cash collateral through December 19, subject to the revised budget. This extension is intended to allow the Debtors to continue operating their business in the ordinary course during the interim period before the sale closes. All protections, liens, and conditions contained in the final DIP order remain fully in effect. About Partners Pharmacy Services LLC Partners Pharmacy Services LLC provides medication management services to residents in skilled nursing facilities, assisted living communities, long-term care residences, long-term acute care hospitals, and institutional care facilities across the United States. Founded in 1998 and headquartered in Springfield Township, New Jersey, the Company operates in multiple states through a network of in-house pharmacies and regional locations, offering services such as automation systems, infusion therapy technologies, compounding, and clinical decision-support tools. It is one of the largest long-term care pharmacy providers in the U.S., serving over 48,000 residents in more than 500 communities. Partners Pharmacy Services LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-34698) on August 13, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Judge Christopher M. Lopez oversees the case. The Debtors are represented by Patrick J. Potter, Esq., Dania Slim, Esq., Amy West, Esq., and L. James Dickinson, Esq. of PILLSBURY WINTHROP SHAW PITTMAN LLP. SSG CAPITAL ADVISORS, LLC is the Debtors' Investment Banker. GIBBONS ADVISORS, LLC is the Debtors' Financial Advisor. KROLL RESTRUCTURING ADMINISTRATION LLC is the Debtors' Notice, Claims & Balloting Agent and Administrative Advisor. PERIMETER SOLUTIONS: S&P Affirms 'B+' ICR, Outlook Stable --------------------------------------------------------- S&P Global Ratings affirmed all its ratings on Perimeter Solutions Inc., including the 'B+' issuer credit rating and its 'B+' issue-level rating on its senior secured debt. At the same time, S&P assigned its 'B+' issue-level rating and '3' recovery rating to the company's proposed $550 million senior secured notes. The '3' recovery rating indicates its expectations for meaningful (50%-70%: rounded estimate: 65%) recovery in the event of a default. S&P said, "The stable outlook reflects our belief that, following the proposed transaction, Perimeter's weighted-average credit metrics will remain appropriate for the current rating over the next 12 months. "Perimeter has proposed issuing senior secured notes to partially finance its acquisition of MMT. We anticipate the company will issue $550 million of senior secured notes, with a fixed coupon and a maturity of 8 years, to partially fund its acquisition. At the same time, Perimeter also plans to upsize its existing revolving credit facility (to $200 million from $100 million) and extend its maturity (to 2030 from 2026). We expect the notes issuance and acquisition of MMT will close in the first quarter of 2026." Perimeter continues to improve its performance year over year. Building on its strong performance in 2024 amid heightened wildfire activity, the company increased its earnings year-over-year in the first nine months of 2025 despite a significant drop in the number of acres burned in the U.S. (excluding Alaska). Perimeter has also increased its fire retardant and fire suppressant sales volumes in 2025, supported by U.S. agencies' adoption of an aggressive initial attack strategy that involves deploying fire retardants earlier and more frequently to prevent large fires. The company's performance has also been aided by its multi-year fixed contracts with key customers, such as the U.S. Forest Services (USFS), and the rising proportion of its earnings from non-retardant products. During the 12 months ended Sept. 30, 2025, Perimeter generated S&P Global Ratings-adjusted EBITDA of about $327 million before accounting for the non-cash fair value changes on its liability-classified founders advisory amounts. S&P's forecast credit metrics don't incorporate these fair value changes, which are based on share price movements and can be unpredictable and significant, as seen in recent years. Perimeter's acquisition of MMT and contract restructurings will reduce some of the uncertainty around its earnings. Management has implemented structural changes to its retardants business to alleviate its dependence on the severity of fire seasons, particularly in the U.S. The company has renewed substantially all its key retardant contracts over the last two years, including a new and longer-than-usual contract it signed with the USFS (its largest customer) in the third quarter of 2025. Although this new contract entails a product price decrease in 2026, S&P expects Perimeter will benefit from improved operational efficiencies, higher recurring revenue, and stronger competitive advantages, at least over the term of the contract. S&P said, "Our assessment of the company's business risk reflects its leading market positions and the high barriers to entry in its end markets, which facilitate strong, above-average EBITDA margins. We believe Perimeter's planned acquisition of MMT, which operates in a niche but relatively stable end market, will expand the scale of its business and also likely temper the volatility of its future consolidated earnings. The company is also expanding its suppressants business, which is less dependent on wildfire activity. As a result, we now view the business risk profile of Perimeter as 'Fair'. However, we believe Perimeter's earnings are still materially dependent on its fire retardants volumes, which are unpredictable and can constrain its credit profile. We view the scale of the company's operations as still limited relative to the overall specialty chemicals industry, given that it operates in niche segments and lacks sufficient geographic diversity. "We expect Perimeter's weighted average credit measures will remain appropriate for the current rating. Nonetheless, we anticipate the company's performance will remain subject to volatility. We anticipate Perimeter will continue to generate strong free operating cash flows (FOCF) over the forecast period, supported by the recent structural changes to its retardants contracts, as well as its proposed acquisition of a high-margin, less-volatile business. We estimate the company's weighted-average funds from operations (FFO) to debt, before accounting for non-cash fair value changes, and S&P Global Ratings-adjusted cash flow from operations (CFO) to debt will be between 12% and 20% and adjusted CFO to debt to be in the 10%-15% range. We also forecast Perimeter will maintain adequate liquidity over the next 12 months, supported by its cash on hand, access to an undrawn $200 million revolver (pro forma for the upsize and extension), and positive free operating cash flow (FOCF). The company benefits from a comfortable debt maturity profile with no material debt maturities before 2029, except the existing revolver, which matures in November 2026. We expect Perimeter will extend the revolver in the coming weeks. "We note there is some risk to the company's credit metrics if cash settlements for its annual advisory amounts are meaningfully higher than we assume under our base-case forecast. Founders can opt for a cash settlement of up to 50% of the annual amount, despite historical trends of opting for about 20%-25%, with the remainder settled via equity issuance. Our base case assumes a share price increase of 10% every year and Founders' cash elections follow historical trends. There is significant uncertainty around these assumptions. "The stable outlook on Perimeter reflects our belief that, following the proposed transaction, its weighted-average credit metrics will remain appropriate for the current rating over the next 12 months. We expect the company's S&P Global Ratings-adjusted FFO to debt, before accounting for non-cash fair value changes, will be between 12%-20% on a weighted average basis, while its S&P Global Ratings-adjusted CFO to debt will be between 10%-15% on a weighted-average basis. We forecast Perimeter's CFO to debt will decline below this level in 2026 due to our expectation for a cash settlement on a sizeable annual founders advisory amount for 2025 (the largest annual amount since the EverArc acquisition). We expect the company will improve this metric back to our expected range in 2027, assuming a significant reduction in its annual advisory amount. Our rating account for the uncertainty around Perimeter's earnings, leverage metrics, and cash flows due to these potential cash commitments and its significant exposure to the North American fire season, which can be volatile." S&P could take a negative rating action on Perimeter in the next 12 months if: -- Its earnings decline materially due to reduced retardant demand amid a mild U.S. wildfire season, the loss of key customers, or an unexpected drop in the demand from key end markets in its combined specialty products business; -- The company's weighted-average adjusted FFO to debt, before accounting for non-cash fair value changes, falls below 12% and its weighted-average S&P Global Ratings-adjusted CFO to debt contracts below 10% on a sustained basis; -- The company pursues large debt-funded shareholder distributions or acquisitions or faces larger-than-expected cash settlements for its annual founders advisory amounts such that its metrics become stretched for the current rating with little prospects for improvement; -- Its liquidity decreases significantly because its FOCF generation turns negative for a sustained period, reducing its ratio of liquidity sources to uses below 1.2x, or its ability to remain in compliance with its financial covenant is pressured; or -- The company doesn't amend and extend the revolver and S&P sees no prospects for a maturity extension. S&P could take a positive rating action on Perimeter Solutions in the next 12 months if: -- Its operating performance exceeds our expectations because of higher-than-anticipated wildfire activity in the U.S., which supports strong demand for retardants, higher-than-expected margins due to its restructured retardants contracts, less volatility in its performance, or if the MMT business performs better than anticipated; -- It significantly improves the stability and predictability of its earnings by increasing the proportion of recurring revenue in its fire retardants business or by expanding its non-fire retardants revenue through organic growth or additional acquisitions while maintaining credit metrics appropriate for a higher rating; and -- It employs financial policies that support its maintenance of improved credit metrics, including weighted-average S&P Global Ratings-adjusted FFO to debt (before accounting for non-cash fair value changes) of over 20% and weighted-average S&P Global Ratings-adjusted CFO to debt in the 15%-25% range. PHIL KEAN DESIGNS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Phil Kean Designs, Inc. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral through January 6, 2026. The Debtor intends to use its cash collateral for operating expenses including payroll, payment of subcontractors and suppliers, and general operating expenses consistent with its eight-week budget. The budget reflects that the Debtor expects to continue generating positive cash flow during the interim period. Cogent Bank may assert a security interest in the cash collateral including cash, cash equivalents, and operating accounts due to a pre-bankruptcy line of credit. The Debtor offers to grant Cogent Bank replacement liens on post-petition cash collateral with the same priority and validity as the bank's pre-bankruptcy liens. 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 of Phil Kean Designs, signed the petition. Daniel A. Velasquez, Esq., at Latham, Luna, Eden & Beaudine, LLP represents the Debtor as legal counsel. PINE GATE: Court OKs Brookfield Property Sale to BII Bid Solar -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has permitted Pine Gate Renewables and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Court has authorized the Debtor to sell the Property to BII Bid Solar II Aggregator LP as the highest or otherwise best bid for the Purchased Assets. The Brookfield Assets are comprised of solar power projects (primarily projects either under construction or operating) that indirectly serve as collateral for Brookfield's prepetition and DIP facilities. The purchase price is credit bid of all DIP Obligations and all Prepetition Obligations (estimated to total approximately $500-$587 million in the aggregate based on a December 31, 2025 closing, subject to change), plus the assumption of certain liabilities. The Debtors and the Buyer have complied, in good faith, in all respects with the Bidding Procedures Order and the Bidding Procedures. The Buyer is a good faith buyer within the meaning of section 363(m) of the Bankruptcy Code, each term of the Purchase Agreement (and any ancillary documents executed in connection therewith) and the Order, and otherwise has proceeded in good faith in all respects in connection with the proceeding. Neither the Buyer nor any of its affiliates, officers, directors, managers, shareholders, members, or any of their respective successors or assigns is an "insider" of the Debtors. The Purchase Agreement was not entered into, and neither the Sellers nor the Buyer entered into the Purchase Agreement or propose to consummate the Sale Transaction, with fraudulent intent. The transfer of the Purchased Assets to the Buyer will be a legal, valid, and effective transfer of the Purchased Assets, and will vest the Buyer with all right, title, and interest of the applicable Sellers in and to the Purchased Assets free and clear of all Claims. The Debtors gave due and proper notice of the proposed Sale, Auction (if any), and Sale Hearing on November 11, 2025. The Sale Notice constituted good, sufficient, and appropriate notice of the Sale Transaction under the particular circumstances and no further notice need be given with respect to the Sale Transaction. The Bidding Procedures were substantively and procedurally fair to all parties and all potential bidders and afforded notice and a full, fair, and reasonable opportunity for any person to make a higher or otherwise better offer to purchase the Purchased Assets. The Buyer is the designated Successful Bidder, and the Purchase Agreement is designated the Successful Bid for the Purchased Assets enumerated therein in accordance with the Bidding Procedures Order. The Debtors have demonstrated good, sufficient, and sound business reasons and justifications for entering into the Sale Transaction and performing their obligations under the Purchase Agreement. About Pine Gate Renewables Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables and its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90669) on November 6, 2025. In their petitions, Pine Gate Renewables reported between $1 billion and $10 billion in assets and liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors tapped Timothy A. Davidson II, Esq., at Hunton Andrews Kurth, LLP and Latham & Watkins LLP as bankruptcy counsel; Alvarez & Marsal North America, LLC as financial advisor; Lazard Freres & Co., LLC as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PINE GATE: Secures Court Approval for $500MM Ch.11 Credit Bid Sale ------------------------------------------------------------------ Emily Lever of Law360 Bankruptcy Authority reports that On December 15, 2025, a Texas bankruptcy judge approved bankrupt solar energy developer Pine Gate Renewables to move forward with a credit-bid asset sale to one of its secured lenders, a transaction valued at approximately $500 million. The court rejected objections to the sale process, finding the proposed transaction appropriate under the circumstances of the Chapter 11 case. Under the approved structure, the secured lender would acquire substantially all of Pine Gate's assets through a credit bid, allowing it to offset the purchase price against its debt. Pine Gate sought court approval for the sale as part of its broader effort to restructure its balance sheet and maximize value for stakeholders, the report states. About Pine Gate Renewables, LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, the Debtor disclosed estimated assets on a consolidated basis of $1 billion to $10 billion and estimated liabilities on a consolidated basis of $1 billion to $10 billion. One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 The Judge is Hon. Christopher M. Lopez. The Debtors' Bankruptcy Co-Counsel is Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas, and LATHAM & WATKINS LLP. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is LAZARD FRERES & CO. LLC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. POSIGEN PBC: US Trustee Wants Chapter 11 Exec Bonuses Rejected -------------------------------------------------------------- Yun Park of Law360 reports that the U.S. Trustee's Office has challenged PosiGen's plan to grant performance bonuses to its top executives during its Chapter 11 proceedings. The objection contends the proposal is essentially an insider retention program, which the Bankruptcy Code does not permit. PosiGen filed for Chapter 11 to restructure its debt and continue operations in the solar panel sector. The trustee argued that allowing the payments could undermine creditor recoveries and create inequities in the bankruptcy process, the report states. 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. PRIMO BRANDS: S&P Affirms 'BB-' ICR, Alters Outlook to Stable ------------------------------------------------------------- S&P Global Ratings affirmed its 'BB-' rating on Primo Brands Corp. and revised the outlook to stable from positive. S&P also affirmed the 'BB' rating on its senior secured debt and 'B' rating on its senior unsecured debt. The respective recovery ratings remain '2', reflecting our expectation for substantial recovery in a payment default (70%-90%; rounded estimate: 70%), and '6', reflecting its expectation for negligible recovery (0%-10%; rounded estimate: 0%). S&P said, "The stable outlook reflects our expectation that Primo will grow revenue, EBITDA and DCF in 2026 due to synergy realization and favorable category dynamics, with the negative impact of the integration disruptions sequentially declining as 2026 progresses. As such, we expect modest S&P Global Ratings- adjusted leverage deterioration to the low-4x area before improving to mid-3x by year-end 2026, and improving thereafter absent more aggressive financial policies." Primo Brands Corp. will underperform our 2025 forecast due to merger integration challenges that we expect will linger the next few quarters. S&P also forecast greater share repurchases that will further pressure discretionary cash flow (DCF) and credit metrics. S&P said, "We forecast S&P Global Ratings-adjusted leverage of 4.2x in 2025 and 3.5x in 2026, versus our prior expectations of 3.6x and 3.3x, respectively. DCF will be a $383 million use in 2025, improving to a $287 million source in 2026. "The outlook revision reflects credit metrics weaker than our initial expectations. We now project S&P Global Ratings-adjusted leverage of 4.2x in 2025 driven by integration challenges and greater shareholder returns. This compares to our prior expectation of an improvement to the mid-3x area." Notably, management lowered its full-year guidance for the second time this year on its third-quarter earnings call, anticipating it would take longer to recover water direct delivery sales, which were negatively impacted by supply chain disruptions caused by accelerated integration initiatives earlier this year. Additionally, Primo announced Eric Foss as its new CEO as the company works through the remaining phases of its integration. Beginning in the second quarter of 2025, accelerated facility consolidation and headcount reductions caused supply chain disruptions that led to missed and delayed residential and commercial deliveries, weaker service levels, and, ultimately, net customer losses in its water direct delivery business. S&P said, "Although Primo has since stabilized its logistics that caused these disruptions, we expect muted water delivery sales through the first half of 2026 as lost volumes recover. We also expect greater margin pressure over the next few quarters as certain customers that discontinued services were higher margin, given their propensity to purchase products more profitable to Primo. We believe new customer acquisition, however, is now outpacing the rate of customer exits, which should sequentially improve water delivery sales throughout the next few quarters." S&P said, "Additionally, we believe retail (single-serve bottled water) continues to gain share (excluding volume declines in the second quarter as a result of tornado damage to its Hawkins, Texas, facility). Its products are priced at discounts to brands such as Dasani and Aquafina, and its Pure Life brand resonates with consumers as a relatively affordable product, especially during higher inflationary periods. Primo also faced one-off events in 2025 that further pressured EBITDA and cash flow, including tornado damage to the Hawkins, TX facility, cool early summer weather reducing consumption, lower dispenser sell-in amid tariff uncertainty, and the unwinding of its office coffee distribution service. We expect these factors to serve largely as tailwinds in 2026 as revenue benefits from lapping weaker comparable periods and as one-time expenses decline. "We forecast weaker DCF because of increased share repurchases. In 2025, we forecast DCF use of $383 million due to our expectation for about $400 million in share repurchases to partly offset dilution from One Rock's sale of its controlling stake, as well as opportunistic repurchases following the decline in stock price this year. This includes roughly $297 million to date as of Sept. 30, 2025, and our expectation for an additional $100 million in the fourth quarter of 2025, after Primo increased its share repurchase program to $300 million in November. We view the increase as a negative credit development since it is already underperforming our expectations. We assume repurchases of about $100 million in 2026 as the company exhausts capacity under the program. Since we expect Primo to conclude integration of the 2024 merger between Triton Water Holdings and Primo Water Corp. at the end of 2026, changing capital allocation priorities is a risk to our forecast. Specifically, greater share repurchases could weaken cash flow and elevate S&P Global Ratings-adjusted leverage. "Our base case assumes Primo can reduce leverage to 3.5x in 2026 . We believe integration disruptions were largely self-inflicted and driven by the accelerated pace of integration rather than underlying structural issues between the merged businesses. Additionally, we believe the company completed the most complex integration phases, reducing the likelihood of further material disruptions. We also expect lower one-time costs in 2026 that should drive margin expansion and EBITDA growth--we expect S&P Global Ratings-adjusted EBITDA grows about 17%, with greater growth in the second half of 2026 as the first half continues to be constrained by weaker water delivery sales. "We continue to expect $200 million in cost synergies in 2025 and $100 million in 2026, becoming more evident in 2026 as one-time expenses decline. Lastly, we continue to expect the category to benefit from health and wellness, premiumization of water, and convenience trends that should ultimately increase EBITDA and cash flow once integration is complete, notwithstanding more aggressive financial policies. "The stable outlook reflects our expectation that Primo will grow revenue, EBITDA and DCF in 2026 due to synergy realization and favorable category dynamics, with the negative impact of the integration disruptions sequentially declining as 2026 progresses. As such, we expect modest S&P Global Ratings- adjusted leverage deterioration to the low-4x area before improving to mid-3x by year-end 2026, and improving thereafter absent more aggressive financial policies." S&P could lower the rating on Primo over the next several quarters if S&P Global Ratings-adjusted leverage approaches 4.5x. This could occur if: -- The company faces prolonged integration challenges because of operational missteps; -- Direct delivery customer churn increases, leading to lower customer retention and weaker water delivery sales; -- Financial policy becomes more aggressive including prioritizing shareholder returns or debt-funded mergers and acquisitions over deleveraging; -- Revenue is weaker than S&P expects due to adverse weather, specifically prolonged cool temperatures; or -- Competition from its financially stronger global branded or store brand rivals intensifies. S&P could raise the rating on Primo if S&P Global Ratings-adjusted leverage is sustained below 4x. This could occur if it: -- Sustains improved operating performance by rectifying disruptions to its water direct delivery business and completing final stages of the integration without additional problems; and -- Demonstrates a disciplined financial policy and prioritizes leverage reduction over share repurchases, dividends, and acquisitions. PRIMP CORP: To Close All Stores on December 23 ---------------------------------------------- Daniel Kline of The Street reports that Primp, a Minneapolis-area boutique retailer that also sold nationally through its website, has decided to shut down all remaining stores and cease online operations. The closures will bring an end to the company's 15-year run in the fashion retail space. Founded by Michele Henry and Wesley Uthus, Primp was built around a "cheap chic" concept aimed at making stylish clothing accessible without sacrificing personality. The brand opened its first location in St. Paul's Cathedral Hill in 2010 and quickly gained traction with shoppers drawn to its neighborhood-boutique feel and trend-forward offerings, according to report. According to MSPMag, Primp expanded rapidly across the Twin Cities and beyond, growing to six stores by 2014 and eventually reaching nine locations at its peak, including outposts in Sioux Falls and Fargo. All remaining stores are set to close permanently on December 23, 2025. The owners did not cite a specific reason for the shutdown, and no bankruptcy filing has been made. However, broader retail pressures may have played a role, as inflation and consumers' increasing preference for online bargain shopping contributed to a surge in store closures in 2024, a trend Coresight Research expects to intensify this 2025. About Primp Corp. Primp Corp. is a California-based company that manufactures bedding and comfort products for salons, spas, and massage studios. The company focuses on memory foam toppers, pillows, and related accessories used in a range of beauty and wellness services. PULASKI ROOFING: Neema Varghese Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 11 appointed Neema Varghese of NV Consulting Services as Subchapter V trustee for Pulaski Roofing & Construction Co. Ms. Varghese will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Varghese declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Neema T. Varghese NV Consulting Services 701 Potomac, Ste. 100 Naperville, IL 60565 Tel: (630) 697-4402 Email: nvarghese@nvconsultingservices.com About Pulaski Roofing & Construction Co. Pulaski Roofing & Construction Co. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18718) on December 5, 2025, with up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge David D. Cleary presides over the case. Ted Smith, Esq., at Smith Ortiz PC represents the Debtor as legal counsel. QUARTZ ACQUIRECO: S&P Affirms 'B' ICR on Announced Acquisition -------------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Quartz AcquireCo LLC. S&P said, "The stable outlook reflects our view that while the company will incur a significant amount of additional debt to fund the PGF acquisition, the rating currently has a cushion to absorb the transaction. In addition, we believe improving the core EBITDA margin and cash-flow generation--along with some mix of equity as part of the financing--reduces the risk of a downgrade." Quartz AcquireCo LLC, which does business as Qualtrics, announced it has signed a definitive agreement to acquire Press Ganey Forsta (PGF) for $6.75 billion. It will fund the transaction with a combination of cash and equity. The transaction is subject to the receipt of required regulatory approvals and other customary closing conditions and is expected to close in 2026. S&P said, "We believe the PGF acquisition will enhance Qualtrics' ability to serve the health care vertical. PGF has been strong in the patients experience market for many years. It has decades of proprietary patient experience survey data, which enables benchmarking across different care settings and support analytics that competitors can't easily replicate. Through the acquisition of PGF, we believe Qualtrics could leverage its AI-enabled technology platform with PGF's rich patient experience dataset and health care expertise to enhance cross-selling/upselling opportunities and penetration into the health care industry. Health care experience management solutions are important to healthcare providers, as patient experience data is highly regulated and affects health care providers' reimbursements and reputation. Therefore, we believe Qualtrics can drive higher wallet-share gains among its health care customers by combining separate solutions spanning customer experience, employee experience, omnichannel experience management, and market research through its integrated AI-enabled platform. "We believe various factors reduce the risk of a downgrade. These include Qualtrics' cushion at the current rating, improving core EBITDA margin and cash flow generation, and mix of equity as part of the financing. Qualtrics employees are entitled to cash settlements based on stock compensation awarded (RSU payments) before Silver Lake Partners acquired the company in 2023. Since then, it has made significant progress paying-down the balance, reducing it to about $92 million as of Sept. 30, 2025. We expect Qualtrics pay the remainder in 2026, and so the RSU payments will have a declining impact on EBITDA margins going forward. This is important because we will consider our forecast for credit metrics in 2027 in a subsequent rating review after evaluating the transaction with management. We treat RSU payments as an operating expense that would burden adjusted EBITDA. Excluding the RSU payments, the company's core EBITDA (S&P Global Ratings-adjusted) would have been about 24% in 2024, and we expect it will emerge from its RSU payments period with EBITDA margins in the mid-20% area in 2026. Furthermore, in addition to RSU payments rolling off in 2026, we expect cash flow generation will further benefit from expected synergies being fully realized. On a stand-alone basis, we expect Qualtrics will generate over $300 million of free cash flow in 2026. Quarterly annualized leverage is 5.3x (3.4x excluding RSU payments), so the company has some cushion within the rating to absorb an increase in leverage to support the acquisition. "The transaction is expected to close in 2026. We will continue to monitor the underlying performance of Qualtrics and PGF and reassess the pro forma credit profile of the combined entity as we learn more about Qualtrics' post-close business strategies, capital structure, and ongoing financial policy. "The stable outlook reflects our view that while Qualtrics will incur a significant amount of additional debt to fund the acquisition of PGF, we believe the cushion in the rating, improving core EBITDA margin and cash flow generation, and some mix of equity as part of the financing reduce the risk of a downgrade. We expect the underlying core EBITDA and cash-flow generation will continue to improve in 2026 due to declining RSU payments and expected synergies." As S&P learns more about the final capital structure of the combined entity over the coming months, it could downgrade Qualtrics if: -- S&P believes the final capital structure would impose a debt service burden that impairs the combined entity's credit metrics beyond what it would view as acceptable for the 'B' rating for an extended period; or -- S&P believes Qualtrics' and PGF's underlying business performance and cash-flow generation have worsened from its current expectation, which could be a result from economic downturns and/or increasing competitive pressure; business execution, acquisition integration missteps or other unexpected costs that leads to lower profitability, and lower-than-expected synergies being realized. An upgrade is unlikely because of S&P's expectation that pro forma leverage will increase significantly. R.R. DONNELLEY: S&P Alters Outlook to Stable, Affirms 'B' ICR ------------------------------------------------------------- S&P Global Ratings revised its outlook on R.R. Donnelley & Sons Co. (RRD) to stable from negative and affirmed the 'B' issuer credit rating. S&P's issue-level and recovery ratings on the company's debt are unchanged. S&P said, "The stable outlook reflects our expectation that RRD will sustain FOCF to debt of at least 5%, despite the secular pressures in the commercial printing industry, supported by its realization of cost synergies over the next 12 months. Our outlook also reflects our view that the company will continue to prioritize repaying debt using its FOCF and the proceeds from asset sales." RRD has realized cost synergies from its integration of, Valassis and Williams Lea and S&P believes it will be able to sustain free operating cash flow (FOCF) to debt of more than 5% beginning in 2026. S&P said, "We expect the company will report FOCF to debt of about 2.5%-3.0% in 2025, which is up from 1.6% the prior year, primarily due to its increased EBITDA generation. We believe the improvement in RRD's FOCF will offset the increase in its S&P Global Ratings-adjusted debt following its issuance in the third quarter of 2024 to fund its acquisition of Valassis, as well as the incremental term loan it issued in the first quarter of 2025 to fund its acquisition of Williams Lea. "The outlook revision reflects our expectation RRD will improve its FOCF to debt above 5% in 2026. The company increased its revenue and S&P Global Ratings-adjusted EBITDA by about 24% and 26%, respectively, through the first three quarters of the year, relative to the prior year, on an expansion in packaging in North America and Asia, along with the incremental contributions from its acquisitions of Valassis and Williams Lea, which were partially offset by the weaker performance in its direct mail and statement verticals. In addition, RRD's selling, general, and administrative expenses (SG&A) decreased as a percentage of its revenue in the third quarter, which--along with the successful realization of cost synergies from its acquisitions--supported a material expansion in its margin. Therefore, we expect the company will improve its S&P Global Ratings-adjusted leverage and FOCF to debt to about 7.0x-7.5x and 2.5%-3.0%, respectively, as of the end of 2025 from 7.7x and 1.63% in 2024. "We expect RRD will improve its credit metrics in 2026 on organic revenue growth and the further expansion of its margin stemming from the roll-off of non-recurring acquisition-related costs, which will support S&P Global Ratings-adjusted leverage of about 6.0x-6.5x and FOCF to debt of about 5.0%-5.5% in 2026." RRD has been successful in executing its planned cost savings following its acquisitions of Valassis and Williams Lea. S&P said, "The company expects to recognize about $95 million of cost synergies from the two acquisitions, which we anticipate will increase its FOCF to debt above 5% by 2026. RRD already realized about $65 million of synergies as of the third quarter of 2025 and we expect it will realize further cost savings in the fourth quarter of 2025 and into 2026. The company's S&P Global Ratings-adjusted EBITDA margin stood at 11.6% in the third quarter, which was up about 280 basis points relative to the third quarter of 2024, partially due to its cost-related actions. We forecast RRD will generate EBITDA margins of about 10.0% in 2025 and in the 11.0%-11.5% range in 2026 as its non-recurring acquisition related costs roll off and it realizes further cost synergies." RRD's major print segment is exposed to secular pressures. S&P said, "However, we expect the company's overall revenue will benefit from the strength of its other segments. As consumers shift their media consumption to digital formats, we continue to expect the print industry will face declining demand over the long term. The company's operational print and marketing segment (about 44% of revenue in 2025) is exposed to secular pressures and external factors (e.g., postage increases) that could constrain its customers' spending, and, in turn, its revenue. However, we forecast the growth in RRD's labels, packaging, and supply chain segment and creative and business services segment will offset these pressures. We expect these segments will enable the company to maintain flat to modestly positive revenue growth." S&P said, "We expect RRD's debt reduction will keep pace with its secular pressures. The company benefits from a balanced debt maturity profile with no maturities until 2029. RRD has also used the proceeds from asset sales to repay its existing debt, including using the funds from its sale of 13 properties in the third quarter to paydown its term loan. We expect the company will continue to prioritize using its FOCF and the proceeds from future asset sales to reduce its debt, enabling it to maintain stable S&P Global Ratings-adjusted leverage despite our expectation that continued secular pressures in the print industry will reduce the revenue from its commercial print segment. "The stable outlook reflects our expectation that RRD will generate FOCF to debt of at least 5% on a consistent basis, despite ongoing secular pressures, as it realizes cost synergies over the next 12 months. Our outlook also reflects our view that the company will continue to prioritize using its FOCF and the proceeds from asset sales to repay its debt." S&P could lower its ratings on RRD if S&P expects its cash flow metrics will deteriorate such that its FOCF to debt remain below 5% on a sustained basis. This could occur if: -- Secular pressures in the print industry lead to faster-than-expected revenue declines that offset the benefits from its cost-savings measures; or -- The company prioritizes debt-financed acquisitions or shareholder distributions over debt repayment. S&P views an upgrade as unlikely over the next 12 months. However, S&P could raise its rating on RRD if: -- Its secular pressures, as well as ongoing macroeconomic uncertainty, subside such that it increases its revenue by the low- to mid-single-digit percent range on a consistent basis and continues to expand its EBITDA margins; -- The company pursues material voluntary debt repayments; and -- It maintains FOCF to debt (including the payment in kind [PIK] notes) of about 10% on a sustained basis. RAD POWER BIKES: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Rad Power Bikes Inc. f/k/a RAD Power Bikes LLC 1121 NW 52nd Street Seattle, WA 98107 Business Description: Rad Power Bikes, founded in 2007 and headquartered in Seattle, designs and sells electric bicycles and related accessories for commuting, recreation, delivery, and hauling children. The Company operates nine RadRetail locations, sells directly to consumers through its website, and partners with more than 1,200 retail and service outlets across the U.S. and Canada. Rad Power Bikes develops its products in-house and serves a customer base of over 650,000 riders in North America, focusing on accessible, energy-efficient transportation solutions. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Eastern District of Washington Case No.: 25-02183 Debtor's Bankruptcy Counsel: Armand J. Kornfeld, Esq. BUSH KORNFELD LLP 601 Union St., Suite 5000 Seattle, WA 98101-2373 Tel: (206) 292-2110 Fax: (206) 292-2104 Email: jkornfeld@bskd.com Total Assets: $32,056,110 Total Liabilities: $72,770,543 The petition was signed by Angelina M. Smith as chief executive officer. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/PZAFCBY/Rad_Power_Bikes_Inc__waebke-25-02183__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. AXA-XL Indian Damages $1,000,000 Harbor/CoAction 999 Third Avenue Suite 1900 Seattle, WA 98104 Mattew T. Wood Email: mwood@cozen.com 2. Bangkok Cycle Trade $5,353,673 Industrial Co., Ltd. 76/2 Moo 8, Oam-Yai, Sampran Nakornpathom 73160 Thailand Email: pattarawadee@labicyclegroup.com 3. Chubb Ins. Co. Subrogation $800,000 a/s/o Rebold, Bruce 5 North Court Oyster Bay, NY 11771 Robert J. Bates Email: Robert.Bates@eustacelaw.com 4. Commerce Ins. Subrogation $1,138,000 a/s/o Maimone, Stephen 2000 West Park Drive, Suite 100 Westborough, MA 01581 Amanda Coutu Email: acoutu@mapfreusa.com 5. Dutch Express Settlement $225,000 164 West 25th Str. 10th FL New York, NY 10001 Noam Besdin Email: nbesdin@steinadlerlaw.com 6. Erie Insurance Subrogation $202,187 a/s/o D. Barber 586 Springwater Road Glenville, NC 28736 John W. Reis Email: JReis@Foxrothschild.com 7. Fedex Trade $297,000 PO Box 94515 Palatine, IL 60094-4515 Email: useft@fedex.com 8. Fuji-TA Fushida Trade $1,223,881 Group Area Dongjin Road Junliangcheng Street Dongli District Tianjin Tianjin, China 00030-0050 Email: fsp.sally@battle-fsd.com 9. Gore, Lisa Subrogation $3,200,000 o/b/o James Gore 4644 Del Monte Ave. San Diego, CA 92107 Lisa Gore Email: lisagore22@gmail.com 10. Jay, Steve Damages $1,000,000 3930 Carson Cutoff Augusta, GA 30907 Email: anotherjaycreation@gmail.com 11. Jinhua Jobo Trade $646,763 Technology Co Ltd No. 1398 Shenli Road, Qiubin Industrial Park, Zhejiang China Email: nancy@jobobikes.com 12. Jinhua Vision Trade $1,414,355 Industry Co., Ltd. No. 3777 King-Ding Road Jiangdong Industrial Zone JinDong District Jinhua ZheJinag Province China Email: elsa@chinahulong.com 13. Kunshan Julet Trade $218,992 Electronics Co LTD No. 2 Bldg 3, No 888 Pengging Rd Huaqiao Town Kunshan City Jiangsu Province China Email: panxiaoqin@julet.cn 14. Luck, Susan Damages $1,000,000 Att: Nathan Langston, Jantz Johnson 301 N. 200 E. Suite 3C St. George, UT 84770 Nathan Langston Email: nate@stginjurylaw.com 15. Meta Platforms, Inc. Trade $284,130 15161 Collections Center Drive Chicago, IL 60693 Email: payment@fb.com 16. N and J Enterprise Co., LTD. Trade $329,464 Hallmark Bldg. 227 Old Airport Rd. The Valley, Anguilla, B.W.I Hong Kong AI2640 Email: celine@vantly.com.tw 17. SageSure Ins. Subrogation $513,000 a/s/o Bedel, Athony 1032 Annerley Rd. Piedmont, CA 94610 Email: mtkramer@travelers.com 18. Settlement Payments Trade $670,087 76/2 Moo 8 Oam-Yai Sampran Nakornpathom 73160 Thailand Email: pattarawadee@labicyclegroup.com 19. U.S Customs and Tariffs $8,363,748 Border Protection 1000 Second Avenue, Suite 2100 Seattle, WA 98104 Kyle Forsyth Email: kyle.forsyth@usdoj.gov 20. Whole Foods Damages $237,469 c/o Chartwell Law One Battery Park Plaza, Suite 710 New York, NY 10004 Len Kushnir Email: lkushnir@chartwelllaw.com RENT TO OWN REALTY: Seeks Chapter 7 Bankruptcy in Florida --------------------------------------------------------- On December 15, 2025, Rent to Own Realty, Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Florida. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About Rent to Own Realty, Inc. Rent to Own Realty, Inc. is a U.S.-based real estate company specializing in lease-to-own property transactions. The company helps clients acquire residential properties through flexible rental agreements with an option to purchase. Rent to Own Realty, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24791) on December 15, 2025. In its petition, the debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $100,001 to $1 million. The case is assigned to Honorable Robert A. Mark. The debtor is represented by Wesley E. Terry, Esq. RK PARISI: Stephen Darr of Huron Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 1 appointed Stephen Darr of Huron Consulting Group as Subchapter V trustee for RK Parisi Enterprises, Inc. Mr. Darr will be paid an hourly fee of $850 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Darr declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen Darr Huron Consulting Group 265 Franklin Street, Suite 402 Boston MA 02110 Phone: (617) 226-5593 Email: sdarr@hcg.com About RK Parisi Enterprises Inc. RK Parisi Enterprises, Inc., operating as PoshHaus, sells home improvement and home-furnishing products, including kitchen and bathroom fixtures, cabinetry, lighting, appliances, and flooring, through an online platform and a physical showroom in Keene, New Hampshire. The company targets homeowners, builders, and interior designers homeowners, builders, and interior designers homeowners, builders, and interior designers seeking products for residential renovations. RK Parisi Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10842) on December 1, 2025, with $1 million to $10 million in assets and liabilities. Robert M. Parisi, Jr., president and owner of RK Parisi Enterprises, signed the petition. Judge Kimberly Bacher presides over the case. William J. Amann, Esq., at Amann Burnett, PLLC represents the Debtor as legal counsel. RYVYL INC: Secures Additional $1.5 Million in Series C Stock ------------------------------------------------------------ RYVYL Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 9, 2025, the Company and RTB Digital, Inc. entered into a First Amendment to the Securities Purchase Agreement, pursuant to which the parties to the Purchase Agreement agreed to amend certain terms of the Purchase Agreement and the Certificate of Designation of Preferences, Rights and Limitations of Series C Convertible Preferred Stock. As previously disclosed on October 7, 2025, the Company entered into a Securities Purchase Agreement, dated October 6, 2025, with RTB, pursuant to which the Company sold an aggregate of 50,000 shares of its Series C convertible preferred stock, par value $0.001 per share, to RTB in a private placement, which closed on October 7, 2025, for gross proceeds of $5,000,000 to the Company before offering expenses. Pursuant to the Amendment, such parties agreed to: (i) increase the original purchase price for the 50,000 shares of Series C Preferred Stock by $1,500,000 to an aggregate of $6,500,000, to be paid at the signing of the Amendment by RTB to the Company, and (ii) increase the Stated Value (as defined in the Purchase Agreement) per share of Series C Preferred Stock in the Certificate of Designation from $100.00 to $130.00 for an aggregate Stated Value of $6,500,000. Except as stated, all terms and conditions of each of the Purchase Agreement and Certificate of Designation remain unchanged and in full force and effect. Full text copies of the First Amendment to SPA and the Certificate of Amendment are available at https://tinyurl.com/mpuczyv3 and https://tinyurl.com/4fzjnur4, respectively. About RYVYL Inc. RYVYL Inc., headquartered in San Diego, Calif., develops financial technology platforms and tools focused on global payment acceptance and disbursement. The Company's QuickCard product, initially a physical and virtual card processing system for high-risk, cash-based businesses, has transitioned to a fully virtual, app-based platform and is now offered through a licensing model to partners with compliance capabilities. RYVYL operates in the fintech industry, providing cloud-based payment solutions and merchant management services. In its audit report dated March 28, 2025, Simon & Edward, LLP issued a "going concern" qualification citing that the Company transitioned its QuickCard product in North America away from terminal-based to app-based processing on February 2024, which was then terminated on the second quarter of 2024 and the Company then decided to introduce a licensing product for its payments processing platform. This business reorganization has resulted in a significant decline in processing volume and revenue, the recovery of the loss of revenues resulting from this product transition is not expected to occur until late 2025. The auditor said the loss of revenue has jeopardized the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $20.60 million in total assets, $27.54 million in total liabilities, and a total stockholders' deficit of $6.94 million. As of Dec. 31, 2024, the Company had an accumulated deficit of $179.4 million. According to RYVYL, there can be no assurances that it will be able to achieve a level of revenues adequate to generate sufficient cash flow from operations or additional financing through private placements, public offerings and/or bank financing necessary to support its working capital requirements. To the extent that funds generated from any private placements, public offerings and/or bank financing are insufficient, it will need to raise additional working capital. There is no guarantee that additional financing will be available, or that any obtained funding can be secured on terms deemed acceptable. SEASPAN CORP: S&P Upgrades ICR to 'BB' on Improved Profitability ---------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Seaspan Corp. to 'BB' from 'BB-'. The outlook is stable. S&P also raised its issue-level rating on its unsecured notes due in 2029 to 'BB' from 'BB-' and revised the recovery rating to '3' from '4'. The stable outlook reflects that S&P expects adjusted funds from operations (FFO) to debt will remain above 12% over the next couple of years, with positive free operating cash flow (FOCF). Seaspan Corp., the largest independent lessor and operator of container ships in the world, has improved profitability and demonstrated notable earnings stability for several years despite significant volatility in industry market conditions. The company has also materially increased its fleet size and carrying capacity with the addition of new vessels since 2022. The upgrade primarily reflects Seaspan's improved profitability and scale. Since S&P assigned its rating in 2021, Seaspan's vessel fleet has increased 40%-45% to 182 vessels as of June 30, 2025, with about 50 ships added in 2023 and 2024. As a result, its twenty-foot-equivalent units (TEU) capacity has increased 75%-80% to 1.9 million over the same period, reflecting the addition of larger capacity ships. This has significantly increased Seaspan's earnings, expanding its S&P Global Ratings-adjusted EBITDA by 50%-55% to over $1.8 billion in 2024. At the same time, the company has improved S&P Global Ratings-adjusted return on capital to near 10% from about 7% several years ago. Seaspan has also demonstrated remarkable stability in its earnings and margins despite volatility in underlying industry market conditions and spot freight rates. EBITDA per TEU capacity has remained in a narrow range, and the company has consistently generated EBITDA margins of 75%-80% over the past 8-10 years. Its fleet size is more than 2x larger than those of pure ship tonnage provider peers, including Danaos Corp. and Global Ship Lease Inc. (GSL). In 2024, Seaspan's adjusted EBITDA of $1.844 billion was materially higher than that of Danaos (about $725 million), Navios Maritime Partners L.P. ($777 million), and GSL (about $488 million). S&P said, "In addition, Seaspan's EBITDA margins have averaged 6%-20% higher than these peers for 10 years. Consequently, we assess Seaspan's business risk profile as comparatively stronger. That said, Seaspan's participation in the shipping industry, which we consider highly cyclical (characterized by frequent imbalances between supply and demand and volatile charter rates), capital intensive, and competitive constrains our overall assessment. We include Seaspan within our transportation cyclical industry classification, which has the highest risk assessment among all the corporate sectors we cover." Seaspan's newbuilds vessel program would preclude meaningful deleveraging over the next few years. The company's cash flow and leverage measures have gradually improved over the past couple of years as new ships have entered service and contributed earnings improvement. Seaspan's S&P Global Ratings-adjusted FFO to debt improved to just over 14% for the trailing 12 months ended June 30, 2025, compared with about 11% in mid-2023. With increased earnings and relatively low immediate vessel-growth-related spending through 2026, compared with 2023 and 2024, we estimate the company will generate positive annual FOCF of $350 million-$400 million in 2025 and 2026. As of June 30, Seaspan had 42 vessels under construction, totaling close to 500,000 TEU capacity, with more than three-quarters to be delivered through 2028. S&P said, "We assume they will be funded primarily with debt. The new builds are chartered with customers well in advance and enter service upon delivery. Our leverage calculations include debt at delivery, but it takes a full year before earnings and cash flow from the vessels are reflected in our annual adjusted credit measures. As such, we believe this primarily debt-funded growth plan will likely weaken cash flow and credit measures in 2027 and 2028 until they gradually reflect the first full year of earnings in the financial results. Still, we expect Seaspan will maintain adjusted FFO to debt above 12% and that it will manage distributions and its capital structure to sustain leverage in line with our estimates." Seaspan's long-term customer contracts provide earnings stability. The world's leading lessor, owner, and operator of container ships, Seaspan leases vessels primarily under long-term, fixed-rate, time charters to the largest container shipping liners. Seaspan's fleet has a relatively young average age of about seven years and an average remaining contracted charter period of 5.2 years on a TEU-weighted basis. In our view, the company's large share of contracted volumes (at fixed prices) and consistently high capacity utilization (averaging 98%-99% annually) provide strong earnings visibility. Including planned new builds entering service through 2029, Seaspan's fleet represents about 16% of globally leased container ship capacity, well above its largest competitor. About 75% of its fleet is vessels with at least 10,000 TEU of capacity, which S&P believes is increasingly demanded by global liners. Seaspan also benefits from long-term relationships with the world's largest container shipping liners, which typically prefer to lease vessels from operators with diverse funding sources, proven operating track records, and relatively modern vessels (especially because they have lower fuel costs), which should continue to benefit Seaspan. Seaspan has charter contracts for almost its entire capacity for the next two years, predominantly in U.S. dollar-denominated and under take-or-pay structures. The company has a fixed-rate contract profile (with a pro forma duration of about 10 years) and historically high vessel utilization, with about $31 billion of gross contracted cash flow, which provide revenue and earnings visibility. S&P said, "In our view, the company's laddered contract maturity reduces rechartering risk, at least in the near term, as less than 2% of the TEU capacity is up for renewal before the end of 2027. Charter rates are typically less volatile for large vessels and with Seaspan's fleet skewed toward more than 10,000 TEU capacity. Also, we see the risk of charter rate amendments or defaults by container liners (Seaspan's customers) as low, following the windfall profits the industry generated in 2021 and 2022 followed by a strong 2024, and assume its customers will deliver on their commitments in our base case. "The stable outlook on Seaspan reflects our expectation of stable operating cash flow in large part because of most of its revenue is generated from long-term, fixed-price contracts. It also reflects our view that adjusted FFO to debt will remain above 12% for the next few years, supported by positive FOCF." S&P could lower our rating on Seaspan within the next 12 months if: -- S&P expects the company will sustain adjusted FFO to debt below 12% and EBITDA interest coverage below 3x. This could occur if its debt balance increases to finance additional vessels or distributions to shareholders; and -- Market conditions in the shipping sector deteriorate, reducing average daily charter rates or customer credit quality. This could lead to unfavorable changes to charter contracts or payment issues. S&P views an upgrade to be unlikely over the next 12 months, but we could raise its rating if it expects the company will sustain adjusted FFO to debt above 20%. This could occur if: -- Rechartered daily rates exceed our assumptions based on sustained improvement in market conditions; and -- The company prioritizes debt reduction over fleet expansion and dividend distributions. SEAVIEW APARTMENTS: Voluntary Chapter 11 Case Summary ----------------------------------------------------- Debtor: Seaview Apartments LLC 311 Boulevard of the Americas, Ste. 109 Lakewood, NJ 08701 Business Description: Seaview Apartments LLC is a single-asset real estate entity that owns and leases a high-rise multifamily apartment building located at 2 28th Street (also referenced as 90 28th Street) in Newport News, Virginia. The Company's primary business is the ownership and leasing of the multifamily residential property as its sole source of revenue. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-23251 Debtor's Counsel: Eric H. Horn, Esq. A.Y. STRAUSS, ATTORNEYS AT LAW 290 West Mount Pleasant Avenue, Suite 3260 Livingston, New Jersey 07039 Tel: (973) 287-5006 Email: ehorn@aystrauss.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Benjamin Weinstein as sole member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4ZO2QQY/Seaview_Apartments_LLC__njbke-25-23251__0001.0.pdf?mcid=tGE4TAMA SHERWOOD HOSPITALITY: Amends DVKOCR Only Secured Creditors Claim ---------------------------------------------------------------- Sherwood Hospitality Group, LLC and DVKOCR Tigard, LLC, submitted a First Amended Joint Disclosure Statement describing First Amended Joint Plan of Reorganization dated December 8, 2025. The Plan directs the sale of the Sherwood Hotel and the DVKOCR Hotel in a single transaction (the Sale) or, in the alternative, as two separate transactions (the Alternative Sale). Proceeds from the Sale5 will be paid to secured creditors secured against the respective hotel property. The Plan does not affect the rights of co-owners to purchase pursuant to section 363(i) or the rights of secured creditors to "credit bid" under section 363(k). Pursuant to section 363(j), after a sale of the Sherwood Hotel, Sherwood will distribute to the co-owner of such property (Star Junction 49, LLC) the proceeds of such sale, less the costs and expenses of such sale, according to the interest of the co owner and Sherwood.; accordingly, the Plan does not affect the rights of a co-owner under sections 363(i) or (j). Class 5 consists of DVKOCR Only Secured Creditors. Class 5 consists of the allowed Secured Claims of (1) Oregon Department of Revenue, for payment of $54,896.33, secured by the DVKOCR Hotel (2) Tualatin Valley Water District, for payment of $281,927.00, secured by the DVKOCR Hotel.; and (3) Pawnee Leasing Corporation, for payment of $76,035.64, secured by certain commercial kitchen equipment located at the DVKOCR Hotel (Claim No.3 (DVKOCR)). The Debtors' implementation of the Plan will be through the Sale described in the Plan and Disclosure Statement of all or substantially all of the Debtors' assets. In addition, the Debtors' will liquidate any remaining assets and, together with any cash on hand, such amounts will also be distributed pursuant to the Plan. The Plan is a liquidating plan providing for the sale of all or substantially all of the Debtors' assets. Accordingly, the risks to successful performance of the Plan and payment on claims relates to real estate market conditions, the prices ultimately obtained for the Sherwood Hotel and DVKOCR Hotel, and the amounts of secured and priority claims with respect to each of the Debtors. In addition, as the outcome of any litigation is uncertain, the sale of the entirety of the Sherwood Hotel (including the interest of co-owner Star Junction 49, LLC) is contingent on either (i) the consent of Star Junction 49, LLC or (ii) Sherwood obtaining an order or judgment from the 363(h) Litigation. A full-text copy of the First Amended Joint Disclosure Statement dated December 8, 2025 is available at https://urlcurt.com/u?l=PAJaSl from PacerMonitor.com at no charge. Sherwood Hospitality Group LLC is represented by: Thomas W. Stilley, Esq. Douglas R. Ricks, Esq. Sussman Shank, LLP 1000 SW Broadway, Suite 1400 Portland, OR 97205 Telephone: (503) 227-1111 Facsimile: (503) 248-0130 Email: tstilley@sussmanshank.com dricks@sussmanshank.com About Sherwood Hospitality Group Sherwood Hospitality Group LLC, d/b/a Hampton Inn Sherwood Portland, operating as Hampton Inn Sherwood Portland, is a hospitality company based in Sherwood, Oregon. The Company manages a hotel offering amenities like free breakfast, free Wi-Fi, a heated indoor pool, and a fitness center. Sherwood Hospitality Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Or. Case No. 25-30484) on February 17, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Peter C. Mckittrick handles the case. The Debtor is represented by Douglas R. Ricks, at SUSSMAN SHANK LLP. SIGNAL PARENT: Moody's Cuts CFR to 'Caa1', Outlook Negative ----------------------------------------------------------- Moody's Ratings downgraded Signal Parent, Inc.'s (dba Interior Logic Group, "ILG") corporate family rating to Caa1 from B3 and probability of default rating to Caa1-PD from B3-PD. At the same time, Moody's downgraded the rating on the backed senior secured first lien bank credit facility due April 2028 to B3 from B2 and the rating on the backed senior unsecured notes due April 2029 to Caa3 from Caa2. The outlook remains negative. The downgrade of the CFR to Caa1 with a negative outlook reflects declining revenue and sustained weakness in operating performance resulting in very high leverage above 15x debt/EBITDA and weak interest coverage below 1x EBITDA/interest expense for the 12 months that ended September 30, 2025. Prospects for material improvements in credit metrics are limited by Moody's expectations for continued softness in demand in single family new home construction over the next twelve months. While the company's recent asset sale does provide an uplift to near-term liquidity, Moody's expects metrics and free cash flow generation to remain pressured in 2026. RATINGS RATIONALE ILG's Caa1 corporate family rating is constrained by the company's high leverage and low operating margin inherent to its business model. The rating is further exposed to the volatility and cyclicality inherent to the residential end markets served. ILG has experienced persistent year over year revenue declines from demand softness, with a limited likelihood of improvement expected in 2026 as affordability concerns and high mortgage rates will continue to pressure single family new construction. At the same time, the rating is supported by meaningful size and scale of the business, with about $1.6 billion in revenue as of LTM September 30, 2025 and a national footprint. ILG maintains a strong competitive position in a fragmented market of installation and design studio services and long-term customer relationships with homebuilders. The rating further benefits from the long-term fundamental demand for single-family housing in the US. Moody's expects ILG will maintain adequate liquidity over the next 12 to 18 months, largely driven by the sale of its Property Services business on November 03, 2025, with net proceeds of $153 million. The company had about $35 million of cash on the balance sheet as of September 30, 2025, which Moody's expects to be above $100 million at year-end due to the asset sale. Moody's also expects ILG to have approximately $50 million in availability on its $150 million ABL revolving credit facility expiring March 2030, with certain conditions that could accelerate the expiration date ahead of other maturities to December 31, 2027 or December 29, 2028. The B3 rating on the $780 million backed senior secured first lien bank credit facility reflects both its junior position to the $150 million ABL revolving credit facility and senior position to the $300 million senior unsecured notes due 2029. The Caa3 rating on the unsecured notes reflects the junior position with respect to the ABL facility and term loan, and the expectation of loss absorption in a default scenario. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company improves operating margin, reduces debt/EBITDA sustainably below 6.5x, maintains good liquidity and returns to positive free cash flow. Factors that could result in a downgrade include sustained profit declines, a deterioration in liquidity or any increase in the probability of default or debt restructuring, including debt repurchase at a discounted price. Interior Logic Group, headquartered in San Diego, CA, is one of the nation's leading providers of design center management and interior installation services. The Blackstone Group is the company's financial sponsor. In the last 12 months ended September 30, 2025, the company generated about $1.6 billion in revenue. The principal methodology used in these ratings was Distribution and Supply Chain Services published in November 2025. Interior Logic's Caa1 rating is two notches above the scorecard-indicated outcome of Caa3. The difference reflects the company's current liquidity position and lack of near-term debt maturities. SOL BEAUTY: Seeks Chapter 7 Bankruptcy in California ---------------------------------------------------- Daniel Kline of The Street reports that the California-based Sol Beauty Co., which makes bedding products for salons and massage studios, has filed for Chapter 7 bankruptcy. It is important to note that Sol Beauty and Care, the shapewear brand, is a separate company and is not affected by this filing. The company built its brand around products designed for relaxation and comfort. Its Instagram account highlights memory foam toppers, pillows, and covers used in spa and massage settings. The firm described its offerings as "spa essentials to cozy home luxuries" and positioned itself as elevating both beauty and comfort, emphasizing that all products are made in the U.S. The bankruptcy filings show that Sol Beauty Co. experienced significant revenue declines over the past three years. Revenue dropped from $450,255 in 2023 to $260,368 in 2024, and totaled $122,000 in 2025 through the filing date. With total liabilities of $205,939.98, the company's financial position reflects the challenges that prompted the Chapter 7 filing. About Sol Beauty Co. Sol Beauty Co. is a California company that produces bedding for salons and massage studios. Sol Beauty Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13407) on December 4, 2025. In its petition, the Debtor reports liabilities at around $205,940. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Rosendo Gonzalez, Esq. of Gonzalez & Gonzalez Law, P.C. SONARSOURCE INC: S&P Rates Sr. Secured Notes 'B', Outlook Positive ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issuer credit rating to SonarSource Inc. S&P also assigned its 'B' issue-level ratings to the new revolving credit facility and first-lien term loan, with '3' recovery ratings (rounded estimate: 65%). S&P said, "The positive outlook on Sonar reflects our expectation for revenue growth of more than 20%, EBITDA margin of low-30%, and free operating cash flow (FOCF) generation of about $100 million over the next 12 months. We anticipate the organic EBITDA growth will lower leverage below 5x, with FOCF to debt above 10% over the next 12 months. This could support an upgrade if we believe the company's financial sponsor owners intend to maintain credit metrics consistent with these thresholds over a multi-year horizon." Sonar is well-positioned to benefit from the rapid rise of AI-driven code generation. Sonar operates within the software code quality and security market, providing tools for code quality, code security, DevOps integration, and continuous code inspection across enterprises, development teams, and the open-source community. While the rapid rise of AI-generated code is significantly increasing overall code volume, this code often has errors or is not optimized. Sonar is well positioned to benefit from the growing needs for trusted code quality and security solutions. Its usage-based pricing model--tied to the lines of code monitored--creates a natural pathway for revenue expansion as code volume scales, further supported by its 100%-subscription recurring revenue base and strong customer retention (94% net revenue retention; 121% gross revenue retention for last-12-months third-quarter 2025). Nevertheless, S&P's view Sonar as a focused, highly specialized vendor operating in the developer-centric layer of the DevOps and application security life cycle--primarily code quality and static analysis. This specialization provides strong depth and credibility in its core domain but places the company within a relatively narrow segment compared with broader platforms such as GitHub, GitLab, and Atlassian, which span multiple stages of the software development life cycle. As a result, Sonar may have less influence over the enterprise wide tooling and architectural ecosystem. In addition, its smaller scale relative to larger peers requires more careful prioritization of R&D, sales, and marketing investments to remain competitiveness in a rapidly evolving DevOps and application security landscape. S&P still views the company as being in the early stages of its life cycle; the company's strong operating performance could attract new entrants, including those that may leverage AI to disrupt a competitive landscape that is currently favorable for Sonar. S&P said, "Our base case forecast leverage below 5x for the next 12 months, with FOCF to debt above 10%. We expect Sonar will continue to grow revenue to the 20% area in 2026 and 2027, supported by rapid expansion in line of codes verification due to AI code generation, new products, and incremental add-ons, as well as deeper customer penetration as the company continues to invest in go-to-market." Historically, the company demonstrated strong profitability with S&P Global Ratings-adjusted EBITDA margin above 40% over the last couple years. However, we expect its margin will moderate to low-30% in 2026 and 2027, reflecting ongoing investments in product development, expanding sales motion, and AI-driven product suites. S&P said, "We believe these investments will bode well for capturing better growth opportunities and maintaining its technological competitive edge to address growing demands in the DevOp space. We will continue to monitor the company's growth investment strategy and how it affects its financial performance and credit profile." This financing represents Sonar's first debt raise and is intended to establish a long-term capital structure. Over the last few years, the company generated unlevered free cash flow of over $100 million annually on average. S&P said, "While the new debt structure will incur an interest burden, we believe Sonar will continue to grow its free cash flow as it expands and maintains its profitability. We anticipate Sonar's working capital needs will be modest, and given its capital-light model, we expect annual capital expenditure (capex) of less than 1% of revenue. We expect the company to generate FOCF of $100 million or more annually under the new capital structure." S&P said, "Under our base-case scenario, we forecast S&P Global Ratings–adjusted debt to EBITDA of roughly 5.0x pro forma for 2025, declining to about 4x in 2026, with FOCF to debt above 10%. Although this profile could support a higher rating, future shareholders distributions and mergers and acquisitions (M&A) could increase leverage higher than we anticipate. We could consider an upgrade if Sonar demonstrates disciplined financial policy and commits to managing the balance sheet to maintain metrics consistent with our thresholds for a higher rating through shareholders distribution and M&A. "We expect the company will maintain adequate liquidity while executing its growth strategy. While the company may selectively pursue product or platform expansion via smaller tuck-in acquisitions, we do not assume any material debt-funded transformational acquisitions over the next three years. We believe the company will focus on accelerating organic growth while maintaining profitability and generating free cash flow. Pro forma the transaction close, the company will likely have $225 million cash on hand, along with access to a $200 million revolver (fully undrawn at close). Combined with steady free cash flow generation, we expect Sonar to maintain a solid liquidity position to support its growth initiatives, execute potential tuck-in acquisitions, and service debt payments over the next 12-24 months." Insight Partners, the lead financial sponsor, has been an investor in Sonar since 2016, with other minority shareholders such as Advent International and General Catalyst joining in 2022. S&P views a potential dividend with this transaction as a one-time shareholder distribution after nearly a decade without payouts, and its forecast assumes no additional dividends going forward. S&P said, "The positive outlook on Sonar reflects our expectation for revenue growth of more than 20%, EBITDA margin of low-30%, and FOCF generation of about $100 million over the next 12 months. We anticipate the organic EBITDA growth will drive leverage reduction below 5x, with FOCF to debt sustains above 10% over the next 12 months, which could support an upgrade." S&P could revise the outlook to stable if it believes the company will sustain adjusted leverage above 5x or FOCF to debt below 5%. This could happen if: -- Competitive pressures lead to market share loss or customer attrition, weaker-than-expected revenue growth, or deterioration in profitability; or -- It pursues significant debt-financed acquisitions or increases shareholder returns, deteriorating credit metrics. S&P would consider an upgrade if: -- The company demonstrates good execution and sustains S&P Global Ratings-adjusted leverage below 5x and FOCF to debt of 8%-10%; and -- S&P believes its financial sponsor owner intends to maintain these credit metrics while pursuing its acquisitions and shareholder returns. SOUTHERN TREE: Section 341(a) Meeting of Creditors on January 5 --------------------------------------------------------------- On December 5, 2025, Southern Tree Professionals LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $10 million and $50 million in debt owed to between 100 and 199 creditors. A meeting of creditors under Section 341(a) to be held on January 5, 2026 at 02:00 PM via Telephone conference. To attend, Dial 888-330-1716 and enter access code 2346407. About Southern Tree Professionals LLC Southern Tree Professionals LLC provides tree removal, pruning, emergency response, land clearing, hauling, arborist services, and green-waste management for residential, commercial, and municipal clients across the Atlanta metropolitan area. The Company operates throughout communities such as Marietta, Roswell, Sandy Springs, Alpharetta, Smyrna, Buckhead, Brookhaven and Decatur, and works on large-scale projects involving clearing, grubbing, debris haul-off and site preparation for commercial contractors and government entities including GDOT. It offers additional services such as lightning-protection systems, mulch supply and excavating and demolition work as part of its broader operations in the tree services and land -management sector. Southern Tree Professionals LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21754) on December 5, 2025. In its petition, the debtor reports estimated assets in the range of $0 to $100,000 and estimated liabilities in the range of $10 million to $50 million. The case is assigned to Honorable Judge James R. Sacca. The debtor is represented by Ceci Christy, Esq., of Rountree Leitman Klein & Geer, LLC. SUITECCENTRIC LLC: Court Extends Cash Collateral Access to Feb. 28 ------------------------------------------------------------------ SuiteCentric, LLC received another extension from the U.S. Bankruptcy Court for the Western District of Washington to use cash collateral. The order extended the Debtor's authority to use cash collateral through February 28, 2026, in accordance with its budget and subject to the terms of the previously entered final cash collateral order dated October 1, 2025. The Debtor projects monthly total operational expenses of $124,871.00. Except for modifications contained in the extended budget or the latest order, all provisions of the final cash collateral order remain fully effective and enforceable. Thus, the previously approved adequate protection terms, reporting requirements, and restrictions continue to apply during the extended period. The order is effective immediately upon entry and is binding on the Debtor, all parties in interest, and their successors and assigns. It will remain in effect through February 28, 2026. About SuiteCentric LLC SuiteCentric LLC is an Oracle NetSuite Solution Provider and member of NetSuite's Commerce Agency Program, delivers Enterprise Resource Planning (ERP), Customer Relationship Management (CRM), SuiteCommerce Advanced, and related business module solutions. The Company provides implementation, support, customization, and development services, specializing in SuiteCommerce Advanced and ERP, and offers the SuiteAscent + SuiteSuccess bundle for small businesses. SuiteCentric serves clients across wholesale and distribution, retail and e-commerce, construction, health and beauty, manufacturing, software, apparel, food and beverage, and other industries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12449) on September 3, 2025. In the petition signed by Adam Baruh, managing member, the Debtor disclosed $354,739 in assets and $1,455,558 in liabilities. Judge Timothy W. Dore oversees the case. Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C., represents the Debtor as bankruptcy counsel. TABERNACLE CHRISTIAN: Gets Final OK to Use Cash Collateral ---------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, issued a final order authorizing Tabernacle Christian Center Ministries, Inc. to use cash collateral of the U.S. Small Business Administration and National Loan Acquisitions Company. The Debtor was authorized to use cash collateral consistent with its budget and subject to a 20% variance. Cash collateral may include cash, receivable proceeds, and payment rights necessary for normal operations. As adequate protection, the SBA and National Loan Acquisitions Company will receive a first and senior security interest in all post-petition assets, excluding property recovered through avoidance actions. These liens protect the lenders against any decline in value resulting from the Debtor’s use of cash collateral. Parties including the U.S. Trustee or any committee have 60 days from entry of the order to challenge the SBA's or National's liens or claims. If they do not file a motion or proceeding within that period, all such challenges are permanently barred. The order is effective immediately, and the Debtor may use cash collateral to pay required court and U.S. Trustee fees. The final order is available at https://is.gd/9R34ov from PacerMonitor.com. About Tabernacle Christian Center Ministries Tabernacle Christian Center Ministries Inc. operates as a religious organization based in Florida, providing Christian worship services, educational programs, and community outreach initiatives. The organization is led by Bishop Jeff Terrelonge and conducts activities including Sunday worship, Bible study, youth services, and volunteer-driven community programs. Tabernacle Christian Center Ministries Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-21466) on September 29, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by the Law Office of Mark S. Roher, PA. TEZCAT LLC: Aaron Cohen Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., as Subchapter V trustee for Tezcat, LLC. Mr. Cohen will be paid an hourly fee of $315 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cohen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aaron R. Cohen, Esq. P.O. Box 4218 Jacksonville, FL 32201 Tel: (904) 389-7277 Email: aaron@arcohenlaw.com About Tezcat LLC Tezcat, LLC, doing business as Tepeyolot Cerveceria, operates a brewpub and restaurant in Jacksonville, Florida, offering freshly prepared Mexican cuisine alongside craft lagers brewed on-site, as well as margaritas, sangria, wine, and other mixed drinks. The Company provides dine-in service, catering, special events, and online ordering, and its operations are centered at 2130 Kings Avenue. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04520) on December 5, 2025, with $63,946 in assets and $1,128,462 in liabilities. Luis Melgarejo II, manager, signed the petition. Bryan K. Mickler, Esq. at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. TRAXX CONSTRUCTION: Hearing Today on Bid to Use Cash Collateral --------------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, is set to hold a hearing today to consider another extension of Traxx Construction, Inc.'s authority to use cash collateral. The Debtor's authority to utilize cash collateral pursuant to the court's December 8 interim order expires today. The interim order granted the U.S. Small Business Administration protection through a monthly payment of $6,000 and a replacement lien on all post-petition assets that fall within the collateral description of the SBA's UCC financing statement. Traxx's assets include three parcels of vacant land at 55, 57, and 61 Acoma Blvd. South in Lake Havasu City, Arizona, collectively valued at approximately $699,000, along with roughly $1.23 million in personal property assets such as banked funds, heavy equipment, and construction vehicles. Total assets as of the petition date are estimated at $1,928,387, excluding the $2 million in receivables. Meanwhile, secured claims exceed $5.59 million, according to the Debtor's bankruptcy schedules. About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million-$10 million each. Judge Julia W. Brand oversees the case. The Debtor is represented by Michael Jay Berger, Esq. TRICOLOR AUTO: Jury Charge Former Execs w/ Fraud ------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that a Manhattan federal grand jury has indicted the former CEO and former chief operating officer of bankrupt subprime auto lender Tricolor Holdings, accusing them of engaging in a yearslong fraud on the company's lenders and investors. Prosecutors allege the executives misrepresented the performance of Tricolor's auto loan portfolio to conceal mounting losses. According to the indictment, the alleged scheme allowed Tricolor to continue raising capital and securing financing it otherwise would not have obtained. The company later filed for bankruptcy protection amid worsening financial conditions, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRINITY FENCE: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------------- On December 12, 2025, Trinity Fence Company, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Florida. According to court filings, the debtor reports between $0 and $100,000 in debt owed to between one and 49 creditors. About Trinity Fence Company, LLC Trinity Fence Company, LLC is a Florida-based contractor that provides fencing installation and related services for residential and commercial customers. The company's work typically includes the installation and repair of a variety of fencing materials designed for property security, privacy, and boundary definition. Trinity Fence Company, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31258) on December 12, 2025. In its petition, the debtor reports estimated assets and estimated liabilities each in the range of $0 to $100,000. The case is assigned to Honorable Judge Karen K. Specie. The debtor is represented by Natasha Z. Revell, Esq., of Zalkin Revell, PLLC. UNIQUE THIRD: Cash Collateral Hearing Set for Dec. 19 ----------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of New York is set to hold a hearing on December 19 to consider extending Unique Third Avenue, LLC and its affiliates' authority to use cash collateral. The Debtors were initially authorized to use cash collateral until December 19 under the court's December 5 second consent order. The second consent order authorized the Debtors to use Bank of America's cash collateral to pay the expenses listed on their budget. It prohibited any disbursements to Joel Reisman or Chaya Reisman during the interim period. The order granted Bank of America protection through a replacement lien on the Debtors' post-petition assets and their proceeds, subject to the carveout for U.S. Trustee fees. Bank of America's objection to the Debtors' use of cash collateral filed on November 18 remains in full force and effect. The second consent order is available at https://is.gd/hhnOIh from PacerMonitor.com. The Debtors previously entered into financing arrangements with multiple lenders holding various liens on their assets. Bank of America appears to hold a first-priority blanket lien based on a mortgage on Unique Third Avenue's real property and business loans funding the Debtors' radiology practices. The radiology entities also operate under equipment leases that the Debtors believe are, in substance, purchase-money secured transactions granting sellers senior security interests in certain equipment. In addition, the Debtors obtained secured SBA loans, and other parties may assert liens as well. Bank of America, as lender, is represented by: Michael A. Samuels, Esq. CHAPMAN AND CUTLER LLP 1270 Avenue of the Americas, 30th Floor New York, NY 10020 Phone: (212) 655-6540 Facsimile: (212) 697-7210 msamuels@chapman.com About Unique Third Avenue Unique Third Avenue, LLC and affiliates are a group of affiliated companies engaged in medical imaging and real estate operations in the Bronx, New York. The group includes Third Avenue Imaging LLC and Unique Imaging Services LLC, which operate diagnostic laboratories equipped with MRI, CT, mammography, and ultrasound systems; Distinguished Diagnostic Imaging, P.C., which provides outpatient radiology services across two accredited centers at Williamsbridge Road and East Fordham Road; and Unique Third Avenue LLC, which owns the real estate properties at 2772, 2774, and 2777-2781 Third Avenue that house the medical operations. Together, the companies maintain integrated clinical, equipment, and property assets under common beneficial ownership, offering comprehensive diagnostic imaging services to patients and referring physicians. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-12461) on November 4, 2025. In the petition signed by Nick Lavrinoff, chief restructuring officer, Unique Third Avenue disclosed $3,261,747 in assets and $11,429,935 in liabilities. Judge John P. Mastando oversees the case. Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, represents the Debtor as legal counsel. UPGRADE SALON: Chris Quinn Named Subchapter V Trustee ----------------------------------------------------- The U.S. Trustee for Region 7 appointed Chris Quinn as Subchapter V trustee for Upgrade Salon Inc. Mr. Quinn will be paid an hourly fee of $425 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Quinn declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Chris Quinn 26414 Cottage Cypress Lane Cypress, TX 77433 Phone: 713-498-8500 Email: chris.quinn2021@outlook.com About Upgrade Salon Inc. Upgrade Salon Inc. delivers a full range of beauty and grooming services, specializing in hair styling, coloring, and spa treatments. Upgrade Salon sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S. Texas Case No. 25-37406) on December 5, 2025. In its petition, the Debtor listed up to $50,000 in assets and between $50,001 and $100,000 in liabilities. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The Debtor is represented by Jeremy Thomas Wood, Esq., at the Law Office of Jeremy T. Wood, PLLC. US FOODS: Moody's Upgrades CFR to Ba1 & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings upgraded US Foods, Inc.'s (US Foods) corporate family rating to Ba1 from Ba2 and its probability of default rating to Ba1-PD from Ba2-PD. Moody's also upgraded the senior secured bank credit facilities ratings to Ba1 from Ba2 and senior unsecured global notes ratings to Ba2 from Ba3. The SGL-1 speculative grade liquidity rating (SGL) remains unchanged. The outlook is changed to stable from positive. The upgrade reflects US Foods' continued solid operating performance and credit metrics, as the company continues to generate organic volume growth and efficiency improvements. Year-to-date Q3 2025, revenue has grown 4.4% and company adjusted EBITDA has increased 10.9%, despite restaurant traffic declines. Over the next 12-18 months, Moody's expects US Foods' solid performance to continue and Moody's-adjusted debt/EBITDA to remain in the high-2x range while EBITA/interest expense improves to the mid-4x range from 4.2x as of Q3 2025. RATINGS RATIONALE US Foods' Ba1 CFR reflects the company's scale and market position as a top 3 competitor with national reach in the US food distribution sector. The credit profile also benefits from the company's diversified operations across multiple end markets and the sector's relatively resilient performance through economic cycles. US Foods has executed well on its strategic plan, particularly since the start of 2023, leading to productivity and market share gains. In addition, the rating is supported by governance considerations, including US Foods' commitment to maintaining net leverage of 2.0-3.0x, which equates to roughly 2.3-3.3x Moody's-adjusted debt/EBITDA. Moody's expects the company to maintain very good liquidity, including solid positive free cash flow, lack of near-term debt maturities and ample availability under the $2.3 billion asset-based revolver. US Foods' rating is constrained by the fragmented and highly competitive nature of the food distribution industry, which results in a low operating margin and an elevated risk of M&A activity. The stable outlook reflects Moody's expectations for revenue and earnings growth and modestly improving credit metrics. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if US Foods commits to and maintains conservative financial strategies and an unsecured capital structure with staggered debt maturities that are aligned with an investment grade credit profile. An upgrade would require sustained revenue and earnings growth, reflecting increasing market share and margin expansion. Quantitatively, the ratings could be upgraded if Moody's-adjusted debt/EBITDA is maintained under 3.0 times, EBITA/interest expense above 5.0 times and RCF/net debt is consistently above 25%. An upgrade would also require maintenance of very good liquidity. The ratings could be downgraded if US Foods' operating performance deteriorates or the company adopts a more aggressive financial strategy, including debt-financed acquisitions, dividends or share repurchases. Quantitatively, the ratings could be downgraded if Moody's-adjusted debt/EBITDA is sustained above 3.5 times or EBITA/interest expense below 4.0 times. A sustained deterioration in liquidity for any reason could also lead to a downgrade. Headquartered in Rosemont, Illinois, US Foods, Inc. is a leading North American broadline foodservice distributor with revenue of around $39.1 billion for the twelve months ended September 27, 2025. The company serves the restaurant, healthcare, hospitality, education, and other end markets. 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. US RENAL: Moody's Affirms 'Caa1' CFR & Alters Outlook to Positive ----------------------------------------------------------------- Moody's Ratings affirmed US Renal Care, Inc's (US Renal Care) corporate family rating at Caa1 and probability of default rating at Caa1-PD. At the same time, Moody's affirmed the senior secured first lien bank credit facilities, including the $90 million revolving credit facility and the $1.5 billion term loan at Caa1. The secured notes were also affirmed at Caa1. Moody's also affirmed the $505 million senior unsecured notes ($31.6 million outstanding), $1.6 billion senior secured first lien term loan ($0.9 million outstanding), and $225 million senior secured first lien term loan ($0.5 million outstanding) at Ca. Moody's revised the outlook to positive from stable. The revision in outlook to positive from stable reflects Moody's expectations that US Renal Care's leverage will trend toward 7x over the next 12 to 18 months, supporting a trajectory toward positive free cash flow. In 2026, Moody's expects the company to continue to benefit from the Transitional Drug Add-on Payment Adjustment (TDAPA), related to the adoption of new drugs and biological products, which has been a key driver of material improvement in operating performance. RATINGS RATIONALE US Renal Care's Caa1 CFR reflects the company's high leverage and modest scale relative to peers in the dialysis sector. US Renal Care's operating model involves partnering with nephrologists and nephrology groups, leading to sizeable minority distributions, which constrain free cash flow. Moody's also expects dialysis providers to face an increasing shift toward lower-reimbursed government programs and rising risk of legislative efforts that will negatively impact industry profitability. The significant difference in reimbursement for commercially-insured versus government-insured patients creates reliance on commercial reimbursement for the bulk of profit. The rating is supported by the company's stable business model with steady recurring revenue reflecting the essential nature of dialysis service providers. US Renal Care's successful track record of integrating acquisitions and opening new facilities contribute to the sustained growth of the company's patient base. Moody's expects US Renal Care to maintain adequate liquidity over the next 12 to 18 months, supported by $153 million of cash on the balance sheet as of September 30, 2025, pro forma for the refinancing of its super priority first lien term loan (unrated). Moody's expects US Renal Care to generate breakeven to moderately negative free cash flow in 2026 and positive free cash flow in 2027, as Moody's expects incremental growth in capital investment in 2026. The company has access to a $90 million senior secured first lien revolving credit facility that expires in June 2027. Pro forma for the refinancing of the super priority first lien term loan, the revolver is fully available as of September 30, 2025. In addition, US Renal Care has an $85 million revolving credit facility secured by an unrestricted subsidiary (unrated), which has $25 million drawn as of September 30, 2025. Moody's expects the company to maintain sufficient headroom under its financial covenants if triggered. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company demonstrates sustained improvement in operating performance, reduces leverage, and maintains good liquidity including generating positive free cash flow. Quantitatively, the rating could be upgraded if Moody's-adjusted debt/EBITDA is sustained below 7.0x. The ratings could be downgraded if US Renal experiences operating performance deterioration including a decline in earnings growth and profitability. The ratings could also be downgraded if liquidity weakens or the capital structure becomes increasingly unsustainable. US Renal Care, Inc. provides dialysis services to patients who suffer from chronic kidney failure. The company generated about $2.1 billion of revenue for the last twelve months ended September 30, 2025. US Renal Care is owned by private equity firms Bain Capital, Summit Partners and Revelstoke Capital Partners, along with other investors and management. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. VANKIRK ELECTRIC: Affiliate to Sell BMW Vehicle to CarMax --------------------------------------------------------- Vankirk Electric, Inc. and its affiliate, Mon Arc Group, Inc., seeks approval from the U.S. Bankruptcy Court for the Middle District of Georgia, Athens Division, to sell BMW vehicle, free and clear of liens, claims, interests, and encumbrances. Mon Arc owns various items of personal property, including a 2021 BMW X5. Respondent BMW Bank of North America is the holder of a claim against Debtor secured by an interest in the Vehicle. Mon Arc routinely buys and sells personal property, including vehicles, for business use. Mon Arc submits that it no longer has a need for the Vehicle; the Vehicle is not necessary for an effective reorganization; and (iii) selling the Vehicle will unburden the estate and also create additional liquidity for the estate. Mon Arc has identified a buyer for the Vehicle on the following proposed terms and conditions of sale: * Property: 2021 BMW X5 M50i * Sale Price: $39,000.00 due in full at closing * Owner: Debtor Mon Arc Group, Inc. * Purchaser: CarMax (third-party; not an insider; no connection to the Debtor)1 * Contingencies of Sale: None * Representations/Warranties: As-Is Where-Is * Closing Date: Following entry of an Order authorizing the sale. Mon Arc submits that, short of selling all or substantially all of its personal property—something that Mon Arc is not, by this Motion, proposing to do—the sale of the Vehicle, even in bankruptcy, is in the ordinary course of its financial and business affairs. Debtor has determined that it would be in the best interest of the bankruptcy estate to sell the Vehicle in accordance with the Terms & Conditions. The Debtors believe that time is of the essence in closing the transaction. Therefore, Debtor requests that the Court waive the 14 day stay of any order approving the Motion. About Vankirk Electric Inc. Vankirk Electric, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-30511) on September 19, 2025, listing up to $100 million in assets and liabilities. Loren Wesley Vankirk, chief executive officer, signed the petition. Judge Austin E. Carter oversees the case. David L. Bury, Jr., Esq., at Stone & Baxter, LLP, is the Debtor's legal counsel. Fifth Third Bank, N.A., as secured creditor, is represented by John A. Thomson, Jr., Esq., at Adams & Reese, LLP, in Atlanta, Georgia. VELOCITY VEHICLE: S&P Downgrades ICR to 'B-' on Higher Leverage --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Velocity Vehicle Group LLC (VVG) to 'B-' from 'B+'. S&P said, "At the same time, we also lowered our issue-level rating on VVG's senior unsecured debt to 'B-' from 'B+'. The '4' recovery rating is unchanged, indicating our expectation of average (30%-50%; rounded estimate: 40%) recovery in the event of a payment default. "The negative outlook indicates that we could downgrade the company again in the near term if we believe it will be unable to address its upcoming debt maturities or if earnings deteriorate further, resulting in a potential liquidity constraint or an unsustainable capital structure." VVG's credit metrics have deteriorated due to the sustained freight recession, macroeconomic weakness across key markets, and operational missteps in Canada and Australia. In addition, its liquidity is now under pressure, as cash-flow generation has declined and significant debt maturities have become current. S&P said, "The downgrade reflects our expectation that the company's leverage will remain elevated. VVG's year-to-date sales through the third quarter were down approximately 3% compared to the prior year. The ongoing U.S. freight recession, economic uncertainty, and slowing economic growth in both Canada and Australia have hurt truck sales volumes. This is exacerbated by elevated floorplan interest rates due to an inventory overhang in Australia and the impact of ongoing inventory-reduction initiatives. In addition, the company's product mix has shifted unfavorably, with medium-duty truck demand outpacing heavy-duty demand. While tariffs haven't yet significantly affected truck costs, the situation remains uncertain. If original equipment manufacturers face cost increases and pass costs on to customers, it could negatively affect customer demand. These factors have resulted in lease-adjusted leverage rising above 7x. While we believe there could be a commercial vehicle market recovery in the second half of 2026, there's significant uncertainty given global macroeconomic volatility. Consequently, we now expect earnings improvement to be delayed and for leverage to remain elevated beyond our previous expectations. "The downgrade also reflects our assessment that liquidity risk has heightened due to the company's reduced cash flow and upcoming debt maturities. We believe VVG's liquidity position has weakened to less than adequate, primarily driven by reduced funds from operations (FFO) resulting from lower earnings, the absence of a committed revolving credit facility, near-term revolver maturities, $34.747 million of acquisition debt due on April 1, 2026 to Daimler, and $59.928 million of acquisition debt due on May 1, 2026 to Daimler. In our liquidity analysis, we don't consider uncommitted revolvers as a source of liquidity, and any debt due within 12 months is classified as a liquidity use. In addition, on Jan. 1, 2026, the company's $34.797 million of acquisition debt due to Daimler will become current, also hurting our liquidity assessment. To materially strengthen its liquidity position, it will be critical for the company to extend its debt maturities and improve its FFO. We acknowledge the company's sound relationship with Daimler, supported by its size and scale, receipt of additional debt financing for acquisitions throughout 2024, and our expectation that the company will remain cash-flow positive despite ongoing operational challenges. We believe these factors will help support the company's refinancing. However, if we don't expect the company to make material progress in refinancing its maturities, we could lower the ratings further. This is because we believe the company lacks sufficient liquidity to absorb these maturities. Moving forward, any potential upgrade would require us to have confidence that the company will maintain adequate liquidity through refinancing debt maturities ahead of them becoming current while sustaining positive free cash flow generation. We'll continue to closely monitor upcoming debt maturities given the company's substantial debt load and various maturity walls extending across multiple years. "We've revised our forecast for VVG downwards for 2026, reflecting our view that the commercial vehicle market will remain weaker for a longer period. We now anticipate minimal revenue growth in 2026. This is due to ongoing challenging industry conditions and global macroeconomic uncertainty. While freight capacity remains elevated in the U.S., potential regulations around commercial driver licenses could reduce capacity and support freight rates. We expect the Australian inventory rightsizing to continue into 2026, which will likely keep truck margins lower and floorplan interest expense elevated, though we anticipate a year-over-year decrease in the impact. The sooner the company can rationalize its Australian inventory, the more favorable its inventory turnover will become, leading to improved vehicle sales margins and lower floorplan interest expense. We anticipate some margin improvement in 2026 to 6.5%, driven by cost-reduction actions, reduced inventory overhang drag in Australia, and lower floorplan interest expense. Despite this downward forecast revision, we continue to expect the company to generate positive free operating cash flow (FOCF) of approximately $18 million in 2025. We believe reported FOCF will improve to above $40 million in 2026, supported by forecasted profitability improvements. "The negative outlook indicates that we could downgrade the company over the near term if we believe it will be unable to address its upcoming debt maturities or if earnings deteriorate further, resulting in a potential liquidity constraint or an unsustainable capital structure." S&P could lower the ratings if it believes VVG's liquidity could become constrained or the capital structure could become unsustainable. This could happen if: -- The company's operating performance materially deteriorates beyond S&P's base case due to a combination of worsening macroeconomic conditions, a further prolonging of the freight recession, and significant operational execution missteps resulting in a free cash flow deficit and materially lower earnings; or -- S&P believes the company could have difficulty in extending its upcoming 2026 and 2027 debt maturities, resulting in increased risk of a liquidity constraint; or -- The company's financial policy becomes even more aggressive through greater debt-funded acquisitions or shareholder returns. S&P could raise the ratings if it expects the company to maintain leverage below 7x, sustain positive FOCF, and improve its liquidity position to adequate and S&P expects it to remain at that level. This could happen if: -- The macroeconomic environment remains in line with S&P's expectations such that earnings grow; -- S&P believed the company would commit to a financial policy that's consistent with maintaining stronger credit metrics even through potential future distributions and through committing to fewer debt-financed acquisitions; and -- The company sustains an improvement in its liquidity position through extending debt maturities, generating stronger cash flow, or adding committed liquidity sources, such that liquidity sources over uses improves to at least 1.2x. VINTAGE RESTORATION: Frances Smith Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Region 6 appointed Frances Smith, Esq., at Ross, Smith & Binford, PC, as Subchapter V trustee for Vintage Restoration Services, LLC. Ms. Smith will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Smith declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frances A. Smith, Esq. Ross, Smith & Binford, PC 700 N. Pearl Street, Ste. 1610 Dallas, TX 75201 Phone: 214-593-4976 Fax: 214-377-9409 Email: frances.smith@rsbfirm.com About Vintage Restoration Services LLC Vintage Restoration Services, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas, Case No. 25-44658) on December 1, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities in the same range. Honorable Judge Mark X. Mullin presides over the case. VITAL ENERGY: S&P Upgrades ICR to 'BB-', Outlook Stable ------------------------------------------------------- S&P Global Ratings raised its issuer credit rating (ICR) and unsecured issue-level ratings on Oklahoma-based E&P company Vital Energy Inc. to 'BB-' (the same level as its long-term ICR and unsecured issue-level ratings on Crescent) from 'B' and removed them from CreditWatch, where S&P placed them with positive implications on Aug. 26, 2025. S&P also revised its recovery rating to '3' (rounded estimate: 65%) from '4', consistent with its unsecured recovery rating on Crescent. The stable outlook on Vital reflects S&P's stable outlook on Crescent. On Dec. 15, 2025, Houston-based oil and gas exploration and production (E&P) company Cresent Energy Co. completed its acquisition of Oklahoma-based E&P company Vital Energy Inc. The former Vital assets, now fully integrated into Crescent's operating structure, are expected to contribute materially to Crescent's scale, reserve base, and operating footprint. The acquisition increased Crescent's net proved reserves by just over 35% and its estimated 2025 average production by 35%. Additionally, the Vital acquisition will improve Crescent's geographic diversity by providing it with acreage in the Permian basin. The stable outlook on Vital reflects the stable outlook on Crescent Energy Co. S&P said, "The stable outlook on Crescent reflects our expectation its credit metrics will remain appropriate for the rating over the next two years, including funds from operations (FFO) to debt in the 45%-50% range and debt to EBITDA in the 1.7x-1.9x range, supported by the incremental production from Vital's assets and our assumption it will use the majority of its discretionary cash flow (DCF) and asset sale proceeds for debt reduction over the next 12 months." S&P said, "We could lower our rating if we expect its FFO to debt will decline well below 45% for a sustained period. This would most likely occur if the company's production falls short of our expectations, its costs exceed our estimates, or it does not use its DCF and asset sale proceeds to repay debt as we currently anticipate. "We could raise our rating if it increases its size and scale or improves its profitability to levels that are more in line with those of its higher-rated peers, while expanding its FFO to debt closer to 60% on a sustained basis. This would most likely occur if the company achieves greater operating efficiencies than we currently anticipate, reduces the costs on its acquired assets, and uses its DCF and asset sale proceeds to repay debt." WACS-REY INVESTMENT: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------------------- On December 14, 2025, WACS-Rey Investment LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Florida. According to court filings, the debtor reports between $0 and $100,000 in debt owed to between one and 49 creditors. About WACS-Rey Investment LLC WACS-Rey Investment LLC is an investment and asset management firm based in the United States. The company provides real estate investment, portfolio management, and financial advisory services to optimize asset performance. WACS-Rey Investment LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-10327) on December 14, 2025. In its petition, the debtor reports estimated assets and estimated liabilities each in the range of $0 to $100,000. The case is assigned to Honorable Judge Karen K. Specie. The debtor is represented by Juan Carlos Burgos, Esq., of Law Offices of Juan C. Burgos WAHL TO WAHL: Seeks to Sell Auto Parts Business at Auction ---------------------------------------------------------- Wahl to Wahl Auto LLC seeks permission from U.S. Bankruptcy Court for the Northern District of New York, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a limited liability company organized in 2013 under the laws of the State of New York. The business operates at 568 State Highway 166, Cooperstown NY 13326. The Debtor operates a used auto parts and sale business. The Debtor proposes to liquidate all its remaining assets via auctions conducted by Mel Manasse & Son Auctioneers and filed a motion for authorization to appoint auctioneer. Manasse has agreed to a commission of 10% for final sales over $1000 and 15% for final sales under $1000. In addition to the commission structure, Manasse customarily assesses a buyer's premium in the amount of 10% of the gross purchase price, payable by the successful purchase. Manasse requests that the Court approve the buyer's premium as part of Manasse's total allowable commission. The list of inventory, equipment, and vehicles to be liquidated at auction includes all remaining assets that were originally listed in Debtor's petition. The Debtor is seeking approval of three sales as follows: a. A final crush of all vehicle hulls, and remaining unsold parts, etc. and sale of the scrap to Otsego Auto Crushers in Oneonta, NY. Debtor projects net income of approximately $100,000. b. An auction of remaining parts, cores, etc. and small equipment and non-vehicles. Debtor projects net income of approximately $50,000. c. An auction of large equipment, to be conducted in early Spring of 2026. Debtor projects net income of approximately $120,000. Upon information and believe, five creditors have fully secured by virtue of active Uniform Commercial Code Financing Statements filed listing specific equipment or vehicles, and four additional Creditors secured by active Uniform Commercial Code Financing Statements against "all assets" on file with the State of New York, including ACV Capital LLC, AFC Retail Floor Plan, Automotive Finance Corporation, US Small Business Administration, CT Corporation, CSC as representative for On Deck Capital, NBT Bank, Kubota Credit Corporation, NextGear Capital, and CSC as representative for Vernon Capital. To the extent there are remaining proceeds from the sale of the specific collateral listed from the floor plan creditors, all proceeds will be sent to Debtor's attorney to be held in the attorney's trust account within 10 business days after the final date of the auction. The Debtor believes that the sale of all its assets is warranted and in the best interests of all relevant parties. About Wahl to Wahl Auto LLC Wahl to Wahl Auto LLC, doing business as Wahl To Wahl Car Sales, operates a 34-acre auto recycling facility and used car dealership in Otsego County, New York. Wahl to Wahl Auto LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60846) on September 22, 2025. At the time of filing, the Debtor estimated $1,096,667 in assets and $1,925,266 in liabilities. The petition was signed by Anthony S Wahl as sole member. Judge Wendy A. Kinsella presides over the case. Peter A. Orville, Esq. at Orville & McDonald Law, P.C. represents the Debtor as counsel. WARREN'S READY-MIX: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------------- Debtor: Warren's Ready-Mix, LLC 2909 High Valley Drive Kingwood, TX 77345 Business Description: Warren's Ready-Mix, LLC produces and supplies high-performance ready-mix concrete in Houston, Texas, serving both commercial and residential construction projects. The Company provides concrete for applications including roads, parking lots, building foundations, driveways, patios, and sports facilities, leveraging electronic order entry, automated batching, and GPS-tracked delivery trucks. Warren's focuses on reliable scheduling, customer service, and long-term client relationships across projects of varying sizes. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-37585 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Julie M. Koenig, Esq. COOPER & SCULLY, PC 26310 Oak Ridge Drive 34 Spring TX 77380 E-mail: Julie.Koenig@cooperscully.com Total Assets: $28,208,371 Total Liabilities: $22,490,423 The petition was signed by Carey Dean Warren, Jr. as owner. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/P4HE3QY/Warrens_Ready-Mix_LLC__txsbke-25-37585__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ash Grove Cement Company Vendor Debt $2,441,662 PO Box 204069 Dallas, TX 75320 2. Texas Lehigh Cement Co LP Vendor Debt $1,225,737 PO Box 736821 Dallas, TX 75373-6821 3. Texas Materials Group, Inc. Vendor Debt $1,091,186 1320 Arrow Point Dr. Suite 600 Cedar Park, TX 78613 4. Heidelberg Materials Vendor Debt $953,854 PO Box 412345 Boston, MA 02241-2345 5. Force Logistics, LLC $937,663 PO Box 1130 Tomball, TX 77377 6. US Ready Mix Equipment $741,340 3315 Carr Street Houston, TX 77026 7. Warren's Realty Holdings VII, LLC $403,047 2909 High Valley Drive 101 Kingwood, TX 77345 8. Warren's Realty Holding I, LLC Loan $400,000 2909 High Valley Drive 101 Kingwood, TX 77345 9. Aggregate Haulers Vendor Debt $321,438 PO Box 65178 San Antonio, TX 78265 10. Leavitt Great West Ins Vendor Debt $253,489 Services LLC 3390 Colton Dr Suite A Helena, MT 59602 11. Warren's Realty Holdings Commercial $242,183 VIII, LLC Lease 2909 High Valley Drive 101 Kingwood, TX 77345 12. Legacy Insurance LTD Vendor Debt $227,823 Windward 3 Regatta Office Park PO Box 10233, Willow House Suite 301 Fl 3 Grand Csyman, KY1-1002, Cayman Islands 13. Sesacem Cement Vendor Debt $200,617 8815 Mississippi Street Houston, TX 77029 14. Liberty Materials Inc Vendor Debt $189,916 PO Box 1172 Liberty Liberty, TX 77575 15. Eagle Sorters, LLC Vendor Debt $176,593 PO Box 1650 Porter, TX 77365 16. Transco Vendor Debt $170,071 27312 Spectrum Way Oak Ridge North, TX 77385 17. Anderson Columbia Co Inc Vendor Debt $161,810 871 NW Guerdon Lake City, FL 32055 18. Liberty County Tax Office $156,520 PO Box 10288 Liberty, TX 77575 19. US Cement Enterprises Vendor Debt $145,358 PO BOX 15528 Houston, TX 77020 20. Lema Materials LLC Vendor Debt $134,714 550 Club Dr -Ste 224 Montgomery, TX 77316 WFO LLC: To Sell Vernia Property to Napa Construction ----------------------------------------------------- Mark Andrews, Chapter 11 Trustee of WFO LLC, seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 33 Ash Parkway, La Vernia, Wilson County, Texas 78121. The prospective Buyer, Napa Construction LLC, 21911 Ranier Lane, San Antonio, Texas 78260, proposes to purchase the Property for the sum of $220,000.00, with $22,000.00 cash down and $198,000.00 financed pursuant to the Financing Agreement attached to the Contract. Trustee believes it is in the best interest of the estate as well as its creditors and all parties in interest to sell the Property. Trustee also believes that such sale is the best way to maximize the value of the Property of the estate for its creditors and use of net sales proceeds in satisfaction of allowed claims. The Property is a partially constructed, but unfinished home and significant cash assets would be required to finish construction. NAPA is a third-party purchaser with no relationship to Debtor, the Trustee or any insider of Debtor. The Buyer has requested a closing date no later than January 30, 2026. The lienholders of the Property are M G Building Materials Ltd. and Wilson County, Texas. Trustee proposes to give notice immediately of this Sale Motion, the time and place of a Sale Hearing if any to all creditors and parties-in-interest. The Trustee believes that this Sale is in the best interest of creditors and the estate. About WFO, LLC FO, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 24-50824) on May 6, 2024. In the petition signed by Frank Shumate, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. The petition was signed by Frank Shumate as president. Judge Craig A Gargotta presides over the case. James S. Wilkins, PC serves as the Debtor's bankruptcy counsel. Mark Andrews, Chapter 11 Trustee for WFO, LLC. WHIRLPOOL CORP: S&P Downgrades LT ICR to 'BB', Outlook Negative --------------------------------------------------------------- S&P Global Ratings lowered its long-term issuer credit rating on U.S. based-Whirlpool Corp. to 'BB' from 'BB+'. Its 'B' short-term issuer credit and commercial paper ratings on Whirlpool are unchanged. The negative outlook reflects the potential for a downgrade within the next 12 months if Whirlpool continues to underperform our expectations, potentially due to ongoing elevated competitive pressures or a deterioration in economic conditions, such that S&P no longer believes credit metrics will strengthen in line with our base-case forecast. Whirlpool Corp. continues to face high imported inventory from its rivals in its North American major domestic appliance market, substantial tariffs, and a subdued housing market. S&P said, "We now expect free operating cash flow (FOCF) and proceeds from the Whirlpool India sale will be materially lower than our prior projections, which will further delay the company's deleveraging trajectory. "We forecast adjusted leverage will remain elevated at about 5.4x at the end of fiscal 2025 and about 4.9x at the end of fiscal 2026. "The downgrade reflects our view that credit-measure improvement will take longer than we previously anticipated." If macroeconomic conditions weaken or competitive pressures remain elevated, improvement could also be delayed. For the 12 months ending Sept. 30, 2025, Whirlpool's adjusted leverage was 6x compared with 5.9x in the same period ending in 2024. Its performance was hurt by substantially weaker margins, especially in the third fiscal quarter (company-reported ongoing EBIT margin declined 140 basis points (bps) year over year to 4.5%), affected by a continued promotional environment as Whirlpool's Asian competitors pulled forward imports ahead of tariffs. Whirlpool reported higher sales and market share growth in its North America major device appliance (MDA) segment in the third quarter, supported by new product introductions as it refreshed about 30% of its product portfolio compared with the typical 10% annual refresh rate. However, this was offset by elevated flooring costs Whirlpool incurred to help retailers stock the new models and clear older items, and we expect this will weigh on margins for the rest of the year and into 2026. S&P said, "Further, we continue to assume 2026 demand will be heavily weighted toward lower margin replacement volume like 2025 and believe any potential discretionary demand improvement will be later in 2027 (assuming a 50-bp Fed funds rate cut over the second half of 2026). We expect adjusted EBITDA margins to improve approximately 70 bps in 2026, following flat performance in 2025. Supporting this will be meaningful pricing actions to mitigate tariff-related cost pressures (particularly as competitors also begin to adjust pricing to reflect the current tariff environment as pre-tariff excess inventory normalizes) and benefits from recent cost reduction initiatives." S&P said, "Total proceeds from Whirlpool's previously announced 31% stake in Whirlpool India will be lower than our prior expectations. We assume the company's planned sale of an additional 20% of its equity stake in Whirlpool India will provide proceeds of about $250 million in 2026. In total, we now expect gross proceeds from the India sale will be about $420 million, including the $166 million received from the 11% sale in November 2025. This is lower than our previous expectation for about $550 million in total proceeds, reflecting the company's decision to sell down via on-market trades and the significant decline in Whirlpool India's share price since the announcement to reduce its stake. "This, along with the weaker margin forecasts and relatively high dividend payments (despite the 50% cut earlier this year), results in lower discretionary cash flow (DCF) available to repay outstanding debt in 2025 and 2026. Therefore, we now project adjusted leverage will remain elevated at about 5.4x in fiscal 2025 and 4.9x in fiscal 2026. We think it's less likely Whirlpool will be able to find a strategic buyer for its remaining ownership stake." Refinancing efforts have been successful to date. Whirlpool's revolving credit facility becomes current in May 2026 and $516 million of bonds mature in November 2026. S&P said, "Given our expectation for weaker DCF and heavy reliance on the revolver to fund its material seasonal working capital requirements, we assume the company will access the capital markets to refinance the debt, the terms of any refinancing could include higher pricing and additional covenants." S&P said, "We continue to consider the cash held in Brazil as accessible and net it against gross debt for adjusted leverage calculations. Whirlpool continues to hold material cash in its Brazil subsidiary amounting to about $400 million as of Sept. 30, 2025. We consider the cash as accessible to repay its existing U.S. based debt obligations as the company regularly repatriates cash from Brazil into the U.S. through dividend payments. That said, we note its Brazilian business has multiple ongoing pending tax assessments dating back to the early-2000s; unaccrued contingent liabilities including interest accumulated over the years totaled about $700 million. We believe tax disputes in Brazil are not uncommon, though the magnitude of any settlements collectively approaching this amount would add about 0.6x to 2025 S&P Global Ratings-adjusted leverage and materially reduce liquidity. We lack clarity on any potential resolution of these contingencies which will be handled on a case-by-case basis, including the timing which might still be many years out. "We continue to assess the company's business risk as satisfactory. Underpinning this view is Whirlpool's large market share in its key North and Latin American MDA markets, leading share across national builders, well-established and long-standing relationships with home improvement retailers, its meaningful North America-based manufacturing footprint which should benefit the company later in 2026, and strong brand recognition across a portfolio of both mass, value, and premium offerings. At the same time, we also consider the highly competitive nature of the industry from well-established brands, including AB Electrolux (BBB-/Stable/A-3), LG Electronics Inc. (BBB/Positive), Samsung Electronics Co., Ltd. (AA-/Stable/A-1+), GE Appliances, Haier, and Midea (A+/stable). "We continue to believe Whirlpool is better positioned than its rivals with less domestic production, who will be more negatively affected by tariffs, the impacts of which we should see next year. The durables industry is highly cyclical and relies heavily on discretionary spending. Further, Whirlpool needs to continuously innovate and spend on advertising and promotions to maintain its market share. Recent announcements from a number of its competitors to either set up or expand their manufacturing footprint in the U.S. could potentially diminish Whirlpool's competitive advantage, although not in the near term. "The negative outlook reflects the potential for a downgrade within the next 12 months if Whirlpool continues to underperform our expectations. This could be due to ongoing elevated competitive pressures or a deterioration in economic conditions, such that we no longer believe credit metrics will strengthen in line with our base-case forecast. "We could lower our ratings if Whirlpool's operating performance falls short of our expectations, sustaining adjusted leverage above 5x, and FOCF is weaker than projected." This could be due to: -- A decline in industry demand for large appliances caused by accelerating inflation, lower economic activity, or unexpectedly higher interest rates; -- Whirlpool losing share in its key North American or profitable Latin American markets, potentially due to intense competition from overseas rivals; -- An inability to offset a major portion of expected tariff headwinds with pricing and sourcing actions; -- Delays or the inability to deliver on strategic cost reduction initiatives; or -- Whirlpool exhibiting more aggressive financial policies. S&P could revise its outlook on Whirlpool to stable if an improving operating performance and prudent financial policies sustain leverage below 5x. This could occur if: -- Sales and earnings prospects improve because discretionary demand strengthens and competitive pressures ease, or Whirlpool begins to benefit from its U.S. manufacturing footprint in the face of tariffs; and -- The company demonstrates more conservative financial policies, including by reducing gross debt using FOCF and proceeds from the Whirlpool India sale. WORKHORSE GROUP: Completes 1-for-12 Reverse Stock Split ------------------------------------------------------- Workhorse Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 8, 2025, the previously disclosed 1-for-12 reverse split of the issued and outstanding shares of common stock, par value $0.001 per share, became effective. The authorized number of shares of Common Stock was not affected by the Reverse Split. The Company adjusted the exercise price, number of shares issuable on exercise or vesting and/or other terms of its outstanding stock options, warrants, restricted stock, and restricted stock units to reflect the effects of the Reverse Split. The number of shares of Common Stock available for issuance under the Company's equity incentive plans was also reduced proportionally. About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. New York, N.Y.-based Berkowitz Pollack Brant Advisors + CPAs, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred a net loss of $101.8 million and used $47.6 million of cash in operating activities during the year ended December 31, 2024, and as of December 31, 2024 the Company had total working capital of $8.2 million, including $4.1 million of cash and cash equivalents, and an accumulated deficit of $853.4 million. These conditions, along with the other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $116.7 million in total assets, $84.7 million in total liabilities, and $32.1 million in total stockholders' equity. WORKSPORT LTD: All 5 Proposals Approved at Annual Meeting --------------------------------------------------------- Worksport Ltd. held its 2025 Annual Meeting of Shareholders on December 11, 2025. As of the close of business on October 16, 2025, the record date for the determination of shareholders entitled to vote at the Annual Meeting, there were 16,787,559 shares of the Company's common stock and 100 shares of Series A Preferred Stock issued and outstanding. Holders of common stock are entitled to one vote per share. The Series A Preferred Stock is entitled to 51% of the total voting power of the Company regardless of the number of shares outstanding. Steven Rossi, the Company's Chief Executive Officer, President and Chairman of the Board of Directors, beneficially owns 100% of the outstanding Series A Preferred Stock. At the Annual Meeting, a total of 12,369,649 shares of common stock were represented in person or by proxy, constituting 73.68% of the total outstanding shares and a quorum under Nevada law and the Company's bylaws. The final voting results for each proposal submitted to a vote of shareholders are: A. Election of the five nominees to the Board: 1. Steven Rossi * Votes For: 9,675,695 * Withheld: 55,322 * Broker Non-Votes: 2,638,632 2. Lorenzo Rossi * Votes For: 9,665,757 * Withheld: 65,260 * Broker Non-Votes: 2,638,632 3. Craig Loverock * Votes For: 9,646,154 * Withheld: 84,863 * Broker Non-Votes: 2,638,632 4. William Caragol * Votes For: 9,647,425 * Withheld: 83,592 * Broker Non-Votes: 2,638,632 5. Ned L. Siegel * Votes For: 9,642,395 * Withheld: 88,622 * Broker Non-Votes: 2,638,632 Shareholders elected each of the following five nominees to serve as directors until the Company's 2026 annual meeting of shareholders or until their successors are duly elected and qualified. B. Ratification of the selection of Lumsden & McCormick, LLP: * Votes For: 12,278,132 * Votes Against: 70,426 * Abstentions: 21,091 Shareholders approved the ratification of Lumsden & McCormick, LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. C. Approval and ratification of certain non-plan stock option grants previously approved by the Board pursuant to Nasdaq Listing Rule 5635(c): * Votes For: 9,430,486 * Votes Against: 268,847 * Withheld: 31,684 * Broker Non-Votes: 2,638,632 Shareholders approved and ratified certain non-plan stock option grants previously approved by the Board pursuant to Nasdaq Listing Rule 5635(c). D. Approval of amendments to the Worksport Ltd. 2022 Equity Incentive Plan to change the evergreen formula from an annual increase to a quarterly increase and increase the evergreen percentage from 15% to 18%: * Votes For: 9,158,974 * Votes Against: 525,156 * Withheld: 46,887 * Broker Non-Votes: 2,638,632 Shareholders approved amendments to the Company's 2022 Equity Incentive Plan to: (i) change the evergreen formula from an annual increase to a quarterly increase, and (ii) increase the evergreen percentage from 15% to 18% of outstanding common stock, determined as of the last day of each calendar quarter. E. Approval of the adjournment of the Annual Meeting to permit further solicitation of proxies, if necessary or appropriate: * Votes For: 11,893,967 * Votes Against: 263,718 * Withheld: 211,964 Shareholders approved the adjournment of the Annual Meeting to permit further solicitation of proxies, if necessary or appropriate. About Worksport Ltd. West Seneca, N.Y.-based Worksport Ltd., through its subsidiaries, designs, develops, manufactures, and owns intellectual property on a portfolio of tonneau cover, solar integration, portable power station, and NP (Non-Parasitic), Hydrogen-based green energy products and solutions for the automotive aftermarket accessories, power storage, residential heating, and electric vehicle-charging industries. Buffalo, N.Y.-based Lumsden & McCormick, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations and has an accumulated deficit, that raise substantial doubt about its ability to continue as a going concern. The Company recorded a net loss of $16,163,789 for the year ended December 31, 2024, and has an accumulated deficit of $64,476,966 as of December 31, 2024. As of September 30, 2025, the Company had $27,048,622 in total assets, $7,269,230 in total liabilities, and $19,779,392 in total stockholders' equity. ZINC-POLYMER PARENT: S&P Lowers ICR to 'CCC+' on Underperformance ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on U.S.-based packaging company Zinc-Polymer Parent Holdings LLC's (Jadex) to 'CCC+' from 'B-' and its issue-level credit ratings on the company's first-lien term loan (maturing February 2028) and revolving line of credit (maturing November 2027) to 'CCC+' from 'B-'. The recovery rating remains '3', indicating its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. The negative outlook reflects the potential for another downgrade if S&P envisions a default or distressed debt restructuring over the next 12 months from a continued FOCF deficit and underperformance. Jadex performance has declined significantly, primarily due to high operating costs amid a sharp decline in net sales, resulting in deterioration of Jadex's S&P Global Ratings-adjusted credit metrics. It expects the company will have a free operating cash flow (FOCF) deficit over the next 12 months, diminishing the company's liquidity position and increasing the risk of refinancing the debt maturing in 2027 and early 2028. S&P said, "The downgrade reflects our belief that Jadex's capital structure is unsustainable. This is due to the continued underperformance of its Artazn and Polymer businesses, which has resulted in persistent free cash flow deficits. Following the U.S. government's decision to discontinue penny production, Jadex has pursued a contract with the U.S. Mint to produce the nickel. Since the facilities used for penny production can service nickel production, Jadex has kept its penny facilities idling while it waits for a decision. As a result, operating margins across the business have declined over 500 basis points through the first three quarters of 2025 compared to the same period in 2024. The declines in revenues and operating margins resulted in reported EBITDA of $34 million year-to-date as of Sept. 30, 2025. If the company wins a contract with the U.S. Mint to produce the nickel, we expect the earliest Jadex would begin production is in the fourth quarter of 2026. Therefore, we believe the company's severe underperformance and negative FOCF will persist through 2026." Within the Polymer business, the company's divestment of its Lifoam and Shakespeare businesses have significantly decreased its net sales year-over-year. Pro forma of the divestments, the company's net sales through the first three quarters of 2025 increased only $2.8 million year-over-year due to increased volumes in water bottle caps and medical products, offset by pricing concessions at a major retail superstore. EBITDA margins have declined, primarily driven by low revenue growth and pricing concessions, partially offset by procurement and operational savings. S&P said, "Over the next 12 months, we expect the segment will have low-single-digit percent revenue growth from new business wins, partially offset by economic uncertainty driving weak retail demand across its LifeMade and Alltrista businesses. We expect EBITDA margin improvement will be limited by cost-savings opportunities year-over-year." S&P said, "The negative outlook reflects our expectations of diminishing liquidity and rising refinancing risks. We believe the company's liquidity, consisting of $52.2 million of cash on the balance sheet and full availability on the $60 million revolver, will adequately cover debt service over the next 12 months." However, the revolver becomes current in November 2026, which--along with a likely FOCF deficit throughout 2026--would cause Jadex's liquidity to sharply deteriorate. A continuation of weak operating performance increases the risk of the company's inability to refinance its debt. The sale of the Lifoam and Shakespeare businesses helped offset continued cash-flow deficits. In the fourth quarter of 2024, the company used $119.8 million of proceeds from the sale of Lifoam to pay down its $470 million first-lien term loan ($343 million outstanding as of Sept. 30, 2025), reducing the annual interest expense by about $20 million. In addition, in the second quarter of 2025, the company sold its Shakespeare business for roughly $38 million. S&P said, "We expect it will use some of the proceeds to further paydown a portion of the existing first-lien term loan, which will marginally offset the company's cash burn in 2026. Although the sale of both businesses has supported the company's liquidity during the sharp decline in performance, we don't forecast any further asset sales, leaving the company with limited cash-generation options while it waits on the decision by the U.S. government regarding the nickel contract." S&P said, "The negative outlook on Jadex reflects our expectation for weak operating performance and continued cash-flow deficits, which will pressure liquidity. Although we expect liquidity will remain adequate over the next 12 months, we believe weakening credit metrics could increase refinancing risk ahead of the 2027 and 2028 maturities. "We could lower the rating again if Jadex's cash burn increases and its liquidity deteriorates such that the company cannot cover its fixed charges over the next 12 months, increasing the risk of a debt restructuring that we consider distressed." S&P could raise its rating on Zinc-Polymer within the next 12 months if: -- The company is able to improve operations, generate positive free cash flow, and strengthen its liquidity; and -- It alleviates its refinancing risk by successfully addressing its 2027 and 2028 maturities. ZYNEX INC: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------- Lead Debtor: Zynex, Inc. 9655 Maroon Circle Englewood, CO 80112 Business Description: Zynex, Inc. designs, manufactures and markets electrotherapy medical devices used for pain management and physical rehabilitation, including its NexWave device, which delivers electrical stimulation through interferential current, neuromuscular electrical stimulation and transcutaneous electrical nerve stimulation modalities. Founded in 1996, the Company also distributes private-label rehabilitation products such as orthopedic braces, traction systems and hot and cold therapy products that complement its electrotherapy offerings. Zynex employs approximately 400 full-time employees engaged in product design, manufacturing, sales, patient support and related operations. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Southern District of Texas Seven affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Zynex, Inc. (Lead Debtor) 25-90810 Zynex Management LLC 25-90809 Zynex Monitoring Solutions, Inc. 25-90811 Zynex NeuroDiagnostic, Inc. 25-90812 Zynex Medical, Inc. 25-90813 Pharmazy, Inc. 25-90814 Kestrel Labs, Inc. 25-90815 Judge: Hon. Alfredo R Perez Debtors' General Bankruptcy Counsel: Omar J Alaniz, Esq. Dylan T.F. Ross, Esq. REED SMITH 2850 N. Hardwood Street Dallas, TX 75201 Tel: (469) 680-4292 Fax: (469) 680-4299 Email: oalaniz@reedsmith.com dylan.ross@reedsmith.com AND Elisha D. Graff, Esq. Moshe A. Fink, Esq. Rachael Foust, Esq. Zachary Weiner, Esq. SIMPSON THACHER & BARTLETT LLP 425 Lexington Avenue New York, NY 10017 Tel: (212) 455-2000 Fax: (212) 455-2502 Email: egraff@stblaw.com moshe.fink@stblaw.com rachael.foust@stblaw.com zachary.weiner@stblaw.com Debtors' Financial Advisor: PROVINCE LLC Debtors' Claims, Noticing & Solicitation Agent: EPIQ CORPORATE RESTRUCTURING, LLC Total Assets as of September 30, 2025: $45,322,000 Total Debts as of September 30, 2025: $86,694,000 The petitions were signed by Vikram Bajaj as chief financial officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WBC3J6Q/Zynex_Inc__txsbke-25-90810__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. U.S. Bank National Association NA Convertible $61,750,000 U.S. Bank Corp Trust Services Boston Note 1 Federal St Boston, MA 02110 Contact: Christine N Rosado Phone: (617) 603-6587 Email: christine.rosado@usbank.com 2. Tricare Trade $2,774,561 Defense Health Agency 7700 Arlington Blvd Suite 5101 Falls Church, VA 22042 Contact: Jennifer Dietz Phone: (303) 676-3461 Email: jennifer.k.dietz.civ@health.mil 3. Polsinelli PC Trade $1,145,644 900 W 48th Pl Suite 900 Kansas City, MO 64112 Contact: Addison Williams Email: accountingreceivables@polsinelli.com 4. Helaine Heid Litigation $465,000 C/O Beligan Law Group, LLP 19800 Macarthur Blvd Suite 333 Newport Beach, CA 92612 Contact: Jerusalem Beligan Phone: (949) 224-3881 Email: jbeligan@beliganlawgroup.com 5. Savant Labs, Inc Trade $392,000 3200 Melendy Drive San Carlos, CA 94070 Contact: Joshua Moss Email: finops@savantlabs.io 6. Wuxi Jiajian Medical Trade $355,420 Instrument Co., Ltd. No 35 Baiqiao Road Ehu Town Xishan District Wuxi 214116 China Contact: Jason Xu Email: jason.xu@jiajian-healthcare.com 7. Alaska Retirement Trade $325,714 Management Board C/O UBS Realty Investors LLC 10 State House Square 15th Floor Hartford, CT 06103 Contact: Bonnie Keyes Email: bonnie.keyes@cbre.com 8. Norton Rose Fulbright US LLP Trade $290,892 1550 Lamar Suite 2000 Houston, TX 77010 Contact: Kevin Pho Email: nrfusaccountsreceivabl e@nortonrosefulbright.com 9. Name Redacted Severance $210,000 Address On File 10. Delco Innovations LLC Trade $207,420 6583 Ruch Rd Bethlehem, PA 18017 Contact: Emily Lopez Email: billing@delcoinnovations.com 11. DJO Global, Inc. Trade $201,438 2900 Lake Vista Drive Suite 200 Lewisville, TX 75067 Contact: Ram Kumar Email: accountsreceivable@ar.enovis.com, ram.kumar@enovis.com 12. Name Redacted Severance $200,000 Address On File 13. Name Redacted Severance $199,999 Address On File 14. Aramark Services Inc. Trade $171,346 2400 Market Street Philadelphia, PA 19103 Contact: Dana Quigley Email: quigley-dana@aramark.com 15. Name Redacted Severance $142,019 Address On File 16. Alorica Inc. Trade $140,042 5161 California Ave. Ste 100 Irvine, CA 92617 Contact: Waren Gamboa Email: accounts.receivable@alorica.com, markalwaren.gamboa@alorica.com 17. VXI Global Solutions, LLC Trade $127,854 515 S. Figueroa, Suite 600 Los Angeles, CA 90071 Contact: Djomar Rabang Email: djomar.rabang@vxi.com 18. Clear Blue Engineering Trade $113,280 1650 Coal Creek Dr, Suite E Lafayette, CO 80026-8867 Contact: Mary Kirsten Email: mkirsten@clearblueengineering.com 19. Allstate Insurance Company, Et Al Litigation Undetermined C/O King, Tilden, Mcettrick & Brink 350 Granite Street Suite 2204 Braintree, MA 02184 Contact: Nathan Tilden Phone: (617) 770-2214 Email: ntilden@ktmpc.com 20. Cantor Fitzgerald Trade Undetermined 110 East 59th Street New York, NY 10022 Contact: Kee Colen Email: kee.colen@cantor.com 21. Careoregon, Inc. Trade Undetermined 315 SW Fifth Ave Portland, OR 97204 Contact: Sharon Roberson Email: robersons@careoregon.org 22. Centene Trade Undetermined 7700 Forsyth Blvd Room 519 Clayton, MO 63015 Ontact: Angela Guidetta Email: angela.guidetta@centene.com 23. Dr. Raelynn Maloney Litigation Undetermined C/O Sam Sheronick Law Firm PC 4125 Glass Road NE Cedar Rapids, IA 52402 Contact: Sam Sheronick Phone: (319) 366-8193 Email: sam@samlawpc.com 24. Highmark Blue Cross Blue Shield Trade Undetermined Po Box 890150 Camp Hill, PA 17001-9774 Contact: Kate Musler Phone: (412) 544-8653 Email: katherine.musler@highmark.com 25. Horizon Healthcare Of New Trade Undetermined Jersey, Inc. D/B/A Horizon NJ Health 1700 American Blvd Pennington, NJ 08534 Contact: Dani Marks Email: dani_marks@horizonblue.com 26. Levent Tuncel, On Behalf Of Litigation Undetermined Himself And Others Similarly Situated C/O Glancy Prongay & Murray Llp 1925 Century Park East Suite 2100 Los Angeles, CA 90067 Contact: Pavithra Rajesh Phone: (310) 201-9150 Email: prajesh@glancylaw.com 27. Melissa Ramirez Litigation Undetermined C/O Marquee Law Group PC 9100 Wilshire Blvd Suite 445 East Tower Beverly Hills, CA 90212 Contact: Tuvia Korobkin Phone: (310) 275-1844 Email: tuvia@marqueelaw.com 28. Patrick Ayers, Derivatively On Litigation Undetermined Behalf Of Zynex, Inc. Consolidated W/ Daniel Graziano, Derivatively On Behalf Of Zynex, Inc. C/O Rosen Law Firm, PA 275 Madison Ave 40th Floor New York, NY 10016 Contact: Phillip Kim Phone: (212) 686-1060 Email: philkim@rosenlegal.com 29. Simon Arbel, Derivatively On Litigation Undetermined Behalf Of Zynex, Inc. C/O Cody-Hopkins Law Firm 4610 S. Ulster St 150 Denver, CO 80237 Contact: Karen Cody-Hopkins Phone: (303) 221-4666 Email: karen@codyhopkinslaw.com 30. United Healthcare Trade Undetermined 9700 Health Care Lane MN017-E300 Minnetonka, MN 55343 Contact: Christopher Haugen Email: chris.haugen@uhc.com ZYNEX INC: Seeks Chapter 11 Bankruptcy in Texas w/ Lenders' Support ------------------------------------------------------------------- StreetInsider.com reports that Zynex Inc. (NASDAQ: ZYXI) announced that it has voluntarily entered Chapter 11 bankruptcy proceedings, supported by its lenders. The company, a developer of non-invasive medical devices for pain management and rehabilitation, assured that its day-to-day operations will continue without affecting patients, customers, or employees. According to CEO Steven Dyson, the financing highlights lender confidence in Zynex and the operational changes implemented in recent months. The Chapter 11 filing is aimed at securing the company’s long-term stability. Founded in 1996 and headquartered in Englewood, Colorado, Zynex has set up a case website to keep stakeholders informed throughout the restructuring process. About Zynex Inc. Zynex Inc. is a medical technology firm specializing in non-invasive devices for pain management and rehabilitation. Zynex Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq. of Reed Smith, LLP. [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re 404 Concrete, LLC Bankr. N.D. Ga. Case No. 25-64034 Chapter 11 Petition filed December 2, 2025 Filed Pro Se In re Zara Rezai Bankr. C.D. Cal. Case No. 25-13436 Chapter 11 Petition filed December 8, 2025 In re Khondoker Salom Bankr. C.D. Cal. Case No. 25-20982 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/5K7E2GA/Khondoker_Salom__cacbke-25-20982__0001.0.pdf?mcid=tGE4TAMA In re Lake Family Practice of Orlando & Evans Family Care Inc. Bankr. M.D. Fla. Case No. 25-07970 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/BC77R5Q/Lake_Family_Practice_of_Orlando__flmbke-25-07970__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Avalo Enterprises LLC Bankr. S.D. Fla. Case No. 25-24455 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/2F5V5OY/Avalo_Enterprises_LLC__flsbke-25-24455__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re AMI Enterprises, LLC Bankr. N.D. Ill. Case No. 25-18803 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/3QKDUXY/AMI_Enterprises_LLC__ilnbke-25-18803__0001.0.pdf?mcid=tGE4TAMA represented by: Gregory Jordan, Esq. GREGORY JORDAN E-mail: gjordan@jz-llc.com In re Robert James Semrad Bankr. N.D. Ill. Case No. 25-18820 Chapter 11 Petition filed December 8, 2025 represented by: Shenitha Burton, Esq. In re Manickam Sundharam Bankr. N.D. Ill. Case No. 25-18761 Chapter 11 Petition filed December 8, 2025 In re 52 Salem Street LLC Bankr. D. Mass. Case No. 25-12655 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/Q47B47I/52_Salem_Street_LLC__mabke-25-12655__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re MBAC Holdings, LLC Bankr. D.N.J. Case No. 25-22968 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/GYZPNQY/MBAC_Holdings_LLC__njbke-25-22968__0001.0.pdf?mcid=tGE4TAMA represented by: Daniel Straffi, Jr., Esq. STRAFFI AND STRAFFI LLC E-mail: bkclient@straffilaw.com In re 1214 Street LLC Bankr. E.D.N.Y. Case No. 25-74692 Chapter 11 Petition filed December 8,2025 See https://www.pacermonitor.com/view/I7LIBQY/1214_Street_LLC__nyebke-25-74692__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Juan Pablo Cruz Bankr. E.D.N.Y. Case No. 25-45883 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/KTFWLBI/Juan_Pablo_Cruz__nyebke-25-45883__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Ricciardi Investments, LLC Bankr. E.D.N.Y. Case No. 25-74700 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/64XOVII/Ricciardi_Investments_LLC__nyebke-25-74700__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Fit and Fun Playscapes, LLC Bankr. S.D.N.Y. Case No. 25-36245 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/D62EDKA/Fit_and_Fun_Playscapes_LLC__nysbke-25-36245__0001.0.pdf?mcid=tGE4TAMA represented by: Michelle L. Trier, Esq. GENOVA, MALIN & TRIER, LLP E-mail: michelle@gmtllp.com In re Generation Hospice LLC Bankr. S.D. Ohio Case No. 25-55406 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/LYKWHRY/Generation_Hospice_LLC__ohsbke-25-55406__0001.0.pdf?mcid=tGE4TAMA represented by: David Whittaker, Esq. ALLEN STOVALL NEUMAN & ASHTON LLP E-mail: whittaker@asnalaw.com In re Generation Home Health LLC Bankr. S.D. Ohio Case No. 25-55403 Chapter 11 Petition filed December 8, 2025 See https://www.pacermonitor.com/view/K6TNKKQ/Generation_Home_Health_LLC__ohsbke-25-55403__0001.0.pdf?mcid=tGE4TAMA represented by: David Whittaker, Esq. ALLEN STOVALL NEUMAN & ASHTON LLP E-mail: whittaker@asnalaw.com In re Laushaun Willie Robinson Bankr. E.D. Va. Case No. 25-72868 Chapter 11 Petition filed December 8, 2025 represented by: Cavasse Gill, Esq. In re Kid to Kid 1 Child Development Center, Inc. Bankr. E.D. Ark. Case No. 25-14302 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/I2W4MQQ/KID_TO_KID_1_CHILD_DEVELOPMENT__arebke-25-14302__0001.0.pdf?mcid=tGE4TAMA represented by: Sheila F. Campbell, Esq. SHEILA F CAMPBELL LAW FIRM E-mail: sheila.sfclaw@gmail.com In re Arlen Balian Bankr. C.D. Cal. Case No. 25-21067 Chapter 11 Petition filed December 9, 2025 represented by: Michael Chekian, Esq. In re Joseph Christopher Smith Bankr. E.D. Cal. Case No. 25-26906 Chapter 11 Petition filed December 9, 2025 In re Ruben Lavarias Bankr. M.D. Fla. Case No. 25-04561 Chapter 11 Petition filed December 9, 2025 represented by: Thomas C Adam, Esq. In re Omys Couture Hair Design LLC Bankr. M.D. Fla. Case No. 25-09280 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/XA5NREY/Omys_Couture_Hair_Design_LLC__flmbke-25-09280__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 2010 NW 107 Ave LLLC Bankr. S.D. Fla. Case No. 25-24520 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/QW4WPZI/2010_NW_107_Ave_LLLC__flsbke-25-24520__0001.0.pdf?mcid=tGE4TAMA represented by: Rafael Recalde, Esq. RECALDE LAW FIRM PA E-mail: rafael@recaldelaw.com In re Education Village Inc. Bankr. N.D. Ga. Case No. 25-21777 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/AEISZ7A/Education_Village_Inc__ganbke-25-21777__0001.0.pdf?mcid=tGE4TAMA represented by: Charles N. Kelley, Jr., Esq. KELLY LAW LLC E-mail: charles@charleskelley.law In re Mark A. Perkins and Jill K. Perkins Bankr. C.D. Ill. Case No. 25-70985 Chapter 11 Petition filed December 9, 2025 In re 1630 N Milton LLC Bankr. D. Md. Case No. 25-21539 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/7EB3MVA/1630_N_Milton_LLC__mdbke-25-21539__0001.0.pdf?mcid=tGE4TAMA represented by: Gary S Poretsky, Esq. THE LAW OFFICES OF GARY S PORETSKY, LLC E-mail: gary@plgmd.com In re Sun Cab, Inc. Bankr. D. Nev. Case No. 25-17404 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/XYGCR4Q/Sun_Cab_Inc__nvbke-25-17404__0001.0.pdf?mcid=tGE4TAMA represented by: Samuel A. Schwartz, Esq. SCHWARTZ, PLLC E-mail: ecf@nvfirm.com In re WRH Equity Holdings LLC Bankr. E.D.N.Y. Case No. 25-45894 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/736SZQY/WRH_Equity_Holdings_LLC__nyebke-25-45894__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Maxill Dental, Inc. Bankr. N.D. Ohio Case No. 25-41502 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/2TVFLKI/Maxill_Dental_Inc__ohnbke-25-41502__0001.0.pdf?mcid=tGE4TAMA represented by: Michael A Steel, Esq. MICHAEL STEEL E-mail: msteel@steelcolaw.com In re Jonathan David Pullias, Jr. Bankr. M.D. Tenn. Case No. 25-05161 Chapter 11 Petition filed December 9, 2025 represented by: Jay Lefkovitz, Esq. LEFKOVITZ & LEFKOVITZ, PLLC Email: jlefkovitz@lefkovitz.com In re Pint & Bean Cafe & Taproom, LLC Bankr. W.D. Tex. Case No. 25-52976 Chapter 11 Petition filed December 9, 2025 See https://www.pacermonitor.com/view/A7P6S5I/Pint__Bean_Cafe__Taproom_LLC__txwbke-25-52976__0001.0.pdf?mcid=tGE4TAMA represented by: Paul Steven Hacker, Esq. HACKER LAW FIRM, PLLC E-mail: steve@hackerlawfirm.com In re Rina Angelica Santizo Ortega Bankr. N.D. Cal. Case No. 25-31007 Chapter 11 Petition filed December 10, 2025 represented by: Michael Fallon, Esq. In re Persistent Holdings Corporation Bankr. M.D. Fla. Case No. 25-02462 Chapter 11 Petition filed December 10, 2025 See https://www.pacermonitor.com/view/JHE453Q/Persistent_Holdings_Corporation__flmbke-25-02462__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A E-mail: mroher@markroherlaw.com In re Bradley J. Koetters and Kelly N. Koetters Bankr. C.D. Ill. Case No. 25-80895 Chapter 11 Petition filed December 10, 2025 represented by: Sumner Bourne, Esq. In re Aaron Jamez Cage Bankr. M.D. La. Case No. 25-11129 Chapter 11 Petition filed December 10, 2025 In re IHouse Realty Solutions, LLC Bankr. D. Md. Case No. 25-21568 Chapter 11 Petition filed December 10, 2025 See https://www.pacermonitor.com/view/4IJYDAQ/IHouse_Realty_Solutions_LLC__mdbke-25-21568__0001.0.pdf?mcid=tGE4TAMA represented by: Geri Lyons Chase, Esq. LAW OFFICE OF GERI LYONS CHASE E-mail: gchase@glchaselaw.com In re Gary Vincent Vecchione Bankr. D. Mass. Case No. 25-12672 Chapter 11 Petition filed December 10, 2025 In re Rene Barrera and Amanda Louise Barrera Bankr. D. Neb. Case No. 25-81314 Chapter 11 Petition filed December 10, 2025 represented by: Samuel Turco, Esq. In re 1407 Pacific LLC Bankr. E.D.N.Y. Case No. 25-45908 Chapter 11 Petition filed December 10, 2025 See https://www.pacermonitor.com/view/E242UVY/1407_Pacific_LLC__nyebke-25-45908__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re EccGp LLC Bankr. E.D.N.Y. Case No. 25-45920 Chapter 11 Petition filed December 10, 2025 See https://www.pacermonitor.com/view/R5YU6KY/EccGp_LLC__nyebke-25-45920__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Billy Dale Overbee Bankr. E.D.N.C. Case No. 25-04909 Chapter 11 Petition filed December 10, 2025 represented by: David Haidt, Esq. In re Kevin Donald Barb Bankr. E.D. Tex. Case No. 25-43759 Chapter 11 Petition filed December 10, 2025 represented by: Vickie Driver, Esq. In re Quality Living Property Management LLC Bankr. E.D. Ark. Case No. 25-14315 Chapter 11 Petition filed December 11, 2025 See https://www.pacermonitor.com/view/V2DKPWA/Quality_Living_Property_Management__arebke-25-14315__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re T-Shirt Station Stores LLC Bankr. S.D. Fla. Case No. 25-24608 Chapter 11 Petition filed December 11, 2025 See https://www.pacermonitor.com/view/B5QLTRA/T-SHIRT_STATION_STORES_LLC__flsbke-25-24608__0001.0.pdf?mcid=tGE4TAMA represented by: Tarek K Kiem, Esq. KIEM LAW PLLC Email: tarek@kiemlaw.com In re Christopher Charles Winfield Bankr. S.D. Fla. Case No. 25-24627 Chapter 11 Petition filed December 11, 2025 represented by: Chad Van Horn, Esq. In re MBK Holdings, Inc. Bankr. N.D. Ind. Case No. 25-31955 Chapter 11 Petition filed December 11, 2025 See https://www.pacermonitor.com/view/3WLR6QI/MBK_Holdings_Inc__innbke-25-31955__0001.0.pdf?mcid=tGE4TAMA represented by: Samuel D. Hodson, Esq. TAFT STETTINIUS & HOLLISTER LLP Email: shodson@taftlaw.com In re Smith Hospitality Group, LLC Bankr. S.D. Ind. Case No. 25-07541 Chapter 11 Petition filed December 11, 2025 See https://www.pacermonitor.com/view/YFC3SIY/Smith_Hospitality_Group_LLC__insbke-25-07541__0001.0.pdf?mcid=tGE4TAMA represented by: Preeti (Nita) Gupta, Esq. LAW OFFICE OF NITA GUPTA Email: nita07@att.net In re Gooseneck LLC Bankr. W.D. La. Case No. 25-31433 Chapter 11 Petition filed December 11, 2025 See https://www.pacermonitor.com/view/NVVJBWA/Gooseneck_LLC__lawbke-25-31433__0001.0.pdf?mcid=tGE4TAMA represented by: Braxton Markle, Esq. LEXADVISORS, P.C. Email: b_markle@lexadvisors.net In re 903 Realty NY LLC Bankr. E.D.N.Y. Case No. 25-45935 Chapter 11 Petition filed December 11, 2025 See https://www.pacermonitor.com/view/7AE5X7Q/903_Realty_NY_LLC__nyebke-25-45935__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Shane Dion Caylor Bankr. W.D. Pa. Case No. 25-70526 Chapter 11 Petition filed December 11, 2025 In re Mosaic Mental Health, PLLC Bankr. S.D. Tex. Case No. 25-37534 Chapter 11 Petition filed December 11, 2025 See https://www.pacermonitor.com/view/Q7MH36I/Mosaic_Mental_Health_PLLC__txsbke-25-37534__0001.0.pdf?mcid=tGE4TAMA represented by: Robert C Lane, Esq. THE LANE LAW FIRM Email: notifications@lanelaw.com In re Encore Acquisitions and Development LLC Bankr. C.D. Cal. Case No. 25-21168 Chapter 11 Petition filed December 12, 2025 See https://www.pacermonitor.com/view/ICNZFOQ/Encore_Acquisitions_and_Development__cacbke-25-21168__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Lexden Management LLC Bankr. S.D. Fla. Case No. 25-24680 Chapter 11 Petition filed December 12, 2025 See https://www.pacermonitor.com/view/T7DWNRQ/Lexden_Management_LLC__flsbke-25-24680__0001.0.pdf?mcid=tGE4TAMA represented by: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. Email: mroher@markroherlaw.com In re Phoenix Communities LLC Bankr. N.D. Ga. Case No. 25-64513 Chapter 11 Petition filed December 12, 2025 See https://www.pacermonitor.com/view/JBAOPGY/Phoenix_Communities_LLC__ganbke-25-64513__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 19 Cooper Street LLC Bankr. E.D.N.Y. Case No. 25-45957 Chapter 11 Petition filed December 12, 2025 See https://www.pacermonitor.com/view/WUI5DCI/19_Cooper_Street_LLC__nyebke-25-45957__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Scott Michael Davidson Bankr. E.D. Va. Case No. 25-12615 Chapter 11 Petition filed December 12, 2025 represented by: Alexandria Jeffers, Esq. In re Valerie N Morrow Bankr. W.D. Wash. Case No. 25-13510 Chapter 11 Petition filed December 12, 2025 represented by: Thomas Neeleman, Esq. In re Shower Door Gallery Mirror and Glass LLC Bankr. D.N.J. Case No. 25-23185 Chapter 11 Petition filed December 13, 2025 See https://www.pacermonitor.com/view/4QD5SPY/Shower_Door_Gallery_Mirror_and__njbke-25-23185__0001.0.pdf?mcid=tGE4TAMA represented by: Steven J. Abelson, Esq. ABELSON LAW OFFICES ********* 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. 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