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251219.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, December 19, 2025, Vol. 29, No. 352 Headlines 1047 CORNING: Voluntary Chapter 11 Case Summary 7Q59 AMHERST: Court Extends Cash Collateral Access to Feb. 5 8993 REALTY: Wilmington Trust Wants Trigild's Lagowitz as Receiver ADTALEM GLOBAL: Share Repurchase No Impact on Moody's 'Ba2' CFR AGRACITY GROUP: Saskatchewan Court OKs CCAA SISP for All Assets ALLEN & SONS: Craig Geno Named Subchapter V Trustee AMERICA'S GARDENING: To Sell Gardening Assets to Peerless Clothing AMERICAN TRASH: Court OKs Deal to Use Cash Collateral AMPLE INC: Case Summary & 20 Largest Unsecured Creditors AMPLE INC: Seeks Chapter 11 Bankruptcy w/ Sale Plans ANDERSON BIO: Voluntary Chapter 11 Case Summary APERTOR PHARMACEUTICALS: Case Summary & 20 Top Unsecured Creditors APOGEE BREWING: Gets OK to Use Cash Collateral Until Feb. 2 APPLE TREE LIFE: Opposes Billionaire Backer’s Bid to Dismiss Ch. 11 ARCANUM VENTURES: Seeks Chapter 11 Bankruptcy in Georgia BAGBY INVESTMENT: Court Extends Cash Collateral Access to Feb. 5 BAY STREET: Kathleen DiSanto Named Subchapter V Trustee BEAN THERE: Gets Extension to Access Cash Collateral BLANKS BROTHERS: Seeks Chapter 7 Bankruptcy in Georgia BP RETAIL: Plan Exclusivity Period Extended to April 21, 2026 BRENMARK INC: Gets Final OK to Use Cash Collateral BUILT USA: Seeks Chapter 11 Bankruptcy in Florida BULLIVANT HOUSER: Case Summary & 20 Largest Unsecured Creditors CAR TOYS: Plan Exclusivity Period Extended to January 15, 2026 CENTRAL JUNCTION: Seeks to Sell Memphis Property at Auction CERTIFY EXPRESS: Seeks Chapter 7 Bankruptcy in Georgia CHINOS INTERMEDIATE 2: Moody's Lowers CFR to Caa1, Outlook Stable CHURCH OF THE IMMACULATE: Klestadt Lawyers Lead Church's Chapter 11 CLYDE, TX: S&P Affirms 'B-' Rating on 2023AB GO Bonds, Outlook Neg COMPANION CARE: Gets Interim OK to Use Cash Collateral CRYSTAL HOSPITALITY: Seeks Chapter 11 Bankruptcy in Georgia DAIRY BUILDING: Case Summary & Four Unsecured Creditors DAN LEPORE & SONS: Gets Interim OK to Use Cash Collateral DAS HUND: Gets Final OK to Use Cash Collateral DEDICATION & EVERLASTING: Gets Court OK to Use Cash Collateral DISPATCH ACQUISITION: Moody's Withdraws 'B3' CFR on Debt Repayment EDUCATION VILLAGE: Cameron McCord Named Subchapter V Trustee EDUCATION VILLAGE: Seeks Chapter 11 Bankruptcy in Georgia ELDER CONTRACTING: U.S. Trustee Unable to Appoint Committee ENDOCRINE ASSOCIATES: Frances Smith Named Subchapter V Trustee FCI SAND: Plan Exclusivity Period Extended to March 31, 2026 FIVE RIVERS: To Sell Chowchilla Properties to Forest Snacks FLEMING STEEL: Plan Exclusivity Period Extended to March 16, 2026 FOUR PALMS: Gets Final OK to Use Cash Collateral FRONTLINE MACHINING: To Sell DMU 50 Machine to Protech Machine FULLER'S SERVICE: UST, Richards Win Bid for Chapter 11 Trustee GBI SERVICES: U.S. Trustee Unable to Appoint Committee GENESIS HEALTHCARE: Reaffirms Stability After Court Reopens Auction GENESIS HEALTHCARE: Trustee Seeks Control of Chapter 11 Case GOLD CITY: Case Summary & 20 Largest Unsecured Creditors GST INC: Deadline for Panel Questionnaires Set for Dec. 23 HADNOT LOGISTICS: Cash Collateral Hearing Set for Jan. 13 HANNON ENTERPRISE: Case Summary & Two Unsecured Creditors HARLING INC: Court Extends Cash Collateral Access to Jan. 9 HEAVENLY TRANSIT: Seeks Chapter 7 Bankruptcy in Georgia HERITAGE SALVAGE: Gets Court OK to Use Cash Collateral ISAVA ENTERPRISE: Gets OK to Use Cash Collateral Until Feb. 3 JACKSON WALKER: Asks Court to Hear Deals Prior to Romance Trial JADE HOLDINGS: Gets Two-Month Extension to Use Cash Collateral KEVIN H. JANG: Sagicor Life Wants Judgment Debtor Exam Off KIRKBRIDE LAND: Seeks to Extend Plan Exclusivity to Feb. 13, 2026 LINQTO TEXAS: Seeks to Extend Plan Exclusivity to Feb. 27, 2026 LTI HOLDINGS: S&P Places 'B-' ICR on CreditWatch Negative LUMINAR TECHNOLOGIES: Weil Gotshal Represents Co. in Ch. 11 Case MAGLEV ENERGY: Gets Extension to Access Cash Collateral MARINERS GATE: Case Summary & 10 Unsecured Creditors MEDLINE INC: S&P Assigns 'BB+' Issuer Credit Rating Following IPO MIDNIGHT VENTURES: Gets Final OK to Use Cash Collateral MITNICK CORPORATE: Moody's Lowers CFR to Caa1, Outlook Negative MKBH MANAGEMENT: Fannie Mae Wants Trigild's Lagowitz as Receiver MODIVCARE INC: Court Confirms Plan, Expects Emergence by Year-End MVL INVESTMENTS: U.S. Trustee Unable to Appoint Committee NATURE'S WAX: Seeks Chapter 11 Bankruptcy in Florida NEW FORTRESS: Extends Senior Secured Notes Forbearance to Jan. 9 NEWFOLD DIGITAL: Moody's Ups CFR to 'Caa2', Outlook Stable OLIVER CORNERS: Gets Interim OK to Use Cash Collateral OROVILLE HOSPITAL: Gets Interim OK for DIP Financing From Rosemawr OSCAR ACQUISITIONCO: Moody's Cuts CFR to Caa1, Outlook Negative PARKVIEW FOOD: Case Summary & 19 Unsecured Creditors PERIMETER HOLDINGS: Moody's Affirms B2 CFR, Outlook Stable PINT & BEAN: Michael Colvard Named Subchapter V Trustee POSIGEN PBC: Challenges Bid to Name Trustee in Bankruptcy Case POTATO SPECIALTY: C.H. Robinson Wants Robert Yaquinto as Receiver PRIMALEND CAPITAL: Creditors Object to $28MM Ch. 11 Financing PRIMALEND CAPITAL: Unsecureds to Get Share of GUC Liquidating Trust PRIME HEALTHCARE: S&P Upgrades ICR to 'B' on Stronger Performance PRINCETON LAKES PEDIATRICS: Seeks Subchapter V Bankruptcy PRINCETON LAKES: John Whaley Named Subchapter V Trustee PROFRAC HOLDING: S&P Lowers ICR to 'CCC' Then Withdraws Rating PSCD TRINITY: Gets Interim OK to Use Cash Collateral PURDUE PHARMA: Ch. 11 Mediator Says Settlement Was a Team Effort QUICKFLIP CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Georgia QVC INC: RiverNorth/DoubleLine Marks $351,000 Loan at 45% Off RAVELIN PROPERTIES: Loan Forbearance Extended to March 2026 RHODIUM ENCORE: Gets Court Approval to Wind Down Operations ROSEMERE ESTATES: Nathan Smith Named Subchapter V Trustee SARASOTA SEAFOOD: Gets Interim OK to Use Cash Collateral SILVERSTRAND FITNESS: Gets Interim OK to Use Cash Collateral STEELCASE INC: S&P Lowers Senior Unsecured Notes Rating to 'BB-' STEINMETZ PLUMBING: Case Summary & 10 Unsecured Creditors STROMA MEDICAL: Jeffrey Schwendeman Named Subchapter V Trustee TECHNICAL ARTS: U.S. Trustee Unable to Appoint Committee TRINITY HEALTH: S&P Lowers 2017C Revenue Bond Rating to 'B+' URBAN ONE: Completes Note Exchange/Tender with 97.58% Uptake VESTIS CORP: S&P Downgrades ICR to 'B', Outlook Stable VSBROOKS INC: Gets Extension to Access Cash Collateral WARNERMEDIA HOLDINGS: RiverNorth Marks $380,000 Loan at 20% Off WEEDEN RANCH: Voluntary Chapter 11 Case Summary WESTSIDE TOW: Court OKs Deal to Use SBA's Cash Collateral WHITEWRIGHT ISD: Hughes Wants Federal Receiver Appointed ZOOMINFO TECHNOLOGIES: S&P Affirms 'BB' ICR, Alters Outlook to Neg [] The Law Offices of Patrick L Cordero Named Best Bankruptcy Firm [^] BOOK REVIEW: Black Monday - The Stock Market Catastrophe ********* 1047 CORNING: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: 1047 Corning LLC 493 S. Robertson Blvd. Beverly Hills, CA 90211 Business Description: 1047 Corning LLC owns a vacant residential lot located in Los Angeles, California. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21233 Judge: Hon. Barry Russell Debtor's Counsel: Thomas B. Ure, Esq. URE LAW FIRM 8280 Florence Avenue, Suite 200 Downey, CA 90240 Tel: 213-202-6070 Fax: 213-202-6075 E-mail: tom@urelawfirm.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Marvin Markowitz as managing member. The Debtor has confirmed in the petition that there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/S3GMB7Y/1047_Corning_LLC__cacbke-25-21233__0001.0.pdf?mcid=tGE4TAMA 7Q59 AMHERST: Court Extends Cash Collateral Access to Feb. 5 ------------------------------------------------------------ 7Q59 Amherst, LLC received another extension from the U.S. U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral. The court on December 18 issued a proceeding memorandum and order authorizing the Debtor's interim use of cash collateral through February 5, 2026, under the same terms and conditions. The next hearing is scheduled for February 5. The December 18 order is available at https://is.gd/5b8gWx from PacerMonitor.com. The Debtor was previously allowed to access cash collateral through December 18 pursuant to the court's December 4 order and use up to $9,851.97 in cash collateral for the sole purpose of paying Greenfield Cooperative Bank. About 7Q59 Amherst LLC 7Q59 Amherst, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-30150) on March 17, 2025, listing up to $10 million in both assets and liabilities. Xian Dole, manager of 7Q59 Amherst, signed the petition. Judge Elizabeth D. Katz oversees the case. Louis S. Robin, Esq., at Law Offices of Louis S. Robin, represents the Debtor as bankruptcy counsel. 8993 REALTY: Wilmington Trust Wants Trigild's Lagowitz as Receiver ------------------------------------------------------------------ Wilmington Trust, National Association, et al., ask the U.S. District Court for the Eastern District of New York to appoint Ian Lagowitz of Trigild IVL, as receiver for an apartment building located at 89-93 Grattan Street, Brooklyn, New York 11237 owned by 8993 Realty LLC. Wilmington Trust is the Trustee for the Registered Holders of Wells Fargo Commercial Mortgage Securities, Inc., Multifamily Mortgage Pass-Through Certificates, Series 2018-SB55 (Lender). This foreclosure case involves a defaulted commercial mortgage loan in the original principal amount of $3,700,000. Lender is the owner and holder of the Loan, which is secured by a first-position mortgage lien held by Lender on an apartment building of 8993 Realty. On November 21, 2025, Lender filed its Complaint for Mortgage Foreclosure against Borrower. On June 19, 2018, Borrower signed and delivered to Greystone Servicing Corporation, Inc. as Original Lender a New York Consolidated, Amended and Restated Note, dated June 19, 2018, in the original principal amount of $3,700,000. The Loan was then assigned to Lender via recorded assignments of mortgage and allonges, as detailed in the Complaint. Lender is the current holder of the Loan, Loan Agreement, Note, Security Instrument, Guaranty, and all other documents executed in connection with the Loan. Prior to the commencement of this action, Lender has been in exclusive possession of the original Loan Documents and has not transferred the same to any other person or entity. In connection with the Loan, Borrower agreed and is obligated to make monthly payments of debt service and other amounts specified in the Loan Document. In the Loan Documents, Borrower agreed that if Borrower defaults under the loan documents, then Lender is entitled to the appointment of a receiver on an ex parte basis. Borrower also expressly consented to the appointment of a receiver upon Borrower's default, among other places. An Event of Default has occurred, due to Borrowers' failure to make a required tax payment, and, subsequent to acceleration of the amounts due and owing under the Loan Documents, failure to pay the accelerated indebtedness in full. Borrower has also failed to provide any financial reporting (operating statements, rent rolls, etc.) as required by the Loan Documents. As a result, Lender is unable to discern the cash flow of the Property. Borrower has also refused to provide any information regarding the condition of the Property, or grant access to the Property, and has failed to cooperate with Lender’s request to obtain an updated appraisal. The appointment of a receiver is necessary to protect the Security Instrument, to protect the Property from further harm and mismanagement, and to ensure that rents and other income generated from the Property are properly collected and applied to the payment of the Lender's debt and other debts incurred by Borrower in connection with operating and maintaining the Property. Lender's interest in the Property may be lost or materially diminished if the Property is not managed and protected by a court-appointed receiver. This is evident by The City of New York Environmental Control Board (ECB) violations that Borrower has allowed to accrue at the Property, which necessitated Lender naming ECB as a defendant in this foreclosure action. Moreover, appointment of a receiver to protect and manage the Property pending foreclosure or other disposition of the same through the receivership will be beneficial to all parties and is necessary to protect the health, safety, and welfare of the tenants (and visitors) of the Property. About 8993 Realty LLC 8993 Realty LLC owns an apartment building located at 89-93 Grattan Street, Brooklyn, New York 11237. 8993 is facing a receivership case captioned as Wilmington Trust, National Association v. 8993 Realty LLC, Case No. 1:25-cv-06452 (E.D.N.Y.), before the Hon. Nicholas G. Garaufis. The case was filed on Nov. 20, 2025. Attorney for plaintiff: Carter J. Wallace, Esq. POLSINELLI Tel: (212) 803-9914 E-mail: cwallace@polsinelli.com ADTALEM GLOBAL: Share Repurchase No Impact on Moody's 'Ba2' CFR --------------------------------------------------------------- Moody's Ratings said that Adtalem Global Education Inc's. (Adtalem) announcement that its board of directors authorized a new $750 million share repurchase program to be executed over the next 36 months is a negative credit development but does not have an immediate effect on the company's ratings, including the Ba2 corporate family rating or the stable outlook. The decision to adopt a significantly larger share repurchase program will reduce Adtalem's liquidity and limit its capacity for both planned organic and inorganic investments in the coming years. This reduction in available funds could potentially lead to increased debt levels in the future. Additionally, the program may indicate a shift toward a more aggressive financial policy, particularly if the pace of share repurchases accelerates. However, given the company's strong liquidity position and conservative credit metrics, its ratings remain unchanged at this time. Headquartered in Chicago, Illinois, Adtalem Global Education Inc. (NYSE: ATGE) is a provider of postsecondary education and professional talent to the healthcare industry. The company operates five for-profit educational institutions across the US and Caribbean. Moody's expects Adtalem to generate annual revenue of around $1.9 billion in the fiscal year ending June 30, 2026. AGRACITY GROUP: Saskatchewan Court OKs CCAA SISP for All Assets --------------------------------------------------------------- The Court of King's Bench for Saskatchewan on December 11, 2025, granted an order that, among other things, extended the protection under the Companies' Creditors Arrangement Act (Canada) to AgraCity Crop & Nutrition Ltd., MPower Logistics Ltd., NewAgco Inc., CarbonTerra Ltd., Agronomax Farm Management Solutions Inc., 14492676 Canada Inc., Viking Crop Production Partners Inc., 101114752 Saskatchewan Ltd., 101072497 Saskatchewan Ltd., Catalyst Technologies Ltd., 101187148 Saskatchewan Ltd., FNA AgraCity Holdings Ltd., Genesis Grain & Fertilizer GP Inc. and Genesis Operating GP Inc., Genesis Grain & Fertilizer Limited Partnership and Genesis G&F Operating LP. Ernst & Young Inc. has been appointed Monitor in the CCAA Proceedings. AgraCity Group is a Canadian agricultural solutions provider comprised of a number of vertically integrated companies operating out of Saskatchewan and Alberta and serving customers across Canada. AgraCity Group develops proprietary intellectual property and secures crop protection and biological registrations with the Health Canada Pest Management Regulatory Agency and the Canadian Food Inspection Agency. The Companies manufacture to specification, package and distribute Crop Protection Products (herbicides, insecticides, fungicides, desiccants, etc.), specialty fertilizers and other crop inputs directly to Canadian farmer customers. AgraCity Crop & Nutrition Ltd. procures, packages and sells the Products directly to Canadian farmers, while Viking Crop Protection Partners Inc. represents the wholesale arm of the business. The intellectual property related to the Products registered and maintained by the Companies collectively include over 200 product registrations held pursuant to the Pest Control Products Act (Canada) in NewAgco Inc. and Viking. NewAgco further holds over 70 registered trademarks pursuant to the Trademarks Act (Canada). Genesis Grain & Fertilizer GP Inc. is the general partner of Genesis Grain & Fertilizer Limited Partnership and Genesis Operating GP Inc. is the general partner of Genesis G&F Operating LP. The Genesis Entities operate a fertilizer distribution centre in Belle Plaine, Saskatchewan and have been in operation since October 2022. In addition to loading fertilizer for farmers, the Genesis Entities process and blend AgraCity's proprietary fertilizer products within the Belle Plaine Supercentre. The Companies maintain strong vertical integration, spanning from intellectual property through to the end customer. This includes ownership of the product registrations, contract manufacturing, in-house logistics, packaging, sales and marketing, and direct delivery to end customers -- enabling margin capture across all stages of the supply and retail segments. On December 11, 2025, the Court granted an order approving a sales and investment solicitation process for the solicitation of interest for a sale or investment in all or any part of the assets, property, shares, business and undertakings of the Companies. Pursuant to the SISP Approval Order, Ernst & Young Orenda Corporate Finance Inc. was engaged to act as the sales advisor for the SISP. The SISP is a two-phased process, with an auction to follow for Qualified Bidders (as defined in the SISP) with Key Milestones as follows: KEY MILESTONE DATE: -- Commencement of the SISP By no later than December 15, 2025 -- Phase 1 bid deadline January 30, 2026 (12:00 p.m. CST -- Phase 2 bid deadline February 16, 2026 (12:00 p.m. CST) -- Date of the auction, if any February 20, 2026 Hearing for approval of transactions March 2, 2026 As part of the SISP, the Companies entered into a Court-approved subscription agreement with United Farmers of Alberta Co-operative Limited, in the amount of CAD$20.0 million, allocating CAD$8.0 million towards to the Belle Plaine Supercentre. Only a Superior Offer (as defined in the SISP) will be considered a Qualified Bidder for the auction. Copies of documents filed in the CCAA proceedings and the SISP may be obtained from the Monitor's website as www.ey.com/ca/AgraCity ALLEN & SONS: Craig Geno Named Subchapter V Trustee --------------------------------------------------- The Acting U.S. Trustee for Region 8 appointed Craig Geno, Esq., at the Law Offices of Craig M. Geno, PLLC, as Subchapter V trustee for Allen & Sons Trucking Inc. Mr. Geno will be paid an hourly fee of $250 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Geno declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Craig M. Geno, Esq. Law Offices of Craig M. Geno, PLLC 587 Highland Colony Parkway Ridgeland, MS 39157 Telephone: (601) 427-0048 Facsimile: (601) 427-0050 Email: cmgeno@cmgenolaw.com About Allen & Sons Trucking Inc. Allen & Sons Trucking Inc. is a logistics and freight provider that specializes in on-time deliveries, well-maintained vehicles, and personalized customer service, earning a trusted reputation among its clients. Allen & Sons Trucking Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-26293) on December 4, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jennie D. Latta handles the case. The Debtor is represented by Toni Campbell Parker, Esq. of Law Office of Toni Campbell Parker. AMERICA'S GARDENING: To Sell Gardening Assets to Peerless Clothing ------------------------------------------------------------------ America's Gardening Resource, Inc. and its affiliates, seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors began to market their remaining assets that are comprised of certain racking and equipment at the Debtor's warehouse and aged inventory or inventory with damaged packaging. Aurora Management Partners, Inc. (AMP) conducted a post-petition marketing process, including contacting, through their database and industry connections, (i) a number of liquidators that are active in the bankruptcy market, (ii) local companies in gardening industry, and (iii) companies that require warehouse space in Vermont. As a result, AMP entered into negotiations with Peerless Clothing International, Inc., which operates a clothing warehouse across from the Debtors' warehouse location in Vermont. The Debtors consulted with their professionals on the offer, and after extensive arm's-length negotiations, entered into an asset purchase agreement with the Purchaser. The Purchase Agreement contemplates the sale to the Purchaser of certain of the Debtors' remaining assets, free and clear of liens, for a Purchase Price of $600,000.00. The Debtors pursued post-petition bids for the assets, but only Purchaser produced an offer that would result in an identifiable benefit to the Debtors estates. However, should a better offer for the Purchased Assets be submitted, the Debtors will consider all higher and better offers to ensure an arm's length, good faith sale process. As a result, a private sale of the Purchased Assets is a reasonable exercise of the Debtors' business judgment and is in the best interests of all of the Debtors' stakeholders. The Debtors also submit that it is appropriate to sell the Debtors' assets free and clear of successor liability relating to the Debtors' businesses. About America's Gardening Resource America's Gardening Resource, Inc. and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11180) on June 20, 2025, listing up to $10 million in assets and up to $50 million in liabilities. The case is jointly administered in Case No. 25-11180. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Robert K. Malone, Esq., at Gibbons PC as counsel, and Dundon Advisers LLC as financial advisor. AMERICAN TRASH: Court OKs Deal to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, San Francisco Division, approved a second stipulation authorizing American Trash Management, Inc. to use cash collateral through the next hearing scheduled for February 19, 2026. Under the stipulation, American Trash Management and secured creditor Fremont Bank agreed to increase the monthly "adequate protection payment to $7,500 and maintain that amount until the next hearing. Moreover, Fremont Bank is allowed to file UCC-1 liens in Oregon and Florida where the Debtor has inventory. The court previously granted the Debtor interim authority through two separate orders issued after hearings held on September 23 and October 3. Those interim orders ensured the Debtor could maintain operations while negotiations and review continued. Fremont Bank is represented by: Chris D. Kuhner, Esq. Kornfield, Nyberg, Bendes, Kuhner & Little, PC 1970 Broadway, Suite 600 Oakland, CA 94612 Telephone: 510-763-1000 Facsimile: 510-273-8669 c.kuhner@kornfieldlaw.com About American Trash Management Inc. American Trash Management, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30743) on September 15, 2025. In the petition signed by Scott Brown, chief executive officer, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Hannah L. Blumenstiel oversees the case. Stephen Finestone, Esq., at Finestone Hayes, LLP, represents the Debtor as legal counsel. AMPLE INC: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Two affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Ample, Inc. (Lead Case) 25-90817 100 Hooper Street Suite 25 San Francisco CA 94107 Ample Texas EV, LLC 25-90816 6711 Stella Link Road Unit 402 Houston TX 77005 Business Description: Ample, Inc., based in the San Francisco Bay Area and founded in 2014, develops modular battery swapping solutions for electric vehicles, including autonomous swapping stations, battery modules, and vehicle integration software that enable rapid battery replacement with minimal vehicle modification. The Company's technology supports multiple EV models and has been deployed in pilot programs in Spain and Japan and partnerships with firms such as Uber, Mitsubishi, and Stellantis. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Southern District of Texas Judge: Hon. Christopher M Lopez Debtors' General Bankruptcy Counsel: Hugh M. Ray, III, Esq. Joshua Stenhjem, Esq. PILLSBURY WINTHROP SHAW PITTMAN LLP 609 Main Street, Suite 2000 Houston, TX 77002 Tel: 713-276-7600 Fax: 713-276-7634 Email: hugh.ray@pillsburylaw.com joshua.stenhjem@pillsburylaw.com AND Andrew V. Alfano, Esq. 31 West 52nd Street New York, NY 10019-6131 Tel: 212-858-1000 Fax: 212-858-1500 Email: andrew.alfano@pillsburylaw.com Debtors' Investment Banker & Financial Advisor: GORDIAN GROUP, LLC Debtors' Claims, Noticing & Solicitation Agent: KURTZMAN CARSON CONSULTANTS, LLC DBA VERITA GLOBAL Lead Debtor's Estimated Assets: $10 million to $50 million Lead Debtor's Estimated Liabilities: $50 million to $100 million The petitions were signed by John D. Baumgartner as chief restructuring officer. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/LOMIEOI/Ample_Inc__txsbke-25-90817__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/LG4H4YI/Ample_Texas_EV_LLC__txsbke-25-90816__0001.0.pdf?mcid=tGE4TAMA Consoldiated List of Debtors' 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Repsol Energy Ventures, S.A. Convertible Note $1,500,000 Mendex Alvaro 44, 28042 Madrid, Spain 2. Qingdao Huarui Hardware Trade Payable $1,462,730 Products Co., Ltd. Da Xin Zhen Nan Wang Jia Zhuang Cun Jimo District Qingdao, Sandong, China 3. Mactech Corporation Trade Payable $1,031,936 Attn: Wenpin Kuo No 89 Lane 36, Sec 2 Tanxing Rd Tanzi District Taichung City 427 Taiwan 4. MKB Partners Fund II, Convertible Note $984,133 Limited Partnership 1 Place Ville Marie Suite 3670 Montreal, QC, H3B 3P2 Canada 5. Total Quality Logistics LLC Trade Payable $895,378 4288 Ive Pointe Blvd Cincinnati, OH 45245 6. Stellantis Europe S.p.A Contract Liability $812,253 Corso Giovanni Agnelli 200 Torino, 10135 Italy 7. EEI Fund 4 Investment Convertible Note $799,999 Limited Partnership 5-11-1-201 Higashigotanda Togyo, Shinagawa, 141-0022 Japan 8. Transform Ample, LP Convertible Note $786,000 708 Long Bridge Street #1310 San Francisco, CA 94158 9. ALM Holding Convertible Note $700,000 PO Box 334223 Dubai, Unied Arab Emirates 10. KR 100 Hooper LLC Real Estate $316,759 Kilroy Realty Corporation Lease 12200 W Olumpic Blvd Ste 200 Los Angeles, CA 90064 11. New Ground Ventures II, LP Convertible Note $300,000 855 El Camino Real Ste 13A-348 Palo Alto, CA 94301 12. The Boston Consulting Trade Payable $300,000 Group, Inc. Two Embarcadero Center Ste 2400 San Francisco, CA 94111 13. Avalon Technologies Limited Trade Payable $289,924 475 Horizon Drive Suwanee, GA 30024 14. Varsavsky Axel Spring GMBH Convertible Note $249,999 Avenida de Europa 4 Planta 1, Madrid, Spain 15. Kraus Investment Partners Convertible Note $200,000 720 Park Avenue New York, NY 10021 16. Inversions Cielo Alto Corp Convertible Note $200,000 Isidora Goyenechea 2939 p15 Santiago, Chile 17. Inversions El Monasterio Corp Convertible Note $200,000 Isidora Goyenechea 2939 p15 Santiago, Chile 18. Tamarack Global Convertible Note $199,998 Opportunities I LP 30 Beechcroft Road Greenwich, CT 06830 19. Marches Light Alloy Trade Payable $179,598 45713 Zacoalco de Torres Jalisco, Mexico 20. WARN Act Tort Claimants Litigation Undetermined Schneider Wallace Cotrell Kim LLP 2000 Powell Street, Ste 1400 Emeryville, CA 94608 Jeremy Pasternak, Esq. 100 Bush St, Ste 1580 San Francisco, CA 94104 AMPLE INC: Seeks Chapter 11 Bankruptcy w/ Sale Plans ---------------------------------------------------- Clara Geoghegan of Law360 reports that electric vehicle battery-swapping startup Ample Inc. has entered Chapter 11 in Texas, saying it was unable to secure the financing needed to bring its technology to commercial scale. The company said the funding shortfall forced it to pursue a sale of its business through bankruptcy. Court filings show Ample intends to market its assets in Chapter 11 while winding down certain operations. The company said the bankruptcy will allow it to maximize value after efforts to raise new capital fell short. About Ample Inc. Ample Inc. is an electric vehicle technology firm specializing in battery-swapping platforms and infrastructure. The company develops modular systems that allow EVs to replace batteries quickly, supporting continuous operation without lengthy charging intervals. Ample Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90817) on December 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Hugh Massey Ray, III, Esq. of Pillsbury Winthrop Shaw Pittman LLP. ANDERSON BIO: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Anderson Bio Group, LLC 5201 SW Westgate Drive Suite 111 Portland, OR 97221 Business Description: Anderson Bio Group, LLC operates a biomass- to-steam combined heat and power facility that generates electricity and thermal energy through the combustion of biomass. The Company is expanding the plant's clean energy capabilities by integrating concentrating solar thermal power and thermal energy storage systems to increase output and enable continuous electricity generation. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-34166 Judge: Hon. David W Hercher Debtor's Counsel: Nicholas J. Henderson, Esq. ELEVATE LAW GROUP 6000 SW Meadows Road Suite 450 Lake Oswego, OR 97035 Tel: (503) 417-0500 Fax: (503) 417-0501 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Christopher James as authorized representative. The Debtor's petition indicates there are no unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/K5IRMIY/Anderson_Bio_Group_LLC__orbke-25-34166__0001.0.pdf?mcid=tGE4TAMA APERTOR PHARMACEUTICALS: Case Summary & 20 Top Unsecured Creditors ------------------------------------------------------------------ Four affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Apertor Pharmaceuticals, Inc. 25-12201 651 Gateway Blvd, Suite 1600 South San Francisco, CA 94080 Initial Therapeutics, Inc. 25-12202 651 Gateway Blvd, Suite 1600 South San Francisco, CA 94080 Marlinspike Therapeutics, Inc. 25-12203 245 Main Street, 12th Floor Cambridge, MA 02142 Red Queen Therapeutics, Inc. 25-12204 245 Main Street 12th Floor Cambridge MA 02142 The Debtors are requesting joint administration of their Chapter 11 cases under the lead case of Apple Tree Life Sciences, Inc., filed on December 9, 2025, in the U.S. Bankruptcy Court for the District of Delaware (Case No. 25-12177). Business Description: Apertor Pharmaceuticals, Inc. is a biotechnology company based in South San Francisco, California, developing engineered small-molecule drugs to selectively disrupt disease-causing protein interactions in oncology. The Company is advancing preclinical programs targeting critical cancer pathways and building a pipeline of additional therapeutic candidates. Initial Therapeutics, Inc. is a biotechnology company based in South San Francisco, California, developing small -molecule therapeutics that prevent formation of disease-causing proteins using its proprietary STOPS (Selective Termination of Protein Synthesis) platform. Founded in 2020, the Company focuses on targeting pathogenic proteins during translation inside the ribosome to address conditions difficult to treat with conventional drugs. Red Queen Therapeutics, Inc. is a clinical- stage biotechnology company developing antiviral therapeutics against influenzas, coronaviruses, and emerging pathogens. Its pipeline uses a stapled lipopeptide platform designed to block virus-cell fusion and inhibit viral entry. The Company is focused on therapies that act across multiple viral families and core viral mechanisms. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Laurie Selber Silverstein Debtors' General Bankruptcy Co-Counsel: L. Katherine Good, Esq. POTTER ANDERSON & CORROON LLP 1313 North Market Street 6th Floor Wilmington, DE 19801 Tel: 302-984-6000 Email: kgood@potteranderson.com AND QUINN EMANUEL URQUHART & SULLIVAN LLP AND MURPHY & KING, PROFESSIONAL CORPORATION Debtors' Restructuring Advisor: B. RILEY Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $1 million to $10 million Apertor Pharmaceuticals, Inc., Initial Therapeutics, Inc., Marlinspike Therapeutics, Inc., and Red Queen Therapeutics, Inc. filed their petitions signed respectively by CEO Edmund Graziani, President Spiros Liras, Director Paul Da Silva Jardine, and CEO Mark Mitchnick. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/IBCI2AQ/Apertor_Pharmaceuticals_Inc__debke-25-12201__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IO6ECRY/Initial_Therapeutics_Inc__debke-25-12202__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/IJHPENI/Marlinspike_Therapeutics_Inc__debke-25-12203__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/QMMAGWA/Red_Queen_Therapeutics_Inc__debke-25-12204__0001.0.pdf?mcid=tGE4TAMA A. List of Apertor Pharmaceuticals, Inc.'s 20 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. 1640 South Loop Office Space $467,573 Road LLC c/o Paceline Investors LLC 242 California St San Francisco, CA 94111 Email: ari.rokeach@nmrk.com 2. Alameda County Taxes $28,059 Tax Collector 1221 Oak St Rm 131 Attn: Henry C. Levy Oakland, CA 94612 Email: henry.levy@acgov.org 3. Benchling, Inc. IT Software $15,000 680 Folsom Street San Francisco, CA 94107 Email: ar@benchling.com 4. BioDuro, LLC Professional $9,850 11011 Torreyana Road Services Suite 100 San Diego, CA 92121 Email: billing@bioduro.com 5. BioProcure, Inc. Professional $32,275 660 Main St Services Woburn, MA 01801 Email: accounting@bioprocure.com 6. Browne Consulting Group Professional $39,263 1 Broadway Fl 14 Services Cambridge, MA 02142 Email: accounting@browneconsultinggroup.com 7. Cell Signaling R&D Supplies $19,647 Technology, Inc. 3 Trask Lane Danvers, MA 01923 Email: accountsreceivable@cellsignal.com 8. Clarke Consulting, Inc. Professional $12,375 8605 Santa Monica Services Boulevard #19613 Los Angeles, CA 90024 Email: sales@clarkeconsulting.com 9. CSC Leasing Company Equipment Rental $41,560 6802 Paragon Place, Suite 350 Richmond, VA 23230 Email: tabbott@cscleasing.com 10. De Lage Landen Equipment Rental $59,876 Financial Services, Inc. 1111 Old Eagle School Rd Wayne, PA 19087 Email: cashapplication@leasedirect.com 11. Digital Insurance, LLC Professional $35,736 200 Galleria Pkwy Services Ste 1950 Atlanta, GA 30339 Email: dibilling@onedigital.com 12. Elsevier B.V. IT Software $10,017 AR & Collections P.O. Box 7247-8455 Philadelphia, PA 19170 Email: r.naudiyal@elsevier.com 13. IQ Proteomics, LLC Professional $13,240 39 Grant St Services #400 Framingham, MA 01702 Email: brian_erickson@iqpromteomics.com 14. Laboratory Equipment Company Equipment $18,392 2506 Technology Dr Hayward, CA 94545 Email: labequipco.accounting@escalon.services 15. Life Technologies R&D Supplies $13,817 Corporation 12088 Collections Center Dr. Chicago, IL 60693 Email: accountsreceivableus@invitrogen.com 16. Reaction Biology Corporation R&D Supplies $9,529 One Great Valley Parkway Suite 2 Malvern, PA 19355 Email: info@reactionbiology.com 17. Science Suite Inc. IT Software $13,739 dba BioRender 49 Spadina Ave Ste 200 Toronto, Canada M5V 2J1 Email: ar@biorender.com 18. University of North Professional $43,944 Carolina at Wilmingt Services 601 South College Road Wilmington, NC 28403 Email: billing@uncw.edu 19. Wilson Sonsini Professional $135,006 Goodrich & Rosati PC Services 650 Page Mill Road Palo Alto, CA 94304 Email: finance@wsgr.com 20. Zhejiang Huida Professional $80,400 Biotech Co.,LTD. Services Floor 3, building 94, No. 700 Shixiang Road Hangzhou, China Email: wendy@huidabiotech.com B. Initial Therapeutics, Inc.'s List of 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Airgas USA, LLC Lab Supplies $10,334 PO Box 102289 Pasadena, CA 91189 Email: wdiv.customer.invoice.questions@airgas.com 2. Armanino Advisory LLC Professional $12,415 2700 Camino Services Ramon, Suite 350 San Ramon, CA 94583 Email: paymentremittance@armanino.com 3. BDO USA LLP Professional $9,900 PO Box 642743 Services Pittsburgh, PA 15264 Email: arlockbox@bdo.com 4. CAS Chemical Software $35,703 Abstract Services, Inc. Licenses L-3000 Columbus, OH 43260 Email: casbilling@cas.org 5. Curia Global, Inc. Professional $9,196 26 Corporate Circle Services Albany, NY 12212 6. Diamond Age Data Professional $30,359 Science LLC Services 68 Harrison Ave #605 PMB 81082 Boston, MA 02111 Email: finance@diamondage.com 7. Fisher Scientific Lab Supplies $14,238 Company, LLC 13551 Collections Ctr Dr Chicago, IL 60693 Email: ar.ach@thermofisher.com 8. Forkable Supplies $14,528 5214F Diamond Hts Blvd #353 San Francisco, CA 94131 Email: payments@forkable.com 9. Formulatrix LLC Lab Supplies $19,199 5 Deangelo Drive Bedford, MA 01730 Email: patrick.howe@formulatrix.com 10. Life Technologies Corporation Lab Supplies $31,441 5781 Van Allen Way Carlsbad, CA 92008 Email: accountsreceivablesus@invitrogen.com 11. Mettler-Toledo Lab Supplies $19,026 Rainin, LLC PO Box 100802 Pasadena, CA 91189 Email: cs@rainin.com 12. NexusCW Inc Professional $46,265 4901 Morena Blvd, Services Suite 122 San Diego, CA 92117 Email: billing@nexuscw.com 13. Pegasus Purchaser, Professional $37,365 Inc. (BioProcure) Services 660 Main Street Woburn, MA 01801 Email: accounting@bioprocure.com 14. Pharmaron, Inc. Professional $160,991 PO Box 18326 Services Palatine, IL 60055 Email: billinginquiry@pharmaron.com 15. Promega Corporation Lab Supplies $38,068 2800 Woods Hollow Road Madison, WI 53711 Email: orders@promega.com 16. ProteinSimple Lab Supplies $11,169 Checking BIN #39 P.O. Box 1150 Minneapolis, MN 55480 Email: ar_usproteinplatformdiv@bio-techne.com 17. Stemcell Technologies Inc Professional $55,998 ATTN: LBX NO. 200590 Services 6425 South 216 Street Pittsburgh, PA 15251 Email: receivables@stemcell.com 18. Tecan U.S. Inc Lab Supplies $78,160 9401 Globe Center Drive, Suite 140 Morrisville, NC 27560 Email: arwires@tecan.com 19. VWR International, LLC Lab Supplies $11,950 Building One, STE 200, PO box 6660 100 Matsonford Rd Wayne, PA 19087 Email: eft_group@vwr.com 20. Wilson Sonsini Professional $32,905 Goodrich & Rosati, P.C. Services 650 Page Mill Road Palo Alto, CA 94304 Email: shhoang@wsgr.com APOGEE BREWING: Gets OK to Use Cash Collateral Until Feb. 2 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division granted Apogee Brewing, LLC authorization to use cash collateral to fund operations through February 2, 2026. The Debtor's use of cash collateral is subject to strict financial control and limitations. The Debtor must operate within the parameters of the budget and is permitted a variance in revenues and expenses of not more than 5% each month. As adequate protection, secured creditors including Stellar Bank, the U.S. Small Business Administration, Capital Certified Development Corp., and EADO Investments, LP will be granted replacement liens on the cash collateral. In addition, the secured creditors will continue to receive cash payments until confirmation of the Debtor's Chapter 11 plan of reorganization or until the occurrence of an event of default unless it is waived by the secured creditors. The Debtor's authority to use cash collateral will be terminated early if its Chapter 11 case is dismissed or converted to one under Chapter 7; the Debtor materially defaults on the order or deviates from the budget beyond the allowed variance without curing within seven business days; or the Debtor ceases business operations. If a default occurs, the secured creditors have the right to immediately revoke consent for cash collateral use and seek expedited relief from the automatic stay with 72 hours' notice of hearing. The interim order is available at https://is.gd/o3dOJA from PacerMonitor.com. About Apogee Brewing, LLC Apogee Brewing, LLC operates a craft brewery and taproom in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34497) on August 4, 2025. In the petition signed by Michael Duckworth, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eduardo V. Rodriguez oversees the case. Stacey Barnes, Esq., at Kearney, McWilliams & Davis, PLLC, represents the Debtor as legal counsel. APPLE TREE LIFE: Opposes Billionaire Backer’s Bid to Dismiss Ch. 11 --------------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that a Delaware bankruptcy judge has refused to fast-track a decision on a request to dismiss Apple Tree Life Sciences Inc.'s Chapter 11 case, rejecting calls for an expedited ruling. The dismissal bid was filed by the family trust of a Russian billionaire that has financed the biotech-focused investment firm for over a decade. During a hearing Monday, December 15, 2025, the judge indicated that the court would take additional time to consider the competing arguments. Apple Tree contends the bankruptcy was filed in good faith, while the trust claims the case was initiated solely to gain leverage in an ongoing dispute, the report states. 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. ARCANUM VENTURES: Seeks Chapter 11 Bankruptcy in Georgia -------------------------------------------------------- On December 10, 2025, Arcanum Ventures, 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 $1,000,000 in debt owed to between 1 and 49 creditors. About Arcanum Ventures, LLC Arcanum Ventures, LLC is a venture capital and private equity firm providing capital and mentorship to early-stage and expanding enterprises. The firm focuses on strategic partnerships, business development, and financial guidance to foster scalable growth. Arcanum Ventures, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64443) on December 10, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities in the same range. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtor is represented by Ceci Christy, Esq. of Rountree Leitman Klein & Geer, LLC. BAGBY INVESTMENT: Court Extends Cash Collateral Access to Feb. 5 ---------------------------------------------------------------- Bagby Investment Properties, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. At the recent hearing, the court extended the Debtor's authority to use cash collateral from December 4 to February 5, 2026. The Debtor was previously allowed to access cash collateral pursuant to the court's December 4 interim order. The interim order granted secured lenders post-petition replacement liens on the cash collateral, with the same validity, priority, and scope as their pre-bankruptcy liens. The Debtor has a pre-bankruptcy lender, the U.S. Small Business Administration, with a lien on its cash and receivables, and two secured mortgage lenders -- Synovus Bank and SN Servicing -- with liens on rent receivables through assignments of rents. The Debtor also has several service providers with whom it struggles to remain current as well as other unsecured debt it is unable to pay. The Debtor's primary business is operating two rental properties in St. Johns County, Florida, and it relies on rental income to fund operations. About Bagby Investment Properties LLC Bagby Investment Properties LLC owns and manages oceanfront vacation rental homes in South Ponte Vedra Beach, Florida. It operates within the real estate investment and hospitality management sector, focusing on property ownership and rental services along Florida's coastal market, offering short-term stays and event accommodations. Bagby Investment Properties filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03804) on October 21, 2025, listing total assets of $2,962,729 and total liabilities of $3,204,749. Jerrett McConnell, Esq., at McConnell Law Group, P.A., serves as Subchapter V trustee. Judge Jason A. Burgess oversees the case. The Debtor is represented by Thomas Adam, Esq., at Adam Law Group, PA. BAY STREET: Kathleen DiSanto Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Kathleen DiSanto, Esq., at Bush Ross, P.A., as Subchapter V trustee for Bay Street Capital LLC. Ms. DiSanto will be paid an hourly fee of $350 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. DiSanto declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kathleen L. DiSanto, Esq. Bush Ross, P.A. P.O. Box 3913 Tampa, FL 33601-3913 Phone: (813) 224-9255 Fax: (813) 223-9620 disanto.trustee@bushross.com About Bay Street Capital LLC Bay Street Capital LLC owns six residential properties in Florida with a total comparable sale value of $1.6 million, holding its real estate investments on a fee-simple basis. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09287) on December 10, 2025, with $1,550,750 in assets and $1,828,000 in liabilities. Josh Kantor, managing member, signed the petition. Samantha L Dammer, Esq. at BLEAKLEY BAVOL DENMAN & GRACE represents the Debtor as legal counsel. BEAN THERE: Gets Extension to Access Cash Collateral ---------------------------------------------------- Bean There Done That, LLC received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to use cash collateral. The court issued a fourth interim order authorizing the Debtor to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with Cadence Bank's approval, effective until further court order. The Debtor projects total operating disbursements of $71,346 for December. Cadence Bank and other creditors with a security interest in the cash collateral will have a perfected post-petition lien on the cash collateral. This lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. The Debtor was ordered to keep its property insured in accordance with its obligations under the loan and security agreements with Cadence Bank. The next hearing is scheduled for January 15, 2026. Cadence Bank, an SBA-backed lender, holds a blanket lien on the Debtor's assets and an estimated claim of approximately $1.47 million. The Debtor's assets consist of cash on hand, equipment and inventory. About Bean There Done That LLC Bean There Done That, LLC operates a drive-thru coffee shop offering specialty beverages and breakfast items. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04265) on June 24, 2025. In the petition signed by Igor D. Bley, manager, the Debtor disclosed $143,453 in total assets and $1,504,704 in total liabilities. Judge Catherine Peek McEwen oversees the case. Jake C. Blanchard, Esq., at Blanchard Law, P.A., represents the Debtor as bankruptcy counsel. BLANKS BROTHERS: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------ On December 8, 2025, Blanks Brothers Logistics, 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 $1,000,000 in debt owed to 1-49 creditors. About Blanks Brothers Logistics, LLC Blanks Brothers Logistics, LLC is a logistics service provider that delivers freight management, distribution, and transportation solutions across regional and national networks. Blanks Brothers Logistics, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64314) on December 8, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. The debtor is represented by William A. Rountree, Esq., Rountree Leitman Klein & Geer, LLC. BP RETAIL: Plan Exclusivity Period Extended to April 21, 2026 ------------------------------------------------------------- Judge Randal S. Mashburn of the U.S. Bankruptcy Court for the Middle District of Tennessee extended BP Retail Partners Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 21, 2026 and June 19, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have begun discussions with key stakeholders regarding potential restructuring paths and are evaluating plan alternatives in light of claims asserted and lease obligations. Although significant work remains, the Debtors are proceeding in good faith and within the ordinary timeframe for a case of this scope and complexity. The Debtors claim that an extension of the Exclusivity Periods will allow them to continue evaluating their business footprint, advance plan discussions with creditor constituencies, and pursue a value-maximizing restructuring without the disruption, expense, and potential creditor misalignment that competing plans would create at this stage. The Debtors assert that the requested extensions are their first and comply with the statutory caps of 18 months (plan filing) and 20 months (solicitation) under Section 1121(d)(2) of the Bankruptcy Code. Counsel for the Debtors: Robert J. Gonzales, Esq. Hannah L. Berny, Esq. EMERGELAW, PLLC 4235 Hillsboro Pike, Suite 350 Nashville, TN 37215 Tel: (615) 815-1535 Email: robert@emerge.law hannah@emerge.law About BP Retail Partners Inc. BP Retail Partners, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Tenn. Case No. 25-03476) on August 21, 2025, listing up to $10 million in both assets and liabilities. Corey E. Robinson, president of BP Retail Partners, signed the petition. Judge Randal S. Mashburn oversees the case. Robert J. Gonzales, Esq., at EmergeLaw, PLC, represents the Debtor as bankruptcy counsel. BRENMARK INC: Gets Final OK to Use Cash Collateral -------------------------------------------------- Brenmark, Inc. and Taylors Fine Furniture & Mattress, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The court authorized the Debtors to use the pre-petition lender's cash collateral strictly in accordance with the approved budget, subject to a 5% variance. The Debtor projects total operational expenses of $330,136 for December; $320,167 for January; $328,891 for February; and $345,841 for March 2026. The U.S. Small Business Administration's cash collateral consists of cash, cash equivalents and the proceeds of all collateral pledged to the lender. As adequate protection, the SBA will be granted automatically perfected replacement liens on the Debtors' property that is similar to its pre-bankruptcy collateral. These replacement liens will have the same validity, priority and extent as the lender's pre-bankruptcy liens. The SBA is also entitled to an administrative claim under Section 507(b) of the Bankruptcy Court. Additionally, the Debtor has to make monthly adequate protection payments of $5,000 beginning this month. The final order is available at https://shorturl.at/9AGaA from PacerMonitor.com. The Debtors' main secured debt totals about $455,000 under two SBA loans, with additional unsecured debts from leases, vendors, and litigation. The Debtors filed for Chapter 11 bankruptcy on November 9 to continue operating their business while reorganizing. The Debtors, operating as Landmark Furniture and Mattresses for Less, have served the Houston area since 1997. Financial distress stemmed from management changes due to illness, sales tax liabilities from a 2017 audit, and a 2024 workplace injury judgment affirmed on appeal in 2025. About Brenmark Inc. Brenmark, Inc., operating as Landmark Furniture and Mattresses for Less, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-36766) on November 9, 2025. In the petition signed by Brad Taylor, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jeffrey P. Norman oversees the case. David Curry, Esq., at Okin Adams Bartlett Curry LLP, represents the Debtor as legal counsel. BUILT USA: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------- On December 16, 2025, Built USA, 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 $0 and $100,000 in debt owed to 1 to 49 creditors. About Built USA, LLC Built USA, LLC is a U.S.-based construction services company organized as a limited liability company. Its operations are centered on delivering construction and development services, including coordination and execution of building projects across various property types. Built USA, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-09453) on December 16, 2025. In its petition, the debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $0 to $100,000. Honorable Bankruptcy Judge Caryl E. Delano handles the case. The debtor is represented by Buddy D. Ford, Esq. of Ford & Semach, P.A. BULLIVANT HOUSER: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Bullivant Houser Bailey, PC 101 Montgomery Street Suite 2600 San Francisco, CA 94104 Business Description: Bullivant Houser Bailey PC was a regional multi-service law firm based in the Pacific Northwest and West Coast, historically providing legal representation with offices in Seattle, Washington; Portland, Oregon; and San Francisco, California. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-31017 Judge: Hon. Dennis Montali Debtor's Counsel: Kevin W. Coleman, Esq. NUTI HART LLP 6232 LaSalle Avenue, Suite D Oakland CA 94611 Tel: 510-506-7154 Email: kcoleman@nutihart.com Debtor's Claims & Notice Agent: DONLIN RECANO & COMPANY Debtor's Financial Advisor: DEVELOPMENT SPECIALISTS, INC. Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Ronald L. Richman as chief dissolution officer. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XIOGY5I/Bullivant_Houser_Bailey_PC__canbke-25-31017__0001.1.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XNMUZFQ/Bullivant_Houser_Bailey_PC__canbke-25-31017__0001.0.pdf?mcid=tGE4TAMA CAR TOYS: Plan Exclusivity Period Extended to January 15, 2026 -------------------------------------------------------------- Judge Timothy Dore of the U.S. Bankruptcy Court for the Western District of Washington extended Car Toys, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 15, 2026 and March 18, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that cause exists to justify an extension of the exclusive periods because: * This is the first extension requested by the Debtor; * It is a complicated case that will need extensive review of creditor claims and financial documentation; * The case has only been pending since August 18, 2025. * The Debtor only recently finished closing the asset deals and began collecting payment from the purchasers of the assets; * The Debtor is not seeking an extension of exclusivity to pressure creditors; and * The Debtor is not depriving the Creditors' Committee of material or relevant information. Car Toys, Inc. is represented by: CAIRNCROSS & HEMPELMANN, P.S. Steven M. Palmer, Esq. Bruce W. Leaverton, Esq. Maria Y. Hodgins, Esq. Ryan R. Cole, Esq. Seattle, WA 98104-2323 Telephone: (206) 587-0700 Facsimile: (206) 587-2308 E-mail: spalmer@cairncross.com E-mail: bleaverton@cairncross.com E-mail: mhodgins@cairncross.com E-mail: rcole@cairncross.com About Car Toys Inc. Car Toys, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12288-TWD) on August 18, 2025. In the petition signed by Philip Kaestle, chief restructuring officer, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Timothy W. Dore oversees the case. Steven M. Palmer, Esq., at Cairncross & Hempelmann, P.S., is the Debtor's legal counsel. Daniel Brettler, as senior secured lender and DIP lender, is represented by: Nathan T. Riordan, Esq. Wenokur Riordan PLLC 600 Stewart Street Seattle, WA 98101 Telephone: (206) 903-0401 Facsimile: (206) 209-4141 E-mail: nate@wrlawgroup.com - and - Alan J. Wenokur, Esq. Wenokur Riordan PLLC Telephone: (206) 682-6224 Facsimile: (206) 826-9009 E-mail: alan@wrlawgroup.com CENTRAL JUNCTION: Seeks to Sell Memphis Property at Auction ----------------------------------------------------------- Central Junction LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee, Western Division, to sell Property at public auction, free and clear of liens, claims, interests, and encumbrances. The Property is consists of a vacant commercial real estate parcel located at 300 Glenn Rogers Sr. Drive, Memphis, TN 38111. The Property is encumbered by various liens, claims, and encumbrances. The Property was appraised by Woodyard Realty Corporation in March 2025, with an estimated fair market value of $26,500. The Debtor seeks to sell the Property because it is not generating income in a manner sufficient to support the bankruptcy estate. The monthly carrying costs for maintaining the Property are approximately $50,000, which includes property taxes, insurance, utilities, security, and maintenance expenses. The Debtor believes that the proposed sale of the Property through a public auction will maximize the value of the Property for the benefit of the estate and its creditors. The Debtor proposes to sell the Property at a public auction conducted by John Roebuck Auctions, a licensed real estate broker and auctioneer with offices located at 5118 Park Avenue #209, Memphis, TN 38117, license number #5896. The minimum bid or reserve price shall be set at no less than 90% of the appraised fair market value of the Property as determined by the Appraisal. The Auction shall be conducted within 30 days after entry of an order approving the Motion. The Debtor seeks to employ John Roebuch Auctions as auctioneer to market and sell the Property at public auction. About Central Junction, LLC Central Junction, LLC is classified as a single-asset real estate debtor under Section 101(51) of the U.S. Bankruptcy Code. Central Junction, LLC in Memphis TN, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. W.D. Tenn. Case No. 25-25292) on Oct. 15, 2025, listing as much as $1 million to $10 million in both assets and liabilities. Marion Threatt as member, signed the petition. Judge Denise E Barnett oversees the case. MARCUS D. WARD, PLLC serve as the Debtor's legal counsel. CERTIFY EXPRESS: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------ On December 6, 2025, Certify Express Shipping, 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 $1,000,000 in debt owed to between one and 49 creditors. About Certify Express Shipping, LLC Certify Express Shipping, LLC is a logistics service provider that offers express delivery and shipping solutions in the United States. Certify Express Shipping, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64264) on December 6, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Jeffery W. Cavender handles the case. The debtor is represented by John J. McManus, Esq. of John J. McManus & Associates, P.C. CHINOS INTERMEDIATE 2: Moody's Lowers CFR to Caa1, Outlook Stable ----------------------------------------------------------------- Moody's Ratings downgraded Chinos Intermediate 2 LLC's (dba J.Crew) corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, and its senior secured first lien term loan B rating to Caa2 from B3. The outlook is maintained at stable. The downgrades reflect the company's sustained underperformance to Moody's earnings expectations as J. Crew contends with a challenged consumer, a highly competitive and promotional environment for discretionary product as well as elevated costs from higher tariffs. Moody's projects debt/EBITDA and EBITA/Interest to be about 4.8x and 0.5x by fiscal year-end 2025 (deteriorating materially from 3.2x and 1.3x at fiscal year-end 2024) and for credit metrics to remain weak for the next 12-18 months. Additionally, the company's capital-intensive store growth strategy during a difficult operating environment has led to negative free cash flow generation and higher asset-based-lending (ABL) balances, reducing its financial flexibility. RATINGS RATIONALE Chinos Intermediate 2 LLC 's Caa1 CFR reflects the company's relatively small scale, high fashion risk and the discretionary and highly competitive nature of the apparel retail sector. The company's credit metrics have weakened with EBITA to interest expected to remain below 1.0x as profitability remains pressured. In addition, the ratings are constrained by governance considerations, including ownership by its former lenders, which increases the risk of aggressive financial strategy actions. The company has also been contending with the turnaround of the J.Crew full-price business, stabilization of the Madewell brand, a challenged consumer and most recently, the imposition of tariffs. At the same time, the rating is supported by J.Crew and Madewell's solid brand name, adequate liquidity and the benefits of the lack of near-term debt maturities. The stable outlook reflects Moody's expectations that the company will maintain at least adequate liquidity as operations improve over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded following a sustained period of solid operating performance in both the Madewell and J.Crew businesses and a transparent and strong commitment to conservative financial policies. An upgrade would also require the maintenance of at least adequate liquidity including consistent positive free cash flow generation. Quantitatively, ratings could be upgraded if Debt/EBITDA is expected to remain below 5.0x and if EBITA/Interest is sustained above 1.0x. The ratings could be downgraded if liquidity deteriorates for any reason or if recovery prospects worsen. The ratings could also be downgraded should the probability of default increase for any reason including the inability to stem EBITDA declines. Chinos Intermediate 2 LLC (dba J.Crew) is a retailer of women's, men's and children's apparel, shoes and accessories under the J.Crew and Madewell brands. For the last twelve months ended November 1, 2025, the company generated revenue of approximately $2.74 billion through its stores, websites and retail partners. The company is majority owned by Anchorage Capital Group, L.L.C. following its 2020 bankruptcy emergence. The principal methodology used in these ratings was Retail and Apparel published in September 2025. Chinos Intermediate 2 LLC's Caa1 CFR is set two notches below its scorecard-indicated outcome of B2 which reflects the company's significant operating performance deterioration and business volatility which have eroded credit metrics. CHURCH OF THE IMMACULATE: Klestadt Lawyers Lead Church's Chapter 11 ------------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that the Church of the Immaculate Heart of Mary has turned to a team of attorneys from Klestadt Winters Jureller Southard & Stevens LLP to represent it in its Chapter 11 bankruptcy case, which was filed amid ongoing litigation over nine child sex abuse claims. The parish said the bankruptcy is intended to pause the lawsuits while it works through the restructuring process. According to court filings, the Chapter 11 case is aimed at centralizing the claims and addressing potential liability in a single forum. The church has asked the bankruptcy court to enforce the automatic stay to halt the abuse-related litigation during the proceedings. About the Church of the Immaculate Heart of Mary Church of the Immaculate Heart of Mary is a Roman Catholic parish based in Scarsdale, New York. Church of the Immaculate Heart of Mary sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-23180) on December 8, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Lauren Catherine Kiss, Esq. and Sean C. Southard, Esq. of Klestadt Winters Jureller. CLYDE, TX: S&P Affirms 'B-' Rating on 2023AB GO Bonds, Outlook Neg ------------------------------------------------------------------ S&P Global Ratings affirmed its 'B-' underlying rating (SPUR) on the City of Clyde, Texas' series 2023A and 2023B general obligation (GO) refunding bonds and series 2010 and 2023 combination tax and surplus revenue certificates of obligation. The outlook remains negative. Climate data suggests Callahan County has slightly higher exposure to drought and extreme heat than the state and U.S. counties nationally. The ongoing drought conditions that accelerated asset failures, led to unplanned recovery costs, and resulted in insufficient water sales revenue to pay debt service are, in part, a consideration in our rating. S&P said, "Furthermore, we believe that management's reliance on the water enterprise to provide general fund operating resources for debt service payments in lieu of raising the property tax levy and utility fees are illustrative of insufficient risk management. Nevertheless, we view social factors as neutral in our analysis. "The negative outlook reflects a one-in-three chance that we could lower the rating during the two-year outlook period. "We could lower the rating if the city fails to make additional debt obligation payments, liquidity weakens further, or it demonstrates an inability to effectively plan and pay for necessary utility or other infrastructure projects. "We could revise the outlook to stable if liquidity and budget oversight improves with progress toward returning the operating budget to structural balance, including capital needs." COMPANION CARE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Eastern District of Pennsylvania granted Companion Care Partners, LLC interim authority to use cash collateral to fund its post-petition operations. The court authorized the Debtor to use cash collateral according to its budget. The Debtor may exceed budgeted disbursements by up to 10% without further court approval. The Debtor projects weekly total operational expenses of $14,625.00. As protection, secured creditors will be granted replacement liens on post-petition assets to the extent their pre-bankruptcy collateral diminishes in value due to the stay or use of such collateral. The Debtor may continue making regular monthly loan payments to secured creditors. The final hearing is scheduled for January 6, 2026. The interim order is available at https://is.gd/uGjidi from PacerMonitor.com. Companion Care Partners, a provider of in-home care services to elderly and disabled individuals, was severely impacted by a cyberattack on Change Healthcare in early 2024. The attack caused long-term disruptions in payment processing, stretching the Debtor's usual billing cycle and leading to cash flow issues. The Debtor had to rely on personal funds and high-interest financing to continue operations. As of the bankruptcy filing, the Debtor carries $1.15 million in total debt, with $71,410 as secured debt. The Debtor has identified the U.S. Small Business Administration as the creditor with security interest in the cash collateral. About Companion Care Partners Companion Care Partners, LLC provides in-home care services for elderly and disabled individuals and has operated since 2014. The Debtor filed a Chapter 11 petition (Bankr. E.D. Pa. Case No. 25-11859) on May 9, 2025, listing under $1 million in both assets and liabilities. Judge Derek J. Baker oversees the case. Demetrius J. Parrish Jr., Esq., is the Debtor's legal counsel. CRYSTAL HOSPITALITY: Seeks Chapter 11 Bankruptcy in Georgia ----------------------------------------------------------- On December 11, 2025, Crystal Hospitality LLC filed for Chapter 11 protection in the Northern District of Georgia. According to court filings, the Debtor reports between $0 and $100,000 in assets and $1 million to $10 million in liabilities owed to 1-49 creditors. About Crystal Hospitality LLC Crystal Hospitality LLC specializes in the management and ownership of hotels and other hospitality properties nationwide. The company provides comprehensive services, including operational management, property maintenance, and guest relations, with a strong emphasis on quality and customer satisfaction. Crystal Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64498) on December 11, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1MM-$10MM. Honorable Bankruptcy Judge James R. Sacca handles the case. The Debtor is represented by Michael D. Robl, Esq. of Robl Law Group LLC. DAIRY BUILDING: Case Summary & Four Unsecured Creditors ------------------------------------------------------- Debtor: Dairy Building, LLC 2715 SE 8th Ave Portland, OR 97202 Business Description: Dairy Building, LLC owns a commercial building in Portland, Oregon, and holds a leasehold interest in the property under a ground lease. The property has been valued at approximately $2 million based on a June 11, 2025 proposal letter of intent reflecting the applicable interest rate. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court District of Oregon Case No.: 25-34175 Judge: Hon. David W Hercher Debtor's Counsel: Douglas R. Ricks, Esq. SUSSMAN SHANK LLP 1000 SW Broadway Suite 1400 Portland, OR 97205 Tel: 503-227-1111 Email: dricks@@sussmanshank.com Total Assets: $2,360,008 Total Liabilities: $7,211,755 The petition was signed by Michael L. Tevis as General Partner of Managing Member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2PENVBA/Dairy_Building_LLC__orbke-25-34175__0001.0.pdf?mcid=tGE4TAMA DAN LEPORE & SONS: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Dan Lepore & Sons Company received another extension from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral. The court on December 18 issued a third interim order authorizing the Debtor to utilize cash collateral for the period from December 22 to January 18, 2026, to pay operating expenses in accordance with its budget. The Debtor was previously authorized to use cash collateral until December 21 under the court's December 4 second interim order. As protection from any diminution in the value of its collateral, Wells Fargo Bank, N.A. will be granted post-petition replacement liens on the Debtor's assets. These replacement liens carry the same validity, priority, and enforceability as Wells Fargo's pre-bankruptcy liens. The next hearing is scheduled for January 7, 2026. The third interim order is available at https://is.gd/Bto2cu from PacerMonitor.com. Dan Lepore & Sons has a Wells Fargo revolving credit line, reduced from $2.5 million to $2 million, with about $1.6 million outstanding. The loan is secured by a broad lien on nearly all of the Debtor's personal property, perfected by UCC-1 filings since 2012. Wells Fargo Bank, as secured creditor, is represented by: Christine L. Barba, Esq. Ballard Spahr, LLP 1735 Market Street, 51st Floor Philadelphia, PA 19103 Tel: (215) 864-8148 Facsimile: (215) 864-8999 barbac@ballardspahr.com About Dan Lepore & Sons Company Dan Lepore & Sons Company provides construction and restoration services through divisions focused on stonework, unit masonry, and restoration, offering design and build capabilities along with rigging and scaffolding. It specializes in new building construction, maintenance, dismantlement, reconstruction, and the preservation of historic structures for industrial, commercial, and institutional clients across the United States. Dan Lepore & Sons sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14757) on November 21, 2025, listing between $1 million and $10 million in assets and liabilities. Gregory J. Lepore, president of Dan Lepore & Sons, signed the petitions. Judge Ashely M. Chan oversees the case. Aris J. Karalis, Esq., at Karalis PC, represents the Debtor as legal counsel. DAS HUND: Gets Final OK to Use Cash Collateral ---------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued a final order authorizing Das Hund Haus, Inc. to use cash collateral through the effective date of a confirmed plan. The final order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including monthly payments to the Subchapter V trustee; 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 secured creditors. Secured creditors will be granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtors were ordered to keep their property insured in accordance with the obligations under the loan and security documents with secured creditors. The secured creditors are the U.S. Small Business Administration, Family Funding Group, LLC, Family Business Fund, LLC, APP Funding Beta, LLC, Liberty Funding Source, LLC, Fenix Funding, LLC, iLend Advance LLC, and Vox Funding, LLC. The Debtor, which operates a dog training and boarding business, intends to use its cash collateral, which consists of cash, inventory and equipment, to pay operational expenses. The largest secured creditor is SBA, with a $461,498 claim but the Debtor's total personal property is valued at only $73,960, making the SBA significantly undersecured. A copy of the court's order is available at https://urlcurt.com/u?l=D8B7Gh from PacerMonitor.com. About Das Hund Haus Inc. Das Hund Haus Inc. is a dog-related business based in Lakeland, Florida. Das Hund Haus sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03437) on May 25, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $100,000 and $500,000. Judge Catherine Peek Mcewen handles the case. The Debtor is represented by Matthew J. Kovschak, Esq., at Debra J. Sutton, P.A. DEDICATION & EVERLASTING: Gets Court OK to Use Cash Collateral -------------------------------------------------------------- Todd Frealy, the Chapter 11 trustee for Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue), received approval from the U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, to use cash collateral. The court authorized the trustee to use cash collateral in accordance with the budget and deviate from the expense figures in the budget by up to 15% on an aggregate basis. As adequate protection, secured creditors will be granted replacement liens. The court directed the trustee to complete any paperwork required by Merrill in order for him to become authorized on the Merrill Accounts ending in -4A17 and -2928. The court also directed the trustee to liquidate investments up to $2 million and make changes to investments in the manner set forth in the court's order dated November 20. The trustee was granted authority to make or direct payments or transfers of cash assets from the Merrill Accounts including but not limited to those necessary to pay the expenses set forth in the budget, as well as expenses incurred this year in accordance with the court's prior cash collateral orders. A copy of the court order is available at https://urlcurt.com/u?l=ZpYPNV from PacerMonitor.com. The Debtor's assets include approximately $547,000 in cash, over $14 million in Merrill Lynch investment accounts, and multiple unencumbered real properties. The judgment creditor holds liens on the Debtor's cash and investments but remains adequately protected given the estate's significant equity cushion exceeding $12 million. During the interim period, the trustee aims to pursue mediation with the judgment creditor, the Debtor's insurance carrier, and the City of El Monte to address pending disputes and the potential abandonment of certain property. The trustee expects these efforts to advance case resolution in 2026. D.E.L.T.A. Rescue, a large "no-kill, care-for-life" animal sanctuary based in Acton, California, filed for Chapter 11 protection on May 9 following a nearly $2.9 million judgment obtained by a former employee, Adriana Duarte Valentines. About Dedication & Everlasting Love To Animals Dedication & Everlasting Love To Animals (D.E.L.T.A. Rescue) operates a no-kill, care-for-life animal sanctuary in Acton, Calif. Founded in 1979, the organization rescues abandoned dogs and cats, providing lifelong shelter and medical care across a 115-acre facility. It is privately funded and not open to the public. Dedication & Everlasting Love To Animals sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-13881) on May 9, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Judge Neil W. Bason handles the case. The Debtor is represented by William R. Hess, Esq., at the Law Offices of William R. Hess. Todd A. Frealy is the Chapter 11 trustee appointed in the Debtor's case. DISPATCH ACQUISITION: Moody's Withdraws 'B3' CFR on Debt Repayment ------------------------------------------------------------------ Moody's Ratings withdrew all ratings of Dispatch Acquisition Holdings, LLC (dba Denali Water Solutions, or Denali), including the B3 corporate family rating, B3-PD probability of default rating and B3 rating on the senior secured bank credit facility, consisting of the company's senior secured first lien term loans and senior secured first lien revolving credit facility. Prior to the withdrawal, the outlook was stable. The withdrawals follow the extinguishment of the company's outstanding rated debt. RATINGS RATIONALE Denali's senior secured first lien term loans due 2028 and senior secured first lien revolving credit facility expiring in 2027 have been fully repaid. All of the company's ratings have been withdrawn because its rated debt is no longer outstanding. Dispatch Acquisition Holdings, LLC, based in Russellville, AR, provides specialty waste and environmental services around managing organic waste generated by several markets. Services include providing waste solutions to the food service and delivery end markets, including the collection and processing of food and organic waste into sustainable products for sale. Revenue was approximately $714 million for the twelve months ended September 30, 2025. EDUCATION VILLAGE: Cameron McCord Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Education Village Inc. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About Education Village Inc. Education Village Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21777) on December 09, 2025, with $500,001 to $1 million in assets and liabilities. Charles N. Kelley, Jr., Esq. at Kelley Law LLC represents the Debtor as legal counsel. EDUCATION VILLAGE: Seeks Chapter 11 Bankruptcy in Georgia --------------------------------------------------------- On December 9, 2025, Education Village Inc. voluntarily filed for Chapter 11 bankruptcy in the Northern District of Georgia. Court documents indicate the debtor owes $100,001 to $1,000,000 to 1-49 creditors. About Education Village Inc. Education Village Inc. is an education services provider that manages programs for primary and secondary school students. The company offers instructional support, curriculum development, and learning enrichment initiatives to improve academic outcomes. Education Village Inc. filed under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21777) on December 9, 2025. The petition lists assets and liabilities each between $100,001 and $1,000,000. The case is overseen by Honorable James R. Sacca. The debtor is represented by Charles N. Kelley, Jr., Esq., Kelley Law LLC. ELDER CONTRACTING: U.S. Trustee Unable to Appoint Committee ----------------------------------------------------------- The U.S. Trustee for Region 14 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Elder Contracting, LLC. About Elder Contracting LLC Elder Contracting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11296) on November 24, 2025. In the petition signed by Ramon J. Patino, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eddward P. Ballinger Jr oversees the case. Michael Tafoya, Esq., at Law Office of Michael G. Tafoya, represents the Debtor as legal counsel. ENDOCRINE ASSOCIATES: 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 Endocrine Associates of Dallas, P.A. 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 Endocrine Associates of Dallas P.A. Endocrine Associates of Dallas, P.A. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex., Case No. 25-34774) on December 01, 2025, with $500,001 to $1 million in assets and liabilities. Judge Michelle V. Larson presides over the case. Melissa S. Hayward, Esq. at Hayward PLLC represents the Debtor as legal counsel. FCI SAND: Plan Exclusivity Period Extended to March 31, 2026 ------------------------------------------------------------ Judge Michelle V. Larson of the U.S. Bankruptcy Court for the Northern District of Texas extended FCI Sand Operations, LLC and FCI South, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 26, 2026 and March 27, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that several factors warrant the requested extension of exclusivity for the following reasons: * The Bankruptcy Cases are complex chapter 11 cases pending on the Court's mega docket and involve enhanced complexity and difficulty; * The Debtors entered into and continue to engage in good faith, arm's length negotiations with creditors and stakeholders; * The Debtors have made positive progress towards reaching a confirmable plan of reorganization, including by entering into mediation with creditors and stakeholders; * The Debtors have demonstrated reasonable prospects for an effective reorganization by welcoming negotiations with creditors and stakeholders; * The Debtors are not seeking this extension to pressure creditors, but rather seek this extension to be able to propose and confirm a plan that will provide a larger dividend to creditors than liquidation; and * The Debtors have recently retained a sale consultant and are in the process of retaining an investment banker, for the purpose of exploring a sale or obtaining exit and "take-out" refinancing, which developments may have a material impact on any type of plan that the Debtors may reasonably propose. Counsel to the Debtors: Davor Rukavina, Esq. J. Kyle Jaksa, Esq. Munsch Hardt Kopf & Harr, P.C. 1717 W. 6th St., Ste. 250 Austin, TX 78703 Tel: (214) 855-7500 Email: drukavina@munsch.com About FCI Sand Operations LLC FCI Sand Operations LLC is a sand mining and processing company based in Marble Falls, Texas. FCI Sand Operations LLC and FCI South, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-80481) on July 30, 2025. In its petition, FCI Sand Operations reports estimated assets and liabilities between $100 million and $500 million each. Judge Michelle V. Larson oversees the case. The Debtors are represented by Davor Rukavina, Esq. at Munsch Hardt Kopf & Harr, P.C. FIVE RIVERS: To Sell Chowchilla Properties to Forest Snacks ----------------------------------------------------------- Scott M. Sackett, court-appointed Examiner for Five Rivers Land Company LLC, seeks permission from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's principal assets were several blocks of real estate with working almond orchards on them, along with a smaller piece of land with a nut processing facility. The real estate collectively comprised approximately 560 acres of land across four ranches: SSB Ranch, Golden State Ranch, Fairmead Ranch, Fairmead Ranch House, Marchini Ranch, and Almond Processor Property, located in Chowchilla, CA 93610. However, the Debtor did not actually hold title to the real estate at the time it filed its voluntary bankruptcy petition. Also at that time, the former and current principals of the Debtor were in the midst of an ongoing dispute over ownership of the Debtor and its real property assets. In particular, David Nino, the principal of Coast to Coast Packing Group, LC, asserted it owned 100% of the Debtor's equity interests; whereas, Harjinder "Jay" Singh Brar and Ramandip "Ray" Singh Brar, who had formerly owned the Debtor and had allegedly transferred their interests in the Debtor to Coast, asserted they owned 100% of the Debtor's equity interests. Among other things, the Nino/Brar dispute involved a fight over who actually owned both the Debtor and the real estate at issue in the sale motion -- and, according to the Debtor, that dispute was significantly interfering with farming operations. During the course of this Bankruptcy Case, the Examiner brokered a settlement with Mr. Nino, the Brars, and various other related individuals and entities. The Examiner sought and obtained Court authorization to sell the Properties to Valley Wide Properties, LLC. But the approved sales to the Initial Buyer failed to close. Subsequently, and the Initial Buyer attempted to renegotiate terms and pricing for a portion of the Properties. Those negotiations and the conduct of the principals behind Initial Buyer has caused the Examiner to consider litigation against the Initial Buyer and its principals for, among other things, fraud. The Initial Buyer's failure to purchase the Properties as agreed caused the Examiner to take the Properties back to the market. On June 3, 2025, the Examiner held an auction, during which irrevocable bids on the SSB Ranch, Golden State Ranch, and Fairmead Ranch/Fairmead Ranch House were submitted. In addition, the Examiner attended the annual almond conference in an effort to locate parties interested in purchasing the Properties. As a result of those efforts, multiple new/replacement offers were made on each of the Properties, though the highest, best, and most serious purchase offer came from the Forest Snacks, LLC or their designee, for the price of $5,325,000, plus certain other amounts and subject to certain other terms and conditions as set forth more fully in the Motion. The Examiner and the Buyer were able to reach an agreement on sale of the Properties for $5.325 million and reimbursement of certain farming costs, leading to this motion. The Examiner requests authority and approval to sell the SSB Ranch, Golden State Ranch, and Fairmead Ranch/Fairmead Ranch House to the Buyer, free and clear of all liens, claims, interests and encumbrances. The putative secured creditor of the Propereties are Rabo AgriFinance, LLC, the Falcon Group, and County of Madera. The Buyer will be utilizing financing to pay the portion of the purchase price. Therefore, the Sale is subject to the Buyer finalizing its financing for the Properties at issue. Proper notice of the Sale and disclosure of all related facts have been provided to all creditors and other parties in interest. The Buyer is a good faith purchaser. About Five Rivers Land Company Five Rivers Land Company, LLC, is engaged in fruit and tree nut farming in Newport Beach, Calif. Five Rivers Land Company filed Chapter 11 petition (Bankr. C.D. Cal. Case No. 23-11167) on June 6, 2023, listing between $10 million and $50 million in both assets and liabilities. Judge Theodor Albert oversees the case. The Debtor tapped Garrick A. Hollander, Esq., at Winthrop Golubow Hollander, LLP as bankruptcy counsel and Katten Muchin Rosenman, LLP as special litigation counsel. Scott M. Sacket has been appointed as examiner in the case. The examiner is represented by Sheppard, Mullin, Richter & Hampton, LLP. FLEMING STEEL: Plan Exclusivity Period Extended to March 16, 2026 ----------------------------------------------------------------- Judge John Melaragno of the U.S. Bankruptcy Court for the Western District of Pennsylvania extended Fleming Steel Co.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 16, 2026 and May 12, 2026, respectively. In a court filing, the Debtor explains that it has utilized the breathing room afforded by the automatic stay to generate considerable business leads and subsequent contracts, between the Petition Date and the filing of this Motion. However, as of the date of this Motion, the Debtor requires more time to stabilize its cash flow and analyze its financial performance following the realization of new contracts. The Debtor claims that it is also pursuing viable leads for jobs at Teterboro Airport in New Jersey for approximately $2.2 million, and Sarasota Airport in Florida for approximately $800,000, amongst others. Once these funds start flowing and the Debtor's cash flow is stabilized the Debtor will be in a better position to formulate concrete projections of plan payments to be made pursuant to a subsequent Chapter 11 Plan of Reorganization. The Debtor asserts that an extension of the exclusivity periods for the company to file a Plan and to solicit votes on the Plan will allow the Debtor to continue pursuing the opportunities. Further, such an extension will further allow the Debtor more runway to demonstrate a consistent capacity to make Plan payments. Fleming Steel Co. is represented by: Ryan J. Cooney, Esq. Cooney Law Offices LLC 223 Fourth Avenue, 4th Fl. Pittsburgh, PA 15222 Telephone: (412) 546-1234 Facsimile: (412) 546-1235 Email: rcooney@cooneylawyers.com About Fleming Steel Co. Fleming Steel Co. based in New Castle, Pennsylvania, designs and manufactures custom doors, including horizontal slide, canopy, vertical lift, craneway and monorail, horizontal swing, fuselage/hull apertures, and specialized application doors. Operating since 1921 under third-generation family ownership, the Company provides engineered solutions for commercial, industrial, aerospace, and government clients, incorporating custom designs for acoustic, blast-resistant, flood control, thermal, and electromagnetic shielding applications. Fleming Steel's projects have served clients such as Boeing, NASA, American Airlines, the United States Navy, and the Smithsonian Air and Space Museum, combining patented door designs with consultation and preventative maintenance services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22143) on August 15, 2025. In the petition signed by Seth Kohn, president, the Debtor disclosed up to $10 million in both assets and liabilities. Ryan J. Cooney, Esq., at Cooney Law Offices, is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Justin M. Tuskan, Esq. Metz Lewis Brodman Must O'Keefe, LLC 444 Liberty Avenue, Suite 2100 Pittsburgh, PA 15222 Phone: (412) 918-1100 Facsimile: (412) 918-1199 jtuskan@metzlewis.com FOUR PALMS: Gets Final OK to Use Cash Collateral ------------------------------------------------ Four Palms Investments, Inc. and its affiliates received final approval from the U.S. Bankruptcy Court for the Middle District of Florida to use the cash collateral of lenders. The lenders include First National Bank of Pasco, Credibly of Arizona, LLC, Lifetime Funding, LLC, Corporation Service Company, CT Corporation Systems as representative, and the U.S. Small Business Administration. The final order authorized the Debtors to use cash collateral to pay the amounts expressly authorized by the court, including interim compensation to the Subchapter V trustee; the expenses set forth in the budgets, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by lenders. As adequate protection, creditors with security interests will be granted replacement liens of equal priority and validity to their pre-bankruptcy liens. In addition, the final order required the Debtors to maintain insurance and provide lenders with access to records as further protection. The Debtors may collect all accounts receivable, including funds from Shopmonkey and Stripe, and such collections will be treated as cash collateral. About Four Palms Investments Inc. Four Palms Investments Inc., incorporated in 2018 and based in the Tampa Bay area, manages business holdings as the group's investment arm. Four Palms Investments Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-06972) on September 23, 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 Amy Denton Mayer, Esq. of BERGER SINGERMAN LLP. FRONTLINE MACHINING: To Sell DMU 50 Machine to Protech Machine -------------------------------------------------------------- Frontline Machining LLC seeks permission from the U.S. Bankruptcy Court for the Central District of California, Riverside Division, to sell machine serial number, free and clear of liens, claims, interests, and encumbrances. The Debtor owns certain equipment described as a DMU 50 3rd generation, serial number 14505777994. The Debtor has accepted an offer from Protech Machine Tool Sales Inc. to purchase the DMU 50 for the total amount of $110,000, subject to overbid. The Debtor believes that, based on the machine's current condition, the proposed sale of the DMU 50 for $110,000 is for fair market value. The Debtor will satisfy its obligations to Global Financing for the machine, thus reducing its monthly obligation by approximately $6,184 and significantly pay down its obligation to the U.S. Small Business Administration, the other lien holder on the machine. Protech has deposited $10,000 Debtor's attorney's client trust account. The Buyer acknowledges that it is buying the DMU 50 "as is" and "where is" without warranties of any kind, express or implied, being given by the Debtor, its agents concerning the Properties' condition. The initial overbid must exceed the original offer by a minimum of $5000. Each subsequent bid must then be in increments of at least $2500. Each bidder must match all terms and conditions of the original bid. Thus, an earnest money deposit of at least $10,000 must be made. Should a bidder fail to qualify for financing or timely close escrow, the $10,000 deposit is non-refundable. The Debtor believes that the procedures will provide for an orderly completion of the sale of the DMG Mori by permitting all bidders to compete on similar terms and will allow interested parties and the Court to compare competing bids in order to realize the highest benefit for the estate. There is no relationship between the Debtor and Protech, and Protech is not an insider of the Debtor or its principals. The proposed sale is an arms-length transaction and is in good faith. About Frontline Machining Frontline Machining, LLC is a machine shop located in Riverside, Calif., specializing in difficult materials and complex parts in the space, medical, and defense industries. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 23-14710) on Oct. 11, 2023, with $111,500 in assets and $2,599,063 in liabilities. Caroline Djang, Esq., at Buchalter Law Firm, is the Subchapter V trustee. Judge Magdalena Reyes Bordeaux oversees the case. Andrew Bisom, Esq., at The Bisom Law Group represents the Debtor as bankruptcy counsel. FULLER'S SERVICE: UST, Richards Win Bid for Chapter 11 Trustee -------------------------------------------------------------- The Honorable Deborah L. Thorne of the United States Bankruptcy Court for the Northern District of Illinois granted the motion of the United States Trustee and the Richards Family Representatives for appointment of a Chapter 11 Trustee for the estate of Fuller's Service Center, Inc. The Office of the United States Trustee is directed to appoint a Chapter 11 Trustee. On June 20, 2023 a tragic accident occurred when Sean Patrick Richards was killed by a car driven by an FSC employee exiting the car wash. Sean Richard's parents, as the Richards Family Representatives, filed a wrongful death claim which is pending in the Circuit Court of Cook County. In January 2025, FSC filed a voluntary chapter 11 petition in this court. In the months after the accident and prior to the chapter 11 filing, FSC and its related entities and shareholders pondered how to preserve their traditions, monetary value, and cash flow in light of the enormous claim held by the Richards Family. FSC and its related entities loaned each other money and paid for many expenses incurred by family members. These loans and "due from shareholders" line items were carried on the books of FSC and its related entities for years, but just prior to the chapter 11 filing, these assets were removed from the books and records. Although serving as the responsible party and the president of FSC, Douglas Fuller testified that he knew nothing about and had nothing to do with the removal of the intercompany loans and due from shareholders. The Debtor's combined financial statement for 2023 listed a "due from related parties" totaling $3,220,698. On the eve of filing its petition, however, the Debtor removed both the intercompany loans and the due from shareholders from its financial statements. The Balance Sheet dated November 30, 2024 had a due from shareholders totaling $1,720,616. There was no evidence that these amounts were repaid by the shareholders and the on again off again amounts continued to fluctuate. The Court finds that the United States Trustee and the largest creditor Richards Family proved through clear and convincing evidence that the appointment of a trustee is mandated. According to the Court, the Debtor has demonstrated that through gross mismanagement, self-dealing and general incompetence that the appointment of a chapter 11 trustee is proper. The Debtor has continually breached its fiduciary duty owed to creditors which is a fundamental principle of the Bankruptcy Code. The Debtor is almost a year into its bankruptcy and has yet to take any meaningful steps to collect the debt it is owed. Cause exists to appoint a Chapter 11 trustee where a debtor fails to fulfill its fiduciary duty by not pursuing causes of action beneficial to the estate. Judge Thorne concludes, "The evidence is plentiful to support the appointment of a chapter 11 trustee. The fumbling and yet consistent efforts to hide assets, refusal to avoid transfers, and otherwise refusal to act as a fiduciary to its creditors mandates that this court direct the Office of the United States to appoint a chapter 11 trustee under section 1104(a) for incompetence and gross mismanagement of the affairs of the debtor by current management both before and after the commencement of this case. Moreover, the Debtor and its president have a significant conflict of interest in pursuing the collection of these assets and in proposing a plan which truly benefits all of its creditors." A copy of the Court's Memorandum Opinion dated December 9, 2025, is available at https://urlcurt.com/u?l=PPZh29 from PacerMonitor.com. About Fuller's Service Center, Inc. Fuller's Service Center, Inc. is engaged in the business of car washing, auto repair and automotive maintenance from the leased premises located at 102 West Chicago Avenue, Hinsdale, Illinois and 101-109 West Chicago Avenue, Hinsdale, Illinois ("Leased Premises"). The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-01345) on January 29, 2025. In the petition signed by Douglas A. Fuller Jr., president, the Debtor disclosed up to $1 million in assets and up to $10 million in liabilities. David K. Welch, Esq., at Burke, Warren, MacKay & Serritella, P.C., is the Debtor's legal counsel. GBI SERVICES: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of GBI Services, LLC. About GBI Services/Nicklaus Companies GBI Services, LLC's affiliate Nicklaus Companies LLC, also known as Golden Bear Financial Services, is a worldwide golf enterprise established to uphold and expand the legacy of golf icon Jack Nicklaus. Nicklaus operates across several areas of the industry, including golf course design, branded products, licensing, and overall brand management. Its goal is to provide high-quality golf experiences and products that reflect the Nicklaus name's global reputation for excellence, innovation, and integrity. GBI Services and its affiliates including Nicklaus sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12089) on November 21, 2025. In its petition, GBI Services, the lead debtor, reported estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The petitions were signed by Philip D. Cotton as chief executive officer. Honorable Bankruptcy Judge Craig T. Goldblatt handles the cases. The Debtors are represented by the law firms of Richards, Layton & Finger, P.A. and Weil Gotshal & Manges LLP. Alvarez & Marsal North America, LLC serves as financial and restructuring advisor while Cassel Salpeter & Co serves as investment banker. Epiq Corporate Restructuring, LLC is the claims and noticing agent. GENESIS HEALTHCARE: Reaffirms Stability After Court Reopens Auction ------------------------------------------------------------------- Following a court ruling on Thurs., Dec. 11 to reopen the auction process in Genesis Healthcare, Inc.'s (Genesis) and its affiliates' ongoing chapter 11 bankruptcy proceedings, David Harrington, Executive Chairman of the Board of Genesis, reiterated the company's commitment to securing long-term stability through the court-supervised chapter 11 proceedings, clarified inaccuracies in public conversations surrounding the process, and called on all interested parties to recognize -- and respect -- the hard work and dedication of the Genesis employees who are continuing to deliver services to the elderly and frail residents and patients that they serve during this protracted restructuring process. "Genesis has significantly strengthened our operational performance, especially in the past two years, by investing in, designing and implementing a forward-looking, enterprise-wide shift from centralized to local market-based operations," said Harrington. "The Genesis board, in alignment with the company's executive leadership team -- which has been completely transformed in the past three years -- identified the Chapter 11 process as the necessary path to maintain and grow that momentum for years to come to benefit our current and future patients, residents and staff. That belief has not changed." As has been widely covered by the media, this is not the first time Genesis has considered bankruptcy proceedings. In 2021, Genesis was actively preparing to file for Chapter 11 bankruptcy. Some of the notable voices weighing in on this week's proceedings were heavily -- and vocally -- opposed to a filing in 2021, which was ultimately avoided due to ReGen Healthcare's $100 million investment into Genesis. "Much has been made -- and alleged -- about Joel Landau's association with Genesis, which did not begin until ReGen's investment in 2021, which enabled Genesis to avert bankruptcy, as many in the public realm were demanding," said Harrington. "Prior to 2021, ReGen Healthcare (ReGen) and Mr. Landau had no affiliation with or control over Genesis. The investment by ReGen provided Genesis with a lifeline to try to restructure the company outside of bankruptcy and enabled Genesis to completely revamp its executive leadership team, beginning its ongoing transformation to a nimble, market-based model dedicated to prioritizing resident and patient care." Some interested parties have called attention to decisions made by Genesis Healthcare to transfer its owned skilled nursing facilities to Welltower, Inc. in 2011 -- fully 10 years prior to ReGen's investment or Mr. Landau's affiliation with Genesis (which began in 2021) -- and simultaneously to enter into a master lease with Welltower, allowing Genesis to continue operating those facilities. "I hope everyone will understand that none of the current officers or Board members that were with Genesis in 2011, when the decision was made to transfer real estate ownership to Welltower are still with Genesis today," said Harrington. Genesis shares interested parties' focus on patients, residents and staff, and the importance of safeguarding access to high-quality post-acute care in the communities served by the more than 170 skilled nursing centers and assisted and senior living communities across 17 states operated by Genesis. "I am proud of how, despite the potential for distraction during this restructuring process, our staff continues to put our mission into action by improving the lives we touch through the delivery of high-quality healthcare and everyday compassion," said Harrington. "Decisions being made by the bankruptcy court regarding the ultimate purchaser of Genesis do not have anything to do with our commitment to our day-to-day operations, and I hope people will remember that as they continue to weigh in on this process. We are confident that entering into chapter 11 and engaging in fulsome restructuring efforts was and still is in the best interest of our current and future patients, residents and staff, and we take issue with those questioning the integrity of our frontline team members who have dedicated themselves to helping others." An independent third party engaged by Genesis to conduct patient satisfaction surveys in 2025 has reported: -- 91% favorable rating for relationship with staff members -- 89% favorable rating for leadership taking important measures to keep them safe -- 87% favorable rating for the amount of interaction with staff Additionally, Genesis has reduced its overall employee turnover year-over-year by 6%, and is maintaining an overall Google rating of 4.3 out of 5 stars for all Genesis Healthcare, Inc. Genesis would welcome local, state and federal legislative parties interested in learning more about the care provided at our facilities to contact us to schedule a tour. Court filings and additional information related to the proceedings, which include a proposed transaction involving a current affiliate, are available at https://dm.epiq11.com/Genesis. Those with questions can call (toll-free in the US) 888-861-3979. Advisors McDermott Will & Schulte LLP is serving as legal counsel, Ankura Consulting is providing financial restructuring and Chief Restructuring Officer services (Russell A. Perry and Louis E. Robichaux IV, Co-CROs), and Jefferies is serving as investment banker. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: * Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. * Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. * Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GENESIS HEALTHCARE: Trustee Seeks Control of Chapter 11 Case ------------------------------------------------------------ Hilary Russ of Law360 reports that the U.S. Trustee's Office is asking a Texas bankruptcy court to remove control of Genesis Healthcare Inc.'s Chapter 11 case, arguing that the nursing home operator's restructuring is being compromised by insider influence. The trustee contends that an individual with close ties to management and his allies are exerting improper control over the case. According to the trustee, the alleged insider dominance has eroded confidence in the bankruptcy process and warrants the appointment of an independent fiduciary. The trustee said new oversight is necessary to protect creditor interests and ensure the integrity of the Chapter 11 proceedings. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: * Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. * Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. * Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GOLD CITY: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------- Debtor: Gold City Health & Rehab, LLC 8369 Rivoli Road Bolingbroke, GA 31004 Business Description: Gold City Health & Rehab, LLC operates a skilled nursing facility providing short- term rehabilitation and long-term nursing care services, serving patients requiring post-acute and custodial care. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Middle District of Georgia Case No.: 25-52006 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/V5WJGQA/Gold_City_Health__Rehab_LLC__gambke-25-52006__0001.0.pdf?mcid=tGE4TAMA GST INC: Deadline for Panel Questionnaires Set for Dec. 23 ---------------------------------------------------------- The United States Trustee is soliciting members for committee of unsecured creditors in the bankruptcy case of Grand Slam Track, Inc. (GST, Inc.) If a party wishes to be considered for membership on any official committee that is appointed, it must complete a questionnaire available at https://tinyurl.com/ym9zrsbp and return by email it to Benjamin A. Hackman -- Benjamin.A.Hackman@usdoj.gov –- at the Office of the United States Trustee so that it is received by 12:00 p.m. Eastern Time, on Tuesday, December 23, 2025. If the U.S. Trustee receives sufficient creditor interest in the solicitation, it may schedule a meeting or telephone conference for the purpose of forming a committee. About Grand Slam Track Grand Slam Track, Inc. (GST, Inc.) is a California-registered corporation based in Los Angeles that operates the Grand Slam Track professional athletics league founded by four-time Olympic champion Michael Johnson, who serves as the league's commissioner. The Company organizes annual professional track-and-field competitions across U.S. and international cities, featuring contracted elite athletes in multiple racing categories. GST, Inc. functions as the legal corporate entity behind the league's events, athlete management, and promotion of professional track competitions. GST Inc. filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. D. Del., Case No. 25-12188) on December 11, 2025. In the petition signed by Nicholas Rubin as chief restructuring officer, the Debtor reported estimated assets of $0 to $5,000 and estimated liabilities of $10 million to $50 million. The Hon. Karen Owens presides over the case. The Debtor tapped Reed Smith LLP and Levene, Neale, Bender, Yoo & Golubchik LLP as bankruptcy counsel. Kekst CNC serves as the Debtor's strategic communications firm, Force10 Partners acts as CRO provider, and Stretto Inc acts as claims and noticing agent to the Debtor. HADNOT LOGISTICS: Cash Collateral Hearing Set for Jan. 13 --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, is set to hold a hearing on January 13, 2026, to consider final approval of Hadnot Logistics, LLC's motion to use cash collateral. The Debtor was initially authorized to use cash collateral under the court's December 4 second interim order to fund its operations. The second interim order granted secured creditors (with valid and perfected pre-bankruptcy liens) replacement liens on cash collateral and property acquired by the Debtor after its Chapter 11 filing, excluding Chapter 5 avoidance actions and their proceeds. Hadnot Logistics relies on cash collateral for payroll and general operating expenses and generates revenue from its solar and traffic control business to fund budgeted expenses. A search in the Texas Secretary of State reflects alleged secured interests held by TBS Factoring, CHTD Company, the U.S. Small Business Administration, and Crestmark, a division of MetaBank, secured by the Debtor's current and future accounts receivable, cash, and equipment. TBS Factoring holds a senior lien on all assets. The Debtor's total assets are scheduled at $10,770.97, which include bank account balances and office furniture. About Hadnot Logistics LLC Hadnot Logistics, LLC, a company in Rockwall, Texas, transports heavy and oversized machinery across the southern and southeastern region of the United States. Hadnot Logistics sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34270) on October 29, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Scott W. Everett presides over the case. Robert Lane, Esq., at The Lane Law Firm PLLC represents the Debtor as bankruptcy counsel. HANNON ENTERPRISE: Case Summary & Two Unsecured Creditors --------------------------------------------------------- Debtor: Hannon Enterprise Group, LLC 1110 Highway AIA Satellite Beach, FL 32937 Business Description: Hannon Enterprise Group, LLC, a single-asset real estate entity under 11 U.S.C. Section 101(51B), owns an office building at 1110 Highway AIA, Satellite Beach, Florida, with an appraised value of $2.15 million. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08135 Debtor's Counsel: Mark S. Steinberg, Esq. MARK S. STEINBERG, P.A. 6950 North Kendall Drive Miami FL 33156 E-mail: mss@steinberglawoffices.com Total Assets: $2,255,416 Total Liabilities: $3,212,153 The petition was signed by Jams Hannon as managing member. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/YAFR7DI/Hannon_Enterprise_Group_LLC__flmbke-25-08135__0001.0.pdf?mcid=tGE4TAMA HARLING INC: Court Extends Cash Collateral Access to Jan. 9 ----------------------------------------------------------- Harling, Inc. received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral. The interim order penned by Judge Jacqueline Cox authorized the Debtor to use cash collateral retroactive to the date of filing the Debtor's Chapter 11 case through January 9, 2026. As protection from any diminution in the value of its collateral, Byline Bank was granted a first-priority lien on property acquired by the Debtor after the petition date, including all proceeds and products thereof. This lien will have the same priority and extent as the bank's pre-bankruptcy lien. A further hearing is scheduled for January 6, 2026. The Debtor previously entered into two loan agreements with Byline Bank: one for $250,000 and another for $1.05 million, both secured by the Debtor's assets, including equipment, inventory, accounts receivable, and general intangibles. Byline Bank has filed proofs of claim for $218,647 and $741,213 on those respective loans. The Debtor's schedules list total assets of $29,137, primarily composed of $21,447 in accounts receivable and $3,500 in office furniture and equipment. About Harling Inc. Harling Inc. specializes in masonry facade repair, restoration, and building waterproofing services for commercial, industrial, and institutional buildings. It is based in Broadview, Ill. Harling sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-04324) on March 1, 2025. In its petition, the Debtor reported between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Judge Jacqueline P. Cox handles the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter is the Debtor's legal counsel. Byline Bank, as secured creditor, is represented by: Martin J. Wasserman, Esq. Carlson Dash, LLC 216 S. Jefferson St., Suite 303 Chicago, IL 60661 Phone: 312-382-1600 mwasserman@carlsondash.com HEAVENLY TRANSIT: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------- On December 10, 2025, Heavenly Transit, LLC filed for Chapter 7 protection in the Northern District of Georgia. According to court filings, the Debtor reports between $0 and $100,000 in assets, liabilities ranging from $100,001 to $1,000,000, and 1-49 creditors. About Heavenly Transit, LLC Heavenly Transit, LLC is a U.S.-based transit and logistics company focused on passenger and freight transportation. The company delivers tailored transportation services, including shuttles and contract transit solutions, to meet commercial and private client requirements. Heavenly Transit, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64434) on December 10, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. The Honorable Bankruptcy Judge handles the case. The Debtor is represented by William A. Rountree, Esq. of Rountree Leitman Klein & Geer, LLC. HERITAGE SALVAGE: Gets Court OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division, issued an order authorizing Heritage Salvage Inc. to use cash collateral. The court authorized the Debtor to use cash collateral through March 6, 2026, strictly in accordance with its budget. As protection from any diminution in the value of their collateral, Columbia Bank and other secured creditors will be granted automatically perfected post-petition replacement liens. These liens mirror the amount, validity, and priority of their pre-bankruptcy liens, with the exact extent of the creditors' interests in cash collateral to be determined later in the case. Additionally, Columbia Bank will receive a monthly payment of $785.28 from the Debtor as further protection. The court order is available at https://is.gd/kXpSB6 from PacerMonitor.com. Heritage Salvage generates income from its reclaimed building materials business and its custom design-and-build operations, and this income constitutes cash collateral of its secured creditors. It is indebted to Columbia Bank and Credibly under loan agreements secured by recorded UCC-1 financing statements. The Debtor requires the use of the funds on deposit in its bank accounts, which total $28,154.60, as well as the receivables and income generated from ongoing operations. The Debtor estimates its receivables at approximately $78,997, its inventory at $75,000, and its tools and equipment at roughly $30,000, according to court papers filed in October. About Heritage Salvage Inc. Heritage Salvage Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10677) on October 26, 2025, listing between $100,001 and $500,000 in assets and liabilities. Mark Sharf, Esq., a practicing attorney in Los Angeles, serves as Subchapter V trustee. Judge William J. Lafferty presides over the case. Gina R. Klump, Esq., at the Law Office of Gina R. Klump represents the Debtor as bankruptcy counsel. ISAVA ENTERPRISE: Gets OK to Use Cash Collateral Until Feb. 3 ------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida issued a fourth interim order allowing ISAVA Enterprise, Inc. to use cash collateral through February 3, 2026. The fourth interim order signed by Judge Lori Vaughan authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; and the expenses set forth in the budget, plus an amount not to exceed 10% for each line item. As adequate protection, secured creditors were granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to keep its property insured as further protection to secured creditors. The next hearing is scheduled for February 3, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/6qhrG from PacerMonitor.com. As of the petition date, the Debtor held $5,418.45 in its operating account. These funds, together with future operating income such as room revenues, constitute cash collateral. Prior to its Chapter 11 filing, the Debtor obtained a $586,100 loan from Locality Bank, a Florida banking corporation. This loan is purportedly secured by a lien on the Debtor's cash and cash equivalents. Locality Bank may assert a first priority security interest in the Debtor's cash and cash equivalents by virtue of a UCC-1 financing statement filed with the State of Florida. Locality Bank is represented by: J. Ellsworth Summers, Jr., Esq. Burr & Forman LLP 50 North Laura Street, Suite 3000 Jacksonville, FL 32202 Phone: (904) 232-7200 Fax: (904) 232-7201 ESummers@burr.com About ISAVA Enterprise Inc. ISAVA Enterprise, Inc., doing business as Ideal Spine and Wellness, provides chiropractic and spine-related healthcare services at their Kissimmee, Florida location. Based on their business name and industry, the company likely offers spinal adjustments, therapeutic treatments, and wellness services focused on spinal health and overall wellbeing. ISAVA Enterprise sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04399) on July 16, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Lori V. Vaughan handles the case. The Debtor is represented by Justin M. Luna, Esq., at Latham, Luna, Eden & Beaudine, LLP. JACKSON WALKER: Asks Court to Hear Deals Prior to Romance Trial --------------------------------------------------------------- Adrian Cruz of Law360 reports that Jackson Walker LLP has asked a Texas federal court to reconsider its decision to delay review of proposed malpractice settlements with former bankruptcy clients. The firm argued that addressing the settlement motions now, rather than after a related trial, could conserve judicial resources and reduce costs for all parties. The request follows the court's ruling to hold off on evaluating the settlements while other proceedings move forward. Jackson Walker contends that early consideration of the agreements would streamline the litigation and potentially eliminate the need for further proceedings, the report states. About Jackson Walker LLP Jackson Walker LLP is a law firm. The Firm's practice areas include aviation, antitrust, bankruptcy, energy, environmental, entertainment, health care, immigration, insurance, intellectual property, international, labor and employment, real estate, and tax law. JADE HOLDINGS: Gets Two-Month Extension to Use Cash Collateral -------------------------------------------------------------- Jade Holdings Group, LLC received a two-month extension from the U.S. Bankruptcy Court for the Southern District of Florida to use cash collateral to fund operations. The court on December 16 authorized the Debtor's interim use of cash collateral from December 11 to February 12, marking the second extension since the Debtor's Chapter 11 filing. The court found that access to cash collateral is necessary to avoid harm to the estate and allow the Debtor to pay operating and administrative expenses essential to reorganization. It authorized the Debtor to use cash collateral according to its interim budget, subject to a 10% variance per line item unless otherwise agreed or ordered. As adequate protection, the court granted creditors replacement liens on all post-petition cash collateral to the same extent as any valid pre-bankruptcy lien without prejudice to the Debtor's right to challenge the validity, extent or priority of such liens. All pre-bankruptcy and post-petition income must be turned over to Jade Holdings Group and deposited into its debtor-in-possession account. The final hearing is scheduled for February 12. The interim order is available at https://is.gd/ScTKDV from PacerMonitor.com. Secured creditors with UCC-1 liens on the Debtor's assets include the U.S. Small Business Administration and OnDeck Capital, owed $80,744.07 and $184,846.32, respectively. The amounts owed to the other five creditors identified in court filings are unknown. As of the petition date, the Debtor's assets are valued at $69,255.93. About Jade Holdings Group LLC Jade Holdings Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23338) on November 11, 2025. In its petition, the Debtor reported assets between $50,001 and $100,000 and liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Peter D. Russin handles the case. The Debtor is represented by Chad T. Van Horn, Esq., at Van Horn Law Group, P.A. KEVIN H. JANG: Sagicor Life Wants Judgment Debtor Exam Off ---------------------------------------------------------- Judge Jesus G. Bernal of the U.S. District Court for the Central District of California appointed Kevin Singer as Temporary Receiver for Kevin H. Jang and Kevin H. Jang, A Law Corporation, at the behest of Sagicor Life Insurance Company, Sagicor Life Inc., Sagicor Financial Corporation Limited, a Barbados corporation and Sagicor USA, a Delaware corporation. Sagicor contends Kevin Jang, on behalf of himself and his law corporation, Kevin H. Jang, A Law Corporation, has failed to pay the nearly $750,000 Judgment owed to the Plaintiffs while continuing to live an extravagant lifestyle. "Kevin Jang's refusal to pay is the result of both poor financial management and a willful unwillingness to satisfy their obligations," Sagicor says. On June 9, 2023, the jury found that Kevin Jang acted with malice, oppression, or fraud. On August 17, 2023, the Court entered Judgment against Kevin Jang in the amount of $645,997.92. With post-judgment interest, the Judgment has grown to nearly $750,000. Because a jury has already found Kevin Jang liable, there can be no dispute that Plaintiffs possess a valid claim and have succeeded in this action. About Kevin H. Jang, A Law Corporation Kevin H. Jang and Kevin H. Jang, A Law Corporation, are facing a receivership case captioned as Sagicor Life Insurance Company, Sagicor Life Inc., Sagicor Financial Corporation Limited, and Sagicor USA v Daniel Jang, Kevin H. Jang, Kevin H. Jang, A Law Corporation, Case No. 5:19-cv-02028 (C.D. Calif.), before the Hon. Jesus G. Bernal. The case was filed on Oct. 22, 2019. Attorneys for plaintiffs Sagicor Life Insurance Company, Sagicor Life Inc., Sagicor Financial Corporation Limited, and Sagicor USA: Jeffrey D. Farrow, Esq. Samantha A. Drysdale, Esq. MICHELMAN & ROOBINSON, LLP 17901 Von Karman Avenue, Suite 1000 Irvine, CA 92614 Tel: (714) 557-7990 Fax: (714) 557-7991 Email: jfarrow@mrllp.com sdrysdale@mrllp.com KIRKBRIDE LAND: Seeks to Extend Plan Exclusivity to Feb. 13, 2026 ----------------------------------------------------------------- Kirkbride Land and Snow Management LLC asked the U.S. Bankruptcy Court for the Southern District of Ohio to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 13, 2026 and May 16, 2026, respectively. The Debtor submits that cause exists to extend the Debtors' Exclusivity Periods for the following reasons. First, the size and complexity of the Case warrant extension of the Debtor's Exclusivity Periods. The Case involves assets of approximately $2.4 million1 and debts of approximately $3.3 million. In addition, there is the real property ("PAI Real Property") of PAI Properties LLC ("PAI") that is directly involved in the issue of the Debtor's plan because the claim of Kemba Financial Credit Union, which is the largest claim in the Case, is secured by a second mortgage on the PAI Real Property. The combination of the post-petition events regarding the PAI Real Property and the Debtor's business are positive and will all impact the Debtor's cash flow and the terms of the Debtor's plan in ways that will benefit all concerned. It is reasonable to allow the Debtor a little additional time to prepare and file its plan. Second, the Debtor has complied with the requirements of the Court and the US Trustee while the Case has been pending. The Debtor is acting in good faith with respect to the Case and the good faith behavior justifies the extension of the Exclusivity Periods to give the Debtor time to obtain confirmation of a plan. Third, this is the Debtor's first request for an extension of the Exclusivity Periods and the extensions requested are not lengthy nor will the extensions cause any unnecessary delays in the administration of the Case. Fourth, the Debtor is not seeking an extension of the Exclusivity Periods to pressure creditors, and no creditors will be prejudiced by the Court granting the requested extensions. Conversely, if the Court denies this Motion, it could pave the way for a non-debtor party to propose a chapter 11 plan, which would result in the Court being presented with two (or more) competing chapter 11 plans. Competing plans can be complicated and challenging. Kirkbride Land and Snow Management, LLC is represented by: David M. Whittaker, Esq. Andrew D. Rebholz, Esq. Allen Stovall Neuman & Ashton LLP 10 W. Broad St., Ste. 2400 Columbus, OH 43215 T: (614) 221-8500 F: (614) 221-5988 Email: whittaker@asnalaw.com Email: rebholz@asnalaw.com About Kirkbride Land and Snow Management Kirkbride Land and Snow Management, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-53599) on August 18, 2025, listing up to $10 million in both assets and liabilities. Angelia Kirkbride, managing member, signed the petition. Judge Mina Nami Khorrami oversees the case. David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP, is the Debtor's legal counsel. LINQTO TEXAS: Seeks to Extend Plan Exclusivity to Feb. 27, 2026 --------------------------------------------------------------- Linqto Texas, LLC, and its affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 27, 2026 and April 17, 2026, respectively. The Debtors explain that the size and complexity of the Chapter 11 Cases warrant extension of the Exclusive Periods. The Debtors have over $500 million in assets and over 13,000 Customers spread around the world. The Chapter 11 Cases are complicated further by complex securities laws that impact plan formulation and negotiation. The Debtors must also consider estate claims that related to the prior management's actions when formulating a disclosure statement and plan. The Debtors claim that they and the Committee have worked diligently towards drafting the Plan, Disclosure Statement, and related documents that implement the terms of the Committee Settlement. The Debtors are committed to continuing to engage in discussions with the Committee, the Customers, and all constituencies, including equity holders, with the goal of reaching a consensual resolution of the Chapter 11 Cases that meets the requirements under Section 1129. The Debtors assert that their restructuring process is intended to confirm a Chapter 11 plan that maximizes the value of the Debtors' estates for the benefit of the Debtors' economic stakeholders. The Debtors request an extension of the Exclusive Periods not to pressure creditors, but to provide a sufficient window in which the Debtors can solicit votes on, and obtain confirmation of, a plan and implement the transactions contemplated thereby without the distraction and disruption created by competing plan proposals. The Debtors further assert that failure to extend the Exclusive Periods would harm the creditors as the solicitation of any competing plan would greatly complicate and increase the cost of administering these Chapter 11 Cases to the detriment of creditors. The Debtors believe that, to maximize efficiency in these Chapter 11 Cases and distributable value for the benefit of the Debtors' stakeholders, the restructuring efforts must be conducted in an orderly fashion, channeled through the Debtors and their advisors. The Debtors note that they seek to maintain exclusivity so that parties with competing interests do not hinder the companies' efforts to finalize a value-maximizing restructuring. Extending the Exclusive Periods will permit the Debtors to continue pursuing a plan process and enable the Debtors' stakeholders to realize the benefits of months of hard-fought negotiations. Moreover, an extension of the Exclusive Periods will not prejudice creditors because it will avoid the unnecessary drain on Debtors' estates that would result from competing Chapter 11 plans. All stakeholders benefit from continued stability and predictability, which comes only with the Debtors being the sole potential plan proponents. Further, approval of an extension of the Exclusive Periods does not preclude parties in interest from later arguing to the Court that cause exists to terminate the Exclusive Periods. The Debtors cite that expiration of the Exclusive Periods would adversely impact the companies' efforts to preserve and maximize the value of its estate and would slow the progress of the Chapter 11 Cases. Expiration would disrupt the critical work that has and continues to be done in the Chapter 11 Case and would increase the costs of administering the case substantially while providing no material benefits to the estate or its creditors. The Debtors remain the best-situated party to effectively manage the plan process, for the benefit of all creditors and stakeholders. The Debtors' Counsel: Gabrielle A. Hamm, Esq. Veronica A. Polnick, Esq. Renee D. Wells, Esq. Athanasios E. Agelakopoulos, Esq. SCHWARTZ PLLC 440 Louisiana Street, Suite 1055 Houston, Texas 77002 Tel: (713) 900-3737 Fax: (702) 442-9887 E-mail: ghamm@nvfirm.com vpolnick@nvfirm.com rwells@nvfirm.com aagelakopoulos@nvfirm.com - and - Samuel A. Schwartz, Esq. 601 East Bridger Avenue Las Vegas, Nevada 89101 Tel: (702) 385-5544 Fax: (702) 442-9887 E-mail: saschwartz@nvfirm.com About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: 310-600-3980 Office: 212-444-7200 LTI HOLDINGS: S&P Places 'B-' ICR on CreditWatch Negative --------------------------------------------------------- S&P Global Ratings placed all its ratings on LTI Holdings Inc. (doing business as Boyd), including its 'B-' issuer credit rating, on CreditWatch with positive implications. S&P plans to resolve the CreditWatch after the sale closes, which the company expects in the first half of 2026. On Nov. 3, 2025, Boyd announced the sale of its thermal business (Boyd Thermal) to Eaton for $9.5 billion. Boyd has committed to using proceeds from the sale to repay the outstanding balances on its $1.76 billion first-lien term loan, repay $630 million of preferred equity (as of Sept. 30, 2025), and make a distribution to its financial sponsor, Goldman Sachs. In addition, the company plans to refinance its capital structure with a new revolving credit facility and new first-lien term loan and operate with leverage, by its measure, of around 4x. S&P's adjustments result in S&P Global Ratings-adjusted leverage being about a half turn higher, which is aligned with a one notch higher rating for Boyd. S&P said, "The CreditWatch listing with positive implications reflects our expectation credit metrics will improve. Once Boyd completes the sale of its thermal business it plans to use the approximately $9.5 billion of sale proceeds to cover transaction related expenses, repay its $1.76 billion first-lien term loan (maturing July 2029), and $630 million of preferred equity (outstanding balance as of Sept. 30, 2025), complete a dividend to its owners, Goldman Sachs, and invest in the Boyd Engineered Materials (Boyd EM) business." Boyd also plans to issue a new revolving credit facility and new first-lien term loan and operate with pro-forma leverage, by the company's measure, of around 4x. The inclusion of lease liability and other metrics within S&P Global-Ratings-adjusted leverage typically adds around 0.5x of leverage to the company's reported debt to EBITDA. Nonetheless, the pro-forma level of leverage is a material change from its S&P Global Ratings-adjusted leverage of around 9.2x (inclusive of preferred equity) as of the 12-months-ended Sept. 30, 2025. Although the company's EBITDA will be meaningfully smaller following the sale, S&P Global Ratings-adjusted leverage of around 4.5x is aligned with a one-notch higher rating for Boyd. On that note, the company has not indicated how they plan to use the proceeds from new first-lien term loan or the remaining cash balance following the debt repayment and sponsor dividend. S&P expects the company will use the funds for acquisitions that complement its engineered materials business and partially offset the reduction in size and concentration of its product suite after selling the thermal business. S&P said, "We expect Boyd's operating performance will be less volatile and pro-forma EBITDA margins will improve, as large costs associated to the thermal business roll off, it pursues cost savings initiatives, and invests in supporting new business wins, which we believe it will fund with proceeds from the sale. Over the past five years, Boyd has been reorganizing its operations and completing acquisitions to build out its thermal business. The high costs of the reorganization were a main driver of the company's $160 million reported free operating cash flow (FOCF) deficit between 2021 and 2023. On a pro-forma basis, Boyd EM's earnings have been more stable, with lower reorganization costs negatively affecting performance and EBITDA margins. Our expectations for margin improvement and earnings stability are partially offset by Boyd EM's exposure to cyclical end markets (such consumer electronics and eMobility), which could result in volatility in EBITDA. Overall, we assume Boyd's pro-forma EBITDA margin will be in the 19.5% to 20.5% area in 2026." The sale of Boyd Thermal reduces Boyd's size and diversification. The remaining business will be much smaller once the sale is completed. S&P said, "In 2026, we expect pro-forma revenue and EBITDA will represent less than 30% of the pre-sale revenue and EBITDA base. We still forecast positive revenue growth going forward but at a slower rate since Boyd Thermal is growing much faster compared with Boyd EM. In addition, the company's product suite will be less diverse. Boyd's assets following the sale will be concentrated to the engineered materials space, which we view as a highly competitive market. The decrease in the company's revenue and EBITDA base and limited product diversification is partially offset by our expectation that the company will use some of the proceeds from the new first-lien term loan and from the sale for acquisitions. Although it is unknown how large and specifically what types of businesses would be acquired, the external growth would increase the company's size of operations and expand the company's product offering over time." S&P said, "We expect to resolve the CreditWatch placement when the transaction closes in 2026. The CreditWatch with positive implications reflects that we could raise the ratings on Boyd if we expect Boyd will maintain financial policies consistent with sustaining S&P Global Ratings-adjusted leverage below 6x over the long term." LUMINAR TECHNOLOGIES: Weil Gotshal Represents Co. in Ch. 11 Case ---------------------------------------------------------------- Yun Park of Law360 Bankruptcy Authority reports that Luminar Technologies Inc., a maker of lidar systems for autonomous vehicles, has turned to Weil Gotshal & Manges LLP for representation in its Chapter 11 case, as the company seeks approval to sell its assets through the bankruptcy process. The filing reflects Luminar's effort to preserve value while navigating ongoing financial headwinds. According to court records, the company intends to pursue a structured sale designed to attract potential buyers and generate recoveries for stakeholders. The case underscores the pressures facing companies tied to the autonomous driving industry as commercialization timelines continue to stretch, the report states. 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. MAGLEV ENERGY: Gets Extension to Access Cash Collateral ------------------------------------------------------- Maglev Energy, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The court issued its eighth interim order authorizing the Debtor to use cash collateral for U.S. Trustee quarterly fees and other court-approved payments, the budgeted expenses plus up to a 10% variance per line item, and additional amounts with approval from the U.S. Small Business Administration, effective until further court order. The Debtor projects total operational expenses of $11,340 for December. As adequate protection for the Debtor's use of their cash collateral, the SBA and other creditors with a security interest in the cash collateral will be granted post-petition liens on the cash collateral to the same extent and with the same validity and priority as their pre-bankruptcy liens. In addition, the Debtor was ordered to keep the secured creditors' collateral insured. The next hearing is scheduled for December 30. About Maglev Energy Maglev Energy, Inc., a company in Seminole, Fla., engineers motor and generator technology including permanent magnet alternator, vertical wind turbine, and auxiliary power unit. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06552) on Nov. 5, 2024, with $241,312 in assets and $2,384,522 in liabilities. Jon Harms, executive vice president, signed the petition. Judge Catherine Peek Mcewen oversees the case. The Debtor is represented by: Jake C. Blanchard, Esq. Blanchard Law, P.A. Tel: 727-531-7068 Email: jake@jakeblanchardlaw.com MARINERS GATE: Case Summary & 10 Unsecured Creditors ---------------------------------------------------- Debtor: Mariners Gate LLC 548 West 28th Street Suite 645 New York, NY 10001 Business Description: Mariners Gate LLC owns a six-story commercial loft building in the Highline section of Manhattan, New York, acquired in 1999 and titled to the company in 2005, which has been renovated from a garage and industrial space into an office, showroom, and gallery building. The property spans 102,888 square feet, offering over 50 tenant spaces and ground-level retail, and is leased to creative tenants including art galleries, photographers, and fashion companies. Located in West Chelsea on the West Side, the building benefits from proximity to public transportation, including the No. 7 train at Hudson Yards. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12819 Debtor's Counsel: Kevin Nash, Esq. GOLDBERG WEPRIN FINKEL GOLDSTEIN LLP 125 Park Ave New York, NY 10017-5690 Email: knash@gwfglaw.com Total Assets: $54,304,606 Total Liabilities: $46,479,121 The petition was signed by James Y.A. Pastreich as president and director. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CHVFFHI/Mariners_Gate_LLC__nysbke-25-12819__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Clark Whitsett, Referee $0 6605 Woodhaven Boulevard Rego Park, NY 11374 2. Loop Net $7,998 PO Box 7410099 Chicago, IL 60674-5099 3. NYC Dep't of Finance Unknown Legal Affairs Collection Unit 375 Pearl St., Apt 30 New York, NY 10038 4. NYS Dep't of Taxation Unknown Bankruptcy Special Procedure PO Box 5300 Albany, NY 12205 5. Paradigm CF Corp. $0 317 Madison Avenue Suite 1100 New York, NY 10017 6. Pinetree Group, Inc. $76,671 548 W. 28th Street Ste. 645 New York, NY 10001 7. Sirina Fire Protection Corp. $11,203 151 Herricks Road New Hyde Park, NY 11040 8. Sprague Operating Resources LLC $886 PO Box 782177 Philadelphia, PA 19178-2177 9. Suburban Pest $670 Control of NY Inc. PO Box 129 Yonkers, NY 10705 10. Waste Connections $6,008 120 Wood Avenue South, Ste. 302 Iselin, NJ 08830 MEDLINE INC: S&P Assigns 'BB+' Issuer Credit Rating Following IPO ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' issuer credit rating (ICR) to Medline Inc. S&P said, "At the same time, we raised our ICR on subsidiary Medline Borrower L.P. to 'BB+' from 'BB-' and removed our ratings from CreditWatch, where we placed them with positive implications on Dec. 20, 2024. We also raised our issue-level rating on the company's secured debt (issued at Medline Borrower L.P.) to 'BBB-' from 'BB-' and revised the recovery rating to '2' (70%-90%; rounded estimate: 75%) from '3'. In addition, we raised our issue-level rating on the company's unsecured debt to 'BB-' from 'B'. Our '6' recovery rating (0%-10%; rounded estimate: 5%) on the unsecured debt is unchanged. "The stable outlook reflects our expectation Medline will continue to increase its revenue by 8%-10% over the next 12 months, supported by new prime vendor wins and high volumes across its end markets. The outlook also reflects our expectation the company will operate with a financial policy consistent with a public company, including maintaining leverage of below 4x." Medline has completed its IPO, through which it raised $6.3 billion of proceeds and repaid about $4.0 billion of secured debt. Medline will reduce its leverage to about 3.6x as of the end of 2025 and to 3.3x in 2026. The IPO priced at $29 a share and the company upsized the offering by roughly $1 billion due to strong demand, which enabled it to use the additional proceeds to buy back shares from its private-equity sponsors. Medline's IPO generated total proceeds of roughly $6.3 billion and it used about $4.0 billion to repay its senior secured debt. S&P said, "We now expect the company will end the year with leverage of about 3.6x and expect substantial improvements in its EBITDA and cash flow in 2026 will further reduce its leverage to about 3.3x. However, we have limited information around Medline's intended financial policy as a public company, which--depending on how it allocates its capital--will determine the pace of its deleveraging." The company will remain a controlled entity and its financial policy will continue to be determined by its pre-IPO investors. S&P said, "Even if Medline's underwriters exercise the option to purchase additional shares, we estimate that its original private-equity consortium (comprising Blackstone, Carlyle, H&F, Abu Dhabi Investment Authority [ADIA], and GIC Private Ltd.) will retain over 60% voting control. While we acknowledge that GIC and ADIA are not strictly private-equity firms, we believe their participation as private investors demonstrates that their risk appetite and strategy are consistent with those of private equity sponsors and consider them as participants in the consortium. The Mills family will become the single largest shareholder with roughly 18%, while the public will control about 16%-18% depending on whether management exercises the underwriter's option. Despite the buffer provided by the founding family and public ownership, we still believe that the private-equity consortium will exercise control." S&P said, "While we believe the sponsors' decision to pursue an IPO does provide an incentive for them to maintain leverage consistent with that of a typical public company, we do not believe it eliminates the risk of a re-leveraging event. We will continue to evaluate the company's financial policy as a public company, as well as any further equity sales by its private-equity owners. However, we will likely continue to view Medline as a controlled entity unless we believe its private-equity owners will reduce their combined voting control below 40% in the medium term. "We expect Medline's revenue growth will remain strong over the next few years. We expect the company will increase its revenue by roughly 8%-10% in 2026, mainly supported by new prime vendor wins and high volumes across its end markets. We also expect that Medline will continue to expand its revenue by the high-single-digit percent area in 2027 and beyond as its new prime vendor wins more than offset any fluctuations in its patient volumes. The company has demonstrated that it can take share from its competitors by offering its branded products at a lower price point, thus we expect this trend will continue over the next few years. In addition, we expect Medline will supplement its organic revenue growth with tuck-in acquisitions, which it mainly funds with its free cash flow." Medline Borrower L.P. is one of the leading medical distribution companies in the U.S. and its highly profitable branded products provide a competitive advantage. The acute-care distribution industry is dominated by Medline, Cardinal Health, and Owens & Minor's legacy business (soon to be divested). The outpatient subsector is dominated by McKesson, Henry Schein, and Medline. S&P believes demand from customers (hospitals, post-acute-care providers, physician offices, and outpatient facilities) will remain solid across both subsectors. Medline's large manufacturing and sourcing capabilities provide it with a significant competitive advantage in the medical distribution business because it can offer lower-cost private-label products, which is driving its market share gains. The third-party distribution business also provides the company with insights into customer preferences for medical supplies, which it can often replace with branded products. Medline also maintains a highly efficient distribution network that allows it to provide next-day delivery for 95% of its U.S. customers and maintains a 98% retention rate with its prime vendor customers. The company's diverse supply chain will help it mitigate any tariff-related headwinds. Medline has over 500 global sourcing partners located in 40 countries, which provides it with flexibility to react to inflationary pressures and tariffs. The company also has experience dealing with global supply chain disruptions, such as the COVID-19 pandemic and the dramatic increases in shipping container costs in 2021. However, there are likely some products that Medline will be unable to source from alternative locations, or some products where it will not be economically feasible to move production. S&P said, "In those cases, we expect the company, and other large medical surgical distributors, will attempt to pass on most of the price increases associated with tariffs to their customers. Many of their customers are protected by group purchasing organizations (GPOs) that are locked into contracts of up to three years in duration. We believe distributors have demonstrated that they can renegotiate prices with the GPOs when a price increase is truly out of their control, though there will likely be a delay until they are able to successfully renegotiate. The company estimates that tariffs will present an incremental $150 million to $200 million headwind to profitability in 2026. We do not currently anticipate any incremental headwind beyond 2026, unless tariff rates begin to rise again." S&P said, "The stable outlook reflects our expectation Medline will continue to increase its revenue by 8%-10% over the next 12 months, supported by new prime vendor wins and high volumes across its end markets. The outlook also reflects our expectation the company will operate with a financial policy consistent with a public company, including maintaining leverage of below 4x." S&P could lower its rating on Medline if it expects its leverage will rise above 4x. This could occur if: -- The company's revenue growth stalls and its profitability declines due to inflationary pressures; or -- Management's financial policy becomes more aggressive than anticipated, including by using its debt to fund acquisitions and shareholder rewards. S&P views an upgrade as unlikely over the next 12 months due to Medline's financial-sponsor ownership. It would only upgrade the company if: -- It establishes a track record of operating with a conservative financial policy; -- S&P expects it will maintain leverage of about 3x or below; and -- It's financial-sponsor owners begin to monetize their ownership stakes such that S&P expects that they will relinquish control in the medium term. MIDNIGHT VENTURES: Gets Final OK to Use Cash Collateral ------------------------------------------------------- Midnight Ventures, 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 cash collateral through May 31, 2026, in accordance with the approved budget, with expenses allowed to deviate up to 10% without prior consent of secured creditors or further court order. As adequate protection, the U.S. Small Business Administration, Offen Petroleum, LLC, and any other secured creditors with interests in cash, cash equivalents, accounts, and receivables will be granted post-petition replacement liens on post-petition inventory and business income, maintaining the same relative priority as their pre-bankruptcy liens. The Debtor must also make monthly payments of $797 to the SBA as further protection. In addition, the Debtor was ordered to maintain insurance on all collateral, keep the collateral in good repair, and provide comprehensive monthly accountings through its monthly operating reports. The final order is available at https://is.gd/VueEy4 from PacerMonitor.com. About Midnight Ventures Midnight Ventures LLC, based in Dove Creek, Colorado, owns and operates the Sinclair at Dove Creek fuel and convenience station at 419 W Highway 491, offering fueling services with DINOCARE additives, mobile payments through DINOPAY, and convenience store amenities for local and traveling customers. Midnight Ventures filed a Chapter 11 bankruptcy petition (Bankr. D. Colo. Case No. 25-16775) on Oct. 17, 2025, disclosing up to $1 million in assets and up to $10 million in liabilities. Judge Joseph G. Rosania Jr. oversees the case. The Debtor is represented by Jonathan M. Dickey, Esq., at Kutner Brinen Dickey Riley, PC. MITNICK CORPORATE: Moody's Lowers CFR to Caa1, Outlook Negative --------------------------------------------------------------- Moody's Ratings downgraded the ratings of Mitnick Corporate Purchaser, Inc. (Veracode), including the Corporate Family Rating to Caa1 from B3, the Probability of Default Rating to Caa1-PD from B3-PD, the backed senior secured super-priority revolving credit facility rating due 2027 to B1 from Ba3, and the backed senior secured term loan rating due 2029 to Caa1 from B3. The outlook remains negative. The negative outlook reflects the uncertainty around stabilization of ARR declines along with the expectation that the company will continue to rely on the revolver (which matures May 03, 2027) to fund negative free cash flow. RATINGS RATIONALE The Caa1 CFR reflects very elevated financial leverage of about 10x (on a Moody's adjusted basis) at the LTM ending September 30, 2025 (or closer to 11x when expensing capitalized software development costs), gross retention rates in the low-to-mid 80s range that have been negatively impacted by competitive factors and remain challenged despite repricing efforts, a slowdown in new and expansion business, and, more recently, negative free cash flow that could persist given declines in Annual Recurring Revenues (ARR). Additionally, the potential for cost reductions to adjust to lower ARR--which may include lower sales & marketing and other operating costs--could lead to further declines in ARR and/or adverse impacts on product quality. The proliferation of generative AI in code development and testing has emerged as an opportunity as well as a potential headwind for Veracode, as it provides a new revenue stream and source of efficiency, while it also makes it easier for legacy and newer competitors to bolster their competing offerings. Governance considerations were a driver of the rating action and include the company's elevated financial leverage as well as recent budget misses amidst a challenging operating environment. Partially mitigating the churn and downsell motions, the company benefits from new customer wins, particularly with state and local governments and in the European market as well from upsell bookings, including from its AI vulnerability and remediation tools. A strategic shift towards the broader application risk management (ARM) market, beyond the traditional application security testing and with refreshed sales leadership, could also increase upsell and new bookings as customers look to have a unified view of their application vulnerabilities and risks. That said, the ARM market is crowded and includes large and well capitalized competitors, and this revenue stream is still a very small percentage of the company's sales vs. the more commoditized application security testing revenue. Positively, Veracode continues to maintain a good market position in the application vulnerability management market. Liquidity is adequate over the next year, characterized by an $11 million cash balance and about $59 million of revolver availability at September 30, 2025. Moody's expects negative free cash flow and term loan amortization to decrease the liquidity position in the next 12 months to around $50 million in overall liquidity. The revolver contains a maximum first lien net leverage ratio financial covenant set at 12.5x, which springs at 40% utilization. Moody's expects increasing reliance on the revolver but the company will have sufficient operating cushion under the financial covenant, if it were to apply. Moody's would consider liquidity weak if the company is unable to extend the revolver over the next few months, given the growing reliance on this facility which matures in May 2027 and continued operating performance challenges. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if the company is unable to extend its revolver before becoming current in May 2026, revenue declines continue, financial leverage fails to improve or negative free cash flows persist. The ratings could be upgraded if Veracode generates sustained revenue and operating cash flow growth and substantially improved financial leverage, with sustained positive free cash flow that is sufficient to at least cover term loan amortization, and with improved retention metrics and liquidity. Headquartered in Burlington, MA, Mitnick Corporate Purchaser, Inc. (Veracode) is a global provider of application risk management software and services. The company offers static application security testing (SAST), dynamic AST (DAST), interactive AST (IAST), software composition analysis (SCA), as well as manual penetration testing services, developer security education, policy management and analytics. More recently, the company also offers a broader application risk management solution that provides a unified view of application vulnerabilities and risks across multiple workloads and environments. It serves around 2,600 customers across a wide range of industries, in both the Enterprise and SMB segments. Revenue for the last twelve months ended September 30, 2025, were about $258 million. The principal methodology used in these ratings was Software published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. MKBH MANAGEMENT: Fannie Mae Wants Trigild's Lagowitz as Receiver ---------------------------------------------------------------- Federal National Mortgage Association (Fannie Mae) filed a motion with the U.S. District Court for the Southern District of New York, seeking the appointment of Ian Lagowitz of Trigild IVL, as receiver for a multi-unit apartment property owned by MKBH Management LLC. Fannie Mae is the holder of the mortgage loan on the multi-unit apartment property located at 47 North Bleeker Street, Mount Vernon, NY 10550, which is under a commercial foreclosure after having acquired all rights and interests by assignment from the original mortgagee. Congress chartered Fannie Mae to facilitate the nationwide secondary residential mortgage market. The Housing and Economic Recovery Act of 2008 (HERA), Pub. L. No. 110-289, 122 Stat. 2654 (codified as 12 U.S.C. Section 4511 et seq.), established the Federal Housing Finance Agency (FHFA) as Fannie Mae's primary regulator. On September 6, 2008, pursuant to HERA, the Director of FHFA placed Fannie Mae into conservatorship, where it remains to this day. As Conservator, FHFA succeeded to all of Fannie Mae's rights, titles, powers, privileges, and assets. It is also empowered to preserve and conserve Fannie Mae's assets and property, to operate Fannie Mae, to perform all of its functions, and to collect all obligations and money due to Fannie Mae. Congress also mandated that no court may take any action to restrain or affect the exercise of being a conservator. FHFA supports the appointment of a receiver on the terms set forth in the proposed Order accompanying Fannie Mae's receivership request. However, FHFA reserved its rights as to any other or different terms for the appointment of a receiver that have not been approved by FHFA in advance. Fannie Mae contends the appointment of a receiver is warranted both under the express terms of the governing loan documents and equitable principles. MKBH Management LLC is the mortgagor and owner of this seven-unit multi-family Property. On December 27, 2018, the Borrower borrowed $702,000 pursuant to a Multifamily Note, securing a mortgage governed by a Multifamily Mortgage, Assignment of Leases and Rents, Security Agreement, and Fixture Filing and a Multifamily Loan and Security Agreement. Under Schedule 2 of the Loan Agreement, the Borrower was required to make monthly payments to the Lender (as such term is defined therein) on the first day of each month from February 1, 2019, through January 1, 2049. Starting March 1, 2025, MKBH Management has failed to pay its monthly mortgage payments, as required under the parties' Loan Documents, which triggered Fannie Mae's right to pursue all available remedies, including the appointment of a receiver. Under the Loan Documents, once a default on the mortgage loan exists, the Borrower not only agreed that Plaintiff may seek the ex parte appointment of a receiver, but it also irrevocably consented to and agreed not to oppose such an appointment. In addition to the express language of the Loan Documents, equitable considerations counsel in favor of the appointment of a receiver. Further, under the Borrower's management, its seven-unit property has accumulated over 40 open violations from the City of Mount Vernon Department of Buildings. Additionally, the Borrower failed to pay the Property's taxes, requiring Fannie Mae to advance funds to do so. Moreover, the Borrower has not turned over any rents to Plaintiff following the "Events of Default" as required under the Loan Documents and instead is wrongfully keeping these funds for itself, while failing to meet the expenses necessary to management of the Property. And lastly, the Borrower has not provided Fannie Mae with any financial reporting for the loan for many years, despite a contractual obligation to do so. Fannie Mae asserts the Court should appoint a receiver over the Property because (i) multiple Events of Default have occurred, (ii) the Borrower consented to such an appointment and waived any right to oppose it following the occurrence of an Event of Default, and (iii) equitable considerations, including Borrower's continuing failure to turn over rents, counsel in favor of appointment. Further, Plaintiff's diligence has uncovered even more issues reflecting the Borrower's prolonged neglect and inadequate upkeep of the Property. There are numerous deferred maintenance and life safety issues requiring immediate attention, including missing combination smoke and carbon monoxide detectors (posing a life safety hazard), broken ceramic tile flooring, damaged stair treads, chipped paint, and deteriorating exterior conditions, including rusting and corrosion on the front door and metal fencing, and degraded pavements. In the absence of a court-appointed receiver, according to Fannie Mae, there is every reason to believe that the Defendant's mismanagement will result in further deterioration and the accumulation of additional violations against the Property, further diminishing the value of the collateral securing the loan, and therefore impairing Plaintiff's ability to recover on the loan. Trigild is a full-service, fiduciary real estate company experienced in handling every aspect of receiverships, including asset management accounting, leasing, tenant relations, and property services. Since 1988, Trigild has handled more than 2,000 receivership appointments for more than 3,500 real estate and business assets. As a managing partner of Trigild, Mr. Lagowitz has been involved in nearly one thousand receivership, fiduciary, and trustee appointments over the course of his twenty five-year real estate career. He is highly experienced in property evaluation, leasing, sales, redevelopment, brownfield redevelopment, mergers and acquisitions, institutional work-outs, asset recovery, and property management. The proposed project team to support Mr. Lagowitz during this receivership is comprised of a team of professionals with similarly extensive experience with receivership work. Chris Neilson, a managing partner, has been a receiver for all types of commercial properties, including multi-family apartments, and is an approved fiduciary in the State of New York. Likewise, David Wallace, Chief Legal Officer, oversees Trigild's team in court-ordered receiverships for assets across the nation, successfully resolving distressed loans and preserving assets as a court-appointed fiduciary. Maegan Kalbermatten, Director of Operations & Receiverships; Nancy Daniels, Senior Vice President; and Ava Stapp, Manager of Receivership Services and Marketing, would also provide critical support as part of the proposed project team. MKBH and Mendel Bronner have filed a reply to the complaint. They either outright deny all the allegations in the Complaint, or assert they are without sufficient knowledge or information sufficient to form a belief as to the truth of the allegations. They also contend Fannie Mae "failed to comply with federal or New York state law requiring forbearance and loan modification programs for borrowers affected or impacted by the Coronavirus, or commenced this action in violation of said law which imposes moratoriums on the commencement of residential foreclosure actions, or otherwise in violation of any applicable executive orders promulgated by the Governor of the State or Administrative Orders promulgated by the Chief Administrative Judge state." They are represented by: Joshua Bronstein, Esq. The Law Offices of Joshua Bronstein & Associates, PLLC 114 Soundview Drive Port Washington, NY 11050 Tel: (516) 698-0202 About MKBH Management LLC MKBH Management LLC owns a multi-unit apartment property located at 47 North Bleeker Street, Mount Vernon, NY 10550. MKBH Management LLC is facing a receivership case captioned as Federal National Mortgage Association v. MKBH Management LLC, Mendel Bronner, Shea Markowitz, Chanan Markowitz, and John Doe, Case No. 7:25-cv-07611 (S.D.N.Y.), before the Hon. Nelson Stephen Roman. The case was filed on Sept. 12, 2025. Counsel for Plaintiff Federal National Mortgage Association: Dean L. Chapman, Jr., Esq. Dara R. Mouhot, Esq. AKIN GUMP STRAUSS HAUER & FELD One Bryant Park New York, NY 10036 Tel: (212) 872-8095 Fax: (212) 872-1002 E-mail: dchapman@akingump.com dmouhot@akingump.com MODIVCARE INC: Court Confirms Plan, Expects Emergence by Year-End ----------------------------------------------------------------- Modivcare Inc., announced on December 12, 2025, that the U.S. Bankruptcy Court for the Southern District of Texas has confirmed the Company's Plan of Reorganization. This milestone clears the path for Modivcare to successfully emerge from Chapter 11 in the coming weeks with significantly less debt, additional liquidity and a stronger capital structure for future growth. "We engaged in this restructuring to build a stronger, more sustainable organization to meet the critical needs of our members and we are pleased to have reached this significant milestone," said Heath Sampson, Chief Executive Officer and President of Modivcare. "I am grateful to our talented team for their continued hard work; our clients, transportation partners, facilities, and other vendors for their partnership; and our supporting lenders for their belief in our business. We look forward to completing this process and continuing our commitment to providing excellent service to clients and their members for years to come." Modivcare will emerge from Chapter 11 once the remaining procedural steps are concluded, which it expects will occur before the end of the year, on its established timeline. All of Modivcare's service lines will continue to operate in the ordinary course, with no expected interruption or change in access to care and a continued focus on operational excellence. Additional Information For more information about the Company's Chapter 11 case, including claims information, please visit veritaglobal.net/Modivcare or contact Verita, the Company's noticing and claims agent, at +1 (888) 733-1521 for U.S. and Canada or +1 (310) 751-2636 for international. Modivcare is advised by Latham & Watkins LLP, Hunton Andrews Kurth LLP, Moelis & Company LLC, Quinn Emanuel Urquhart & Sullivan, LLP and FTI Consulting. The First Lien Agent, the First Lien Lenders and the Second Lien Noteholders executing the RSA are advised by Paul Hastings LLP and Lazard. About Modivcare Inc. ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MVL INVESTMENTS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of MVL Investments Group, Inc., according to court dockets. About MVL Investments Group Inc. MVL Investments Group Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23117) on November 4, 2025. In its petition, the Debtor reported assets between $1 million and $10 million and liabilities between $100,000 and $500,000. Anastasia L. Thelusma, president of MVL, signed the petition. Honorable Bankruptcy Judge Scott M. Grossman handles the case. The Debtor is represented by Mark S. Roher, Esq., at the Law Office of Mark S. Roher, P.A. NATURE'S WAX: Seeks Chapter 11 Bankruptcy in Florida ---------------------------------------------------- On December 16, 2025, Nature's Wax & Spa, LLC voluntarily filed for Chapter 11 bankruptcy in the Middle District of Florida. Court documents indicate the debtor has liabilities of $1 million to $10 million owed to 1 to 49 creditors. About Nature's Wax & Spa, LLC Nature’s Wax & Spa, LLC provides hair removal and skincare services through its spa and wellness facilities. The company specializes in waxing, facial treatments, and other spa services designed to meet individual client needs. Nature's Wax & Spa, LLC commenced its Chapter 11 case under the U.S. Bankruptcy Code (Bankr. Case No. 25-08184) on December 16, 2025. The filing lists assets estimated between $100,001 and $1,000,000 and liabilities ranging from $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Tiffany P. Geyer. The debtor is represented by Jesus Lozano, Esq. of Nardella & Nardella, PLLC. NEW FORTRESS: Extends Senior Secured Notes Forbearance to Jan. 9 ---------------------------------------------------------------- New Fortress Energy Inc. announced on Dec. 17, 2025, that it has extended its forbearance agreement with representatives of the holders of its new senior secured notes due 2029 from December 15, 2025 to January 9, 2026. During the forbearance period, NFE expects to continue to advance the completion of its restructuring with the company's stakeholders. About New Fortress Energy Inc. New Fortress Energy Inc., a Delaware corporation, is a global energy infrastructure company founded to help address energy poverty and accelerate the world's transition to reliable, affordable and clean energy. The Company owns and operates natural gas and liquefied natural gas infrastructure, ships and logistics assets to rapidly deliver turnkey energy solutions to global markets. The Company has liquefaction, regasification and power generation operations in the United States, Jamaica, Brazil and Mexico. The Company has marine operations with vessels operating under time charters and in the spot market globally. For the fiscal year ended December 31, 2024, the Company had $12.9 billion in total assets, $10.8 billion in total liabilities, and a total stockholders' equity of $2 billion. * * * In November 2025, S&P Global Ratings lowered its issuer credit rating on New Fortress Energy Inc. (NFE) to 'SD' (selective default) from 'CCC'. At the same time, S&P lowered its issue level rating on NFE's 12% senior secured notes due 2029 to 'D' from 'CCC-'. The downgrade reflects NFE's decision to enter into a forbearance agreement. S&P will reevaluate its ratings on NFE before the end of November as more information becomes available. The Company has initiated a process to evaluate its strategic alternatives to improve its capital structure. It has retained Houlihan Lokey Capital, Inc. as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP as legal advisor to assist it in this evaluation. The Company, along with its advisors, is considering all options available, including asset sales, capital raising, debt amendments and refinancing transactions, and other strategic transactions that seek to provide additional liquidity and relief from acceleration under its debt agreements. As part of this process, the Company is engaging in discussions with various existing stakeholders and potential investors. There are inherent uncertainties as the outcome of these negotiations and potential transactions are outside management's control, and therefore there are no assurances that management will be successful in these negotiations and that any of these potential transactions will occur. In addition, there can be no assurances that these transactions will sufficiently improve the Company's liquidity or that the Company will otherwise realize the anticipated benefits. Moreover, if the Company fails to obtain amendments and forbearance, the Company may be required or compelled to pursue additional restructuring initiatives to preserve value and optionality, including possible out-of-court restructurings, or in-court relief, which could have a material and adverse impact on the Company's stockholders. NEWFOLD DIGITAL: Moody's Ups CFR to 'Caa2', Outlook Stable ---------------------------------------------------------- Moody's Ratings downgraded Newfold Digital Holdings Group, Inc.'s (Newfold Digital) probability of default rating to D-PD from Caa3-PD as a result of the restructuring debt exchange transactions, which Moody's considered a distress exchange. Moody's concurrently upgraded the corporate family rating to Caa2 from Caa3. The PDR will be upgraded to Caa2-PD in a few business days. In addition, Moody's assigned Caa1 ratings to the company's newly issued first out debt that includes a 1st out new money term loans (New Money Term Loans), 1st out revolving credit facility (New RCF), 1st out term loan (1st Out Term Loan) and 1st out exchange notes (1st Out Exchange Notes). Moody's also assigned Caa3 ratings to the company's 2nd out debt that includes 2nd out term loans (2nd Out Term Loan) and 2nd out exchange notes (2nd Out Exchange Notes). The ratings on the company's existing debt that remains outstanding after the first exchange transaction remain unchanged. Moody's will withdraw the ratings for the company's exchanged obligations. The outlook remains stable. The new debt replaces almost all of the company's previous debt obligations, which included approximately $2.3 billion of first-lien term loans due 2028, a $380 million revolver due 2026, $515 million of first-lien secured notes due 2028 and approximately $500 million of senior unsecured notes due 2029. Currently, almost all existing lenders have consented to the exchange transaction, and a few remaining lenders will have the opportunity to consent by a second deadline. As a result of the transaction and assuming all lenders under the old capital structure consent to the exchange, gross debt will decline by approximately $262 million, implying debt to EBITDA of 7.5x. These rating actions reflect the realization of high governance risks (as indicated in the company's CIS-5 Credit Impact Score and G-5 Governance Issuer Profile Score). Given the challenging operating environment, Moody's believes there is still a risk of default, and the current capital structure is unsustainable through business cycles. The upgrade of the CFR reflects the extension of the revolver maturity to January 2029, and the transaction therefore addresses near term maturities that were previously a risk factor. RATINGS RATIONALE Newfold's Caa2 CFR reflects weak operating trends, with revenue declining consistently each quarter for the past 18 months and leverage of 7.5x as of the end of September 2025. Moody's treats capitalized software development costs as an expense in the calculation of leverage. The ratings also reflect cyclicality due to exposure to the small and medium business ("SMB") market, where businesses tend to be less resilient to economic cycles, and risks from operating in a highly competitive market with low barriers to entry and relatively commoditized solutions. Newfold benefits from its position as one of the largest global providers of web presence solutions, a highly diversified revenue base with more than 7 million paid-subscribers, the mission-critical nature of the company's offerings that service small and medium sized businesses, a largely recurring and predictable revenue base underpinned by annual contracts with auto-renew options, and good customer retention rates. Newfold's liquidity is considered adequate and is driven by Moody's expectations for moderate cash flow generation and a revolver that will be largely drawn, since the transaction includes a cashless roll of revolver debt into the new revolver. The company may pay down revolver debt with proceeds from the sale of its MarkMonitor assets that is expected to close by the end of this year. Following the exchange transaction the New RCF will have $223 million drawn. The new debt capital structure comprises the first out tranches of debt including the New Money Term Loans, New RCF, 1st Out Term Loan and 1st Out Exchange Notes. The Caa1 rating on these first out tranches is one notch higher than the CFR and reflects the junior support in the capital structure from the second out debt tranches that are junior in ranking. The first out tranches are pari passu in security to each other. The Caa3 rating on the second out tranches that include the 2nd Out Term Loan and 2nd Out Exchange Notes is one notch below the CFR and reflects the effective subordination to the first out tranches. The instrument ratings reflect the PDR of Caa2-PD. All debt tranches are secured by the equity securities of the borrowers, each guarantor and each direct, restricted subsidiary of the borrower and of each subsidiary guarantor. The stable outlook reflects Moody's expectations for a continued challenging business environment, little to no growth in revenue over the next 12 -18 months, EBITDA margins of around 33% and debt to EBITDA to remain around 7.5x. Free cash flow to debt will be in the low single digit range. Marketing terms for the new credit facilities (final terms may differ materially) include the following: Incremental debt capacity up to $50 million of third-out debt; provided that such third-out indebtedness cannot be used to prepay, refinance or buyback indebtedness. There is no inside maturity sublimit. The credit agreement is expected to prohibit the designation of unrestricted subsidiaries, preventing collateral "leakage" to such subsidiaries. A "blocker" provision restricts the transfer of material property to non-guarantors. The credit agreement is expected to provide some limitations on up-tiering transactions, requiring 100% lender consent for amendments that contractually subordinate the debt or liens, except with the consent of the Super Majority Tranche A and the Super Majority B term lenders so long as each Tranche A Term lender and each Revolving Credit lender can ratably participate in such priming debt. The company cannot incur debt, grant liens, make investments or dispositions in connection with certain liability management exercises, except for transactions that (a) are consummated for bona fide purposes and in good faith, and (b) do not have the primary purpose of restructuring existing debt, releasing or altering the lien priority on the collateral, release guarantees, or impair rights or remedies. Amendments authorizing the incurrence of additional debt for the primary purpose (in the good faith determination of the company) of influencing voting thresholds require Super Majority Lenders consent, except for issuance of additional loans or superpriority notes or incurrence of other debt to consummate Subsequent Voluntary Prepayments and Issuances. 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 Newfold Digital establishes a track record of revenue growth and margin expansion, resulting in a material contraction in debt-to-EBITDA, sustained positive free cash flow, and continued improvement in the company's liquidity profile. Newfold Digital's ratings could be downgraded if operating performance trends are weaker than expected, debt-to-EBITDA increases, or the company incurs sustained free cash flow deficits that result in expectations of weakening liquidity. A downgrade would be also be possible if default risk rises, or Moody's perceives that the recovery prospects in the event of default could deteriorate further. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. Newfold's Caa2 rating is several notches below the scorecard-indicated outcome. The difference is explained by a new capital structure that is unsustainable through business cycles and challenging operating conditions. Newfold Digital Holdings Group, Inc. is a provider of internet domain name registrations, web hosting and website building tools to small businesses. The company has a portfolio of web services brands, which include Bluehost, Network Solutions, and Web.com as well as other regional and complementary brands. The company is majority owned by affiliates of private equity sponsors Clearlake and Siris. Moody's projects annual revenue of around $1.4 billion in 2026. OLIVER CORNERS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Oliver Corners Apartments, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget from December 4 through January 7, 2026. Much of the Debtor's revenue comes from the operation of its business, which may constitute cash collateral of its secured lender, KeyBank National Association. As protection, the lender will be granted an automatically perfected replacement lien on the Debtor's post-petition property similar to the lender's pre-bankruptcy collateral, excluding proceeds of avoidance actions. The order expressly preserves all parties' rights, including whether any lien or security interest held by the lender is valid. A final hearing is set for January 7, 2026. KeyBank, as servicer for a securitized trust, claims a lien on rental income from the Debtor's property -- a 29-unit apartment complex in East Point, Ga. -- under a 2022 Deed to Secure Debt and Assignment of Rents. The lender is owed roughly $3.56 million. KeyBank is represented by: Gwendolyn J. Godfrey, Esq. One Atlantic Center, #1100 1201 W. Peachtree St., N.W. Atlanta, GA 30309 (404) 253-6000 ggodfrey@polsinelli.com About Oliver Corners Apartments LLC Oliver Corners Apartments, LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Ga. Case No. 25-61617) on Oct. 6, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor tapped Rountree, Leitman, Klein & Geer, LLC as legal counsel. OROVILLE HOSPITAL: Gets Interim OK for DIP Financing From Rosemawr ------------------------------------------------------------------ Oroville Hospital and affiliates received interim approval from the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, to use cash collateral and obtain debtor-in-possession financing to get through bankruptcy. The financing is a $38 million senior secured, superpriority DIP credit facility with Rosemawr Management, LLC, with up to $16 million available upon entry of the interim order. The financing would be governed by a binding term sheet and credit agreement and would be secured by priming liens on substantially all of the Debtors' assets, including cash, deposit accounts, and accounts receivable, with the DIP lender also receiving a superpriority administrative expense claim, subject to customary carve-outs. The DIP facility is due and payable on the earliest of: i) the consummation of any sale or other disposition of all or substantially all of the Debtors' assets pursuant to 11 U.S.C. section 363; ii) December 31, 2026 or, if the Debtors invoke, and subject to the terms and conditions of the DIP Facility, the Sale Milestone Extension Period, February 28, 2027; iii) the date of the acceleration of the DIP Facility and the termination of the DIP Lenders' obligation to advance funds under the DIP Facility following the occurrence and during the continuation of an Event of Default; iv) entry of an order without the express written consent of the DIP Agent or the DIP Lenders authorizing the Debtors to obtain additional financing from a party other than the DIP Lenders under section 364(d), except if such financing provides for the payment in full in cash of the obligations under the DIP Facility; v) conversion of the Chapter 11 Cases to cases under Chapter 7 of the Bankruptcy Code, the dismissal of the Chapter 11 Cases, or the appointment of a trustee or examiner with expanded power in the Chapter 11 Cases; or vi) 45 days after the Petition Date (or such later date as agreed to by the DIP Agent), unless the Final Order has been entered on or before such date. In addition, the interim order authorized the Debtors to use the cash collateral of their pre-petition secured creditors -- holders of the Series 2018 and Series 2019 hospital revenue bonds -- effective December 11 while providing those creditors with adequate protection in the form of junior liens and other safeguards. The Debtors face an immediate liquidity crisis and could exhaust available cash within days without court approval, creating severe risks to patient care, employee wages, and the preservation of collateral value. The financing and cash collateral use would fund ordinary course operations, professional fees, and a structured sale or affiliation process. The Debtors argue that no alternative financing was available on better terms and that the DIP facility is essential to maintaining hospital services, protecting more than a thousand jobs, and sustaining critical healthcare access for communities throughout Butte County and surrounding areas in Northern California. A copy of the motion is available at https://urlcurt.com/u?l=gZwP9r from PacerMonitor.com. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. OSCAR ACQUISITIONCO: Moody's Cuts CFR to Caa1, Outlook Negative --------------------------------------------------------------- Moody's Ratings downgraded Oscar AcquisitionCo, LLC's, which is doing business as Oldcastle BuildingEnvelope ("OBE"), corporate family rating to Caa1 from B3, its probability of default rating to Caa1-PD from B3-PD, the ratings on the backed senior secured first lien term loan due 2029 and backed senior secured first lien revolving credit facility due 2029 (with 6% maturing in 2027) to B3 from B2 and the rating on the existing backed senior unsecured notes due 2030 to Caa3 from Caa2. The rating outlook remains negative. The rating action was prompted by the rapid deterioration in OBE's operating performance through 2025, resulting in weak credit metrics and limited cash on balance sheet. Soft end-market demand and underutilized manufacturing capacity limit prospects for a near-term turn around and Moody's expects liquidity to remain weak through 2026. While the company has taken steps to rationalize its footprint and reduce costs, profitability is likely to remain below historical levels. Execution risk is elevated given the complexity of these initiatives, competitive pressures and the challenging demand environment. The negative outlook reflects Moody's expectations for negative free cash flow generation and weak liquidity over the next 12-18 months as the company works to rationalize its manufacturing footprint and improve profitability. RATINGS RATIONALE OBE's Caa1 CFR reflects the company's weak liquidity, rapid erosion in operating performance and credit metrics, limited geographic diversification and vulnerability to regional economic swings and cyclical end markets. Prospects for a rapid recovery in earnings and leverage remain slim in a soft economic environment. Moody's expects debt/EBITDA to be over 15x in 2025 and remain over 10x through 2026. This assumes EBITA margin growing to around 7% in 2026 from about 5% for the last twelve month (LTM) period ending September 27, 2025. The company's cost rationalization initiatives should support gradual profitability improvements. Historically, OBE generated solid profit margins and positive free cash flow, but visibility is limited if and when the company can return to historical levels of operating performance. The Caa1 CFR is supported by no near-term debt maturities and access to external liquidity in the form of its $340 million revolving credit facility. However, OBE's liquidity is weak, driven by ongoing free cash flow deficits that Moody's expects to persist through 2026. As of September 27, 2025, the company had $17.5 million drawn on its $340 million revolving credit facility, and Moody's expects this to increase to about $40 million by year-end 2025. While this suggests meaningful availability, actual access could be constrained by its springing first-lien net leverage covenant of 7.5x, triggered at 35% utilization, which would cap borrowing at roughly $120 million, if breached. The company recently amended $320 million of the revolver to extend its maturity to 2029, reducing the portion due in 2027 to $20 million for non-consenting lenders. The company estimated a first-lien net leverage calculation of approximately 5.9x for the LTM period ended September 27, 2025, if it were tested. Moody's expects the company to remain compliant with the covenant, but continued underperformance would jeopardize staying under the 7.5x limit. The term loan carries no financial covenants and amortizes at 1% annually. Most assets are fully pledged under the senior secured credit facilities, limiting alternative sources of liquidity. The B3 ratings on the first-lien credit facilities, including the revolver and the term loan, are one notch above the CFR. The higher rating reflects the prioritized position of debt in the capital structure and the loss absorption provided by the senior unsecured notes. The Caa3 rating on the unsecured notes reflects the subordination of this instrument to the first-lien credit facilities and the expected loss in value in a default scenario. ESG CONSIDERATIONS Governance considerations are material to the credit decision. Moody's lowered OBE's credit impact score to CIS-5 from CIS-4 and its governance issuer profile score to G-5 from G-4, reflecting heightened governance risk in financial strategy and risk management. OBE's leverage has increased significantly, and Moody's expects the company to rely on its revolver to cover ongoing cash flow deficits. Persistent management turnover further elevates execution risk. As a result, Moody's believes risks related to management track record have increased, given the need to demonstrate sustained positive free cash flow generation and reduced dependence on the revolver. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if debt/EBITDA is sustained below 7.0x and EBITA/interest expense is sustained above 1.0x. An upgrade would also require a trend toward historical profitability, consistent free cash flow generation and adequate liquidity. Factors that could result in a downgrade include sustained profit declines, a deterioration in liquidity or increased prospects of a default or debt restructuring. Headquartered in Dallas, Texas, OBE manufactures and distributes custom architectural glass, aluminum glazing systems for windows and doors, and architectural hardware and supplies. For the LTM period ending September 27, 2025, the company recorded $1.7 billion of revenue. The company generates about 90% of revenue in the US. KPS Capital Partners (KPS) acquired OBE in April 2022 after OBE was separated from CRH plc, an Irish building materials company. The principal methodology used in these ratings was Manufacturing published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. PARKVIEW FOOD: Case Summary & 19 Unsecured Creditors ---------------------------------------------------- Debtor: Parkview Food Center LLC 109 Lawrence Ave Brooklyn, NY 11230-1102 Business Description: Parkview Food Center LLC is a Brooklyn, New York–based limited liability company that operates a neighborhood grocery store at 109 Lawrence Avenue, offering fresh produce, pantry staples, household goods, and other everyday essentials to local customers. Chapter 11 Petition Date: December 11, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-45929 Judge: Hon. Elizabeth S Stong Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304W Rockville Centre NY 11570-4807 Tel: (516) 284-0900 E-mail: charles@cwertmanlaw.com Total Assets: $114,534 Total Liabilities: $3,241,912 The petition was signed by Sarah Ehrenfeld as member. A full-text copy of the petition, which includes a list of the Debtor's 19 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/6THD7XQ/Parkview_Food_Center_LLC__nyebke-25-45929__0001.0.pdf?mcid=tGE4TAMA PERIMETER HOLDINGS: Moody's Affirms B2 CFR, Outlook Stable ---------------------------------------------------------- Moody's Ratings affirmed the B2 corporate family rating, the B2-PD probability of default rating and the B2 senior secured notes rating of Perimeter Holdings, LLC ("Perimeter Solutions"). Moody's also assigned a B2 rating to the company's planned $550 million backed senior secured notes due 2034. Proceeds from the new notes, together with $185 million of cash on hand, will be used to fund the acquisition of Medical Manufacturing Technologies ("MMT") and pay related fees and expenses. Additionally, the Speculative Grade Liquidity Rating (SGL) was upgraded to SGL-1 from SGL-2. The outlook remains stable. RATINGS RATIONALE Moody's affirmation of Perimeter Solutions' B2 CFR reflects the view that, although the planned acquisition of MMT will increase financial leverage from the currently low level and could incur some near term integration challenges, these risks are counterbalanced by the company's strengthened business profile, pro forma credit metrics that remain solid for the rating category, and company's track record of managing acquisitions. Perimeter Solutions has agreed to acquire MMT, a leading provider of precision machinery and automation solutions for minimally invasive medical device manufacturing, for $685 million. The transaction is expected to close in the first quarter of 2026, subject to customary conditions and regulatory approvals. The acquisition is expected to strengthen Perimeter Solutions' business profile by expanding its platform into the medical manufacturing sector, a highly regulated sector with a high proportion of recurring revenue, which will diversify the end markets and revenue streams. While integration complexities may arise given MMT's multiple business lines operating through distinct entities, such risk is partially mitigated by Perimeter Solutions' track record in managing acquired assets. Perimeter Solutions' strong performance in its Fire Safety segment supported robust financial results in 2025. Proforma for the MMT transaction, Moody's estimates that its Moody's-adjusted debt/EBITDA will increase but remain solid at approximately high-3.0x based on the LTM Q3 2025 results. While these metrics are strong for the rating, the company's credit profile remains highly exposed to variability in wildfire seasons. Management expects that recent changes to Fire Safety contracts will reduce earnings volatility. However Moody's need more time to evaluate the actual impact on credit metrics, particularly given the volatility of sales and earnings in the past several years. Assuming a milder than current year 2026 wildfire season and the continuation of its acquisitive financial policy, Moody's expects its leverage could rise toward 4.0x–5.0x as Perimeter Solutions continues to deploy free cash flow and add incremental leverage for business investments, acquisitions, and potential shareholder distributions. Perimeter Solutions' credit profile reflects its strong market positions in Fire Safety and Specialty Products segments. Perimeter Solutions is the main supplier of fire retardants to the US government and the leading supplier to key state and municipal fire agencies, as well as Canadian provinces and Australia. In the Specialty products segment, Perimeter Solutions benefits from the industry which has a limited number of suppliers and the company's position as the only supplier with operations in both North America and Europe. Both segments have high barriers to entry including extensive qualification requirements and require highly specialized formulations. Perimeter Solutions also benefits from strong margins and an asset-light business model that contributes to its ability to generate substantial free cash flow during a normalized operating environment. Perimeter Solutions' credit profile is constrained by its small size and limited product diversity, with a substantial portion of earnings attributed to the Fire Safety segment, which is difficult to predict due to the nature of wildfires. Further tempering Moody's credit view is the large amount of debt on the balance sheet relative to the size of the asset base and the company's revenues. The credit profile is also constrained by its aggressive financial policy focusing on business growth and shareholder returns, as indicated by the planned acquisition of MMT. Perimeter Solutions has a strong liquidity profile (SGL-1) with cash on the balance sheet of roughly $341 million at Sept 30, 2025, expectations for positive free cash flow generation, and a fully available unrated $200 million revolving credit facility due 2030, which was upsized from $100 million in December 2025. The credit agreement for the revolving credit facility contains a springing first lien net leverage ratio covenant that is triggered if revolver borrowings exceed 40% of utilization. Moody's don't expect that the covenant will be triggered over the next 12 months. The debt capital is comprised of an unrated $200 million first lien senior secured revolving credit facility, $675 million 5% senior secured notes due 2029, and the $550 million new backed senior secured notes due 2034. The B2 rating on the senior secured notes, in line with the B2 CFR, reflects a first lien position on substantially all assets with no loss absorption from junior debt in the capital structure. The stable outlook reflects Moody's expectations that Perimeter Solutions' financial leverage will rise but remain appropriate for its ratings as the company utilizes free cash flow and leverage capacity to pursue business growth and shareholder distributions over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Moody's would upgrade the ratings if the company continues to increase business scale and diversity, reduces the earnings volatility, integrates the acquired businesses successfully, and commits to a prudent financial profile. Credit metrics that may support upgrade include Moody's-adjusted leverage below 4.5x in weak wildfire season, and the free cash flow-to-debt ratio sustained above 10%. Moody's would likely consider a downgrade if the company pursues large debt-financed acquisitions or shareholders distributions that lead to material deterioration of financial profile. Credit metrics indicative of downward pressure include Moody's-adjusted leverage is sustained above 5.5x, free cash flow remains negative for an extended period, or if the available liquidity falls below $60 million. ESG CONSIDERATIONS Environmental, social, and governance factors are important factors influencing Perimeter Solutions' credit quality, but not driver of actions. Perimeter Solutions' Credit Impact Score of (CIS-4) indicates that the rating is lower than it would have been if ESG risk exposures did not exist. The company's CIS reflects its governance risks, which includes a financial strategy that has maintained a significant amount of debt relative to its scale and a capital allocation plan focused on M&A and share repurchases. It also reflects its environmental risk exposure with its dependence on and potential impacts on water and natural capital in its production process and services. Perimeter Solutions, Inc. is a specialty chemical producer operating in two segments: Fire Safety and Specialty Products. The Fire Safety business involves formulating and manufacturing fire safety chemicals, including Phos-Chek® fire retardants, Class A and B foams, and water enhancing gels for wildland, military, industrial, and municipal fires. The Specialty Products business includes the production of phosphorus pentasulfide used in lubricant additives and the PCB production and services. Perimeter Solutions had revenue of $636 million for the last twelve months ended September 30, 2025. The principal methodology used in these ratings was Chemicals published in October 2023. Perimeter Solutions' B2 rating is two notches below the scorecard-indicated outcome based on its financials for the last twelve months ended September 30, 2025. The difference reflects the earnings impacts due to volatile wildfire seasons and its aggressive financial policy focusing on business acquisitions and shareholder returns. PINT & BEAN: Michael Colvard Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 7 appointed Michael Colvard as Subchapter V trustee for Pint & Bean Cafe & Taproom, LLC. Mr. Colvard will charge $400 per hour for his services as Subchapter V trustee and $150 per hour for his support staff. The trustee will also seek reimbursement for work-related expenses incurred. Mr. Colvard declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Michael Colvard Weston Centre 112 East Pecan St., Ste. 1616 San Antonio, TX 78205 Email: mcolvard@mdtlaw.com Telephone: (210) 220-1334 About Pint & Bean Cafe & Taproom LLC Pint & Bean Cafe & Taproom, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-52976) on December 09, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Craig A. Gargotta presides over the case. Paul S. Hacker, Esq. at Hacker Law Firm represents the Debtor as legal counsel. POSIGEN PBC: Challenges Bid to Name Trustee in Bankruptcy Case -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that PosiGen PBC has asked a Texas bankruptcy judge to deny a creditor’s bid to install a trustee in its Chapter 11 case, arguing that prior allegations of misconduct do not warrant removing the company from control of its restructuring. In a Wednesday, December 17, 2025, filing with the U.S. Bankruptcy Court for the Southern District of Texas, the residential solar provider said Connecticut Green Bank failed to demonstrate an urgent need for oversight beyond the independent chief restructuring officer already managing the case, despite investor criticism tied to PosiGen's own disclosures about past cash-management issues, 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. POTATO SPECIALTY: C.H. Robinson Wants Robert Yaquinto as Receiver ----------------------------------------------------------------- Plaintiffs C.H. Robinson Company, Inc., d/b/a Robinson Fresh, Del Monte Fresh Produce N.A., Inc. and Rainer Fruit Company as Plaintiffs and Produce Alliance LLC, The Produce Exchange, Inc., Lipman-Texas LLC, and Pro*Act LLC as Intervenor-Plaintiffs, ask the U.S. District Court for the Northern District of Texas, Lubbock Division, to appoint Robert Yaquinto, Jr., as receiver for Potato Specialty Co. to collect, monetize, administer, preserve, and safeguard assets and funds received. Potato Specialty Co. was a long-time regional produce distributor based in Lubbock, Texas. It ceased operations owing millions of dollars to its creditors and without any liquidating plan. Potato Specialty Co. is owned by Defendant Larry E. Ezell, Sr., and Individual Defendants Angela Taylor and Mark McNeal, who are also named in the Complaints for personal liability based on their alleged roles as corporate officers of Potato Specialty. On February 25, 2025, the warehouse owned and operated by Potato Specialty, which is located at 2602 Avenue A in Lubbock, was quit-claimed from Potato Specialty to Mr. Ezell. The adjacent commercial office space located at 2610 Avenue A in Lubbock is owned by Potato Specialty. The warehouse and the offices are collectively referred to as the "Real Property" and Movants claim that it is part of the statutory trust res arising under the trust provision of the Perishable Agricultural Commodities Act, while Defendant Vista Bank maintains an alleged security interest in the Real Property, creating a dispute as to priority of any sales proceeds. The Real Property has been marketed for sale and is under contract for $1.5 million; however, the Movants' Lis Pendens, together with Vista Bank's security lien, exceed the sales price and are preventing the sale from closing and the conveyance of a clear title. Movants have suggested that the Real Property ought to be sold with the net proceeds escrowed and with all liens attaching to the proceeds. Upon information and belief, approximately $20,000 per month is being spent by Potato Specialty to maintain the Real Property, and to support additional assets of Potato Specialty. There are additional assets of Potato Specialty that need to be promptly addressed. Accounts receivable of approximately $250,000 must be collected. The remaining frozen inventory and a fleet of 12 trucks/trailers, only three of which Vista Bank is claiming as collateral, need to be inspected, sold, and monetized. There are also corporate bank accounts that need to be aggregated and safeguarded. Finally, there may be additional unknown and/or intangible assets that Potato Specialty has that need to be liquidated. All parties agree that all asset values need to be optimized, and that such optimization will inure to the benefit of all parties. There is a real and immediate need for a receiver to come in, examine the Real Property and other assets, prevent further dissipation of funds, potentially engage in additional marketing to achieve the highest and best price for the Real Property, proceed to sale closing, and then to escrow the net proceeds with all creditors' rights and remedies preserved. Potato Specialty and Mr. Ezell have agreed to the relief sought. Defendant Angela Taylor, while continuing to deny her personal liability, also agrees and believes that a receivership would be the most efficient manner for the assets of the company to be marshaled and liquidated so that its creditors can be repaid. The Intervenor-Plaintiffs have also agreed to the motion. Pro se Defendant Mark McNeal has indicated he does not object to the appointment of a receiver. Vista Bank remains opposed to the motion to the extent that a receiver would exercise control over what it believes is its collateral (the Real Property and three trucks). Mr. Yaquinto is a Dallas-based bankruptcy attorney who has served as a Chapter 7 Trustee in the Northern District of Texas for over 35 years. He has also been appointed as a Chapter 7 and Chapter 11 Trustee by the U.S. Bankruptcy Court, and appointed as a receiver in both Texas state court and U.S. District Court cases, specifically including in the Northern District of Texas. Movants contend Mr. Yaquinto is well-qualified to serve as the receiver in this case and administer the assets collected from various sources. He will be paid an hourly rate of $500.00 for his time and will be reimbursed for all expenses incurred by him, including reasonable fees and expenses of any retained professional. He will be paid first from unencumbered liquid assets currently held in Potato Specialty's accounts. Federal courts have equity powers to appoint receivers and to administer receiverships. In determining whether there is a need for a receiver, courts have considered the following factors: (1) the validity of the claim of the party seeking a receiver; (2) the probability that fraudulent conduct has occurred or will occur to frustrate that claim; (3) imminent danger that property will be concealed, lost, or diminished in value; (4) inadequacy of legal remedies; (5) lack of a less drastic equitable remedy; and (6) the likelihood that appointing a receiver will do more harm than good. Movants contend their claims are valid in that they are unpaid creditors of Potato Specialty and maintain perfected PACA trust claims. Movants have pleaded that they sold wholesale quantities of produce to Potato Specialty in interstate commerce or in contemplation thereof, having an aggregate principal value of over $1,820,800, all of which remains unpaid. Movants further allege they preserved their respective PACA trust rights by issuing invoices to Potato Specialty that contain the required statutory notice language. Further, Potato Specialty and Mr. Ezell have not contested Movants’ PACA trust preservation. Movants are seeking to liquidate PACA trust assets and to enforce their trust rights upon those assets. Even if the Court were to enter an order for preliminary injunctive relief, all of Potato Specialty's assets would still need to be liquidated and would thus still require appointment of a receiver. Movants contend they meet or exceed all the factors utilized by the Northern District of Texas and by the Fifth Circuit for the appointment of a receiver. Counsel for all parties have conferred, individually and collectively, on several occasions to determine the best path forward in terms of orderly winding down the Potato Specialty business, collecting the outstanding accounts receivable, selling the inventory, marketing and selling the Real Property, aggregating all sources of funds and safeguarding the same. About Potato Specialty Co. Potato Specialty Co. is a long-time regional produce distributor based in Lubbock, Texas. The company ceased operations owing millions of dollars to its creditors and without any liquidating plan. The company is wholly owned by Defendant Larry E. Ezell, Sr. Potato Specialty Co. is facing a receivership case captioned as C.H. Robinson Company, Inc. v. Potato Specialty Co., Larry E. Ezell, Sr., Angela Taylor, and Vista Bank/Produce Alliance, LLC v. Potato Specialty Co., Larry E. Ezell, Angela Taylor, and Mark McNeal, Case No. 5:25-cv-00079 (N.D. Texas), before the Hon. James Wesley Hendrix. The case was filed on April 9, 2025. Attorneys for Plaintiffs C.H. Robinson Company, Inc. d/b/a Robinson Fresh, Del Monte Fresh Produce N.A., Inc., and Rainier Fruit Company are: Mark A. Amendola, Esq. MARTYN AND ASSOCIATES CO. 820 W. Superior Avenue, Tenth Floor Cleveland, OH 44113 Tel: (216) 861-4700 Fax: (216) 861-4703 Email: mamendola@martynlawfirm.com Attorneys for Intervenor-Plaintiffs Lipman-Texas LLC, Produce Alliance, LLC, The Produce Exchange, Inc, Pro*Act LLC, Lange Fresh Sales, Inc., and Harvest Sensations, Inc. are: Kate Ellis, Esq. MCCARRON & DIESS 4530 Wisconsin, DC 20016 Tel: (202) 364-0400 Fax: (202) 364-2731 E-mail: kellis@mccarronlaw.com Attorneys for Intervenor Plaintiffs R. Byrn Bass, Jr., Esq. 1500 Broadway, Suite 505 Lubbock, TX 79401 Tel: (806) 785-1250 Fax: (806) 771-1260 PRIMALEND CAPITAL: Creditors Object to $28MM Ch. 11 Financing ------------------------------------------------------------- Randi Love of Bloomberg Law reports that Junior creditors of PrimaLend Capital Partners LP are pushing back against the company's proposed $28 million bankruptcy financing, contending that key provisions unfairly disadvantage unsecured creditors. According to a December 12, 2025 objection filed in the Northern District of Texas, the unsecured creditors' committee said the financing includes an excessive $21 million roll-up of pre-bankruptcy debt that strips value from the estate. The committee argued that such a sizable roll-up shifts the full risk of the case onto unsecured creditors, who neither participated in crafting the financing terms nor consented to the arrangement. About Primalend Capital Partners, LP PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor-plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen as president, signed the petition. Judge Mark X Mullin oversees the case. SPENCER FANE serve as the Debtor's legal counsel. FTI CONSULTING, INC. as financial advisor. HOULIHAN LOKEY, INC. as investment banker. STRETTO, INC. as claims and noticing agent. PRIMALEND CAPITAL: Unsecureds to Get Share of GUC Liquidating Trust ------------------------------------------------------------------- PrimaLend Capital Partners LP and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement in support of Joint Plan dated December 8, 2025. Founded in Dallas in 2007, the Debtors are one of the largest national asset-based lenders that directly finances BHPH car dealerships and third-party RISC investors (each a "DealerBorrower"). The Debtors and their non-Debtor affiliates originate first-lien revolving lines of credit ("RLOCs"), sub-debt loans, inventory floorplan loans, and real-estate backed loans in twelve different states, approximately two-thirds of which are with Dealer Borrowers based in Texas. As of the Petition Date, the Company holds approximately $280 million in loans from its Dealer Borrowers. In July 2025, the Debtors engaged Houlihan Lokey to pursue refinancing options, including pursuing capital solutions related to the maturing RLOC debt with CIBC, and to initiate a sale process. During the marketing process Houlihan identified and approached over fifty different capital sources and strategic parties. In response, the Company, with its advisors' assistance, received and executed approximately twenty-eight non-disclosure agreements. Houlihan hosted calls and provided documents in response to diligence requests to multiple parties, and ultimately received four indications of interest. After calls and discussions with those four parties, one party emerged as a potential purchaser (the "Potential Purchaser"). Simultaneously with their discussions with the Potential Purchaser, the Debtors engaged in discussions and negotiations with certain holders of the Senior Unsecured Notes (the "Noteholders") owed by the Debtors' parent, PCAP. After the Petition Date, the Debtors and its advisors continued to communicate and engage with multiple parties interested in purchasing the Debtors assets. Ultimately, it was determined that a sale to the Debtors' secured lenders, subject to a bidding and auction process, as the most value-maximizing strategy. The Debtors negotiated with their senior secured lenders and reached agreements to sell the PCP Transferred Assets pursuant to the PCP Credit Bid Transaction, and the GFL Transferred Assets pursuant to the GFL Credit Bid Transaction. The Plan is the result of extensive good faith negotiations between the Debtors and a number of their key economic stakeholders. The Plan provides for multiple transactions that maximize value for all the stakeholders. Specifically, the proposed restructuring contemplates the following, among other things: * a sale of the PCP Transferred Assets to an entity to be formed by the First Lien PCP Lenders in exchange for the PCP Credit Bid; * a transfer of the GFL Transferred Assets to Amarillo National Bank, or its assigns in full satisfaction of the amounts owed pursuant to the Prepetition GFL Credit Facility Claims; * the following treatment of Claims and Equity Interests: -- a holder of a Prepetition First Lien PCP Credit Facility Claim will receive on the Effective Date, in full and final satisfaction of such Prepetition First Lien PCP Credit Facility Claim its Pro Rata portion of the PCP Transferred Assets; -- ANB will receive, in full and final satisfaction of its Prepetition GFL Credit Facility Claims, the GFL Transferred Assets; -- each holder of an Allowed Senior Unsecured Noteholder Claim will receive, in full and final satisfaction of such Allowed Senior Unsecured Noteholder Claim its Pro Rata share of the 80% of the Liquidating Trust Interests; -- each holder of Allowed Junior Unsecured Noteholder Claim will receive, in full and final satisfaction of such Allowed Junior Unsecured Noteholder Claim its Pro Rata share of 15% of the Liquidating Trust Interests; -- each holder of an Allowed General Unsecured Claim will receive in full satisfaction and discharge of such Allowed General Unsecured Claim, its Pro Rata share of the GUC Liquidating Trust Interests; * the PCP Credit Bid Transaction is subject to the Debtors ability to elect, with the Prepetition First Lien PCP Lenders' consent, to elect an Alternative Transaction, if one is identified pursuant to the Bidding Procedures; and * the creation of a Liquidating Trust for the benefit of the Senior Unsecured Noteholders, the Junior Unsecured Noteholders, and General Unsecured Creditors. Class 9 consists of General Unsecured Claims. Except to the extent that the holder of an Allowed General Unsecured Claim agrees in writing to other treatment, each holder of an Allowed General Unsecured Claim shall receive, in full satisfaction and discharge of such Allowed General Unsecured Claim, its Pro Rata share of the GUC Liquidating Trust Interests. This Class is impaired. Pursuant to section 1123(b)(2) of the Bankruptcy Code and Bankruptcy Rule 9019, and in consideration of the distributions, releases, and other benefits provided pursuant to this Plan, upon the Effective Date, the provisions of this Plan shall constitute a good faith compromise and settlement of Claims, Interests, and controversies relating to the contractual, legal, and subordination rights that a holders of Claims or Interests may have with respect to any Allowed Claim or Interest or any distribution to be made on account of such Allowed Claim or Interest. On or before the Effective Date, the Liquidating Trust shall be formed pursuant to this Plan, the Liquidating Trust Agreement (which, for the avoidance of doubt, shall be considered a Plan Document) shall be executed by the Debtors and the Liquidating Trustee, and all other necessary steps shall be taken to establish the Liquidating Trust for the benefit of the Liquidating Trust Beneficiaries. On the Effective Date, the Debtors shall irrevocably transfer and shall be deemed to have irrevocably transferred to the Liquidating Trust all rights, titles, and interests in and to the Liquidating Trust Assets and, in accordance with section 1141 of the Bankruptcy Code, the Liquidating Trust Assets shall automatically vest in the Liquidating Trust free and clear of all Claims, Interests, Liens, other encumbrances or interests of any kind. Such transfer shall be exempt from any stamp, real estate transfer, other transfer, mortgage reporting, sales, use, or other similar tax. A full-text copy of the Disclosure Statement dated December 8, 2025 is available at https://urlcurt.com/u?l=hLz6zc from Stretto, Inc., claims agent. Proposed Counsel for the Debtors: Jason P. Kathman, Esq. Laurie N. Patton, Esq. Alex Anderson, Esq. SPENCER FANE LLP 5700 Granite Parkway, Suite 650 Plano, TX 75024 (972) 324-0300 – Telephone (972) 324-0301 – Facsimile Email: jkathman@spencerfane.com Email: lpatton@spencerfane.com Email: alanderson@spencerfane.com Zachary R.G. Fairlie, Esq. SPENCER FANE LLP 1000 Walnut Street, Suite 1400 Kansas City, MO 64106 (816) 474-8100 – Telephone (816) 474-3216 – Facsimile Email: zfairlie@spencerfane.com About Primalend Capital Partners PrimaLend Capital Partners LP provides financing and consulting services to independent automobile dealerships across the U.S., particularly those operating under the Buy-Here-Pay-Here (BHPH) model. The Company offers receivables financing, inventory floor plan loans, and real-estate lending solutions to support dealership growth and portfolio expansion. Founded in 2007 and based in Plano, Texas, PrimaLend operates as a nondepository credit intermediation firm serving the automotive finance sector. PrimaLend Capital Partners, LP in Plano, TX, and its affiliates sought relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 25-90013) on Oct. 22, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Mark Jensen, president, signed the petitions. Judge Mark X. Mullin oversees the cases. The Debtors tapped Spencer Fane as legal counsel; FTI Consulting, Inc. as financial advisor; and Houlihan Lokey, Inc. as investment banker. Stretto, Inc. is the Debtors' claims and noticing agent. On November 6, 2025, the United States Trustee appointed an official committee of unsecured creditors in these Chapter 11 cases. The committee tapped Vartabedian Hester & Haynes LLP as counsel and Triple P TRS, LLC as restructuring advisor. PRIME HEALTHCARE: S&P Upgrades ICR to 'B' on Stronger Performance ----------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Prime Healthcare Services Inc. to 'B' from 'B-'. S&P said, "At the same time, we raised our issue-level ratings on the company's senior secured debt to 'B' from 'B-'. The recovery ratings remain at '3' (50%-70%; rounded estimate: 60%, which reflects an increase from the previous rounded estimate of 55%). "The stable outlook reflects our expectation for continued solid operating performance, including ongoing support from state subsidy programs, moderate DCF generation, and S&P Global Ratings-adjusted debt leverage of approximately 3x-3.6x. "Prime's performance has exceeded our expectations in 2025, supporting our view of reduced debt leverage and sustained strong discretionary free cash flow (DCF). "The upgrade reflects our expectation of continued solid operating performance and lower debt leverage along with moderate DCF generation over the next couple of years. Stronger patient admissions, the stabilization of Prime's emergency department physician groups, a significant decrease in expensive contract labor, and increased support from the California provider-fee subsidy program called the California Hospital Quality Assurance program have driven a significant improvement in Prime's operating performance. In addition, the Ascension Healthcare acquisition favorably affected Prime's credit metrics and operating leverage. While 2025 will reflect a partial-year contribution from the six Chicago-area non-for-profit hospitals acquired from Ascension, the full benefit will be realized in 2026. Prime successfully integrated the hospitals, demonstrating its ability to improve operational performance--a track record that includes turnaround of underperforming facilities. We project 2026 results will reflect further performance improvement. "We project revenue growth of 36% in 2025 and 5.2% in 2026. We expect total revenues to increase $1.6 billion this year, which includes 10 months ($1.23 billion of revenue) since the close of Ascension acquisition. Results in 2026 will benefit from the first full year from the Ascension acquisition, contributing to improving credit metrics. "The company is on-track to exceed our previous base-case operating performance expectations. Year-to-date through third-quarter 2025, revenue increased 26% (primarily driven by the contribution from the Ascension acquisition), supported by good adjusted patient admissions. Year-to-date, the S&P Global Ratings-adjusted EBITDA margin improved to 12.6% compared with 10.8% for the same period in 2024. S&P Global Ratings-adjusted debt leverage decreased sequentially to 4.1x from 4.9x in the second quarter, and reported DCF totaled approximately $280 million, constituting 13.8% of reported debt. "The stable outlook reflects our expectation for continued solid operating performance along with ongoing support from state subsidy programs, decent DCF generation, and S&P Global Ratings-adjusted debt leverage of approximately 3x-3.6x." S&P could lower its rating on Prime in the next 12 months if S&P expects sustained: -- S&P Global Ratings-adjusted debt leverage above 4x; and -- Reported DCF to debt, including all distributions and capital lease payments, below 5%. S&P believes this could occur if: -- The company's patient volume trends weaken; -- Labor costs increase significantly, most likely due to contract labor; and -- There's an adverse change in government reimbursement or state subsidy programs, particularly California's Hospital Quality Assurance Fee program. S&P said, "We could raise the rating on Prime if we expect it will achieve, sustain, and commit to S&P Global Ratings-adjusted debt leverage below 3x and demonstrates a conservative financial policy with respect to M&A and dividends. We could also raise the rating if any changes to the governance structure lead us to remove the negative management and governance (M&G) modifier. In addition, an upgrade could be considered if Prime demonstrates a sustained operating track record at its larger scale." PRINCETON LAKES PEDIATRICS: Seeks Subchapter V Bankruptcy --------------------------------------------------------- On December 10, 2025, Princeton Lakes Pediatrics, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About Princeton Lakes Pediatrics, LLC Princeton Lakes Pediatrics, LLC, founded in 2007 by Dr. Dekisha Drayton, operates medical practices in Atlanta and Kennesaw, Georgia, providing pediatric care and related clinical services to children and adolescents from birth through age 18 across the greater Atlanta area. The practice offers routine checkups, immunizations, screenings, and general pediatric treatment, which include separate entrances for well and sick children to reduce the spread of illness. Princeton Lakes Pediatrics, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-64395) on December 10, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $1 million to $10 million. Honorable Chief Bankruptcy Judge Barbara Ellis-Monro is handling the case. The debtor is represented by Thomas T. McClendon, Esq. of Jones & Walden, LLC. PRINCETON LAKES: John Whaley Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed John Whaley, a practicing accountant in Atlanta, Ga., as Subchapter V trustee for Princeton Lakes Pediatrics, LLC. Mr. Whaley 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. Whaley declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: John T. Whaley, CPA P.O. Box 76362 Atlanta, GA 30358 Phone: 404-946-5272 Email: trustee@jtwcpa.net About Princeton Lakes Pediatrics LLC Princeton Lakes Pediatrics, LLC, founded in 2007 by Dr. Dekisha Drayton, operates medical practices in Atlanta and Kennesaw, Georgia, providing pediatric care and related clinical services to children and adolescents from birth through age 18 across the greater Atlanta area. The practice offers routine checkups, immunizations, screenings, and general pediatric treatment, which include separate entrances for well and sick children to reduce the spread of illness. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64395) on December 10, 2025, with $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. Judge Barbara Ellis-Monro presides over the case. Thomas T. McClendon, Esq. at JONES & WALDEN LLC represents the Debtor as legal counsel. PROFRAC HOLDING: S&P Lowers ICR to 'CCC' Then Withdraws Rating -------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on hydraulic fracturing equipment and services provider ProFrac Holding Corp. to 'CCC' from 'CCC+'. S&P said, "We also lowered our issue-level rating on the company's senior secured notes to 'B-' from 'B', reflecting the lower issuer credit rating. The '1' recovery rating (rounded estimate: 95%) was unchanged." S&P subsequently withdrew these ratings. At the time of the withdrawal, the outlook was negative. S&P said, "We lowered our rating on ProFrac to 'CCC' to reflect our view that the company will face weaker demand for its pressure pumping services over the next 12 months. This view is based on our updated hydrocarbon price deck, which assumes lower oil prices in 2026. The company has taken steps to reduce costs in recent quarters. However, we believe lower demand will limit the company's ability to meet its significant amortization requirements on its secured notes and term loan (issued by its Alpine Silica subsidiary) over the next 12 months. In addition, the company's asset-based lending credit facility will become current in March 2026, which will constrain the company's liquidity under our analysis." S&P subsequently withdrew all its ratings on ProFrac at the issuer's request. PSCD TRINITY: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- PSCD Trinity, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, to use cash collateral. The court on December 18 authorized the Debtor to use cash collateral in accordance with its budget pending a final hearing. As adequate protection, lenders including Service Federal Credit Union and Service Capital, LLC will be granted continuing valid, binding, enforceable and perfected post-petition liens on the Debtor's assets, subject and subordinated only to the mortgages and security interests asserted by the lenders in and to their pre-bankruptcy collateral. These post-petition liens do not apply to causes of action arising under Title V of the Bankruptcy Code. As additional protection, the Debtor will continue to insure and maintain its assets and, thereby preserve, the lenders' equity cushion in the Watermills property -- a mixed-use apartment complex in Watertown, Massachusetts. The property includes two three-story buildings connected by a skybridge, featuring 99 residential units and 17,941 square feet of ground level retail and office space. The final hearing is set for January 8, 2026. The deadline for filing objections is on January 7, 2026. The interim order is available at https://is.gd/nGlruI from PacerMonitor.com. PSCD Trinity filed for bankruptcy on December 8 to halt a scheduled foreclosure by its lenders, Service Federal Credit Union and Service Capital, which hold first and second mortgages securing more than $51 million in debt. The filing followed loan maturity defaults and a failed refinancing process. The Watermills property is valued at approximately $76.2 million, providing substantial equity, which the Debtor argues adequately protects the lenders' interests. Without access to cash collateral, the Debtor contends it would be forced to cease operations, harming the estate and undermining reorganization efforts. Service Federal Credit Union and Service Capital, as lenders, are represented by: Nathan R. Fennessy, Esq. PRETI FLAHERTY BELIVEAU & PACHIOS, PLLP P.O. Box 1318 Concord, NH 03302-1318 (603) 410-1500 nfennessy@preti.com About PSCD Trinity LLC PSCD Trinity, LLC provides activities related to real estate, including property management, real estate appraisal, and other support services. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12658) on December 8, 2025. In the petition signed by Mark D. Coppola, managing member, the Debtor disclosed up to $100 million in both assets and liabilities. George W. Tetler, Esq. at PRINCE LOBEL TYE LLP, represents the Debtor as legal counsel. PURDUE PHARMA: Ch. 11 Mediator Says Settlement Was a Team Effort ---------------------------------------------------------------- Vince Sullivan of Law360 Bankruptcy Authority reports that former U.S. Bankruptcy Judge Shelley C. Chapman said she oversaw the most complex mediation of her career while guiding settlement talks in the Chapter 11 case of OxyContin maker Purdue Pharma. Those negotiations ultimately produced a $7.4 billion settlement that was confirmed by a New York bankruptcy court last month. Chapman detailed the scope and intensity of the mediation process, which involved extensive negotiations among a wide range of stakeholders, including state governments, local entities and victims' representatives. The deal is expected to fund nationwide opioid abatement efforts and bring Purdue's long-running bankruptcy case closer to resolution, the report states. About Purdue Pharma LP Purdue Pharma L.P. and its subsidiaries -- http://www.purduepharma.com/-- develop and provide prescription medicines and consumer products that meet the evolving needs of healthcare professionals, patients, consumers and caregivers. Purdue's subsidiaries include Adlon Therapeutics L.P., focused on treatment for Attention-Deficit/Hyperactivity Disorder (ADHD) and related disorders; Avrio Health L.P., a consumer health products company that champions an improved quality of life for people in the United States through the re-imagining of innovative product solutions; Imbrium Therapeutics L.P., established to further advance the emerging portfolio and develop the pipeline in the areas of CNS, non-opioid pain medicines, and select oncology through internal research, strategic collaborations and partnerships; and Greenfield Bioventures L.P., an investment vehicle focused on value-inflection in early stages of clinical development. Opioid makers in the U.S. are facing pressure from a crackdown on the addictive drug in the wake of the opioid crisis and as state attorneys general file lawsuits against manufacturers. More than 2,000 states, counties, municipalities and Native American governments have sued Purdue Pharma and other pharmaceutical companies for their role in the opioid crisis in the U.S., which has contributed to the more than 700,000 drug overdose deaths in the U.S. since 1999. OxyContin, Purdue Pharma's most prominent pain medication, has been the target of over 2,600 civil actions pending in various state and federal courts and other fora across the United States and its territories. On Sept. 15 and 16, 2019, Purdue Pharma L.P. and 23 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 19 23649), after reaching terms of a preliminary agreement for settling the massive opioid litigation. The Debtors' consolidated balance sheet as of Aug. 31, 2019, showed $1.972 billion in assets and $562 million in liabilities. U.S. Bankruptcy Judge Robert Drain oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP and Dechert, LLP, as legal counsels; PJT Partners as investment banker; AlixPartners as financial advisor; and Grant Thornton, LLP as tax structuring consultant. Prime Clerk, LLC, is the claims agent. Akin Gump Strauss Hauer & Feld LLP and Bayard, P.A., represent the official committee of unsecured creditors appointed in the Debtors' bankruptcy cases. David M. Klauder, Esq., is the fee examiner appointed in the Debtors' cases. The fee examiner is represented by Bielli & Klauder, LLC. * * * U.S. Bankruptcy Judge Robert Drain in early September 2021 approved a plan to turn Purdue into a new company (Knoa Pharma LLC) no longer owned by members of the Sackler family, with its profits going to fight the opioid epidemic. The Sackler family agreed to pay $4.3 billion over nine years to the states and private plaintiffs and in exchange for a lifetime legal immunity. The deal resolves some 3,000 lawsuits filed by state and local governments, Native American tribes, unions, hospitals, and others who claimed the company's marketing of prescription opioids helped spark and continue an overdose epidemic. Separate appeals to approval of the Plan have already been filed by the U.S. Bankruptcy Trustee, California, Connecticut, the District of Columbia, Maryland, Rhode Island and Washington state, plus some Canadian local governments and other Canadian entities. In early March 2022, Purdue Pharma reached a nationwide settlement over its role in the opioid crisis, with the Sackler family members boosting their cash contribution to as much as $6 billion. The settlement was hammered out with attorneys general from the eight states -- California, Connecticut, Delaware, Maryland, Oregon, Rhode Island, Vermont and Washington -- and D.C. who had opposed the previous settlement. QUICKFLIP CONSTRUCTION: Seeks Chapter 7 Bankruptcy in Georgia ------------------------------------------------------------- On December 8, 2025, QuickFlip Construction, LLC voluntarily filed for Chapter 7 bankruptcy in the Northern District of Georgia. Court documents indicate the company reports between $100,001 and $1,000,000 in liabilities owed to 50-99 creditors. About QuickFlip Construction, LLC QuickFlip Construction, LLC is a construction and renovation firm that serves residential and commercial markets in the United States. The company provides a range of services including home remodeling, property repairs, and turnkey renovation projects. QuickFlip Construction, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-21760) on December 8, 2025. Its petition lists assets of $0 to $100,000 and liabilities ranging from $100,001 to $1,000,000. The case is overseen by Honorable James R. Sacca. The debtor is represented by William C. McCurdy, Jr., Esq., McCurdy and Lowman, LLC. QVC INC: RiverNorth/DoubleLine Marks $351,000 Loan at 45% Off ------------------------------------------------------------- RiverNorth/DoubleLine Strategic Income Fund has marked its $351,000 loan extended to QVC, Inc. to market at $191,464 or 55% of the outstanding amount, according to RiverNorth's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. RiverNorth is a participant in a Loan to QVC, Inc. The loan accrues interest at a rate of 6.88% per annum. The loan matures on April 15, 2029. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940. The Trust Agreement permits the Board of Trustees of the Trust to authorize and issue an unlimited number of shares of beneficial interest of a separate series without par value. The RiverNorth/DoubleLine Strategic Income Fund is a diversified series of the Trust and commenced investment operations on December 30, 2010. The Strategic Income Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the Strategic Income Fund is RiverNorth Capital Management, LLC The RiverNorth/Oaktree High Income Fund is a diversified series of the Trust and commenced investment operations on December 28, 2012. The High Income Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the High Income Fund is RiverNorth Capital Management, LLC. RiverNorth is led by Patrick W. Galley as President and Principal Chief Executive Officer and Jonathan M. Mohrhardt as Treasurer and Chief Financial Officer. The Company can be reach through: RiverNorth/DoubleLine Strategic Income Fund 360 South Rosemary Avenue, Suite 1420 West Palm Beach, FL 33401 Telephone: (561) 484-7185 About QVC, Inc. QVC is an American free-to-air television network and a flagship shopping channel specializing in televised home shopping, owned by QVC Group. RAVELIN PROPERTIES: Loan Forbearance Extended to March 2026 ----------------------------------------------------------- Ravelin Properties REIT, an internally managed global owner and operator of well-located commercial real estate, announced on December 17, 2025, that G2S2 Capital Inc. has, at the request of an independent committee of the board of trustees of the REIT, agreed to extend the forbearance period on certain loans of the REIT in the aggregate principal amount of approximately CAD$528.3 million and US$45.5 million held by G2S2 Capital to March 31, 2026. The REIT also announced that the lender with respect to the REIT's 120 South LaSalle office property in Chicago, US previously completed a sale and assignment of all the indebtedness and obligations under the 120 South LaSalle Loan to G2S2, in the aggregate principal amount of approximately US$84 million. At the request of an independent committee of the board of trustees of the REIT, G2S2 has agreed to a forbearance period with respect to the 120 South LaSalle Loan, which will expire on March 31, 2026, and aligns with the extended forbearance period in respect of the Loans. The extended forbearance period allows the REIT to continue to explore available alternatives to address its financial difficulties, including the current defaults on its existing indebtedness and its ongoing capital requirements, including to potentially raise additional debt or equity financing or to seek a restructuring of all or a portion of the REIT's outstanding indebtedness. As part of that, the REIT, led by an independent committee of its trustees, is continuing discussions with G2S2 Capital and other lenders regarding the terms of an acceptable potential Recapitalization Plan. The REIT also expects to engage in discussions with significant holders of convertible debentures in connection with any Recapitalization Plan. As of the date hereof, no agreement has been reached with any of the REIT's stakeholders with respect to any potential Recapitalization Plan, and there can be no assurance that the REIT will be successful in negotiating a potential Recapitalization Plan, or in raising the additional funding needed for the REIT to continue as a going concern. Amendments to Loan Interest: In connection with the defaults on the Loans and the extended forbearance period, the REIT has agreed to an increased interest rate on the Loans of 10.0% (up from a weighted average rate of 6.44%), with a cash interest rate of 6.0% and payment-in-kind interest at a rate of 4.0%, effective as of October 1, 2025. Given that G2S2 Capital is controlled by George Armoyan and his immediate family, an insider of the REIT, the Interest Amendment is a "related party transaction" for the purposes of Multilateral Instrument 61-101 -- Protection of Minority Security Holders in Special Transactions of the Canadian Securities Administrators. The purpose and business reason for the Interest Amendment is for the interest rate to reflect the REIT's current financial condition and market environment, while at the same time incorporating a payment-in-kind component which allows the REIT to preserve the capital necessary for its ongoing operations. In connection with the Interest Amendment, certain restrictions under the 120 South LaSalle Loan regarding the use of cash have been removed. The REIT does not anticipate any material effect to its business and affairs beyond the preservation of capital the Interest Amendment will provide. The Interest Amendment will have no impact on the percentage of securities held by G2S2 Capital and will not impact the REIT's securities. The REIT is relying on an exemption from the minority shareholder approval requirements available under section 5.7(1)(e) of MI 61-101 as the REIT is in serious financial difficulty, the forbearance and the reduced cash interest cost is designed to improve the REIT's financial situation, the circumstances described in section 5.5(f) of MI 61-101 are not applicable, and the terms of the Interest Amendment are reasonable for the REIT in the circumstances, all of which has been unanimously determined in good faith by the board of trustees of the REIT. Extension of Indebtedness Waiver: The REIT previously announced the approval of a special resolution of unitholders on January 15, 2024 to amend the REIT's Declaration of Trust to remove a restriction imposed on the REIT that prevented the REIT from incurring or assuming additional indebtedness if, after giving effect to the incurrence or assumption of such indebtedness, the total indebtedness of the REIT would exceed 65% of the REIT's gross book value, including convertible debentures. The board of trustees exercised its discretion to implement the amendment in the form of a waiver of the Restriction rather than as a blanket removal of the Restriction from the Declaration of Trust, effective as at January 15, 2024, until December 31, 2025. The REIT announces that the board of trustees has further exercised its discretion to extend the effective date of the Waiver until December 31, 2026, to provide the REIT additional time to negotiate a potential Recapitalization Plan. The Restriction will be revived from and after January 1, 2027. About Ravelin Properties REIT (TSX: RPR.UN) The REIT owns and operates a portfolio of well-located commercial real estate assets in North America and Europe. The majority of the REIT's portfolio is comprised of government and high-quality credit tenants. Visit https://ravelinreit.com to learn more. RHODIUM ENCORE: Gets Court Approval to Wind Down Operations ----------------------------------------------------------- Randi Love of Bloomberg Law reports that Rhodium Encore LLC, a bankrupt bitcoin miner, received court approval to carry out a wind-down plan built around a $185 million asset deal with its landlord and power provider, Whinstone US Inc. U.S. Bankruptcy Judge Alfredo Perez of the Southern District of Texas said at a Wednesday hearing that the plan offers the fairest possible outcome for creditors given the company's financial condition. The judge also authorized a $7.3 million professional fee award to Lehotsky Keller Cohn LLP, which served as Rhodium's counsel, despite objections raised by a special committee of the debtor's board. Creditors had earlier disputed nearly $6 million of the requested fees, but Perez determined the compensation was appropriate and supported by the work performed in the Chapter 11 case, the report states. About Rhodium Encore Rhodium Encore LLC is a founder-led, Texas based, digital asset technology company utilizing proprietary tech to self-mine bitcoin. The Company creates innovative technologies with the goal of being the most sustainable and cost-efficient producer of bitcoin in the industry. Rhodium Encore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 24-90448) on Aug. 24, 2024. In the petition filed by Michael Robinson, as co-CRO, Rhodium listed assets between $100 million and $500 million and estimated liabilities between $50 million and $100 million. Bankruptcy Judge Alfredo R. Perez oversees the case. The Debtor tapped QUINN EMANUEL URQUHART & SULLIVAN, LLP, as counsel, and PROVINCE as restructuring advisor. ROSEMERE ESTATES: Nathan Smith Named Subchapter V Trustee --------------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Rosemere Estates Property Owners Association. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Rosemere Estates Property Owners Association Rosemere Estates Property Owners Association, managed by Community Management Solutions d/b/a SMG, operates as a homeowners association in Las Vegas, Nevada, overseeing residential properties within the Rosemere Estates community and administering related community rules, maintenance, and fees. The association engages in property management services through SMG, which handles administrative functions, payments, and member communications. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-17414) on December 9, 2025, with $0 to $50,000 in assets and $1 million to $10 million in liabilities. Carolyn Reynolds, authorized person, treasurer and director, signed the petition. Judge Natalie M. Cox presides over the case. Matthew C. Zirzow, Esq. at LARSON & ZIRZOW, LLC represents the Debtor as legal counsel. SARASOTA SEAFOOD: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Sarasota Seafood, Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division to use cash collateral. The interim order signed by Judge Catherine Peek McEwen authorized the Debtor to use cash collateral to pay the amounts expressly authorized by the court; the budgeted expenses plus up to a 10% variance per line item; and additional amounts with approval from secured creditors, effective until further court order. As adequate protection, the Debtor will be granted a perfected post-petition lien on post-petition collateral equal in priority to their pre-bankruptcy liens. A copy of the interim order is available at https://urlcurt.com/u?l=PS9cXv from PacerMonitor.com. Sarasota Seafood operates a restaurant in Sarasota, Florida. Its assets include approximately $11,400 in accounts receivable (from Uber and DoorDash) and $6,000 in inventory, both of which secure pre-bankruptcy loans totaling about $640,000 ($170,000 owed to First Internet Bank of Indiana and $470,000 to Newtek Bank). Both banks claim perfected liens on receivables, inventory, and proceeds. About Sarasota Seafood Inc. Sarasota Seafood, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07398) on October 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Catherine Peek Mcewen oversees the case. Benjamin G. Martin, Esq., at the Law Offices of Benjamin Martin represents the Debtor as bankruptcy counsel. SILVERSTRAND FITNESS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Silverstrand fitness 1, LLC received interim approval from the U.S. Bankruptcy Court for the District of Massachusetts to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 29, 2026, to pay operating expenses in accordance with its latest budget. As protection from any diminution in the value of their collateral, First Savings Bank and the U.S. States Business Administration will be granted replacement liens on the Debtor's property, with the same validity, priority and enforceability as the secured creditors' pre-bankruptcy liens. The replacement liens do not apply to avoidance powers held by the Debtor. As additional protection, First Savings Bank will receive weekly payments of $1,500. The next hearing is scheduled for January 29, 2026. The interim order is available at https://is.gd/pz4P0u from PacerMonitor.com. First Savings Bank claims a senior security interest in all of the Debtor's assets, with a debt of $328,207.30, while the SBA asserts a security interest in all personal property and is owed $500,000. First Savings Bank, as secured creditor, is represented by: Michael H. Theodore, Esq. Cohn & Dussi, LLC 255 State Street, Suite 7B Boston, MA 02109 (781) 494-0200 Mtheodore@cohnanddussi.com About Silverstrand fitness 1 LLC Silverstrand fitness 1, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-30675) on November 14, 2025, with $1 million to $10 million in liabilities. Brian Burke, manager, signed the petition. Judge Elizabeth D. Katz oversees the case. Ilham Soffan, Esq., at Soffan Law, PC represents the Debtor as bankruptcy counsel. STEELCASE INC: S&P Lowers Senior Unsecured Notes Rating to 'BB-' ---------------------------------------------------------------- S&P Global Ratings lowered its issue-level rating on Steelcase Inc.'s senior unsecured notes to 'BB-' from 'BB+' and removed it from CreditWatch, where it was placed with negative implications on Sept. 26, 2025. The rating action follows the close of the HNI Corp. acquisition and exchange transaction. Subsequently, S&P withdrew all of its ratings on Steelcase--including its issuer credit and senior unsecured debt ratings--because Steelcase is no longer an independent entity, and the unsecured debt amount is not material. At the time of the withdrawal, S&P's issuer credit rating on Steelcase was 'BB+', and the outlook was stable. On Aug. 4, 2025, HNI announced a definitive agreement to acquire Steelcase Inc. In connection with the transaction, HNI launched an offer to exchange up to $450 million of Steelcase's 5.125% senior unsecured notes due 2029 for new HNI senior secured notes, together with a related consent solicitation to amend the existing Steelcase indenture. The exchange offer expired on Dec. 5, 2025, with approximately $351 million (78%) of the outstanding Steelcase notes validly tendered, and all conditions to the exchange offer and consent solicitation were satisfied. The acquisition and the settlement of the exchange offer closed on Dec. 10, 2025. S&P revised its recovery rating on the approximately $99 million in unexchanged Steelcase notes to '6' from '3', reflecting weaker recovery prospects for unsecured notes holders in the event of a default. The unexchanged Steelcase notes will remain in an unsecured position relative to HNI's $1.275 billion senior secured credit facility and the $351 million of exchanged HNI secured notes. In addition to lacking security on legacy HNI collateral, unexchanged Steelcase noteholders are in a subordinate position relative to Steelcase collateral given that Steelcase now provides secured guarantees to the HNI secured credit facilities and secured exchanged notes. STEINMETZ PLUMBING: Case Summary & 10 Unsecured Creditors --------------------------------------------------------- Debtor: Steinmetz Plumbing, Inc. 3415 Plantation Dr Richmond, TX 77406-8220 Business Description: Steinmetz Plumbing, Inc. is a Texas-based full-service plumbing contractor formed in 2017 that provides residential service and repair, remodeling, and selected commercial plumbing work. The Company operates primarily in the Houston area, including Fort Bend County, and is licensed by the Texas State Board of Plumbing Examiners. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-37611 Judge: Hon. Eduardo V Rodriguez Debtor's Counsel: Robert C. Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 Email: notifications@lanelaw.com Total Assets: $17,255 Total Liabilities: $1,075,763 Rebecca Steinmetz signed the petition as secretary. A full-text copy of the petition, which includes a list of the Debtor's 10 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BNCP3BA/Steinmetz_Plumbing_Inc__txsbke-25-37611__0001.0.pdf?mcid=tGE4TAMA STROMA MEDICAL: Jeffrey Schwendeman Named Subchapter V Trustee -------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Jeffrey Schwendeman of RPA Advisors, LLC as Subchapter V trustee for Stroma Medical Corporation. Mr. Schwendeman will charge $450 per hour for his services as Subchapter V trustee and will seek reimbursement for work-related expenses incurred. Mr. Schwendeman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jeffrey Schwendeman RPA Advisors, LLC 45 Eisenhower Drive Paramus, NJ 07652 (201) 527-6661 Email: jschwendeman@rpaadvisors.com About Stroma Medical Corporation Stroma Medical Corporation, based in Irvine, California, is a clinical-stage medical device company that has developed the Stroma Laser System, a patented, non-invasive laser technology designed to change eye color from brown, hazel, or black to amber, hazel, grey/blue, blue, or green. The procedure is performed in a doctor's office using only a topical anesthetic, requires minimal recovery time, and takes less than a minute per eye. Stroma markets its system for lease to refractive surgeons worldwide and targets the unmet global demand for permanent eye-color change among consumers seeking a safe and natural-looking result. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12169) on December 08, 2025, with $1,000,001 to $10 million in assets and liabilities. Gregg Homer, executive chairman, signed the petition. Judge J Kate Stickles presides over the case. Jamie Lynne Edmonson, Esq. at Robinson & Cole LLP represents the Debtor as legal counsel. TECHNICAL ARTS: U.S. Trustee Unable to Appoint Committee -------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Technical Arts Group, LLC. About Technical Arts Group LLC Technical Arts Group, LLC, a Delaware limited liability company headquartered in Moonachie, New Jersey, provides event production and premium equipment rental services, specializing in lighting, audio, video, staging, special effects, and event management for large-scale music festivals, corporate gatherings, weddings, and international events. It operates a 34,488-square-foot facility and employs 63 staff members, engaging additional freelance personnel as needed. Technical Arts Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22241) on November 18, 2025, listing $10,944,828 in assets and $8,654,532 in liabilities. Kevin Mignone, co-president and chief revenue officer, signed the petition. Judge Vincent F Papalia oversees the case. Richard D. Trenk, Esq. and Robert S. Roglieri, Esq., at Trenk Isabel Siddiqi & Shahdanian, P.C., represents the Debtor as legal counsel. TRINITY HEALTH: S&P Lowers 2017C Revenue Bond Rating to 'B+' ------------------------------------------------------------ S&P Global Ratings lowered its long-term rating on Ward County, N.D.'s series 2017C fixed-rate revenue bonds, issued for Trinity Health (Trinity), to 'B+' from 'BB-'. The outlook is negative. The downgrade reflects a deterioration in Trinity's balance-sheet metrics that has resulted in very low days' cash on hand (DCOH) and increased risk of a liquidity covenant breach under the master trust indenture (MTI) that would trigger an event of default, alongside a concurrent multiyear trend of sizable operating losses, which S&P expects will continue over the outlook period. S&P said, "We view Trinity's social capital risk as elevated given that the hospital operates in a primary service area with a small population and projected negative population growth. We also note that Trinity's exposure to human capital risks tied to higher labor and salary pressures and to elevated utilization of costly agency staffing has affected margins and increased the organization's social risk within our credit analysis. "We see governance and environmental factors as neutral in the credit rating analysis. "The negative outlook reflects our expectation that operating pressures will persist over the outlook period, potentially limiting Trinity's ability to rebuild reserves quickly enough to relieve balance-sheet strain and prevent further deterioration in DCOH. The outlook also incorporates our view that maximum annual debt service coverage will remain thin and the debt burden elevated. "We could consider a lower rating if Trinity is unable to substantially reduce operating losses and improve cash flow while, at a minimum, stabilizing balance-sheet metrics. Given the organization's high leverage and thin reserves, any increase in long-term debt, including operating leases, would pressure the rating, as would a significant deterioration in enterprise characteristics. "We could revise the outlook to stable if Trinity demonstrates a sustained trend of improving operations while materially increasing unrestricted reserves and balance-sheet metrics further above covenant thresholds. We would also expect Trinity to maintain its current enterprise profile strengths. A higher rating is unlikely over the outlook period without material and sustained improvement to both balance-sheet and performance metrics." URBAN ONE: Completes Note Exchange/Tender with 97.58% Uptake ------------------------------------------------------------ Urban One, Inc. announced the expiration and final results of the previously announced offers: (a) to exchange any and all of the Company's outstanding 7.375% Senior Secured Notes due 2028 held by Eligible Holders for newly issued 7.625% Second Lien Senior Secured Notes due 2031, to be issued by the Company, and cash, (b) to purchas up to $185.0 million in aggregate principal amount of the Existing Notes for up to $111.0 million in cash and (c) the right to subscribe to purchase up to $60.6 million in aggregate principal amount of newly issued 10.500% First Lien Senior Secured Notes due 2030 . As of 5:00 P.M., New York City time, on December 15, 2025, the Company received from Eligible Holders valid and unwithdrawn tenders and related Consents, as reported by D.F. King & Co., Inc., representing approximately $476.02 million in aggregate principal amount of Existing Notes, or approximately 97.580% of the aggregate principal amount of Existing Notes outstanding. Eligible Holders electing to participate in: (a) only the Exchange Offer are referred to herein as "Exchange Offer Only Participants," (b) the Exchange Offer and the Tender Offer are referred to herein as "Exchange Offer and Tender Offer Participants," (c) the Exchange Offer, the Tender Offer and the Subscription Offer are referred to herein as "Exchange Offer, Tender Offer and Subscription Offer Participants," and (d) the Exchange Offer and the Subscription Offer are referred to herein as "Exchange Offer and Subscription Offer Participants." The Exchange Offer and Tender Offer Participants and the Exchange Offer, Tender Offer and Subscription Offer Participants are collectively referred to herein as the "Tender Offer Participants." As of the Expiration Date, $498,000 in aggregate principal amount of Existing Notes were tendered by Exchange Offer Only Participants and Exchange Offer and Subscription Offer Participants to receive the Exchange Consideration and approximately $475.52 million in aggregate principal amount of Existing Notes were tendered by Exchange Offer and Tender Offer Participants and Exchange Offer, Tender Offer and Subscription Offer Participants to receive the Tender Consideration. Because Existing Notes in a principal amount greater than $185.0 million were tendered into the Tender Offer, the Tender Offer was oversubscribed, and Existing Notes accepted in the Tender Offer will be subject to proration, as described below. As a result, the TSA Minimum Participation Condition (as defined in the Exchange Offering Memorandum) was waived. Prior to the Expiration Date, Eligible Holders (other than the Supporting Noteholders) subscribed to purchase approximately $4.4 million in aggregate principal amount of New First Lien Notes. As previously announced, pursuant to a Transaction Support Agreement, dated as of November 14, 2025, by and among the Company and certain holders of Existing Notes, the Supporting Noteholders have agreed to backstop the full Subscription Offer and are expected to purchase the remaining approximately $56.2 million in aggregate principal amount of New First Lien Notes. In addition, as of the Early Tender Date, the Company had received the requisite number of consents in the concurrent consent solicitation from Eligible Holders of the Existing Notes to adopt certain proposed amendments to the indenture governing the Existing Notes to eliminate substantially all of the restrictive covenants and certain of the default provisions, modify covenants regarding mergers and consolidations and modify or eliminate certain other provisions, including removing the requirement that the Company make an offer to repurchase the Existing Notes if the Company experiences certain change of control transactions, releasing the guarantees provided by the guarantors of the Existing Notes, and eliminating any requirement to provide guarantees in the future with respect to the Existing Notes, releasing the liens on all of the collateral securing the Existing Notes and eliminating any requirement to provide collateral in the future with respect to the Existing Notes. On December 3, 2025, the Company entered into a supplemental indenture with the trustee and the collateral agent for the Existing Notes and the guarantors party thereto to reflect the Proposed Amendments, but the Proposed Amendments will become operative only upon, and subject to, the consummation of the Exchange Offer and Tender Offer on the Settlement Date (as defined below). The consummation of the Offers and the Consent Solicitation on the Settlement Date is subject to, and conditioned upon, the satisfaction or, if permitted, waiver by the Company of certain conditions, including the Supporting Noteholders' performance of their obligations under the Transaction Support Agreement, the Company's substantially concurrent refinancing of its existing asset-based lending facility (or, in lieu thereof, the receipt of consent from the required lenders thereunder to the consummation of the Offers) and the General Conditions (as defined in the Offering Memorandum). The Settlement Date is expected to be on or around December 18, 2025. Subject to applicable law, the Company may amend, extend, terminate or withdraw any of the Offers and/or Consent Solicitation without amending, extending, terminating or withdrawing any of the others, at any time and for any reason, including if any of the conditions set forth under "Conditions to the Offers and Consent Solicitation" in the Offering Memorandum with respect to the Offers are not satisfied as determined by the Company in its sole discretion. The offering of the New Notes has not been registered with the Securities and Exchange Commission under the Securities Act of 1933, as amended, or any state or foreign securities laws. The Offers and Consent Solicitation will only be made, and the New Notes are only being offered and issued, to holders of Existing Notes that are: (a) reasonably believed to be qualified institutional buyers in reliance on Rule 144A promulgated under the Securities Act or (b) non-U.S. persons, in transactions outside the United States, in reliance on Regulation S under the Securities Act. Copies of all the documents relating to the Offers and Consent Solicitation may be obtained from the Exchange and Information Agent (as defined below), subject to confirmation of eligibility through online procedures established by the Exchange and Information Agent, available at: www. dfking.com/UONE. Moelis & Company LLC has been appointed as financial advisor, investment banker, and the dealer manager and solicitation agent and D.F. King & Co., Inc. has been appointed as the exchange and information agent, respectively, for the Offers and Consent Solicitation. The Supporting Noteholders are represented by: Christian Fischer, Esq. Brian Hecht, Esq. Michael Pera, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 E-mail: christian.fischer@davispolk.com brian.hecht@davispolk.com michael.pera@davispolk.com Urban One has engaged as counsel: Jennifer L. Lee, Esq. KIRKLAND & ELLIS LLP 601 Lexington Avenue New York, NY 10022 E-mail: jennifer.lee@kirkland.com About Urban One Urban One, Inc., formerly known as Radio One, Inc., headquartered in Silver Spring, Md., is an urban-oriented multimedia company that operates or owns interests in radio broadcasting stations (32% of revenue as of LTM Q4 2022) generated by 66 stations in 13 markets, cable television networks (43% of revenue), an 80% ownership in Reach Media (9% of revenue), and ownership of Interactive One, its digital platform, as well as other internet-based properties (16% of revenue), largely targeting an African-American and urban audience. The Chairperson, Catherine L. Hughes, and President, Alfred C. Liggins III (Chairperson's son), maintain voting control and hold a significant ownership position. The Company reported consolidated revenue of $485 million as of LTM Q4 2022. As of September 30, 2025, the Company had $723.48 million in total assets, $642.06 million in total liabilities, and $78.83 million in total deficit. * * * In May 2025, S&P Global Ratings lowered its Company credit rating on Urban One Inc. to 'SD' (selective default) from 'CCC+'. S&P also lowered the issue-level rating on the company's senior secured notes to 'D'. VESTIS CORP: S&P Downgrades ICR to 'B', Outlook Stable ------------------------------------------------------ S&P Global Ratings lowered all its ratings on Georgia-based provider of uniform rentals and workplace supplies Vestis Corp. by one notch, including its issuer credit rating, to 'B' from 'B+' because S&P expects it will sustain leverage above our 5x downside threshold. The stable outlook reflects S&P's expectation that leverage will be elevated at about 6x this fiscal year, while management's efforts to address operating issues should help stabilize the business and return to modest growth. S&P said, "Vestis Corp. continues to face elevated customer attrition and other operational challenges amid management changes. "The company's fiscal 2026 guidance is weaker than we expected and indicates elevated leverage while management pursues a multiyear business transformation plan to return to profitable growth. "We now expect credit metric improvement to be more gradual through fiscal 2026, reflecting the implementation of management's restructuring initiative. Reported revenue contracted 2.5% in fiscal 2025 (ended Oct. 3, 2025), consistent with our prior forecast. Customer losses contributed to top-line declines amid ongoing service quality issues, with revenue retention remaining at about 92%." While new customer acquisitions partially offset attrition, a shift toward lower-margin workplace supplies contributed to a decrease in gross margin to 26.5% from 29.0% and an EBITDA margin slightly below our expectations. Performance trends through the fourth quarter and management's fiscal 2026 guidance reflect slower improvement compared with our earlier forecast. S&P said, "We now expect leverage will remain elevated above our prior 5x downside threshold through fiscal 2027. Therefore, we revised our financial risk assessment to highly leveraged from aggressive to reflect our expectation for slower deleveraging." The impending departure of Vestis CFO Kelly Janzen, who has held the position for less than a year, adds to near-term uncertainty. S&P said, "We do not currently anticipate this change will impact our financial forecast but will closely monitor the situation for potential implications on financial strategy and execution. Vestis has experienced several changes to its executive team over the past year. However, we believe CEO Jim Barber, who joined the company in June 2025, possesses the relevant experience to effectively oversee the execution of the restructuring initiative." S&P said, "We anticipate revenue and cost benefits from Vestis' new turnaround plan as the year progresses. Management initiated a business transformation program aimed at returning to profitable growth by addressing client service deficiencies, improving operational execution, and optimizing asset utilization. Successful implementation should stabilize recent weakening revenue and profit trends, though the company's ability to achieve enhanced customer retention and $75 million of cost savings by the end of fiscal 2026 remains uncertain. "Meanwhile, the operating environment remains highly competitive, adding to execution risk. We forecast revenue will decline about 2% this year, with improving growth trends as the year progresses (adjusting for the additional operating week in the prior year's fourth quarter), supported by its initiatives to improve client retention. Profitability should also expand as the year progresses, although costs associated with the turnaround will weigh on its S&P Global Ratings-adjusted EBITDA margin this year. We now forecast EBITDA margin expansion to 10.3% this year from 8.9% in fiscal 2025. This compares with our previous expectation for more rapid margin expansion in fiscal 2026 and results in our updated expectation for leverage of about 6x this year. "We revised our cash flow forecast downward, reflecting Vestis' limited ability to reduce debt. We now expect slower profit margin improvement and incremental costs related to its turnaround initiative to result in more modest cash generation in fiscal 2026 and 2027. However, we expect free operating cash flow (FOCF) to improve this year due to reduced working capital needs. We forecast about $42 million of unadjusted FOCF this year, with no shareholder remuneration, which should support a partial paydown of revolver borrowings after covering finance lease obligations. The company's revolver utilization was modest at $26 million in fiscal 2025, and we expect it will maintain adequate liquidity to support business needs." Vestis should maintain an adequate cushion under its financial covenants as maximum leverage thresholds step down over the next year. It amended its credit agreement last year to delay the stepdown of its maximum net leverage ratio covenant. In conjunction, it restricted dividends and share repurchases to focus on deleveraging. The company reported a credit agreement-calculated net leverage ratio of 4.72x in fiscal 2025, and S&P now expects it to reduce leverage to approximately 4x by the end of fiscal 2026, when its covenant requirement steps down to 4.75x. S&P said, "The stable outlook reflects our view that despite some top-line headwinds persisting, management's turnaround plan will expand margins and lead to modestly improving leverage. We expect leverage will be elevated at about 6x in fiscal 2026, improving to about 5.3x in fiscal 2027. "We could take a negative rating action on Vestis if its restructuring program does not sufficiently address its client service deficiencies and cost structure, resulting in greater customer attrition than we anticipate, profit margin erosion, and weaker cash flow." S&P could lower the rating if it expect it to sustain: -- Leverage above 6x; or -- FOCF to debt below 3%. S&P could raise the rating on Vestis if it expects it will sustain leverage below 5x and FOCF to debt well above 5%. This could occur if: -- Vestis improves customer retention and strengthens new business wins such that S&P anticipates consistent revenue growth; and -- It successfully expands profit margins through improved cost structure while service quality improvements indicate better pricing power and sustained profitability improvement. VSBROOKS INC: Gets Extension to Access Cash Collateral ------------------------------------------------------ VSBROOKS, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Miami Division, to use cash collateral. The Debtor is authorized to use cash collateral to pay the amounts expressly authorized by the court; the expenses set forth in its budget, plus an amount not to exceed 10% for each line item; and additional amounts subject to approval by City National Bank. The budget term runs through February 5, 2026, with a further hearing set for that date at 1:30 p.m., unless all parties agree to extend the budget without a hearing. As adequate protection for the Debtor's use of its cash collateral, City National Bank will have a replacement lien on all property acquired or generated by the Debtor after its Chapter 11 filing, with the same priority and extent as the bank's pre-bankruptcy lien. The replacement lien will be junior to fees and costs awarded to bankruptcy professionals. As additional protection, City National Bank will receive a $15,000 monthly payment beginning this month. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/503RB from PacerMonitor.com. In 2023, the Debtor and City National Bank entered into a loan agreement backed by the U.S. Small Business Administration. The loan is secured by a blanket lien on all of the Debtor's assets as documented in a UCC-1 financing statement. The loan, originally in the principal amount of $2.5 million, has a remaining balance of approximately $2.39 million. City National Bank is represented by: Melbalynn Fisher, Esq. Ghidotti | Berger LLP 10800 Biscayne Blvd., Suite 201 Miami, FL 33161 Tel: (305) 501-2808 Fax: (954) 780-5578 bknotifications@ghidottiberger.com About VSBROOKS Inc. VSBROOKS Inc., doing business as The 3rd Eye Creative Agency, is a certified women-owned independent full-service marketing agency in Miami specializing in health and wellness brands. With more than 25 years of experience, it focuses on generational healthcare advertising, women's healthcare initiatives, multicultural audience engagement and B2B growth within regulatory compliance. VSBROOKS sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-18690) on July 29, 2025. In its petition, the Debtor reported estimated assets between $500,000 andb $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Laurel M. Isicoff handles the case. The Debtor is represented by: Jacqueline Calderin, Esq. Email: 305-722-2002 Email: jc@agentislaw.com Robert P. Charbonneau, Esq. Tel: 305-722-2002 Email: rpc@agentislaw.com WARNERMEDIA HOLDINGS: RiverNorth Marks $380,000 Loan at 20% Off --------------------------------------------------------------- RiverNorth/DoubleLine Strategic Income Fund has marked its $380,000 loan extended to Warnermedia Holdings, Inc. to market at $303,599 or 80% of the outstanding amount, according to RiverNorth's Form 10-Q for the quarterly period ended September 30, 2025, filed with the U.S. Securities and Exchange Commission. RiverNorth is a participant in a Loan to Warnermedia Holdings, Inc. The loan accrues interest at a rate of 5.05% per annum. The loan matures on March 15, 2042. The RiverNorth Funds was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006. The Trust is an open-end management investment company registered under the Investment Company Act of 1940. The Trust Agreement permits the Board of Trustees of the Trust to authorize and issue an unlimited number of shares of beneficial interest of a separate series without par value. The RiverNorth/DoubleLine Strategic Income Fund is a diversified series of the Trust and commenced investment operations on December 30, 2010. The Strategic Income Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the Strategic Income Fund is RiverNorth Capital Management, LLC The RiverNorth/Oaktree High Income Fund is a diversified series of the Trust and commenced investment operations on December 28, 2012. The High Income Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the High Income Fund is RiverNorth Capital Management, LLC. RiverNorth is led by Patrick W. Galley as President and Principal Chief Executive Officer and Jonathan M. Mohrhardt as Treasurer and Chief Financial Officer. The Company can be reach through: RiverNorth/DoubleLine Strategic Income Fund 360 South Rosemary Avenue, Suite 1420 West Palm Beach, FL 33401 Telephone: (561) 484-7185 About Warnermedia Holdings, Inc. Warnermedia Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, creates, distributes films and television content. WEEDEN RANCH: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Weeden Ranch LLC 383 Whitetail Drive Lewistown, MT 59457 Business Description: Weeden Ranch LLC is a Montana-based ranching company operating from Lewistown, engaged in cattle raising and land management in Fergus County. Chapter 11 Petition Date: December 15, 2025 Court: United States Bankruptcy Court District of Montana Case No.: 25-40104 Judge: Hon. Benjamin P Hursh Debtor's Counsel: Laurie Thornton, Esq. DBS LAW 819 Virginia Street, Suite C-2 Seattle, WA 98101 Tel: (206) 489-3802 Email: lthorntonlawdbs.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Monte Weeden as manager. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VVMBZQQ/Weeden_Ranch_LLC__mtbke-25-40104__0001.0.pdf?mcid=tGE4TAMA WESTSIDE TOW: Court OKs Deal to Use SBA's Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, approved a stipulation between Westside Tow & Transport, Inc. and the U.S. Small Business Administration regarding the use of cash collateral. Under the stipulation, the Debtor is authorized to continue using SBA's cash collateral to pay ordinary and necessary post-petition expenses through April 15, 2026. As adequate protection for the use of its collateral, the SBA will be granted replacement liens on all post-petition revenues, retroactive to the petition date, with the same validity, priority, and enforceability as its pre-bankruptcy liens, but only to the extent of any post-petition diminution in value. These replacement liens are automatically perfected and do not attach to Chapter 5 causes of action. The Debtor must also make monthly adequate protection payments of $9,834 to the SBA, beginning on the 15th of each month, via the SBA loan portal or wire transfer. The order provides the SBA with a superpriority administrative claim under Section 503(b) and 507(b), limited to diminution in collateral value resulting from post-petition use. The Debtor is prohibited from using cash collateral to pay insiders without complying with Bankruptcy Code and local rule requirements. The Debtor must maintain insurance, provide monthly financial reporting, and use best efforts to pursue confirmation of a Chapter 11 plan, with the SBA reserving its objections and all rights. The stipulation preserves all SBA rights and does not waive any existing loan defaults, accelerations, or remedies. It binds the parties and their successors, remains effective until April 15, 2026 (or until a renewed stipulation, plan confirmation, dismissal, or conversion), and may be amended only in writing or by court order. The stipulation is available at https://is.gd/gCMcW5 from PacerMonitor.com. About Westside Tow & Trucking Inc. Westside Tow & Trucking Inc. is a Los Angeles area towing and trucking company. Westside Tow & Trucking sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11352) on October 8, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Ronald A. Clifford III handles the case. The Debtor is represented by Tamar Terzian, Esq., of Terzian Law Group, APC. WHITEWRIGHT ISD: Hughes Wants Federal Receiver Appointed -------------------------------------------------------- Terrell Rayshawn Hughes filed a motion with the U.S. District Court for the Eastern District of Texas, Sherman Division, seeking to set an emergency motion for writ of mandamus and vesting order for the appointment of a federal receiver for Grayson County, Texas, Grayson College, Whitewright Independent School District, and Choctaw Water District. According to Hughes, the Federal Receiver will have authority, pending final judgment or settlement, to: -- Audit and secure: Immediately take custody and control of all Grayson County financial accounts, property records, and transactional documents necessary to track all assets subject to the Civil RICO and Quiet Title claims; and -- Stabilize the Economy: Oversee and approve all major County bond sales, tax levies, and real estate transactions. Hughes contends because the appointment of a Federal Receiver is an extraordinary measure, the Court is obligated to conduct an expedited hearing to take testimony and establish the facts of asset jeopardy and obstruction. Hughes cites the County Clerk's documented refusal to file a Lis Pendens after the County's own judicial admission of Plaintiff's lineage demonstrate that the assets and titles central to this litigation (the res) are in imminent and provable danger of being fraudulently conveyed or lost. Hughes says the County's actions represent a clear attempt to frustrate the structural remedy and obstruct the jurisdiction of this Federal Court. Immediate judicial intervention is required to prevent irreparable harm to the Plaintiff's property interests and to assert Federal Supremacy over the obstructive local officials. The target of Hughes' lawsuit are taxing entities: Grayson County, Texas, Whitewright Independent School District, Grayson College, and Choctaw Water District. Together, the Taxing Entities have filed a Motion to Dismiss, asserting that Hughes' lawsuit is a transparent attempt to forestall a state court tax collection lawsuit that has been pending for several years. The Taxing Entities are plaintiffs in a lawsuit styled Whitewright Independent School District, et al. v. The Estate of Add Cravens, et al, Cause No. T-21-3166, pending in the 397th Judicial District court of Grayson County, Texas. The State Court Lawsuit was originally filed in August 3, 2021, seeking recovery of delinquent ad valorem taxes from tax years 2003–2020 that remain due and owing to the Taxing Entities. Due to a large number of heirs which had to be served out of state, the State Court Lawsuit has been pending for several years. However, the Taxing Entities have recently accomplished service on the needed defendants and are currently attempting to bring the State Court Lawsuit to hearing. Attorneys for Defendants Grayson County, Texas, Grayson College, Whitewright Independent School District, and Choctaw Water District are: Ethan Ranis, Esq. LINEBARGER GOGGAN BLAIR & SAMPSON, LLP P.O. Box 17428 Austin, TX 78760 Tel: (512) 447-6675 Fax: (512) 693-0728 About Whitewright Independent School District Whitewright Independent School District is a public school district located in Grayson County, Grayson College, City of Sherman and Choctaw Water District. Whitewright Independent School District is facing a receivership case captioned as Terrell Rayshawn Hughes v. Whitewright Independent School District, Case No. 4:25-cv-01264 (E.D. Texas), before the Hon. Pamela K. Chen. The case was filed on Nov. 20, 2025. Plaintiff, pro se, may be reached at: Terrell Rayshawn Hughes, Esq. 336 Crest Hill Dr. Mesquite, TX 75149 Tel: (214) 791-3838 ZOOMINFO TECHNOLOGIES: S&P Affirms 'BB' ICR, Alters Outlook to Neg ------------------------------------------------------------------ S&P Global Ratings affirmed its 'BB' issuer credit rating on ZoomInfo Technologies Inc. and revised the outlook to negative from stable. S&P also affirmed the 'BB+' rating on its first-lien debt and 'B+' rating on its senior unsecured notes. The respective recovery ratings of '2' and '6' are unchanged. S&P said, "The negative outlook reflects our expectation that share buybacks may continue to exceed cash flow and further pressure credit metrics. Softer growth and possible incremental restructuring could also pressure earnings and delay FOCF to debt improvement. "ZoomInfo's business growth has decelerated from peak levels. We expect revenues will increase modestly over the next 1-2 years, as it continues to stabilize its small and midsize client base and refocuses on enterprise customers. "The company's aggressive share buybacks have exceeded annual free operating cash flow (FOCF), leading to a significantly lower cash balance and revolving credit facility borrowings. We don't expect substantial credit metric improvement in 2025 and 2026. "We expect ZoomInfo's strategy shift will take time to execute. In 2024, higher-than-expected customer write-offs in its small and midsize business segment offset revenue generation and contributed to a 2% year-over-year top-line decline. Over the last 12 months, ZoomInfo has mitigated this issue by implementing new customer screening technologies to improve revenue collection and focusing upmarket on traditionally stickier customers with greater wallet share. While ZoomInfo has largely managed higher-churn clients, we suspect there is potential for additional near-term revenue headwinds as the downmarket segment continues to stabilize. "In our base case, we assume upmarket momentum will continue (73% of total annual contract value, up 10% from 2023) and modestly offset residual churn. However, the steady pivot to enterprise customers exposes the remaining 27% of annual contract value to disruption, which we estimate has net revenue retention of 50%-60%. At the same time, we believe the focus upmarket shifts ZoomInfo's competitive landscape. Increasing market saturation and threat of new entrants (e.g. large customer relationship management firms with adjacent capabilities, like Salesforce) may make it more challenging for ZoomInfo to compete over time. ZoomInfo's ability to win new enterprise business, capitalize on newly released AI-enabled products, and migrate customers off legacy offerings will be critical for top-line growth. We expect sales to grow about 1.5% in 2026, a softer rate than it has historically (e.g. 12.9% in 2023)." In 2024, ZoomInfo incurred elevated restructuring costs of $101.6 million, primarily related to its Waltham lease restructuring. These costs have largely abated, just $15.2 million through the first three quarters of 2025. S&P said, "As a result, we expect roughly 7% reported EBITDA margin expansion in 2025 (30 basis points in adjusted EBITDA margin improvement, since we consider the one-time $31.7 million litigation settlement and updated operating lease expense add-backs in our 2024 adjusted EBITDA calculation). Still, we project adjusted EBITDA margin will remain 38%-39% in 2026, below its range of 42%-43% in 2022 and 2023. Given lower profitability and management's heightened focus on margin expansion, as stated on its third-quarter earnings call, we believe it could incur incremental restructuring. While this could help margin in the medium to long term, upfront costs to realize the savings may temporarily dampen earnings, margins, and FOCF." Pace of share buybacks has exceeded annual FOCF and reduced its cash balance. ZoomInfo has been active in open market share repurchases, buying back $400.1 million of common stock in 2023 and $562.3 million in 2024. It financed the buybacks using a combination of cash on hand and FOCF. ZoomInfo has reduced its cash position by nearly 75% since the end of 2023, such that as of Sept. 30, 2025, it had $135 million in cash, cash equivalents, and short-term investments, compared to $529.3 million at the end of 2023. In the second quarter of 2025, the company also tapped its revolver to support this initiative, drawing down $100 million, or about 40% of the borrowing base. S&P said, "We project ZoomInfo is on track to repurchase $415 million-$420 million in shares in 2025. It has indicated it will remain aggressive in 2026, and we forecast $340 million-$350 million in repurchases in 2026 using most of its FOCF (projecting adjusted FOCF of $420 million-$430 million in 2026). While we anticipate share repurchases will be contained to FOCF, anything above our base case will likely result in a discretionary cash flow deficit and incremental revolver borrowings. (It has good cushion relative its financial maintenance covenant.) Using third-quarter 2025 financial data as a starting point, we estimate a liquidity sources over uses ratio of about 1.6x over the next 12 months. "Though we generally view share repurchases neutrally, we believe they could weaken a credit profile if consistently done in excess of FOCF. Specifically, ZoomInfo has reduced its cash balance that previously provided cushion for credit metrics and may have redirected cash from reinvestment and/or merger and acquisition opportunities. At the same time, the company's buyback ratio is meaningful (low-double-digit percents) and its stock price has remained fairly consistent. While these factors do not present inherent near-term risk, they signal a deterioration in qualitative liquidity factors, including risk management and overall standing in equity and credit markets, and highlight concerns over long-term growth prospects." Above average profitability and moderate interest-bearing funded debt are positives. ZoomInfo has maintained good market standing in core enterprise, indicated by modest year-to-date top-line improvement and new deal momentum. S&P believes it continues to compete well with other account-based marketing firms. ZoomInfo's resilient EBITDA margin of 38%-39%, despite softer growth and lingering restructuring, compares favorably to similarly rated software peers. While adjusted credit metrics are elevated, they include ZoomInfo's tax receivable agreement (TRA) liability of $2.73 billion in our calculation of adjusted debt. S&P said, "We project adjusted leverage of 8.8x in 2025 and 8.6x in 2026; excluding the TRA liability, we forecast leverage of about 3.1x in 2025 and 3x in 2026. We view 3x leverage and FOCF above $300 million as broadly in line with similarly rated software peers." The negative outlook on ZoomInfo reflects its diminished liquidity position, exacerbated by aggressive share repurchases, as well as our expectation that buybacks may continue to exceed cash flow and pressure credit metrics. S&P projects adjusted funds from operations (FFO) to debt will remain below 12% in the next 12-18 months. The company's slower sales growth and possible incremental restructuring costs could temporarily reduce earnings and delay FOCF improvement. S&P could lower its rating on ZoomInfo if: -- Operating performance is worse than expected because of ongoing churn among small and midsize clients, the transition to newer premium-priced offerings is slower than S&P anticipates, or macroeconomic conditions or the competitive landscape evolve such that it impairs new business improvement; -- Ongoing or additional cost restructuring initiatives prevent EBITDA and FOCF improvement; -- FOCF to debt remains below 10%; -- Aggressive share repurchases continue to exceed annual discretionary cash flow and requires additional debt borrowings; or -- S&P believes the company is increasingly likely to negotiate an agreement with pre-IPO holders to settle the TRA obligation with debt. S&P may revise its outlook to stable if: -- S&P believes top-line expansion prospects have strengthened, such that revenues increase sustainably in the mid-single digit percents; -- Earnings support FOCF, such that FOCF to debt improves meaningfully above 10%; -- It manages share repurchases in line with annual FOCF and rebuilds its cash balance to support lower net debt; and -- S&P views financial policy as supportive of liquidity and overall credit quality. [] The Law Offices of Patrick L Cordero Named Best Bankruptcy Firm ------------------------------------------------------------------ The Law Offices of Patrick L. Cordero, P.A. announced on Dec. 17, 2025, that it has been named Best Bankruptcy in the Miami-Dade Favorites by The Miami Herald awards, marking the firm's third consecutive year receiving this recognition in 2023, 2024, and 2025. "For many people, bankruptcy is not simply paperwork. It is a moment where stress, uncertainty, and family stability collide. Our role is to bring clarity, protection, and a real path forward." - Patrick L. Cordero "This honor matters because it reflects the voices of the community we serve," said Patrick L. Cordero, Founder of The Law Offices of Patrick L. Cordero, P.A. "For many people, bankruptcy is not simply paperwork. It is a moment where stress, uncertainty, and family stability collide. As a bankruptcy attorney, my responsibility is to bring clarity, protection, and a real plan forward. We are grateful to everyone who voted and trusted our team again this year." The firm assists individuals and families navigating serious financial pressure by delivering counsel grounded in strategy, responsiveness, and respectful client care. As a trusted bankruptcy attorney serving Miami-Dade County, Patrick L. Cordero and his team focus on helping clients evaluate options, understand timelines, and move through the process with confidence, whether the goal is to protect income, address debt, or pursue a structured path to relief. In addition to bankruptcy representation, the firm supports clients with related matters that often intersect with financial hardship, including real estate and foreclosure-related concerns, helping clients understand how legal decisions today can shape stability tomorrow. About The Law Offices of Patrick L. Cordero, P.A. The Law Offices of Patrick L. Cordero, P.A. is a Miami-based law firm serving individuals and families throughout South Florida. Led by an experienced bankruptcy attorney, the firm focuses on bankruptcy law and related financial relief strategies and is committed to guiding clients through complex challenges with clear communication, diligent advocacy, and a service-first mindset. [^] BOOK REVIEW: Black Monday - The Stock Market Catastrophe ------------------------------------------------------------ Author: Tim Metz Publisher: Beard Books Softcover: 268 pages List Price: $34.95 Order your personal copy at http://amazon.com/exec/obidos/ASIN/1587982145/internetbankrupt Metz uses his 23-year career as a journalist with the "Wall Street Journal" to good effect in this account of the worst stock-market crash since 1929. Chapters and sections within them begin by noting date and location in the style of newspaper reports--e. g., "October 19, 1987 - New York Stock Exchange, chairman's office, 10:45 A.M."; "August 25, 1987 - Storefront broker's office near Canal Street, 11:30A.M." This has the effect of dramatizing the collapse, events surrounding it, and varied individuals playing key roles in trying to deal with it and affected by it. A hotel in Paris, a roadway leading to the Caracas, Venezuela airport, the White House, and the Chicago Mercantile Exchange are other locations. Like a camera panning from one scene to the next, Metz's style keeps the drama high and the story moving. Even though the generalities of this historic stock-market event are known, one is drawn into Metz's telling by its inside-story perspective and to find out how the main characters act as the event unfolds and how things turn out for them in the end. Two of these main characters are John Phelan, chairman of the New York Stock Exchange at the time, and Donny Stone, an NYSE trading specialist. The book opens with Phelan in his chairman's office in a meeting with the heads of Salomon Brothers, Merrill Lynch, Goldman Sachs, and other top financial and securities firms. They are all extremely concerned about the 235-point stock-market decline of the preceding week. And they have different thoughts on its causes, import, and appropriate responses to it. After seeing the havoc in the stock market of the previous week, Donny Stone cuts short his vacation in Florida to hurry back to New York to take care of his business as best he can in the circumstances which are having repercussions not only at the NYSE, but also in Washington, D. C., across America, and around the world. The long-term crippling consequences that Wall Street's top leaders and high government officials feared the worse were avoided by a combination of enlightened quick remedies, lowering of fears, expertise and professionalism among numerous individuals in positions high and low, and opportunism among many who saw new opportunities in the havoc. While the worst consequences of the sudden, unexpected, chaotic collapse were avoided and normal order and predictability returned to the financial markets before long, "Black Monday" brought essential changes to the NYSE and the business of trading. Most of the public were not aware of these changes as normal operations returned over the following weeks. But they were unmistakable to insiders; and many individuals connected to Wall Street for decades were hurt by the changes. At Metz's paper, the "Wall Street Journal," some staff were let go because of the reduction in advertising and circulation following the crash. But apart from countless individuals who lost their jobs from the dislocations caused by the crash, the business of trading had a sea change. "Black Monday" brought to light the degree to which traders and trading had come to dominate the modern-day stock market. Of course, trading in stocks had always been the NYSE's reason for being. But as the market crash evidenced, trading had taken on a life of its own. Trading calculations, as seen especially in risk arbitrage, had become so sophisticated and easy to execute that market weaknesses being exploited were publicized widely and quickly. Along with this, the volume of stocks traded and the speed with which financial transactions occurred with advanced communications made the market more mercurial and unmanageable than it had ever been. The very image of trading had been changed within the financial community. As William Simon, the former Secretary of the Treasury, noted, when he first entered investment banking, "trading was not a respectable profession." But by the time of the 1987 disaster and even more so in the years after it, "kids out of B-school are dying to get to the trading desk." Trading has become a high-profile, quasi-glamorous subject in the daily financial and business media. And to the graduates of business schools, it is seen as the field where the most money can be made most quickly and easily. Tim Metz captures all of the dimensions and human drama of this watershed event in the history of the New York Stock Exchange. He closes with the Cassandra-like note that instead of trying to control the astonishingly high levels of trading in short periods of time which was a major cause of Black Monday, the NYSE with the guidance and support of the Security Exchange Commission (SEC) increased the capacity for trading. After more than two decades with "The Wall Street Journal," Tim Metz became the head of his own firm in the areas of financial communications and media relations strategy and execution. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***