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251222.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, December 22, 2025, Vol. 29, No. 355 Headlines 10-23 PINE: Seeks Chapter 11 Bankruptcy in New York 12892 MIZNER WAY: Case Summary & Five Unsecured Creditors 1630 N MILTON: Jolene Wee of JW Infinity Named Subchapter V Trustee 201 S. ASHLAND: Case Summary & Two Unsecured Creditors 2010 NW 107: Carol Fox of GlassRatner Named Subchapter V Trustee 3-21 PINE: Seeks Chapter 11 Bankruptcy in New York 30 EAST 40TH: Claims to be Paid from Property Sale Proceeds 301 W NORTH: Court Extends Cash Collateral Access to Jan. 31 360 FAST: Gets OK to Use Cash Collateral 393 HOLDINGS: Claims to be Paid from Property Sale Proceeds 40 WARDS POINT: Voluntary Chapter 11 Case Summary 407 SMILEY: Court Denies Bid to Prohibit Cash Collateral Access 4912 WISCONSIN: Case Summary & Five Unsecured Creditors 51 PARK PLACE: Chapter 11 Disclosure Statement Due on April 9 9 CROSBY: NoMo SoHo Hotel Owner Selects Dan Hotels as Buyer 92 RYERSON STREET: Gets OK to Use Cash Collateral Until Jan. 6 A-1 AUTOMOTIVE: Seeks to Hire Toni Campbell Parker as Counsel ADVANCED CHAMPION: Case Summary & Seven Unsecured Creditors AETC INC: Seeks Cash Collateral Access AETC INC: Seeks to Hire PJC Group LLC as Accountant ALBERT WHITMAN: To Sell Hallee Adelman Books to World of HA ALDRICH PUMP: Gets OK to Hold Mediation, Claims Hearing ALTICE USA: Lenders Hire Sullivan & Cromwell for Antitrust Suit AMERICAN SIGNATURE: Stark & Stark et al. Represent Etkin, SBV ANTONIO MUNOZ: Joint Administration of Chapter 11 Cases Okayed ARCANUM VENTURES: Leon Jones Named Subchapter V Trustee ARD FINANCE: Chapter 15 Case Summary ARD FINANCE: Seeks Chapter 15 Bankruptcy Recognition ARVI MANAGEMENT: Jill Durkin Named Subchapter V Trustee ASHLEY STEWART: Ex-Operator Seeks Chapter 11 to Stop Asset Sale ATHENS ANNAPOLIS: Case Summary & Three Unsecured Creditors AZAEL MOTORSPORT: Linda Leali Named Subchapter V Trustee BAY AREA: Hires Bleakley Bavol Denman & Grace as Counsel BEAUTY BRANDS: To Close Stores in 2025 BHOWMICK LIQUOR: Amends Newtek Small Business Secured Claim Pay BIG BRUNOS: Gets Interim OK to Use Cash Collateral BLACKBEARD'S TRIPLE: J.M. Cook Named Subchapter V Trustee BLEND COFFEE 1: Gets Extension to Access Cash Collateral BP RETAIL: Gets Extension to Access Cash Collateral BRIGHTLIFE ELECTRIC: Unsecureds to Get 3.4 Cents on Dollar in Plan BURTON HILLS: Nancy Isaacson Named Subchapter V Trustee BURTON TRANSPORT: Gets Court OK to Obtain Financing From FirstLine CADUCEUS PHYSICIANS: No Patient Care Concern, PCO Report Says CAMA4 LLC: Seeks Chapter 11 Bankruptcy in Florida CANSON LLC: Voluntary Chapter 11 Case Summary CBA HOME: Greta Brouphy Named Subchapter V Trustee CHERISHED LAND: Available Cash & Rental Income to Fund Plan CHINOS INTERMEDIATE: S&P Downgrades ICR to 'CCC+' on FOCF Deficit CITY ON A HILL: Iana Vladimirova Named Subchapter V Trustee CLEARSIDE BIOMEDICAL: Gets Court OK for January Ch. 11 Auction CLEARSIDE BIOMEDICAL: Orrick & Morris James Advise Equity Holders CLICKED AI: Fine-Tunes Plan Documents CNY SEALCOATING: Paul Levine of Emery Named Subchapter V Trustee CODESPARK INC: Seeks Chapter 11 Bankruptcy in Delaware COGECO COMMUNICATIONS: DBRS Confirms BB(high) Issuer Rating COMPREHENSIVE HEALTHCARE: PCO Reports Resident Care Complaints COMPUTE NORTH: Court Narrows Claims in CCEP, et al. Adversary Case CONSCIOUS CONTENT: Coding Company Seeks Chapter 11 Bankruptcy CONSCIOUS CONTENT: Gets Interim OK to Tap Portion of $10MM DIP Loan CONTEMPORARY MEDICAL: Gets Extension to Access Cash Collateral DAIRY BUILDING: Seeks Chapter 11 Bankruptcy in Oregon DDJ INC: Gets Interim OK to Use Cash Collateral DEL MONTE: Reaches Chapter 11 Deal with Parent, Creditors DISPATCH ACQUISITION: S&P Withdraws 'B-' LT Issuer Credit Rating DOUBLESHOT HOLDINGS: Gets OK to Use Cash Collateral Until Jan. 8 EDEN ON BRAND: Gregory Jones Named Subchapter V Trustee ELETSON HOLDINGS: Defends Rolnick Kramer, Reed Smith Subpoenas EMERALD POOLS: Hires Law Offices of Michael J. Harker as Counsel EMORY INDUSTRIAL: Hires Ferguson Braswell Fraser as Counsel EMORY INDUSTRIAL: Trailers & Equipment Sale to Miller Capital OK'd ENGLEWOOD HOSPITALITY: Joseph Schwartz Named Subchapter V Trustee ENOVA INTERNATIONAL: S&P Affirms 'B' ICR, Alters Outlook to Pos. ENTROPY BREWING: Shuts Down Permanently With No Bankruptcy Filing ERIC R. HARTMAN: To Sell Medical Equipment to Acton Family ERIC R. HARTMAN: To Sell OrthoGold350 to Zuidema Chiropractic FELTRIM BALMORAL: Gets Final OK to Use Cash Collateral FIRST BRANDS: Founder Blames Bankruptcy on 'Predatory' Lenders FLIPCAUSE INC: Seeks to Sell Software Business at Auction FOUNDEVER GROUP: S&P Lowers ICR to 'CCC' on Liquidity Pressures FOUR SEASONS: Seeks Chapter 11 Bankruptcy in Idaho FRUGALITY INC: Gets Final OK to Use Cash Collateral FTX TRADING: Former Execs Barred from Director, Officer Roles FULLER'S SERVICE: Court Asked to OK Chapter 11 Trustee Appointment GBI SERVICES: Seeks to Sell Golf Business at Auction GENESIS HEALTHCARE: Pursues New Sale Plan After Chapter 11 Hurdle GENTAL DENTAL: Seeks to Hire James Young Law as Counsel GOOSENECK LLC: Thomas Willson Named Subchapter V Trustee GRINNELL CENTER: Case Summary & 20 Largest Unsecured Creditors GRMG REAL ESTATE: Unsecured Creditors Unimpaired in Prepack Plan HANNON ENTERPRISE: L. Todd Budgen Named Subchapter V Trustee HARDING BELL: Court Extends Cash Collateral Access to Jan. 8 HERNAN REYES: Janice Seyedin Named Subchapter V Trustee HIGHLANDER HOTEL: Case Summary & 20 Largest Unsecured Creditors HORSEY DENISON: 8809 Oxon Property Sale to RDJ Homes OK'd HORSEY DENISON: 8901 Oxon Property Sale to E. Espinoza OK'd HUNTERDON DEVELOPERS: Seeks to Hire Solomon Rosengarten as Counsel I A P CONSTRUCTION: Court Extends Cash Collateral Access to Jan. 8 INTERNATIONAL DIRECTIONAL: Gets Extension to Access Cash Collateral IROBOT CORP: Carlyle Lost Over $100MM Loan to Bankrupt Co. JRCP RESTAURANTS: Hires Kean Miller LLP as Legal Counsel JUAN MANUEL GINORIO: Condado Loses Bid to Dismiss Bankruptcy Case KID FRIENDLY: Hires Kearia White CPA LLC as Accountant KJSS GLOBAL: Case Summary & 19 Unsecured Creditors KRUGER PRODUCTS: DBRS Assigns 'BB(low)' Credit Rating LAKE FAMILY PRACTICE: Andrew Layden Named Subchapter V Trustee LDM LLC: Richardo Kilpatrick Named Subchapter V Trustee LINQTO TEXAS: Unsecureds' Recovery "Unknown" in Plan LITTLE BROWN: Robert Goe Named Subchapter V Trustee LITTLE PASSPORTS: Seeks Chapter 11 Bankruptcy in Delaware LMD HOLDINGS: Seeks to Sell Distillery Business at Auction LORDON ENTERPRISES: Hires Armory Consulting as Financial Advisor LUMINAR TECHNOLOGIES: Ropes & Gray Advises Noteholders Group M&M CUSTARD: Hires Payne and Jones CTD as Special Counsel M.K. WEEDEN: To Sell Control Van to Greenworks Builders M.K. WEEDEN: To Sell Truck to Sussex Construction for $45K MARINER'S GATE: Seeks Chapter 11 Bankruptcy in New York MAVENCRUX I LLC: Amends Unsecured Claims Pay Details MAXILL DENTAL: Frederic Schwieg Named Subchapter V Trustee MAXILL DENTAL: Seeks to Hire Steel & Company as Counsel MAXILL INC: Frederic Schwieg Named Subchapter V Trustee MAXILL INC: Seeks to Hire Steel & Company as Counsel MAXILL REALTY: Frederic Schwieg Named Subchapter V Trustee MINISTERIOUS UNA VOZ: Section 341(a) Meeting of Creditors on Jan. 5 MOSAIC MENTAL: Melissa Haselden Named Subchapter V Trustee MOUNTAINS OF SABER: Hires Mr. Loeffler as Forensic Accountant MW MASON: Hires Decker Farrell & McCoy LLP as Accountant MW MASON: Seeks to Hire Beall & Burkhardt APC as Counsel NAPA FORD: Gets Interim OK to Use Cash Collateral NATIONAL SIGNS: Court OKs Case Trustee's Settlement with Pacal NATURE'S WAX: Case Summary & 13 Unsecured Creditors NEW MEXICO TERMINAL: Century Bank Seeks Ch. 11 Trustee Appointment NEW SHILOH: Jerrett McConnell Named Subchapter V Trustee NICKLAUS COMPANIES: Asks Court to Nix Creditor Liens Prior to Sale NICKLAUS COMPANIES: Moves to Challenge Creditor’s Secured Status NORTH AMERICAN: Gets Final OK to Use Cash Collateral NORTHERN FUEL: Court OKs Waskish Property Sale to Farmers Union Oil OLD FASHION: Gets Interim OK to Use Cash Collateral Until Jan. 19 ORIGINAL MOWBRAY'S: Bernadino Property Sale to Boone Trucking OK'd PACIFIC LUTHERAN: S&P Affirms 'BB' Long-Term Rating on 2014 Bonds PAP-R PRODUCTS: Court Extends Cash Collateral Access to Jan. 31 PAWLUS DENTAL: Judy Wolf Weiker Named Subchapter V Trustee PEORIA CHARTER: Seeks Chapter 11 Bankruptcy to Restructure Debt PHOENIX COMMUNITIES: Cameron McCord Named Subchapter V Trustee POSIGEN PBC: Claims to be Paid from Asset Sale Proceeds PRAESUM HEALTHCARE: To Sell Behavioral Health Biz to GG Praesum PRIMALEND CAPITAL: Wins Court Approval for Ch. 11 Financing Deal PRIME ELECTRICAL: Court Denies Bid to Use Cash Collateral R.C. CONSTRUCTION: Court OKs Interim Use of Cash Collateral RECREATION DISCOUNT: Stephen Gray Named Subchapter V Trustee RED RIVER: Jury Orders J&J to Pay $40MM in Talcum Powder Case REYNOLDS CRAFT: To Sell Anderson Property to Joseph Barnes ROBLOX CORP: Faces Atmore Suit Over Addictive Gaming Products ROCK REGIONAL: Gets Default Notice Under Cash Collateral Order ROGERS LANDWORKS: Jerrett McConnell Named Subchapter V Trustee ROSEMERE ESTATES: Hires Larson & Zirzow LLC as Legal Counsel SEAL ROCK: Case Summary & Two Unsecured Creditors SHOWER DOOR: Brian Hofmeister Named Subchapter V Trustee SLEEP QUARTERS: Scott Seidel Named Subchapter V Trustee SMART COMMUNICATIONS: Case Summary & 15 Unsecured Creditors SOMNIGROUP INTERNATIONAL: S&P Raises Senior Notes Rating to 'BB' SOUTH HAYWARD: Hires Madison Firm as Bankruptcy Counsel SPIRIT AIRLINES: Examiner Dismisses Bad Faith Allegations in Ch. 11 SPIRITRUST LUTHERAN: 6 CCRCs Owner Seeks Chapter 11 Bankruptcy STANLEY UTILITY: Gets Court OK to Use Cash Collateral STAR NATURAL: Gets Interim OK to Use Cash Collateral STRUNZ MILK: Gets Interim OK to Use Cash Collateral SUPERIOR PLUS: DBRS Confirms 'BB(high)' Issuer Rating SVANGVITAYA LLC: Gets Interim OK to Use Cash Collateral T-SHIRT STATION: Aleida Martinez Molina Named Subchapter V Trustee TEAM CHAMPIONS: Unsecured Creditors to Split $90K over 5 Years TELLICO RENTALS: Court OKs Interim Use of Cash Collateral TELUS CORPORATION: DBRS Assigns 'BB(high)' Credit Rating TERRAFORM LABS: Jump Trading Hit with $4B Suit by Administrator TEZCAT LLC: Hires Mickler & Mickler LLP as Attorney THREEPIECEUS LLC: Gets Extension to Access Cash Collateral TRICOLOR AUTO: Excel Guy Botched in Fixing Alleged Fraud Numbers TRONOX HOLDINGS: S&P Lowers ICR to 'CCC+' on Elevated Leverage TRY TROUT: Taps Keen-Summit, Berkadia Real Estate as Brokers TURNKEY ROOFING: Wins Interim OK to Use Cash Collateral UP ACADEMY: State Ends School's Receivership Despite Parents' Pleas URGENT CARE: Case Summary & 19 Unsecured Creditors VICTORIA'S KITCHEN: Gets Extension to Access Cash Collateral VISION CARE: Court Extends Cash Collateral Access to Jan. 10 VIVAKOR INC: Investor, Lenders Convert $165,400 Notes to Shares WATCHTOWER FIREARMS: Court Okays Husch Blackwell's Fee Application WHATABURGER RESTAURANTS: To Close 8 Locations Without Bankruptcy WHITE WILSON: Seeks to Sell MultiSpecialty Clinic at Auction WHITESTONE CROSSING: Gets Final OK to Use Cash Collateral ZODIAC PURCHASER: S&P Affirms 'B' ICR, Outlook Stable ********* 10-23 PINE: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------- On December 16, 2025, 10-23 Pine Crescent LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About 10-23 Pine Crescent LLC 10-23 Pine Crescent LLC is a privately held real estate company focused on the ownership and management of residential properties in New York. The company's operations center on maintaining rental properties and preserving long-term asset value. 10-23 Pine Crescent LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46021) on December 16, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $100,001-$1,000,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Charles Wertman, Esq. of the Law Offices of Charles Wertman P.C. 12892 MIZNER WAY: Case Summary & Five Unsecured Creditors --------------------------------------------------------- Debtor: 12892 Mizner Way LLC 12892 Mizner Way Wellington, FL 33414 Business Description: 12892 Mizner Way LLC is a single-asset real estate entity, as defined under 11 U.S.C. Section 101(51B). Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-24833 Debtor's Counsel: Nicholas B. Bangos, Esq. NICHOLAS B. BANGOS, PA 2560 RCA Blvd., Suite 114 Palm Beach Gardens, FL 33410 Tel: 561-781-0202 E-mail: nick@nbbpa.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Menachem Muskal as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BM5HXMY/12892_Mizner_Way_LLC__flsbke-25-24833__0001.0.pdf?mcid=tGE4TAMA 1630 N MILTON: Jolene Wee of JW Infinity Named Subchapter V Trustee ------------------------------------------------------------------- The Acting U.S. Trustee for Region 4 appointed Jolene Wee of JW Infinity Consulting, LLC as Subchapter V trustee for 1630 N Milton, LLC. Ms. Wee will be compensated at $640 per hour for work performed in 2025. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Ms. Wee declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jolene E. Wee JW Infinity Consulting, LLC 447 Broadway 2nd Fl #502 New York, NY 10013 Telephone: (929) 502-7715 Facsimile: (646) 810-3989 Email: jwee@jw-infinity.com About 1630 N Milton LLC 1630 N Milton, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 25-21539) on December 9, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Michelle M. Harner presides over the case. Gary S. Poretsky, Esq., at The Law Offices Of Gary S Poretsky, LLC represents the Debtor as bankruptcy counsel. 201 S. ASHLAND: Case Summary & Two Unsecured Creditors ------------------------------------------------------ Debtor: 201 S. Ashland, LLC 1538 W Adams Street Chicago, IL 60607 Business Description: 201 S. Ashland, LLC is a single-asset real estate entity that owns a commercial property at 201 South Ashland in Chicago, Illinois 60607. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-19225 Debtor's Counsel: Gregory K. Stern, Esq. GREGORY K. STERN, P.C. 53 West Jackson Boulevard Suite 1442 Chicago, IL 60604 Tel: (312) 427-1558 Fax: (312) 427-1289 E-mail: greg@gregstern.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matthew Brash, on behalf of Newpoint Advisors Coporation, as Manager. 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/SPJX2PY/201_S_Ashland_LLC__ilnbke-25-19225__0001.0.pdf?mcid=tGE4TAMA 2010 NW 107: Carol Fox of GlassRatner Named Subchapter V Trustee ---------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Carol Fox of GlassRatner as Subchapter V trustee for 2010 NW 107 Ave, LLLC. Ms. Fox will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Fox declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Carol Fox GlassRatner 200 East Broward Blvd., Suite 1010 Fort Lauderdale, FL 33301 Tel: 954.859.5075 Email: cfox@brileyfin.com About 2010 NW 107 Ave LLLC 2010 NW 107 Ave, LLLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24520) on December 9, 2025, with up to $50,000 in assets and $50,001 to $100,000 in liabilities. Judge Laurel M. Isicoff presides over the case. Rafael Recalde, Esq., represents the Debtor as legal counsel. 3-21 PINE: Seeks Chapter 11 Bankruptcy in New York -------------------------------------------------- On December 16, 2025, 3-21 Pine Crescent LLC voluntarily filed for Chapter 11 protection in the Eastern District of New York. Court filings show the Debtor owes between $100,001 and $1,000,000 to 1-49 creditors. About 3-21 Pine Crescent LLC 3-21 Pine Crescent LLC is a limited liability company. 3-21 Pine Crescent LLC initiated Chapter 11 proceedings under the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46019) on December 16, 2025. The petition lists estimated assets and liabilities ranging from $100,001 to $1,000,000. The case is overseen by Honorable Bankruptcy Judge Jil Mazer-Marino. The Debtor is represented by Charles Wertman, Esq. of the Law Offices of Charles Wertman P.C. 30 EAST 40TH: Claims to be Paid from Property Sale Proceeds ----------------------------------------------------------- 30 East 40th, L.L.C., filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Plan of Reorganization dated December 9, 2025. The Debtor is a member managed with ten equity-holders, but given its limited business operations, has required nominal management over the years. The principal owners were Lawrence Friedland, who passed away on April 10, 2025, at the age of 102, and Arnold Penner, who passed away in July 2023 at the age of 87. Mr. Friedland practiced real estate law for over 75 years and also owned interests in a large real property portfolio in New York City. The Debtor is a New York limited liability company and the fee owner of the commercial office building located at 30 East 40th Street, New York, New York (Block 869, Lot 49) (the "Property"). The Property is a 13-story, plus lower level, multi-tenant Class B office building with ground floor retail space situated between Park and Madison Avenues within the Grand Central office submarket of Midtown Manhattan. The Debtor estimates that the value of the Property is in excess of $28,000,000 assuming, among other things: (i) the Debtor and the Tenant enter into a surrender agreement of the Ground Lease; and (ii) the Tenant cooperates with a sale of the Property. Based on discussions with brokers, the Debtor believes that the Property will sell for a greater value unencumbered by a defaulted Ground Lease to ground tenant in financial distress than if sold subject to the Ground Lease. Scheduled general unsecured claims total approximately $5,064,497. $5,000,000 of that amount represents the Penner Estate's claim for damages. The primary purpose of this chapter 11 case is to effectuate an orderly sale of the Property pursuant to the Plan, thereby maximizing recoveries for all creditors and parties in interest. A Plan sale provides a transparent process to resolve outstanding claims related to the Ground Lease, guaranties, and governance disputes, consistent with the Debtor's rights under applicable agreements and law. The brokers who the Debtor have consulted with have universally concluded that selling the Property free and clear of the Ground Lease pursuant to the above-listed conditions is expected to achieve the highest possible value. Class 5 consists of General Unsecured Claims. Claims total approximately $5,064,497. Payment of available Cash up to Allowed Amount of Class 5 Claims, Administrative Expense Claims post-Confirmation wind up costs; Allowed Other Priority Claims; Statutory Fees, and Class 1, 2, 3, and 4 Claims. If no cash is available from the Sale Proceeds, each Class 5 Claimant shall be entitled to its pro-rata share of the Creditor Reserve. This Class is impaired. Class 6 consists of Interests Holders. Payment of available cash after payment of administration claims, Class 1, 2, 3, 4 and 5 Claims. The Plan is based on the Debtor's sale of the Property. The Debtor believes that the Property Sale Proceeds will be maximized under the Ground Lease Surrender and Settlement between it and the Tenant, whereby the Ground Lease will be surrendered and terminated; thus allowing the Property to be sold without a money losing ground lease. The Debtor is seeking Court approval of the Ground Lease Surrender and Settlement by separate motion. Both the treatment of the Apple Bank Secured Claim under this Plan and the Sale are premised on the Ground Lease Surrender and Settlement. Payments under the Plan will be paid from the Property Sale Proceeds. The sale of the Property shall be implemented pursuant to Bankruptcy Code Sections 1123(a)(5); (b)(4); 1141(c); and 1146, and the Bidding and Auction Procedures annexed to the Plan. A full-text copy of the Disclosure Statement dated December 9, 2025 is available at https://urlcurt.com/u?l=GIlgbi from PacerMonitor.com at no charge. Counsel to the Debtor: Mark Frankel, Esq. Backenroth Frankel & Krinsky, LLP 488 Madison Avenue, Floor 23 New York, NY 10022 Tel: (212) 593-1100 About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on Dec. 2, 2025. In its petition, the Debtor listed assets between $10 million and $50 million and liabilities in the same range. Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, Esq. of Backenroth Frankel & Krinsky, LLP. 301 W NORTH: Court Extends Cash Collateral Access to Jan. 31 ------------------------------------------------------------ 301 W North Avenue, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use the cash collateral of BDS III Mortgage Capital G, LLC. The court issued its fifth interim order authorizing the Debtor to use the secured lender's cash collateral through January 31, 2026, in accordance with its budget. The budget projects total operational expenses of $354,669 for December and $144,259 for January 2026. All provisions from the earlier agreed orders remain in effect. A status hearing will be held on January 28, 2026. The fifth interim order is available at https://is.gd/z17siY from PacerMonitor.com. About 301 W North Avenue 301 W North Avenue, LLC is a real estate debtor with a single asset, as outlined in 11 U.S.C. Section 101(51B), and its main property is situated at 1552 N. North Park Avenue, Chicago, IL 60610. 301 W North Avenue sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-05275) on April 5, 2025, listing between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Robert Glantz, Esq., at Rob Glantz - Much Shelist, P.C. BDS III Mortgage Capital G LLC, as secured lender, is represented by: Steven Yachik, Esq. William S. Gyves, Esq. Benjamin Feder, Esq. Philip A. Weintraub, Esq. Kelley Drye & Warren, LLP 3 World Trade Center 175 Greenwich Street New York, New York 10007 Telephone: (212) 808-7800 Facsimile: (212) 808-7897 syachik@kelleydrye.com wgyves@kelleydrye.com bfeder@kelleydrye.com pweintraub@kelleydrye.com 360 FAST: Gets OK to Use Cash Collateral ---------------------------------------- The U.S. Bankruptcy Court for the District of Kansas authorized 360 FAST, LLC to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral and inventory through July 21, 2026, or further order of the Court, subject to specific conditions. These include operating within an approved budget, restrictions on insider payments, maintaining insurance and paying taxes. The Debtor's cash generated from the collection of pre-bankruptcy accounts receivable, accounts, and inventory constitute cash collateral. At the time of its bankruptcy filing, the Debtor had bank account balances of approximately $1,600 and accounts receivable of approximately $36,000. While it has not fully analyzed all creditors' liens, the Debtor believes that Truliant Federal Credit Union holds duly perfected liens on the cash collateral. As adequate protection, Truliant Federal Credit Union will be granted replacement liens on property acquired by the Debtor after the bankruptcy filing that is similar to the secured creditor's pre-bankruptcy collateral, excluding Chapter 5 causes of action. These liens are automatically perfected without further filings. In addition, Truliant will receive a monthly payment of $2,000. The order required the Debtor to deposit $500 monthly into Evans & Mullinix, P.A.'s trust account starting November 15, 2025, until $3,000 is accumulated, to cover potential Subchapter V trustee fees. The order preserves all parties' rights regarding lien validity and priority, binds the Debtor, creditors, and any future trustee, and requires the Debtor to provide notice of entry of the Order to major unsecured creditors. About 360 Fast LLC 360 Fast, LLC offers specialized cleaning services. 360 Fast sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21454) on October 7, 2025. In the petition signed by Vijay Das, managing member, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Robert D. Berger oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. 393 HOLDINGS: Claims to be Paid from Property Sale Proceeds ----------------------------------------------------------- 393 Holdings, LLC filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement describing Plan of Liquidation dated December 10, 2025. The Debtor is a Florida limited liability company. The Debtor is the developer and owner of a condominium complex known as Pinewood 30-A in Walton County, Florida. The Debtor filed this Chapter 11 case on October 23, 2025. Its business is the Pinewood 30-A condominium development, including unsold residential inventory, short-term rentals in unsold units, and related amenities and common elements (the "Property") administered through a condominium association. The Property was converted into condos for residential and commercial use during the construction phase. Construction of the Property was delayed, with final delivery pushed from June 2021 to June 2022. The project went over budget due to COVID restrictions, supply chain disruptions, material shortages, and rising costs. The Debtor has the ability to rent condos under the loan documents. Unfortunately, between 2023 and 2024, a record number of new multifamily units were delivered in Walton County. It is the Debtor's position that this bankruptcy case might have been avoided if CPIF had allowed rentals much earlier as requested. CPIF asserts a secured claim arising from a construction financing facility (amended and restated February 5, 2024), which matured January 6, 2025. CPIF asserts a balance as of the Petition Date of not less than $48,133,502. After evaluating alternatives, the Debtor determined that a Chapter 11 filing provides the best forum to maximize the value of the Property through a sale process, effectively address its current debts and best serve the interests of its creditors. The Debtor will utilize the Chapter 11 process to sell the Property efficiently and effectively and make distributions to creditors. Class 5 consists of all Allowed General Unsecured Claims of CPIF. Each Holder of an Allowed Class 5 General Unsecured Claim shall receive on such date determined by the Debtor, such Holder's Pro Rata Share of the Net Sale Proceeds, cash on hand, and net recoveries from Causes of Action, after reserving for U.S. Trustee fees, and payment of Allowed Secured Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, and Allowed Priority Claims in full. The procedures for Distributions to Holders of Allowed General Unsecured Claims in Class 5 shall be in accordance with Article 9 of the Plan and the Confirmation Order. Class 5 is Impaired. Class 6 consists of all Allowed General Unsecured Claims not otherwise classified in the Plan. Each Holder of an Allowed Class 6 General Unsecured Claim shall receive on such date determined by the Debtor, in full and final satisfaction of such Holder's Allowed Class 6 General Unsecured Claim, such Holder's Pro Rata Share of the Net Sale Proceeds, cash on hand, and net recoveries from Causes of Action, after reserving for U.S. Trustee fees, and payment in full of Allowed Secured Claims, Allowed Administrative Expense Claims, Allowed Priority Tax Claims, Class 5 Claims, and Allowed Priority Claims. Class 6 is Impaired. Class 7 consists of Equity Interests. The Holders of Class 7 Equity Interests shall be entitled to receive the remaining Net Sale Proceeds, cash on hand, if any, and net recoveries from Causes of Action, if any, only after all Allowed Claims in Classes senior to Class 7 have been paid in full pursuant to the terms of the Plan and after reserving for U.S. Trustee fees. Class 7 is Unimpaired. Each Holder of an Equity Interest is presumed to have accepted the Plan and, therefore, is not entitled to vote to accept or reject the Plan. The Plan provides for an orderly liquidation of the Debtor's assets and the payment of Allowed Claims, including contingent, unliquidated, and Disputed Claims to the extent they become Allowed Claims, in the order of their priority. Accordingly, the Plan is per se feasible. The Plan provides for a prompt sale of the Property and for distributions to be made to the Holders of Allowed Claims against the Debtor in accordance with the priorities set forth in the Bankruptcy Code. The Debtor believes that conversion of the case to Chapter 7 would simply add a layer of administrative expenses reducing distributions to the Holders of Allowed Claims. A full-text copy of the Disclosure Statement dated December 10, 2025 is available at https://urlcurt.com/u?l=mnXASu from PacerMonitor.com at no charge. Counsel to the Debtor: BERGER SINGERMAN LLP Edward J. Peterson, Esq. 101 E. Kennedy Blvd., Suite 1165 Tampa, FL 33602 Telephone: (813) 498-3400 Facsimile: (813) 527-3705 E-mail: epeterson@bergersingerman.com About 393 Holdings, LLC 393 Holdings, LLC, doing business as Pinewood 30-A, engages in activities related to real estate in Santa Rosa Beach, Florida. The Company manages and oversees operations associated with the Pinewood 30-A condominium property at 179 South County Highway 393. 393 Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31055-JCO). At the time of filing, the Debtor reported estimated assets of between $10 million and $50 million and estimated liabilities of between $10 million and $50 million. Judge Jerry C. Oldshue Jr. oversees the case. Berger Singerman LLP serves as the Debtor's legal counsel. 40 WARDS POINT: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: 40 Wards Point LLC 40 Wards Piont Avenue Staten Island, NY 10307 Chapter 11 Petition Date: December 17, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-46030 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Christopher S. Martone, Esq. MARTONE & ASSOCIATES, LLC 2500 Lemoine Avenue Fort Lee, NJ 07024 Tel: 201-944-5004 E-mail: MARTONELAW@GMAIL.COM Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Robert Baselice as managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DBS3A6Q/40_Wards_Point_LLC__nyebke-25-46030__0001.0.pdf?mcid=tGE4TAMA 407 SMILEY: Court Denies Bid to Prohibit Cash Collateral Access --------------------------------------------------------------- Newburyport Bank failed to obtain a court order prohibiting 407 Smiley Crossing, LLC from using cash collateral. The U.S. Bankruptcy Court for the District of Massachusetts, Eastern Division, denied the lender's motion to prohibit the Debtor from using cash collateral, specifically rental income generated by the mixed-use property at 407–411 Washington Street in Boston's Downtown Crossing. Although it denied the motion, the court deems the arguments raised in the motion to be an objection to the Debtor's request to use cash collateral. Newburyport Bank claims that the Debtor owes more than $15 million under a 2022 commercial real-estate loan and note secured by a mortgage and a recorded assignment of leases and rents, as well as several guaranties. The Debtor filed for bankruptcy on November 17 reportedly on the eve of a state-court hearing on the bank's request for a receiver. The bank claims the Debtor did not pay the note at the maturity date, entered a forbearance agreement requiring interest-only payments and fees, failed to comply with those terms, and subsequently had the agreement terminated. It demanded full payment in September and sued in October. About 407 Smiley Crossing LLC 407 Smiley Crossing LLC is a single asset real estate company. 407 Smiley Crossing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12486) on November 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Janet E. Bostwick handles the case. The Debtor is represented by Stephen F. Gordon, Esq. of The Gordon Law Firm LLP. Newburyport Bank, as lender, is represented by: Alex M. Rodolakis, Esq. Rosemary M. Tootell, Esq. Fletcher Tillon PC 1597 Falmouth Road Centerville, MA 02632 Phone: 508-459-8205 617-336-2284 Email: arodolakisftf; netcherlilton.com 4912 WISCONSIN: Case Summary & Five Unsecured Creditors ------------------------------------------------------- Debtor: 4912 Wisconsin LLC 4132 Georgia Ave, NW Washington DC 20011 Business Description: 4912 Wisconsin LLC is a single-asset real estate company whose sole asset is a commercial property located at 49012 Wisconsin Ave. NW, Washington, DC 20016. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court District of Columbia Case No.: 25-00587 Judge: Hon. Elizabeth L. Gunn Debtor's Counsel: William Payne, Esq. PAYNE & ASSOC 419 7th St NW Suite 405 Washington DC 20004 Tel: 240-704-1713 Estimated Assets: Unknown Estimated Liabilities: $1 million to $10 million The petition was signed by Dereje Seifu, who serves as the Company's managing member. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5WBBEIA/4912WisconsinLLC_4912WisconsinLLC__dcbke-25-00587__0001.0.pdf?mcid=tGE4TAMA 51 PARK PLACE: Chapter 11 Disclosure Statement Due on April 9 ------------------------------------------------------------- On December 10, 2025, 51 Park Place Owners LLC filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between between $1 million and $10 million in debt owed to 1 and 49 creditors. The filing of Chapter 11 disclosure statement is due on April 9, 2026. About 51 Park Place Owners LLC 51 Park Place Owners LLC, a single-asset real estate entity, owns and leases an apartment building at 51 Park Place Brooklyn, New York 11217. 51 Park Place Owners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No.25-45919) on December 10, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by William C. Heuer, Esq. of WESTERMAN BALL EDERER MILLER ZUCKER & SHARFSTEIN LLP. 9 CROSBY: NoMo SoHo Hotel Owner Selects Dan Hotels as Buyer ----------------------------------------------------------- James Nani of Bloomberg Law reports that the owner of the NoMo SoHo Hotel, which is operating under Chapter 11 protection, has named an affiliate of Dan Hotels as the winning bidder for the Manhattan property at $125 million. According to a notice filed Thursday, December 18, 2025, DH 9 Crosby LLC was selected as the buyer after no superior bids were submitted during the sale process, 9 Crosby LLC told the U.S. Bankruptcy Court for the Southern District of New York. The debtor filed for Chapter 11 in November to fund a liquidating plan through the sale of the 26-story, 264-room boutique hotel. About 9 Crosby LLC 9 Crosby LLC is the owner and operator of the Nomo SoHo Hotel comprising 264 guest rooms and suites, meeting rooms, event spaces and a restaurant. 9 Crosby sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12559-LGB) on November 17, 2025. Judge Lisa G. Beckerman presides over the case. Kevin J. Nash at Goldberg Weprin Finkel Goldstein LLP, represents the Debtor as legal counsel. 92 RYERSON STREET: Gets OK to Use Cash Collateral Until Jan. 6 -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York approved a stipulation extending 92 Ryerson Street, LLC's authority to use cash collateral through January 6, 2026. Under the stipulation, the Debtor is authorized to use the cash collateral of HSBC Bank USA, National Association, solely for maintaining its real property in Brooklyn, N.Y. This cash collateral consists of rental income from the property. HSBC, as trustee for a mortgage-backed securities trust, will be provided with protection in the form of replacement liens on the Debtor's post-petition assets, excluding Chapter 5 causes of action. In addition, the trustee will continue to receive a monthly payment of $6,955.19. HSBC may seek superpriority claims if protection proves inadequate. The Debtor's authority to use cash collateral terminates upon dismissal or conversion of its Chapter 11 case; appointment of a bankruptcy trustee; plan confirmation; non-compliance with the interim order; or entry of an order reversing, vacating or rescinding the terms of the interim order. The next hearing is scheduled for January 6, 2026. About 92 Ryerson Street LLC 92 Ryerson Street, LLC is a real estate debtor with only one asset, as defined in 11 U.S.C. Section 101(51B). 92 Ryerson Street sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-41634) on April 2, 2025. In its petition, the Debtor reported estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Nancy Hershey Lord handles the case. The Debtor is represented by Btzalel Hirschhorn, Esq., Shiryak, Bowman, Anderson, Gill & Kadochnikov, LLP. A-1 AUTOMOTIVE: Seeks to Hire Toni Campbell Parker as Counsel ------------------------------------------------------------- A-1 Automotive & Truck Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to employ Toni Campbell Parker, Esq., an attorney practicing in Memphis, Tenn., to handle its Chapter 11 case. The firm will be paid at these rates: Attorneys $400 per hour Paralegals $100 per hour In addition, the firm will seek reimbursement for its out-of-pocket expenses. The firm received a retainer of $4,000. Mr. Parker disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Toni Campbell Parker, Esq. 45 North Bb King Blvd., Ste. 201 Memphis, TN 38103 Tel: (901) 483-1020 Email: Tparker002@att.net About A-1 Automotive & Truck Center, Inc. A-1 Automotive & Truck Center, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-25046) on October 3, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge M. Ruthie Hagan presides over the case. Chasity Sharp Grice, Esq., at Peppel, Gomes & Macintosh, P.C. represents the Debtor as legal counsel. ADVANCED CHAMPION: Case Summary & Seven Unsecured Creditors ----------------------------------------------------------- Debtor: Advanced Champion Investment LLC 9521 Lower Azusa Road Temple Temple City CA 91780 Business Description: Advanced Champion Investment LLC holds security interests in residential properties in Los Angeles, California, namely 8144 Gould Avenue and 8148 Gould Avenue, with a combined stake valued at $11 million. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21245 Judge: Hon. Julia W Brand Debtor's Counsel: William Brownstein, Esq. WILLIAM H. BROWNSTEIN & ASSOCIATES, P.C. 2021 Country Club Drive Doylestown PA 18901 Tel: 310-458-0048 E-mail: brownsteinlaw.bill@gmail.com Total Assets: $14,712,656 Total Liabilities: $6,775,515 The petition was signed by Grace Wei Zhu as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MBPMJ7I/WEI_GRACE_ZHU__cacbke-25-21245__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Seven Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Grace Wei Zhu Monies Loaned/ $0 9521 Lower Azusa Road Advanced Temple City, CA, 91780 Phone: 626 861-6276 Email: gracezhuhomes@yahoo.com 2. CAT Financial Services $0 2908 Posten Avenue Nashville, TN, 37203 3. USTAX365.COM Services $0 675 Bernal Ave 740155 Pleasanton, CA, 94566 Peter Phiu Phone: 6268676021 Email: PETER@MYTAXCA.COM 4. Los Angeles Department of Utility Services $0 Water and Power 111 Hope Street Los Angeles, CA, 90012 5. Southern California Utility Services $0 Gas Company 555 W. Fifth St. Los Angeles, CA, 90013 6. Department of the Treasury Taxes & Other $0 Internal Revenue Service Government Units P.O. Box 7346 Philadelphia, PA, 19101 7. Franchise Tax Board Taxes & Other $0 Bankruptcy Section MS A340 Government Units P.O. Box 2952 Sacramento, CA, 95812-2952 AETC INC: Seeks Cash Collateral Access -------------------------------------- AETC, Inc. asks the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, for authority to use cash collateral and provide adequate protection. The Debtor proposes to use property of the estate classified as cash collateral—including accounts receivable—to fund necessary business operations during the reorganization. Specifically, the requested use of cash collateral is intended to cover mortgage payments, as well as maintenance and repair expenses for commercial real property that serves as collateral securing debts owed to Renasant Bank. The Debtor indicates that a detailed operating budget outlining the proposed expenditures will be filed separately. Monthly payments owed to Renasant Bank are approximately $9,917. AETC emphasizes that access to and use of this cash collateral is essential to the successful reorganization of its bankruptcy estate and therefore requests that the court schedule a hearing and grant authorization for such use. A hearing on the matter is set for January 6, 2026 at 10:30 a.m. A copy of the motion is available at https://urlcurt.com/u?l=fB3lQv from PacerMonitor.com. About AETC, Inc. AETC, Inc. owns and manages commercial real estate located at 1445 and 1453 Cleveland Avenue in East Point, Georgia, with an estimated fair market value of $6.9 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62865) on November 4, 2025. In the petition signed by Shawnalea Garvin, CEO, the Debtor disclosed $6,900,000 in assets and $4,257,767 in liabilities. Sims W. Gordon Jr., Esq., at THE GORDON LAW FIRM, PC, represents the Debtor as legal counsel. AETC INC: Seeks to Hire PJC Group LLC as Accountant --------------------------------------------------- Aetc Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to employ PJC Group, LLC as accountant. The firm will provide these services: -- prepare and review Monthly Operating Reports; -- maintain general ledger support and bank reconciliations consistent with U.S. Trustee requirements for Region 21; -- prepare, review, and file federal, state, and local tax filings (income, payroll, sales/use), and advise on tax accruals and compliance during the case; -- assist in the preparation and amendment of schedules and statements, including the Statement of Financial Affairs; -- develop and update 13-week cash flow forecasts, budget-to-actual analyses, and projections related to cash collateral, DIP financing, and plan feasibility; -- provide accounting support and analysis for motions and transactions, including under 11 U.S.C. § 363, and for any disclosure statement and plan; -- coordinate with the Debtor's management, counsel, lenders, the Office of the United States Trustee, and other professionals; respond to diligence and information requests; and -- provide such other customary accounting and advisory services as may be necessary and appropriate in this chapter 11 case. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: John H. Jordan PJC Group, LLC 260 Peachtree Street NW, Suite 2302 Atlanta, GA 30303 Tel: (404) 659-3384 Fax: (404) 659-6863 About Aetc Inc. AETC, Inc. owns and manages commercial real estate located at 1445 and 1453 Cleveland Avenue in East Point, in East Point, Georgia, with an estimated fair market value of $6.9 million. AETC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Ge. Case No.: 25-62865) on November 4, 2025. In the petition filed by Shawnalea Garvin as chief executive officer, the Debtor disclosed total assets of $6,900,000 and total liabilities of $4,257,767. Judge Jonathan W. Jordan presides over the case. Sims W. Gordon, Jr. at The Gordon Law Firm PC, represents the Debtor as legal counsel. ALBERT WHITMAN: To Sell Hallee Adelman Books to World of HA ----------------------------------------------------------- Albert Whitman & Company seeks permission from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to sell Hallee Adelman books and related rights, free and clear of liens, claims, interests, and encumbrances. Founded in 1919, the Debtor has a rich history spanning over a century, marked by its commitment to publishing inclusive, relevant, and trusted children's books. The Debtor is currently headquartered in Park Ridge, Illinois and has established itself as a leading partner in the education market, with its titles available in schools and libraries worldwide. Over time, the Debtor has consistently adapted to changing market demands and societal trends, embracing themes of social and emotional learning, diversity, and inclusivity. The Debtor has around 10 full-time employees. Its assets are largely accounts receivable owed by booksellers to whom it has shipped products, a book inventory warehoused in a fulfillment center owned by a third-party vendor, and intellectual property rights, including rights to publish and distribute children's books. The Debtor's debts consist of a secured obligation owed to Republic Business Credit, which currently is approximately $208,800.96. The Debtor also owes approximately $1.9 million to unsecured trade creditors, plus approximately $600,000 to authors who are entitled to royalty payments. In or around 2020, the Debtor formed Albert Whitman Media (AWM) to develop and distribute film, television, streaming, and audio content based on its large library of children's books. Through improper means, Atilla Gazdag induced the Debtor to hire him to run AWM. Eventually, the Debtor realized that, contrary to his representations regarding his capabilities, Mr. Gazdag lacked the ability and experience to launch AWM and make it a profitable venture. The Debtor learned of this only after investing millions in the venture and subsequently terminated Mr. Gazdag for cause. On or about January 31, 2023, Mr. Gazdag filed a complaint against the Debtor and its president, John Quattrocchi, in the Superior Court of California, County of Los Angeles, alleging (a) breach of contract against the Debtor, (b) breach of implied covenant of good faith and fair dealing against the Debtor, and (c) violation of the California Labor Code against all defendants. In the Litigation, Mr. Gazdag seeks, at a minimum, a $55,000 bonus, a 15% stake in AWM (which he values at $300,000), and approximately $936,000 in unpaid wages for an aggregate claim of approximately $990,000 (excluding the equity stake), plus attorneys' fees. As set forth in the Debtor's Chapter 11 Plan filed on July 23, 2025, the Debtor estimates Mr. Gazdag's total claim at approximately $990,000 plus the 15% equity stake in AWM. The Debtor and Mr. Quattrocchi vigorously deny the Litigation's allegations but could not afford to pay counsel to defend them and establish Mr. Gazdag's wrongdoing, leaving them without representation and unable to establish that Mr. Gazdag's employment was terminated for cause and that his engagement caused considerable losses to the Debtor. To protect the Debtor and Mr. Quattrocchi from suffering the equivalent of a default judgment, the Debtor was compelled to file for relief under Chapter 11, Subchapter V of the Bankruptcy Code. Robert P. Handler has been appointed as the Subchapter V Trustee in the Case. On July 23, 2025, the Debtor filed a Chapter 11 plan of reorganization. The Plan contemplates that over the next five years the Debtor will earn projected disposable income of $1,320,751.00, which will fund quarterly distributions to unsecured creditors of approximately 29 cents on the dollar over five years. The Sale and the related Exit Funding described herein are relevant components of the Debtor's ability to confirm and implement the Plan, as they will provide (a) immediate liquidity of $225,000.00 to fund operations, pay Cure Amounts, and support ongoing restructuring efforts, and (b) an additional $75,000.00 in Exit Funding to pay administrative expenses and cure costs necessary for plan confirmation. The Sale Assets consist of: (a) all of the Debtor's right, title, and interest in and to all books written by Hallee Adelman and her affiliates, including without limitation the books listed on Exhibit 1.1 to the Purchase Agreement: https://urlcurt.com/u?l=IkRYJf (b) all the Debtor's rights, including publishing rights, with respect to the Works; (c) all Intellectual Property Rights for and/or relating to the Works; (d) all rights in and to the illustrations included in the Works, including without limitation all Intellectual Property Rights in and to such illustrations; (e) all media rights and all ancillary exploitation rights for and/or relating to the Works; and (f) all physical and digital assets for and/or relating to the Works. The Debtor and World of HA Productions, LLC, a Pennsylvania limited liability company, signed an Asset Purchase Agreement on December 16, 2025 to purchase the Assets. The aggregate consideration for the sale and transfer of the Sale Assets, including all Intellectual Property Rights is $225,000. The Debtor has sound business justifications for selling the Sale Assets, including that: (a) the sale will yield immediate liquidity of $225,000.00 to fund Cure Amounts for other author and illustrator contracts the Debtor intends to assume and assign as part of its continued business operations, which are important to realizing the Debtor’s projected disposable income; the Services Agreement provides the Debtor with fee income for providing publishing and related services to the Purchaser, which fee income will contribute to the projected disposable income that funds the Plan's distributions to unsecured creditors; (c) the Purchaser has committed to provide an additional $75,000.00 in exit funding that will facilitate the confirmation of the Debtor's Chapter 11 Plan by, among other things, enabling the payment of administrative expenses; and (d) it enables the Debtor to focus its resources on its core business of publishing and developing works by other authors in its catalog, thereby maximizing the projected disposable income available to fund Plan distributions. The Debtor believes this transaction represents the highest and best offer for the Sale Assets available at this time under the circumstances, including the need for immediate liquidity and the costs of continuing to hold and maintain the assets. The timing of this Sale is critical. The Purchaser's offer includes not only the $225,000.00 Sale Consideration but also Exit Funding of $75,000.00 to be delivered within two Business Days after the Funding Effective Date, which is conditioned, among other things, upon entry of an order confirming the Debtor’s Chapter 11 Plan on or before February 28, 2026. The Debtor considered alternatives to this Sale, including continued operation of the business related to the Sale Assets, which would require ongoing royalty payments to Ms. Adelman and others or some other form of sale. The Debtor submits that the Purchaser is a good faith purchaser and negotiated the Purchase Agreement at arm's length with the Debtor and its professionals. The Sale Consideration was determined through good faith negotiations and represents fair value for the Sale Assets based on current market conditions. The Debtor requests that the Court approve the assumption and assignment of the Assumed Contracts to the Purchaser on the terms set forth in the Purchase Agreement and proposed order. About Albert Whitman & Company Albert Whitman & Company is a 106-year-old children's book publisher based in Park Ridge, Ill. Albert Whitman & Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-06161) on April 22, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. William J. Factor, Esq., is the Debtors legal counsel. Republic Business Credit, LLC, as secured creditor, is represented by Michael A. Brandess, Esq., at Husch Blackwell, LLP, in Chicago, Illinois. ALDRICH PUMP: Gets OK to Hold Mediation, Claims Hearing ------------------------------------------------------- Randi Love of Bloomberg Law reports that a bankrupt unit of Trane Technologies Plc received court approval to return to mediation as it continues negotiations with asbestos claimants and other creditors over the value of their claims. The effort is aimed at advancing resolution in the long-running bankruptcy case. During a Wednesday, December 17, 2025, hearing, U.S. Bankruptcy Judge Lena Mansori James of the Western District of North Carolina granted a request from Aldrich Pump LLC's future claims representative to move toward a claims-estimation trial. The judge said the trial could help streamline the five-year-old Chapter 11 case and directed the parties to submit proposed trial dates by Jan. 13 or provide a status update at a January 15, 2026 hearing, according to report. About Aldrich Pump LLC Aldrich Pump, LLC and Murray Boiler, LLC are subsidiaries of Trane Technologies, a publicly traded company. Trane Technologies is a global climate innovator that brings efficient and sustainable climate solutions to buildings, homes, and transportation. The North American headquarters of Trane Technologies as well as the Debtors are located in Davidson, North Carolina. Aldrich Pump and Murray Boiler sought Chapter 11 protection (Bankr. W.D.N.C. Lead Case No. 20-30608) on June 18, 2020. The Hon. Craig J. Whitley oversees the cases. In the petition signed by Allan Tananbaum, chief legal officer, Aldrich Pump was estimated to have $100 million to $500 million in both assets and liabilities. The Debtors tapped Rayburn Cooper & Durham, P.A. and Jones Day as legal counsel; Bates White, LLC, Evert Weathersby Houff, and K&L Gates, LLP as special counsel; AlixPartners, LLP as financial advisor; and Kurtzman Carson Consultants, LLC as claims and noticing agent. The Office of the U.S. Trustee appointed a committee of asbestos personal injury claimants on July 7, 2020. The committee tapped Robinson & Cole, LLP and Caplin & Drysdale, Chartered as bankruptcy counsel; Hamilton Stephens Steele + Martin, PLLC as local counsel; Winston & Strawn, LLP as special litigation counsel; FTI Consulting, Inc. as financial advisor; and Legal Analysis Systems, Inc. as asbestos consultant. On October 14, 2020, the court entered the order appointing Joseph W. Grier, III, as legal representative for future asbestos claimants. Mr. Grier tapped Orrick, Herrington & Sutcliffe, LLP and GrierWright Martinez, PA as legal counsel and Ankura Consulting Group, LLC as asbestos claims consultant and financial advisor. ALTICE USA: Lenders Hire Sullivan & Cromwell for Antitrust Suit --------------------------------------------------------------- Reshmi Basu of Bloomberg News reports that Altice USA's lenders have tapped Sullivan & Cromwell to assist in fighting claims that they conspired to shut the company out of the U.S. credit market. Sullivan & Cromwell will join Akin Gump Strauss Hauer & Feld, which the creditors had already retained, people familiar with the situation said, declining to be identified. The lawsuit, brought last November 2025 by the U.S. unit of Patrick Drahi's telecommunications group, targets lenders such as Apollo Capital Management LP, Ares Management LLC, and BlackRock Financial Management Inc., the report states About Altice USA Inc. Altice USA, Inc. is an American cable television provider. Effective November 7, 2025, the Company will change its corporate name to Optimum Communications, Inc., pursuant to a Certificate of Amendment to the Company's Fourth Amended and Restated Certificate of Incorporation filed with the Delaware Secretary of State on November 5, 2025. As of September 30, 2025, the Company had $30.7 billion in total assets, $33 billion in total liabilities, and $2.2 billion in total stockholders' deficiency. * * * As reported by the TCR on May 17, 2024, S&P Global Ratings lowered all its ratings on Altice USA Inc. one notch, including the Company credit rating to 'CCC+', and removed them from Credit Watch, where it placed them with negative implications on May 2, 2024. The negative outlook reflects that S&P could lower its ratings if the company opts to pursue a debt restructuring over the next year. S&P said, "We believe Altice USA's capital structure is unsustainable. We believe the company is vulnerable to nonpayment long term and depends on favorable business, financial, and economic conditions to meet its financial obligations as they come due in 2027 and beyond. We believe it is more likely than not that Altice USA will enter into a distressed debt restructuring that we consider tantamount to default, or it could face bankruptcy long term." AMERICAN SIGNATURE: Stark & Stark et al. Represent Etkin, SBV ------------------------------------------------------------- In the Chapter 11 bankruptcy cases of American Signature, Inc. and its debtor-affiliates, Stark & Stark, P.C. and John R. Weaver, Jr., P.A., filed with the United States Bankruptcy Court for the District of Delaware a Verified Statement pursuant to Bankruptcy Rule 2019 disclosing that they represent Etkin & Co., SBV Holland LLC, Lexington Realty International, and G&I IX Empire Thruway Plaza, LLC in connection with the Debtors' Chapter 11 cases. The firms disclose that no represented party has a disclosable economic interest in relation to the Debtors and that the Statement is intended only to comply with Bankruptcy Rule 2019 and not intended for any other purpose. Counsel state they do not hold any claims against or equity interests in the Debtors. Counsel will amend or supplement this verified statement if necessary to ensure continuing compliance with Bankruptcy Rule 2019. Counsel for Etkin & Co., SBV Holland LLC, Lexington Realty International & G&I IX Empire Thruway Plaza, LLC: John R. Weaver, Jr., Esq. JOHN R. WEAVER, JR., P.A. 2409 Lanside Drive Wilmington, DE 19801 Tel: (302) 655-7371 (direct) E-mail: jrweaverlaw@verizon.net - and - Thomas S. Onder. Esq. Joseph H. Lemkin, Esq. STARK & STARK, P.C. 100 American Metro Blvd Hamilton, NJ 08619 Tel: (609) 896-9060 (main) Fax: (609) 895-7395 (facsimile) E-mail: tonder@stark-stark.com jlemkin@stark-stark.com About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verbita Global is claims and noticing agent to the Debtors. ANTONIO MUNOZ: Joint Administration of Chapter 11 Cases Okayed -------------------------------------------------------------- The Honorable Joshua P. Searcy of the United States Bankruptcy Court for the Eastern District of Texas, pursuant to Fed. R. Bankr. P. 1015(b), authorized the joint administration, of the Chapter 11 cases of: 1. Antonio Munoz Aserradero, LLC Case No. 25-60480; and 2. Antonio Munoz, Jr Case No. 25-60479 The Court finds that the joint administration of these estates would serve the interests of judicial economy and that just cause exists for the entry of this order. Under the terms of this joint administration order all matters will be docketed under case no. 25-60480, including the filing of pleadings, orders and all other papers in each case, save and except for the following matters, all of which will be docketed to the particular case to which they apply: (1) the filing of all amended schedules, statements and declarations; (2) the filing of claims and any objections thereto; (3) the filing of monthly operating reports; (4) the filing of a notice of appearance designated only for one particular case; and (5) the filing of any requests for payment of administrative expenses; A copy of the Court's Order dated December 10, 2025, is available at https://urlcurt.com/u?l=Y3GVs9 from PacerMonitor.com. About Antonio Munoz Aserradero LLC Antonio Munoz Aserradero, LLC is a Texas-based company engaged in sawmills and wood preservation activities. Antonio Munoz Aserradero sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Texas Case No. 25-60480) on August 7, 2025. In its petition, the Debtor reported estimated assets between $50,000 and $100,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Michael E. Gazette, Esq., at Law Offices of Michael E. Gazette. ARCANUM VENTURES: Leon Jones Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Arcanum Ventures, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About Arcanum Ventures LLC Arcanum Ventures, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64443) on December 10, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. William A. Rountree, Esq., at Rountree Leitman Klein & Geer, LLC represents the Debtor as legal counsel. ARD FINANCE: Chapter 15 Case Summary ------------------------------------ Chapter 15 Debtor: ARD Finance S.A. 56, rue Charles Martel Luxembourg L-2134 Luxembourg Business Description: ARD Finance S.A., a Luxembourg-based holding company organized as a societe anonyme and incorporated in 2011 under number B160806, functions as a holding and financing entity within the Ardagh Group, a global supplier of metal and glass packaging. Its corporate purpose includes acquiring Luxembourg and foreign companies, issuing debt instruments, and providing financing within the group. Until shortly before the commencement of the Luxembourg proceeding, it held a majority stake in Ardagh Group S.A. and full ownership of ARD Group Finance Holdings S.A., which controlled the remaining shares in Ardagh Group S.A. Chapter 15 Petition Date: December 14, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12794 Judge: Hon. Martin Glenn Foreign Representative: Torsten Schoen 56, rue Charles Martel Luxembourg L-2134 Luxembourg Foreign Proceeding: Reorganisation pursuant to Luxembourg law of August 7, 2023 (Arts. 12 and 13) Foreign Representative's Counsel: Andrew K. Glenn, Esq. GLENN AGRE BERGMAN & FUENTES LLP 1185 Avenue of the Americas, 22nd Floor New York NY 10036 Tel: (212) 970-1601 Email: aglenn@glennagre.com Estimated Assets: Unknown Estimated Debt: Unknown A full-text copy of the Chapter 15 petition is available for free at PacerMonitor.com at: https://www.pacermonitor.com/view/6TNINXY/ARD_Finance_SA_and_Torsten_Schoen__nysbke-25-12794__0001.0.pdf?mcid=tGE4TAMA ARD FINANCE: Seeks Chapter 15 Bankruptcy Recognition ---------------------------------------------------- James Nani of Bloomberg Law reports that ARD Finance SA, a former Ardagh Group SA subsidiary, is seeking Chapter 15 recognition in a New York bankruptcy court, asking the judge to pause a $251 million creditor lawsuit while its foreign restructuring moves forward. In court papers filed Sunday, December 14, 2025, the company said its Luxembourg restructuring plan would overhaul roughly 860 million euros in senior secured notes and another $986 million in debt, converting the obligations into equity and transferring ownership of the reorganized business to its noteholders. About ARD Finance SA ARD Finance SA, previously Operated as a Subsidiary of Ardagh Group S.A., a prominent provider of rigid packaging solutions. ARD Finance SA sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12794) on December 14, 2025. Honorable Bankruptcy Judge Martin Glenn handles the case. The Debtor is represented by Andrew K. Glenn, Esq. of Glenn Agre Bergman & Fuentes LLP. ARVI MANAGEMENT: Jill Durkin Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Jill Durkin, Esq., at Durkin Law, LLC as Subchapter V trustee for ARVI Management Company. Ms. Durkin will be paid an hourly fee of $325 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Durkin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jill E. Durkin, Esq. Durkin Law, LLC 401 Marshbrook Road Factoryville, PA 18419 Phone number: (570) 881-4158 Email: jilldurkinesq@gmail.com About ARVI Management Company Based in Sugarloaf, Pennsylvania, ARVI Management Company manages an industrial property at 150 Dessen Drive in Hazle Township, Pa. ARVI filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-03536) on December 10, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Vikram S. Bains, president of ARVI, signed the petition. Judge Mark J. Conway presides over the case. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C. represents the Debtor as legal counsel. ASHLEY STEWART: Ex-Operator Seeks Chapter 11 to Stop Asset Sale --------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that the former operator of plus-size fashion chain Ashley Stewart Inc. filed for Chapter 11 bankruptcy in New Jersey to halt what it described as a "multi-state fraudulent transfer" of assets to buyer G Ashley Inc. The company stated that although it no longer operates the stores, the November sale to the "disguised insider entity" G Ashley was never fully completed and should be voided as an unlawful transaction. The assertions were made in a Wednesday declaration by board director Ram Ajjarapu in the U.S. Bankruptcy Court for the District of New Jersey. About Ashley Stewart Inc. Ashley Stewart, Inc. is a U.S.-based retailer specializing in plus-size fashion for women. The company operates both brick-and-mortar stores and e-commerce platforms, offering clothing, accessories, and footwear targeted to the plus-size market. Ashley Stewart Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23314) on December 17, 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 Stacey L. Meisel handles the case. The Debtor is represented by Sari Blair Placona, Esq. and Anthony Sodono, III, Esq. of Mcmanimon Scotland & Baumann, LLC. ATHENS ANNAPOLIS: Case Summary & Three Unsecured Creditors ---------------------------------------------------------- Debtor: Athens Annapolis Property Owner LLC 10411 Motor City Dr #350 Bethesda, MD 20817 Business Description: Athens Annapolis Property Owner LLC is a single-asset real estate entity that owns fee simple title to a mixed residential subdivision known as Aris Allen Boulevard, consisting of Lots 1 through 48 and Parcels A through D, as shown on the recorded final plat, with an estimated value of $9 million. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court District of Maryland Case No.: 25-21742 Debtor's Counsel: Michael P. Coyle, Esq. THE COYLE LAW GROUP 7061 Deepage Drive Columbia, MD 21045 Tel: (443) 545-1215 E-mail: mcoyle@thecoylelawgroup.com Total Assets: $9,000,000 Total Liabilities: $5,759,452 The petition was signed by Obakoleola O. Epega as manager. A full-text copy of the petition, which includes a list of the Debtor's three unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MY6V27Y/Athens_Annapolis_Property_Owner__mdbke-25-21742__0001.0.pdf?mcid=tGE4TAMA AZAEL MOTORSPORT: Linda Leali Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Linda Leali, Esq., as Subchapter V trustee for Azael Motorsport, Inc. Ms. Leali will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Leali declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Linda M. Leali Linda M. Leali, P.A. 2525 Ponce De Leon Blvd., Suite 300 Coral Gables, FL 33134 Telephone: (305) 341-0671, ext. 1 Facsimile: (786) 294-6671 Email: leali@lealilaw.com About Azael Motorsport Inc. Azael Motorsport, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24769) on December 15, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Winston I. Cuenant, Esq. at Cuenant & Pennington PA represents the Debtor as legal counsel. BAY AREA: Hires Bleakley Bavol Denman & Grace as Counsel -------------------------------------------------------- Bay Area Capital, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Bleakley Bavol Denman & Grace as counsel. The firm's services include: (a) analyze financial situation, and render advice and assistance to the Debtor in determining legal options under Title 11, United States Code; (b) advise the Debtor with regard to its powers and duties in the continued operation of the business and management of the property of the estate; (c) prepare and file the petition, schedules of assets and liabilities, statement of affairs, and other documents as required by the Court; (d) represent the Debtor at the Section 341 Meeting of Creditors; (e) give the Debtor legal advice with respect to its powers and duties in the continued operation of its business and management of its property, if appropriate; (f) advise the Debtor with respect to its responsibilities in complying with the United States Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (g) prepare, on behalf of the Debtor, necessary legal papers and appear on hearings thereon; (h) protect the interest of the Debtor in all matters pending before the Court; (i) represent the Debtor in negotiation with its creditors in the preparation of the Chapter 11 Plan; and (j) perform all other legal services for the Debtor which may be necessary herein. Samantha Dammer, Esq., the primary attorney in this representation, will be billed at her hourly rate of $425. Prior to the commencement of this case the Debtor paid an advance fee of $13,738. Ms. Dammer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Samantha L. Dammer, Esq. Bleakley Bavol Denman & Grace 15316 N. Florida Avenue Tampa, FL 33613 Telephone: (813) 221-3759 Facsimile: (813) 221-3198 Email: sdammer@bbdglaw.com About Bay Area 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. BEAUTY BRANDS: To Close Stores in 2025 -------------------------------------- Daniel Kline of The Street reports that Beauty Brands is closing additional retail locations in 2025, continuing a years-long contraction that began after the beauty retailer's bankruptcy filing. Although industry attention has centered on larger developments such as the end of the Ulta Beauty–Target partnership, Beauty Brands has been selectively exiting markets. The company will permanently close three Kansas stores on Dec. 28, 2025, including two locations in the Kansas City area and one in Lawrence. The Kansas City metro closures include stores in Shawnee and at Country Club Plaza, according to multiple media outlets, the report states. Beauty Brands said it worked to limit disruption for employees affected by the closures. The company offered transfers to other locations for many salon professionals and store managers, allowing staff to remain with the retailer despite the store shutdowns. Beauty Brands filed for Chapter 11 bankruptcy protection in early 2019, after previously shuttering 25 underperforming stores. At the time, it operated roughly 58 locations in 12 states. The company now operates about 15 corporate-owned stores in Illinois, Kansas, and Missouri, employing more than 600 associates, according to its website. About Beauty Brands LLC Beauty Brands LLC operates as a specialty beauty and salon retailer in the United States, offering a curated selection of makeup, skincare, haircare, and fragrance products in its stores. Beauty Brands LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No.19-10031) on January 6, 2019. In its petition, the Debtor reported assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Brendan Linehan Shannon handled the case. The Debtor is represented by Gregory A. Taylor, Esq. of Ashby & Geddes. BHOWMICK LIQUOR: Amends Newtek Small Business Secured Claim Pay --------------------------------------------------------------- Bhowmick Liquor, Inc., submitted an Amended Subchapter V Plan of Reorganization dated December 10, 2025. The Debtor scheduled a number of unsecured pre-petition debts. At least one of the unsecured creditors have filed Proofs of Claims. The bar date for filing Proofs of Claims against the Debtor's estate is October 9, 2025. To the extent that a creditor files a Proof of Claim, the amount of the Claim as filed in the Proof of Claim will be used (without waiving the right to object to Claims). The Claims list containing all known unsecured Claims against the Debtor is attached hereto as Exhibit A. Exhibit A shows total general unsecured claims in the amount of $448,494.77 having been asserted against the estate. This amount includes the claim of the landlord, which is largely comprised of post-Petition Date rent that has not yet been paid when the claim was filed but since has been paid. If the landlord's claim is not included, that the total amount of unsecured claims asserted against the estate total $414,452. Class 4, Newtek Small Business Finance, LLC. The Class 4 Secured Claim is unimpaired under the Plan. The Class 4 secured claim will be allowed in the amount of all principal and accrued interest, at the non-default contractual rate, as of the Effective Date. The existing loan documents between the Debtor and Newtek shall remain in full force and effect. On or before December 31, 2025, the Debtor shall cure the post-petition payment arrearages of $9,369.80 owing to Newtek for the months of September and October 2025. Thereupon, the Class 4 secured claim shall be deemed reinstated and paid by the Debtor on the terms and conditions set forth in the loan documents. Newtek shall retain its lien on Debtor's assets, as more fully described in the loan documents, until such date the Class 4 secured claim is paid in full in accordance with the loan documents. The monthly payment to Newtek is $4,519.64. Like in the prior iteration of the Plan, Class 5 shall receive payment of their Allowed General Unsecured Claims: * Upon the first full month after the Effective Date of the Plan and every month thereafter for the Term of the Plan the Debtor will deposit $1,000 into the Unsecured Creditor Account. At the end of each calendar quarter (except that the final payment under the Plan shall be made at least one week before the five years from the Effective Date) the balance of the Unsecured Creditor Account will be distributed to the holders of Allowed Administrative Claims on a Pro Rata basis until such time as all holders of Allowed Administrative Claims have been paid in full and then to Tax Claims until paid in full and then will be distributed to Class 5 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. * All funds recovered by the Debtor on account of Avoidance Actions shall be distributed to Allowed Administrative Claims until paid in full and then to Tax Claims and then to Class 5, net of attorneys' fees and costs. Whether or not the Debtor pursues any Avoidance Actions shall be up to the Debtor and the decision to pursue such claims shall be discretionary with the Debtor. The Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. On the Effective Date of the Plan, the Debtor will open a separate interest-bearing deposit account at a federally insured commercial bank selected by the Debtor. The bank account will be maintained by the Debtor as the Unsecured Creditor Account into which all payments made by the Debtor for the benefit of holders of Allowed Administrative Claims, Tax Claims and Class 5 creditors will be made until the obligations under the Plan are completed. A full-text copy of the Amended Plan dated December 10, 2025 is available at https://urlcurt.com/u?l=L54SbY from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron A. Garber, Esq. Wadsworth Garber Warner Conrardy, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Tel: (303) 296-1999 Fax: (303) 296-7600 Email: agarber@wgwc-law.com About Bhowmick Liquor Bhowmick Liquor Inc. operates a liquor store under the name Norman's Liquor in Lakewood, Colorado. The Debtor filed a petition for relief under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-14811) on July 31, 2025, with $500,001 to $1 million in assets and liabilities. Judge Kimberley H. Tyson presides over the case. Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's bankruptcy counsel. BIG BRUNOS: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Big Brunos Bites, LLC received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, to use cash collateral through January 15, 2026. The interim order signed by Judge Grace Robson authorized 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 secured creditors. The Debtor's three-month budget projects total operational expenses of $258,501.69. As protection, creditors including the U.S. Small Business Administration, Timberland Bank, Toast Capital, LLC, TD Auto Finance, and Park Avenue Ventures, LLC will be granted replacement liens on the cash collateral, with the same validity and priority as their pre-bankruptcy liens. Big Brunos Bites must maintain proper insurance and comply with all debtor-in-possession obligations as additional protection for secured creditors. The next hearing is scheduled for January 15, 2026. The interim order is available at https://is.gd/TPJTy0 from PacerMonitor.com. Big Brunos Bites' cash collateral includes cash on hand and funds received from ongoing customer job payments. As of the petition date, the Debtor estimates its cash collateral at $0 in cash on hand and roughly $3,482.16 in accounts receivable. About Big Brunos Bites LLC Big Brunos Bites, LLC is a Florida-based limited liability company that operates a casual dining establishment at 3990 Curry Ford Road in Orlando, offering pizza, pasta, sandwiches, and beverages. Big Brunos Bites sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07692) on November 25, 2025, with $96,390 in assets and $1,155,879 in liabilities. Bruno G. Zacchini, III, manager, signed the petition. Judge Grace E. Robson presides over the case. Keenan D. Smith, Esq., at Nardella & Nardella, PLLC represents the Debtor as legal counsel. BLACKBEARD'S TRIPLE: J.M. Cook Named Subchapter V Trustee --------------------------------------------------------- Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed J.M. Cook as Subchapter V trustee for Blackbeard's Triple Play, LLC. Mr. Cook is the president and sole stockholder of J.M. Cook, P.A., doing business as J.M. Cook, Attorney at Law. Mr. Cook declared that he does not have any interest materially adverse to the interest of the Debtor's estate, creditors and equity security holders. The Subchapter V trustee will be paid an hourly fee of $375 for his services. About Blackbeard's Triple Play LLC Blackbeard's Triple Play, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04908) on December 10, 2025, with up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge David M. Warren presides over the case. David J. Haidt, Esq., at Ayers & Haidt, P.A. represents the Debtor as legal counsel. BLEND COFFEE 1: Gets Extension to Access Cash Collateral -------------------------------------------------------- The Blend Coffee 1, LLC and its affiliates received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. the court extended the Debtors' authority to use cash collateral until January 8, 2026. The second interim order signed by Judge Roberta A Colton authorized the company to use cash collateral to pay the amounts expressly authorized by the court, including payments to the U.S. trustee for quarterly fees; the expenses set forth in the budget, plus an amount not to exceed 10% for each line item; and additional amounts expressly approved in writing by secured creditor. The interim order granted protections to secured lenders in the form of post-petition replacement liens, continued insurance coverage, and access to the Debtors' books, records, and premises upon reasonable notice. The lenders that may assert an interest in the cash collateral are Timberland Bank/ARF Financial LLC, First Southern Bank, BayFirst National Bank, Securities Settlement Solutions LLC, Sunshine State Economic Development Corporation, Flagship Bank and Paul Mullen and Jamie Mullen as trustees of the Human Fund Revocable Trust U/D/T. About The Blend Coffee 1 LLC The Blend Coffee group comprises multiple affiliated limited liability companies under common ownership and control that operate coffeehouse and cocktail venues in St. Petersburg, Florida. The group provides espresso-based beverages, coffee flights, and mixed drinks across several locations. It functions as an integrated hospitality business with shared financial, administrative, and operational systems. The Blend Coffee 1, LLC and its affiliates filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-08269) on November 4, 2025. At the time of the filing, Blend Coffee 1 listed up to $50,000 in assets and between $500,000 and $1 million in liabilities. Judge Roberta A. Colton presides over the cases. Amy Denton Mayer, Esq., at Berger Singerman, LLP represents the Debtors as legal counsel. BP RETAIL: Gets Extension to Access Cash Collateral --------------------------------------------------- BP Retail Partners, Inc. and affiliates received third interim approval from the U.S. Bankruptcy Court for the Middle District of Tennessee to use cash collateral to fund operations. The court authorized the Debtors to use the cash collateral of secured creditors until a final hearing to pay the expenses set forth in their budget, subject to a 10% variance. As adequate protection, secured creditors will be granted a replacement lien on the Debtors' post-petition property and the proceeds thereof, with the same priority and extent as their pre-bankruptcy liens. The replacement liens do not apply to any avoidance actions. Funds owed to the Debtors must be immediately released by all parties holding them; interference violates the automatic stay and may trigger sanctions. A continued interim hearing is scheduled for January 20, 2026. The Debtors acknowledge the interests of several secured creditors in their assets, including Citizens First Bank, Sydmor, Inc. and TAO Enterprises, Inc., which assert $1.97 million, $1.12 million and $537,000, respectively. These creditors have UCC-1 financing statements asserting interests in accounts receivable and other assets. Citizens First Bank, as secured creditor, is represented by: Ronald G. Steen, Jr., Esq. Thompson Burton, PLLC 6100 Tower Circle, Suite 200 Franklin, TN 37067 Telephone: (615) 465-6010 ronn.steen@thompsonburton.com Sydmor, as secured creditor, is represented by: Michael G. Abelow, Esq. Sherrard Roe Voigt & Harbison, PLC 1600 West End Avenue, Suite 1750 Nashville, TN 37203 Phone: 615.742.4532 mabelow@srvhlaw.com TAO Enterprises, as secured creditor, is represented by: Sean C. Kirk, Esq. Pivot Legal, LLC 100 Powell Place, Suite 1271 Nashville, TN 37204 Telephone: (629) 222-5789 seankirk@pivotlegaltn.com 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. BRIGHTLIFE ELECTRIC: Unsecureds to Get 3.4 Cents on Dollar in Plan ------------------------------------------------------------------ BrightLife Electric NV filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated December 10, 2025. The Debtor, a Nevada limited liability company, was organized on February 24, 2020 and is a licensed electrical contractor based in Sparks, Nevada. Ms. Shannon Hernandez is the managing member of Debtor and owns 100% of the membership units in Debtor. The root cause of this Subchapter V bankruptcy filing can be traced directly to Debtor taking out a Merchant Cash Advance loan ("MCA") beginning in early-2024. As is common with MCAs, the first loan required large weekly payments and included what would be considered exorbitant interest rates. When the first MCA became unmanageable, Debtor was forced to take out additional MCAs, which ultimately became unmanageable. Debtor filed this case to restructure its debt obligations and to remain in business. The Debtor will fund the Plan by contributing his "Disposable Income" for a period of 36-months. The Plan Proponent's financial projections show Debtor will have projected disposable income for the period of $1,063 per month. The final Plan payment is expected to be paid on April 15, 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations of Debtor's businesses. Non-priority unsecured creditors holding allowed claims in Debtor's case will receive distributions, which the proponent of this Plan has valued at 3.4 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 12 consists of Non-priority General Unsecured Creditors. Each holder of a Class 12 non-priority unsecured Allowed Claim shall receive their pro rata share of Debtor's Disposable Income, after the payment in full of Administrative Claims, through the end of the Plan Term (the "Class 12 Plan Dividend"). Any portion of a Class 12 nonpriority general unsecured claim in excess of the Class 12 Plan Dividend shall be discharged in accordance with Article 9 of this Plan. This Class is impaired. Class 13 Equity security holders of Debtor shall retain their interests in the Debtor, but shall receive no disbursement on account of such equity interest during the Plan Term. The Debtor will use its Disposable Income during the Plan Term, cash on hand, and profits from the operation of its business to fund the Plan. Commencing on the Effective Date of this Plan, Debtor's Disposable Income will be disbursed on a monthly basis and first used to fund Debtor's required Plan payments to allowed administrative expense claims and then Class 12 Non-priority general unsecured creditors in the order and manner set forth in Section 7.02 of this Plan. During the Plan Term, Debtor's Disposable Income shall be disbursed on a monthly basis in the following order: * First, to allowed administrative expenses in Debtor's case until those claims are paid in full; and * Then, to Class 12 Non-Priority General Unsecured Claims through the end of the Plan Term. A full-text copy of the Plan of Reorganization dated December 10, 2025 is available at https://urlcurt.com/u?l=FZa4bL from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Tel: (775) 322-1237 Fax: (775) 996-7290 Email: kevin@darbylawpractice.com About BrightLife Electric NV Brightlife Electric NV, LLC is a licensed electrical contractor based in Sparks, Nevada. The Debtor filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50836) on September 12, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. The Debtors are represented by Kevin A. Darby, Esq., at Darby Law Practice, Ltd. BURTON HILLS: Nancy Isaacson Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Nancy Isaacson, Esq., at Greenbaum, Rowe, Smith & Davis, LP, as Subchapter V trustee for Burton Hills, LLC. Ms. Isaacson 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. Isaacson declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nancy Isaacson, Esq. Greenbaum, Rowe, Smith & Davis, LP 75 Livingston Avenue Roseland, NJ 08068 Phone: (973) 535-1600 Email: nisaacson@greenbaumlaw.com About Burton Hills LLC Burton Hills, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. N.J. Case No. 25-22717) on December 01, 2025, with $100,001 to $500,000 in assets and up to $50,000 in liabilities. Judge Vincent F. Papalia presides over the case. Jose R. Torres, Esq., at the Law Office Of Jose R. Torres represents the Debtor as bankruptcy counsel. BURTON TRANSPORT: Gets Court OK to Obtain Financing From FirstLine ------------------------------------------------------------------ Burton Transport, Inc. received final approval from the U.S. Bankruptcy Court for the Western District of Missouri to obtain financing through a factoring agreement with First Bank & Trust. The final order signed by Judge Brian Fenimore authorized the Debtor to borrow funds from First Bank & Trust (doing business as FirstLine Funding Group) on a secured basis, subject to the terms of the factoring agreement. The Debtor may use the proceeds of any advance under the factoring agreement only in accordance with the court-approved budget. The Debtor is prohibited from using proceeds to contest claims against FirstLine. The factoring agreement is a pre-bankruptcy arrangement under which the Debtor sells its accounts receivable to FirstLine in exchange for immediate cash. As of the petition date, the Debtor owed FirstLine at least $268,092.25 secured by collateral. The Debtor may grant to FirstLine a security interest in the collateral as set forth in the factoring agreement effective as of the petition date to secure all present and future obligations of the Debtor, including FirstLine's attorneys' fees and expenses incurred in connection with the factoring agreement. In addition, the amount of any post-petition borrowing under the factoring agreement constitutes a superpriority administrative expense claim, subordinate only to the fee carveout, according to the final order. The final order also authorized the Debtor to use cash collateral, which consists of cash generated from the collection of pre-bankruptcy accounts receivable, accounts, and inventory. While the Debtor has not fully analyzed all the creditors' liens, it believes that FirstLine holds duly perfected liens on the Debtor's accounts receivable, inventory, and accounts. At the time of filing, the Debtor had bank account balances of approximately $4,200 and accounts receivable of approximately $250,000, but said receivables were previously sold to FirstLine. The final order is available at https://is.gd/ou1o3a from PacerMonitor.com. About Burton Transport Inc. Burton Transport, Inc. provides freight transportation services across the United States, hauling a range of cargo including general freight, building materials, metal products, beverages, chemicals, paper goods, and agricultural supplies. The company operates from Mountain View, Missouri, with a fleet of tractors and trailers serving interstate shipping routes. It is registered as an authorized for-hire property carrier under the U.S. Department of Transportation. Burton Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. Mo. Case No. 25-60719) on October 27, 2025, with $1,603,470 in assets and $1,801,184 in liabilities. Lucinda Burton, president of Burton Transport, signed the petition. Judge Brian T. Fenimore presides over the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A. represents the Debtor as legal counsel. CADUCEUS PHYSICIANS: No Patient Care Concern, PCO Report Says ------------------------------------------------------------- Stanley Otake, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Central District of California his final report regarding the quality of patient care provided by Caduceus Physicians Medical Group. On July 1, the PCO performed site inspections at the Yorba Linda facilities and observed personnel changes and new management in place. Staff mentioned changes forthcoming with their phone systems which was a big problem with scheduling and communications with the office. The PCO reviewed staffing schedules at each location for physician and staff coverage. A routine review of exam rooms revealed expired medications in every exam room. Management provided proof of training and in-service of policy within five days post visit. On October 2, the Debtor filed a motion to terminate the appointment of the patient care ombudsman. The PCO acknowledges that the sale was concluded and the new owners are now in charge of both the management services and the oversight of medical care. On November 17, the court discharged the PCO from any further duties and obligations in this case. The PCO found that the care being provided to the patients remains within the standard of care in the community after all site reviews and inspections. The PCO is available to answer any concerns or questions of the court or of any parties. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=FwW9qd from PacerMonitor.com. The ombudsman may be reached at: Stanley Otake 225 N. Deerwood Street Orange, CA 92869 562-225-1934 Email: ucla1000@aol.com About Caduceus Physicians Medical Group Caduceus Physicians Medical Group, a Professional Medical Corporation, d/b/a Caduceus Medical Group, is a physician owned and managed multi-specialty medical group with locations in Yorba Linda, Anaheim, Orange, Irvine, and Laguna Beach. It specializes in primary care, pediatrics, and urgent care. Caduceus Physicians Medical Group and Caduceus Medical Services, LLC, filed Chapter 11 petitions (Bankr. C.D. Cal. Lead Case No. 24-11946) on August 1, 2024. The petitions were signed by CRO Howard Grobstein. At the time of the filing, Caduceus Physicians reported $1 million to $10 million in both assets and liabilities while Caduceus Medical reported up to $50,000 in both assets and liabilities. Judge Theodor Albert presides over the cases. David A. Wood, Esq., at Marshack Hays Wood, LLP, is the Debtors' legal counsel. Stanley Otake is the patient care ombudsman appointed in the Debtor's Chapter 11 case. CAMA4 LLC: Seeks Chapter 11 Bankruptcy in Florida ------------------------------------------------- On December 17, 2025, CAMA4, LLC, filed for Chapter 7 protection in the Middle District of Florida. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About CAMA4, LLC CAMA4, LLC is a limited liability company. CAMA4, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-08189) on December 17, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Lori V. Vaughan handles the case. The Debtor is represented by Kenneth D. Herron, Jr., Esq. of Herron Hill Law Group, PLLC. CANSON LLC: Voluntary Chapter 11 Case Summary --------------------------------------------- Debtor: Canson LLC 2745 North Juniper Circle Logan UT 84341 Business Description: Canson LLC, based in Logan, Utah, operates in real estate development as a land subdivision company responsible for creating and managing residential lots. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-27596 Judge: Hon. Michael F Thomson Debtor's Counsel: Kent Winward, Esq. THE BANKRUPTCY FIRM 4850 Harrison Blvd. Suite 1 Ogden UT 84403 Tel: 801-392-8200 Email: utahbankruptcyfirm@gmail.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Matt Nielson as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/CTPYKYQ/Canson_LLC__utbke-25-27596__0001.0.pdf?mcid=tGE4TAMA CBA HOME: Greta Brouphy Named Subchapter V Trustee -------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Greta Brouphy, Esq., at Heller Draper & Horn, LLC as Subchapter V trustee for CBA Home Builders, Inc. Ms. Brouphy will be paid an hourly fee of $400 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Brouphy declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Greta M. Brouphy Heller Draper & Horn, LLC 650 Poydras St., Ste. 2500 New Orleans, LA 70130-6175 Telephone: 504-299-3300-; Fax 504-299-33 Email: gbrouphy@hellerdraper.com About CBA Home Builders Inc. CBA Home Builders Inc., a single-asset real estate entity, holds fee simple ownership of the residential property at 3505 Constance Street, which carries a valuation of $1.45 million. CBA Home Builders filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. La. Case No. 25-12974) on December 10, 2025, with $1,455,000 in assets and up to $50,000 in liabilities. Lionel Nelson, owner and principal, signed the petition. Judge Meredith S. Grabill presides over the case. Edwin M. Shorty Jr., Esq., at Edwin M. Shorty, Jr. & Associates represents the Debtor as legal counsel. CHERISHED LAND: Available Cash & Rental Income to Fund Plan ----------------------------------------------------------- Cherished Land LLC filed with the U.S. Bankruptcy Court for the District of Maine a Disclosure Statement with respect to Plan of Reorganization dated December 10, 2025. The Debtor was formed on December 31, 2022. The Debtor was formed by agreement of its members after Samuel Eakin, acting in his capacity as president of Cherished Possessions, Inc., filed a Certificate of Formation with the Secretary of State of the State of Maine. The members of the Debtor are Cherished Possessions, Inc., David Lyon, and James Belt. The Debtor's business is oriented around the rental income derived from the property generally located at 64 Auburn Street, Portland, Maine (the "Property"). For various reasons, prior to the Petition Date, the Debtor had difficulty making payments to some of its lenders, including Franklin Savings Bank ("FSB"). Premised on the Debtor's inability to make payments to FSB, FSB initiated foreclosure proceedings against the Debtor. The Debtor filed this Chapter 11 Case to prevent the foreclosure sale of the property owned by the Debtor (among other reasons). Class Five consists of General Unsecured Claims that are not Unclassified Claims or provided for under any other Class contained in the Plan, and Class Five Claims shall include any deficiency Claim arising from operation of Section 506 of the Bankruptcy Code. For avoidance of doubt, Class Five Claims shall include, but not be limited to, those set forth in the Schedules or Filed in a timely proof of Claim as General Unsecured Claims. In full and final satisfaction of the Claims in Class Five, the Debtor shall make annual payments on a Pro Rata basis to the Holders of Allowed Unsecured Claims in Class Five equal to Net Disposable Income. The Class Five Claims shall be paid interest at a rate equal to the federal judgment interest rate as of the Petition Date (which was 3.75%), with such interest to begin accruing as of the Confirmation Date. The first annual payment under the Plan for Allowed Claims in Class Five shall be made on or before January 30, 2027, based on the Net Disposable Income for the period of January 1, 2026 to December 31, 2026. Each successive annual payment of Net Disposable Income shall be made on or before January 31 of each subsequent year based on the Net Disposable Income for prior calendar year, until all Allowed Class Five Claims are paid in full. Class Six consists of the interests in the Debtor held by Cherished Possessions, Inc., James Belt, and David Lyon. The Holders of Interests in Class Six shall retain their Interests in the Debtor, but there shall be no distributions with respect to such Interests until the Unclassified Claims and the Allowed Claims in Classes One through Five are fully satisfied in accordance with the terms of this Plan. The Plan requires the Debtor to make certain payments to Holders of Allowed Claims. These payments will be generated from one or more of the following sources: (a) cash on hand as of the Effective Date; (b) rental income generated by the continued operation of the Debtor's business; (c) potential financing from third-parties; and (d) the proceeds generated by the Causes of Action (if any). The Plan grants the Debtor express authority to sell, convey, transfer, and/or assign any or all of the Assets in order to make payments under the Plan and/or to operate (and make operational changes to) the Debtor's business. Additionally, after the Confirmation Date, the Debtor shall be authorized to take all actions necessary to prosecute or not prosecute, as the Debtor deems appropriate, any and all Causes of Action. The Debtor's members and managers on the Confirmation Date are expected to be the same members and managers that existed during the course of the Chapter 11 Case. A full-text copy of the Disclosure Statement dated December 10, 2025 is available at https://urlcurt.com/u?l=P5ZIrS from PacerMonitor.com at no charge. Counsel to the Debtor: D. Sam Anderson, Esq. Adam R. Prescott, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street PO Box 9729 Portland, ME 04104 Telephone: (207) 774-1200 Facsimile: (207) 774-1127 E-mail: sanderson@bernsteinshur.com aprescott@bernsteinshur.com About Cherished Land LLC Cherished Land LLC owns and operates a single real estate property that generates substantially all of the Company's income. The Company is structured as a single-asset real estate entity under U.S. bankruptcy law. Cherished Land LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 25-20220) on September 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peter G. Cary handles the case. The Debtor is represented by D. Sam Anderson, Esq. at Adam R. Prescott, Esq. at BERNSTEIN, SHUR, SAWYER & NELSON, P.A. CHINOS INTERMEDIATE: S&P Downgrades ICR to 'CCC+' on FOCF Deficit ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit and debt ratings on specialty apparel retailer Chinos Intermediate 2 LLC to 'CCC+' from 'B-'. S&P said, "The stable outlook reflects our view that Chinos can reduce discretionary capital expenditure (capex) by reducing store openings and focusing on improving profitability. We forecast the company will cover its cash needs over the next 12 months despite margin compression and negative FOCF." Chinos reported a continued comparable sales decline of 8.2% in the third quarter, which compressed profitability and increased its free operating cash flow (FOCF) deficit. S&P expects the FOCF deficit will continue in 2026 due to margin pressures and an ambitious new store opening plan. S&P said, "The downgrade reflects Chinos' continued profitability pressures. Internally generated cash from operations has been insufficient to fund company's store growth, which we view as unsustainable in the longer term and could limit the company's ability to navigate challenges. S&P Global Ratings-adjusted EBITDA margin declined 280 basis points in the third quarter to 9.8% because of declining sales versus fixed costs and increased product costs stemming from tariffs. Chinos has prioritized strengthening its brand health to command higher average price and merchandise margin. While it has made progress in optimizing pricing, reducing promotions, and deemphasizing its e-commerce channel, high fixed costs relative to sales from a pronounced decline in consumer demand significantly compressed profitability. Furthermore, lease commitments from the new stores will contribute to a weaker fixed-charge coverage. "We expect adjusted EBITDA margin will remain compressed at 10% in 2026 due to elevated supply chain costs and operating deleverage. In 2027, we expect it will improve as Chinos benefits from selling channel optimization and supply chain cost mitigation. Ultimately, we believe significantly improved operating margins are unlikely if the company cannot drive traffic and consistently increase comparable sales. "We expect a continued FOCF deficit due to an aggressive store growth strategy. Declining profitability and working capital outflow increased Chinos' reported FOCF deficit to $127 million in the third quarter from $98 million in the prior year. A decline in capex was a partial offset as Chinos plans to open 69 new stores this year compared with net 86 in 2024. The company has used its $500 million asset-based-lending (ABL) facility to execute its growth plan, in addition to investing in seasonal working capital, which led to an increase in the outstanding balance to $226 million as of Nov. 1, 2025. In our view, Chinos' continued store openings amid unfavorable operating conditions present elevated execution risks because its liquidity position could weaken if they underperform expectations. We forecast a reported FOCF deficit approaching $70 million in 2026, then improvement in 2027 as the company decelerates store openings and execute its turnaround plan." S&P Global Ratings-adjusted leverage increased to 4.8x in the third quarter on a last-12-months basis from 3.4x in the prior year due margin pressures and elevated adjusted debt. While the company upsized the ABL committed amount by $100 million to $500 million this year, total liquidity weakened in the third quarter from the same prior-year period due to an elevated outstanding balance. S&P expects adjusted leverage will increase to 5.1x in 2026 and fall to 5x in 2027 due to margin improvement. S&P said, "We believe Chinos is underperforming compared with peers. In our view, while low consumer confidence has negatively affected the industry, notably in the first half, the company has lagged its peers. For instance, Old Navy's comparable sales increased 6%, Ross Stores' increased 7%, and TJX's increased 5% in the third quarter while Chinos' declined 8.2%. We forecast a slight revenue decline in 2026 due to fewer store openings. In 2027, we expect modest revenue increases, driven by comparable sales improvement from optimized selling channels, partially offset by further decrease in store openings." Chinos reported a slight revenue decline in the third quarter, with lower comparable sales offsetting revenue from 78 net new store openings on a last-12-months basis. J. Crew (mainline and Factory brands) comparable sales declined 11%, partially offset by Madewell's increase of 0.7% due to lower traffic and adjustments to selling channels. J. Crew Factory, the main growth segment, increased its store fleet by 23% over the last 12 months but expanded revenue only 1.2% from the prior year as Chinos deemphasized its online channels to improve its margin profile. Chinos has focused on repositioning its main brands. Following its emergence from bankruptcy, Chinos has sought to improve consumers' value perception and opened new stores. As part of its strategic initiatives, the company has prioritized the family-oriented and value-focused consumer segment, allocating substantial capital to opening new J. Crew Factory stores primarily in neighborhood shopping centers, an annual average increase of about 30% in the store fleet in the last three years. Reduced promotions have also contributed to the elevation of J. Crew mainline brand and a better consumer segmentation between brands, positioning J. Crew Factory as an entry point. Madewell has increased average prices and invested in quality with a focus on denim and adjacent products. In S&P's view, soft consumer demand coupled with increased competition pose challenges to Chinos' protracted turnaround initiatives. S&P said, "The stable outlook reflects our view that Chinos can reduce discretionary capex by reducing store openings and focusing on improving profitability. We forecast the company will cover its cash needs over the next 12 months despite margin compression and FOCF deficits. "We could lower our rating on Chinos if we envision a specific default scenario over the next 12 months due to a deterioration in liquidity." This could occur if it: -- Does not reduce store openings or new stores do not generate enough profit, leading to continued FOCF deterioration and a liquidity shortfall; or -- Cannot consistently drive consumer demand to its products and meaningfully improve operating margins, potentially due to declining brand health, increased competition, or strategy misses. S&P could raise its rating on Chinos if it sustains positive reported FOCF. This could occur if it: -- Meaningfully reduces its new store opening pace or adequately funds growth initiatives with internally generated free cash flow; and -- Successfully executes its repositioning strategy and drives consistent consumer demand, leading to positive same-store sales while improving overall profitability. CITY ON A HILL: Iana Vladimirova Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 5 appointed Iana Vladimirova as Subchapter V trustee for City on a Hill, Inc. Ms. Vladimirova will be compensated at $450 per hour for her services as Subchapter V trustee and will be reimbursed for work related expenses incurred. Ms. Vladimirova declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Iana A. Vladimirova Stafford Rosenbaum 222 West Washington Avenue, Suite 900 Madison, Wisconsin 53701-1784 608.259.2639 (Phone) 608.259.2600 (Fax) ivladimirova@staffordlaw.com About City on a Hill Inc. City on a Hill Inc. operates as a community-focused nonprofit organization offering programs and services designed to support youth, families, and neighborhood development. City on a Hill filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-26829) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Katherine M. Perhach handles the case. The Debtor is represented by Paul G. Swanson, Esq., at Swanson Sweet, LLP. CLEARSIDE BIOMEDICAL: Gets Court OK for January Ch. 11 Auction -------------------------------------------------------------- Rick Archer of Law360 reports that Clearside Biomedical, an eye disease treatment developer, received approval Friday, December 19, 2025, from a Delaware bankruptcy judge to hold a January auction of its assets, telling the court that earlier objections from shareholders and the U.S. Trustee’s Office had been resolved. With those issues addressed, the judge signed off on the proposed auction timeline and procedures, allowing the company to proceed with marketing and bidding efforts in its bankruptcy case, the report cites. About Clearside Biomedical Inc. Clearside Biomedical, Inc. is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $50 million–$100 million. The Debtor is represented by Daniel J. DeFranceschi, Esq. CLEARSIDE BIOMEDICAL: Orrick & Morris James Advise Equity Holders ----------------------------------------------------------------- The Ad Hoc Group of Equity Holders of Clearside Biomedical Inc. and its debtor-affiliates is represented by Orrick, Herrington & Sutcliffe LLP and Morris James LLP, as counsel, according to a Verified Statement pursuant to Federal Rule of Bankruptcy Procedure 2019 filed with the United States Bankruptcy Court for the District of Delaware. According to the Verified Statement: 1. The Ad Hoc Group retained Orrick as counsel and Morris James as Delaware co-counsel on December 15, 2025. 2. The disclosable economic interests held by the members of the Ad Hoc Group consist of equity securities, issued by the Debtor to the Ad Hoc Group members and the disclosed amounts are as of the Petition Date unless otherwise specified. 3. Nothing contained in this Verified Statement is intended or shall be construed as (i) a waiver or release of any claims against the Debtor by the Ad Hoc Group or any of its members, (ii) an admission with respect to any fact or legal theory, (iii) a limitation upon, or a waiver of, any Ad Hoc Group members' rights to file and/or amend their claim(s) in accordance with applicable law and any orders entered in this case, or (iv) a limitation or waiver of any other rights of the Ad Hoc Group or any of its members. 4. The information contained in this Verified Statement is intended only to comply with Bankruptcy Rule 2019 and is not submitted for any other purpose. The name and address of each member of the Ad Hoc Group and each member's disclosable economic interests, as defined in Bankruptcy Rule 2019, in relation to the Debtor are: 1. Diamond Family Office May be reached through counsel Amount of Equity Securities = 24,551 shares 2. Kenneth Grossman May be reached through counsel Amount of Equity Securities = 75,000 shares 3. Charlestown Capital Advisors, LLC May be reached through counsel Amount of Equity Securities = 175,000 shares Counsel to the Clearside Biomedical Inc. Ad Hoc Group of Equity Holders: Eric J. Monzo, Esq. MORRIS JAMES LLP 3205 Avenue North Blvd., Suite 100 Wilmington, DE 19803 Tel: (302) 888-6800 Fax: (302) 571-1750 E-mail: emonzo@morrisjames.com - and - Mark Franke, Esq. Brandon Batzel, Esq. ORRICK, HERRINGTON & SUTCLIFFE LLP 51 West 52nd Street New York, NY 10019-6142 Tel: (212) 506-5000 Fax: (212) 506-5151 E-mail: mfranke@orrick.com bbatzel@orrick.com About Clearside Biomedical Inc. Clearside Biomedical Inc. is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies to treat serious eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November 23, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $50 million to $100 million. The Debtors are represented by Cooley LLP and Richards, Layton & Finger, P.A. as counsel. Berkeley Research Group serves as the Debtors' financial advisors. Epiq Corporate Restructuring, LLC is the noticing and claims agent. CLICKED AI: Fine-Tunes Plan Documents ------------------------------------- Clicked AI submitted a Revised Fourth Amended Subchapter V Plan of Reorganization dated December 10, 2025. The Plan proposes to pay creditors from its disposable income from operations to be received by CLICKED AI in the 5-year period beginning on the date that the first payment is due under the Plan. CLICKED AI intends to pay the secured creditor with a first priority lien, Amazon Capital Services, Inc. ("ACS") in an amount equal to the value of its collateral ($43,513.50) and to pay the deficiency and remaining Allowed Claims on a pro rata basis to the extent its Disposable income allows. Thus, it is CLICKED AI's position that this Plan provides the best available recoveries to creditors. Class 3 consists of General Unsecured Claims. The Class 3 Claims shall be paid on a Pro Rata basis beginning within 30 days after the Effective Date from CLICKED AI's disposable income. CLICKED AI estimates that this Class will be paid approximately $5,578.80 over the life of the plan, or approximately five percent of the face amount of the unsecured general nonpriority Claim. CLICKED AI proposes to pay the sum of $92.98 per month for sixty months with the first such payment commencing within thirty days of the Effective Date. Putative secured creditors Kabbage.com and Syndimate LLC are wholly unsecured and their claims are treated in Class 3. Class 3 is impaired. Class 4 includes the Equity Interests of CLICKED AI, which interests are unimpaired by the Plan. Upon confirmation of the Plan, the sole shareholder of CLICKED AI, Kenny Lok, shall continue to maintain his identical ownership interests in CLICKED AI. The Reorganized Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. Commencing within thirty days of the Effective Date and thereafter, CLICKED AI shall make the payments required by this Plan to the holders of Allowed Claims. The payments pursuant to the Plan shall be in full and complete payment, settlement and satisfaction of all claims against the Estate and CLICKED AI. Neither CLICKED AI, nor its officers or directors or any attorney or professional employed by CLICKED AI will have or incur any liability for any act or omission in connection with their conduct occurring from the Petition Date to the Effective Date of the Plan, except for fraudulent conduct, willful misconduct, or gross negligence. A full-text copy of the Revised Fourth Amended Plan dated December 10, 2025 is available at https://urlcurt.com/u?l=8T7XEW from PacerMonitor.com at no charge. Attorney for the Debtor: Clark Stith, Esq. 505 Broadway Rock Springs, WY 82901 Tel: (307) 382-5565 Fax: (307) 382-5552 Email: clarkstith@wyolawyers.com About Clicked AI Clicked AI is engaged in the business of purchasing and reselling retail goods in bulk. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Wyo. Case No. 24-20226) on June 13, 2024, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Cathleen D. Parker oversees the case. Clark D. Stith, Esq., represents the Debtor as counsel. CNY SEALCOATING: Paul Levine of Emery Named Subchapter V Trustee ---------------------------------------------------------------- The U.S. Trustee for Region 2 appointed Paul Levine, Esq., at Emery Greisler, LLC as Subchapter V trustee for CNY Sealcoating & Concrete, LLC d/b/a CNY Custom Concrete & Masonry. Mr. Levine will be paid an hourly fee of $470 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Levine declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Paul A. Levine, Esq. Emery Greisler, LLC 677 Broadway, 8th Floor Albany, New York 12207 Tel: (518) 433-8800 x313 | Email: plevine@lemerygreisler.com About CNY Sealcoating & Concrete LLC CNY Sealcoating & Concrete, LLC, operating from Clinton, New York, provides concrete and sealcoating services, including installation, repair, and maintenance of driveways, patios, and slabs. It operates within the construction and paving sector, serving residential and commercial clients in the region. CNY filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-61114) on December 11, 2025, with $1 million to $10 million in assets and liabilities. Mariano Jellencich, president of CNY, signed the petition. Judge Patrick G. Radel presides over the case. Anthony Sodono, III, Esq., at McManimon, Scotland & Baumann, LLC represents the Debtor as legal counsel. CODESPARK INC: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------ On December 17, 2025, Codespark, Inc., filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $100 million and $500 million in debt owed to 200–999 creditors. About Codespark, Inc. Codespark, Inc. is an education technology company that creates digital learning platforms to introduce young children to basic computer science and coding concepts. The company is known for its game-based products for preschool and elementary students, using interactive storytelling and puzzles to make coding accessible. Codespark, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12233) on December 17, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities ranging from $100 million to $500 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Steven D. Adler, Esq. of Bayard, P.A. COGECO COMMUNICATIONS: DBRS Confirms BB(high) Issuer Rating ----------------------------------------------------------- DBRS Limited confirmed Cogeco Communications Inc.'s (Cogeco or the Company) Issuer Rating of BB (high), Senior Secured Notes & Debentures credit rating of BBB (low) with a recovery rating of RR1, and Senior Unsecured Notes credit rating of BB (high) with a recovery rating of RR4. All trends are Stable. KEY CREDIT RATING CONSIDERATIONS The credit rating confirmations reflect Cogeco's F2025 operating performance for the year ended August 31, 2025, that was in line with Morningstar DBRS expectations. F2025 revenue was down 2.2% year over year (YOY) to $2.9 billion, however, EBITDA of $1.4 billion was flat YOY as the Canadian business continued to perform well and amid signs of improving operating performance in the U.S. Cash flow was materially stronger than expected and gross leverage of 3.2 times (x) was in line with Morningstar DBRS expectations. The confirmations acknowledge the initial benefits of Cogeco's three-year transformation project, which has just completed the first year of operations, in which the Company is working to fully integrate and align operations in both Canada and the U.S. in order to achieve operating synergies and leverage best practices and experience through the Company. The Stable trends reflect Morningstar DBRS' forecast of flat-to-modestly down EBTIDA YOY as the Company ramps its mobile presence in the U.S. and looks to build mobile subscriber momentum in the Canadian market post the launch of the mobile product across the majority of the footprint beginning in October 2025. CREDIT RATING DRIVERS Morningstar DBRS could take a positive credit rating action, should Cogeco successfully expand its service offering to include a viable mobile offering while maintaining its strong position in wireline and is able to deleverage in a manner that sustains core or nonacquisition-driven leverage of less than 3.0 times (x). Morningstar DBRS could take a negative credit rating action, should wireline operating metrics deteriorate materially, the wireless service does not gain sufficient traction in the marketplace, and/or leverage moves structurally higher toward the 3.5x to 4.0x range. EARNINGS OUTLOOK In F2026, Morningstar DBRS expects Cogeco to make additional investment to scale its wireless offering in Canada, which is now available across a majority of the Company's broadband footprint. The Canadian operations should also benefit from continued fiber-to-the-home expansion and the addition of the digital-only Oxio platform to serve a younger, price conscious broadband subscriber primarily in urban/suburban regions. In the U.S., Morningstar DBRS anticipates further improvement in Ohio, along with other states, as Cogeco continues to leverage an Internet-led strategy by offering increased Internet speeds up to 2.5 gigabits per second and continuing to ramp mobile subscribers through the offering of flexible wireless plans across the majority of its wireline footprint. Underpinning the operating improvements in both Canada and the U.S., Cogeco is now in year two of its three-year transformation project, which should continue to drive operating and capital expenditures efficiencies in F2026. Morningstar DBRS forecasts F2026 revenue to be down modestly reflecting a decline in the U.S. Breeze line operations, partially offset by growth at Cogeco Connexion. In F2027, Morningstar DBRS forecasts revenue growth to be modestly positive reflecting an increase in revenue in both the Canadian and U.S. markets primarily reflecting wireline rate increases, continued increase in homes passed, and growth in high-speed Internet market share. Morningstar DBRS forecasts F2026 EBITDA to decline very modestly, as improved operating efficiencies are expected to be more than offset by an increase in network costs related to the launch of the Canadian mobile service and the impact of promotional activity. Morningstar DBRS anticipates EBITDA growth to resume in F2027, primarily reflecting lower churn, improved mobile economics in the Canadian market and the realization of cost efficiencies related to the three-year Transformation plan. FINANCIAL OUTLOOK Morningstar DBRS forecasts Cogeco's financial profile to remain supportive of the current ratings. Morningstar DBRS' financial outlook considers continued network investment in Canada to support the rollout of a mobile service across the majority of the Canadian broadband footprint, continued expansion of fiber-to the-premise footprint in Canada, the return of capital to shareholders primarily through dividends and debt reduction. Morningstar DBRS anticipates F2026 and F2027 Morningstar DBRS free cash flow (i.e., after dividends, but before working capital changes) to be in the $300 million to $350 million range. Cogeco's gross leverage is expected to decline modestly YOY in F2026 and continue to decline to less than 3.0x in F2027, primarily reflecting debt repayment in F2026 and F2027 and EBITDA growth in F2027. CREDIT RATING RATIONALE The credit ratings consider the Company's established footprint in existing markets, the growth potential of the U.S. broadband and mobile services at Breeze line, and Cogeco's recent entry into the Canadian mobile market. The credit ratings also reflect intense competition in both the United States and Canada, the risks associated with technological and regulatory changes, and the resources required to develop a successful wireless offering in both markets. Notes: All figures are in Canadian dollars unless otherwise noted. COMPREHENSIVE HEALTHCARE: PCO Reports Resident Care Complaints -------------------------------------------------------------- Margaret Barajas, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Pennsylvania her first report regarding the quality of patient care provided by Comprehensive Healthcare Management Services, LLC. During a November 19 facility visit, the ombudsman observed dirty floors, unflushed bathrooms, and strong odors. By the following day, conditions had markedly improved, with clean floors and no odors, and this was shared with the NHA upon exit. During a November 20 visit, an older adult male was observed on the floor near the nurse station on a secured unit. Staff reported this is routine behavior and documented in his care plan. While the advocate acknowledges the facility’s efforts to honor activities that provide comfort, appropriate accommodations are necessary to ensure safety, dignity, and respect. The ombudsman received multiple resident complaints regarding poor personal hygiene of other residents, inadequate room cleanliness, odors, and pests. Staff reported that one female resident had not received a bath or shower for seven months, and a male resident's body odor was noticeable from the hallway. The ombudsman reported multiple resident complaints regarding food quality, with several residents unaware of menu choice options. The ombudsman observed kitchen staff preparing chef salads with flies present on or around the prep table. Staff stated the salads were being prepared for a specific group of residents and were not part of the main menu. The PCO received a complaint regarding a resident whose smoking privileges were revoked for 30 days for providing cigarettes to another resident. This advocate does not support punitive measures that adversely affect resident well-being and recommends that, when smoking privileges are restricted, alternative smoking cessation supports (e.g., nicotine patches) be provided. The ombudsman noted racial and socio-economic tension and conflict between some staff and residents, as well as among residents. Multiple resident comments included the use of racial slurs. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=TQS458 from PacerMonitor.com. About Comprehensive Healthcare Management Services Comprehensive Healthcare Management Services, LLC doing business as Brighton Rehabilitation & Wellness Center, operates a long-term care and skilled nursing facility in Beaver, Pennsylvania. It provides rehabilitation, therapy, and sub-acute services, including physical, occupational, and speech therapy, along with nursing and supportive care for residents. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-02775) on September 29, 2025, listing up to $50,000 in assets and between $50 million and $100 million in liabilities. Robert E. Chernicoff, Esq., at Cunningham, Chernicoff & Warshawsky, P.C., represents the Debtor as legal counsel. COMPUTE NORTH: Court Narrows Claims in CCEP, et al. Adversary Case ------------------------------------------------------------------ Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas granted Corpus Christi Energy Park, LLC's motion to dismiss with respect to the Sec. 542 turnover claim in the adversary proceeding captioned as TRIBOLET ADVISORS LLC, Plaintiff, VS. CORPUS CHRISTI ENERGY PARK, LLC, et al., Defendants, ADVERSARY NO. 23-3210 (Bankr. S.D. Tex.). CCEP's motion to dismiss is denied with respect to the other claims. Compute North Corpus Christi entered into a contract with Corpus Christi Energy Park, LLC to design and build a datacenter facility. Tribolet, in its capacity as Plan Administrator and the Litigation Trustee of the Mining Project Wind Down Holdings, Inc. Litigation Trust, commenced this adversary proceeding alleging that CCEP breached the contract and diverted Compute North's funds to build its own facilities. CCEP moves to dismiss certain claims. Compute North entered into a Term Sheet Purchase Agreement dated January 2022 with Bootstrap, an affiliate of CCEP, to purchase 33.5 acres of land on which the facility would be built. In March 2022, Compute North contracted with CCEP to design and build the Facility. The contract price was $24,250,000.00, which was increased to $25,713,494.60 by a May 2022 change order. During the 90-day preference period, Compute North made transfers to Bootstrap in the aggregate amount of $682,096.90. In 2023 the Defendants sold the Facility to Northern Data, a subsidiary of Bootstrap and CCEP, for $10,995,537. Over $16,000,000 of the funds used to complete the project came from Compute North's payments to Bootstrap. An additional $4,500,000 of Compute North's money was diverted to build a separate project -- Navitas Facility -- which was sold to Navitas Energy LLC, then sold to Northern Data for about $11,000,000.. The Defendant seeks dismissal of Compute North's claims for unjust enrichment, 11 U.S.C. Sec. 542 turnover, and alter ego/veil piercing. They also contend that Compute North's claims against Bootstrap are barred by res judicata and that Compute North failed to preserve its unjust enrichment and alter ego claims under its Confirmed Plan. Unjust Enrichment The Defendants assert that Compute North's unjust enrichment claim fails as a matter of law because a valid and enforceable contract covers the subject matter of the claims. Compute North concedes that a valid contract exists. Judge Isgur explains, "Here, the Design Build Contract was not fully performed. Compute North paid the Defendants $20,319,928.00 in connection with the Project and received nothing in return. The Defendants used the funds to complete and sell the Facility for their own benefit. Compute North seeks disgorgement and return of $16,237,227.00 [the other $4,500,000.00 having been diverted to Navitas]. These allegations, if proven true, support a colorable claim for unjust enrichment." Dismissal is denied for this count. Turnover Defendants argue that Compute North's claim should be dismissed for failure to plead any legal or equitable interest in the Bootstrap Facility and in the Navitas Facility. To be clear, both facilities were sold post-petition. Compute North is seeking turnover of the proceeds from the sale of both properties. According to Judge Isgur, "There is a bona-fide dispute between the parties on whether Compute North has an equitable interest in the proceeds of the sale of both properties. Turnover is not the proper mechanism for Compute North's requested relief." The turnover claim is dismissed with prejudice. Alter Ego/Piercing CCEP argue that Compute North's claims for alter ego/piercing the corporate veil fall short because the Complaint fails to allege actual fraud. Dismissal is denied as to Compute North's alter ego/veil piercing claim. Res Judicata The Defendants contend that Compute North's claims against Bootstrap are barred under res judicata, because this Court allowed Bootstrap's proof of claim. The parties agree that the allowance of the claim was a final judgment but disagree whether it has preclusive effect on Compute North's claims in this proceeding. The Court says it does not. The Defendants further assert that Compute North was required to bring its claims for preference, fraudulent transfer, and breach of contract in its objection to Bootstrap's claim. The Court disagrees. Compute North's claims against Bootstrap are not precluded. Preservation of Claims The Defendants argue that Compute North's quasi contract and alter ego claims should be dismissed because Compute North failed to preserve these claims in the Confirmed Plan. Dismissal is denied. A copy of the Court's Memorandum Opinion dated December 11, 2025, is available at https://urlcurt.com/u?l=hk5rKz from PacerMonitor.com. About Compute North Holdings Computer North Holdings, Inc., now known as Mining Project Wind Down Holdings Inc. -- https://www.computenorth.com/ -- operated crypto mining data centers -- two in Texas and one in both South Dakota and Nebraska. Compute North Holdings and 18 affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-90273) on Sept. 22, 2022. In the petitions signed by Harold Coulby, as authorized signatory, the Debtors reported between $100 million and $500 million in both assets and liabilities. Judge Marvin Isgur oversees the cases. The Debtors tapped Paul Hastings, LLP and Ferguson Braswell Fraser Kubasta, PC as bankruptcy counsels; Jefferies, LLC as investment banker; and Portage Point Partners as financial advisor. Epiq Corporate Restructuring, LLC is the claims, noticing and solicitation agent. On Oct. 6, 2022, the Office of the U.S. Trustee for Region 7 appointed an official committee of unsecured creditors. The committee tapped McDermott Will & Emery LLP as legal counsel; and Miller Buckfire & Co., LLC and its affiliate, Stifel, Nicolaus & Co., Inc., as investment banker. On Nov. 23, 2022, the Debtors filed their proposed joint Chapter 11 liquidating plan and disclosure statement. In February 2023, the Debtors secured Bankruptcy Court approval of its liquidation after selling off its assets. The Debtors, which entered bankruptcy with about $250 million in secured debt, sold off assets through 13 separate sales and reached key settlements with all of their largest creditors and constituents. CONSCIOUS CONTENT: Coding Company Seeks Chapter 11 Bankruptcy ------------------------------------------------------------- Steven Church of Bloomberg News reports that Conscious Content Media Inc., an education company focused on teaching coding to young children, has filed for bankruptcy, citing a rapid expansion that exceeded its profit-generating capacity. Under a reorganization plan backed by noteholders, the company would reduce more than half of its $205.5 million in funded debt, court documents show. The company is part of a wave of technology and software businesses that benefited from increased consumer activity during the 2020 Covid-19 lockdowns but later saw demand decline, the report states. About Content Media Inc. Conscious Content Media Inc. is an education technology company focused on teaching children coding and digital skills. The company develops interactive learning platforms and curriculum for students as young as three, combining technology with educational content to enhance early childhood learning. Content Media Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12231) on December 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Daniel N. Brogan, Esq. and Steven D. Adler, Esq. of Bayard P.A. CONSCIOUS CONTENT: Gets Interim OK to Tap Portion of $10MM DIP Loan ------------------------------------------------------------------- Yun Park of Law360 reports that Conscious Content Media won interim approval Friday, December 19, 2025, from a Delaware bankruptcy judge to borrow under a $10 million debtor-in-possession loan, after resolving objections raised by the Office of the U.S. Trustee by reducing the size of the proposed roll-up. The court authorized limited access to the financing, finding that the revised package struck a balance between the debtor's liquidity needs and protections for other creditors pending a final approval hearing, the report states. About Content Media Inc. Conscious Content Media Inc. is an education technology company focused on teaching children coding and digital skills. The company develops interactive learning platforms and curriculum for students as young as three, combining technology with educational content to enhance early childhood learning. Content Media Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12231) on December 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Daniel N. Brogan, Esq. and Steven D. Adler, Esq. of Bayard P.A. CONTEMPORARY MEDICAL: Gets Extension to Access Cash Collateral -------------------------------------------------------------- Contemporary Medical Services, PC received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use the cash collateral of secured lenders to fund operations. The court issued a third interim order authorizing the Debtor to use the cash collateral of TD Bank, N.A. and the U.S. Small Business Administration through January 15, 2026, in accordance with its budget. The Debtor cannot use cash collateral beyond 110% of any budget line item without written consent. As adequate protection for any diminution in the value of their collateral, lenders will be granted replacement liens on all of the Debtor's assets. These liens are automatically perfected and maintain the same priority as the lenders' pre-bankruptcy liens. The interim order established a carveout of up to $10,000 for professional fees and $5,000 for fees and expenses of a Chapter 7 trustee in case one is appointed. It bars use of surcharges under Section 506(c) of the Bankruptcy Code without lender consent. Events of default include failure to comply with the order; unauthorized expenditures; conversion or dismissal of the Debtor's bankruptcy case; or granting of post-petition liens. The order remains effective and enforceable despite any future plan confirmation or case conversion. The final hearing is scheduled for January 7, 2026, with objections due by December 30, 2025. TD Bank is represented by: Clifford A. Katz, Esq. Teresa Sadutto-Carley, Esq. Goetz Platzer LLP 1 Penn Plaza, 31st Floor New York, NY 10119 Telephone: 212-593-3000 Facsimile: 212-593-0353 ckatz@goetzplatzer.com tsadutto@goetzplatzer.com About Contemporary Medical Services PC Contemporary Medical Services, PC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-73888) on October 8, 2025, listing between $500,001 and $1 million in assets and between $1 million and $10 million in liabilities. Judge Sheryl P. Giugliano presides over the case. Joseph S. Maniscalco, Esq., at Lamonica Herbst Maniscalco represents the Debtor as legal counsel. DAIRY BUILDING: Seeks Chapter 11 Bankruptcy in Oregon ----------------------------------------------------- On December 15, 2025, Dairy Building, LLC filed for Chapter 11 protection in the District of Oregon. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Dairy Building, LLC 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. Dairy Building, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34175) on December 15, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Douglas R. Ricks, Esq. of Sussman Shank LLP. DDJ INC: Gets Interim OK to Use Cash Collateral ----------------------------------------------- DDJ Inc., LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, El Paso Division, to use cash collateral. The court authorized the Debtor to use cash collateral only in the ordinary course of business and within its operating budget. Expenditures must not exceed 110% of the total budget or any individual line item without advance written consent from the lienholders. The Debtor projects total monthly operational expenses of $41,612. As a condition of using cash collateral, the Debtor was ordered to provide adequate protection to secured creditors through replacement liens on its personal property, consistent with existing lien priorities. In addition, beginning this month and until further court order, the Debtor must make monthly payments of $5,976 to the IRS, $2,404 to the Texas Comptroller, $291 to the Texas Workforce Commission, and $134 to the City of El Paso. The order provides strong protections for taxing authorities, stating that valid governmental tax liens will not be primed and that their priority rights are fully preserved. Critically, Texas tax trust funds are excluded from cash collateral and cannot be used for operations under any circumstances; they must be remitted directly to the Comptroller, including all post-petition collections. The Debtor must also remain current on all tax filings and payments under state law and federal requirements. The interim order is available at https://is.gd/YunP9n from PacerMonitor.com. A final hearing is set for January 7, 2026. Any objections must be filed by January 2, 2026. About DDJ Inc. LLC DDJ, Inc., LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 25-31269) on October 1, 2025. In its petition, the Debtor disclosed under $1 million in both assets and liabilities. Honorable Bankruptcy Judge Christopher G. Bradley handles the case. The Debtor is represented by Jim K. Jopling, Esq. DEL MONTE: Reaches Chapter 11 Deal with Parent, Creditors --------------------------------------------------------- Rick Archer of Law360 reports that a court-appointed mediator informed a New Jersey bankruptcy judge on Friday, December 19, 2025, that talks between Del Monte Foods and its creditors have produced a tentative deal in which the company's buyers would provide $8 million to unsecured creditors. As part of the proposal, Del Monte's parent has also agreed to subordinate $164 million in claims, a move the mediator said could help resolve remaining plan objections in the Chapter 11 case. About Del Monte Foods Corporation II Inc. Del Monte Foods, Inc. produces, distributes, and markets branded plant-based packaged food products in the United States and Mexico. Del Monte Foods Corporation II Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 25-16984) on July 1, 2025, listing $1,000,000,001 to $10 billion in both assets and liabilities. Judge Michael B Kaplan presides over the case. Michael D. Sirota, Esq. at Cole Schotz P.C. represents the Debtor as counsel. The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Del Monte Foods Corporation II, Inc. and its affiliates. The committee hires Morrison & Foerster LLP as counsel. Province, LLC as financial advisor. Kelley Drye & Warren LLP as co-counsel. Stifel, Nicolaus & Co., Inc. ("Miller Buckfire") as investment banker. DISPATCH ACQUISITION: S&P Withdraws 'B-' LT Issuer Credit Rating ---------------------------------------------------------------- S&P Global Ratings withdrew all its ratings on Dispatch Acquisition Holdings LLC, including the 'B-' long-term issuer credit rating and 'B-' issue-level and '3' recovery rating on its senior secured debt, at the issuer's request. At the time of the withdrawal, S&P's outlook on the company was stable. DOUBLESHOT HOLDINGS: Gets OK to Use Cash Collateral Until Jan. 8 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division issued a third interim order allowing Doubleshot Holdings, LLC to use cash collateral through January 8, 2026. The interim order authorized the Debtor to use cash collateral to pay ordinary business expenses as outlined in its monthly budget. As adequate protection to ServisFirst Bank, the Debtor was authorized to make monthly payments of $4,000 on the loan it obtained from the bank. ServisFirst Bank must credit the Debtor's funds that it is holding to each of the loan payments until those funds are exhausted. In addition, the Debtor was authorized to make interest-only monthly payments on the business credit card account as further protection. All secured creditors will be granted perfected post-petition liens on the cash collateral with the same priority, validity and extent as their pre-bankruptcy liens. The interim order remains in effect until the conversion or dismissal of the Debtor's bankruptcy case, appointment of a trustee, confirmation of the Debtor's Chapter 11 plan, or further court order. A continued hearing is scheduled for January 8, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/jRbPK from PacerMonitor.com. About Doubleshot Holdings Doubleshot Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04915) on July 18, 2025, listing up to $100,000 in assets and up to $1 million in liabilities. Mark Krajcir, managing member of Doubleshot Holdings, signed the petition. Judge Roberta A. Colton oversees the case. Samantha L. Dammer, Esq., at Bleakley Bavol Denman & Grace, represents the Debtor as legal counsel. Servis First Bank, as lender, is represented by: Lara Roeske Fernandez, Esq. Trenam, Kemker, Scharf, Barkin, Frye, O'Neill & Mullis, P.A. ' 101 East Kennedy Boulevard, Suite 2700 Tampa, FL 33602 Tel: (813) 223-7474 Fax: (813) 229-6553 LFernandez@trenam.com EDEN ON BRAND: Gregory Jones Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 16 appointed Gregory Jones, Esq., at Stradling Yocca Carlson & Rauth, PC as Subchapter V trustee for Eden on Brand, Inc. Mr. Jones will be paid an hourly fee of $650 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Gregory K. Jones, Esq. Stradling Yocca Carlson & Rauth, PC 10100 N. Santa Monica Boulevard, Suite 1400 Los Angeles, CA 90067 Telephone: (424) 214-7000 Facsimile: (424) 214-7010 Email: gjones@stradlinglaw.com About Eden on Brand Inc. Eden on Brand, Inc. operates a fine-dining restaurant in Glendale, California, offering modern American cuisine with global influences across steak, seafood, and pasta dishes. It provides multi-course dining that includes soups, salads, appetizers, entrees, sides, and desserts in a full-service setting. The restaurant also supports reservations, private event services, and online ordering. Eden on Brand filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-21059) on December 9, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Erik Khodzhoyan, chief executive officer, signed the petition. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger represents the Debtor as bankruptcy counsel. ELETSON HOLDINGS: Defends Rolnick Kramer, Reed Smith Subpoenas -------------------------------------------------------------- Alex Wittenberg of Law360 Bankruptcy Authority reports that Eletson Holdings on Friday, December 19, 2025, urged a New York bankruptcy judge to approve its request to subpoena law firms Reed Smith LLP and Rolnick Kramer Sadighi LLP, arguing the discovery is necessary to enforce judgments totaling up to $873,000 that it secured in September. The shipping company said its information requests are narrowly tailored and appropriate, rejecting arguments that the subpoenas are improper as it continues efforts to collect on the outstanding judgments. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. EMERALD POOLS: Hires Law Offices of Michael J. Harker as Counsel ---------------------------------------------------------------- Emerald Pools LLC seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ The Law Offices of Michael J. Harker as counsel. The firm will render these services: (a) advise and represent the Debtor concerning the rights and remedies of the estate in regards to the assets of the estate, with respect to the secured, priority, and general claims of creditors; (b) advise and represent the Debtor in connection with financial and business matters; (c) advise and represent the Debtor in connection with the investigation of potential causes of action against persons or entities; (d) represent the Debtor in any proceeding or hearing in bankruptcy court, and in any action in other courts in which the rights of the estate may be litigated or affected; (e) conduct examinations of witnesses, claimants, or adverse parties and prepare and assist in preparation of reports, accounts applications, and orders; (f) advise and represent the Debtor in the negotiation, formulation and drafting of any plan of reorganization and disclosure statement; (g) advise and represent the Debtor in the performance of its duties and exercise of its powers under the Bankruptcy Code, bankruptcy rules, local rules, and the Trustee Guidelines; and (h) provide the Debtor other necessary advice and services as the Debtor may require in connection with this Chapter 11 case. The firm will be paid at these rates: Attorney $425 per hour Associate Attorney $275 per hour Paraprofessionals $175 per hour In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer of $7,500 from the Debtor. Michael Harker, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael J. Harker, Esq. The Law Offices of Michael J. Harker 2901 El Camino Ave., Ste. 200 Las Vegas, NV 89102 Telephone: (702) 248-3000 Email: notices@harkerlawfirm.com About Emerald Pools LLC Emerald Pools LLC, filed a Chapter 11 bankruptcy petition (Bankr. D. Nev. Case No. 25-16289-abl) on Oct. 21, 2025. The firm hires The Law Offices of Michael J. Harker as counsel. EMORY INDUSTRIAL: Hires Ferguson Braswell Fraser as Counsel ----------------------------------------------------------- Emory Industrial Services 1, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to employ Ferguson Braswell Fraser Kubasta PC as counsel. The firm's services include: (a) advising the Debtor of its rights, powers, and duties under the Bankruptcy Code; (b) performing all legal services that may be necessary in the administration of the bankruptcy case and the Debtor's business; (c) advising the Debtor concerning, and assisting in, the negotiation and documentation of financing agreements and debt restructuring; (d) reviewing the nature and validity of agreements relating to the Debtor's interests in property and advising the Debtor of its corresponding rights and obligations; (e) advising the Debtor concerning preference, avoidance, recovery, or other actions that it may take to collect and to recover property for the benefit of the estate and its creditors whether or not arising under Chapter 5 of the Bankruptcy Code; (f) preparing legal documents and reviewing all financial reports to be filed in the bankruptcy case; (g) advising the Debtor concerning, and preparing responses to, applications, motions, complaints, pleadings, notices and other papers that may be filed and served in its bankruptcy case; (h) counseling the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization and related documents; (i) working with and coordinating efforts among other professionals to guide their efforts in the overall framework of the Debtor's reorganization; (j) working with professionals retained by other parties in interest in the bankruptcy case to structure a consensual plan of reorganization or other resolution for the Debtor; and (k) performing other necessary legal services for the Debtor. The firm will be paid at these rates: Rachael Smiley, Esq. $715 per hour Doug J. Buncher, Esq. $725 per hour Megan F. Clontz, Esq. $595 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Ms. Smiley disclosed in a court filing that her firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Rachael L. Smiley, Esq. Doug J. Buncher, Esq. Megan F. Clontz, Esq. Ferguson Braswell Fraser Kubasta Pc 2500 Dallas Parkway, Suite 600 Plano, TX 75093 Tel: 972-378-9111 Fax: 972-378-9115 Email: rsmiley@fbfk.law dbuncher@fbfk.law mclontz@fbfk.law About Emory Industrial Services 1, Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP. EMORY INDUSTRIAL: Trailers & Equipment Sale to Miller Capital OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, has permitted Emory Industrial Services 1 Inc. and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors offer industrial cleaning services utilizing dry ice, which was also manufactured and sold by the Debtors to customers for use in various industries. The Debtors also provide general equipment maintenance and repair services to customers in the oil and gas industry. Emory Industrial Services, Inc. f/k/a Emory Dry Ice, Inc. is the sole shareholder of Emory Industrial Services 1, Inc., Emory Dry Ice 1, Inc. f/k/a Emory Dry Ice, Inc., and Emory Industrial Products, Inc. Emory Industrial Holdings, Inc. was created for the purposes of becoming the holding company of Services, Services 1, Dry Ice, and Products, but the transfer of ownership was never completed. However, there is common ownership and management among all the Debtors. Included among the assets of the Debtor' bankruptcy estates are certain trailers and other untitled equipment and a possible membership interest in Victory Fleet Service LLC, a Texas limited liability company. The Court has authorized the Debtors to sell the Property to Miller Capital, LLC, a Nebraska limited liability company, in the sum of $3,014,633.64, plus (b) the amounts necessary to satisfy ad valorem property taxes for 2025 and prior years which have been assessed against the Equipment up to a maximum of $58,603.90, plus (c) $161,313.33 which Buyer (or its affiliate) previously paid to CAT Financial and/or Bell Bank to secure the release of certain liens against certain of the Equipment. The purchaser is a good faith purchaser for value and is entitled to all of the protections which Section 363(m) of the Bankruptcy Code provides. The sale of the Assets shall be free and clear of all liens, claims, interests and encumbrances. The sale of the Assets to Purchaser is without warranty and on an "as is, where is", subject to all defects basis. The Debtors shall hold the Seller Payment proceeds in Coleman County State Bank, Account No. 10024XXX, or such authorized debtor in possession depository institution as the Debtors designate with the United States Trustee for the Northern District of Texas, shall promptly inform counsel for the Official Unsecured Creditor' Committee upon the movement of the Seller Payment proceeds and identify the institution and account number where such proceeds will be held, and shall not dispose, distribute or otherwise spend any amount of the Seller Payment except as expressly set forth in the Order. The Debtors are authorized to execute such documents and take such actions as are reasonably necessary to carry out the purposes and intent of the Order. About Emory Industrial Services 1, Inc. Emory Industrial Services 1 Inc., based in Abilene, Texas, provides industrial cleaning, maintenance, and repair services for heavy equipment and machinery, including dry ice blasting for surface cleaning. The Company serves sectors such as oil and gas, food and beverage, power generation, manufacturing, agriculture, and construction. Emory Dry Ice 1, Inc., operating under the Emory Dry Ice brand, produces and distributes dry ice products for industries such as pharmaceuticals, food, and logistics. Emory Industrial Products, Inc. and Emory Industrial Holdings, Inc. are affiliated entities within the Emory Industrial Services group. Emory Industrial Services 1 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-44148) on October 27, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The Debtor is represented by Joseph F. Postnikoff, Esq., at Rochelle McCullough, LLP. ENGLEWOOD HOSPITALITY: Joseph Schwartz Named Subchapter V Trustee ----------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Joseph Schwartz, Esq., at Riker Danzig Scherer Hyland & Perretti, LLP, as Subchapter V trustee for Englewood Hospitality, LLC. Mr. Schwartz will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwartz declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Joseph L. Schwartz, Esq. Riker Danzig Scherer Hyland & Perretti, LLP One Speedwell Avenue, Morristown, NJ 07962-1981 Phone: (973) 451-8506 Email: jschwartz@riker.com About Englewood Hospitality LLC Englewood Hospitality, LLC operates a restaurant in Englewood, New Jersey, and Lefkes Delray LLC runs a restaurant in Delray, Florida, with both participating in the full-service restaurant industry. Englewood Hospitality filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-22962) on December 8, 2025, with $534,205 in assets and $1,308,989 in liabilities. Georgia Dumas, founder and managing partner, signed the petition. Andreas Koutsoudakis, Esq. ,and Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. ENOVA INTERNATIONAL: S&P Affirms 'B' ICR, Alters Outlook to Pos. ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Enova International to positive from stable. S&P also affirmed Enova's 'B' issuer credit rating and upgraded the issue level rating on the company's senior unsecured notes to 'B' from 'B-'. S&P's outlook revision reflects the potential benefits from Enova's announced acquisition of Grasshopper Bancorp, including a more diversified funding profile, expanded product offering, and eventual status as a prudentially regulated bank holding company. On Dec. 11, 2025, Enova signed a definitive agreement to acquire Grasshopper Bancorp Inc., and its wholly owned subsidiary Grasshopper Bank N.A., in a cash and stock transaction for about $369 million. After the transaction closes in the second half of 2026, Enova will become a Federal Reserve regulated bank holding company, and Grasshopper Bank will retain its national bank charter. Enova expects to fund the acquisition price of about $369 million using 50% cash and 50% newly issued Enova shares. After closing, Enova stockholders will own about 94.7% and Grasshopper will own 5.3% of the combined company. At closing, Enova will become a Federal Reserve regulated bank holding company and will have to meet minimum regulatory capital standards at the holding company and at subsidiary Grasshopper Bank. Grasshopper Bank will retain its national bank charter with Mike Butler continuing as the CEO and president. The current management will also remain as bank employees. The transaction is expected to close in the second half of 2026, subject to customary regulatory and Grasshopper stockholder approvals. Enova is expected to take on approximately $1.4 billion of assets from Grasshopper, which will result in pro-forma assets of more than $8 billion at closing. S&P expects Enova to originate new small business and near-prime consumer loans out of the bank entity, which would enable the combined company to offer additional products across more states, which it thinks will further scale the platform. Enova will benefit from Grasshopper Bank's national charter, which could simplify the set of consumer regulations with which it must comply. That said, CashNet USA, its business focused on subprime lending, will operate outside the bank, which could expose Enova to state usury laws that cap interest rates. Furthermore, Enova will now also have to comply with the regulatory requirements that apply to banks and bank holding companies. S&P believes it may have to add further capabilities to do so. S&P said, "We expect Grasshopper Bank's deposits to diversify and lower the overall cost of Enova's funding. In our view, the acquisition will reduce the company's reliance on wholesale funding over time, substituting a portion of its funding profile with deposits, which should reduce its overall cost of funding." On a pro-forma basis, the $3 billion of deposits at Grasshopper (including $1.9 billion that it has moved to other banks but can recapture) should result in deposits accounting for around 50% of Enova's new capital structure at close. Additionally, Enova's cost of funds is expected to decline over 200 basis points to around 6% from 8%, resulting in potential funding synergies of between $50-$150 million in the first three years operating as a combined business. S&P said, "Upon closing of this transaction, we will consider rating Enova under our methodology for rating banks rather than finance companies. As part of that, we could evaluate Enova's capital and earnings assessment using our risk-adjusted capital framework. The company said it will operate with capital above regulatory minimums to be consider well capitalized. "We upgraded the issue level ratings on Enova's senior secured notes to 'B', in line with the issuer credit rating. This reflects our view that unencumbered assets will remain above the amount of senior unsecured notes outstanding, after adjusting for assets pledged to nonrecourse secured debt. We expect the transition to a bank will free up capital Enova pledges to its secured facilities, which will further unencumber the balance sheet. "We treat Enova's senior notes as junior secured debt as the company has a large amount of borrowings under nonrecourse funding facilities that generally have a claim on assets more senior than the notes. "The positive outlook reflects our expectations that over the next 12 months Enova will close its acquisition of Grasshopper Bancorp, resulting in a more diversified funding profile and earnings stream, as well as benefits tied to its eventual status as a prudentially regulated bank holding company. "We could revise our outlook back to stable over the next 12 months if Enova is unable to close on its acquisition of Grasshopper Bancorp. "We could raise the rating after Enova closes its acquisition of Grasshopper Bancorp and when we believe it has demonstrated a readiness to operate as a bank holding company and has progressed toward integrating the acquired bank." An upgrade will also be contingent on Enova continuing to perform well without a meaningful deterioration in asset quality and our assessment of its financial management as a bank holding company. ENTROPY BREWING: Shuts Down Permanently With No Bankruptcy Filing ----------------------------------------------------------------- Daniel Kline of The Street reports that Entropy Brewing Company, a well-known Ohio craft beer brand, revealed that it will permanently close its doors on December 27, 2025, according to a Facebook post published earlier this month. The announcement confirmed the brewery will not remain open through New Year’s Eve. The Miamisburg, Ohio-based brewery said it plans to cease all operations on December 27, 2025 but did not provide details regarding the circumstances behind the decision. The post focused on thanking customers for their loyalty and support, the report states. "We have an important update to share," the brewery wrote. "Entropy Brewing Co. will be closing on December 27, 2025. We are deeply grateful for the incredible support this community has shown us," the brewery said in the Facebook post. Entropy Brewing opened in July 2024 inside a historic downtown building dating back more than a century. The venue included a taproom, a speakeasy-style cocktail bar, family-friendly amenities such as an indoor playground, and residential apartments on the upper floors, the report relays. About Entropy Brewing Entropy Brewing is a famous brewery and beer brand in Ohio. ERIC R. HARTMAN: To Sell Medical Equipment to Acton Family ---------------------------------------------------------- Eric R. Hartman, D.C., PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan, to sell medical equipment, known as the Medwave System, free and clear of liens, claims, interests, and encumbrances. The Debtor has an item of medical equipment known as a Medwave System that it would like to sell to Acton Family Chiropractic, PLLC. The property being sold is not necessary for the effective reorganization of the Debtor. The purchase price is $4,500.00. The Debtor believes that the sale will be in the best interests of the estate to liquidate personal property which will no longer be needed by the Debtor. The personal property to be sold is subject to the purchase money security interest of OnePlace Capital, a division of Bank Midwest. Bank Midwest has a purchase money security interest on two wave machines: an OrthoGold350 and a Medwave System. OnePlace Capital is owed approximately $38,000.00 per Debtor’s Schedules on the Medwave System. OnePlace Capital acknowledges it is only partially secured; the Medwave System, being worth $4,500.00. The asset being sold is the only item of security between Debtor and OnePlace Capital on its loan ending in 9755. OnePlace Capital has consented to the sale as evidenced by the Stipulation that will be filed in support of the motion between the Debtor and OnePlace Capital. The property shall be sold "as-is, where-is" without representation or warranty, expressed or implied, of any kind, nature or description. The sale proceeds will be paid to the secured party OnePlace Capital. About Eric R. Hartman, DC, PLLC Eric R. Hartman, DC, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02687) on September 22, 2025, listing up to $500,000 in both assets and liabilities. Eric R. Hartman, president and managing member, signed the petition. Martin L. Rogalski, Esq., at Martin L. Rogalski, P.C., represents the Debtor as legal counsel. ERIC R. HARTMAN: To Sell OrthoGold350 to Zuidema Chiropractic ------------------------------------------------------------- Eric R. Hartman, D.C., PLLC seeks approval from the U.S. Bankruptcy Court for the Western District of Michigan, to sell OrthoGold350 medical equipment, free and clear of liens, claims, interests, and encumbrances. The Debtor has an item of medical equipment named OrthoGold350 that it would like to sell to Zuidema Chiropractic, PLLC d/b/a Mission Chiropractic and Health. The property being sold is not necessary for the effective reorganization of the Debtor. The purchase price is $20,000.00. The Debtor believes that the sale will be in the best interests of the estate to liquidate personal property which will no longer be needed by the Debtor. The personal property to be sold is subject to the purchase money security interest of OnePlace Capital. OnePlace Capital has a purchase money security interest on two wave machines: an OrthoGold350 and a Medwave System. OnePlace Capital is owed approximately $84,270.00 per Debtor's Schedules on the OrthoGold350. OnePlace Capital acknowledges it is only partially secured; the OrthoGold350, being worth $20,000.00. The asset being sold is the only item of security between Debtor and OnePlace Capital on its loan ending in 36WI. OnePlace Capital has consented to the sale as evidenced by the Stipulation that will be filed in support of the motion between the Debtor and OnePlace Capital. The property shall be sold "as-is, where-is" without representation or warranty, expressed or implied, of any kind, nature or description, including without limitation, any warranty of title or of merchantability, usability or of fitness for any particular purpose. The sale proceeds will be paid to the secured party OnePlace Capital. The principal of the Debtor, Eric R. Hartman, has agreed to be employed by the prospective purchaser, effective January 2, 2026. It is anticipated that the Debtor will continue in operation in the capacity of a consultant to the purchaser. The Debtor will receive $1,000.00 per month from Mission Chiropractic to fund the Debtor's Plan. If the sale is not approved, Debtor will make arrangements to surrender the item to OnePlace Capital for its subsequent liquidation by the secured party. About Eric R. Hartman, DC, PLLC Eric R. Hartman, DC, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Mich. Case No. 25-02687) on September 22, 2025, listing up to $500,000 in both assets and liabilities. Eric R. Hartman, president and managing member, signed the petition. Martin L. Rogalski, Esq., at Martin L. Rogalski, P.C., represents the Debtor as legal counsel. FELTRIM BALMORAL: Gets Final OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Middle District of Florida issued an final order allowing Feltrim Balmoral Estates, LLC and its affiliates to use cash collateral. The Debtors may use cash collateral strictly in accordance with an approved budget through December 31, 2025, subject to a 10% cumulative weekly variance. Continued use beyond that date is permitted on a month-to-month basis if the Debtors provide timely written notice to Seacoast National Bank. Cash collateral use remains subject to lender consent or further court order, and any off-budget or excess-variance spending preserves Seacoast’s and Lynk Capital's rights. The budget shows total operational expenses of $1,75,694.68 from September to December. As adequate protection, secured creditors Seacoast National Bank and Lynk Capital, LLC will be granted continuing and perfected replacement liens on assets similar to their pre-bankruptcy collateral, with the same priority, validity and extent as their pre-bankruptcy liens. In addition, Seacoast will continue to receive a monthly payment of $5,000. As further protection, the Debtors were ordered to keep the secured creditors' collateral insured. Seacoast is represented by: Robert A. Cooper, Esq. Hahn Loeser & Parks LLP 2400 First Street, Suite 300 Fort Myers, FL 33901 Telephone: 239-337-6730 Fax: 239-337-6701 racooper@hahnlaw.com -- and -- Daniel A. DeMarco, Esq. Hahn Loeser & Parks LLP 200 Public Square, Suite 2800 Cleveland, OH 44114 Telephone: 216-621-0150 Facsimile: 216-241-2824 dademarco@hahnlaw.com Lynk Capital is represented by: Allan E. Wulbern, Esq. Smith Hulsey & Busey One Independent Drive, Suite 3300 Jacksonville, FL 32202 (904) 359-7700 (904) 359-7708 (facsimile) awulbern@smithhulsey.com About Feltrim Balmoral Estates Feltrim Balmoral Estates, LLC owns a clubhouse located at 124 Kenny Blvd., Haines City, Fla., having a fair value of $3 million. Feltrim Balmoral Estates and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-02122) on April 17, 2024. The case is jointly administered in Case No. 24-02122. In the petitions signed by Garrett Kenny, owner and manager, Feltrim Balmoral Estates disclosed $4,657,697 in assets and $16,239,519 in liabilities; The Enclave At Balmoral, LLC disclosed $5,091,844 in assets and $10,565,256 in liabilities; and Balmoral Estates, LP listed $14,327,306 in assets and $25,909,466 in liabilities. Judge Catherine Peek McEwen oversees the cases. Alberto F Gomez, Jr., Esq., at Johnson Pope Bokor Ruppel & Burns, LLP is the Debtors' legal counsel. FIRST BRANDS: Founder Blames Bankruptcy on 'Predatory' Lenders -------------------------------------------------------------- Jonathan Randles and Steven Church of Bloomberg News report that Patrick James, founder of First Brands, urged a judge to dismiss a lawsuit alleging he misappropriated hundreds of millions of dollars. James contends that the firms providing off balance-sheet financing to his company engaged in "predatory" practices, which contributed to the auto-parts supplier's bankruptcy. In a court filing on Monday, December 15, 2025, James' attorneys argued there is insufficient evidence to hold him solely responsible for the company's collapse. They cited external pressures, including rising interest rates and market volatility, that First Brands could not withstand despite its efforts. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLIPCAUSE INC: Seeks to Sell Software Business at Auction --------------------------------------------------------- Flipcause Inc. seeks permission from the U.S. Bankruptcy Court for the District of Delaware, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. Incorporated in 2012, Flipcause, Inc. is a subscription based software-as-a-service platform that provides tools for non-profits such as fundraising portals, payment processing, and administrative functions to better engage supporters of their causes. For a fee, the Debtor provides an online platform for non-profit organizations to utilize and engage with their supporters, suppliers and donors, as best fits each non-profits' needs. When the non-profits utilize their platform to receive donations or sell tickets to events, Flipcause then earns processing fees in addition to the monthly or annual subscription fees. The Debtor's suite of operational and administrative tools and services includes, but it is not limited to: (i) website hosting and management tools; (ii) online event ticketing and registration tools; (iii) fundraising campaign tools; (iv) text-to-give tools; and (v) online storefront tools. The Debtor has operated for more than a decade and has supported thousands of nonprofit clients across the United States. Over the course of its operations, the platform has processed tens of millions of dollars in transactions annually. The Debtor is seeking approval of the Bid Procedures to establish an open process for the solicitation, receipt and evaluation of bids on a timeline that allows the Debtor to consummate a sale in a manner that maximizes value for the estate. The Debtor and its investment banker will market the Debtor's business with hopes of identifying a strategic or market participant to serve as a stalking horse bidder. The Debtor has not secured a Stalking Horse Bidder, but Debtor believes it can identify a Stalking Horse Bidder and will be able to enter into a Stalking Horse Agreement. The Debtor requests that the Court approve the following general timeline: (a) Contract Cure Objection Deadline: 4:00 p.m. (ET) seven calendar days from service of the Contract Notice, as the deadline to object to the cure amounts listed in the Contract Notice; (b) Stalking Horse Deadline: on or before 12 p.m. (ET) February 4, 2026 as the deadline by which stalking horse bids must be received. However, the Debtor may elect to identify a Stalking Horse Bidder at any time prior to this deadline. (c) Sale Objection Deadline: 4:00 p.m. (ET), on February 27, 2026, as the deadline to object to the Sale; (d) Bid Deadline: on or before 12:00 p.m. (ET), February 25, 2026, as the deadline by which bids for the Assets (as well as the deposit and all other documentation required under the Bid Procedures for Qualified Bidders; (e) Auction: March 3, 2026 at 11:00_a.m. (ET), as the date and time the Auction, if needed, will be held at the offices of Gellert Seitz Busenkell & Brown, LLC, 1201 N. Orange St., 3rd Floor, Wilmington, DE 198013; (f) Sale Hearing: on or before March 11, 2026, as the date and time for the Sale Hearing. Each Bid must be accompanied by a cash deposit in the amount equal to the greater of $250,000 or five percent of the aggregate cash purchase price of the Bid to be held in an interest-bearing escrow account to be identified and established by the Debtor. Each bid must be transmitted via email or other means so as to be actually received by the Debtor, counsel for the Debtor, and the Debtor's investment banker, on or before February 4, 2026. The Debtor is also seeking approval of certain procedures to facilitate the fair and orderly assumption and assignment of the Contracts in connection with the Sale. The Debtor believes that the proposed Bid Procedures will promote active bidding from seriously interested parties and will elicit the highest or otherwise best offers available for the Assets. About Flipcause Inc. Incorporated in 2012, Flipcause, Inc. is a subscription based software-as-a-service platform that provides tools for non-profits such as fundraising portals, payment processing, and administrative functions to better engage supporters of their causes. For a fee, the Debtor provides an online platform for non-profit organizations to utilize and engage with their supporters, suppliers and donors, as best fits each non-profits' needs. When the non-profits utilize their platform to receive donations or sell tickets to events, Flipcause then earns processing fees in addition to the monthly or annual subscription fees. Flipcause Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del.). Judge Thomas M. Horan presides over the case. Ronald S. Gellert at Gellert Seitz Busenkell & Brown, LLC represents the the Debtor as legal counsel. FOUNDEVER GROUP: S&P Lowers ICR to 'CCC' on Liquidity Pressures --------------------------------------------------------------- S&P Global Ratings lowered all its ratings on Foundever Group S.A., including the issuer credit rating by two notches to 'CCC' from 'B-'. The negative outlook reflects S&P's view that liquidity will deteriorate over the coming quarters and a debt exchange or restructuring that it views as tantamount to a default is likely within the next 12 months. Foundever has not yet extended its $250 million revolver due August 2026. The company's financing partner terminated its receivables factoring facility, which will result in near-term liquidity challenges. Despite some third-quarter stabilization in operating performance, Founder's ability to achieve the sustained improvements needed to support its capital structure is uncertain. The downgrade reflects expected liquidity deterioration and strained lender relationships. S&P said, "We believe lender support for Foundever has waned based on the company's inability to address its looming revolver maturity over the past several months and the recent termination of its receivables factoring facility. While the company's factoring facility was nonrecourse, its termination results in a working capital burden for Foundever as receivables that would previously have been factored will mount on its balance sheet. The U.S. portion of the facility was terminated immediately and had $76 million outstanding. We expect the cash flow impact to be about in line with this amount over the next several weeks. The European portion of the facility has about $90 million outstanding and will not be terminated until March." Foundever now requires its revolver for liquidity support, despite its impending maturity in August 2026. Although it reported about $360 million of cash as of the third quarter ended Sept. 30, 2025, the company drew $240 million from its revolver following the termination of its factoring facility to support its unexpected working capital needs. S&P said, "Without the revolver proceeds, we think its liquidity position may not be sufficient to support the terminated receivables facility, because of its global presence with cash balances dispersed across entities and regions that could be challenging to repatriate. In our view, its deteriorating liquidity position increases the possibility Foundever could negotiate a debt exchange with its lenders that we would view as distressed." S&P said, "We no longer expect EBITDA and free operating cash flow (FOCF) generation will improve sufficiently to support its capital structure, even though recent performance indicates possible stabilization. In the third quarter, Foundever reported moderating revenue decline over the prior year's third quarter, with sequential revenue improvement compared with the second quarter. It also reported sequential earnings growth that was better than we expected, partially offsetting weaker-than-expected results earlier in the year. We now expect full year S&P Global Ratings-adjusted EBITDA margin of 11.7%, down from our prior forecast for 12.1%. Encouragingly, the company reported slightly positive FOCF in the third quarter, ahead of our earlier expectation for cash burn. However, we believe the working capital needs arising from the factoring facility termination will result in full year unadjusted FOCF deficit of around $50 million in 2025 and accelerating cash burn in 2026. We now think the company's earnings growth and cash generation profile are insufficient to support Foundever's capital structure. "The negative outlook reflects our view that its deteriorating liquidity and inability to extend its revolving credit facility could result in a distressed exchange or restructuring that we view as tantamount to a default in the next 12 months. "We could lower our rating on Foundever if we believe a payment default, distressed exchange, or restructuring appears inevitable within six months. "We could raise our rating on Foundever if it addresses its looming revolver maturity and stabilizes its cash flow and liquidity position such that we believe a distressed exchange is not likely within 12 months." FOUR SEASONS: Seeks Chapter 11 Bankruptcy in Idaho -------------------------------------------------- On December 19, 2025, Four Seasons Roofing, Inc. filed for Chapter 11 protection in the District of Idaho. According to court filings, the Debtor reports between $0 and $100,000 in assets and $1 million to $10 million in debt owed to fewer than 50 creditors. About Four Seasons Roofing, Inc. Four Seasons Roofing, Inc. is a roofing and construction services company providing residential and commercial roofing solutions, maintenance, and repair services. Four Seasons Roofing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-01065) on December 19, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Brent R. Wilson handles the case. The Debtor is represented by Jared Smith of Foley Freeman PLLC. FRUGALITY INC: Gets Final OK to Use Cash Collateral --------------------------------------------------- Frugality, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Florida, Pensacola Division to use cash collateral. The order penned by Judge Jerry Oldshue, Jr. authorized the Debtor's final use of cash collateral to pay monthly expenses and court-approved fees. As protection, BayFirst National Bank and other creditors with secured claims on the cash collateral will be granted post-petition replacement liens on personal property, which the Debtor acquired after the petition date. The Debtor may still dispute the validity of any creditor's security interest in its assets. As further protection, BayFirst will continue to receive a monthly payment of $3,000 until confirmation of its Chapter 11 plan. About Frugality Inc. Frugality Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-30177) on March 3, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Jerry C. Oldshue Jr. presides over the case. Byron Wright, III, Esq., at Bruner Wright, P.A. is the Debtor's legal counsel. BayFirst National Bank, as secured creditor, is represented by: Douglas A. Bates, Esq. Clark Partington 125 East Intendencia Street, 4th Floor Pensacola, FL 32502 Phone: (850) 434-9200 Fax: (850) 432-7340 dbates@clarkpartington.com FTX TRADING: Former Execs Barred from Director, Officer Roles ------------------------------------------------------------- Martina Barash of Bloomberg Law reports that Caroline Ellison, Gary Wang, and Nishad Singh, former executives at FTX and Alameda Research, will be prohibited from holding officer or director positions as part of SEC settlement agreements presented to federal court Friday. The executives, including Ellison as Alameda CEO, Wang as FTX CTO, and Singh as co-lead engineer, agreed to injunctions preventing them from violating anti-fraud provisions of federal securities laws. The SEC filed the consents in the U.S. District Court for the Southern District of New York, the report states. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. FULLER'S SERVICE: Court Asked to OK Chapter 11 Trustee Appointment ------------------------------------------------------------------ Adam G. Brief, the Acting U.S. Trustee for Region 11, asked the U.S. Bankruptcy Court for the Northern District of Illinois to approve the appointment of Neville Reid as Chapter 11 trustee for Fuller's Service Center, Inc. As required under Rule 2007.1(c), among others, the U.S. Trustee consulted with the following parties in interest, or their counsel, regarding the appointment of a Chapter 11 trustee: the Debtor and the estate of Sean Patrick Richards. To the best of the U.S. Trustee's knowledge, Mr. Reid's connections with the Debtor, creditors, and other parties-in-interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee are limited to the connections set forth in Mr. Reid's verified statement. A copy of the application is available for free at https://urlcurt.com/u?l=ICOpzH 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: Seeks to Sell Golf Business at Auction ---------------------------------------------------- GBI Services, LLC, and certain of its affiliates, seek approval from the U.S. Bankruptcy Court for the District of Delaware, to sell Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtors commenced these chapter 11 cases to pursue a value maximizing sale or reorganization for the benefit of all stakeholders and the Company's more than 30 employees and contractors, who have continued their tireless efforts to grow the Company's business lines, further the projects currently underway, and promote the Nicklaus brand and legacy in the face of long-term litigation. The Debtor engaged Cassel Salpeter & Co., LLC to serve as its investment banker and to assist in, among other things, a sale, refinancing, or restructuring of the Debtors. The Debtors request authority to, at any time prior to the Auction, designate one or more stalking horse bidders for the Company, to enter into purchase agreement(s) with such Stalking Horse Bidders, and to offer such Stalking Horse Bidder Stalking Horse Bid Protections. The Debtors believe a sale of the Company must be consummated as soon as practicable to maximize value. 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: Pursues New Sale Plan After Chapter 11 Hurdle ----------------------------------------------------------------- James Nani of Bloomberg Law reports that on Wednesday, December 17, 2025, Genesis Healthcare said it has tentatively aligned with creditors on a new schedule to sell its nursing-home operations after a judge blocked a previous insider-focused sale plan. The revised approach sets a mid-January deadline for bids and could result in a second auction. Oversight will now involve unsecured creditors, a retired Texas bankruptcy judge, and the Justice Department's bankruptcy monitor, according to Genesis attorney Dan Simon, who spoke at a status hearing in the US Bankruptcy Court for the Northern District of Texas, the report states. 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. GENTAL DENTAL: Seeks to Hire James Young Law as Counsel ------------------------------------------------------- Gental Dental of Island Lake Ltd. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ James Young Law as counsel. The firm will render these services: (a) advise the Debtor with respect to its powers and duties in the management and operation of its business and properties; (b) attend mutterings and negotiations with representatives of creditors and any other party in interest; (c) take all necessary action to protect and preserve the Debtor's estate; (d) prepare all legal papers necessary to administer the Debtor's estate; (e) take any action necessary on behalf of the Debtor to obtain approval of disclosure statements and its plan of reorganization; (f) represent the Debtor in connection with obtaining post-petition financing if required; (g) advise the Debtor in connection of any sale of an asset; and (h) perform all necessary legal services and provide all other necessary legal advice to the Debtor in connection with Chapter 11 case. The firm's attorneys will be billed $400 per hour and $75 per hour for paraprofessionals. In addition, the firm will seek reimbursement for expenses incurred. The Debtor paid the firm an initial retainer of $15,000. James Young, Esq., disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James A. Young, Esq. James A. Young Law, LLC 85 Market Street Elgin, IL 60123 Tel: (847) 608-9526 Fax: (847) 841-3672 Email: jyoung@jamesyounglaw.com About Gental Dental of Island Lake Ltd. Gental Dental of Island Lake Ltd. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-16544) on October 28, 2025, with up to $50,000 in assets and between $500,001 and $1 million in liabilities. Neema T. Varghese serves as Subchapter V trustee. Judge Michael B. Slade presides over the case. James A. Young, Esq., represents the Debtor as legal counsel. GOOSENECK LLC: Thomas Willson Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 5 appointed Thomas Willson as Subchapter V trustee for Gooseneck LLC. Mr. Willson will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Willson declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Thomas R. Willson 1330 Jackson Street Alexandria LA 71301 Phone: 318-442-8658 Email: Rocky@rockywillsonlaw.com About Gooseneck LLC Gooseneck LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. W.D. La. Case No. 25-31433) on December 11, 2025, with $500,001 to $1 million in assets and liabilities. Judge John S. Hodge presides over the case. Conner L. Dillon, Esq., at Gold, Weems, Bruser, Sues & Rundell represents the Debtor as legal counsel. GRINNELL CENTER: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Grinnell Center, LLC 925 Park Street Grinnell, IA 50112 Business Description: Grinnell Center, LLC operates Hotel Grinnell, a boutique hotel housed in a former junior high school building, providing lodging accommodations, on-site dining, and meeting and event spaces. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-02165 Judge: Hon. Lee M Jackwig Debtor's Counsel: Robert Gainer, Esq. CUTLER LAW FIRM PC 1307 50th Street West Des Moines IA 50266-1782 E-mail: rgainer@cutlerfirm.com Total Assets: $6,080,519 Total Liabilities: $8,228,060 The petition was signed by Angela Harrington 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/A4A5RSQ/Grinnell_Center_LLC__iasbke-25-02165__0001.0.pdf?mcid=tGE4TAMA GRMG REAL ESTATE: Unsecured Creditors Unimpaired in Prepack Plan ---------------------------------------------------------------- GRMG Real Estate LLP and DMB-GRMG Medical Building Investment, LLC filed with the U.S. Bankruptcy Court for the Northern District of Iowa a Fist Amended Joint Prepackaged Plan and Disclosure Statement dated December 10, 2025. The Debtors own certain real estate used by GRMG in the operation of its medical practice. The Debtors, together with non-debtor entities Dubuque Internal Medicine, P.C. d/b/a Grand River Medical Group and Grandview Laboratory Services Co. L.L.P. share identical ownership structures, under which each equity interest holder of the Debtors also holds a corresponding equity interest in GRMG and Grandview. As of the date of this Combined Disclosure Statement and Plan, there are 29 physicians that own equal percentage interests in each of the entities in the GRMG Group (the "GRMG Group Owners"). GRMG RE and DMB-GRMG have entered into a Binding Restructuring Support Agreement Term Sheet (the "RSA") with Premier Bank ("Premier"), Fidelity Bank ("Fidelity"), Apple River State Bank ("Apple River"), Dr. Mark Liaboe, and Dr. Randall Lengeling who collectively hold (a) all of the Debtors' secured debt and (b) all of the Debtors' unsecured debt. The RSA forms the bedrock for the Plan. The parties to the RSA encourage all holders of equity interests to carefully review the chapter 11 plan and consider voting in favor of it. The parties to the RSA were actively involved in the formulation of the plan and believe that the plan provides the highest and best recoveries for the Debtors' creditors and equity holders and prevents a value-destructive liquidation of the Debtors' real estate. Pursuant to the Combined Disclosure Statement and Plan, on or about the Effective Date: * Premier (Class 1) will receive (i) Cash from the proceeds of the NewCo One Loan1 in the amount of no more than $9,100,000.00 and (ii) the NewCo Two Loan in an amount of no more than $4,600,000.00 secured by the NewCo Two Mortgages and NewCo Two Security Interests; * Holders of Allowed Unsecured Claims (Class 2) will receive either payment of the present value of its claim or monthly payments of the claim over 60 months; * Doctor Randall Lengeling and Doctor Mark Liaboe (Class 3) will each receive a replacement promissory note in the amount of their prepetition Claims against the Debtors ($336,345.55 each), less 10% of such amount and a second-priority mortgage on the Pediatric Suite Property. While, following investigation, the Debtors do not believe that the Estates possess valuable Avoidance Actions against Dr. Lengeling and Dr. Liaboe as a result of payments made under these former GRMG Group Owners' respective redemption agreement, this 10% discount from their allowed claim amount is a settlement between the Debtors and Drs. Lengeling and Liaboe to resolve any and all such Avoidance Actions; * Individuals who are partners in GRMG RE and members of DMB GRMG, regardless of whether they resigned employment with non debtor GRMG prior to May 4, 2025, the day GRMG closed its transactions with UPH and JWDR, shall have their existing equity interests in the Debtors cancelled and, in exchange, shall receive replacement member interests in two new limited liability companies that will hold all of the Debtors' interests in the Real Property. These new entities will be limited liability companies organized under the Iowa Uniform Limited Liability Company Act, codified at Chapter 489 of the Code of Iowa, and called GRMG HoldCo One LLC ("NewCo One") and GRMG HoldCo Two LLC ("NewCo Two"), respectively. However, any individual who is a partner in GRMG RE and member of DMB-GRMG who votes to accept the chapter 11 plan may elect on their voting ballot to abandon their right to receive their interests in NewCo One and NewCo Two and thereby abandon any claim or interest in or against the Debtors. Class 2 consists of all Prepetition General Unsecured Claims. Except to the extent that a Holder of an Allowed Prepetition General Unsecured Claim agrees to a less favorable treatment, in full and final satisfaction, settlement, release, and discharge of, and in exchange for, each Allowed Prepetition General Unsecured Claim, each Holder of an Allowed Prepetition General Unsecured Claims shall be reinstated and paid in the ordinary course of business in accordance with the terms and conditions of the particular transaction or agreement giving rise to such Allowed Prepetition General Unsecured Claim; provided however that a Holder of a General Unsecured Claim may be paid pursuant to Debtors' Motion for Entry of Interim and Final Orders (I) Authorizing Payment of Certain Prepetition Claims In The Ordinary Course Of Business; (II) Waiving Causes of Action Arising Under Bankruptcy Code Section 547; (III) Approving Debtors' Proposed Form of Adequate Assurance of Payment; (IV) Establishing Procedures for Resolving Objections by Utility Companies; (V) Prohibiting Utility Companies From Altering, Refusing, or Discontinuing Service and (VI) Granting Related Relief. Class 2 is Unimpaired, and, therefore, Holders of the Prepetition General Unsecured Claims in Class 2 shall be conclusively deemed to have accepted the Plan pursuant to Bankruptcy Code section 1126(f). Therefore, Holders of Claims in Class 2 are not entitled to vote to accept or reject the Plan. Class 3 consists of all Prepetition Unsecured Redemption Claims arising in connection to a fully executed Stock, Unit, and Partnership Redemption Agreement between the Debtors and a former GRMG Group Owner. On the Effective Date, Dr. Liaboe's Prepetition Unsecured Redemption Claim shall be Allowed in the aggregate principal amount of $336,345.55. On the Effective Date, Dr. Lengeling's Prepetition Unsecured Redemption Claim shall be Allowed in the aggregate principal amount of $336,345.55. Except to the extent that a Holder of an Allowed Prepetition Unsecured Redemption Claim agrees to a less favorable treatment, on the Effective Date or as soon as practicable thereafter, each Holder of an Allowed Prepetition Unsecured Redemption Claim will receive a replacement promissory note in the amount of $302,711.00, which is 90% of the Allowed Prepetition Unsecured Redemption Claim (less payments made during the Chapter 11 Cases prior to the Effective Date to such Holder pursuant to a Redemption Agreement) (the "Replacement Note") and a second priority mortgage on the Pediatric Suite Property, pari pasu to any other promissory note and mortgage issued as a distribution to Holders of Unsecured Redemption Claims. Interest on the Replacement Note shall be five percent per annum, with interest amortized over 20 years. Class 3 is Impaired. Class 4 consists of all Equity Holder Claims, each holding approximately 3.03% of the equity interest in each of the Debtors. On, or as soon as reasonably practicable after, the Effective Date, except to the extent that a Holder of an Equity Interest agrees to a less favorable treatment, on the Effective Date or as soon as practicable thereafter, each Holder of an Allowed Equity Interest will receive a Pro Rata share of interests in NewCo One and NewCo Two and such Holder's partnership and member interest in each of the Debtors shall be cancelled. The Debtors' Cash on hand and the Assets shall be used to fund the distributions to Holders of Allowed Claims against the Debtors in accordance with the treatment of such Claims provided pursuant to the Combined Disclosure Statement and Plan and subject to the terms provided herein. The Debtors anticipate that they will lease or sell their non-tenanted properties and that proceeds from any lease or sale would comprise an additional source of consideration for Combined Disclosure Statement and Plan Distributions. On the Petition Date, the Debtors will file Debtors' Motion for Entry of Proposed Findings of Fact and Conclusions of Law (I) Approving the Sale of the Debtors' Interest in Certain Real Property Free and Clear of Liens, Claims, Interests, and Encumbrances; and (II) Granting Related Relief (the "Sale Motion"). Pursuant to the Sale Motion, the Debtors are seeking approval to sell the Lake Ridge Property for $720,000.00. The net proceeds from the sale of the Lake Ridge Property (after withholding the Lake Ridge Tax Distribution) will be distributed to Premier, which will apply such proceeds against the Debtors' outstanding indebtedness. The amount of the NewCo Two Loan will be reduced by a corresponding amount. A full-text copy of the First Amended Joint Prepackaged Plan and Disclosure Statement dated December 10, 2025 is available at https://urlcurt.com/u?l=MjTP3d from PacerMonitor.com at no charge. The Debtors' Counsel: Roy Leaf, Esq. NYEMASTER GOODE, P.C. 625 1st St SE #400 Cedar Rapids, IA 52401 Tel: (319) 286-7002 Facsimile: (319) 286-7050 Email: Rleaf@nyemaster.com -and- Jaden G. Banks, Esq. 700 Walnut Street, Suite 1300 Des Moines, IA 50309 Telephone: (515) 283-8035 Email: Jbanks@nyemaster.com About GRMG Real Estate LLP GRMG Real Estate LLP and DMB-GRMG Medical Building Investment, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Lead Case No. 25-01234) on October 15, 2025. At the time of the filing, the Debtors had estimated assets of between $10 million and $50 million and liabilities of between $10 million and $50 million. Nyemaster Goode, P.C. is the Debtors' legal counsel. HANNON ENTERPRISE: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Hannon Enterprise Group, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Hannon Enterprise Group LLC 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. Hannon Enterprise Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08135) on December 15, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Lori V. Vaughan presides over the case. Mark S. Steinberg, Esq., at Mark S. Steinberg, P.A. represents the Debtor as legal counsel. HARDING BELL: Court Extends Cash Collateral Access to Jan. 8 ------------------------------------------------------------ Harding Bell International, Inc. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use the cash collateral of its secured creditors to fund operations. The court issued a third interim order authorizing the Debtor to use the cash collateral of Cogent Bank and SouthState Bank through January 8, 2026, as per its budget, with a 10% variance allowed. The budget projects total operational expenses of $3,341,525 for the period from July 17 to December 31. As adequate protection, the secured creditors will be granted a replacement lien on assets acquired by the Debtor after its Chapter 11 filing similar to their pre-bankruptcy collateral. The replacement lien will have the same validity, priority and extent as the secured creditors' pre-bankruptcy lien. In addition, SouthState Bank and Cogent Bank will continue to receive monthly payments of $14,367 and $35,131, respectively, until further order or confirmation of the Debtor's Chapter 11 plan. The secured creditors may assert administrative claims under Section 507(b) if liens do not fully protect against diminution in collateral value. The next hearing is scheduled for January 8, 2026. The third interim order is available at https://is.gd/08ausz from PacerMonitor.com. About Harding Bell International Inc. Harding Bell International, Inc. is a certified public accounting firm based in Central Florida that provides tax preparation, business support, and FIRPTA services to U.S. and international clients. The firm serves over 9,000 clients across 22 U.S. states and more than 170 countries, with a focus on real estate investment and cross-border tax matters. Founded in 2000, it operates six offices in the region. Harding Bell International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04912) on July 17, 2025. In its petition, the Debtor reported total assets of $3,826,150 and total liabilities of $6,221,386. Judge Roberta A. Colton handles the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC is the Debtor's legal counsel. SouthState Bank, as secured creditor, is represented by: Christian P. George, Esq. Akerman LLP 50 North Laura Street, Suite 3100 Jacksonville, FL 32202 Phone: (904) 798-3700 Fax: (904) 798-3730 christian.george@akerman.com Cogent Bank, as secured creditor, is represented by: Bradley M. Saxton, Esq. Winderweedle, Haines, Ward & Woodman, P.A. 329 North Park Avenue, 2nd Floor P.O. Box 880 Winter Park, FL 32790-0880 Phone: (407) 423-4246 Fax: (407) 645-3728 Bsaxton@whww.com HERNAN REYES: Janice Seyedin Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 11 appointed Janice Seyedin as Subchapter V trustee for Hernan Reyes M.D. S.C. Ms. Seyedin will be paid an hourly fee of $295 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Seyedin declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. About Hernan Reyes M.D. S.C. Hernan Reyes M.D. S.C. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19154) on December 15, 2025, with $500,001 to $1 million in assets and $100,001 to $500,000 in liabilities. Judge Jacqueline P. Cox presides over the case. Alexander Tynkov, Esq., at Zalutsky & Pinski, Ltd. represents the Debtor as legal counsel. HIGHLANDER HOTEL: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------------- Debtor: Highlander Hotel, LLC Highlander Hotel 2525 Highlander Place Iowa City, IA 52245 Business Description: Highlander Hotel, LLC operates a full- service hotel property in Iowa City, Iowa, known as The Highlander Hotel, under a franchise agreement with Choice Hotels, providing lodging accommodations and on-site amenities including guest rooms, suites, food and beverage facilities, and recreational spaces. The Company's operations include leisure- and event- oriented offerings such as meeting areas, outdoor common spaces, and guest amenities designed to support extended stays and group use. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Southern District of Iowa Case No.: 25-02166 Judge: Hon. Lee M Jackwig Debtor's Counsel: Robert Gainer, Esq. CUTLER LAW FIRM PC 1307 50th Street West Des Moines IA 50266-1782 E-mail: rgainer@cutlerfirm.com Total Assets: $10,514,175 Total Liabilities: $13,109,428 The petition was signed by Angela Harrington 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/HDOS2QY/Highlander_Hotel_LLC__iasbke-25-02166__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Small Business Administration (SBA) $1,821,602 409 3rd Street SW Ste. 5900 Washington, DC 20416 2. MMG investments V, LLC Note $562,263 c/o Midwest Servicing 4, LLC 3144 S Winton Rd Rochester, NY 14623 3. MMG Investments V, LLC Note $384,317 c/o Midwest Servicing 4, LLC 3144 S Winton Rd Rochester, NY 14623 4. Grinnell Center LLC Periodic Credit $371,987 925 Park Street Grinnell, IA 50112 5. Iowa Department of Revenue $338,511 1305 E. Walnut St., Fl 4, 0107 Des Moines, IA 50319 6. Choice Hotels $102,733 915 Meeting Street Suite 600 North Bethesda, MD 20852 7. Preferred Travel Group $100,798 26 Corporate Drive Ste. 150 Newport Beach, CA 92660 8. Connie Wimer Trust Credit Extended $100,000 300 Walnut Street #109 Des Moines, IA 50309 9. Delphina Bauman Credit Extended $100,000 1313 Main Street Grinnell, IA 50112 10. Harry S. Holtze III Investor $100,000 330 Gilpin Street Denver, CO 80218 11. Karen Van Dusen & Joel Spiegel Investor $100,000 Revocable Trust 14026 27th Ave NE Woodinville, WA 98077 12. Petsel Ventures LLC $95,000 720 Breconshire Lane Coralville, IA 52241 13. Johnson County $78,926 913 S. Dubuque Street, Ste. 101 Iowa City, IA 52240 14. RSM US LLP $55,325 5155 Paysphere Circle Chicago, IL 60674 15. Laura Majerus Credit Extended $50,000 649 42nd Avenue San Mateo, CA 94403 16. New West Ventures LLC Investor $50,000 PO Box 9130 Portland, OR 97207 17. UHY LLP $39,170 27725 Stansbury Blvd, Ste. 385 Farmington, MI 48334 18. Modern Piping, Inc $36,432 500 Walford Cedar Rapids, IA 52404 19. Amadeus Hospitality, Inc $33,816 75 New Hampshire Ave., Ste. 300 Portsmouth, NH 03801 20. Oracle America, Inc. $32,505 PO BOX 203448 Dallas, TX 75320-3448 HORSEY DENISON: 8809 Oxon Property Sale to RDJ Homes OK'd --------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, has permitted Horsey Denison Landscaping LLC and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. On May 6, 2025, Horsey Denison Properties, LLC (HD Properties), Denison Farms, LLC (Denison Farms) and Denison Landscaping, Inc. (Denison Landscaping), each filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. The Debtor currently owns certain improved real property located in Prince George's County, Maryland known as 8809 Oxon Hill Road, Fort Washington, Maryland 20744 (Property). The Court has authorized the Debtor to sell the Property to RDJ Homes, LLC for the purchase price of $401,000. The Debtor has demonstrated good, sufficient, and sound business purpose and justification and compelling circumstances for the sale of the Real Property. The Contract and the closing will provide a greater recovery for the Debtor's estate and its creditors than would be provided by any other presently available alternative for a sale of the Real Property. The Debtor has articulated sound business reasons for performing the Contract and selling the Real Property. The sale is a reasonable exercise of the Debtor's business judgment. About Horsey Denison Landscaping Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by David V. Fontana, Esq., at Gebhardt & Smith LLP, in Baltimore, Maryland. HORSEY DENISON: 8901 Oxon Property Sale to E. Espinoza OK'd ----------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland, Greenbelt Division, has permitted Horsey Denison Landscaping LLC and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor currently owns certain improved real property located in Prince George's County, Maryland known as 8901 Oxon Hill Road, Fort Washington, Maryland 20744 (Property). The Court has authorized the Debtor to sell the Property to Edwin Wilson Espinoza Gonzales for the purchase price of $230,000. The Debtor has demonstrated good, sufficient, and sound business purpose and justification and compelling circumstances for the sale of the Real Property. The Contract and the closing will provide a greater recovery for the Debtor's estate and its creditors than would be provided by any other presently available alternative for a sale of the Real Property. The Debtor has articulated sound business reasons for performing the Contract and selling the Real Property. The sale is a reasonable exercise of the Debtor's business judgment. About Horsey Denison Landscaping Horsey Denison Landscaping LLC is a landscaping company based in Fort Washington, Maryland. It provides design and build services such as landscape installation, hardscaping, low-voltage lighting, and irrigation. Horsey Denison fully owns Denison Farms LLC, also formed in 2021, and Denison Landscaping Inc., a corporation established in 1990. The Company is affiliated with Horsey Denison Properties LLC, a Delaware-based entity co-owned equally by Robert E. Horsey and David W. Horsey. Horsey Denison Landscaping LLC and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.25-14103) on May 6, 2025. In its petition, Horsey Denison Landscaping reports estimated assets and liabilities between $1 million and $10 million each. Judge Lori S. Simpson oversees the case. The Debtors are represented by Paul Sweeney, Esq., at YVS Law, LLC. First National Bank, as lender, is represented by David V. Fontana, Esq., at Gebhardt & Smith LLP, in Baltimore, Maryland. HUNTERDON DEVELOPERS: Seeks to Hire Solomon Rosengarten as Counsel ------------------------------------------------------------------ Hunterdon Developers LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to employ Solomon Rosengarten as Solomon Rosengarten, Esq., an attorney practicing in Brooklyn, New York, to handle its Chapter 11 case. The attorney will be paid at his hourly rate of $500 and received a retainer of $7,500 from the Debtor. Mr. Rosengarten disclosed in a court filing that he is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The attorney can be reached at: Solomon Rosengarten, Esq. 2329 Nostrand Avenue, Suite 100 Brooklyn, NY 11210 Telephone: (718) 627-4460 Email: vokma@aol.com About Hunterdon Developers LLC Hunterdon Developers LLC, filed a Chapter 11 bankruptcy petition (Bankr. D.N.J. Case No. 25-19104) on Aug. 29, 2025. The Debtor hires Solomon Rosengarten, Esq. as attorney. I A P CONSTRUCTION: Court Extends Cash Collateral Access to Jan. 8 ------------------------------------------------------------------ I A P Construction, Inc. received tenth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division to use cash collateral until January 8, 2026. The Debtor requires access to cash collateral to pay the expenses set forth in its budget, subject to a 10% variance. The budget projects total operational expenses of $73,933.25 for December. American Community Bank & Trust may have an interest in the Debtor's assets, including cash collateral. As protection for the use of its cash collateral, the bank will be granted replacement liens on all post-petition property of the Debtor, including cash collateral, with the same validity, priority and extent as its pre-bankruptcy liens. The Debtor's right to use cash collateral will terminate upon entry of a court order directing the cessation of the use of cash collateral; dismissal of the Debtor's Chapter 11 case; or conversion of the case to one under Chapter 7. The next hearing is scheduled for January 7, 2026. The order is available at https://is.gd/slXaVt from PacerMonitor.com. About I A P Construction I A P Construction, Inc. filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-02709) on February 24, 2025, listing up to $1 million in both assets and liabilities. Ian Proce, president of IAP, signed the petition. Judge Deborah L. Thorne oversees the case. The Debtor is represented by: David R. Herzog, Esq. Law Offices of David R Herzog Tel: 312-977-1600 Email: drh@dherzoglaw.com INTERNATIONAL DIRECTIONAL: Gets Extension to Access Cash Collateral ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, entered an interim order authorizing International Directional Drilling, Inc. to use cash collateral. The Debtor may use cash collateral only for absolutely necessary post-petition expenses incurred between November 22, 2025 and January 14, 2026, and only for expenses due during that period. Use of funds must follow the approved budget, subject to a 10% variance per line item, unless otherwise agreed or ordered. All income, pre- and post-petition, must be deposited into the debtor-in-possession account. As adequate protection, Locality Bank, a Florida Banking Corporation, and other secured creditors will be granted a replacement lien on the Debtor's post-petition cash collateral, to the same extent as any pre-bankruptcy lien. In addition, the Debtor will keep its property insured in accordance with its loan and security agreements with Locality Bank. A copy of the fourth interim order and the Debtor's budget is available at https://shorturl.at/pG9g6 from PacerMonitor.com. The next hearing is set for January 14, 2026. Locality Bank, as secured creditor, 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 International Directional Drilling Inc. International Directional Drilling, Inc. is a company specializing in directional drilling services that provides specialized drilling services for oil and gas exploration, utility installation, or other underground infrastructure projects where non-vertical well drilling techniques are required. International Directional Drilling sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-17606) on July 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Scott M. Grossman handles the case. Chad T. Van Horn, Esq., is the Debtor's bankruptcy counsel. IROBOT CORP: Carlyle Lost Over $100MM Loan to Bankrupt Co. ---------------------------------------------------------- Dorothy Ma of Bloomberg News reports that Carlyle Group Inc. has lost more than $100 million on a loan it extended to now-bankrupt Roomba maker iRobot Corp., according to estimates based on regulatory filings and court records. The private equity firm provided a $200 million loan to iRobot in July 2023 to give the consumer robotics company additional liquidity while it awaited the closing of a planned acquisition by Amazon.com Inc. That transaction unraveled early last year after facing opposition from European Union antitrust regulators, forcing Amazon to abandon the deal and pay iRobot a $94 million termination fee, according to Bloomberg. Despite the breakup payment, iRobot continued to struggle with weak demand and rising costs, ultimately filing for Chapter 11 bankruptcy protection. Carlyle's loan is now expected to recover only a fraction of its face value, leaving the investment firm with losses exceeding $100 million, according to the estimates, the report states. About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The case is overseen by Honorable Judge Brendan Linehan Shannon. The Debtor is represented byPaul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. JRCP RESTAURANTS: Hires Kean Miller LLP as Legal Counsel -------------------------------------------------------- JRCP Restaurants, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Kean Miller LLP as counsel. Kean Miller LLP will provide these services: (a) render legal advice with respect to the Debtor' powers and duties in the continued operation of the Debtors' business as debtors-in-possession; (b) take all necessary action to protect and preserve the Debtors' bankruptcy estates, including the prosecution and defense of actions, contested matters, or other proceedings and litigation; (c) prepare all necessary schedules, statements, motions, answers, orders, reports, and other legal papers in connection with administration of the estates; (d) assist in preparing and filing a plan of reorganization; and (e) perform any and all other legal services reasonably necessary or requested in connection with the Chapter 11 cases. Kean Miller LLP will receive these hourly rates: Lloyd Lim $680 per hour Ricky Hutchens $450 per hour Kristina Tipton $325 per hour Attorneys $230 to $550 per hour Paraprofessionals $140 to $220 per hour The firm received a $20,000 retainer. The firm will also be reimbursed for all customary costs and expenses. Mr. Lim disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Lloyd A. Lim, Esq. Kristina P. Tipton, Esq. 711 Louisiana Street, Suite 1800 Houston, TX 77002 Tel: (713) 844-3000 Fax: (713) 844-3030 Email: Lloyd.Lim@keanmiller.com Kristina.Tipton@keanmiller.com About JRCP Restaurants, LLC JRCP Restaurants, LLC operates a franchise pizza restaurant in Houston, Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-3693) on November 18, 2025. In the petition signed by Justin R. Bentley, managing member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. Lloyd A. Lim, Esq., at Kean Miller LLP, represents the Debtor as legal counsel. JUAN MANUEL GINORIO: Condado Loses Bid to Dismiss Bankruptcy Case ----------------------------------------------------------------- Judge Enrique S. Lamoutte of the United States Bankruptcy Court for the District of Puerto Rico denied Condado 5, LLC's urgent motion for entry of an order pursuant to Section 1112(b)(3) of the Bankruptcy Code with respect to its motion to dismiss or convert the bankruptcy case of Juan Manuel Barreto Ginorio. Condado argues there is cause for dismissal of the bankruptcy case under Section 1112(b) of the Bankruptcy Code for the Debtor's unexcused failure to satisfy timely any filing or reporting requirement. Condado avers that, as of the date of filing of the motion to dismiss, the Debtor had not yet filed the Monthly Operating Reports for August 2025 and September 2025. The Debtor argues that both MORs were not due until October 21, 2025 pursuant to Fed. R. Bankr. P. 2015(a)(6) because the Opinion and Order issued by the U.S. District Court for the District of Puerto Rico, whereby this case was remanded back to the Bankruptcy Court, was entered on August 20, 2025. The Debtor also argues that the MOR for October was not due until November 21, 2025. The Bankruptcy Court acknowledges that the Debtor did not timely file the MORs for August and September 2025. In ruling against the motion, however, the Court holds that the Debtor was up to date with the filing of MORs prior to the entry of the Opinion and Order, whereby the case was dismissed; (2) the Debtor has cured his noncompliance by filing both MORs on November 6, 2025; and (3) the Debtor timely filed the MOR for October 2025. The Bankruptcy Court also finds that dismissal is not in the best interest of creditors and the estate. The lengthy and protracted history of this case and the related case, Bankr. Case No. 22-02380, together with the substantive matters pending before the Bankruptcy Court following the District Court's Opinion and Order dated August 20, 2025, constitute compelling circumstances. A copy of the Court's Opinion and Order dated December 8, 2025, is available at https://urlcurt.com/u?l=OT5Ux2 from PacerMonitor.com. Juan Manuel Barreto Ginorio filed for Chapter 11 bankruptcy protection (Bankr. D.P.R. Case No. 23-03681) on November 8, 2023, listing under $1 million in both assets and liabilities. The Debtor is represented by Jesus Batista Sanchez, Esq. KID FRIENDLY: Hires Kearia White CPA LLC as Accountant ------------------------------------------------------ Kid Friendly Academy LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Kearia White, CPA, LLC as accountant. The firm will provide assistance with respect to financial bookkeeping, reconciliation of bank accounts, preparation of financial statements, monthly operating reports, projections, and other matters as necessary. The firm will be paid at the rate of $250 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Kearia White Kearia White, CPA, LLC 1137 S. Bernard Road, Ste A #1019 Broussard, LA 70518 Tel: (337) 284-0058 About Kid Friendly Academy LLC Kid Friendly Academy, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-51632) on September 22, 2025, with $50,001 to $100,000 in assets and $500,001 to $1 million in liabilities. Judge Alan M. Koschik presides over the case. Peter G. Tsarnas, Esq., at Gertz & Rosen, Ltd. represents the Debtor as legal counsel. KJSS GLOBAL: Case Summary & 19 Unsecured Creditors -------------------------------------------------- Debtor: KJSS Global, Inc. 15433 Carmenita Road, Ste. 100 Santa Fre Springs, CA 90670 Business Description: KJSS Global, Inc., which operates a customer-facing website at www.makerstep.com, is a privately held wholesale and e-commerce company based in Santa Fe Springs, California, selling small kitchenware and disposable household items such as coffee stirrers, toothpicks, popsicle sticks, strainers, and colanders. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Central District of California Case No.: 25-21301 Debtor's Counsel: Andrew S. Cho, Esq. LAW OFFICES OF ANDREW S. CHO 505 N. Euclid Street, Suite 560 Anaheim, CA 92801 Tel: 714-881-0009 Fax: 714-882-6915 E-mail: andrew@ascholaw.com Total Assets: $182,871 Total Liabilities: $1,074,768 The petition was signed by Chris Kang as CEO. 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/YVBYEHA/KJSS_Global_Inc__cacbke-25-21301__0001.0.pdf?mcid=tGE4TAMA KRUGER PRODUCTS: DBRS Assigns 'BB(low)' Credit Rating ----------------------------------------------------- DBRS Limited assigned a final credit rating of BB (low) with a Stable trend to Kruger Products Inc.'s (Kruger Products, rated BB with a Stable trend) issuance of 6.250%, CAD 165 million Senior Unsecured Notes (the Notes) due December 10, 2032. The Recovery Rating on the Notes is RR5. A portion of the net proceeds was used to fully repay Kruger Products SB Inc.'s borrowings under its senior credit facilities. Kruger Products will use the balance of the net proceeds for general corporate purposes. The credit rating assigned to this newly issued debt instrument is based on the credit rating of an already-outstanding debt series of the above-mentioned debt instrument. The ratings listed above are based on the Trust Indenture dated December 10, 2025, and information provided by Kruger Products to Morningstar DBRS as of December 9, 2025. Continuation of the rating is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted rating. LAKE FAMILY PRACTICE: Andrew Layden Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Lake Family Practice of Orlando & Evans Family Care, Inc. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Lake Family Practice of Orlando & Evans Family Care Lake Family Practice of Orlando & Evans Family Care is a Florida-based medical practice providing primary and family healthcare services to patients in the Orlando area. Lake Family sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-07970) on December 8, 2025. In its petition, the Debtor reported between $100,001 and $500,000 in assets and liabilities. Honorable Bankruptcy Judge Grace E. Robson handles the case. The debtor is represented by Jeffrey Ainsworth, Esq., at BransonLaw, PLLC. LDM LLC: Richardo Kilpatrick Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Richardo Kilpatrick, Esq., at Kilpatrick & Associates, P.C. as Subchapter V trustee for LDM, LLC. Mr. Kilpatrick will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Kilpatrick declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Richardo I. Kilpatrick, Esq. Kilpatrick & Associates, P.C. 903 N. Opdyke Rd., Ste. C. Auburn Hills, MI 48326 Phone: (248) 377-0700 Fax: (248) 377-0800 Email: rkilpatrick@kaalaw.com About LDM LLC LDM, LLC, doing business as United Metal Products, manufactures metal stampings and fabricated components from its facility at 8101 Lyndon Avenue in Detroit, Michigan. LDM sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-52563) on December 11, 2025, with $1 million to $10 million in assets and liabilities. Leonard MacEachern, chief executive officer, signed the petition. Judge Maria L. Oxholm presides over the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark represents the Debtor as legal counsel. LINQTO TEXAS: Unsecureds' Recovery "Unknown" in Plan ---------------------------------------------------- Linqto Texas, LLC, and its affiliates filed with the U.S. Bankruptcy Court for the Southern District of Texas a Disclosure Statement for the Joint Chapter 11 Plan dated December 10, 2025. Founded in 2010 by Bill Sarris as a technology and software development company providing services to financial technology firms, Linqto, Inc. evolved into a financial technology platform that was intended to enable investors to indirectly invest in private-market startups and pre-IPO companies. From February 2020 through March 14, 2025, Linqto, Inc. operated an online platform that purported to allow customers to indirectly invest in private companies, with a focus on the technology sector. More specifically, Debtor Liquidshares would purchase and hold Liquidshares Portfolio Companies. With respect to a limited number of transactions at the start of the platform's operation, Linqto, Inc. would loan money to Liquidshares to fund its purchase of Platform Securities. Following the acquisition of Platform Securities, the Platform Securities were held in Liquidshares' inventory. After arms'-length negotiations, the Debtors, the Committee, and the Deaton Parties (collectively, the "Settlement Parties") reached a compromise regarding funding the administration of the Chapter 11 Cases and the treatment of the claims or interests of Customers (the "Settlement"). The Settlement resolved objections to the DIP Financing Motion and the Ripple Motion and set forth terms for the treatment of the claims or interests of Customers pursuant to a plan of reorganization, subject to Sections 1125, 1126, and 1129 of the Bankruptcy Code. Pursuant to the terms of the Settlement, the Debtors are authorized to finance the administration of the Chapter 11 Cases through use of (i) the proceeds of Reserved Securities, (ii) the Platform Securities Proceeds (including the Ripple Tender Proceeds), and (iii) DIP financing in an aggregate amount of up to $25,000,000, in accordance with the Approved Budget. In exchange, the Debtors agreed to the treatment of Customer claims or interests under a plan of reorganization to be proposed, the principal terms of which are set forth in the "Customer Securities Treatment Term Sheet" (as defined in the Settlement Motion). The Debtors, with the support of the Committee, propose the Plan to maximize value for all stakeholders. The Plan provides for the creation of three vehicles: a Wind-Down Trust, a Liquidating Trust, and a Closed-End Fund. Customers may elect to have their Customer Interests contributed to the Liquidating Trust, the Closed-End Fund, or a combination of the two, subject to the terms and limitations in the Plan. Each vehicle has a distinct purpose: * The Wind-Down Trust will be responsible for monetizing certain assets including the Reserved Securities and the Retained Causes of Action. It will also be responsible for the reconciliation of Claims against the Estates, and the administrative tasks associated with the winding up of the Debtors, subject to the terms of the Plan. Except for Customer Claims, which get the treatment described in 2 and 3, the Wind-Down Trust is the vehicle through which all Claims will recover through the Plan. A description of the Wind-Down Trust can be found in Article IV. E. of the Plan, and the Wind-Down Waterfall is described in Article IV. E.6. of the Plan. * The formation of the Liquidating Trust will allow Customers, other than those who indirectly hold any Designated Platform Securities, to contribute their Customer Interest to the Liquidating Trust in exchange for Liquidating Trust Interests that represent the Customers' economic interest in a Liquidshares Portfolio Company. The Liquidating Trust will terminate upon the earlier of (i) five years from the Effective Date (subject to periodic extensions as may be approved by the Bankruptcy Court) and (ii) the occurrence of certain events as set forth in the Liquidating Trust Agreement. The Liquidating Trust is designed to allow most Customers to keep their envisioned investment as close to their original intent as possible. * The formation of the Closed-End Fund will allow Customers, including those who indirectly hold any Designated Platform Securities, to contribute their Customer Interest to the Closed End Fund in exchange for publicly traded shares. The Closed-End Fund will not have a termination date. The Closed-End Fund will allow Customers to obtain intraday liquidity and to hold their investment long-term. All contributed Customer Interests will be pooled in the Closed-End Fund, and Electing Customers will receive shares of the Closed-End Fund equal to the value of such Electing Customers' contribution. A description of the Closed-End Fund can be found in Article IV.D. of the Plan. Class 7 consists of Other General Unsecured Claims. Each Holder of an Allowed Other General Unsecured Claim shall receive a beneficial interest in the Wind-Down Trust. Such interest shall entitle each Holder of an Allowed Other General Unsecured Claim to its share of the proceeds from the WindDown Trust Assets pursuant to the WindDown Trust Waterfall. As of the Effective Date, the Debtors' liability for all Other General Unsecured Claims shall be (i) assumed by the WindDown Trust without further act, deed, or Court order and (ii) administered and paid from the Wind-Down Trust as set forth in the Wind-Down Trust Agreement. The estimated recovery for General Unsecured Claims is "Unknown, dependent upon Wind-Down Trust recoveries", according to the Disclosure Statement. The Debtors shall fund or make distributions under the Plan, as applicable, with: (i) the Closed-End Fund Assets, (ii) the Liquidating Trust Assets, and the (iii) Wind-Down Trust Assets. The Combined Hearing before the Bankruptcy Court shall be on February 2, 2026, at 9:00 a.m. Objections to the adequacy of the Disclosure Statement and Confirmation of the Plan must be Filed and served on the Debtors, and certain other parties, by no later than January 21, 2026, at 5:00 p.m. A full-text copy of the Disclosure Statement dated December 10, 2025 is available at https://urlcurt.com/u?l=clzCYc from Epiq Corporate Restructuring, LLC, claims agent. The Debtors' Counsel: Gabrielle A. Hamm, Esq. Veronica A. Polnick, Esq. Renee D. Wells, Esq. Athanasios E. Agelakopoulos, Esq. SCHWARTZ PLLC 440 Louisiana Street, Suite 1055 Houston, Texas 77002 Tel: (713) 900-3737 Fax: (702) 442-9887 E-mail: ghamm@nvfirm.com vpolnick@nvfirm.com rwells@nvfirm.com aagelakopoulos@nvfirm.com - and - Samuel A. Schwartz, Esq. 601 East Bridger Avenue Las Vegas, Nevada 89101 Tel: (702) 385-5544 Fax: (702) 442-9887 E-mail: saschwartz@nvfirm.com About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: 310-600-3980 Office: 212-444-7200 LITTLE BROWN: Robert Goe Named Subchapter V Trustee --------------------------------------------------- The U.S. Trustee for Region 16 appointed Robert Goe, Esq., a practicing attorney in Irvine, Calif., as Subchapter V trustee The Little Brown Box Pizza, LLC and Kustom Partner, LLC. Mr. Goe will be paid an hourly fee of $545 for his services as Subchapter V trustee while his case administrator, Arthur Johnston, will be paid an hourly fee of $195. In addition, the Subchapter V trustee will receive reimbursement for work-related expenses incurred. Mr. Goe declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Robert P. Goe, Esq. 17701 Cowan Building D, Suite 210 Irvine, CA 92614 Telephone: (949) 798-2460 Facsimile: (949) 955-9437 bktrustee@goeforlaw.com About The Little Brown Box Pizza LLC The Little Brown Box Pizza, LLC, doing business as Pieology, operates fast-casual pizza restaurants in the United States, offering customizable pizzas and related menu items, and is headquartered in Irvine, California. Little Brown Box Pizza sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Lead Case No. 25-13452) on December 8, 2025. In its petition, the Debtor reported between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor is represented by Belinda M. Vega, Esq., at Venable, LLP. LITTLE PASSPORTS: Seeks Chapter 11 Bankruptcy in Delaware --------------------------------------------------------- On December 17, 2025, Little Passports, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $100 million and $500 million in debt owed to 200–999 creditors. About Little Passports, Inc. Little Passports, Inc. is a kids monthly gift subscription company that owns and operates the Web site, offering features which should allow all consumers to access the goods and services which the Company ensures the delivery of throughout the United States, including New York State.[BN] Little Passports, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12234) on December 17, 2025. In its petition, the Debtor reports estimated assets between $100 million and $500 million, with estimated liabilities in the same range. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Steven D. Adler, Esq. of Bayard, P.A. LMD HOLDINGS: Seeks to Sell Distillery Business at Auction ---------------------------------------------------------- LMD Holdings, LLC, and its affiliate, LMD Distillery, LLC, seek permission from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Sale of the Assets is intended to maximize the recovery to the bankruptcy estates, relieve the estate of substantial obligations relating to such assets, reduce the estate’s liabilities through the assumption and assignment of the relevant executory contracts and/or unexpired leases, and avoid the further deterioration in the value of the Assets. The Debtors will solicit the highest or otherwise best bids according to the following proposed timeline, which complies with the milestones in the DIP Facility, as modified by the parties, while also providing adequate and appropriate notice to parties in interest and to potential purchasers: -- Deadline to file Cure Notice Three (3) business days after entry of the Bidding Procedures Order or as soon as practicable thereafter -- Deadline to objection to Cure Notice January 23, 2026 -- Stalking Horse Selection Date January 30, 2026 -- Deadline to file Stalking Horse Notice February 3, 2026 -- Bid Deadline February 20, 2026 at 4:00 PM ET -- Auction to be held if Debtors receive more than one Qualified Bid February 25, 2026 at 10:00 AM ET -- Deadline to file objections to Sale and Successful Bidder's Adequate Assurance of Future Performance February 26, 2026 -- Sale Hearing March 3, 2026 -- Outside Closing Date March 18, 2026 The Debtors believe that the Bidding Procedures provide an appropriate framework for the sale of the Assets that will enable the Debtors to review, analyze, and compare, in a relatively uniform fashion, all offers received to determine which offer is the highest or otherwise best and in the best interests of the Debtors' estates. The Debtors submit that each lien, claim, encumbrance and interest that is not an Assumed Liability under the APA satisfies at least one of the five conditions of section 363(f) of the Bankruptcy Code. The purpose of a sale order purporting to authorize the transfer of assets free and clear of all claims, liens, encumbrances and interests would be defeated if claimants could thereafter use the transfer as a basis to assert claims against a buyer arising from a seller’s pre-sale conduct. About LMD Holdings LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million to $10 million each. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq. at ROBERT N. BASSEL. LORDON ENTERPRISES: Hires Armory Consulting as Financial Advisor ---------------------------------------------------------------- Lordon Enterprises, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Armory Consulting Co. as financial advisor. The firm will provide these services: a. provide strategic financial guidance to prepare and assist the Company through its bankruptcy; b. manage reporting requirements pertaining to the Bankruptcy Court and the U.S. Trustee's office, including (as applicable) Schedules and Statement of Financial Affairs, monthly operating reports, 7-Day Package, and cash flow projections; c. manage preparation of periodic cash flow forecasts (i.e., 13 weeks or similar), long term financial projections, and variance analysis, as needed; d. assist with negotiating and serving as a liaison between the Company and its creditors or their representatives; e. assist with the projections in developing a plan of reorganization; f. prepare the liquidation analysis; g. assist with preparing a valuation and/or appraisal of the Company's business and/or assets; h. evaluate the rejection of any executory contracts and unexpired leases; i. assist in the evaluation and analysis of avoidance actions and causes of action; j. provide testimony, including deposition testimony, before the Bankruptcy Court on matters within Armory's expertise and consistent with Armory's scope of services herein; k. oversee analysis of creditors' claims; and l. provide additional services as may be mutually agreed upon in writing between Company and Armory. The firm will be paid at these rates: James Wong $625 per hour Associates $475 to $550 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. James Wong, a principal at Armory Consulting Co., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: James Wong, Esq. Armory Consulting Co. 3943 Irvine Blvd., #253 Irvine, CA 92602 Telephone: (714) 222-5552 Email: jwong@armoryconsulting.com About Lordon Enterprises, Inc. Lordon Enterprises, Inc. provides specialized services to the real estate industry, including property management, appraisal, listing, escrow, and consulting services. Lordon Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19832) on November 3, 2025. In the petition signed by Donald J. Melching, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $50 million in liabilities. Judge Barry Russell oversees the case. Misty Perry Isaacson, Esq., at Salvato Boufadel, LLP represents the Debtor as counsel. LUMINAR TECHNOLOGIES: Ropes & Gray Advises Noteholders Group ------------------------------------------------------------ An ad hoc group of noteholders to Luminar Technologies, Inc. and its debtor-affiliates is represented by Ropes & Gray LLP, according to a Verified Statement filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, pursuant to Federal Rule of Bankruptcy Procedure 2019. The ad hoc group holds Floating Rate Senior Secured Notes due 2028 issued pursuant to an Indenture, dated August 8, 2024; and 9.0% Convertible Second Lien Senior Secured Notes due 2030 and 11.5% Convertible Second Lien Secured Notes due 2030 issued pursuant to an Indenture, dated as of August 8, 2024, by and between Luminar, as issuer, and GLAS, as trustee. According to the group's Verified Statement: 1. In October 2025, members of the Ad Hoc Group retained Ropes & Gray LLP to represent their interests in connection with these Chapter 11 Cases. 2. As of December 15, 2025, members of the Ad Hoc Group hold, or are the investment advisors, sub-advisors, or managers of funds or accounts that hold (a) approximately $91,328,000 in convertible notes under the 2028 Notes Indenture and (b) approximately $202,998,000 in convertible notes under the 2030 Notes Indenture. 3. Counsel does not represent the Ad Hoc Group as a "committee" and does not undertake to represent the interests of, and is not a fiduciary for, any creditor, party-in-interest, or other entity that has not signed a retention agreement with Counsel. No member of the Ad Hoc Group represents or purports to represent any other person or entity in connection with the Debtors' chapter 11 cases. In addition, each member of the Ad Hoc Group (a) does not assume any fiduciary or other duties to any other person or entity and (b) does not purport to act or speak on behalf of any other member of the Ad Hoc Group in connection with these Chapter 11 cases. The Group's members have no agreement, arrangement, or understanding with respect to acting together for the purpose of acquiring, holding, voting, or disposing of any equity securities of the Debtors and are not intended to be, do not constitute, and are not presumed or deemed to be a "group" within the meaning of Rule 13d under the Securities Exchange Act of 1934. The names and addresses of the Ad Hoc Group's members, and the nature and amount of disclosable economic interests held by each member in relation to the Debtors are: 1. Capital Ventures International c/o Susquehanna Advisors Group, Inc., 401 City Avenue, Suite 220, Bala Cynwyd, PA 19004 Principal Amount of 2028 Floating Rate Senior Secured Notes $9,954,000 9.0% of the Principal Amount of 2030 Convertible Notes $8,190,000 11.5% of the Principal Amount of 2030 Convertible Notes $19,109,000 Other Disclosable Economic Interests Short position: 120,090 shares 2. Context Partners Master Fund, L.P. 7724 Girard Avenue, Third Floor, La Jolla, CA 92037 Principal Amount of 2028 Floating Rate Senior Secured Notes $12,561,000 9.0% of the Principal Amount of 2030 Convertible Notes $8,835,000 11.5% of the Principal Amount of 2030 Convertible Notes $25,864,000 Other Disclosable Economic Interests $236,000 principal amount of 1.25% Convertible Senior Notes due 2026 issued pursuant to that certain Indenture dated December 17, 2021 Short position: 669,785 shares Short call options position of: (11,487) LAZR1 01/16/26 1.5(pre-split) Calls (67,846) LAZR1 01/16/26 1(pre-split) Calls (6,000) LAZR 02/20/26 2 Calls (6,985) LAZR 01/15/27 3 Calls (7,801) LAZR1 01/15/27 1(pre-split) Calls (662) LAZR 01/16/26 7 Calls (9,734) LAZR 01/15/27 5 Calls (1,011) LAZR 01/15/27 10 Calls (4,000) LAZR 01/16/26 3 Calls 3. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts managed, or advised or controlled by entities in the D.E. Shaw Group Two Manhattan West, 375 Ninth Avenue, 52nd Floor, NY 10001 Principal Amount of 2028 Floating Rate Senior Secured Notes $9,030,000 9.0% of the Principal Amount of 2030 Convertible Notes $4,500,000 11.5% of the Principal Amount of 2030 Convertible Notes $7,500,000 Other Disclosable Economic Interests Long position: 20,144 shares Short position: 1,126,952 shares Long call options position: 935,200 shares Short put options: 350,000 shares 4. LMR CCSA Master Fund Limited c/o LMR Partners LLC, 412 West 15th Street, 9th Floor, New York, NY 10011 Principal Amount of 2028 Floating Rate Senior Secured Notes $9,977,000 9.0% of the Principal Amount of 2030 Convertible Notes $1,000,000 11.5% of the Principal Amount of 2030 Convertible Notes $14,523,000 Other Disclosable Economic Interests Short position: 2,112,849 equity shares Long position: 12,302 LAZR1 US 01/15/27 P0.5 contracts 5. LMR MALT Fund Limited c/o LMR Partners LLC, 412 West 15th Street, 9th Floor, New York, NY 10011 Principal Amount of 2028 Floating Rate Senior Secured Notes $2,185,000 9.0% of the Principal Amount of 2030 Convertible Notes --- 11.5% of the Principal Amount of 2030 Convertible Notes $2,275,000 Other Disclosable Economic Interests --- 6. LMR Multi-Strategy Master Fund Limited c/o LMR Partners LLC, 412 West 15th Street, 9th Floor, New York, NY 10011 Principal Amount of 2028 Floating Rate Senior Secured Notes $9,977,000 9.0% of the Principal Amount of 2030 Convertible Notes $1,000,000 11.5% of the Principal Amount of 2030 Convertible Notes $14,522,000 Other Disclosable Economic Interests Short position: 2,112,852 equity shares Long position: 12,303 LAZR1 US 01/15/27 P0.5 contracts 7. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts managed, or advised or controlled by Silverback Asset Management, LLC c/o Silverback Asset Management, LLC, 1414 Raleigh Road, Suite 250, Chapel Hill, NC 27517 Principal Amount of 2028 Floating Rate Senior Secured Notes $8,201,000 9.0% of the Principal Amount of 2030 Convertible Notes $9,249,000 11.5% of the Principal Amount of 2030 Convertible Notes $21,690,000 Other Disclosable Economic Interests --- 8. Certain funds and/or accounts, or subsidiaries of such funds and/or accounts, managed, or advised or controlled by Whitebox Advisors LLC or a subsidiary or an affiliate thereof 515 Madison Avenue, 34th Floor, New York, NY 10022 Principal Amount of 2028 Floating Rate Senior Secured Notes $11,488,000 9.0% of the Principal Amount of 2030 Convertible Notes --- 11.5% of the Principal Amount of 2030 Convertible Notes $15,503,000 Other Disclosable Economic Interests Short position: 414,320 shares Short call position: 3,000 calls 9. Wolverine Flagship Fund Trading Limited c/o Wolverine Asset Management, LLC, 175 W. Jackson Blvd., Suite 340, Chicago, IL 60604 Principal Amount of 2028 Floating Rate Senior Secured Notes $17,955,000 9.0% of the Principal Amount of 2030 Convertible Notes $14,771,000 11.5% of the Principal Amount of 2030 Convertible Notes $34,467,000 Other Disclosable Economic Interests Short position: 2,118,106 shares Short call options: exercisable into 1,088,282 shares Long put options: exercisable into 1,403,728 shares TOTAL NOTES Principal Amount of 2028 Floating Rate Senior Secured Notes = $91,328,000 9.0% of the Principal Amount of 2030 Convertible Notes = $47,545,000 11.5% of the Principal Amount of 2030 Convertible Notes = $155,453,000 AGGREGATE TOTAL NOTES = $294,326,000 Counsel to the Ad Hoc Group may be reached at: Matthew M. Roose, Esq. Sam Badawi, Esq. ROPES & GRAY LLP 1211 Avenue of the Americas New York, NY 10036-8704 Tel: (212) 596-9000 Fax: (212) 596-9090 E-mail: matthew.roose@ropesgray.com sam.badawi@ropesgray.com - and - Conor McNamara, Esq. Michael K. Wheat, Esq. ROPES & GRAY LLP 191 North Wacker Drive Chicago, IL 60606-4302 Tel: (312) 845-1200 Fax: (312) 845-5500 E-mail: conor.mcnamara@ropesgray.com michael.wheat@ropesgray.com About Luminar Technologies, Inc. Luminar Technologies, Inc. is an automotive lidar manufacturer. Luminar Technologies Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90808) on December 15, 2025. In its petition, Luminar reported estimated assets between $100 million and $500 million and estimated liabilities between $500 million and $1 billion. Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company engaged Jefferies LLC, as investment banking advisers, and Portage Point Partners, LLC's Triple P TRS, LLC as restructuring advisor and to provide interim management services for the Company. Omni Agent Solutions, Inc. serves as the claims and noticing agent. Quantum Computing Inc., the proposed buyer for the Debtors' assets, is represented by Wilson Sonsini Goodrich & Rosati Professional Corporation. 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. M&M CUSTARD: Hires Payne and Jones CTD as Special Counsel --------------------------------------------------------- M&M Custard, LLC and affiliates seek approval from the U.S. Bankruptcy Court for the District of Kansas to employ Payne and Jones, CTD as special counsel. The firm will assist the Debtor in the negotiation of various leases and other various matters. The firm will be paid at these rates: Michael Fischer $400 per hour Paralegals $200 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Fischer disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Fischer, Esq. Payne and Jones, CTD 11000 King Street Overland Park, KS 66210 Tel: (913) 469-4100 Fax: (913) 469-8182 About M&M Custard, LLC M&M Custard LLC, doing business as Freddy's Frozen Custard & Steakburgers, operates 30+ franchise locations across six Midwestern and Southern U.S. states. Headquartered in Overland Park, Kansas, M&M Custard was founded in 2010, opened its first location in Jefferson City, Missouri in 2012, and has expanded into Missouri, Kansas, Illinois, southern Indiana, Kentucky, and Tennessee. The Debtor operates fast-casual restaurants specializing in steakburgers, hot dogs, and frozen custard, and manages its stores through individual subsidiary LLCs, collectively holding 41 store franchise license agreements with Freddy's. M&M Custard and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Lead Case No. 25-21650) on November 14, 2025. In its petition, M&M Custard reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtors are represented by Colin N. Gotham, Esq., at Evans & Mullinix, P.A. M.K. WEEDEN: To Sell Control Van to Greenworks Builders ------------------------------------------------------- M.K. Weeden Construction Inc. (MKW), and its affiliates, MK Equipment Co. LLC (MKE), and WMK Holding LLC (WMK), seek approval from the U.S. Bankruptcy Court for the District of Montana, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is a 1996 Great Dane Control Van and a 2007 3412 PKGG Cat Generator that is attached to the van. The Great Dane Van and generator are to be sold to Greenworks Builders for a total purchase price of $195,000.00, which is allocated $115,000 for the Great Dane Van and $80,000 for the Generator. The Great Dane Van and Generator were not listed for sale online; however, the Buyer was aware that the Debtor and its related entities were selling off some equipment, contacted Mr. Weeden and they negotiated the purchase price for the Great Dane Van and Generator at arm's length. Should any higher offers on similar terms come to the Debtor in advance of the hearing on the motion, Debtor would propose approving the sale to that bidder. The lienholders of the Property are First Bank of Montana, Bravera Bank, and Employers Mutual Casualty Company. This is the only offer for the Great Dane Van and attached Generator that MKW Corp has received, and the Debtor believes given the length of time it has been trying to sell other equipment without movement, that this is the highest and best offer that the Debtor will receive for the equipment. Therefore, Debtor seeks to sell the Great Dane Van and Generator to the Buyer for this price, and to retain the proceeds pending further Court order. The Buyer is not related to MKW Corp, MKE or any of the other related Weeden Entities, their affiliates, or any of their insiders. Neither the Great Dane Van nor the Generator are currently in use by Debtor. The Debtor believes that liquidating these assets is in the best interest of the estate and its creditors, as it will assist with maximizing the value of the estate. About MK Weeden Construction, Inc. MK Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. MK Weeden Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.Mon.) on December 11, 2025. In the petitions signed by Monte K. Weeden as president and manager, M.K. Weeden discloses total assets of $27,956,847 and total liabilities of $23,678,668, MK Equipment's total asset $10,781,882 and total liabilities of $19,960,273 and WMK Holding's total assets of $6,775,000 and total liabilities of $23,812,640. Debtor Case No. ------ -------- M.K. Weeden Construction, Inc. 25-40100 92 Industrial Way Lewistown, MT 59457 MK Equipment Co. LLC 25-40101 92 Industrial Way Lewistown, MT 59457 WMK Holding LLC 25-40102 92 Industrial Way Lewistown, MT 59457 Judge Benjamin P. Hursh presides over the case. Seamus B. McCulloch at Christian, Samson, & Baskett, PLLC, represents the Debtors as legal counsel. M.K. WEEDEN: To Sell Truck to Sussex Construction for $45K ---------------------------------------------------------- M.K. Weeden Construction, Inc. (MKW) and its affiliates, M.K. WEEDEN (MKE) and WMK Holding LLC (WMK), seek permission from the U.S. Bankruptcy Court for the District of Montana, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtors own certain equipment including a 2002 MT31X Moxy Art Truck. The lienholders of the Property are First Bank of Montana, Bravera Bank, and Employers Mutual Casualty Company. On or about December 17, 2025, Mr. Weeden was contacted by Sussex Construction who made an offer to purchase the Moxy Truck for $45,000.00. This is the only offer for the Moxy Truck that MKE has received, and the Debtor believes given the length of time it has been trying to sell other equipment without movement, that this is the highest and best offer that the Debtor will receive for the Moxy Truck. Therefore, Debtor seeks to sell the Moxy Truck to the Buyer for the offered price, and to retain the proceeds pending further Court order. Buyer is not related to MKE, MKW Corp or any of the other related Weeden Entities, their affiliates, or any of their insiders. The Moxy Truck is not currently in use by Debtor. Accordingly, the Debtor believes that liquidating the Moxy Truck is in the best interest of the estate and its creditors, as it will assist with maximizing the value of the estate. The Debtor will deposit all sale proceeds into the MKE bank account, subject to all liens attaching to the proceeds in the same order and priority as existed in the Moxy Truck, to be held pending further Court order as to disposition of those funds. About MK Weeden Construction, Inc. MK Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. MK Weeden Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.Mon.) on December 11, 2025. In the petitions signed by Monte K. Weeden as president and manager, M.K. Weeden discloses total assets of $27,956,847 and total liabilities of $23,678,668, MK Equipment's total asset $10,781,882 and total liabilities of $19,960,273 and WMK Holding's total assets of $6,775,000 and total liabilities of $23,812,640. Debtor Case No. ------ -------- M.K. Weeden Construction, Inc. 25-40100 92 Industrial Way Lewistown, MT 59457 MK Equipment Co. LLC 25-40101 92 Industrial Way Lewistown, MT 59457 WMK Holding LLC 25-40102 92 Industrial Way Lewistown, MT 59457 Judge Benjamin P. Hursh presides over the case. Seamus B. McCulloch at Christian, Samson, & Baskett, PLLC, represents the Debtors as legal counsel. MARINER'S GATE: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------- On December 16, 2025, Mariner's Gate LLC filed for Chapter 11 protection in the Southern District of New York. According to court filings, the Debtor reports between $50 million and $100 million in debt owed to 1-49 creditors. About Mariner's Gate LLC Mariner's Gate LLC is a single asset real estate company. Mariner's Gate LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12819) on December 16, 2025. In its petition, the Debtor reports estimated assets in the range of $50 million to $100 million and estimated liabilities in the range of $50 million to $100 million. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtor is represented by J. Ted Donovan, Esq., of Goldberg Weprin Finkel Goldstein LLP. MAVENCRUX I LLC: Amends Unsecured Claims Pay Details ---------------------------------------------------- Mavencrux I, LLC submitted a First Amended Disclosure Statement describing First Amended Plan of Reorganization dated December 10, 2025. The Disclosure Statement contemplates a restructuring and reorganization of Mavencrux's secured and unsecured debt obligations. The Plan proposes to pay the Debtor's Creditors from contributions of capital, unsecured financing, and the Debtor's future income. Class 5 Claims consist of the Allowed General Unsecured Claims of the Debtor's creditors that are not disputed, contingent or unliquidated. Class 5 will be paid twelve percent of their allowed claim amount pro rata from a cash pool of approximately $46,032.92 to be funded by the Post-Effective Date Lender and disbursed by the Debtor within ninety days of the Effective Date. The Class 5 Claims are Impaired by the Plan. Each Holder of an Allowed Class 5 Claim is entitled to vote to accept or reject the Plan. The allowed unsecured claims total $383,607.70. Class 6 consists of the Equity Interests of the Pre-Petition Holders of ownership units of the Debtor. The Pre-Petition Equity Interests of the owners of the Debtor shall be cancelled on the Effective Date. The Class 6 Equity Interests are Impaired, but shall not be entitled to vote. Funding for the Debtor, and thus payments to the Claimants hereunder during the pendency of this Chapter 11 case and post Confirmation, are to be made from the leasing revenues of the Debtor and supplemented through an unsecured financing arrangement (the "Post-Effective Date Financing" or "Financing") between the Debtor and Valiant Shadow Creek II, LLC. (the "Post-Effective Date Lender"). The Financing agreement provides that the PostEffective Date Lender shall make available to the Debtor an amount of cash up to $1,500,000.00. Upon confirmation of the Debtor's Plan of Reorganization and as of the Effective Date, all indebtedness, and obligations of the Debtor under the Financing agreement shall be automatically satisfied, and discharged in full in exchange for the issuance of equity interests as set forth herein, with no cash repayment required. The Members of the Post-Effective Date Lender, pursuant to a merger into and with the Debtor, shall own 1,000 units of the Reorganized Debtor's Class A Membership Interests, representing 100% of such Class A Membership Interests upon the Effective Date, whereby such Class A Membership interests shall have such rights, interests, preferences and privileges. Upon the Effective Date, the holder of the Class 4 Secured Claim shall be issued in full satisfaction of its Class 4 Secured Claim, 1,000 units of the Reorganized Debtor's Class B Membership Interests, representing 100% of such Class B Membership Interests. Additionally, on the Effective Date, the holder of the Secured Class 2 Claim shall receive 1,000 units of the Reorganized Debtor's Class C Membership Interests, representing 100% of such Class C Membership Interests. A full-text copy of the First Amended Disclosure Statement dated December 10, 2025 is available at https://urlcurt.com/u?l=MwtiWv from PacerMonitor.com at no charge. General Reorganization Counsel for the Debtor: Jeffrey D. Goetz, Esq. Brennan B. Eddie, Esq., Dickinson Bradshaw Fowler & Hagen PC 801 Grand Avenue, Suite 3700 Des Moines, IA 50309 Telephone: (515) 246-5817 Facsimile: (515) 246-5808 Email: jgoetz@dickinsonbradshaw.com About Mavencrux I Mavencrux I, LLC is an Iowa limited liability company, whose sole asset is a single piece of real estate comprised of 55 single-family residential units. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Iowa Case No. 25-00292) on March 3, 2025. In the petition signed by Louis Weltman, CRO and manager, the Debtor disclosed under $1 million in both assets and liabilities. The Debtor tapped Jeffrey D. Goetz, Esq., at Dickinson, Bradshaw, Fowler & Hagen PC as counsel. MAXILL DENTAL: Frederic Schwieg Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg, Esq., at Schwieg Law, as Subchapter V trustee for Maxill Dental, Inc. Mr. Schwieg will be paid an hourly fee of $370 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwieg declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frederic P. Schwieg, Esq. Schwieg Law 2705 Gibson Drive Rocky River, OH 44116-1815 Phone: (440) 499-4506 Email: fschwieg@schwieglaw.com About Maxill Dental Inc. Maxill Dental, Inc. is a full-service dental care provider offering comprehensive oral health services to patients of all ages. It specializes in general dentistry, preventive care, cosmetic procedures, and restorative treatments, aiming to improve both dental health and patient confidence. Maxill Dental sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41502) on December 9, 2025. In its petition, the Debtor reports estimated assets of up to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq., at Steel & Company Law Firm. MAXILL DENTAL: Seeks to Hire Steel & Company as Counsel ------------------------------------------------------- Maxill Dental, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Steel & Company Law Firm as attorney. The firm's services include: (a) file and monitor the Debtor's Chapter 11 case; (b) advise the Debtor of its obligations and duties; (c) execute the Debtor's decisions by filing with the court motions, objections, and other relevant documents; (d) appear before the court on all matters in this case relevant to the interests of the Debtor; (e) assist the Debtor in the administration of the Chapter 11 case; and (f) take such other actions as are necessary to protect the rights of the Debtor's estate. The firm will be paid at these rates: Attorney / Principal $395 per hour Attorney / Associate $175 per hour Paralegals/Law Clerks $50 per hour In addition, the firm will seek reimbursement for expenses incurred. Prior to the filing of the chapter 11 case, Debtor paid the firm a retainer in the amount of $30,700. Michael Steel, Esq., an attorney at Steel and Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael A. Steel, Esq. Steel & Company Law Firm 2950 West Market Street, Suite G Fairlawn, OH 44333 Telephone: (303) 223-5050 Email: msteel@steelcolaw.com About Maxill Dental, Inc. Maxill Dental Inc. is a full-service dental care provider offering comprehensive oral health services to patients of all ages. The company specializes in general dentistry, preventive care, cosmetic procedures, and restorative treatments, aiming to improve both dental health and patient confidence. Maxill Dental, Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41502) on December 9, 2025. In its petition, the Debtor reports estimated assets of $0â€“$100,000 and estimated liabilities of $100,001â€“$1,000,000. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq. of Steel & Company Law Firm. MAXILL INC: Frederic Schwieg Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg, Esq., at Schwieg Law, as Subchapter V trustee for Maxill, Inc. Mr. Schwieg will be paid an hourly fee of $370 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwieg declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frederic P. Schwieg, Esq. Schwieg Law 2705 Gibson Drive Rocky River, OH 44116-1815 Phone: (440) 499-4506 Email: fschwieg@schwieglaw.com About Maxill Inc. Maxill, Inc. is a company engaged in the dental products and services industry, providing innovative solutions and equipment for dental practices. Maxill filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41500) on December 9, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq., at Steel & Company Law Firm. MAXILL INC: Seeks to Hire Steel & Company as Counsel ---------------------------------------------------- Maxill, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Ohio to employ Steel & Company Law Firm as attorney. The firm's services include: (a) file and monitor the Debtor's Chapter 11 case; (b) advise the Debtor of its obligations and duties; (c) execute the Debtor's decisions by filing with the court motions, objections, and other relevant documents; (d) appear before the court on all matters in this case relevant to the interests of the Debtor; (e) assist the Debtor in the administration of the Chapter 11 case; and (f) take such other actions as are necessary to protect the rights of the Debtor's estate. The firm will be paid at these rates: Attorney / Principal $395 per hour Attorney / Associate $175 per hour Paralegals/Law Clerks $50 per hour In addition, the firm will seek reimbursement for expenses incurred. Prior to the filing of the chapter 11 case, an affiliate of the Debtor paid the firm a retainer in the amount of $30,700. Michael Steel, Esq., an attorney at Steel and Company, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael A. Steel, Esq. Steel & Company Law Firm 2950 West Market Street, Suite G Fairlawn, OH 44333 Telephone: (303) 223-5050 Email: msteel@steelcolaw.com About Maxill, Inc. Maxill, Inc. is a company engaged in the dental products and services industry, providing innovative solutions and equipment for dental practices. Maxill, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41500) on December 9, 2025. In its petition, the Debtor reports estimated assets of $0 to $50,000 and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq. of Steel & Company Law Firm. MAXILL REALTY: Frederic Schwieg Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Frederic Schwieg, Esq., at Schwieg Law, as Subchapter V trustee for Maxill Realty, Inc. Mr. Schwieg will be paid an hourly fee of $370 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Schwieg declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Frederic P. Schwieg, Esq. Schwieg Law 2705 Gibson Drive Rocky River, OH 44116-1815 Phone: (440) 499-4506 Email: fschwieg@schwieglaw.com About Maxill Realty Inc. Maxill Realty, Inc. is a full-service real estate firm providing property management, investment, and leasing services for commercial and residential properties. Maxill Realty sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-41501) on December 9, 2025. In its petition, the Debtor reported between $1 million and $10 million is assets and liabilities. Honorable Bankruptcy Judge Tiiara N.A. Patton handles the case. The Debtor is represented by Michael A. Steel, Esq. of Steel & Company Law Firm. MINISTERIOUS UNA VOZ: Section 341(a) Meeting of Creditors on Jan. 5 ------------------------------------------------------------------- On December 1, 2025, Ministerios Una Voz Profetica En Las Naciones Inc. filed for Chapter 11 protection in the Central District of California. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 1 and 49 creditors. A meeting of creditors under Section 341(a) to be held on January 5, 2026 at 09:30 AM at UST-LA2, TELEPHONIC MEETING. CONFERENCE LINE:1-888-330-1716, PARTICIPANT CODE:8009991. About Ministerios Una Voz Profetica En Las Naciones Inc. Ministerios Una Voz Profetica En Las Naciones Inc. is a nonprofit religious corporation that provides faith-based services and religious education programs Ministerios Una Voz Profetica En Las Naciones Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20769) on December 1, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Barry Russell handles the case. The Debtor is represented by Sheila Esmaili, Esq. of LAW OFFICES OF SHEILA ESMAILI MOSAIC MENTAL: Melissa Haselden Named Subchapter V Trustee ---------------------------------------------------------- The U.S. Trustee for Region 7 appointed Melissa Haselden, Esq., at Haselden Farrow, PLLC as Subchapter V trustee for Mosaic Mental Health, PLLC. Ms. Haselden will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Haselden declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Melissa A. Haselden, Esq. Haselden Farrow, PLLC 700 Milam, Suite 1300 Pennzoil Place Houston, TX 77002 Telephone: (832) 819-1149 Facsimile: (866) 405-6038 mhaselden@haseldenfarrow.com About Mosaic Mental Health PLLC Mosaic Mental Health, PLLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-37534) on December 11, 2025, with $50,001 to $100,000 in assets and $100,001 to $500,000 in liabilities. Judge Eduardo V. Rodriguez presides over the case. Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as bankruptcy counsel. MOUNTAINS OF SABER: Hires Mr. Loeffler as Forensic Accountant ------------------------------------------------------------- Mountains of Saber, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to employ James A. Loeffler as forensic accountant. The firm will review the books and records of the Debtor from 2014 to the Petition Date. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. As disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James A. Loeffler 106 Shadow Ridge Drive Pittsburgh, PA 15238 Tel: (412) 400-7548 Email: jaloeffler@getintune.com About Mountains of Saber, LLC Mountains of Saber LLC is the fee simple owner of nine rentable commercial spaces varying in size located at 797-815 Stanley Avenue Brooklyn, NY valued at $3 million (based on Debtor's estimate). Mountains of Saber LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 24-43693) on September 5, 2024. In the petition filed by Ali Alsaede, chief restructuring officer, the Debtor reports total assets of $3,000,000 and total liabilities of $525,677. Judge Jil Mazer-Marino oversees the case. H. Bruce Bronson, Esq., at Bronson Law Offices, P.C. serves as the Debtor's counsel. MW MASON: Hires Decker Farrell & McCoy LLP as Accountant -------------------------------------------------------- MW Mason Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Decker, Farrell & McCoy, LLP as accountant. The firm will assist the Debtor in the preparation of tax returns and other accounting services. The firm will be paid based upon its normal and usual hourly billing rates. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Farrell disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Michael Farrell Decker, Farrell & McCoy, LLP 400 W Ventura Blvd #245 Camarillo, CA 93010 Tel: (805) 910-1441 About MW Mason Construction, Inc. MW Mason Construction, Inc. is a construction services provider in the United States, working across residential and commercial sectors. It delivers general contracting, design-build, and renovation services, prioritizing high-quality results, project efficiency, and client satisfaction. MW Mason Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11589) on November 25, 2025. Its petition reports estimated assets between $100,001 and $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Ronald A. Clifford, III presides over the case. The Debtor is represented by William C. Beall, Esq., at Beall and Burkhardt, APC. MW MASON: Seeks to Hire Beall & Burkhardt APC as Counsel -------------------------------------------------------- MW Mason Construction, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Beall & Burkhardt, APC as counsel. The firm will provide these services: (a) advise the Debtor generally concerning its rights, duties, and obligations; (b) meet with the Debtor concerning the initial filing requirements of a Chapter 11 case; (c) represent the Debtor in all hearings and meetings before the bankruptcy court; (d) prosecute and defense of appropriate adversary proceedings in the bankruptcy court; (e) prosecute any claim objections; (f) prepare and prosecute a Disclosure Statement and Plan of Reorganization; and (e) such other matters as shall normally arise in the conduct of the Chapter 11 case. The firm will be paid at these rates: William Beall, Attorney $650 per hour Eric Burkhardt, Attorney $525 per hour Ryan W. Beall, Attorney $450 per hour The firm received a retainer from the Debtor in the amount of $41,717. Mr. Beall disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: William C. Beall, Esq. Beall & Burkhardt, APC 1114 State Street La Arcada Building, Suite 200 Santa Barabra, CA 93101 Tel: (805) 966-6774 Fax: (805) 963-5988 About MW Mason Construction, Inc. MW Mason Construction, Inc. is a construction services provider in the United States, working across residential and commercial sectors. It delivers general contracting, design-build, and renovation services, prioritizing high-quality results, project efficiency, and client satisfaction. MW Mason Construction sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11589) on November 25, 2025. Its petition reports estimated assets between $100,001 and $1,000,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Ronald A. Clifford, III presides over the case. The Debtor is represented by William C. Beall, Esq., at Beall and Burkhardt, APC. NAPA FORD: Gets Interim OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of California, Santa Rosa Division entered an order approving a stipulation between Napa Ford Lincoln Mercury, Inc. and its secured creditor, Ford Motor Credit Company LLC, for the limited use of cash collateral. The bankruptcy court authorized the Debtor to use cash collateral on an interim basis under the stipulated terms, effective until December 28 or until further court order. As adequate protection, Ford Credit will be granted replacement liens on all of the Debtor's property and proceeds, including post-petition assets such as accounts, inventory, and equipment. Ford Motor Credit Company is represented by: Andrew B. Still, Esq. Snell & Wilmer L.L.P. 600 Anton Blvd, Suite 1400 Costa Mesa, CA 92626-7689 Telephone: 714.427.7000 Facsimile: 714.427.7799 astill@swlaw.com About Napa Valley Ford Lincoln Mercury Inc. Napa Valley Ford Lincoln Mercury, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-10450) on July 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Hon. Charles Novack oversees the case. The Debtor is represented by: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger Email: michael.berger@bankruptcypower.com NATIONAL SIGNS: Court OKs Case Trustee's Settlement with Pacal -------------------------------------------------------------- Judge Jeffrey P. Norman of the United States Bankruptcy Court for the Southern District of Texas granted the motion of Catherine Curtis, solely in her capacity as Chapter 7 Trustee for the bankruptcy estate of National Signs, LLC, for an order approving the compromise and settlement with Pacal Legend LLC pursuant to Bankruptcy Rule 9019. On September 1, 2024, the Trustee filed an emergency motion seeking approval of bid procedures for the sale of substantially all of the estate's assets. Pursuant to Bid Procedures Order, the Trustee conducted an auction on October 7, 2024, at which the Pacal emerged as the successful bidder with a $930,000 cash offer. The Sale to Pacal was approved by the Court's order, dated October 9, 2024, and closed on October 24, 2024. The Sale included generated certain unencumbered cash, which the Parties agree totals $80,000. On April 6, 2024, Pacal filed an adversary proceeding against the Trustee styled Pacal Legend, LLC v. Catherine Curtis, as Chapter 7 Trustee for the Bankruptcy Estate of National Signs, LLC, Adv. No. 25-03122, asserting that the Trustee had not delivered certain assets that Pacal believed it purchased in the Sale. On May 20, 2025, the Trustee moved to surcharge the Lenders' collateral under 11 U.S.C. Sec. 506(c) for legal fees incurred or to be incurred in defending the Adversary Proceeding. On June 24, 2025, the Court granted the Surcharge Motion following the filing of a single objection filed by the Debtor, who the Court held did not have standing to object. The Settlement Agreement is entered into as of December 2, 2025, by and among: (a) Catherine Curtis, solely in her capacity as Chapter 7 Trustee for the bankruptcy estate of National Signs, LLC; Pacal Legend, LLC; and National Signs Real Estate, LP and Tulcan Management as Lenders. The Parties agree that Pacal shall have an allowed chapter 7 administrative expense claim in the amount of $250,000 pursuant to 11 U.S.C. Sec. 503(b). The Allowed Admin Claim shall be paid from Estate funds as follows: (a) First, from unencumbered Estate funds in the approximate amount of Twenty Thousand Dollars ($20,000.00); and (b) Second, with $230,000 in funds encumbered by the liens of Lenders. (c) To the extent there are remaining funds after payment of allowed attorneys fees and expenses to counsel for the Trustee from the Unencumbered Estate Funds, such residual shall be paid within 30 days of payment of fees to Lenders as additional consideration pursuant to this Agreement. The Parties agree that the surcharge order previously entered in favor of the Estate against the Lenders is deemed moot and of no further force or effect upon entry of the Approval Order. No legal fees or other amounts shall be surcharged against the collateral of the Lenders. Within five business days after entry of the Approval Order, Pacal shall file a notice of dismissal with prejudice of the Adversary Proceeding pursuant to Federal Rule of Bankruptcy Procedure 7041; provided, however, that such dismissal shall be without prejudice to Pacal's right to enforce the Allowed Admin Claim and the other terms of this Agreement. The Court finds that: (i) notice of the Motion was in all respects adequate and proper; (ii) the Motion has merit, meets the standard set forth in Protective Committee's for Independent Stockholders of TMT Trailer Ferry, Inc. v. Anderson and its progeny; (iii) the proposed compromise between the Trustee and Pacal should in all things be approved accordingly. A copy of the Settlement Agreement is available at https://urlcurt.com/u?l=n8e9Fa from PacerMonitor.com. A copy of the Court's Order dated December 9, 2025, is available at https://urlcurt.com/u?l=SxmW3R from PacerMonitor.com. About National Signs National Signs, LLC is a signage and architectural accents provider for businesses and organizations. It is a U.S. distributor of digital displays, Daktronics scoreboards, LED displays, digital signs, digital boards, monument signs, and electronic message centers. National Signs sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 24-32403) on May 24, 2024, with $5,500,556 in assets and $9,379,206 in liabilities. Gabriel Medina, controller, signed the petition. Judge Jeffrey P. Norman oversees the case. Richard Lee Fuqua II, Esq., at Fuqua & Associates, P.C. represented the Debtor as legal counsel. The case was converted to Chapter 7 on July 1, 2024. Randy W. Williams was appointed Chapter 7 trustee of the Estate. Following Mr. Williams' resignation as Trustee, Catherine Stone Curtis was appointed successor Trustee on July 1, 2025. NATURE'S WAX: Case Summary & 13 Unsecured Creditors --------------------------------------------------- Debtor: Nature's Wax & Spa. "LLC" 3244 N. John Young Pkwy Kissimmee, FL 34741 Business Description: Nature's Wax & Spa, LLC provides personal care and aesthetic services, including waxing and laser hair removal, skincare treatments, body contouring, massage therapy, and other spa and wellness services. The Company operates a spa facility in Kissimmee, Florida, serving local and regional customers. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08184 Judge: Hon. Tiffany P. Geyer Debtor's Counsel: Jesus Lozano, Esq. NARDELLA & NARDELLA, PLLC 135 W. Central Blvd Suite 300 Orlando, FL 32801 Tel: 407-966-2680 Fax: 407-966-2681 E-mail: jlozano@nardellalaw.com Total Assets: $252,978 Total Liabilities: $1,194,474 The petition was signed by Zoila Marte as manager. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WFKOLNY/Natures_Wax__Spa_LLC__flmbke-25-08184__0001.0.pdf?mcid=tGE4TAMA NEW MEXICO TERMINAL: Century Bank Seeks Ch. 11 Trustee Appointment ------------------------------------------------------------------ Secured creditor Century Bank asked the U.S. Bankruptcy Court for the District of New Mexico to appoint a trustee to take over the Chapter 11 case of New Mexico Terminal Services LLC. Effective December 31, 2014, Cal-Maine Foods, Inc. and Rock House CGM, LLC, a New Mexico limited liability company owned by Karl Pergola and Cristina Martinez, entered into a Real Estate Purchase and Sale Agreement ("Cal-Maine Agreement') by which Rock House purchased commercial real properly and improvements located at96l5 Broadway Blvd. SE, Albuquerque, NM 87105 ("Property"). In January 2017, Debtor by Karl Pergola and Cristina Martinez, owners, entered into a Voluntary Remediation Agreement ("VRA") with New Mexico Environmental Department (NMED) to remediate the Properly which covered nitrate-nitrogen, sulfate and chloride in soil and as dissolved solids in groundwater ("Contamination"). In a court filing, Century Bank raised the need to appoint an independent trustee to manage the case, saying Mr. Pergola's failure to mention his acceptance of responsibility to remediate the Contamination, and NMED's confirmation that he and the Debtor were still responsible to remediate the Contamination, shows an intent to deceive Century. Century Bank claims that after entering into a settlement agreement to obtain a 6 month forbearance period and agreeing that Century could proceed with a foreclosure sale if the Judgment was not paid by September 15, 2025, Debtor filed this case in breach of its agreement. The Court may consider prepetition activity in evaluating the debtor's wrongdoing or incompetence. In addition, the petition was filed 4 days before the foreclosure sale to obtain a tactical litigation advantage and to evade the Judgment; Debtor's financial problems involve a dispute between it and Century, a secured creditor, that can best be resolved in the pending State Case; this is a single asset real case; at most there are 3 unsecured creditors with small claims; Debtor does not operate an ongoing business and has no employees so there is no going concern to preserve. Century Bank notes that Mr. Pergola is not trustworthy and his past and present behavior has, and will continue to, impede the Debtor's rehabilitation' Century Bank explains that the Court has observed that acrimony between a debtor's management and creditors that impedes reorganization has routinely been found to be grounds for appointing a trustee. Mr. Pergola has shown a consistent pattern of dishonesty, delay and incompetence, pre and post-petition. If Mr. Pergola is allowed to continue as the manager of the Debtor, the case will continue to be actively litigated, the Properly will not be sold and creditors will not be paid. Attorneys for Century Bank: JURGENS & WITH, P.A. James R. Jurgens, Esq. 100 La Salle Circle, Suite A Santa Fe, New Mexico 87505 Phone: (505) 984-2020 Email: jrj@j-wlaw.com About New Mexico Terminal Services LLC New Mexico Terminal Services LLC is classified as a single-asset real estate entity under 11 U.S.C. Section 101(51B). New Mexico Terminal Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.M. Case No. 25-11291) on October 16, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Robert H Jacobvitz handles the case. The Debtor is represented by Victor Gerald Grafe III, Esq. of VICTOR GRAFE LAW FIRM LLC. NEW SHILOH: Jerrett McConnell Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for New Shiloh Christian Center, Inc. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About New Shiloh Christian Center Inc. New Shiloh Christian Center, Inc., based in Melbourne, Florida, is a Christian church and private educational institution founded on January 5, 1997, by Bishop Jacquelyn D. Gordon and Deacon Haywood Gordon. The organization provides religious services, community programs, and operates Shiloh Christian Academy, a K-12 private Christian school, within its 125,000-square-foot facility on 17 acres that also includes a 3,000-seat sanctuary, chapel, office space, and youth division. New Shiloh Christian Center sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08093) on December 12, 2025, with $8,619,548 in assets and $3,298,592 in liabilities. Lashaunda Gordon, chief financial officer, signed the petition. Judge Grace E. Robson presides over the case. Jeffrey S. Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. NICKLAUS COMPANIES: Asks Court to Nix Creditor Liens Prior to Sale ------------------------------------------------------------------ Ben Zigterman of Law360 that the Nicklaus Cos. is seeking a ruling from the Delaware bankruptcy court invalidating the liens of its biggest creditor and clarifying the creditor's claim status as it prepares for a February 2026 sale of its assets. The company argued that the lien dispute must be resolved in advance of the sale to prevent uncertainty from undermining the bidding process and to allow the Chapter 11 case to proceed efficiently, the report states. About Nicklaus Companies LLC 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. It 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. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NICKLAUS COMPANIES: Moves to Challenge Creditor’s Secured Status ------------------------------------------------------------------ James Nani of Bloomberg Law reports that bankrupt golf services company Nicklaus Cos. asked a court to rule that a major creditor tied to banker and entrepreneur Howard Milstein does not hold a $476 million secured claim against the business. The request challenges the priority status of the creditor's asserted liens. In a complaint filed Wednesday, December 17, 2025, in the U.S. Bankruptcy Court for the District of Delaware, Jack Nicklaus' former golf services venture alleged that liens held by Milstein-affiliated PMP Nick LLC lapsed years ago. The company also argued that new security interests filed shortly before the bankruptcy should be invalidated, a move that could relegate PMP's claims to unsecured status. About Nicklaus Companies LLC 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. It 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. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12088) on November 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. Honorable Bankruptcy Judge Craig T. Goldblatt handles the case. The Debtor is represented by Zachary I. Shapiro, Esq. of Richards, Layton & Finger, P.A. NORTH AMERICAN: Gets Final OK to Use Cash Collateral ---------------------------------------------------- North American Recycled Clothing, LLC received final approval from the U.S. Bankruptcy Court for the Southern District of Texas to use cash collateral to fund operations. The final order authorized the Debtor to use cash collateral, including revenue collected in the ordinary course of business, as outlined in its 30-day budget. The budget projects total cash disbursements of $142,367.98. As adequate protection, the court granted secured creditors replacement liens on all post-petition cash collateral and property acquired by the Debtor after the petition date, mirroring the creditors' pre-bankruptcy rights and priorities. The replacement liens do not apply to Chapter 5 causes of action and are subject to a carveout for administrative expenses, including fees owed to the Bankruptcy Court Clerk, U.S. trustee, Subchapter V trustee, a potential Chapter 7 trustee and the Debtor's counsel. The Debtor's authority to use cash collateral will automatically terminate upon case dismissal or conversion, trustee appointment, expiration of the final order, and material breach of the budget. The final order is available at https://is.gd/ZZrLbb from PacerMonitor.com. North American Recycled Clothing relies on cash collateral to fund payroll, lease obligations, and general operating expenses, with revenue generated solely from operations. A UCC search with the Texas Secretary of State shows the U.S. Small Business Administration holds a lien on the Debtor's accounts and cash. In 2021, the Debtor executed a $2 million promissory note to the SBA, secured by a blanket lien on all assets pursuant to a UCC-1 filing. The current balance is $2,078,784, while the Debtor's total scheduled assets are valued at $42,122.09, rendering the SBA undersecured. About North American Recycled Clothing, LLC North American Recycled Clothing, LLC operates a secondhand textile recycling business. Formed on September 26, 2014, the company handles a variety of products including clothing, shoes, handbags, toys, and household items. It purchases used bulk clothing from thrift stores such as Goodwill and resells the bulk items to international buyers. North American Recycled Clothing filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas. Case No. 25-36394) on October 28, 2025. At the time of the filing, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Eduardo V. Rodriguez oversees the case. The Lane Law Firm, PLLC serves as the Debtor's bankruptcy counsel. NORTHERN FUEL: Court OKs Waskish Property Sale to Farmers Union Oil ------------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Minnesota has permitted Northern Fuel and Convenience, Inc. (NFC) and its affiliate, My Store-Waskish LLC (Waskish) to sell Property, free and clear of liens, claims, interests, and encumbrances. Debtor NFC owns real property used to operate a convenience store located at 54345 Highway 72 NE, Waskish, MN 56685 (Waskish Store). Debtor Waskish owns all of the personal property, fixtures, equipment and inventory used to operate the convenience store located on such Real Property. The Court has authorized the Debtor to sell the Waskish Property to Farmers Union Oil Company of Warroad under the terms of the Purchase Agreement, in the purchase price of $520,000. The Court found that Farmers Union Company of Warroad is a good faith purchaser. The sale is made free and clear of all liens, and encumbrances and all liens and encumbrances are avoided. The sale is not contingent upon the assumption or assignment of any executory contracts, including the Debtor's agreement with Parkland Corporation USA. The Debtors are authorized to distribute the real estate sale proceeds in the following priority: a. Closing costs (to be determined and allocated ratably on the closing date); b. Outstanding Real Property Tax (to be determined as of closing date and allocated ratably); c. Outstanding tax lien imposed by the State of Minnesota; d. A stipulated $8,000.00 surcharge for expenses, including providing security, utilities, insurance and other costs necessary to preserve the estate; and e. The balance of the sale proceeds will be distributed to Security Bank to be applied to its claim in accordance with the terms of the Third Party Lender Agreement between Security Bank and the SBA. About Northern Fuel & Convenience Inc. Northern Fuel & Convenience Inc. operates convenience stores and gas stations in Minnesota, managing locations at 54345 Highway 72 NE in Waskish and 4895 Jones Townhall Road NW in Solway, serving local communities with fuel and retail products. Northern Fuel & Convenience Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Minn. Case No. 25-60536) on September 2, 2025. In its petition, the Debtor reports total assets of $214,000 and total Liabilities of $2,468,948. The Debtor is represented by Kesha Tanabe, Esq. at VOGEL LAW FIRM. OLD FASHION: Gets Interim OK to Use Cash Collateral Until Jan. 19 ----------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered an interim order authorizing Old Fashion Butcher Shop Inc., and its affiliated debtors to use cash collateral. The Debtors were authorized to use cash collateral effective immediately through January 19, 2026, at 5:00 p.m., subject to the terms of the Interim Order and in accordance with a budget to be attached as Exhibit A, with a permitted 10% variance. Several parties are identified as having prepetition liens on the Debtors' assets, including KeyBank National Association (for both a loan and line of credit), the SBA, Key Equipment Finance ("KEF"), and TD Bank. As adequate protection, the Debtors must make monthly payments to secured lenders this month and January 15, 2026, consisting of $1,700 to KeyBank and $1,120 to Key Equipment Finance. In addition, the secured creditors are granted valid, perfected post-petition replacement liens on all existing and after-acquired property of the Debtors, to the same extent and priority as their prepetition liens, excluding avoidance actions and their proceeds. These liens are subordinate only to U.S. Trustee fees and a capped Chapter 7 trustee carve-out of $10,000, and the secured creditors may assert superpriority claims under section 507(b), subject to the Debtors' defenses. The Debtor's right to use Cash Collateral terminates immediately upon certain events, including the conversion or dismissal of the case, confirmation of a plan, termination of all or substantially all operations, or a Default. A Default occurs if the Debtor fails to perform any obligation under the Order and fails to cure that Default within ten (10) business days after receiving written notice. A final hearing is scheduled for January 16, 2026. Objections to the final relief must be filed and served by January 8, 2026. About Old Fashion Butcher Shop Inc. Old Fashion Butcher Shop, Inc. operates a butcher shop in Astoria, New York, providing a range of fresh and dry-aged meats as well as Greek and Italian specialty products such as souvlaki and kebabs. It serves both retail and wholesale customers, focusing on all-natural, hormone-free meat offerings. The company conducts its operations from a single location on Steinway Street in Queens. Old Fashion Butcher Shop filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45384) on November 10, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Yanni Kukularis, president of Old Fashion Butcher Shop, signed the petition. Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP represents the Debtor as legal counsel. ORIGINAL MOWBRAY'S: Bernadino Property Sale to Boone Trucking OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, has permitted The Original Mobray's Tree Service Inc. and its affiliates, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor seeks to sell the property located at 386 S. Allen St., San Bernadino, CA 92408. The Property is 1.9 acres of vacant commercial property comprising five separate parcels. The Court has authorized the Debtor to sell the Property to Boone Trucking, Inc., or its assignee, for $1,950,000.00. The sale shall be free and clear of any and all liens and interests. The Buyer is determined to be a "good faith purchaser". If the Buyer fails to timely close the sale of the Property, then the Deposit is forfeited to the Debtor as provided in the Agreement and the Addendum. The Debtor is authorized and directed to pay directly from escrow upon the closing of the sale of the Property the following: a. The Broker's commission to the listing broker, and any cooperating broker as set forth in the Motion; b. Taxes secured by the Property; c. Ordinary and reasonable costs of sale of the Property from the proceeds of sale; and d. The net proceeds to PNC Bank, N.A., on account of its secured claim. The Buyer's bid is non-contingent and irrevocable, subject only to the entry of this Order. The sale of the Property is "as-is" and "where-is" with all faults and without warranty, representation, or recourse whatsoever. About Mowbray Waterman Property, LLC Mowbray Waterman Property, LLC is a real estate company based in San Bernardino, Calif., specializing leasing of commercial and residential properties. Mowbray Waterman Property sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-10930) on February 19, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Mark D. Houle handles the case. The Debtor is represented by Lauren Gans, Esq., at Elkins Kalt Weintraub Reuben Gartside, LLP. PACIFIC LUTHERAN: S&P Affirms 'BB' Long-Term Rating on 2014 Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' long-term rating on Washington Higher Education Facilities Authority's series 2014 bonds, issued for Pacific Lutheran University (PLU). The outlook is stable. S&P said, "We analyzed the university's environmental, social, and governance factors related to its market position and financial performance. We view these factors as neutral in our credit rating analysis. "The stable outlook reflects our expectation that PLU will continue to comply with the covenants of its finalized forbearance agreement related to the 2016 bonds. Additionally, the university has stabilized enrollment, controlled operating expenses, and expanded revenue-generating partnerships, which we anticipate will help avoid a return to large operating deficits. "We could consider a negative rating action if the university generated large operating deficits, resulting in additional violations of bond covenants or a material decline in resources. "We could consider a positive rating action if the university generates consistent operating margins closer to breakeven. We would also expect the university to maintain at least stable enrollment and to maintain financial resource ratios." PAP-R PRODUCTS: Court Extends Cash Collateral Access to Jan. 31 --------------------------------------------------------------- Pap-R Products Company received another extension from the U.S. Bankruptcy Court for the Southern District of Illinois to use cash collateral. The fifth interim order extended the Debtor's authority to use cash collateral through January 31, 2026, to pay the expenses set forth in its budget, subject to a 10% variance. The budget projects total operational expenses of $445,000 for December and $415,000 for January. As protection for the use of their cash collateral, First Neighbor Bank and Advantage Capital were granted a replacement lien on all post-petition assets of the Debtor, with the same validity, extent and priority as their respective pre-bankruptcy liens. As additional protection, First Neighbor Bank and Advantage Capital will receive monthly payments of $8,600 and $10,000, respectively, during the interim period. Events of default under the fourth interim order include trustee appointment, case conversion or dismissal, noncompliance with budget or reporting, and improper payments. During the term of the order, the Debtor must not sell collateral, grant new liens, or transfer assets outside of the budget. The next hearing is set for January 22, 2026. First Neighbor Bank is owed $5.18 million and claims a first lien on most assets except second position on equipment. Meanwhile, Advantage Capital is owed $1.72 million and holds a second lien on most assets but a first position on equipment. About Pap-R Products Company Pap-R Products Company specializes in a wide range of coin and currency wrapping solutions. Its product lineup includes flat coin wrappers, automatic coin rolls, currency bands, and specialized wraps for items such as napkins and canceled checks. It also offers custom imprinting services for most products, excluding basic bill bands and storage boxes. Pap-R Products filed Chapter 11 petition (Bankr. S.D. Ill. Case No. 25-60040) on March 3, 2025, listing between $10 million and $50 million in both assets and liabilities. Kenneth Scott Ware, president of Pap-R Products, signed the petition. Judge Mary E. Lopinot oversees the case. Larry E. Parres, Esq., at Lewis Rice, LLC, represents the Debtor as legal counsel. PAWLUS DENTAL: Judy Wolf Weiker Named Subchapter V Trustee ---------------------------------------------------------- The Acting U.S. Trustee for Region 10 appointed Judy Wolf Weiker of Manewitz Weiker Associates, LLC as Subchapter V trustee for Pawlus Dental, Inc. Ms. Weiker will be paid an hourly fee of $375 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Weiker declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Judy Wolf Weiker Manewitz Weiker Associates, LLC P.O. Box 40185 Indianapolis, IN 46240 Phone: 973-768-2735 Email: JWWtrustee@manewitzweiker.com About Pawlus Dental Pawlus Dental, Inc. provides comprehensive dental services in Columbus, Ind., focusing on preserving natural teeth and enhancing smile aesthetics. The practice offers treatments including dental implants, sleep apnea management, clear aligners, periodontal and cosmetic care, preventive and restorative dentistry, wisdom teeth extraction, root canal therapy, and sedation dentistry. Pawlus Dental sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-02780) on May 14, 2025, listing $890,156 in total assets and $1,119,328 in total liabilities. John G. Pawlus, president and owner of Pawlus Dental, signed the petition. Judge James M. Carr oversees the case. John Allman, at Hester Baker Krebs, LLC, is the Debtor's bankruptcy counsel. German American Bank, as lender, is represented by: Bruce A. Smith, Esq. Rhonda S. Miller, Esq. Smith & Miller, LLP P.O. Box 387 Bargersville, IN 46106 Phone: (812) 802-0222 E-mail: bsmith@smithmillerlaw.com rmiller@smithmillerlaw.com PEORIA CHARTER: Seeks Chapter 11 Bankruptcy to Restructure Debt --------------------------------------------------------------- Andy Kravetz of CIProud.com reports that Peoria Charter Coach Co., the over-the-road bus company that carries Peoria's name across Illinois and beyond, has filed for Chapter 11 bankruptcy, according to records from the U.S. Bankruptcy Court in Peoria. The petition lists fewer than 50 creditors and indicates the company has less than $10 million in both assets and liabilities. CEO James Wang said the filing is intended to keep the company operating while it restructures debt. He said the decision followed the company's inability to make a final balloon payment on a COVID-era loan obtained through the federal Main Street Loan Program. Wang said the emergency funding, received under the CARES Act, allowed Peoria Charter to avoid layoffs and continue paying employees during pandemic-related shutdowns. However, he said rising interest rates pushed the loan’s rate from 3.1% to 8.5%, making the final payment due by Dec. 11, 2025, unmanageable. The case was filed under Subchapter V of Chapter 11, a provision designed to streamline restructuring for small businesses. Wang emphasized the company remains profitable and operational, transporting roughly 400,000 passengers over more than 3 million miles annually, and said the bankruptcy filing is a restructuring tool -- not a sign of business failure, the report states. About Peoria Charter Coach Co. Peoria Charter Coach Company is a Peoria, Illinois-based transportation firm that provides intercity bus service and charter transportation across Illinois and surrounding states. Founded in 1999, the privately held company operates scheduled routes connecting major cities, universities, and airports. Peoria Charter Coach Co. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-80900) on December 11, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Peter W. Henderson handles the case. The Debtor is represented by Jeana K. Reinbold, Esq. of Sgro, Hanrahan, Durr, Rabin & Reinbold, LLP. PHOENIX COMMUNITIES: 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 Phoenix Communities, LLC. 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 Phoenix Communities LLC Phoenix Communities, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64513) on December 12, 2025, with $100,001 to $500,000 in assets and up to $50,000 in liabilities. POSIGEN PBC: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------- PosiGen PBC and its affiliated debtors filed with the U.S. Bankruptcy Court for the Southern District of Texas a Combined Disclosure Statement and Joint Chapter 11 Plan dated December 9, 2025. The Debtors, together with their non-debtor affiliates (collectively, "PosiGen" or the "Company") are a leading provider of affordable solar and energy efficiency to working-class families in the United States. PosiGen, PBC is a holding company that was organized in 2011 under the laws of the State of Delaware and incorporated as a public benefit corporation in 2023 under the laws of the State of Delaware. PosiGen, PBC is the direct or indirect parent company of each of the Debtors. PosiGen, PBC has one class of voting common equity. As of the Petition Date, there were approximately 11.8 million shares of Class A common stock (one vote per share) issued and outstanding. Although the Company believed that its week-to-week funding structure was temporary and that, once Brookfield reached deals with the Project Companies, it would fund a debtor-in-possession facility in a chapter 11 case and a collective resolution of the Debtors' financial issues, that turned out to not be the case. Then, on November 14, 2025, the Debtors received a proposed transition plan, along with notices of Brookfield's intent to foreclose on the Class B membership interests in Project Companies held by two of the four TEPs pledged in connection with the Backleverage Facility. The transition plan provided that the Debtors' servicing, customer care, operations and maintenance, and other operating businesses would be transitioned to Omnidian and provided no plan for the rest of the business, approximately 10,000 customers, Decatur Manager, Decatur 1, Decatur 2, Bienville Manager, PosiGen Bienville Project Company, LLC, Owner 2, Owner 3, or other creditors. The Company's management team and directors expressed serious concerns with the proposal and reiterated that an organized process in chapter 11 would provide the greatest potential to maximize value for everyone through a collective process. The Plan is a liquidating plan. The Consolidated Debtors will transition their servicing operations and provide transition services to participating non-Debtor Project Companies ("Participating Project Companies") in accordance with the procedures set forth in this Plan. The Debtors also intend to sell substantially all of their assets, which primarily include (1) inventory, (2) "work in progress" Solar Systems, and (3) indirect equity interests in Project Companies that own Solar Systems. The Debtors intend to negotiate such a sale transaction with affiliates of Brookfield Asset Management, LLC ("Brookfield") and other consenting non-Debtor entities. The Plan also provides for the creation of the Plan Trust and appointment of an independent trustee as Plan Administrator to oversee the distribution of proceeds from the sale and the monetization of any other assets of the Debtors. The Plan Trust will maintain the Debtors' information and, to the extent an acceptable arrangement can be reached, provide specified transition services to the Participating Project Companies for a monthly fee. Causes of Action not sold, transferred, or otherwise waived or released before or on the Effective Date of the Plan will, following the Effective Date, be prosecuted or otherwise resolved by the Plan Administrator and the proceeds thereof shall be distributed in accordance with this Plan. Class 6-A consists of any General Unsecured Claims against PosiGen, PBC. On the Effective Date, each Holder of an Allowed General Unsecured Claim against PosiGen, PBC shall receive its Pro Rata share of the PBC Plan Trust Interests. Class 6-A is Impaired under the Plan. Class 7-B consists of any General Unsecured Claims against the Consolidated Debtors. On the Effective Date, each Holder of an Allowed General Unsecured Claim against the Consolidated Debtors shall receive its Pro Rata share of the Consolidated Plan Trust Interests. Class 7-B is Impaired under the Plan. Holders of General Unsecured Claims against the Consolidated Debtors are entitled to vote to accept or reject the Plan. On the Effective Date, (i) any obligation of a Consolidated Debtor and any guarantee thereof by any other Consolidated Debtor shall be deemed to be one obligation, and any such guarantee shall be eliminated, (ii) each Claim filed or to be filed against more than one Consolidated Debtor shall be deemed filed only against PosiGen, LLC and shall be deemed a single Claim against and a single obligation of PosiGen, LLC, and (iii) any joint or several liability of the Consolidated Debtors shall be deemed one obligation of PosiGen, LLC. The Consolidated Debtors shall sell or transition (the "Transition") the Consolidated Debtors' servicing operations to a newly formed non-Debtor entity or a third-party service provider selected by the Participating Project Companies ("New Service Co") pursuant to the procedures set forth below (the "Transition Procedures"). The Debtors intend to negotiate a transaction with Brookfield and/or Backleverage (the "Sale Transaction") or any other bidder(s) that makes a higher or better offer for the sale of substantially all of the Debtors' assets, including inventory and work-in-progress Solar Systems free and clear of any such claims under Section 363(f) of the Bankruptcy Code. Distributions under the Plan shall be funded by (i) the proceeds of the Sale Transaction, and (ii) the Plan Administrator from the Plan Trust Assets; provided, however, that Allowed Professional Fee Claims (other than Allowed Professional Fee Claims) shall be paid from the Administrative Expense Escrow Account, Distributable Cash, or the Plan Trust Assets as applicable. The Plan Trust Assets shall be used to pay the expenses of administering the Plan Trust, the Allowed Professional Fee Clams, and to satisfy payment of Allowed Claims and Interests as set forth in the Plan. A full-text copy of the Combined Disclosure Statement and Plan dated December 9, 2025 is available at https://urlcurt.com/u?l=rLaEBO from Kroll Restructuring Administration LLC, claims agent. Proposed Counsel to the Debtors: Charles R. Koster, Esq. WHITE & CASE LLP 609 Main Street, Suite 2900 Houston, Texas 77002 Tel: 713-496-9700 Email: charles.koster@whitecase.com AND Thomas E Lauria, Esq. Michael C. Shepherd, Esq. Fan B. He, Esq. Andrea Kropp, Esq. WHITE & CASE LLP Southeast Financial Center 200 South Biscayne Boulevard, Suite 4900 Miami, Florida 33131 Phone: (305) 371-2700 Email: tlauria@whitecase.com mshepherd@whitecase.com fhe@whitecase.com andrea.kropp@whitecase.com AND Aaron E. Colodny, Esq. WHITE & CASE LLP 555 South Flower Street, Suite 2700 Los Angeles, California 90071 Phone: (213) 620-7700 Email: aaron.colodny@whitecase.com AND Andrea Amulic, Esq. WHITE & CASE LLP 1221 Avenue of the Americas New York, New York 10020 Phone: (212) 819-8200 Email: andrea.amulic@whitecase.com 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 Nov. 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. PRAESUM HEALTHCARE: To Sell Behavioral Health Biz to GG Praesum --------------------------------------------------------------- Praesum Healthcare Services, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to sell substantially all Assets in a private sale, free and clear of liens, claims, interests, and encumbrances. Debtor Praesum Healthcare Services, LLC, is a Florida limited liability company located in Lake Worth, Florida. Praesum Healthcare provides administrative services to each of the 27 other Debtors, which each operate treatment facilities. The Debtors' operations, as a whole, are referred to as "Praesum." Praesum is one of the largest independent behavioral healthcare providers in the eastern United States, serving more than 15,000 patients each year in New Jersey alone it cares for 10% of the Statewide admissions for detox and residential services. The organization is in network with over 50 insurance companies, including CMS/Medicare and Medicaid, and provides a full continuum of care for individuals and families seeking treatment for addiction and mental health disorders. The closure of Praesum's programs will immediately strain emergency departments, hospitals, and community behavioral health providers that are already operating at or above capacity. Individuals requiring detoxification, stabilization, and medication-assisted treatment will have few safe alternatives. Without continuity of care, there is a heightened risk of overdose, relapse, psychiatric crisis, and hospitalization. Coordination with state agencies, payers, and local providers will be essential to prevent loss of life and to protect public health during this transition. If the Debtors cease operations, over 750 employees will also be affected, many of whom have dedicated their professional lives to saving others. The loss of these positions will ripple through their households and the communities that depend on their work. For these reasons, the Debtors sought out post-petition financing and obtained proposed terms from Mihcael Saffer or assignee. A term sheet for such proposed DIP Financing is attached hereto as Exhibit A: https://urlcurt.com/u?l=3ADIY1 A list of the potential lienholders of the Property is also provided. In general, such terms provide for a credit facility up to $3,000,000 secured by a senior lien on all of the Debtors' assets that primes all other liens, with $1,500,000 available on an interim basis. The Purchaser, GG Praesum LLC, shall also have a superpriority administrative expense claim. The terms for the proposed DIP Financing are the most favorable that the Debtors have been able to obtain from any source. Furthermore, no potential lender has offered to extend necessary post-petition credit to the Debtors on an unsecured basis, on a non-superpriority administrative expense claim basis, or on a basis that does not otherwise include a senior secured lien on all of the Debtors’ asserts that primes all other liens. As part of the Debtors' proposed deal with the Purchaser, the Purchaser has offered to purchase substantially all assets of the Debtors in a private sale for the sum of $37,500,000 minus outstanding DIP Financing obligations, minus accrued DIP Financing interest and fees, plus cure costs up to $500,000. The Debtors engaged investment banker Bailey & Co. Securities, LLC, who has been aggressively marketing the sale of the Debtors' assets. The private sale offer from the Purchaser is the best offer received by the Debtors following such aggressive marketing efforts. The Debtors believe that the proposed sale consideration will be enough to satisfy all allowed claims of lienholder creditors, and will additionally be enough to satisfy all allowed post-petition administrative claims that have accrued to date. About Praesum Healthcare Services, LLC Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co-occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by Alexandra D. Blye, Esq., at Carlton Fields, P.A., in West Palm Beach, Florida. PRIMALEND CAPITAL: Wins Court Approval for Ch. 11 Financing Deal ---------------------------------------------------------------- Randi Love of Bloomberg Law reports that PrimaLend Capital Partners LP won court approval for its $28 million debtor-in-possession financing after resolving all objections raised by creditors in its Chapter 11 case. The ruling allows the subprime auto lender to move forward with funding critical to its restructuring. While additional issues remain to be addressed in the bankruptcy proceedings, PrimaLend's counsel said the financing clears a major hurdle. "The big pieces are now in place," attorney Zachary Fairlie of Spencer Fane LLP told the court during a Tuesday, December 16, 2025, hearing in the U.S. Bankruptcy Court for the Northern District of Texas. An unsecured creditors' committee had objected on Dec. 12 to several terms of the financing package, including a $21 million roll-up of prepetition debt. Those concerns were ultimately resolved, paving the way for the court's approval of the deal, according to report. 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. PRIME ELECTRICAL: Court Denies Bid to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division, denied Prime Electrical Services, LLC's bid for another extension to use cash collateral. The court denied the Debtor's motion as moot following confirmation of the Debtor's Chapter 11 plan of reorganization at the hearing held on December 4. Since the Debtor's Chapter 11 filing, the court has issued six preliminary orders authorizing the Debtor to use cash collateral to fund its operations. The Debtor's budget projects net operational expenses of $31,450 for the period from November to January 2026. As of the petition date, the Debtor held approximately $19,585.85 in deposit accounts and was owed approximately $399,284.07 in accounts receivable, of which $312,327.78 is doubtful or uncollectible. The U.S. Small Business Administration is the Debtor's senior secured creditor with an interest in the cash collateral and is owed approximately $2 million, according to court papers filed in December 2024. Other creditors that may assert a lien or security interest in the cash collateral include Black Business Investment Fund, SouthState Bank, N.A., and Mobilization Funding II, LLC. About Prime Electrical Services Prime Electrical Services, LLC manufactures relays and industrial controls. It offers engineering, procurement, fabrication, and field construction services for the drilling, industrial, heat trace, production, and petrochemical industries. The company serves customers in the United States. Prime Electrical Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 24-06663) on December 8, 2024, with total assets of $256,996 and total liabilities of $5,419,312. Camell D. Williams, manager of Prime Electrical Services, signed the petition. Judge Tiffany P. Geyer handles the case. The Debtor is represented by: Jeffrey S. Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Tel: 407-894-6834 Email: jeff@bransonlaw.com R.C. CONSTRUCTION: Court OKs Interim Use of Cash Collateral ----------------------------------------------------------- R.C. Construction, LLC received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court authorized the Debtor to use cash collateral to maintain its assets; operate its business; purchase replacement inventory; and pay U.S. trustee fees and administrative claims. These expenditures must remain within the limits of the interim monthly budget, subject to a 25% variance per line item or cumulatively. The U.S. Small Business Administration holds a pre-bankruptcy secured claim, with liens on substantially all of the Debtor's assets including receivables and inventory pursuant to a properly filed UCC-1 financing statement. As protection, the court granted the SBA replacement liens, effective nunc pro tunc to the petition date, on all post-petition collateral, with the same priority and extent as its pre-bankruptcy liens. The replacement liens are automatically perfected without further filing. In addition, the SBA will continue to receive monthly payments of $750 as further protection. If the Debtor defaults or violates the order, the SBA may request a hearing within 14 days (or within 48 hours in emergencies) to seek relief, including modification of stay protections. A final hearing is scheduled for January 27, 2026. Objections are due by January 20, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/QlbJr from PacerMonitor.com. About R.C. Construction LLC R.C. Construction, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-19241) on September 3, 2025. In the petition signed by Rui Da Silva Costa, managing member, the Debtor disclosed up to $50,000 in both assets and liabilities. Judge Stacey L. Meisel oversees the case. Melinda Middlebrooks, Esq., at Middlebrooks Shapiro, P.C., represents the Debtor as legal counsel. RECREATION DISCOUNT: Stephen Gray Named Subchapter V Trustee ------------------------------------------------------------ The U.S. Trustee for Region 1 appointed Stephen Gray of Gray & Company, LLC as Subchapter V trustee for Recreation Discount Wholesale, Inc. Mr. Gray will be paid an hourly fee of $950 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Gray declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Stephen S. Gray Gray & Company, LLC 207 Union Wharf Boston, MA 02109 (617) 875-6404 Email: ssg@grayandcompanyllc.com About Recreation Discount Wholesale Inc. Recreation Discount Wholesale, Inc. operates as an online retailer based in Walpole, Massachusetts, offering a range of home- recreation, pool and spa, and outdoor-living products through a family of niche e-commerce websites. It distributes more than 15,000 products and parts through a nationwide network of over 100 vendors and warehouses. Recreation Discount Wholesale filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-12606) on December 2, 2025. In the petition signed by Eric Feigen, treasurer, the Debtor disclosed $322,231 in total assets and $3,104,679 in total liabilities. Judge Christopher J. Panos oversees the case. David B. Madoff, Esq., at Madoff & Khoury, LLP, represents the Debtor as legal counsel. RED RIVER: Jury Orders J&J to Pay $40MM in Talcum Powder Case ------------------------------------------------------------- Adeola Adeosun of Newsweek reports that a California jury has ordered Johnson & Johnson to pay $40 million to two women who alleged that the company's talcum powder products caused their ovarian cancer. The verdict awarded $18 million to Monica Kent and $22 million to Deborah Schultz and her husband. The case is part of broader nationwide litigation alleging that talc contained in Johnson's Baby Powder and Shower to Shower body powder was linked to ovarian cancer and mesothelioma. Johnson & Johnson has long disputed those claims, citing studies it says show talc is safe and asbestos-free, according to report. Company litigation chief Erik Haas said Johnson & Johnson intends to appeal the verdict, noting that the company has won the vast majority of ovarian cancer cases it has taken to trial. He called the jury's findings incompatible with decades of independent scientific evaluations, the report cites. The verdict arrives as Johnson & Johnson faces renewed exposure following the collapse of its latest bankruptcy effort. After a judge rejected the company’s proposed $9 billion settlement plan earlier this year, Johnson & Johnson said it would return to the civil court system to resolve talc claims on a case-by-case basis, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REYNOLDS CRAFT: To Sell Anderson Property to Joseph Barnes ---------------------------------------------------------- Reynolds Craft LLC seeks permission from the U.S. Bankruptcy Court for the Western District of Missouri, Southwestern Division, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor previously operated as a construction business. Due to economic downturns all construction operations ceased in mid-2025. The Debtor owns several acres of Real Estate and has been designated a Single Asset Real Estate Case, located at 2.41 acres Lot 7 Builders Lane, Anderson, Mo 64831. Debtor has several Notes to Cornerstone Bank secured in Real Estate owned by the Debtor. All Real Estate owned by the Debtor is secured by Deeds of Trust to Bank which are reflected in its various Proof of Claim filings. Since the cessation of business activities, Debtor has attempted to sell pieces of the Real Estate to satisfy Bank's debt. The Debtor employs Chris Hinkle to act as a Real Estate Broker. On or about November 4, 2025, Brandon Reynolds entered into a contract with Joseph Barnes to sell 2.41 acres of Real Estate. The original purchase price was $18,000.00. The contract was subsequently amended for a purchase price of $22,000.00. The Contract was amended further on or about December 17, 2025. The Debtor requests authority to sell the Sale Lots free and clear of all interests, liens, claims, and encumbrances. The Debtor filed Bankruptcy with the intention of selling the Real Estate to retire the Bank's debt. Debtor, through counsel has provided the Contract to the Bank's Attorney who has indicated the Bank's approval of the sale. Completion of the sale for an amount agreeable to the Bank represents a sound business reason for the sale. The Debtor asserts that the proposed sale does not unfairly benefit an insider. All assets of the Debtor are pledged to the Bank and the Bank will receive the complete distribution after Broker fees and UST fees. Neither the Debtor nor any insider will receive proceeds from the sale. Debtor believes completion and approval of the Barnes Contract and sale is in the best interest of the estate and cause exists for the Court to approve the sale. The Debtor's Counsel and Bank's Counsel have agreed to the sale and the Bank will release its liens on the Sale Lots upon closing and payment. In conjunction with the sale, Debtor requests the sale proceeds be distributed as follows: a. $20,430.00 to Landmark Bank; b. $1,320.00 to Chris Hinkle pursuant to his Application to Employ; and c. $250.00 to the United States Trustee’s Office for its quarterly fee. This amount shall be placed in the DIP Account until payment is due. About Reynolds Craft LLC Reynolds Craft LLC is a single-asset real estate entity that owns residential properties located at 19 Builders Lane and 712 W. Highway F in Anderson, Missouri, which together have an estimated current value of $1.03 million. Reynolds Craft sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.Mis. Case No.: 25-30319) on December 11, 2025. In the petition signed by Brandon Reynolds as managing member, the Debtor disclosed total assets of $1,040,189 and total liabilities of $875,161. Judge Brian T. Fenimore presides over the case. Bradley D. McCormack at Sader Law Firm LLC, represents the Debtor as legal counsel. ROBLOX CORP: Faces Atmore Suit Over Addictive Gaming Products ------------------------------------------------------------- SHA'RENA ATMORE as Guardian ad Litem and on behalf of C.P. a minor, individually and on behalf of all others similarly situated, Plaintiff v. ROBLOX CORPORATION; EPIC GAMES, INC.; MICROSOFT CORPORATION; MOJANG AB; and FIRST DOE through ONE HUNDREDTH DOE, inclusive, Defendants, Case No. 25CV028629 (Cal. Super., Sacramento Cty., Dec. 1, 2025) is a class action seeking to hold the Defendants accountable for causing and contributing to a public health crisis, amounting to a global epidemic, wherein minors suffer from addiction1 or disordered compulsion to Defendants' addictive and unreasonably dangerous gateway video gaming products. According to the Plaintiff in the complaint, the Defendants' Products, consisting of Roblox, Minecraft, Fortnite, and Xbox video gaming products include and incorporate mechanisms of operant conditioning, a form of behavioral manipulation that uses a system of rewards and punishments to influence behavior that targets the users' dopamine receptors and causes users to hyperfocus on using and overusing the Products. The operant conditioning incorporated into the Products (along with illegally retained and/or obtained personal information of the users/players) work in conjunction with one another and with microtransactions to market Roblox, Minecraft, and Fortnite, and specifically its virtual currency. The Products are defective and unreasonably dangerous in that they were specifically designed (whether negligently and/or intentionally) to cause users, specifically minors, to become psychologically addicted2 to using, or to develop a disordered compulsion to using, video game products, specifically Defendants' Products, says the suit. Roblox Corporation provides entertainment products and services. The Company designs and develops a wide range of online games such as internet three-dimensional and tutorial games for kids, teens, and adults. [BN] The Plaintiff is represented by: Anya Fuchs, Esq. BULLOCK LEGAL GROUP LLC 2000 Powell Street, Suite 825 Emeryville, CA 94608 Telephone: (833) 853-4258 Facsimile: (470) 412-6708 Email: anya@bullocklegalgroup.com efilings@bullocklegalgroup.com - and - Robert C. Hillard, Esq. Alex Hilliard, Esq. Bonnie Rickert, Esq. HILLIARD LAW 719 S. Shoreline Blvd. Corpus Christi, TX 78401 Telephone: (361) 882-1612 Facsimile: (361) 882-3015 (F) Email: bobh@hilliard-law.com alex@hilliard-law.com brickert@hilliard-law.com ROCK REGIONAL: Gets Default Notice Under Cash Collateral Order -------------------------------------------------------------- Equity Bank, a secured creditor, filed with the U.S. Bankruptcy Court for the District of Kansas a notice of Rock Regional Hospital, LLC's default under the court's interim order to use cash collateral and obtain debtor-in-possession financing. In its notice, Equity Bank stated that the Debtor defaulted under the interim order after the DIP lenders failed to advance at least $300,000 by December 12. The court's interim order required the Debtor to meet certain obligations to continue using Equity Bank's cash collateral. If the Debtor fails to comply, the bank must serve a notice of default. On December 11, the court authorized the Debtor on an interim basis to use Equity Bank's cash collateral and to borrow any deficiency in its operating budget through short-term financing from investor-owners of the Debtor. The interim order is available at https://is.gd/NRLGB5 from PacerMonitor.com. Rock Regional Hospital sought up to $2.5 million in interim DIP financing, at 12% interest. The DIP facility is due and payable on the earliest of June 1, 2026; plan effective date; sale closing date for substantially all of the Debtor's assets; case dismissal or conversion; or such other date as may be extended by agreement. The Debtor also sought access to cash and cash equivalents, most of which are encumbered by liens held primarily by Equity Bank. It intends to use this cash collateral to cover ordinary operating expenses through March 31, 2026. As adequate protection, the Debtor offered to grant Equity Bank replacement liens on post-petition assets and a senior superpriority administrative claim. The Debtor's accounts receivable aging report shows over $14 million in gross receivables, including unusually high unbilled claims from recently established cardiology and ER groups, with an estimated net collectible value of roughly $3 million after insurance adjustments. Additional assets include approximately $750,000 in inventory and $3.5 million in employee retention credit claims, though subject to IRS recoupment of more than $2 million. About Rock Regional Hospital LLC Rock Regional Hospital, LLC operates an acute-care medical facility in Derby, Kansas, providing emergency services, inpatient and outpatient care, surgical procedures, diagnostic imaging, and laboratory services. The hospital's campus includes operating suites, heart catheterization labs, intensive-care units and private patient rooms supporting a broad range of clinical specialties. It serves communities in south-central Kansas through its healthcare delivery operations. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-11362) on December 7, 2025. In the petition signed by Jeffrey Quinton, chief executive officer, the Debtor disclosed up to $50 million in assets and up to $100 million in liabilities. Judge Mitchell L. Herren oversees the case. David Thomas Prelle Eron, Esq., at Prelle Eron & Bailey, P.A., represents the Debtor as legal counsel. ROGERS LANDWORKS: Jerrett McConnell Named Subchapter V Trustee -------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Rogers Landworks, LLC. Mr. McConnell will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Rogers Landworks LLC Rogers Landworks LLC, based in Central Florida, provides comprehensive site development services including land clearing, grading and drainage, asphalt repairs, erosion control, on-site grinding, trucking, and heavy hauling for residential and commercial projects. Founded in 2016 as a landscaping operation, the company has expanded its fleet and capabilities to support local development and disaster relief across Volusia, Flagler, St. Johns, Putnam, Lake, and Seminole counties. Rogers Landworks sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-04570) on December 10, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Scott W. Spradley, Esq., at The Law Offices of Scott W. Spradley. ROSEMERE ESTATES: Hires Larson & Zirzow LLC as Legal Counsel ------------------------------------------------------------ Rosemere Estates Property Owners Association seeks approval from the U.S. Bankruptcy Court for the District of Nevada to employ Larson & Zirzow, LLC as counsel. The firm will provide these services: (a) prepare on behalf of the Debtor, all necessary or appropriate legal papers in connection with the administration of its bankruptcy estate; (b) take all necessary or appropriate actions in connection with a plan of reorganization and all related documents, and such further actions as may be required in connection with the administration of the Debtor's estate; (c) take all necessary actions to protect and preserve the Debtor's estate; and (d) perform all other necessary legal services in connection with the prosecution of the Chapter 11 case. The firm will be paid at these rates: Matthew Zirzow, Principal $650 per hour Benjamin Chambliss, Associate $550 per hour Patricia Huelsman, Paralegal $295 per hour In addition, the firm will seek reimbursement for expenses incurred. On October 24, 2025, the firm received a pre-petition retainer in the amount of $25,000 from the Zobrist Trust. Mr. Zirzow disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Matthew Zirzow, Esq. Larson & Zirzow, LLC 850 E. Bonneville Ave. Las Vegas, NV 89101 Tel (702) 382-1170 Fax (702) 382-1169 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. SEAL ROCK: Case Summary & Two Unsecured Creditors ------------------------------------------------- Debtor: Seal Rock Property LLC 1624 Santa Clara Dr, Ste 220 Roseville CA 95661 Business Description: Seal Rock Property LLC is a single-asset real estate entity that owns a property at 103 Seal Rock Reach within The Sea Ranch, California 95497, operating in the real estate sector. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Eastern District of California Case No.: 25-27068 Judge: Hon. Christopher M Klein Debtor's Counsel: Cyrus Zal, Esq. CYRUS ZAL, A PROFESSIONAL CORPORATION 102 Mainsail Court Folsom CA 95630 Tel: 916-220-4316 E-mail: czal47@comcast.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Azita Alizadeh as 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/S2SPINI/Seal_Rock_Property_LLC__caebke-25-27068__0001.0.pdf?mcid=tGE4TAMA SHOWER DOOR: Brian Hofmeister Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Brian Hofmeister, Esq., as Subchapter V trustee for Shower Door Gallery Mirror and Glass, LLC. Mr. Hofmeister will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hofmeister declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Brian W. Hofmeister, Esq. 3131 Princeton Pike Building 5, Suite 110 Lawrenceville, NJ 08648 Phone: (609) 890-1500 Email: bwh@hofmeisterfirm.com About Shower Door Gallery Mirror and Glass Shower Door Gallery Mirror and Glass, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-23185) on December 13, 2025, listing up to $50,000 in assets and liabilities. Judge Michael B. Kaplan presides over the case. Steven J. Abelson, Esq., at Abelson Law Offices P.C. the Debtor as bankruptcy counsel. SLEEP QUARTERS: Scott Seidel Named Subchapter V Trustee ------------------------------------------------------- The U.S. Trustee for Region 6 appointed Scott Seidel as Subchapter V trustee for Sleep Quarters Plus, Inc. Mr. Seidel will be paid an hourly fee of $520 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Seidel declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Scott Seidel 6505 West Park Blvd., Suite 306 Plano, TX 75093 214-234-2500-main 214-234-2503-direct Email: scott@scottseidel.com About Sleep Quarters Plus Inc. Sleep Quarters Plus, Inc. specializes in the retail distribution of mattresses, bedding essentials, and bedroom furnishings. Based in Texas, the company offers an assortment of sleep-related products through its retail outlets, catering to customers looking for value-oriented and quality bedding options. Sleep Quarters Plus filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-34803) on December 2, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Scott W. Everett handles the case. The Debtor is represented by Joyce W. Lindauer, Esq., at Joyce W. Lindauer Attorney, PLLC. SMART COMMUNICATIONS: Case Summary & 15 Unsecured Creditors ----------------------------------------------------------- Debtor: Smart Communications Holding, Inc. 10491 72nd Street Seminole, FL 33777 Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Middle District of Florida Judge: Hon. Roberta A Colton Case No.: 25-09473 Debtor's Counsel: Eric D. Jacobs, Esq. VENABLE LLP 100 N. Tampa Street, Suite 2600 Tampa, FL 33602 Tel: 813-439-3100 Email: EJacobs@venable.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jonathan D. Logan as president. A copy of the Debtor's list of 15 unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/IY5ZF2Q/Smart_Communications_Holding_Inc__flmbke-25-09473__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/I5MVDJY/Smart_Communications_Holding_Inc__flmbke-25-09473__0001.0.pdf?mcid=tGE4TAMA SOMNIGROUP INTERNATIONAL: S&P Raises Senior Notes Rating to 'BB' ---------------------------------------------------------------- S&P Global Ratings revised its outlook on Somnigroup International Inc. to positive from stable and affirmed the 'BB' issuer credit rating. S&P said, "At the same time, we raised our ratings on both tranches of Somnigroup's senior notes to 'BB' from 'BB-' due to higher recovery estimates following recent debt repayment. We also revised the recovery rating on this debt to '4' from '5', reflecting our expectation of average (30%-50%; rounded estimate: 45%) recovery in a hypothetical default scenario." Somnigroup is beginning to generate sales and operational synergies from its Mattress Firm acquisition. S&P believes the company has improved its competitive position given its greater scale, more efficient operations, and leading positions in manufacturing and retailing. The company has also reduced debt since closing the acquisition in a challenging macroeconomic environment. S&P said, "Our 'BBB-' issue-level rating on the company's $1.5 billion senior secured term loan B is unchanged. The recovery rating on this debt is '1', indicating our expectation for very high (90%-100%; rounded estimate: 95%) recovery. "The positive outlook reflects the possibility we could raise our rating on Somnigroup within the next year if its integration of Mattress Firm continues to go smoothly, the company generates expected synergies, and it maintains leverage below 4x. "We revised our business risk assessment of Somnigroup upward to satisfactory from fair. Somnigroup improved its competitive position with the Mattress Firm acquisition, and it's now the leading bedding manufacturer, wholesaler, and specialty retailer in the U.S. We believe Somnigroup's acquisition of Mattress Firm, the largest mattress specialty retailer in the U.S., strengthened its business because of greater vertical integration and control of distribution. It accelerated the company's omnichannel strategy, adding approximately 2,200 brick-and-mortar bedding retail stores, which we believe will strengthen its brand positioning. The company's direct retail sales now constitute about 65% of total sales, up from about 25% before the acquisition. Somnigroup has two of the best-selling mattress brands (Tempur and Sealy) in the world, according to data from Euromonitor. The combined company has materially greater scale, with approximately $8 billion in annual sales and $2 billion in S&P Global Ratings-adjusted EBITDA compared with about $5 billion and $1 billion, respectively, prior to the transaction. "We estimate Somnigroup outperformed the broader bedding industry from 2022-2025 with roughly flat sales compared with mid- to high-single-digit percent declines for the overall bedding category. The company can meaningfully outspend competitors in key areas such as marketing, research and development, and acquisitions. Owning Mattress Firm facilitates more efficient operations, including committed distribution, which makes demand planning more predictable, production more efficient, and overall distribution costs lower. It has also resulted in increased balance of share for Somnigroup's products. Furthermore, the company estimates it can generate $200 million of annual sales and operational synergies from the Mattress Firm combination, the majority of which are expected to be realized by the end of fiscal 2026. "Somnigroup remains highly concentrated in the bedding category, which is subject to cyclicality. However, we believe the combined companies are better positioned to withstand economic downturns given their vertical integration, improved operating efficiency, and leading market positions in manufacturing and retailing. While competing retailers could de-emphasize Somnigroup's products in their stores, or other mattress manufacturers might seek other retailers outside of Mattress Firm, so far the company hasn't encountered any business disruptions with its third-party retailers and suppliers. We believe this is due to Somnigroup's brand and retail position. "We forecast the company could reduce leverage to about 3.1x in 2026 if macroeconomic uncertainty and monetary policy ease. Somnigroup's leverage has remained elevated following the Mattress Firm acquisition due to continued weakness in the global bedding market. We estimate its S&P Global Ratings-adjusted pro forma leverage at about 3.7x for the 12 months ended Sept. 30, 2025. We project Somnigroup will expand its reported sales about 7% in 2026, which incorporates the price increases it implemented to offset higher import costs and a full year of contribution from Mattress Firm. We also anticipate the company's market-share gains--including increased share at Mattress Firm for Somnigroup products--will continue and should support volume growth in 2026. We expect the company will realize about $90 million of incremental sales and cost synergies from the Mattress Firm acquisition in 2026, which should support deleveraging closer to 3x in 2026. We also believe there's potential for industry replacement demand to pick up following four years of depressed unit sales. This could be further boosted by lower interest rates stimulating housing turnover and spurring home sales and consumer spending on bedding categories. However, we expect industry volumes will remain muted given ongoing affordability headwinds for U.S. consumers and slowing disposable income growth. Consumer confidence is a key risk to our forecast and could further deteriorate if the labor market continues to weaken. "Importantly, our forecast assumes the company will maintain consistent financial policies and prioritize debt repayment over large debt-financed shareholder returns or acquisitions to support deleveraging to its stated (company-defined) leverage target of 2x-3x. On Dec. 1, 2025, Somnigroup made an unsolicited proposal to acquire Leggett & Platt (BBB-/Negative) for approximately $1.6 billion in an all-stock merger. Owning Leggett & Platt, one of the largest manufacturers of mattress inner springs in the world, would provide additional vertical integration for Somnigroup and likely yield some operating efficiencies. The acquisition would also bring adjacent businesses, which will add diversification but also introduce non-core categories. We would likely view a leverage-neutral all-equity transaction, incremental scale, additional diversification, and increased supply-chain control as positive credit factors. However, Leggett has faced operational challenges and has been restructuring, which could be disruptive to Somnigroup. There could also be some pullback from Leggett's other bedding customers. The outcome of the proposal and final terms of any potential transaction are uncertain at this time (Leggett's board hasn't yet formally responded), and it would also be subject to regulatory approval. "The positive outlook reflects the possibility we could raise our rating on Somnigroup over the next year if the integration of Mattress Firm continues to go smoothly and the company remains on track to realize expected synergies." S&P could revise the outlook back to stable if Somnigroup's operating performance deteriorates or it demonstrates more-aggressive financial policies such that it sustains leverage of more than 4x. This could occur if: -- Macroeconomic conditions weaken, leading to softer-than-expected consumer discretionary spending and lower demand for mattresses; -- The company loses third-party retailer distribution or suppliers, resulting in market-share losses; or -- Somnigroup conducts large, debt-financed share repurchases or acquisitions. S&P could upgrade Somnigroup if it continues to execute on the integration of Mattress Firm and it forecasts it will sustain leverage of below 4x. This could occur if: -- It continues to outperform category growth rates and doesn't experience unexpected operational disruptions; -- The company remains on track to generating well over $100 million of annual synergies from the Mattress Firm acquisition; -- Macroeconomic uncertainty abates and monetary policy continues to ease, leading to a sustained recovery in industry demand; -- Somnigroup prioritizes debt repayment over share repurchases and large debt-financed acquisitions while sustaining positive discretionary cash flow. SOUTH HAYWARD: Hires Madison Firm as Bankruptcy Counsel ------------------------------------------------------- South Hayward Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of California to employ The Madison Firm as bankruptcy counsel. The firm will assist the Debtor with the necessary amendments to and preparation of its Chapter 11 Petition, preparation of its schedules, to provide it with advice and counseling as to the bankruptcy proceedings, to respond to court documents and pleadings, to prepare a Chapter 11 plan and disclosure statement, to attend court hearings on its behalf, and to prepare a final decree. The attorney's current hourly rate is $525. The firm received a retainer in the amount of $5,000. Jonathan Madison, Esq., a partner at The Madison Firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Jonathan Madison, Esq. The Madison Firm 345 California Street, Suite 600 San Francisco, CA 94104 Tel: (415) 779-3177 Email: jmadison@themadisonfirm.com About South Hayward Ventures LLC South Hayward Ventures LLC, filed a Chapter 11 bankruptcy petition (Bankr. N.D. Cla. Case No. 25-41970) on Dec. 10, 2025. The firm hires The Madison Firm as bankruptcy counsel. SPIRIT AIRLINES: Examiner Dismisses Bad Faith Allegations in Ch. 11 ------------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Spirit Airlines' return to bankruptcy for the second time in less than a year was not the result of bad faith conduct or unrealistic financial forecasting, according to a court-appointed examiner. The examiner rejected allegations that the carrier engineered its latest Chapter 11 filing through a flawed restructuring strategy. In a 140-page report filed Monday, December 15, 2025, with the U.S. Bankruptcy Court for the Southern District of New York, examiner Marc Heimowitz said Spirit Aviation Holdings Inc.'s August bankruptcy filing was not reasonably foreseeable when the company exited its prior Chapter 11 case just five months earlier. Heimowitz concluded that Spirit’s earlier restructuring, which eliminated roughly $795 million in debt, was narrowly tailored and did not anticipate the operational and market challenges that later pushed the airline back into court. About Spirit Airlines Spirit Airlines, LLC (SAVE) is a low-fare carrier committed to delivering the best value in the sky by offering an enhanced travel experience with flexible, affordable options. Spirit serves destinations throughout the United States, Latin America and the Caribbean with its Fit Fleet, one of the youngest and most fuel-efficient fleets in the U.S. On the Web: http://wwww.spirit.com/ Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 24-11988) on Nov. 18, 2024, after reaching terms of a pre-arranged plan with bondholders. At the time of the filing, Spirit Airlines reported $1 billion to $10 billion in both assets and liabilities. Judge Sean H. Lane oversees the case. The Debtors tapped Davis Polk & Wardwell, LLP as legal counsel; Alvarez & Marsal North America, LLC, as financial advisor; and Perella Weinberg Partners LP as investment banker. Epiq Corporate Restructuring, LLC, is the claims agent. Paul Hastings, LLP and Ducera Partners, LLC serve as legal counsel for the Ad Hoc Group of Convertible Noteholders. Akin Gump Strauss Hauer & Feld, LLP and Evercore Group LLC represent the Ad Hoc Group of Senior Secured Noteholders. The official committee of unsecured creditors retained Willkie Farr & Gallagher LLP as counsel. Citigroup Global Markets, Inc., is serving as financial advisor and Latham & Watkins LLP is serving as legal counsel to Frontier. 2nd Attempt Spirit Airlines and its affiliates sought Chapter 11 protection (Bankr. S.D.N.Y. Case No. 25-11896) on August 29, 2025. In its petition, the Debtors reports estimated assets and liabilities between $1 billion and $10 billion each. Honorable Bankruptcy Judge Sean H. Lane handles the case. The Debtor is represented by Marshall Scott Huebner, Esq. and Darren S. Klein, Esq. at Davis Polk & Wardwell LLP. SPIRITRUST LUTHERAN: 6 CCRCs Owner Seeks Chapter 11 Bankruptcy -------------------------------------------------------------- Kathleen Steele Gaivin of McKnight Senior Living reports that the nonprofit owner of six continuing care retirement and life plan communities, SpiriTrust Luthern, in Pennsylvania has entered Chapter 11 bankruptcy proceedings, citing the need to reinforce its financial foundation following the closure of its home care and hospice programs last year. York-based SpiriTrust Lutheran filed for bankruptcy on November 21, 2025, after notifying residents and staff in September that the move would support the long-term sustainability of its senior living operations, according to the Tri-State Alert. SpiriTrust Lutheran operates four senior living communities in York County, along with one community in Adams County and another in Franklin County. A hearing on the Chapter 11 case is scheduled for Friday, December 19, 2025, the report states. Court records show the organization lists estimated liabilities between $100 million and $500 million, with assets valued at $50 million to $100 million. Cura Hospitality, Lutheran Social Ministries of New Jersey, and the Schaad Detective Agency are among its primary creditors, while SpiriTrust is contesting claims from Warfel Construction Co., Netsmart Tech, Highmark Blue Shield, Masonic Village Pharmacy, and Flagship Rehabilitation. About SpiriTrust Lutheran SpiriTrust Lutheran operates six continuing care retirement communities in Pennsylvania, offering a full continuum of senior care services, including independent living, assisted living, nursing care, and specialized memory care programs. Headquartered in York, the nonprofit emphasizes faith-driven values, resident-centered care, and programs that enhance quality of life for older adults. SpiriTrust Lutheran sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-03341) on November 21, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Henry W. Van Eck handles the case. The Debtor is represented by Robert E. Chernicoff, Esq. of Cunningham And Chernicoff PC. STANLEY UTILITY: Gets Court OK to Use Cash Collateral ----------------------------------------------------- Stanley Utility Contractor, Inc. received final approval from the U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, to use cash collateral to fund operations. As of the petition date, the Debtor's cash collateral includes $136,293.64 in cash and approximately $500,000 in accounts receivable under 90 days old. Pursuant to UCC-1 financing statements filed in Florida's secured transaction registry, Truist Bank and other creditors claim interests in the cash collateral, with the bank holding a first-priority interest. The Debtor was previously authorized to use cash collateral under the court's December 9 interim order. The initial order granted Truist Bank protection in the form of monthly payments of $3,559.91 and a replacement lien on all cash generated from the Debtor's operations and assets previously encumbered by its pre-bankruptcy security interest. Truist Bank, as secured creditor, is represented by: Jay B. Verona, Esq. Shumaker, Loop & Kendrick, LLP 101 E. Kennedy Blvd., Suite 2800 Tampa, FL 33602 Phone: (813) 229-7600 Fax: (813) 229-1660 jverona@shumaker.com mhartz@shumaker.com About Stanley Utility Contractor Inc. Stanley Utility Contractor, Inc. is a Florida-based construction company specializing in right-of-way and telecommunications infrastructure projects, including fiber deployments, small cell installations, and utility services. It operates primarily in Florida and provides project management, inspection, and maintenance support for its infrastructure work. Its principal office is in Leesburg, with Michael Stanley listed as president and registered agent. Stanley Utility Contractor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40481) on September 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. STAR NATURAL: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York entered an interim order authorizing Star Natural Meats 1, Inc. and its affiliates to use cash collateral to fund operations. The court authorized the Debtors to use cash collateral through January 19, 2026, in accordance with their budget, subject to a 10% variance. Several creditors hold pre-bankruptcy liens on the Debtors' assets, including KeyBank National Association, Key Equipment Finance, TD Bank and the U.S. Small Business Administration. As adequate protection, the secured creditors will be granted replacement liens on the Debtors' property excluding avoidance actions and their proceeds, with the same priority and extent as their pre-bankruptcy liens. These replacement liens are subordinate only to the fee carveout. The secured creditors may also assert superpriority claims under Section 507(b), subject to the Debtors' defenses. As additional protection, KeyBank and Key Equipment Finance will each receive payments of $1,700 and $1,120, respectively. The payments are due this month and on January 15, 2026. The Debtors' right to use cash collateral terminates immediately upon conversion or dismissal of their Chapter 11 cases, confirmation of a bankruptcy plan, termination of all or substantially all operations, or a default. A default occurs if the Debtors fail to perform any obligation under the order and fail to cure that default within 10 business days after receiving written notice. A final hearing is scheduled for January 16, 2026. Objections to the final relief must be filed and served by January 8, 2026. The interim order is available at https://is.gd/Plv5bQ from PacerMonitor.com. About Star Natural Meats 1 Inc. Star Natural Meats 1, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45385) on November 10, 2025. In its petition, the Debtor reported to $50,000 in assets and liabilities. Judge: Elizabeth S. Stong oversees the case. The Debtor is represented by Robert L. Rattet, Esq., at Davidoff Hutcher & Citron, LLP. STRUNZ MILK: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Strunz Milk Transport, LLC received interim approval from the U.S. Bankruptcy Court for the Western District of Wisconsin to use cash collateral to fund operations. The court authorized the Debtor to use the cash collateral of its secured lenders, Bank of Brodhead and Willis Hoerler, as trustee of the Willis and Doris Hoerler Trust, in accordance with its budget. As adequate protection, both lenders will be granted replacement liens, with the same priority as their pre-bankruptcy liens. In addition, Bank of Brodhead, the primary lender, will receive monthly payments of $55,000. The court directed the Debtor to maintain insurance coverage as additional protection to lenders. The court will hold a final hearing on February 18, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/pHDH5 from PacerMonitor.com. In addition to its cash, Strunz's assets primarily consist of trucks and trailers, vehicles, office equipment and furniture, supplies and tools. These assets constitute the collateral of the lenders valued at approximately $3.25 million. Bank of Brodhead holds over $3.65 million in perfected first priority liens on substantially all assets while the Hoerler Trust, owed approximately $1.2 million, holds a blanket lien. Bank of Brodhead is represented by: James E. Bartzen, Esq. Boardman & Clark, LLP 1 South Pinckney Street, Suite 410 P.O. Box 927 Madison, WI 53701-0927 jbartzen@boardmanclark.com Hoerler Trust is represented by: Mary C. Turke, Esq. Turke & Steil, LLP 613 Williamson Street, Suite 201 Madison, WI 53703 (608) 237-1775 mary@turkelaw.com About Strunz Milk Transport LLC Strunz Milk Transport, LLC is a milk transportation company headquartered in Brodhead, Wisconsin. Strunz sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12481) on November 12, 2025. In its petition, the Debtor listed between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Thomas M. Lynch handles the case. The Debtor is represented by Eliza M. Reyes, Esq., at Richman & Richman, LLC. SUPERIOR PLUS: DBRS Confirms 'BB(high)' Issuer Rating ----------------------------------------------------- DBRS Limited confirmed the Issuer Rating of Superior Plus LP (Superior Plus or the Company) at BB (high) and the credit rating on the Company's Senior Unsecured Debentures at BB, with a recovery rating of RR5. All trends are Stable. KEY CREDIT RATING CONSIDERATIONS The credit rating confirmations and Stable trends reflect Superior Plus' earnings resilience through periods of weaker volumes or pricing across its propane and compressed natural gas segments as well as its ability to hold out through cyclical headwinds, including weather-driven demand variability. The credit ratings are supported by the Company's sound business profile as an established mobile energy distributor with a solid market position in Canada and the U.S. The credit ratings are constrained by Superior Plus' high debt levels and a slower pace of deleveraging. The RR5 recovery rating on the Senior Unsecured Debentures considers a material portion of committed senior secured debt availability of more than $900 million that ranks in priority to the rated unsecured instruments. The Company's financial performance in the nine months to September 30, 2025, was pressured by its relatively soft performance in the warmer summer months, offsetting a strong start in the first quarter. Earnings were also stressed by upfront impact of the Company's strategic operational transformation program "Superior Delivers" and a higher proportion of low-margin wholesale volumes. Superior Plus has come off its accelerated debt-funded acquisition phase, consequently, the level of indebtedness is expected to be relatively stable in the near to medium term. As a result, Morningstar DBRS expects the full-year 2025 earnings profile and related credit metrics to be relatively unchanged compared with 2024. Management has committed to prioritizing moderate repayments of bank facilities, targeting a stronger leverage profile by mid-2027. The credit ratings and trends assume a Morningstar DBRS-adjusted debt-to-EBITDA of about 4.0 times (x) in the near term, with a scope for moderate improvement if management delivers on its capital allocation commitments. CREDIT RATING DRIVERS Morningstar DBRS could consider a negative rating action if some or all of the following conditions occurred: (1) a progressively weaker-than-expected operating performance; (2) an increase in the level of indebtedness that caused credit metrics to deteriorate below what is considered acceptable within the current credit rating range on a normalized, sustained basis, particularly the forecast gross debt-to-EBITDA at or higher than 4.5x; and/or (3) a permanent negative shift in the business risk assessment. Conversely, a positive credit rating action could be considered if the Company demonstrated commitment to a considerably strong investment grade financial risk assessment profile over a sustained period. EARNINGS OUTLOOK Adjusted EBITDA for full-year 2025 is expected to grow at a modest, low single-digit rate year-over-year, reflecting the impact of stronger demand in the first and last quarter of the year in the propane segments, offset by weaker pricing and demand in the compressed natural gas (CNG) segment. The slow growth in EBITDA further reflects the Company's spending associated with its operational reorganization and technology upgrades. Medium-term operating performance is expected to show moderate improvement, driven by a cycle of relatively favorable weather patterns, and efficiency savings from new technology and the right-sized workforce. EBITDA margins are expected to moderately weaken by 50 to 100 basis points in 2025, and then normalize around 19% thereafter, reflecting a renewed focus on operating efficiency. Superior Plus passes supply-related costs to its customers, providing the Company with some insulation against the impact of U.S. tariffs. Morningstar DBRS does not anticipate any major acquisition activity in the medium term. FINANCIAL OUTLOOK Morningstar DBRS expects Superior Plus to convert close to 70% of its EBITDA into cash flow from operations before changes in working capital, benefiting from favorable rates in its variable-rate bank facilities; offset by some one-off restructuring-related cash outflows. Capital expenditure (capex) in 2025 is expected to be approximately 30% lower than in 2024, as the Company decelerates mobile storage capacity expansion in its CNG division amid softer oil and gas activity. The combination of lower capital expenditure and dividend payments is expected to result in a moderate free cash flow surplus. Going into 2026, Morningstar DBRS expects Superior Plus' capital allocation policy to prioritize a balance between shareholder compensation and growth capital, leaving capacity for some debt repayment that could support modest improvement in its leverage position and expand the Company's liquidity. CREDIT RATING RATIONALE -- Comprehensive Business Risk Assessment (CBRA): BBBL/BBH Superior Plus' CBRA reflects the Company's leading position as an established distributor of energy products across North America, a strong brand and its broad base of industrial, commercial and residential customers. The CBRA acknowledges the Company's exposure to cyclicality in the end markets (oil and gas) and material seasonal variability in demand for heating fuels. -- Comprehensive Financial Risk Assessment (CFRA): BBH The CFRA reflects Morningstar DBRS' expectation that steady operating performance and deceleration of debt-funded acquisitions should sustain debt-to-EBITDA at around 4.0x in the near term, with scope for deleveraging through debt repayments in the medium term. The CFRA also reflects the benefits of a favorable interest rate environment. Note: Morningstar DBRS forecast considers 50% of $260 million of preferred shares as equity. The rationale for lower equity treatment is due to a step-up provision on the preferred dividend rate in 2027, which increases the probability of redemption. That said, Morningstar DBRS believes the Company has adequate liquidity room to partially or fully redeem the preferred shares while maintaining the current financial risk assessment. -- Intrinsic Assessment (IA): BBH Superior Plus' IA is determined based on forward-looking assessment of the CBRA and CFRA while also taking into consideration industry peers, among other factors. -- Additional Considerations: None The credit ratings include no further negative or positive adjustments resulting from additional considerations. -- Recovery Rating: RR5 The recovery rating of RR5 on the Senior Unsecured Debentures considers their relative position in the borrowing structure and assumes that the Company's senior secured credit facilities are fully drawn. Notes: All figures are in U.S. dollars unless otherwise noted. SVANGVITAYA LLC: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Svangvitaya L.L.C., doing business as Sala Thai, received interim approval from the U.S. Bankruptcy Court for the Southern Districtof California to use cash collateral. At the recent hearing, the court granted the Debtor's motion to use cash collateral on an interim basis to pay only non-insider employee wages. The next hearing is scheduled for January 22, 2026. Svangvitaya argues that access to cash collateral is essential to maintaining operations of its long-standing Thai restaurant in San Diego, which has been in business for 35 years. The Debtor identifies secured creditors with interests in the cash collateral including CDTFA, Cromwell Capital, Funding Metrics, Global Funding Experts, Spartan Capital, and the SBA. It offered adequate protection through replacement liens and monthly payments of $100 to Spartan Capital and $350 to Global Funding Experts. The Debtor asserts that continued business operations will preserve asset value and generate income sufficient to protect creditors' interests. With secured claims totaling approximately $652,648 and limited assets valued at $29,090, the Debtor contends that inability to use cash collateral would force the restaurant to cease operations, harming employees, customers, and creditors alike. About Svangvitaya L.L.C. Svangvitaya L.L.C., dba Sala Thai, is a limited liability company. The company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-05083) on December 3, 2025. The petition lists estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. The case is overseen by Honorable Bankruptcy Judge J. Barrett Marum. The Debtor is represented by Michael Jay Berger, Esq. of Law Offices of Michael Jay Berger. T-SHIRT STATION: Aleida Martinez Molina Named Subchapter V Trustee ------------------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Aleida Martinez Molina, Esq., as Subchapter V trustee for T-Shirt Station Stores, LLC. Ms. Molina will be paid an hourly fee of $450 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Molina declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Aleida Martinez Molina, Esq. 2121 NW 2nd Avenue, Suite 201 Miami, FL 33127 Telephone: (305) 297-1878 Email: Martinez@subv-trustee.com About T-Shirt Station Stores LLC T-Shirt Station Stores, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24608) on December 11, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge Erik P. Kimball presides over the case. Tarek K. Kiem, Esq., represents the Debtor as legal counsel. TEAM CHAMPIONS: Unsecured Creditors to Split $90K over 5 Years -------------------------------------------------------------- Team Champions, Inc. filed with the U.S. Bankruptcy Court for the Northern District of Illinois a Disclosure Statement describing Plan of Reorganization dated December 10, 2025. Team Champions was founded by Nazar Trukhan in 2012 as a one truck owner-operator business. From 2020 and on, the company was converted into a holding company and experienced exponential growth to over 100 trucks. Unfortunately, due to market saturation, lower rates, increased fuel prices and other external factors, the demand for trucks was reduced. Some of the units were repossessed or voluntarily surrendered. Team Champions continues to operate as a holding company of the vehicles, subleasing the vehicles to its related operating company, Run Direct, Inc. Run Direct pays all operational costs for Team Champions, including vehicle loan payments in the form of lease payments. Run Direct will continue to cover adequate protection payments and Plan payments post confirmation. The Debtor's Plan of Reorganization provides for distribution to the holders of allowed claims and interests from cash, cash equivalents and other funds and income derived the continued operations of the Debtor. Class 2 consists of General NonPriority Unsecured Claims. Class 2 Claims including unsecured deficiency claims shall be paid pro rata distributions of deferred cash payments aggregating $90,000 from (i) the General Unsecured Creditor Fund in the amount of $80,000; and (ii) $10,000 from New Value Contribution, payable in five equal payments of $18,000 with the first installment due 6 months following the Effective Date (or December 30, 2026, whichever sooner) and $18,000 payable annually on December 30, 2027, 2028, 2029 and 2030. Class 2 Claims are impaired under the Plan. The allowed unsecured claims total $2.5 Million. Class 3 consists of Interests of Equity Holders. All equity interests shall be deemed to be terminated and canceled upon the Effective Date. Equity shares in the Reorganized Debtor shall be issued 100% to Nazar Trukhan, as 100% owner of the Reorganized Debtor upon the Effective Date. Mr. Trukhan shall contribute new value in the Reorganized Debtor in the amount of $10,000, payable over 5 years at $2,000 per year, which shall be added to the General Unsecured Creditor Fund to be distributed to Class 2 general unsecured claims. Class 3 Claims and Equity interests are impaired under the Plan. The Debtor has projected that its sources of funding will generate sufficient funds to make the disbursements and payments required under the Plan. Except as otherwise provided in the Plan or the Confirmation Order, all cash necessary for the Debtor to make payments pursuant to the Plan to Allowed Administrative Claims, Priority Claims, Priority Tax Claims, Secured Claims and General Unsecured Non- Priority Claims will be from the continued operations of the Debtor in addition to the new equity contribution by the Debtor's principals. As stated, all income of the Debtor is in the form of lease payments by the operating company, Run Direct, Inc. Run Direct, Inc. pays all operational expenses of the Debtor. A full-text copy of the Disclosure Statement dated December 10, 2025 is available at https://urlcurt.com/u?l=Hp3VJn from PacerMonitor.com at no charge. Counsel to the Debtor: Miriam Stein Granek, Esq. Gutnicki LLP 4711 Golf Road, Suite 200 Skokie, IL 60076 Telephone: (847) 745-6592 Email: mgranek@gutnicki.com About Team Champions Inc. Team Champions Inc. is a trucking company based in Northbrook, Illinois that provides interstate freight transportation services across the United States, operating a fleet of heavy-duty Freightliner trucks and flatbed trailers to haul general freight, construction materials, and industrial equipment. The Company serves a variety of sectors requiring long-haul and regional deliveries, including goods that can be transported on open flatbeds such as steel, lumber, and machinery. It is registered with the U.S. Department of Transportation as an interstate motor carrier and maintains a sizable fleet with dozens of tractors and trailers. Team Champions Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-12121) on August 8, 2025. In its petition, the Debtor reports total assets of $2,930,099 and total liabilities of $5,791,657. Honorable Bankruptcy Judge Michael B. Slade handles the case. The Debtor is represented by the Law Offices of David Freydin and Gutnicki LLP. TELLICO RENTALS: Court OKs Interim Use of Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Tennessee entered an agreed interim order authorizing Tellico Rentals, LLC to continue using cash collateral. The Debtor is permitted to use cash collateral in the ordinary course of business for necessary operating expenses, including rental management fees, insurance, utilities, repairs, maintenance, and other expenses set forth in an approved budget, subject to a 20% variance by category through January 13, 2026. The order prohibits insider payments from rental management fees and requires weekly revenue and disbursement reports to secured creditors and the U.S. Trustee for specified reporting periods. The Debtor may update the budget as properties are liquidated. As adequate protection, the Debtor must escrow monthly amounts for real property taxes and interest on past-due taxes, maintain insurance, remain current on post-petition tax filings, and pay all U.S. Trustee fees and required operating reports. The Debtor also agreed to make monthly adequate protection payments of $5,000 to Mary Jane Saunders beginning November 1, 2025. Mary Jane Saunders and Grassland Financial Services, LLC are granted postpetition replacement liens on prepetition and postpetition collateral with the same scope, priority, and perfection as their prepetition liens, deemed perfected as of the petition date. The order preserves the secured creditors' rights to seek additional adequate protection or administrative priority claims if later found inadequately protected. It includes enforcement provisions allowing dismissal or conversion upon noncompliance, restricts the use of insurance proceeds to property repairs, requires disgorgement of improper postpetition insider payments, and permits continued use of VSM Management, LLC for normal operations. A further hearing on continued use of cash collateral is set for January 13, 2026, with objections due by January 9, 2026. Ms. Saunders is represented by: Maurice K. Guinn, Esq. Gentry, Tipton & McLemore, P.C. P.O. Box 1990 Knoxville, TN 37901 Phone: 865-525-5300 mkg@tennlaw.com About Tellico Rentals LLC Tellico Rentals, LLC offers cabin rental services in Tellico Plains, Tennessee. It provides a range of accommodations, including riverfront lodges, group cabins, and pet-friendly units near the Cherohala Skyway and Tellico River. Tellico Rentals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12707) on October 9, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25-32044). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by: W. Thomas Bible, Jr., Esq. Tom Bible Law 6918 Shallowford Road, Suite 100 Chattanooga, TN 37421 Phone: (423) 424-3116 Fax: (423) 553-0639 tom@tombiblelaw.com TELUS CORPORATION: DBRS Assigns 'BB(high)' Credit Rating -------------------------------------------------------- DBRS Limited assigns a final credit rating of BB (high), with a Stable trend to TELUS Corporation's (TELUS or the Company) U.S.$800 million 6.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series C due June 9, 2056, U.S.$700 million 6.625% Fixed-to-Fixed Rate Junior Subordinated Notes, Series D, due June 9, 2056 (collectively the USD Junior Subordinated Notes), C$400 million 5.375% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAT due June 9, 2056 and C$400 million 5.875% Fixed-to-Fixed Rate Junior Subordinated Notes, Series CAU, due June 9, 2056 (collectively the CAD Junior Subordinated Notes). There is no change to either the Company's Issuer Rating or senior unsecured debt rating, which are rated BBB with Stable trends. The credit ratings assigned to these newly issued debt instruments are based on the credit rating of an already-outstanding debt series of the above-mentioned debt instruments. The credit ratings listed above are based on TELUS' Prospectus Supplement denominated in US dollars (to a short form base shelf prospectus dated December 4, 2025) dated December 4, 2025, TELUS' Prospectus Supplement denominated in Canadian dollars (to a short form base shelf prospectus dated December 4, 2025) dated December 4, 2025, and information provided by TELUS to Morningstar DBRS as of December 10, 2025. Continuation of the ratings is subject to the provision to Morningstar DBRS of timely and sufficient information and/or data for the purposes of monitoring the above-noted ratings. TERRAFORM LABS: Jump Trading Hit with $4B Suit by Administrator --------------------------------------------------------------- Sidhartha Shukla of Bloomberg News reports that Jump Trading is facing a lawsuit from the administrator managing the wind-down of Terraform Labs, who alleges the firm played a direct role in the crypto company's 2022 collapse. The Office of the Terraform Labs Plan Administrator said Friday, December 19, 2025, that it filed a $4 billion suit accusing the Chicago-based trading firm of profiting through unlawful market manipulation, self-dealing, and misuse of Terraform's assets. According to the administrator, the lawsuit is intended to recover funds for creditors and hold Jump responsible for its alleged conduct, the report states. About Terraform Labs Terraform Labs Pte. Ltd. -- https://www.terra.money -- is a startup that created Terra, a blockchain protocol and payment platform used for algorithmic stablecoins. It was co-founded by Do Kwon and Daniel Shin in 2018 in Seoul, South Korea. Terraform Labs introduced its first cryptocurrency token, TerraUSD, in 2019. Investment firms like Arrington Capital, Coinbase Ventures, Galaxy Digital, and Lightspeed Venture Partners helped Terraform Labs raise more than $200 million. The collapse of the stablecoins TerraUSD (UST) and Luna in May 2022 caused the temporary suspension of the Terra network, wiping out over $45 billion in market capitalization in a single week. Both of Terra Form Labs' founders have encountered legal problems as a result of the devaluation of the company's currency. In September 2022, South Korean prosecutors filed a warrant for Do Kwon's arrest. He was also added to Interpol's Red Notice list, which urges other law enforcement to find and detain him. Terraform Labs Pte. Ltd. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 24-10070) on Jan. 22, 2024. In the petition filed by Chris Amani, as chief executive officer, the Debtor estimated assets and liabilities between $100 million and $500 million each. The Debtor is represented by Zachary I Shapiro, Esq., at Richards, Layton & Finger, P.A. TEZCAT LLC: Hires Mickler & Mickler LLP as Attorney --------------------------------------------------- Tezcat, LLC d/b/a Tepeyolot Cerveceri seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to employ Law Offices of Mickler & Mickler, LLP as attorney. The firm will provide general representation to the Debtor in the bankruptcy case and perform all legal services necessary. The firm will be paid a retainer in the amount of $400-$500 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Bryan K. Mickler, Esq., a partner at Law Offices of Mickler & Mickler, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bryan K. Mickler Law Offices of Mickler & Mickler, LLP 5452 Arlington Expressway Jacksonville, FL 322211 Tel: (904) 725-0822 Fax: (904) 725-0855 About Tezcat, LLC d/b/a Tepeyolot Cerveceri Tezcat, LLC, doing business as Tepeyolot Cerveceria, operates a brewpub and restaurant in Jacksonville, Florida, offering freshly prepared Mexican cuisine alongside craft lagers brewed on-site, as well as margaritas, sangria, wine, and other mixed drinks. The Company provides dine-in service, catering, special events, and online ordering, and its operations are centered at 2130 Kings Avenue. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04520) on December 5, 2025, with $63,946 in assets and $1,128,462 in liabilities. Luis Melgarejo II, manager, signed the petition. Bryan K. Mickler, Esq. at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. THREEPIECEUS LLC: Gets Extension to Access Cash Collateral ---------------------------------------------------------- Threepieceus, 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 its 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 approval from secured creditors, effective until further court order. Any spending outside the budget is not automatically deemed unauthorized but may trigger remedies for secured creditors. As adequate protection, U.S. Bank and other secured creditors will receive post-petition replacement liens matching their pre-bankruptcy lien priority. Additionally, U.S. Bank will receive $2,000 in monthly payments starting this month. The fourth interim order required Threepieceus to meet all debtor-in-possession obligations, maintain required insurance, and provide access to business records. The other secured creditors, aside from U.S. Bank, are U.S. Bank Equipment Finance, I.S. Bank Equipment Finance, and the U.S. Small Business Administration. The Debtor owes U.S. Bank and the SBA $5,000 and $756,984.31, respectively. The Debtor estimates that the collective claims of the secured creditors are secured by $21,598.13 in cash, $16,550.54 in collectible accounts receivables, and $157,415 in inventory. U.S. Bank is represented by: Mark E. Steiner, Esq. Liebler Gonzalez & Portuondo Courthouse Tower - 25th Floor 44 West Flagler Street Miami, FL 33130 Tel: (305) 379-0400 mes@lgplaw.com About Threepieceus LLC Threepieceus, LLC is a Florida-based company that designs and sells custom wheels and automotive accessories, operating an online storenat its Largo headquarters. The Company offers a range of products including rims, wheel and tire packages, and accessories from brands such as Work, CCW, SSR, and Fuel Forged. Threepieceus, LLC sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-07261) on October 1, 2025, listing $270,753 in assets and $1,395,402 in liabilities. Jake Owens, manager, signed the petition. Judge Roberta A. Colton oversees the case. Ford & Semach, P.A. serves as the Debtor's legal counsel. U.S. Bank, N.A., as secured creditor, is represented by: Mark E. Steiner, Esq. Liebler Gonzalez & Portuondo Courthouse Tower - 25th Floor 44 West Flagler Street Miami, FL 33130 Tel: (305) 379-0400 mes@lgplaw.com TRICOLOR AUTO: Excel Guy Botched in Fixing Alleged Fraud Numbers ---------------------------------------------------------------- Isabella Farr and Scott Carpenter of Law360 reports that Tricolor Holdings founder Daniel Chu described the incident as "the stupidest thing [he had] ever heard" in a secretly recorded August call. The misstep ultimately helped expose what authorities say was a $1 billion-plus fraud. Ameryn Seibold, a top lieutenant, had been instructed to adjust the Excel spreadsheets the subprime auto lender sent to its financiers, making thousands of delinquent car loans appear current. However, in a column showing outstanding balances, Seibold didn't reduce the numbers, creating a clear discrepancy, federal charges say. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRONOX HOLDINGS: S&P Lowers ICR to 'CCC+' on Elevated Leverage -------------------------------------------------------------- S&P Global Ratings lowered Tronox Holdings PLC's issuer credit rating to 'CCC+'. S&P said, "At the same time, we lowered our rating on its term loan facilities to 'B' from 'BB-'. The '1' (95%) recovery rating is unchanged. We also lowered our ratings on the senior unsecured debt due in 2029 to 'CCC+' from 'B'. The '4' (40%) recovery rating is unchanged. "The negative outlook reflects the possibility, against our base case scenario, that a continued demand downturn in Tronox's markets in 2026, will further elevate leverage and weaken credit metrics from 2025 levels. We expect debt to EBITDA of 9x-10x under current conditions. "Continued weaker-than-expected demand and pricing for Tronox Holdings PLC, a producer of titanium dioxide and byproduct zircon, has further weakened its credit metrics versus our previous expectations. "We do not anticipate a return over the next 12 months to credit metrics appropriate for a 'B' issuer credit rating. "Our downgrade reflects expected continued weak credit metrics into 2026. Tronox's credit quality continues to face significant pressure from underperformance versus our previous expectations due to weaker market demand, lower pricing due to oversupply, and heightened competition from China. Sequential weakness in titanium dioxide and zircon pricing drove revenues down year over year in the third quarter with adjusted EBITDA plunging in the second half of 2025, versus our expectations for stabilization at first half levels. We expect weak credit metrics to continue in early 2026, with flat end-market demand, elevated leverage and interest costs, and limited cushion under its first-lien leverage covenant. But Tronox's aggressive cost-reduction plan--including shutting down its Botlek facility in the Netherlands, cutting its dividend to preserve capital, idling one furnace at its Namakwa smelter in South Africa, and temporarily shutting down its west mines in the country due to lower utilization--could lead to some improvement by the middle of next year. In 2026, we believe TiO2 pricing will stabilize and gradually strengthen following structural shifts and corporate actions, including competitor The Chemours Co.'s recement price increase announcement targeting the Asia‑Pacific region effective December 1, 2025. "We think debt leverage will be higher than we previously assumed for Tronox due to weak pigment and zircon volumes, reflecting soft global GDP growth and flat customer demand forecasts for the first half of 2026. We anticipate weighted-average debt to EBITDA will be 9x-10x over the next year, with slight improvement expected by the year end." Tronox is positioned to benefit from rising trade barriers on Chinese imports and competitor disruptions. China supplies about two-thirds of India's titanium dioxide imports. In the third quarter of 2025, antidumping duties were temporarily stayed by a state court in India primarily due to procedural issues rather than concerns about the underlying reasons for the duties. Duties were continuing to be collected until a challenge by the India Paint Association halted the collection in early December. There is a stakeholder meeting scheduled for December 23rd as a next step in the process of rectifying the error. If these duties come into play again, exports from China could drop significantly, allowing Tronox an opportunity to sell titanium dioxide cheaper than most competitors due to the Australia-India free trade agreement. Tronox could begin gradual deleveraging in the second half of 2026 if it achieves the lower end of its cost savings, gains market share in India and from disruptions in Venator's production as it rectifies its insolvency and realizes modest price gains from some rebound in titanium dioxide markets. This could set a foundation for measured credit quality improvement in the back half of 2026 and into 2027. Tronox has benefitted from vertical integration. The company has a higher degree of vertical integration and scale than most competitors. It makes the ores used to produce its key product, titanium dioxide. This is especially beneficial when ore availability declines and costs for nonintegrated titanium dioxide producers are high. However, this could be less of a strength during a downturn when the fixed costs of maintaining ore mines could add to total costs. Tronox has historically maintained a strong margin profile, supported by vertical integration, cost efficiencies, and a diversified product mix. However, 2025 marked an exception, as weak TiO2 and zircon pricing combined with soft end-market demand compressed margins significantly. Looking ahead, margins are expected to recover gradually in 2026 as pricing stabilizes and cost-reduction initiatives take hold, with further improvement anticipated in 2027 as demand strengthens and structural tailwinds—such as trade barriers and competitor disruptions—enhance profitability. Its products remain cyclical and are susceptible to earnings volatility. Tronox has taken steps to mitigate earnings cyclicality, including instituting customer contracts with supportive pricing features. S&P said, "We do not see a threat of excess supply derailing still-favorable pricing for Tronox's products. However, we believe that in the long run, earnings will remain susceptible to demand or pricing shocks." S&P said, "Our base case assumes that, despite potential for improvement, Tronox's credit metrics will remain weak for the rating amid earnings volatility. We expect debt to EBITDA of 9x-10x over most of the next year. We continue to view the TiO2 sector as cyclical and do not expect current market conditions to persist throughout the cycle. We do not anticipate meaningful changes to debt or significant acquisitions. Our base case assumes gradual improvement in demand and pricing throughout 2026." S&P could lower its rating on Tronox if: -- It engages in a restructuring or transaction that we view as distressed; -- It breaches the springing first-lien leverage covenant on its revolving credit facility; or -- Liquidity weakens. Leverage is likely to be higher than S&P anticipates. For an upgrade in the next 12 months, S&P would expect: -- Weighted-average debt to EBITDA sustained below 8.5x; and -- At least marginally positive free cash flow. This could occur if margins improve above S&P's expectations, which would generate sufficient earnings to account for potential volatility. TRY TROUT: Taps Keen-Summit, Berkadia Real Estate as Brokers ------------------------------------------------------------ Try Trout and Industrial, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ Keen-Summit Capital Partners LLC and Berkadia Real Estate Advisors Inc. as real estate brokers. The firms will market and sell the Debtor's real property located at 11158 Church Street, Truckee, Nevada County, California, and 11189 Church Street, Truckee, Nevada County, California. The firms will be paid at these fees: A. Sale Transaction Fee -- If Cash Sale. The firm will be paid per Sale Transaction equal to: (i) 4 percent of the Gross Proceeds from the Transaction up to $50 million; plus (ii) 8 percent on the difference between the Gross Proceeds of the Transaction and $50 million, to be shared equally by the brokers. -- If Credit Bid Sale. The firm will be paid a Sale Transaction Fee per Sale Transaction fee equal to: (1) 1/2 percent of the credit bid proceeds from the Sale Transaction up to the maximum amount of such credit bid, plus the reimbursement of their reasonable out of pocket expenses. B. Restructuring Transaction Fee. The firm will be paid per Restructuring Transaction equal to: (i) 4 percent of the Gross Proceeds from the Transaction up to $50 million, plus (ii) 8 percent on the difference between Gross Proceeds of the Restructuring Transaction to be shared equally by the Brokers, plus reimbursement of reasonable out of pocket expenses. Mr. Bordwin of Keen-Summit Capital Partners LLC and Jason Parr of Berkadia Read Estate Advisors Inc. disclosed in court filings that the firms are "disinterested persons" as the term is defined in Section 101(14) of the Bankruptcy Code. The firms can be reached at: Matt Bordwin Keen-Summit Capital Partners LLC 15th Floor 3 Columbus Circle New York, NY 10019 Tel: (914) 980-8555 Email: hbordwin@Brokers-Summit.com - and - Jason Parr Berkadia Read Estate Advisors Inc. 1 Post Street #1000 San Francisco, CA 94104 Tel: (415) 407-2106 Email: Jason.parr@berkadia.com About Try Trout and Industrial, LLC Try Trout and Industrial LLC develops and manages property in Truckee, California, focusing on parcels located at 11157, 11158, and 11189 Church Street. The Company's projects are part of the Downtown and Railyard Master Plan zones, including the Trout Creek and Industrial Heritage Districts. It operates within the real estate and property development sector, holding ownership of multiple parcels. Try Trout and Industrial LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-24548) on August 27, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by William M. Noall, Esq. at GARMAN TURNER GORDON LLP. TURNKEY ROOFING: Wins Interim OK to Use Cash Collateral ------------------------------------------------------- Turnkey Roofing of Florida Inc. received interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The Debtor is authorized to use cash collateral solely for payments expressly approved by the Court—including payments to the Subchapter V Trustee—and for necessary operating expenses listed in the budget attached as Exhibit A. Any use of cash collateral outside these authorized categories is prohibited unless further ordered by the Court. The Debtor projects total operational expenses of $618,333.00 for the period from November 24 to December 23, 2025. The order grants the cash-collateral lenders replacement liens on post-petition cash collateral with the same validity, extent, and priority as their prepetition liens, without the need for additional filings. The order is entered without prejudice to the rights of the U.S. Trustee, any future creditors' committee, or any party in interest to challenge liens or seek further adequate protection or limitations on cash-collateral usage. The interim authorization remains in effect until the continued hearing on the Motion, scheduled for December 16, 2025. About Turnkey Roofing of Florida Inc. Turnkey Roofing of Florida Inc. specializes in end-to-end roofing services for both residential and commercial clients throughout Florida. Its capabilities span installation, repair, replacement, and maintenance for multiple roofing types, including shingle, tile, metal, and flat roofs. Recognized for dependable service and high-quality results, the company offers roofing solutions engineered to comply with Florida codes and resist harsh weather. Turnkey Roofing also supports customers through insurance-related restoration work, storm-damage inspections, and long-term roof performance planning. Turnkey Roofing of Florida Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04128) on November 10, 2025. In its petition, the Debtor reports estimated assets between $100,001 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Thomas C. Adam, Esq. of Adam Law Group, P.A. UP ACADEMY: State Ends School's Receivership Despite Parents' Pleas ------------------------------------------------------------------- Mariana Simoes of The Boston Globe reports that Massachusetts education officials have voted to end the state receivership of UP Academy Holland, moving ahead with the transition despite objections from some parents who urged regulators to keep the Boston middle school under state oversight. State officials said the decision reflects progress made during years of intervention, including improvements in school operations and academic performance. They added that UP Academy Holland has met the criteria required to return to local control. Several parents, however, warned that the school remains vulnerable and argued that ending receivership could reverse recent gains. During public comment, families raised concerns about leadership stability and long-term academic outcomes once state oversight is lifted. About UP Academy Holland UP Academy Holland is a K–6 public charter school located in Dorchester, Massachusetts, that is part of the larger UP Education Network. The school serves a diverse student body and is committed to offering rigorous academic programs paired with character development and community engagement. Its instructional model emphasizes data-driven teaching, differentiated support, and a school culture centered on achievement. UP Academy Holland, formerly John P. Holland Elementary School, struggled academically in the early 2010s and was designated a Level 5 chronically underperforming school, prompting the Massachusetts Department of Elementary and Secondary Education to place it into state receivership in 2014. Under the designation, the UP Education Network was appointed as receiver and assumed full operational and managerial control to lead the school's turnaround. URGENT CARE: Case Summary & 19 Unsecured Creditors -------------------------------------------------- Debtor: Urgent Care Down East, Inc. 853 Washington Square Mall Washington, NC 27889 Business Description: Urgent Care Down East, Inc. operates a walk-in urgent care clinic in Washington, North Carolina, providing same-day medical treatment for acute illnesses, minor injuries, occupational health services, and routine physicals, serving patients in Eastern North Carolina. Chapter 11 Petition Date: December 16, 2025 Court: United States Bankruptcy Court Eastern District of North Carolina Case No.: 25-05002 Debtor's Counsel: George Mason Oliver, Esq. THE LAW OFFICES OF GEORGE OLIVER, PLLC PO Box 1548 New Bern, NC 28563 Tel: 252-633-1930 Fax: 252-633-1950 Total Assets: $476,437 Total Liabilities: $1,699,505 The petition was signed by Rachel Gardner as president. 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/HSYGYAA/Urgent_Care_Down_East_Inc__ncebke-25-05002__0001.0.pdf?mcid=tGE4TAMA VICTORIA'S KITCHEN: Gets Extension to Access Cash Collateral ------------------------------------------------------------ Victoria's Kitchen, LLC received third interim approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral pursuant to its monthly budget, subject to a 10% variance. The Debtor is not permitted to make payment to any bankruptcy professional or to the Subchapter V trustee. The U.S. Small Business Administration asserts a lien on the Debtor's personal property based on a UCC-1 financing statement. As adequate protection, the SBA will receive a monthly payment of $500 payable on the first day of each month for which the use of cash collateral is authorized. The court's order expires on January 31, 2026. About Victoria's Kitchen LLC Victoria's Kitchen, LLC is a food service business based in Philadelphia, Pennsylvania. Victoria's Kitchen sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-13380) on August 26, 2025, listing between $1 million and $10 million in assets and liabilities. Holly Miller, Esq., at Gellert Scali Busenkell & Brown, LLC serves as Subchapter V trustee. Judge Derek J. Baker oversees the case. The Debtor is represented by Michael Assad, Esq., at Sadek Law Offices. VISION CARE: Court Extends Cash Collateral Access to Jan. 10 ------------------------------------------------------------ Tanya Sambatakos, the Chapter 11 trustee for Vision Care of Maine, LLC, received another extension from the U.S. Bankruptcy Court for the District of Maine to use cash collateral. The use of cash collateral is necessary to fund the Debtor's ongoing operations and to meet the deadline for filing a reorganization plan, according to the trustee. The order extended the bankruptcy trustee's authority to use cash collateral from December 13 to January 10, 2026 to pay the expenses set forth in the budget, subject to a 10% variance. The Debtor's budget shows total cash disbursements of $4,168,037 for the period from the week ending November 1 through the week ending January 24, 2026. The bankruptcy trustee must continue compliance with U.S. trustee obligations, including reporting and fee payments. The order specifies that its terms will remain binding and effective even if the case is converted, dismissed or transferred. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/Qdm5D from PacerMonitor.com. About Vision Care of Maine Vision Care of Maine, LLC is a medical group practice located in Bangor, ME that specializes in Ophthalmology and Optometry offering vision care services including glasses, contacts, surgeries for cataracts, retina disease and cornea disease and glaucoma. Vision Care of Maine sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Me. Case No. 24-10166) on August 5, 2024. In the petition signed by Curt Young, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Peter G. Cary oversees the case. The Debtor tapped George J. Marcus, Esq., at Marcus, Clegg, Bals & Rosenthal, PA as legal counsel and Opus Consulting Partners, LLC as financial consultant. Tanya Sambatakos is the Chapter 11 trustee appointed in the Debtor's case. VIVAKOR INC: Investor, Lenders Convert $165,400 Notes to Shares --------------------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company: -- on December 4, 2025, received a Notice of Conversion from one of its noteholders, converting an aggregate of $45,738.82 of the principal amount and interest due under convertible promissory notes into 964,954 shares of the Company's common stock; and -- on December 8 and 9, 2025, the Company received two Notices of Conversion from lenders, converting $100,000 and $19,750 of the amounts due under the Lender Notes into 2,262,443 and 500,000 shares of the Company's common stock, respectively. Between May 14, 2025 and May 19, 2025, the Company issued convertible promissory notes to several accredited investors, in the aggregate principal amount of $575,000 in connection with a Securities Purchase Agreement entered into by and between the Company and the Holders. The Company received $500,000, before fees. Between June 6, 2025 and June 9, 2025, the Company issued convertible promissory notes, to seven non-affiliated accredited investors, in the aggregate principal amount of $5,117,647.06 in connection with a Securities Purchase Agreement entered into by and between the Company and the Lenders. Under the terms of the Lender SPA and the Lender Notes, the Company received $4,350,000 prior to deducting customary fees. Pursuant to the terms of the Note and the Holder's Notice of Conversion, the Company issued the Holder's Shares. The Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with our operations. Pursuant to the terms of the Lender Notes and the Notices of Conversion, the Company issued the Lender Shares. The Lender Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with our operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. WATCHTOWER FIREARMS: Court Okays Husch Blackwell's Fee Application ------------------------------------------------------------------ The United States Bankruptcy Court for the Northern District of Texas granted the first and final application of Husch Blackwell LLP, Counsel to the Official Committee of Unsecured Creditors of Watchtower Firearms LLC, for allowance of compensation and reimbursement of expenses. Husch Blackwell's fees in the amount of $162,196.50, including all Holdback Fees owing, and reimbursable expenses in the amount of $282.30 for the interim period from May 2, 2025, through and including December 9, 2025, are allowed on a final basis. In addition, Husch Blackwell is allowed, on an interim and final basis, Trailing Fees equal to the lesser of (i) $17,500 and (ii) the actual fees and expenses incurred from the period December 10, 2025, through and including January 31, 2026, as allowed compensation. Upon the entry of this Order, the Debtors are authorized and directed to pay cash to Husch Blackwell in the amount of $40,023.90 in satisfaction of fees incurred and allowed on a final basis through and including December 9, 2025, which does not include the Trailing Fees. Husch Blackwell is authorized to apply the $9,775.80 overpayment in its IOLTA account to reduce the aggregate balance of Holdback Fees owing to the firm. Husch Blackwell is further authorized to apply the $282.30 overpayment of reimbursable expenses to reduce the aggregate balance of interim fees payable to the firm. For the avoidance of doubt, Husch Blackwell is authorized to apply any and all fees and expenses paid to HB pursuant to this Order or the Interim Compensation Order to any outstanding invoices. A copy of the Court's Order dated December 12, 2025, is available at https://urlcurt.com/u?l=yntUfz from PacerMonitor.com. About Watchtower Firearms LLC Watchtower Firearms LLC is a veteran-owned company offering a diverse range of firearms, including custom rifles, special edition rifles, and handguns. The Company serves military, law enforcement, hunting, and personal use markets. In addition to firearms, it provides suppressors, components, and specialized gear tailored to meet the needs of its customers. Watchtower Firearms LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-40684) on Feb. 27, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Judge Mark X. Mullin oversees the case. Joseph Acosta, Esq., at CONDON TOBIN, is the Debtor's counsel. Husch Blackwell represents the Official Committee of Unsecured Creditors. WHATABURGER RESTAURANTS: To Close 8 Locations Without Bankruptcy ---------------------------------------------------------------- Kirk O'Neil of The Street Reports that iconic burger chain Whataburger is shutting down eight restaurants across Alabama, Georgia, and Tennessee following a companywide review of its locations, according to media reports and company statements. The San Antonio, Texas-based brand will close its Auburn and Tuscaloosa, Alabama, locations on December 15, 2025, the Montgomery Advertiser reported. In Tennessee, Whataburger will shutter four of its 24 Middle Tennessee restaurants the same day, including sites in Mt. Juliet, Murfreesboro, and two in Clarksville, according to WKRN-TV. Two Georgia locations—at 254 Riley Road in Dahlonega and 700 U.S. 29 in Athens—are set to close on Dec. 14, the Athens Banner-Herald reported. Whataburger said the closures are part of its regular business reviews aimed at supporting long-term growth. The company emphasized that it continues to expand in the Nashville area and plans to open additional locations in 2026 and beyond, including a new restaurant off Gallatin Avenue in the coming months. Founded 75 years ago, Whataburger operates more than 1,130 restaurants in 17 states, serving customers 24 hours a day, seven days a week, except on Christmas Day. The closed locations are as follows: * Auburn, Ala., 101 N. College Street * Tuscaloosa, Ala., 1130 University Blvd. * Athens, Ga., 700 US-29 * Dahlonega, Ga., 254 Riley Road * Murfreesboro, Tenn., 1924 Memorial Blvd. * Mt. Juliet, Tenn., 11190 Lebanon Road * Clarksville, Tenn., 791 North 2nd Street * Clarksville, Tenn., 1602 Haynes Street About Whataburger Restaurants LLC Whataburger is an American privately held regional fast food restaurant chain, based in San Antonio, Texas, that specializes in hamburgers. WHITE WILSON: Seeks to Sell MultiSpecialty Clinic at Auction ------------------------------------------------------------ White Wilson Medical Center, PA, seeks approval from the U.S Bankruptcy Court for the Northern District of Florida, Tallahassee Division, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Debtor is a multi-specialty medical practice and clinic that was formed in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson. Today, the Debtor offers more than 20 specialties of medicine. The Debtor is the largest private physician group providing primary care and outpatient services on the Emerald Coast of Florida. The Debtor consists of approximately 58 medical providers and 232 staff members as part of its medical practice. The lienholders of the Debtor's Assets are County Tax Collectors, InsBank, EverBank, NA as Assignee of GE HFS LLC, First American Commercial Bancorp, Inc., Great America Financial Services, Highland Capital Corp., and US Bank NA d/b/a US Bank Equipment Finance. Prior to the Petition Date, Emerald Coast Management Company (ECMC) and Raymond James & Associates, Inc. entered into an engagement letter dated February 27, 2025. Pursuant to the engagement, ECMC sought financing, purchasers or a capital partner for the Debtor and hired Raymond James as its investment banker. Raymond James has undertaken extensive pre-petition marketing of the Debtor's assets by sending marketing materials to hundreds of prospective purchasers throughout the United States, including without limitation, strategic purchasers and financial purchasers. Raymond James and the Debtor will work with all interested parties to provide all necessary diligence and will continue to actively seek potential interested purchasers. To foster competitive bidding, the Debtor believes it is important to establish a floor price for its assets and business. The Debtor is seeking authority to select one or more bidders to act as stalking horse bidders and enter into a purchase agreement with each such Stalking Horse Bidder. Having the flexibility to designate a Stalking Horse Bidder and provide the Stalking Horse Protections will provide the Debtor with the ability to maximize the value of its estate through the Sale Process. The dates and deadlines for the marketing and bidding process of the Debtor's Assets are also provided. https://urlcurt.com/u?l=PocTKd The Debtor believes that timeline set forth in the Bidding Procedures Order and Bidding Procedures and summarized above is appropriate in light of the circumstances of the Chapter 11 Case. The Debtor has determined that the foregoing Bidding Procedures including the provisions for designation of a Stalking Horse Bidder and the granting of certain Stalking Horse Protections are in the best interests of the Debtor's estate, will establish whether and to what extent a market exists for the Debtor's assets, and will provide interested parties with sufficient opportunity to participate. The Debtor believes that the proposed Bidding Procedures will promote active bidding from seriously interested parties and will elicit the highest or otherwise best offers available for the Debtor’s assets. The Debtor believes having the ability to grant a Stalking Horse Bidder the Stalking Horse Protections is necessary to attract and retain a Stalking Horse Bidder, and any Stalking Horse Protections that are ultimately offered will be the result of arm’s length negotiations. By inducing the Stalking Horse Bidder to hold its offer open as a baseline from which other potential bidders can submit higher or better offers, the Stalking Horse Protections will serve to encourage competitive bidding, which will hopefully increase the purchase price of the assets. About White Wilson Medical Center White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as counsel. WHITESTONE CROSSING: Gets Final OK to Use Cash Collateral --------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division granted Whitestone Crossing Austin, LLC final approval to use cash collateral. The court's final order authorized the Debtor to use cash collateral for purposes set forth in its budget including payment of expenses, plus overage variances that do not exceed 5% on any individual line item or 5% in total. The Debtor projects total operational expenses of $61,611.76 for December; $59,316.76 for January 2026; and $59,316.76 for February 2026. The order is effective until March 1, 2026, or until the Debtor's bankruptcy case is dismissed or converted; an event of default occurs that is left uncured; or a motion is filed seeking use of collateral without the consent of noteholder, LFT CRE 2021-FL1, Ltd., whichever comes first. To protect LFT's security interest in the collateral, the noteholder will be granted replacement liens. These are automatically perfected liens on all of the Debtor's assets (including new debtor-in-possession bank accounts) and the proceeds thereof, with the same priority, validity and extent as the pre-bankruptcy liens held on the Debtor's assets. In case the replacement liens do not fully protect the noteholder's interest in the cash collateral, the noteholder will have superpriority administrative expense claims under Section 507(b) of the Bankruptcy Code. In addition, the Debtor will make monthly tax, insurance, and interest payments beginning this month as adequate protection. The final order is available at https://is.gd/fP8oiE from PacerMonitor.com. Whitestone owns and operates an apartment building in Cedar Park, Texas. In April 2021, the Debtor borrowed a principal amount of $17 million from LFT. The loan is secured by the Debtor's assets, including the property and the rental income generated therefrom. The Debtor owes $13.67M+ to LFT CRE 2021-FL1, Ltd. (the Noteholder), secured by liens on real property at 1201 W. Whitestone Blvd., Cedar Park, Texas. About Whitestone Crossing Austin Whitestone Crossing Austin, LLC operates Whitestone Crossing, an apartment community located in Cedar Park, Texas. The property offers one- and two-bedroom units featuring modern amenities such as nine-foot ceilings, fiber-ready internet, and in-home washers and dryers. The community also provides facilities including a swimming pool, clubhouse, and fitness center. Whitestone Crossing Austin sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-31768) on May 12, 2025. In its petition, the Debtor reported estimated assets and liabilities between $10 million and $50 million. Judge Stacey G. Jernigan handles the case. The Debtor is represented by Abhijit Modak, Esq., at Abhijit Modak, Attorney at Law. LFT CRE 2021-FL1, Ltd., acting through Lument Real Estate Capital, is represented by: Brent McIlwain, Esq. Christopher A. Bailey, Esq. Holland & Knight, LLP 1722 Routh Street, Suite 1500 Dallas, TX 75201 Telephone: 214.969.1700 brent.mcilwain@hklaw.com chris.bailey@hklaw.com ZODIAC PURCHASER: S&P Affirms 'B' ICR, Outlook Stable ----------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on Zodiac Purchaser L.L.C. (Zodiac) and its 'B' issue-level rating on its first-lien debt; the recovery rating remains '3'. The stable outlook on the company reflects S&P's expectation that its S&P Global Ratings-adjusted leverage will trend to around 7x and FOCF to debt will increase to 6.3% in fiscal 2027. It also captures its view that the company will maintain adequate liquidity over the next 12 months. Zodiac has performed broadly in line with its base-case forecast since the close of its take-private acquisition by Silver Lake and an affiliate of GIC in February 2025. The company's revenue increased by 5.2% in the first half of fiscal 2026 compared with the same period in the prior year. S&P expects this top-line momentum will continue at a similar rate over the next 12 months as the company capitalizes on healthy demand for its Subscription products. S&P expects free operating cash flow (FOCF) will be temporarily burdened by one-time transaction costs but that sequential earnings improvement--supported by good business fundamentals, the realization of cost-savings initiatives, and the steady roll-off of restricted stock unit (RSU) payments--will contribute to positive FOCF generation going forward. Zodiac's market position and cross-selling strategy will support consistent growth. Since the completion of its take-private transaction in the first quarter of fiscal 2026 (fiscal year ending Jan. 31), the company has reported mid-single-digit percent sales growth. This was driven by solid customer retention and new customer bookings in its Subscription segment. S&P said, "We project the company will grow at a similar annual rate in fiscal 2027 as it further penetrates the enterprise billings/payments market and benefits from incremental product cross-selling opportunities. We believe our revenue growth forecast is supported by the company's relatively competitive market position, healthy bookings pipeline, and industry tailwinds from expanding subscription models across industries." S&P said, "We expect cost savings and efficient go-to market to support margin expansion. The company is on track to increase its S&P Global Ratings-adjusted EBITDA by 10.6% year-over-year in fiscal 2026 to $85 million-$90 million; this includes the add-back of one-time transaction-related costs of $52.5 million incurred in the first half of fiscal 2026. In addition, we forecast further earnings improvement in fiscal 2027 to about $120 million-$130 million as the company realizes the full-year run-rate benefit from executed cost-savings initiatives. At the end of the second quarter of fiscal 2026, the company completed approximately 75% of its total planned cost-savings program and we believe it is on track to complete the plan by the end of this fiscal year. We also expect the gradual year-over-year decline in RSU payments (embedded in reported EBITDA and projected to roll-off at the end of fiscal 2028) to support margin expansion. "We continue to project the company will generate negative FOCF this fiscal year. However, our updated assumption that changes in working capital will be an outflow reduces our FOCF expectation for the fiscal year beyond that of our previous forecast. We now expect the company will generate negative adjusted FOCF of about $50 million-$55 million in fiscal 2026 (forecasting about break-even FOCF when adjusting for $52.5 million in transaction-related costs) before inflecting to positive $50 million-$60 million in fiscal 2027. This forecast considers our expectation of improving earnings and changes in working capital as a slight source of cash." The company's existing liquidity sources will support the credit profile. In the first quarter of fiscal 2026, the company accessed its new $100 million revolving credit facility (maturing in 2030) to support short-term liquidity post-transaction close. It also repaid a portion of those borrowings using FOCF in the second quarter. Zodiac ended the period with $44 million of borrowings outstanding. The company stated plans to pay down an additional $10 million of borrowings in the third quarter. S&P expects that the company will have sufficient FOCF generation to support full pay-down in fiscal 2027. S&P said, "We believe cash equivalents of $33.6 million (at the end of second-quarter fiscal 2026), healthy FOCF generation, and manageable near-term cash outlays over the next 12 months support our assessment of adequate liquidity. We also expect that if the company needs incremental liquidity support, it will be able to borrow on its credit facility, with plenty of cushion against its financial maintenance covenant. The financial covenant that goes into effect on Jan. 31, 2026, will only be tested if revolver borrowings exceed $40 million. Under our base case, we don't anticipate testing of the financial covenant and expect Zodiac to remain in compliance with covenants over the next 12 months. "We believe credit metric weakness in fiscal 2026 is temporary. We forecast S&P Global Ratings-adjusted debt to EBITDA to trend to about 7.1x by the end of fiscal 2027 from a trailing-12-month first-quarter fiscal 2025 high of about 12.2x. The projected deleveraging is supported by our expectation of strengthening year-over-year earnings from completed cost-savings initiatives and roll-off of one-time charges, annual amortization payments on the existing term loan, and modest mandatory excess cash-flow sweeps (the proportion of excess cash sweep to vary based on management's calculated leverage). Our expectation of returning positive FOCF generation and a healthy FOCF to debt of 6.3% in fiscal 2027 also supports the rating. "We could reassess the rating or outlook over the next 12–18 months if EBITDA margins are 200 basis points (bps) weaker than our base-case forecast, resulting in elevated adjusted leverage of about 7.8x, or FOCF generation is more than $10 million softer than we anticipate, causing FOCF to debt to be sustained below 5%. "The stable outlook reflects our expectation that in fiscal 2027, Zodiac will experience mid-single-digit percent sales growth and about 620 bps in S&P Global Ratings-adjusted EBITDA margin improvement related to cost savings. It also captures our expectation of temporarily elevated leverage and negative FOCF following the take-private transaction, with subsequent earnings normalization such that leverage materially improves to about 7.1x and FOCF to debt increases to about 6.3% in fiscal 2027." S&P could lower the rating if: -- Profitability and free cash flow generation don't improve as S&P expects in its base-case forecast such that FOCF to debt remains below 5% and liquidity weakens; or -- Debt to EBITDA fails to decrease below 7x and FOCF to debt remains below 5% as the company's RSU settlements abate over the next two years; or -- Its owners adopt a more aggressive financial policy, including debt-funded acquisitions, that lead to metrics at the same level. An upgrade is unlikely given Zodiac's financial-sponsor ownership. However, S&P could consider an upgrade over time if: -- The company performs in line with S&P's expectations such that it delivers on sustainable revenue growth and EBITDA margin expansion of above 30% as it executes cost-savings initiatives and business strategies; -- FOCF growth continues such that FOCF to debt is well above 10% on a sustained basis; and -- Its owners commit to a financial policy that supports S&P Global Ratings-adjusted leverage below 5x while achieving its capital-allocation goals. ********* 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. 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