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251223.mbx T R O U B L E D C O M P A N Y R E P O R T E R Tuesday, December 23, 2025, Vol. 29, No. 356 Headlines 100 MCKNIGHT: Hires Paulsen & Holtschlag LLC as Bankruptcy Counsel 10X REMODELING: Seeks Chapter 7 Bankruptcy in Ohio 19 COOPER STREET: Seeks Chapter 11 Bankruptcy in New York 35 WELLSONA: Seeks to Hire LodgeZone LLC as Property Manager 40 WARDS: Seeks Chapter 11 Bankruptcy in New York 407 SMILEY: Gets OK to Use Cash Collateral Thru Jan. 7 768 DEAN: Seeks Chapter 11 Bankruptcy in New York AETC INC: Seeks to Hire Gordon Law Firm PC as Bankruptcy Counsel AETC INC: Seeks to Hire Refuge Law PLLC as Co-Counsel AKTIVATE INC: Seeks Chapter 11 Bankruptcy in New York ALH MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York ALH MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York ALL SOD NURSERY: Seeks to Hire Dal Lago Law as Bankruptcy Counsel AMERICAN SIGNATURE: Trustee Raises Insider Concerns in Ch. 11 Case AMSPEC PARENT: S&P Affirms 'B' ICR, Outlook Remains Stable ANDERSON BIO: Section 341(a) Meeting of Creditors on January 23 ANGELA HOLDINGS: Gets Interim OK to Use Cash Collateral ANR INSULATION: Gets Interim OK to Use Cash Collateral Until Jan. 8 ARTICON HOTEL: Can't Seek Relief Under Subchapter V, Court Rules ASHLEY STEWART: Case Summary & 20 Largest Unsecured Creditors ASSOCIATION OF APARTMENT: Gets Interim OK to Use Cash Collateral ASSOCIATION OF APARTMENT: Hires Choi & Ito as Bankruptcy Counsel ASSOCIATION OF APARTMENT: Hires Stretto Inc. as Claims Agent ASTER OILFIELD: Gets Interim OK to Use Cash Collateral AUDREY HALPERN: Seeks Chapter 7 Bankruptcy in New York AZUL SA: Gets Approval for Strategic Investment Agreements BARRACUDA NETWORKS: S&P Downgrades ICR to 'CCC+' on Cash Burn BEYOND STONE: Gets Interim OK to Use Cash Collateral BEYOND STONE: Gets OK to Hire Keery McCue PLLC as Legal Counsel BISCUIT BAR: Shuts Down All Locations After Failed Sale Bid BLACKSTONE CLAIM: Seeks to Hire Clark Hill PLLC as Special Counsel BLACKSTONE CLAIM: Seeks to Hire Kassab Law Firm as Special Counsel BNS INDUSTRIES: Seeks Chapter 7 Bankruptcy in New York BOWIE ENTERPRISES: Seeks to Hire Wallace Law PLLC as Attorney BRADBURY DEODAR: Unsecureds Will Get 100% of Claims in Plan BRIGHTLINE EAST: S&P Lowers $1.119BB 144A Notes Rating to 'CCC' BROADWAY REALTY: Court Approves Disclosure Statement BROADWAY REALTY: Hires Goldenbock Eiseman as Conflicts Counsel BSG CORP: Gets Interim OK to Use Cash Collateral C & P AUTO: Seeks to Hire Bravos & Associates CPA as Accountant CARTER LEASING: Seeks to Hire Allison & Gibb LLP as Accountant CAST & CREW: S&P Downgrades ICR to 'CCC+' on Weak Credit Metrics CCM MERGER SUB: Seeks Chapter 11 Bankruptcy in Delaware CDK GLOBAL: Moody's Affirms 'B3' CFR & Alters Outlook to Negative CENTURY DESIGN: Court Extends Cash Collateral Access to Feb. 21 CHRISTOS FARM: Seeks to Hire CGA Law Firm as Bankruptcy Counsel CHURCH OF ALL FAITHS: Hires Totaro & Shanahan as General Counsel CITY ON A HILL: Gets Interim OK to Use Cash Collateral CLOUD SOFTWARE: S&P Rates Senior Secured First-Lien Loan 'B' COMMERCIALMORTGAGES.COM LLC: Taps Joel M. Aresty P.A. as Counsel CONSCIOUS CONTENT: Case Summary & 30 Largest Unsecured Creditors D2 GOVERNMENT: Court Extends Cash Collateral Access to Dec. 31 DIAMOND COMIC: Seeks to Convert Chapter 11 to Chapter 7 Bankruptcy DIEBOLD NIXDORF: Moody's Ups CFR & First Lien Global Notes to B1 DIOCESE OF OAKLAND: To Resume Chapter 11 Plan Negotiations DOUBLE HELIX: Seeks to Hire F.E.W. CPAs as Accountant DYNACQ HEALTHCARE: Taps Donlin Recano as Claims and Noticing Agent ENTRUST ENERGY: Court Narrows Claims in ERCOT Adversary Case ERC MANUFACTURING: Creditors to Get Proceeds From Liquidation EYECARE PARTNERS: S&P Lowers ICR to 'CCC-', Outlook Negative FINLEY DESIGN: Court Extends Cash Collateral Access to Jan. 6 FIRST BRANDS: Boies Schiller Veteran Named Chapter 11 Examiner FIRST BRANDS: Clark Hill Represents Creditors St. Claire, CSI FIRST BRANDS: Gets OK to Retain Lazard Freres as Investment Banker FIT AND FUN: Gets Interim OK to Use Cash Collateral FLIPCAUSE INC: Seeks Chapter 11 After Ordered to Stop Operations FOCUS UTILITY: Case Summary & 20 Largest Unsecured Creditors FOLEY PRODUCTS: Moody's Withdraws 'B1' CFR on Debt Repayment FOR DOGS: Seeks Chapter 7 Bankruptcy in Florida FRANKLIN LAGERS: Gets Final OK to Use Cash Collateral FTX TRADING: Estimate of MAPS and OXY Tokens Upheld FTX TRADING: Kroll Seeks Bankruptcy Data Breach Suit Dismissal GALBREATH RESTAURANT: Unsecureds to Split $18,500 over 3 Years GAS CITY, IN: S&P Affirms 'BB+' Rating on 2020 Ref. Revenue Bonds GOLDEN TRIANGLE: Unsecureds Will Get 100% of Claims in Plan GREEN TREE: Case Summary & Four Unsecured Creditors GRMG REAL: Gets Final OK to Use Cash Collateral H2C MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York HARTWICK COLLEGE: S&P Cuts Revenue Debt Long-Term Rating to 'BB-' HAWAII PACIFIC: S&P Affirms 'BB' LT Rating Revenue Refunding Bonds HIGHLANDS AT STONEGATE: Gets Interim OK to Use Cash Collateral HOWARD HUGHES: S&P Places 'B' ICR on CreditWatch Positive INTERTRADERONE LLC: Hires Coldwell Banker Paradise as Realtor IROBOT CORP: Faces Nasdaq Delisting Over Chapter 11 IROBOT CORP: RSA Requires Chapter 11 Exit by January 28 J&R VACUUM: Seeks to Use Cash Collateral JELD-WEN HOLDING: S&P Assigns 'B-' ICR, Outlook Negative JMKA LLC: Court Extends Cash Collateral Access to Jan. 9 JOBEE EXPRESS: Case Summary & 20 Largest Unsecured Creditors JULIA & JAMES: Judge Rules Against Vacant Bldg.'s Receivership Case KAMP'S MEAT: Seeks Chapter 7 Bankruptcy in Oklahoma LAKE COUNTY: Court Extends Cash Collateral Access to Jan. 8 LAS UVAS: Court Allows County's Claim for 2018 Livestock Taxes LAWRENCE LAW: Seeks Chapter 7 Bankruptcy in New York LIFT-CO EQUIPMENT: Hires Steidl & Steinberg as Bankruptcy Counsel LUCENT LUCENT: Seeks Chapter 7 Bankruptcy in Florida M&M CUSTARD: Committee Taps Dentons US LLP as Legal Counsel MARTINEZ & SONS: Case Summary & 20 Largest Unsecured Creditors MCHUGH JUNK: Seeks to Hire Louis S. Robin as Bankruptcy Counsel MIDWEST SKIING: Gets Interim OK to Use Cash Collateral MOGULS INDUSTRIES: Gets OK to Use Cash Collateral MOUNTAIN VIEW: Gets Extension to Access Cash Collateral MYRTLE HOUSING: Seeks to Hire Joshua R. Bronstein as Attorney NAUTICAL IMPORTS: Gets Interim OK to Use Cash Collateral NAYA STONE: Gets OK to Hire Barry S. Miller as Bankruptcy Counsel NB MOUNTAIN: Trustee Taps Meridian Management as Financial Advisor NEW INSPIRATIONAL: Seeks to Use Cash Collateral NEWPORT OVERLOOK: Case Summary & Four Unsecured Creditors NEXTGEN SLEEP: Section 341(a) Meeting of Creditors on January 6 NORTHWEST WATERPROOFING: Seeks to Use Cash Collateral OFFICE PROPERTIES: Board Names Yael Duffy as CEO Effective Jan. 1 ORB ENERGY: Automatic Stay Does Not Apply to Bitmain's Property OROVILLE HOSPITAL: Taps Epiq Corporate as Claims and Noticing Agent PAWSSION PET: Seeks to Hire Paul Reece Marr as Bankruptcy Counsel PEGASUS BUILDERS: Taps St. Onge Brouillard as Real Estate Counsel PHARMIX USA: Seeks Chapter 11 Bankruptcy in Florida PIKE CORP: S&P Withdraws 'B+' Issuer Credit Rating PIRAEUS FINANCIAL: S&P Raises Long-Term ICR to 'BB+' on Merger PREHIRED LLC: Court Tosses Former CEO's Suit Against Trustee RAD POWER: Seeks Chap. 11 Bankruptcy, To Sell Company REALOGIC SOLUTIONS: Seeks Chapter 7 Bankruptcy in Pennsylvania REATON HOMES: Application to Employ Richard Cook as Attorney OK'd REDEFYNE MOVING: Taps Michael D. O'Brien & Associates as Counsel REVA HOSPITALITY: Voluntary Chapter 11 Case Summary ROCK REGIONAL: Hires Prelle Eron & Bailey as Bankruptcy Counsel ROCKFORD SILK: Gets Interim OK to Use Cash Collateral Until Jan. 10 ROSS INTERNATIONAL: Hires Pacifica Properties Group as Broker RUSS'S MULCH: Unsecureds Will Get 100% of Claims over 36 Months SAI BHOLE-NATH: Hires Ferguson Braswell PC as Bankruptcy Counsel SAN MATEO IG: Court OKs Final Use of Cash Collateral SASAS HOSPITALITY: Court Extends Cash Collateral Access to Jan. 8 SASH GROUP: Gets Interim OK to Use Cash Collateral Until Jan. 30 SCRIPPS TWO: Seeks to Hire Gabriel Liberman as Bankruptcy Counsel SK INDUSTRIES: Unsecured Creditors to Split $10K in Plan SOUTHERN TREE: Gets Interim OK to Use Cash Collateral SVC OF MURRAY: Seeks Chapter 11 Bankruptcy in New York TECHNICAL ARTS: Unsecureds to be Paid in Full over 5 Years TRASK RADIO: Unsecured Creditors Unimpaired in Liquidating Plan TRAXX CONSTRUCTION: Hires Michael Jay Berger as Bankruptcy Counsel TRICOLOR AUTO: $125MM Auto Assets Headed to Bankruptcy Auction TRIGGER IT: Seeks to Hire J.M. Cook P.A. as Bankruptcy Counsel TRINSEO PLC: Falls Below NYSE Market Cap, Share Price Rules UP ACADEMY: Thrives in Receivership URBAN ONE: S&P Lowers ICR to 'SD' on Completed Debt Restructuring VAN'S EQUIPMENT: Files Amendment to Disclosure Statement VINTRENDI WINE: Gets Interim OK to Use Cash Collateral Until Jan. 8 VIVACE HOSPITALITY: Unsecureds Will Get .04% Dividend in Plan VNS HOTELS: Claims to be Paid from Asset Sale Proceeds VPR HOLDINGS: Case Summary & Three Unsecured Creditors W&J SUBSHOPS: Gets Interim OK to Use Cash Collateral WATERLOO AFFORDABLE: Hires Ag & Business Legal as Attorney WEATHERMASTER ROOFING: Unsecured Creditors to Get 0% in Plan WHITE WILSON: Taps Raymond James & Associates as Investment Banker WORKHORSE GROUP: Completes Merger with Motiv Electric Trucks YELLOW CORP: Judge Refuses to Approve Miller Buckfire Fee Increase ZUUM TRANSPORTATION: Gets Extension to Access Cash Collateral [] Foreign Airlines Rely on Ch. 11 to Access Legal Protection [] Hogan Lovells and Cadwalader to Merge with Wickersham & Taft [] Seward & Kissel Promotes Theodore Kaminski to Partner ********* 100 MCKNIGHT: Hires Paulsen & Holtschlag LLC as Bankruptcy Counsel ------------------------------------------------------------------ 100 McKnight Owner LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire Paulsen & Holtschlag LLC as its bankruptcy counsel. The firm's services include: a. advising and consulting with McKnight with respect to its powers, rights, and duties as a debtor and debtor-in-possession; b. attending meetings and negotiating with creditors, other parties-in-interest, and their respective representatives; c. advising and consulting with McKnight on the conduct of the case, including all the legal and administrative requirements of operating under chapter 11 of the Bankruptcy Code; d. taking all necessary action to protect and preserve the Estate, including but not limited to, prosecuting or defending all motions and proceedings on behalf of McKnight and the Estate; e. preparing and filing, or defending, adversary proceedings or other litigation involving McKnight or its interests in property; f. preparing motions, applications, answers, orders, reports, and other papers necessary to the administration of the case; g. preparing and negotiating a plan and disclosure statement and all related agreements and/or documents, and taking any necessary action to obtain confirmation of a plan; and h. performing other necessary legal services and providing other necessary legal advice that McKnight requires connection with the case. The firm's hourly rates are: Jeffrey K. Paulsen, Member $400 Ariane Holtschlag, Member $400 Paulsen received a $25,000 advanced payment retainer. As disclosed in the court filings, Paulsen & Holtschlag LLC is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Jeffrey K. Paulsen, Esq. Paulsen + Holtschlag LLC 1245 S. Michigan, No. 115 Chicago, IL 60605 Tel: (847) 644-9385 Email: jpaulsen@ph-firm.com About 100 McKnight Owner LLC 100 McKnight Owner LLC, based in Chicago, Illinois, engages in real estate activities, including managing and overseeing property assets, with holdings at 120 McKnight Street in Normal, Illinois. The Company operates within the real estate management and property services industry. 100 McKnight Owner LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18209) on November 25, 2025, listing $10 million to $50 million in both assets and liabilities. The petition was signed by Nicholas Brinker as member. Judge Jacqueline P Cox presides over the case. Jeffrey Paulsen, Esq. at PAULSEN & HOLTSCHLAG LLC serves as the Debtor's counsel. 10X REMODELING: Seeks Chapter 7 Bankruptcy in Ohio -------------------------------------------------- On December 16, 2025, 10X Remodeling voluntarily filed for Chapter 7 protection in the Northern District of Ohio. Court filings indicate the Debtor owes between $100,001 and $1,000,000 to 1-49 creditors. About 10X Remodeling 10X Remodeling is a privately held home improvement company specializing in residential renovation and remodeling services. The company focuses on interior and exterior upgrades, including kitchen and bathroom remodels, with an emphasis on quality workmanship and customer satisfaction. 10X Remodeling initiated Chapter 7 proceedings under the U.S. Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-32696) on December 16, 2025. The petition lists estimated assets of $0-$100,000 and estimated liabilities ranging from $100,001 to $1,000,000. The case is overseen by Honorable Bankruptcy Judge Mary Ann Whipple. The Debtor is represented by Thomas S. Molitierno, Esq. 19 COOPER STREET: Seeks Chapter 11 Bankruptcy in New York --------------------------------------------------------- On December 12, 2025, 19 Cooper Street 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 19 Cooper Street LLC 19 Cooper Street LLC is a single asset real estate company. 19 Cooper Street LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-45957) on December 12, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities each in the range of $100,001 to $1,000,000. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Nnenna Okike Onua, Esq., of McKinley Onua & Associates. 35 WELLSONA: Seeks to Hire LodgeZone LLC as Property Manager ------------------------------------------------------------ 35 Wellsona Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ LodgeZone, LLC, as property manager. Wellsona Holdings owns real property located at 35 Wellsona Road, Paso Robles, California 93446, APN: 026-104-019, which consists of a 3,800-square foot single family residence, a barn and acreage. LodgeZone will continue providing all necessary property management functions at the Property, including collection of rents, taxes and security deposits, guest communication, check-ins, vendor coordination, maintenance and inspections. The firm will be compensated at these fees: 1. Management Fee. LodgeZone shall be paid a management fee of twenty percent (20%) of the gross accommodation fare collected. LodgeZone shall deposit all funds received into a trust account. 2. No Requirement to File Fee Application. LodgeZone will not be required to submit either an interim or a final fee application. 3. Property Management Agreement. The complete terms of LodgeZone's employment are set forth in a written and executed Property Management Agreement dated June 23, 2023 (Agreement), a copy of which is attached as Exhibit 1 to the Chernavsky Statement. LodgeZone, LLC is disinterested within the meaning of 11 U.S.C. Secs. 327(a) and 101(14), according to court filings. The firm can be reached through: Alex Chennavsky LodgeZone, LLC 15442 Ventura Blvd., Suite 101 Sherman Oaks, CA 91403 Tel: (833) 338-4782 About 35 Wellsona Holdings LLC 35 Wellsona Holdings LLC is a single asset real estate company. 35 Wellsona Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No 25-11900) on October 13, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Martin R. Barash handles the case. The Debtor is represented by Jeffrey I Golden, Esq. of Golden Goodrich LLP. 40 WARDS: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------- On December 17, 2025, 40 Wards Point LLC commenced a voluntary Chapter 11 bankruptcy case in the Eastern District of New York. Court records show the Debtor lists $1 million to $10 million in liabilities, with claims held by 1 to 49 creditors. About 40 Wards Point LLC 40 Wards Point LLC is a limited liability company. 40 Wards Point LLC filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-46030) on December 17, 2025. The petition reflects estimated assets ranging from $1 million to $10 million, along with estimated liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge Jil Mazer-Marino. The Debtor is represented by Christopher S. Martone, Esq., of Martone & Associates, LLC. 407 SMILEY: Gets OK to Use Cash Collateral Thru Jan. 7 ------------------------------------------------------ The U.S. Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order extending SGZ Group, Inc.'s authority to use cash collateral until January 7, 2026, by separate order. 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. 768 DEAN: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------- On December 18, 2025, 768 Dean Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for 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 to 49 creditors. About 768 Dean Inc. 768 Dean Inc. is a single asset real estate company. 768 Dean Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-46048) on December 18, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1,000,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Elizabeth S. Stong handles the case. AETC INC: Seeks to Hire Gordon Law Firm PC as Bankruptcy Counsel ---------------------------------------------------------------- AETC Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire The Gordon Law Firm PC as counsel. The firm will provide these services: a. analyzing Debtor's financial situation, and b. advising Debtor in determining whether to file a petition in bankruptcy; c. preparing and filing of any petition, schedules, statements of affairs, disclosure statement, and plan which may be required; and d. representing the Debtor at the Initial Debtor Interview, meeting of creditors and confirmation hearing, and any adjourned hearings thereof; e. drafting all necessary pleadings; responding to all pleadings filed by the trustee and creditors; f. attending all hearings; litigating at trial; and counseling Debtor. Sims W. Gordon, Jr., a partner at Gordon Law Firm, PC, 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: Sims W. Gordon, Jr., Esq. The Gordon Law Firm, PC 400 Galleria Parkway, SE, Suite 1500 Atlanta, GA 30339 Tel: (770) 955-5000 Fax: (770) 955-5010 Email: law@gordonlawpc.com 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. AETC INC: Seeks to Hire Refuge Law PLLC as Co-Counsel ----------------------------------------------------- AETC Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Refuge Law PLLC as co-counsel. The firm's services will include analysis of Debtor's financial situation, and rendering advice to Debtor in determining whether to file a petition in bankruptcy; preparation and filing of any petition, schedule affairs, disclosure statement, and plan which may be required; and representation of Debtor at the IDI, meeting of creditors and confirmation hearing, and any adjourned hearings thereof; drafting all necessary pleadings; responding to all pleadings filed by the trustee and creditors; attending all hearings; litigating at trial; and counseling Debtor. As disclosed in the court filings, Refuge Law PLLC does not hold or represent any interest adverse to the Debtor or the estate. The firm can be reached through: Troy D. Refuge, Esq. REFUGE LAW, PLLC 2727 Paces Ferry Rd SE Suite. 1-750 Atlanta, GA 30339 Tel: (404) 618-2733 Fax: (877) 496-5502 info@refugelaw.com 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. AKTIVATE INC: Seeks Chapter 11 Bankruptcy in New York ----------------------------------------------------- On December 19, 2025, Aktivate, Inc. filed for Chapter 11 protection in the Eastern District of New York. According to court filing, the Debtor reports between $1 million and $10 million in debt owed to 50-99 creditors. About Aktivate, Inc. Aktivate, Inc. operates as a technology company specializing in direct‑to‑consumer commerce solutions. Its services include e‑commerce platform development, digital product enablement, and merchandising support for entertainment, sports, and lifestyle brands seeking to expand online revenue channels. Aktivate, Inc. is a technology company that provides e-commerce and digital merchandising solutions for brands, athletes, and entertainers. Aktivate, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-46069) on December 19, 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 Elizabeth S. Stong handles the case. The Debtor is represented by Ian Braunstein, Esq. of Iemer & Braunstein LLP. ALH MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On December 18, 2025, ALH Management, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $100,001 and $1 million in debt, owed to between 1 and 49 creditors. About ALH Management, LLC ALH Management, LLC is a limited liability company. ALH Management, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12837) on December 18, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1 million. The case is assigned to Honorable Bankruptcy Judge Martin Glenn. The Debtor is represented by Adrienne Woods, Esq., of Weinberg Zareh Malkin Price LLP. ALH MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On December 18, 2025, ALH Management, LLC filed for Chapter 7 protection in the Southern 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 ALH Management, LLC ALH Management, LLC is a management services company that provides administrative and operational support to affiliated businesses. ALH Management, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12837) on December 18, 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 Martin Glenn handles the case. The Debtor is represented by Adrienne Woods, Esq. of Weinberg Zareh Malkin Price LLP. ALL SOD NURSERY: Seeks to Hire Dal Lago Law as Bankruptcy Counsel ----------------------------------------------------------------- All Sod Nursery Inc. seeks approval from the U.S. Bankruptcy Court for the Middle District of Florida to hire Dal Lago Law as its counsel. The firm's services include: (a) advising as to the Debtor's rights and duties in the case; (b) preparing pleadings related to the case, including developing a plan of reorganization; and (c) taking any and all other necessary actions incident to the proper preservation and administration of the estate. The firm's hourly rates are: Attorneys: Michael R. Dal Lago, Esq. $460 Christian Garrett Haman, Esq. $385 Jennifer M. Duffy, Esq. $360 Paraprofessionals: Kim Christian $225 Fatema Bravo $175 Frances Vazquez $165 Alexia Blakley $165 The firm received an advanced fee in the amount of $21,738. Michael R. Dal Lago, Esq., a member of Dal Lago Law, assured the court that the firm does not represent or hold any interest adverse to the Debtor or to the estate. The firm can be reached through: Michael R. Dal Lago, Esq., Dal Lago Law 999 Vanderbilt Beach Rd Ste 200 Naples, FL 34108-3512 Phone: (239) 571-6877 Email: mike@dallagolaw.com About All Sod Nursery Inc. All Sod Nursery Inc., a company based in Naples, Florida, supplies premium sod and plants for pickup or delivery in the local market. Established in 2012, this family-owned and operated business operates within the retail nursery and garden-supply industry, serving homeowners and commercial landscapers alike. All Sod Nursery filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02172) on October 31, 2025, listing between $100,000 and $500,000 in assets and between $1 million and $10 million in liabilities. Miguel Cancio, president of All Sod Nursery, signed the petition. Judge Luis Ernesto Rivera II presides over the case. Michael Dal Lago, Esq., at Dal Lago Law represents the Debtor as bankruptcy counsel. AMERICAN SIGNATURE: Trustee Raises Insider Concerns in Ch. 11 Case ------------------------------------------------------------------ Thomas Lester of Furniture Today reports that American Signature Inc. faces U.S. Trustee objections in its Chapter 11 case over its SB360 consulting agreement and a stalking horse asset sale, along with bid procedures and bid protections. The Trustee cited potential conflicts of interest, noting that the Schottenstein family has controlling stakes in both the debtor and related entities, and argued that the court should apply heightened scrutiny. The objections were filed on December 10 in Delaware bankruptcy court, with a hearing set for December 15, 2025. The Trustee specifically challenged the consulting agreement, asserting that SB360 is not a disinterested party under Bankruptcy Code Section 327 due to its family affiliation. American Signature and SB360 responded that the consultant is not an estate professional and cited Delaware precedent treating store-closing consultants as operational vendors, emphasizing that the agreement was negotiated prior to the bankruptcy and approved by independent advisors, the report states. The stalking horse bid also drew scrutiny, as the Trustee argued that bid protections for ASI Purchaser, a family-owned affiliate, could impede true competition. American Signature defended the protections, noting they are market-standard, capped, and necessary to ensure a floor-setting bid, with approval from co-CROs and a conflicts committee. The retailer, which operates American Signature Furniture and Value City Furniture, reported assets of $100 million to $500 million, liabilities of $500 million to $1 billion, and between 1,000 and 5,000 creditors, according to report. 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. AMSPEC PARENT: S&P Affirms 'B' ICR, Outlook Remains Stable ---------------------------------------------------------- S&P Global Ratings affirmed its 'B' issuer credit rating on AmSpec Parent LLC. At the same time, S&P affirmed its 'B' issue rating. The '3' recovery rating is unchanged and indicates its expectations for meaningful recovery (50%-70%; rounded estimate: 60%) in the event of a payment default. The stable outlook reflects our expectation that AmSpec's revenue and EBITDA will improve as it integrates acquisitions and greenfield projects ramp, resulting in lower debt to EBITDA and improved free operating cash flow (FOCF). AmSpec's debt-fueled acquisitions and earnings falling short of expectations temporarily weakened its financial performance. The company's S&P Global Ratings-adjusted debt to EBITDA will be elevated for the rating at about 6x in 2025, before improving to the mid-5x area in 2026. S&P said, "AmSpec's operating performance worsened beyond previous expectations in 2025 as a result of geopolitical disruption and we expect improvement in 2026 as greenfield projects ramp up and acquisitions expand services. Certain commodity volumes were lower across North America and Europe largely in energy and chemical (E&C) end markets in those geographies. Tariffs and sanctions may have altered commodity flows contributing to weaker demand for AmSpec's testing, inspection, and certification (TIC) services. We note AmSpec was impacted by clean product import volumes in North America. We believe this affected TIC services provided along the gulf coast and eastern seaboard of the United States. Furthermore, AmSpec's European business may have been affected by the flow of Russian crude oil. To offset weaker demand for its services AmSpec continued to invest in facilities to expand testing capacity and acquired companies which should expand services in different geographies. The timing of improvement in organic growth is uncertain, but we believe AmSpec has taken strategic measures that will offset more moderate organic growth and allow for financial performance to improve with credit metrics commensurate with the rating in 2026. "We forecast AmSpec's S&P Global Ratings-adjusted debt to EBITDA will be about 6x in 2025, compared with our previous assumption of 4x, before improving to the mid-5x area in 2026. Additionally, we forecast AmSpec will have meaningfully negative reported FOCF for 2025 inclusive of capital expenditure (capex) related to growth and greenfields. This is likely to improve slightly but remain negative in 2026. We expect this weaker performance, compared with our previous assumption for modestly negative FOCF in 2025 and modestly positive FOCF in 2026, as earnings improve and capex declines slightly. "Given some uncertainty in how AmSpec will prioritize capital allocation over the next few years, if customer demand weakens more than we expect and significant capital investment continues and reduces liquidity, we could take a negative rating action. AmSpec has been expanding its TIC services by investing in labs to expand capacity. This capex comes at a time when E&C volumes have been weaker than we expected. While AmSpec can reduce its capex materially, we expect it will continue to invest, though more moderately, in increased capacity to expand its services for customers. "We forecast AmSpec's total revenue will grow in the high single digit percent area in 2025. We estimate the company's revenue growth based on 12 months of operating performance in 2024 (the 2024 audit includes 13 months of activity). "For 2025, we estimate AmSpec will have organic revenue growth in the mid-single digit percent area, toward the lower end of our previous assumption for revenue growth in the mid-single digit to low double digit percent area, due to weaker demand in North America and Europe. We expect AmSpec's total revenue growth will improve to the low teens percent area in 2026 and its organic revenue growth to continue in the mid-single digit percent area in 2026, along with additional contributions from acquisitions during the year. "Similarly, we believe AmSpec's S&P Global Ratings-adjusted EBITDA margin underperformed expectations in 2025, reaching the low teens percent area compared with our previous expectation of a margin in the high teens percent area. This was due to weaker than expected customer demand and changes in its service mix. We expect AmSpec's EBITDA margin to remain in the low teens percent area in 2026. "In our view, AmSpec has a more aggressive financial policy than we previously envisioned when we assigned ratings to it a year ago. The company has conducted meaningful debt financed acquisitions in 2025, and we assume this will continue in 2026. We expect AmSpec to fully use its $100 million DDTL to fund acquisitions to supplement growth in the business. Previously, we expected the DDTL would be left undrawn to support liquidity if operating conditions worsened. Accordingly, we view this as a significant change in its financial policy. "We have revised our expectations to include about $100 million of acquisitions in 2026. Ultimately, the timing and size of acquisitions remain uncertain. However, we expect the company will continue opportunistic expansion through acquisitions to increase accreditation and supplement organic growth. "The stable outlook reflects our expectation that AmSpec's credit ratios will remain appropriate for the rating. We forecast S&P Global Ratings-adjusted debt to EBITDA will be close to 6x in 2025, improving to the mid-5x area in 2026 as a result of improved contributions from acquisitions and new projects. "We could downgrade AmSpec if its operating performance weakens further due to macroeconomic conditions and its debt-to-EBITDA ratio does not improve toward 5.5x, or if we expect its reported FOCF to continue to be materially negative, causing the company to draw on its revolving credit facility "While unlikely within the next year, we could upgrade AmSpec if its sponsor, TPG, demonstrates and commits to a prudent capital allocation such that it maintains debt to EBITDA toward 4x and meaningfully positive reported FOCF (including capex for growth and new projects)." ANDERSON BIO: Section 341(a) Meeting of Creditors on January 23 --------------------------------------------------------------- On December 15, 2025, Anderson Bio Group, LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the District of Oregon. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on January 23, 2026 at 01:30 PM via 341 Meeting via Telephone (UST). Dial 888-330-1716, passcode 5189986. About Anderson Bio Group, LLC Anderson Bio Group, LLC operates a biomass-to-steam combined heat and power facility that generates electricity and thermal energy through the combustion of biomass. The Company is expanding the plant's clean energy capabilities by integrating concentrating solar thermal power and thermal energy storage systems to increase output and enable continuous electricity generation. Anderson Bio Group, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34166) on December 15, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge David W. Hercher handles the case. The Debtor is represented by Nicholas J. Henderson, Esq., of Elevate Law Group. ANGELA HOLDINGS: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Angela Holdings, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division at Ohio, to use cash collateral. The court authorized the Debtor to use cash collateral to fund operations in accordance with its budget, subject to a 10% variance. The Debtor's use of cash collateral will end at the earliest of four business days after service of a termination notice; the conclusion of the final hearing on January 8, 2026; or entry of a final order. As adequate protection, Wilmington Trust, N.A. will be granted replacement security interests in, and liens on, assets of the Debtor similar to its pre-bankruptcy collateral, with the same priority as its pre-bankruptcy liens. These replacement security interests and liens do not apply to avoidance claims and their proceeds. The lender will also receive monthly payments of $4,251.55 for taxes and $2,069.68 for insurance as additional protection. These payments will be held in the reserves. The next hearing is set for January 8, 2026. The deadline for filing objections is on January 5, 2026. The interim order is available at https://is.gd/0baez7 from PacerMonitor.com. The Debtor's cash collateral is encumbered by Wilmington Trust, which holds liens on the Debtor's real estate and other assets through multiple mortgages and a UCC filing, with a secured claim of approximately $2.9 million. The Debtor reports having about $75,000 in cash and cash equivalents and asserts that adequate protection exists because the secured creditor retains its lien on real estate that is unlikely to depreciate and will even benefit from reinvestments made through cash collateral use. Wilmington Trust, as secured creditor, is represented by: Nancy A. Valentine, Esq. Miller, Canfield, Paddock and Stone, P.L.C. 1100 Superior Avenue East, Suite 1750 Cleveland, OH 44114 Telephone: (216) 716-5040 Facsimile: (216) 716-5043 valentine@millercanfield.com About Angela Holdings LLC Angela Holdings, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 3:25-bk-32459) on December 8, 2025. In the petition signed by Douglas Kraus, sole member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Tyson A. Crist oversees the case. Dustin R. Hurley, Esq., at Hurley Law, LLC, represents the Debtor as legal counsel. ANR INSULATION: Gets Interim OK to Use Cash Collateral Until Jan. 8 ------------------------------------------------------------------- ANR Insulation, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 8, 2026, in accordance with its budget. Weekly expenses must not exceed the budget by more than 15%, except for taxes, which must be paid in full. Any weekly savings below budget may be carried forward to the following week. As adequate protection, King Insulation of Arizona, LLC, Newtek Bank, Lendistry, and certain merchant cash advance lenders will be granted interim replacement liens on post-petition assets, with the same extent, validity, and priority as their respective pre-bankruptcy liens. A final 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/UOXRl from PacerMonitor.com. ANR's Chapter 11 filing was prompted by a scheduled UCC Article 9 foreclosure by King Insulation, which would have liquidated all assets on December 8. ANR, a commercial and industrial insulation contractor with 2024 revenues of about $7.8 million, attributes its financial crisis to declining cash flow, high payroll obligations, and aggressive automatic withdrawals by numerous MCA lenders who had obtained ACH access to the company's accounts. The Debtor outlines its financial condition: roughly $947,956 in receivables (including substantial aged invoices), $433,291 in inventory, and $394,000 in equipment. King Insulation holds a near-repaid $129,136 claim secured by a first-position lien, while Newtek holds a second-position SBA-backed claim estimated at $1.6 million. Together, their liens consume the full collateral value of about $1.65 million. Lendistry and several MCA lenders also assert security interests, though typically limited to accounts and payment intangibles. With only $10,000 of encumbered cash on hand, the Debtor asserts it cannot fund operations, including a weekly payroll of approximately $38,000, without access to cash collateral. About ANR Insulation LLC ANR Insulation, LLC, doing business as King Insulation, provides thermal and sound insulation materials and services for residential, commercial, and industrial properties in Arizona. Since 1981, the Company has supplied insulation solutions that comply with local building codes and energy efficiency standards, serving homeowners, contractors, property managers, developers, and business owners across the state. Its offerings include installation and re-insulation for projects ranging from small residential additions to large commercial warehouses. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11784) on December 7, 2025. In the petition signed by Ricardo Caceres, president, the Debtor disclosed $3,666,410 in assets and $5,566,839 in liabilities. Judge Brenda K. Martin oversees the case. Christopher C. Simpson, Esq., at Osborn Maledon, P.A., represents the Debtor as legal counsel. ARTICON HOTEL: Can't Seek Relief Under Subchapter V, Court Rules ---------------------------------------------------------------- The Honorable Michael B. Slade of the United States Bankruptcy Court for the Northern District of Illinois sustained the objection of Baldwin Enterprises to Articon Hotel Services LLC's designation as a "small business debtor" and its effort to proceed under Subchapter V of Chapter 11 of the Bankruptcy Code. The Debtor's Petition alleged that its "aggregate noncontingent liquidated debts" were below the $3,424,000 debt limit and it elected to proceed under Subchapter V as a "small business debtor." The Debtor identified assets between $100,001 and $500,000 and liabilities between $1,000,001 and $10 million. The first claim listed in the Debtor's Form 204 (the so-called "top 20 list" of unsecured claims) was Baldwin's $10,070,695 judgment, which the Debtor indicated was "Contingent Unliquidated Disputed" in the appropriate column. Since it identified Baldwin's claim this way (given its pending post-trial motion and ability to appeal), the Debtor took the position that its liabilities did not exceed the relevant debt limit and it elected to proceed under Subchapter V. The crux of this dispute is whether Baldwin's claim, given the status of the state court lawsuit on the petition date, is a "noncontingent liquidated" debt within the meaning of 11 U.S.C. Sec. 101(51D). Baldwin argues its judgment claim counts toward, and thus the Debtor exceeds, the Subchapter V debt limit. Given the plain text of the statute, and following Seventh Circuit precedent interpreting a near-identical provision, the Court agrees with Baldwin and sustains its objection. In accordance with Bankruptcy Rule 1020(a), this case will now proceed under the regular provisions of Chapter 11 of the Bankruptcy Code. The Subchapter V Trustee is discharged. A copy of the Court's Memorandum Opinion and Order dated December 8, 2025, is available at https://urlcurt.com/u?l=3N6LuD from PacerMonitor.com. About Articon Hotel Services LLC Articon Hotel Services, LLC manufactures and supplies furniture, fixtures and equipment as well as construction materials for the hospitality industry in the United States. The Company provides case goods, soft seating, millwork, lobby furniture, artwork, mirrors and lighting, alongside shower surrounds, flooring, and wall coverings, serving hotel projects through design, fabrication, installation and compliance support. Articon works with major hotel brands including Holiday Inn, Hilton, Embassy Suites, Courtyard and Fairfield Inn & Suites. Articon Hotel Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-13601) on September 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. The Debtor is represented by Scott R. Clar, Esq., at Crane, Simon, Clar & Goodman. ASHLEY STEWART: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Ashley Stewart, Inc. 150 Meadlowlands Parkway, Suite 403 Secaucus, NJ 07094 Business Description: Ashley Stewart, Inc. is a U.S.-based plus- size apparel retailer founded in 1991 that previously operated dozens of boutiques across more than 20 states and an e-commerce platform. The Company is currently non- operating and holds minimal assets following the sale of substantially all of its assets in November 2025. Ashley Stewart has filed, or expects to file, an adversary proceeding seeking to recover assets transferred in that transaction. Chapter 11 Petition Date: December 17, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-23314 Judge: Hon. Stacey L Meisel Debtor's Counsel: Sari B. Placona, Esq. MCMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue Suite 201 Roseland, NJ 07068 Tel: 973-622-1800 E-mail: splacona@msbnj.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $50 million to $100 million The petition was signed by Ram Ajjarapu as director. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BNH23FA/Ashley_Stewart_Inc__njbke-25-23314__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. GK Trading LLC $1,981,377 95 Mt Bethel Road, Ste 4A Warren, NJ 07059 2. Julia K LLC $946,885 23 Wisteria Way Basking Ridge, NJ 07920 3. By Design LLC $887,627 Attn: Russell Kemp 463 7th Avenue, Room 200 New York, NY 10018 4. Woodland Trading Inc. $784,979 Attn: Anthony Valentine 1407 Broadway, Ste 1618 New York, NY 10018 5. Double Take $679,147 Fashions, Inc. 4014 1st Avenue, #401 Brooklyn, NY 11232 6. A.B.N. Inc. $567,905 230 W. 39th Street, Room 633 New York, NY 10018 7. GAEA LLC $510,241 95 Mt Bethel Road, Ste 4A Warren, NJ 07059 8. Apparel Solutions $501,277 95 Mt Bethel Road, Ste 4A Warren, NJ 07059 9. Full Circle Trends $490,793 1384 Broadway, 17th Floor New York, NY 10018 10. Deja Bleu $488,431 1385 Broadway, Ste 900 New York, NY 10018 11. CAI Design Inc. $480,184 240 W. 37th Street, Ste 303 New York, NY 10018 12. Super Apparel Inc. $454,391 209 W. 40th Street New York, NY 10018 13. Nanjing Wetex Co. Ltd $430,765 1st Floor A 9 Building Nanjing Chenguang 1865 Industrial Park No. 388 Yingtian St Qinhuai District, Nanjing China 14. Les Vetements $365,842 Multiwear Inc. 8211 17e Avenue Montreal, QC H1Z 4J9 Canada 15. Nycal, Inc. $345,807 1407 Broadway, #1806 New York, NY 10018 16. Hartford Casualty $342,630 Insurance Co. 201 North Ilinois Street, 16th Floor Indianapolis, IN 46204-3250 17. Boom-Boom Jeans $316,175 2945 East 12th Street Los Angeles, CA 90023 18. Meta Platforms, Inc. $288,248 1 Meta Way Menlo Park, CA 94025 19. 9th Street Apparel LLC $284,408 410 East 2nd Street Yankton, SD 57078 20. Salesforce.com, Inc. $274,369 Salesforce Tower 415 Mission Street, 3rd Floor San Francisco, CA 94105 ASSOCIATION OF APARTMENT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------------- Association of Apartment Owners of Kauai Beach Villas got the green light from the U.S. Bankruptcy Court for the District of Hawaii to use cash collateral to fund operations. At the recent hearing, the court approved the Debtor's interim use of cash collateral until the next hearing set for January 5, 2026. After filing for bankruptcy on December 5, the Debtor reported holding more than $629,000 in a bank account and over $2.6 million in reserve and operating investment accounts. Bank of Hawaii is the sole secured creditor with a $1.9 million loan secured by the Debtor's accounts and assessment rights. With approximately $446,000 outstanding on the loan and monthly payments of $13,030, the Debtor intends to use cash collateral according to a multi-month budget while permitting up to 120% of projected expenses. The Debtor offers to provide Bank of Hawaii with protection through full payments and replacement liens on post-petition assets. Bank of Hawaii, as secured creditor, is represented by: Cuyler Shaw, Esq. Ellen A. Swick, Esq. Ashford & Wriston, LLP 999 Bishop Street, Suite 1400 Honolulu, HI 96813 Telephone: (808) 539-0400 Telecopier: (808) 533-4945 cshaw@awlaw.com eswick@awlaw.com About Association of Apartment Owners of Kauai Beach Villas Association of Apartment Owners of Kauai Beach Villas sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Hawaii Case No. 25-01103) on December 5, 2025, with up to $10 million in both assets and liabilities. Wayne K.T. Mau serves as Subchapter V trustee. Judge Robert J. Faris oversees the case. Chuck C. Choi, Esq., at Choi & Ito, represents the Debtor as legal counsel. ASSOCIATION OF APARTMENT: Hires Choi & Ito as Bankruptcy Counsel ---------------------------------------------------------------- The Association of Apartment Owners of Kauai Beach Villas seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to hire Choi & Ito to handle the bankruptcy proceedings. The firm will be paid at these hourly rates: Chuck C. Choi $500 Allison A. Ito $350 Chuck Choi, Esq., 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: Chuck C. Choi, Esq. CHOI & ITO 700 Bishop Street, Suite 1107 Honolulu, HI 96813 Telephone: (808) 533-1877 Facsimile: (808) 566-6900 Email: cchoi@hibklaw.com About Association of Apartment Owners of Kauai Beach Villas The Association of Apartment Owners of Kauai Beach Villas, a not-for-profit corporation incorporated under Hawaii law on April 15, 2025, manages, maintains, and administers the Kauai Beach Villas condominium resort in Lihue, Kauai, Hawaii. Association of Apartment Owners of Kauai Beach Villas filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-01103) on December 5, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as legal counsel. ASSOCIATION OF APARTMENT: Hires Stretto Inc. as Claims Agent ------------------------------------------------------------ The Association of Apartment Owners of Kauai Beach Villas seeks approval from the U.S. Bankruptcy Court for the District of Hawaii to hire Stretto, Inc. as claims and noticing agent. Stretto will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. The firm will seek reimbursement for expenses incurred. The firm received an advance payment of $25,000. Sheryl Betance, a senior managing director at Stretto, 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: Sheryl Betance Stretto Inc. 410 Exchange, Ste. 100 Irvine, CA 92602 Telephone: (714) 716-1872 Email: sheryl.betance@stretto.com About Association of Apartment Owners of Kauai Beach Villas The Association of Apartment Owners of Kauai Beach Villas, a not-for-profit corporation incorporated under Hawaii law on April 15, 2025, manages, maintains, and administers the Kauai Beach Villas condominium resort in Lihue, Kauai, Hawaii. Association of Apartment Owners of Kauai Beach Villas filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Hawaii Case No. 25-01103) on December 5, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Robert J. Faris presides over the case. Chuck C. Choi, Esq., at Choi & Ito represents the Debtor as legal counsel. ASTER OILFIELD: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of West Virginia granted Aster Oilfield Services, Inc. authorization to use cash collateral on an interim basis. The debtor may use cash collateral solely to pay operating expenses and administrative costs in strict accordance with an approved budget (Exhibit A), excluding the listed attorney expense. This authority is intended to allow continued operations during the early stages of the case. As adequate protection, the Court granted taxing authorities and the secured lender first-priority postpetition replacement liens on the Debtor’s assets, consistent in priority, validity, and extent with their prepetition liens. These liens attach to postpetition-acquired property and unencumbered assets, but expressly exclude avoidance actions under Bankruptcy Code Section 544–550. The replacement liens are deemed automatically perfected without the need for additional filings. A final hearing on continued use of cash collateral is scheduled for December 30. About Aster Oilfield Services, Inc. Aster Oilfield Services, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00713) on December 8, 2025. In its petition, the Debtor reports estimated assets of $100,001â€“$1,000,000 and estimated liabilities of $1 millionâ€“$10 million. Honorable Bankruptcy Judge David L. Bissett handles the case. The Debtor is represented by Kelly Kotur, Esq. of Davis & Kotur Law Office Co. LPA. AUDREY HALPERN: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On December 18, 2025, Audrey Halpern MD PC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of New York. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 50 to 99 creditors. About Audrey Halpern MD PC Audrey Halpern MD PC is a physician-owned professional corporation that provides obstetric and gynecological medical services. The practice offers women’s health care, including routine examinations and prenatal services. Audrey Halpern MD PC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12836) on December 18, 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 Martin Glenn handles the case. The Debtor is represented by Adrienne Woods, Esq., of Weinberg Zareh Malkin Price LLP. AZUL SA: Gets Approval for Strategic Investment Agreements ---------------------------------------------------------- Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York granted the motion of Azul S.A. and its affiliates for entry of an order, pursuant to sections 105(a), 363, 503(b)(1), and 507(a)(2) of the Bankruptcy Code authorizing and approving the Debtors' (i) entry into and performance under the Strategic Investment Agreements, and (ii) incurrence, payment, and allowance of the related Investment Agreement Obligations as administrative expense claims. The Court finds the terms and conditions of the Strategic Investment Agreements, including the Investment Agreement Obligations, are fair, reasonable, and appropriate under the circumstances. The terms and conditions reflect the Debtors' exercise of sound business judgment consistent with their fiduciary duties, are based on good, sufficient, and sound business purposes and justifications, and are supported by reasonably equivalent value and consideration. The Investment Agreement Obligations, to the extent payable under the Strategic Investment Agreements, pursuant to sections 105(a), 503(b), and 507(a)(2) of the Bankruptcy Code, are allowed as an administrative expense claim against each of the Debtors. As reported by the Troubled Company Reporter, Azul S.A. and its subsidiaries, asked the U.S. Bankruptcy Court for the Southern District of New York for permission to enter into strategic investment agreements that are essential to the successful confirmation and implementation of their Chapter 11 plan. At the outset of the cases, Azul secured broad stakeholder support through a network of restructuring support agreements with key strategic partners, a majority of its secured creditors, and its largest aircraft lessor, all designed to facilitate a coordinated, value-maximizing reorganization. The Plan, built on these RSAs, will reduce Azul's funded debt by more than $2 billion and position the company's Brazil's largest airline by departures and cities served, with 226 aircraft, 16,000 employees, and 900 daily Flights for long-term operational and financial strength. American Airlines and United Airlines have each committed to invest $100 million, totaling a $200 million-Investment Commitment, at a 30% discount to plan equity value, in exchange for new equity issued at emergence through a direct allocation in the equity rights offering. This strategic capital injection is a linchpin of the entire restructuring: it provides essential liquidity, supports the Debtors' ability to confirm the Plan, and bolsters negotiations with other stakeholders, including aircraft lessors such as AerCap, whose settlement resulting in over $1 billion in fleet savings is expressly conditioned on the Strategic Partners' investment. The Investment Commitment is further required under the $650 million ERO backstop agreement, which mandates execution of binding investment agreements from the Strategic Partners prior to the disclosure statement hearing and conditions consummation of the backstop on their funding. The Debtors explained that the Strategic Investment Agreements were the product of extensive, months-long negotiations and represent customary, market-based terms, including the Debtors' obligation to reimburse reasonable professional fees and indemnify each Strategic Partner for losses arising out of the investment agreements, which will constitute allowed administrative expenses under sections 503(b) and 507. The agreements remain open for 15 months from the Petition Date, and a defaulting Strategic Partner forfeits both its reimbursement rights and any entitlement to Subscribed Securities. The Debtors asserted that without approval of these agreements, the Plan and its accompanying value-enhancing transactions including the ERO, the backstop, the AerCap fleet restructuring, and the overall recapitalization of roughly $850 million of new equity would collapse, leaving the Debtors with no viable path to emergence. The Debtors requested swift approval to preserve the stability of the restructuring, maintain momentum toward confirmation, and ensure a successful emergence with a deleveraged balance sheet, strengthened commercial partnerships, and sufficient liquidity to support sustainable operations going forward. A copy of the Court's Order is available at https://urlcurt.com/u?l=XU30S0 from PacerMonitor.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the United States Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. BARRACUDA NETWORKS: S&P Downgrades ICR to 'CCC+' on Cash Burn ------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Barracuda Networks Inc. to 'CCC+' from 'B-', its issue-level rating on its first-lien credit facility to 'CCC+' from 'B-', and its rating on the second-lien term loan to 'CCC-' from 'CCC'. The stable outlook reflects S&P's view that Barracuda has adequate liquidity over the next 12 months to meet its operational and debt servicing costs while it tries to accelerate growth despite revenue headwinds may persist over the near term amid macroeconomic uncertainties and increasing competition. S&P expects Barracuda Networks Inc. to report negative free cash flow (FCF) in fiscal 2026 (ending in February) and weak cash generation as its interest burden continues to overwhelm EBITDA despite recent improvements in profitability and sales execution. S&P believes elevated leverage and interest rates have put the sustainability of the firm's capital structure into question. Barracuda would need to consistently improve operating performance to sustain positive FCF. Barracuda has struggled to grow revenue amid sales execution challenges. The company has reported a bookings decline since early 2024. The trend of bookings decline has led to meaningful revenue growth deceleration in fiscal 2025 and year-to-date in fiscal 2026. Revenue growth has slowed down to the low-single-digit percent during fiscal 2025 and roughly flat year-to-date in fiscal 2026, from mid- to high-single-digit percent in prior years. S&P believes this was primarily because of disruptions stemming from changes in its go-to-market strategy and weakening demand among small and midsize customers. Barracuda has revamped its go-to-market strategy and restructured its sales organization, including new sales leadership roles, since early 2024. S&P said, "While we believe bookings could improve over time, execution risks remain given macroeconomic uncertainties and higher customer budgetary constraints that could have more impact on IT spending among small and midsize customers, along with increase market competition. We expect revenue growth will remain weak over the next 12 months. Retention rates have largely stabilized over the past 12 months, despite still being down from two years ago." FCF generation continues to be hampered by high interest expense, despite cost saving actions and better cash collection dynamics from multi-year deals. The company's challenges in generating cash flow started in fiscal 2024 when cash interest expense increased by almost $60 million due to higher floating rates. Since then, the company has not been able to grow EBITDA to offset the higher rates. In light of weaker revenue growth trend in fiscal 2025 and 2026, Barracuda enacted various cost-out actions to improve profitability over the past 12 months. S&P Global Ratings-adjusted EBITDA margin was about 20.7% for fiscal 2025, down from about 24.4% during fiscal 2024. So far in fiscal 2026, EBITDA margins improved to about 23.3%, largely driven by synergy realization despite top-line growth still being muted. S&P expects margin will be in the mid-20% area for fiscal years 2026 and 2027. Over the last couple of quarters, in addition to slower topline growth and lower EBITDA margins, cash flow was also impacted by shorter contract lengths and an increasing balance of annual payment plans from multiyear deal clients. Contract lengths have improved after strategic adjustment in its go-to-market motion since 2024, and the related impact on cash flow continues to stabilize. In effort to mitigate the cash flow headwinds caused by reduced deferred revenue collection from multiyear deal clients who opt for annual payment plan for their own budgetary reasons, during second quarter of fiscal 2026 (ended August 31, 2025) Barracuda partnered with Capchase to provide financing options to end customers, which would enable Barracuda to receive payments upfront while Capchase collects from the end customers over the contract duration. S&P expects this arrangement will continue to have positive impact on cash flow next year. However, despite a narrowing cash burn, continued high interest and investment spending on operation and products will challenge a return to sustained positive FCF. S&P expects a cash flow deficit of $60 million-$75 million after debt service in fiscal 2026 and uncertainty about it turning positive in fiscal 2027. S&P said, "Given the elevated leverage and negative cash flow, we believe the company will have to reestablish revenue growth to the high-single-digit percent area for multiple years to reach more sustainable leverage. We are uncertain about the company's ability to do so after two years of growth in the low-single-digit percents and question the long-term sustainability of its capital structure." Near-term liquidity remains adequate despite cash burns may persist over the next 12 months. After two years of cash burns, Barracuda was able to replenish liquidity by raising $200 million from a privately placed incremental first-lien term loan early this year. However, continued cash burn has reduced that cushion year-to-date. S&P said, "We expect Barracuda will have total liquidity of about $200 million at fiscal year-end 2026, consisting of about $50 million cash on the balance sheet and full availability under its $150 million revolver that expires in August 2027. We believe this is adequate to maintain operational and debt service expenses over the near term, absent a larger than expected cash flow deficit." S&P said, "The stable outlook on Barracuda reflects our view that it has adequate liquidity over the next 12 months to meet its operational and debt servicing costs. We believe elevated leverage and uncertainty about returning to sustained cash flow could make its capital structure unsustainable longer term. While we believe overall bookings trend will improve, execution risks remain and continued high interest will challenge a return to positive FCF amid macroeconomic uncertainties and increasing market competitions. "We could lower the rating on Barracuda if we believe there is an increased risk it will pursue a distressed transaction such as a debt exchange or an amendment that we view as unfavorable to lenders." This could happen if cash burns continue to pressure liquidity and leverage remains elevated, a result of: -- Significant underperformance in revenue growth due to execution missteps during its revamped go-to-market effort, increasing competitive pressures, or weaker customer demand; -- Failure to maintain and expand EBITDA margins; or -- Interest expense continuing to consume most of its EBITDA. S&P could raise the rating on Barracuda if it believes: -- It can generate sustainable positive FCF through consistent and accelerating revenue growth and continued EBITDA margin improvement; and -- S&P gains confidence in the long-term sustainability of the capital structure. BEYOND STONE: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- Beyond Stone Solutions, LLC received interim approval from the U.S. Bankruptcy Court for the District of Arizona to use the cash collateral of its secured creditors to fund operations. The court authorized the Debtor to use cash collateral from December 10 until entry of a final order in accordance with its budget, subject to a 15% variance. The Debtor projects total operational expenses of $170,220 from December 5 to January 5, 2026. As adequate protection for the Debtor's use of their cash collateral, the U.S. Small Business Administration and other secured creditors will be granted automatically perfected replacement liens on their pre-bankruptcy collateral. These replacement liens are effective as of the petition date and are not subordinate to post-petition liens. In addition, the SBA will receive a monthly payment of $1,000, beginning this month. The final hearing is scheduled for January 14, 2026, with objections due at least seven days prior. The interim order is available at https://is.gd/QsbcqD from PacerMonitor.com. Beyond Stone Solutions estimates approximately $16,000 in existing cash. It has identified multiple creditors, primarily the SBA, as potential holders of security interests in its cash collateral based on recorded UCC filings. About Beyond Stone Solutions LLC Beyond Stone Solutions, LLC provides stone and tile cleaning, restoration, protection, and installation services for residential and commercial properties in Phoenix and throughout Arizona. The company works with natural stone, quartz surfaces, tile and grout, clay tiles, flagstone, and stacked stone across floors, countertops, showers, fireplaces, and outdoor hardscapes. It offers surface maintenance and repair solutions designed to preserve the appearance and durability of a wide range of stone and tile materials. Beyond Stone Solutions sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11767) on December 5, 2025. In the petition signed by Ryan Tonnemacher, manager, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Madeleine C. Wanslee oversees the case. Patrick Keery, Esq., at Keery McCue, PLLC, represents the Debtor as legal counsel. BEYOND STONE: Gets OK to Hire Keery McCue PLLC as Legal Counsel --------------------------------------------------------------- Beyond Stone Solutions, LLC, received approval from the U.S. Bankruptcy Court for the District of Arizona to hire Keery McCue, PLLC as counsel. The professional legal services KM shall render include, without limitation, preparation of pleadings and applications, conducting examinations incidental to administration, advising the Debtor of its rights, duties, and obligations under Chapter 11 of the Bankruptcy Code, taking any and all other necessary action incident to the proper preservation and administration of this Chapter 11 estate, and advising the Debtor in the formulation and presentation of a plan pursuant to Chapter 11 of the Bankruptcy Code, the disclosure statement and concerning any and all matters relating thereto. The firm will be paid at $175 to $550 per hour. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Keery McCue PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Martin J. McCue, Esq. Patrick F. Keery, Esq. Keery McCue PLLC 6803 East Main Street, Suite 1116 Scottsdale, AZ 85251 Telephone: (480) 478-0709 Facsimile: (480) 478-0787 E-mail: mjm@keerymccue.com pfk@keerymccue.com About Beyond Stone Solutions Beyond Stone Solutions, LLC provides stone and tile cleaning, restoration, protection, and installation services for residential and commercial properties in Phoenix and throughout Arizona. The Company works with natural stone, quartz surfaces, tile and grout, clay tiles, flagstone, and stacked stone across floors, countertops, showers, fireplaces, and outdoor hardscapes. It offers surface maintenance and repair solutions designed to preserve the appearance and durability of a wide range of stone and tile materials. Beyond Stone Solutions, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11767) on December 5, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Madeleine C. Wanslee handles the case. The Debtor is represented by Patrick F. Keery, Esq. of Keery McCue, PLLC. BISCUIT BAR: Shuts Down All Locations After Failed Sale Bid ----------------------------------------------------------- John-Henry Perera of Chron reports that The Biscuit Bar, a North Texas fast-casual restaurant chain, has closed all of its locations effective immediately, the company announced Monday, December 15, 2025. The shutdown affects six restaurants in the Dallas-Fort Worth and Abilene markets and has resulted in more than 100 layoffs. The announcement followed the conclusion of the company's Chapter 11 bankruptcy proceedings, which began in October. Owners Jake and Janie Burkett said the company attempted to reorganize in good faith, but rising costs and headwinds facing fast-casual restaurants ultimately made a turnaround impossible. The chain had also explored a sale that would have kept the brand alive, according to report. That effort unraveled when the company moved to convert its Chapter 11 case to a Chapter 7 liquidation on December 11, 2025. The filing signaled that management had abandoned plans to reorganize or sell the business and would instead wind down operations entirely, the report states. According to the Burketts, a restaurant group had agreed to acquire The Biscuit Bar, but resistance from several financial stakeholders — including key landlords — doomed the deal. Founded in Plano in 2018, the chain grew to six locations and became known for its biscuit-based menu, including items such as the Hot Hot Chicken and a Monte Cristo-style sandwich. About The Biscuit Bar LLC The Biscuit Bar LLC is a limited liability company. The Biscuit Bar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-33848) on October 2, 2025. In its petition, the Debtor reports estimated assets up to $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Scott Ww Everett handles the case. The Debtor is represented by Jacob J. King, Esq. of Munsch Hardt Kopf & Harr, P.C. BLACKSTONE CLAIM: Seeks to Hire Clark Hill PLLC as Special Counsel ------------------------------------------------------------------ Blackstone Claim Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Clark Hill PLLC as special counsel. Mark G. Sessions of Clark Hill will prosecute and defend adversary proceedings regarding James King and King Adjusters, prosecute collection cases against former customers that have not paid their invoices, and assist Debtor with any other litigation as agreed between the Debtor and Sessions. These matters are pending before Judge Gargotta in related adversary proceedings having Case No. 25-05081, Case No. 25-05084, and Case No. 25-05085. The firm will charge $525 per hour for attorney time. Mr. Sessions assured the court that Clark Hill is a "disinterested person" as that term is defined by 11 U.S.C. Sec. 101(14). The firm can be reached through: Mark G. Sessions, Esq. Clark Hill PLLC 3711 South Mopac Expressway Building One, Suite 500 Austin, TX 78746 Tel: (210) 250-6009 Fax: (210) 258-2728 Email: msessions@clarkhill.com About Blackstone Claim Services, Inc. Blackstone Claim Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52804) on November 19, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Ronald J Smeberg, Esq. at Smeberg Law Firm, PLLC serves as the Debtor's counsel. BLACKSTONE CLAIM: Seeks to Hire Kassab Law Firm as Special Counsel ------------------------------------------------------------------ Blackstone Claim Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire The Kassab Law Firm as special counsel. The firm will prosecute and defend adversary proceedings regarding Barkly Law Group and John Barkley. The firm will receive these contingent fees: -- 33 1/3% of any sum collected before suit is filed; or -- 40% of any sum collected after suit is filed and settlement is made without a trial; or -- 45% of any sum collected based upon the settlement made within 30 days before trial begins or after trial. Kassab Law Firm is a "disinterested person" as that term is defined by 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: David E. Kassab, Esq. The Kassab Law Firm 1412 Elgin St. Houston, TX 77004 Tel: (713) 522-7400 Fax: (713) 522-7410 Email: david@kassab.law About Blackstone Claim Services, Inc. Blackstone Claim Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52804) on November 19, 2025, listing $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Ronald J Smeberg, Esq. at Smeberg Law Firm, PLLC serves as the Debtor's counsel. BNS INDUSTRIES: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On December 12, 2025, BNS Industries, Inc. filed for Chapter 7 protection in the Eastern District of New York. According to court filings, the Debtor reports between $0 and $100,000 in assets owed to $10 million to $50 million in liabilities and 1-49 creditors. About BNS Industries, Inc. BNS Industries, Inc. operates as a diversified industrial manufacturer. The company designs, produces, and distributes equipment and components for various sectors, emphasizing reliability, innovation, and customer satisfaction. BNS Industries, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-74777) on December 12, 2025. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $10 million-$50 million. Honorable Bankruptcy Judge Louis A. Scarcella handles the case. The Debtor is represented by Marc A. Pergament, Esq., of Weinberg, Gross & Pergament, LLP. BOWIE ENTERPRISES: Seeks to Hire Wallace Law PLLC as Attorney ------------------------------------------------------------- Bowie Enterprises LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Wallace Law, PLLC as attorneys. The firm will render these services: a. give advise to the Debtors with respect to its powers and duties as the debtor-in-possession and the continued management of its business operations; b. advise the Debtors with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of court; c. prepare petitions, motions, pleadings, orders, applications, plans adversary proceedings, and other legal documents necessary in the administration of the case; d. protect the interest of the Debtor in all matters pending before the court; and e. represent the Debtor in negotiation with creditors in the preparation of a plan. The firm has received a retainer in the amount of $15,000, inclusive of $1,738 filing fee. Attorney Steven E Wallace, Esq. has a standard hourly rate of $500. Mr. Wallace assured the court that his firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Steven E Wallace, Esq. Wallace Law, PLLC 13747 Montfort Drive, Suite 350 Dallas, TX 75240 Phone: (214) 706-9191 Email: wallacelaw1@me.com About Bowie Enterprises LLC Bowie Enterprises LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43687) on December 3, 2025, listing $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Steven E Wallace, Esq. at Wallace Law, PLLC presides over the case. BRADBURY DEODAR: Unsecureds Will Get 100% of Claims in Plan ----------------------------------------------------------- Bradbury Deodar LLC filed with the U.S. Bankruptcy Court for the Central District of California a Disclosure Statement describing Plan of Reorganization dated December 11, 2025. The Debtor is a real estate investment company. The Debtor was formed on June 10, 2013. The equity holders of the Debtor are JAAE LLC with a 34% interest in the Debtor and Plainstone Bradbury II LLC holding the remaining 64% interest in the Debtor. The Debtor's primary asset is the Estate Property commonly known as 188 Deodar Lane, Bradbury, CA 91008 (the "Property"). The Property has been listed for sale for $22,888,000.00 with a pending offer and escrow. Before this case was commenced on June 12, 2025, the Debtor, was in the business of developing real estate. The Debtor filed the present bankruptcy to stop the foreclosure sale initiated by Mega Bank against the Property. The Debtor currently does not generate any income from the Property. Debtor's intention is to sell the Property and pay the creditors. Class #2b consists of General Unsecured Claims. Each claimant in Class #2b will be paid 100% of its claim beginning the first relevant date after the Effective Date. The amount each claimant receives depends on the total amount of allowed claims in this class. Pro rata means the entire fund amount divided by the total of all allowed claims in this class. The Debtor's Plan is premised on the orderly marketing and sale of the Property, with proceeds to be used to satisfy creditor claims. Given the Property's substantial estimated value of approximately $20 million, the sale process may require additional time to identify a qualified purchaser and to negotiate and close a transaction on commercially reasonable terms. Market conditions, buyer financing, and customary due diligence may also impact the timing of the sale. Importantly, however, the Property has significant equity well in excess of secured and administrative claims, providing a substantial equity cushion to secured creditors through the marketing period. This equity cushion mitigates risk associated with timing and ensures that creditors remain adequately protected while the Debtor pursues a value-maximizing sale strategy. The Debtor believes that a deliberate and orderly sale process, rather than a rushed disposition, will enhance value and maximize recoveries for all creditors. Accordingly, while the timing of the sale may vary, the Debtor is confident that the proceeds of the sale will be sufficient to satisfy creditor claims in accordance with the Plan. A full-text copy of the Disclosure Statement dated December 11, 2025 is available at https://urlcurt.com/u?l=UlfLVA from PacerMonitor.com at no charge. Counsel to the Debtor: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankruptcypower.com About Bradbury Deodar LLC Bradbury Deodar LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-14929) on June 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Vincent P. Zurzolo handles the case. The Debtor is represented by the Law Offices of Michael Jay Berger. BRIGHTLINE EAST: S&P Lowers $1.119BB 144A Notes Rating to 'CCC' --------------------------------------------------------------- S&P Global Ratings lowered the rating on Brightline Trains Florida LLC's (OpCo) (Parent) $1.119 billion of 144A notes to 'CCC' from 'CCC+'. We continue to expect Parent to default in January 2027, about 12 months away. The recovery rating on the OpCo debt is now '6', indicating a negligible recovery (rounded estimate at 5%) in the event of a payment default. The Parent's notes also have a '6' recovery rating, indicating a negligible recovery (rounded estimates 0%). The negative outlook reflects the exposure of the project to lower growth in 2026, which could bring forward the risk of default if the ridership or fare trajectory underperforms our forecast. The outlook also reflects an increased probability of a distressed exchange. S&P said, "We sharply revised our base case based on continued underperformance during the second half of 2025. The 'CCC' rating and negative outlook on OpCo reflects our revised expectations of a dramatically diminished ramp-up going forward and an increased probability of a default by early 2027. "We now expect ticket revenues of approximately $174 million for 2025 based on performance through November, representing a mere 14% growth--a significant decline from our initial forecast. In our last review in August 2025, we forecast 2025 total ticket revenue of $205 million and $176 million for our base and downside cases, respectively. These numbers reflected growth of about 35% and 15% over actual ticket revenue in 2024. "We think that switching riders from alternate modes, automotive in particular, is more challenging than originally forecast. Fares that have been drastically discounted to encourage new riders have proven particularly sticky, and we believe that OpCo's projected growth in ticket revenue into 2026 is unlikely to materialize. As such, we think that the ramp-up will be significantly muted compared to prior expectations. "We significantly revised our base-case annual growth projections for ticket revenues: 15% in 2026, followed by 12.5% in 2027, 10% in 2028, 5% in 2029, and Consumer Price Index (CPI) thereafter. This compares to our prior forecast of 38%, 17%, 11%, and 9.4% through 2029. "Our initial base case in 2024 was 38%-54% from 2025 with an average of 45%. In contrast, the difference between our current base case and management's initial forecast is now 68%-82% (average 75%). A reduction of this magnitude is highly unusual in our experience. "We expect expenses in 2025 to be about $256 million (including the cash cost of the rolling stock operating lease and maintenance capex). Thereafter, we are inflating expenses generally with CPI (other than variable expenses that we also adjust with ridership). Cash capital expenditure (capex) was in line with management's expectations, and we are maintaining them unchanged going forward. Because about 92% of total cash expenses in 2025 comprise fixed costs, any reduction in ridership has a less-than-proportionate effect on the fixed costs and, consequently, cash flow available for debt service (CFADS). "Available liquidity has depleted faster than anticipated; as such, our revised base case forecast indicates that OpCo will default in January 2027, with a shortfall of approximately $26 million. The parent is fully exposed to OpCo's financial performance, as distributions are subject to a distribution test of 1.3x (backward and forward) and certain OpCo reserves must be filled to specified amounts. We think the parent will also exhaust its dedicated reserves in January 2027. Furthermore, the parent's bonds are trading significantly below par, which could lead to a distressed exchange. "The negative outlook on both entities reflects the exposure of the project to lower growth in 2026, which could bring forward the risk of default if either the ridership or fare trajectory underperforms our forecast. Also, at both the OpCo and parent levels, we could lower the rating further if a distressed exchange becomes a more likely possibility. "We could lower the rating on OpCo over the next six months if performance trends 16% below our revised total ticket revenue projections, as sensitivity analysis of this reduction points to a default sooner--namely in 2026. A downgrade is also possible if we expect a distressed exchange offer at the OpCo or Parent. "While unlikely, we would revise the outlook on OpCo to stable if there is a major improvement in performance such that we no longer forecast a default in the base case. In the unlikely event we upgrade the transaction to 'CCC+', the capital structure would remain unsustainable, although the expected time to default would extend past 12 months. Sensitivity analysis indicates that growth rates would need to be around 51% in 2026, and in subsequent years, 35%, 25%, 20%, 15%, 5%, and then CPI to avoid a default. "Even more unlikely, we could change the outlook to stable for the parent if we think the distribution test conditions will be met at OpCo before the Jan. 1, 2027, debt service payment and we consider the possibility of a debt service shortfall for the parent to be remote." BROADWAY REALTY: Court Approves Disclosure Statement ---------------------------------------------------- The Honorable David S. Jones of the United States Bankruptcy Court for the Southern District of New York approved the proposed disclosure statement for the First Amended Joint Chapter 11 Plan of Broadway Realty I Co., LLC and its debtor affiliates. The procedures proposed in the Motion and subsequently followed by the Debtors regarding notice to all parties in interest of the time, date, and place of the Disclosure Statement Hearing and the deadline for filing objections to the Proposed Disclosure Statement and service of the Disclosure Statement Hearing Notice, provided due, proper, and adequate notice and comply with Bankruptcy Rules 2002, 3017, and 9006 and Local Bankruptcy Rule 9006-1. No further notice is required. The Proposed Disclosure Statement contains adequate information within the meaning of section 1125 of the Bankruptcy Code. No further information is necessary. As reported by the Troubled Company Reporter on Nov. 5, 2025, Broadway Realty I Co., LLC and its debtor affiliates filed with the U.S. Bankruptcy Court for the Southern District of New York a Disclosure Statement describing Joint Chapter Plan dated October 27, 2025. The 82 Debtors collectively own approximately 5,200 residential units, have approximately 130 employees, and entered the Chapter 11 Cases with approximately 155 unique creditors (excluding tenants). The Debtors' residential units are located across four of New York City's boroughs: Manhattan, Brooklyn, the Bronx, and Queens. Substantially all of the Debtors' tenants are entitled to statutory rent protection. As of the Petition Date, the Debtors' 93 properties -- collectively, the "Debtor Properties" -- are encumbered by approximately $564 million of aggregate mortgage debt, all with Flagstar Bank N.A. as mortgage lender. Following the filing of the Chapter 11 Cases, the Debtors commenced a process to market to sell or refinance all or substantially all of the Debtors' portfolio of residential real estate properties. It is anticipated that a transaction for each of the Debtors will take the form of either: (a) a refinancing, in whole or in part, of the Mortgage Obligations with respect to one or more Debtor Properties pursuant to a Successful Bid; or (b) a sale of one or more Debtor Properties and any related Assets pursuant to the applicable Asset Purchase Agreement, including without limitation, any sale to the Mortgage Lender following an exercise of its credit bid rights pursuant to section 363(k) of the Bankruptcy Code, and any sale pursuant to section 363 of the Bankruptcy Code implemented pursuant to the Plan. Class 4 consists of General Unsecured Claims, including any Mortgage Deficiency Claims and Rejection Damages Claims. Except to the extent that a holder of an Allowed General Unsecured Claim against a Debtor agrees to less favorable treatment with the Debtors or the Post-Emergence Entities, as applicable, in full and final satisfaction, settlement, release, and discharge of an Allowed General Unsecured Claim, each such holder thereof shall receive its pro rata share of Available Cash up to the Allowed amount of such General Unsecured Claim. Holders of other general unsecured claims in Class 4 are impaired and their projected recovery is still "to be determined", according to the Disclosure Statement. Class 5 consists of Existing Equity Interests. On the Effective Date, each holder of Existing Equity Interests shall receive the following treatment in full and final satisfaction, settlement, release and discharge of such Existing Equity Interest: * In the event of a Refinancing Transaction: The Existing Equity Interests of the Debtor(s) party to the Refinancing Transaction(s) shall, subject to the waterfall and priorities set forth in section 1129(b)(2) of the Bankruptcy Code, be Reinstated for the benefit of the holders of such former Existing Equity Interests consistent with their former economic entitlements. * In the event of a Sale Transaction: The holders of Existing Equity Interests of the Debtor(s) party to the Sale Transaction(s) shall receive any remaining Available Cash after payment in full of General Unsecured Claims in accordance with Section 4.4 hereof, and, following the final distribution of all such Available Cash, such Existing Equity Interests shall be cancelled for no further consideration. Each Debtor shall consummate the Refinancing Transaction contemplated by such Successful Bid(s), and upon making the Plan distributions in accordance with Article IV hereof, subject to Section 5.8(b) of the Plan, the existing Mortgage Loan(s) subject to such Refinancing Transaction shall be deemed fully released, cancelled, discharged and of no force or effect, and the related Mortgage Claims shall be deemed fully satisfied. Any post-Effective Date distributions shall be made by the Reorganized Debtors in an expeditious, timely, and orderly manner pursuant to the Plan and the Confirmation Order. Upon the Effective Date: (i) the authority, power and incumbency of the persons then acting as directors and officers of the Liquidating Debtors shall be terminated and such directors and officers shall be deemed to have resigned, (ii) the Plan Administrator shall have the powers of an officer of such Liquidating Debtors, (iii) the Plan Administrator shall be deemed to hold 100% of the Equity Interests in the Liquidating Debtors until the dissolution of such Liquidating Debtors pursuant this Section 5.6 of the Plan, (iv) the Liquidating Debtors shall assign and transfer absolutely and unconditionally to the Plan Administrator all of their remaining Assets after accounting for all distributions made in accordance with Article IV hereof. A full-text copy of the Disclosure Statement dated October 27, 2025 is available at https://urlcurt.com/u?l=AjQDSq from PacerMonitor.com at no charge. Proposed Attorneys for the Debtors: Gary T. Holtzer, Esq. Garrett A. Fail, Esq. Matthew P. Goren, Esq. Philip L. DiDonato, Esq. Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 The proposed distribution and contents of the Solicitation Packages and related procedures set forth herein and in the Motion comply with Bankruptcy Rules 2002 and 3017 and Local Bankruptcy Rule 9006-1 and constitute sufficient notice to all interested parties of the Voting Record Date, the Voting Deadline, the Plan Objection Deadline, the Confirmation Hearing, and all related matters. The Solicitation Packages are approved. The Ballot, including all voting instructions provided therein, is consistent with Official Form No. B 314, addresses the particular needs of the Chapter 11 Cases, and provides adequate information and instructions for each individual entitled to vote to accept or reject the Proposed Plan. No further information or instructions are necessary with respect to the Ballot. The Ballot is approved. The Voting Deadline is January 7, 2026 at 5:00 p.m. (prevailing Eastern Time). The Confirmation Hearing is set for January 15, 2026 at 10:00 a.m. (prevailing Eastern Time). The Plan Objection Deadline is January 7, 2026 at 5:00 p.m. (prevailing Eastern Time). A copy of the Court's Order is available at https://urlcurt.com/u?l=Nf2HFc from PacerMonitor.com. About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. Flagstar Bank, N.A., as creditor, is represented by: Harvey A. Strickon, Esq. Brett Lawrence, Esq. Justin Rawlins, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, NY 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com BROADWAY REALTY: Hires Goldenbock Eiseman as Conflicts Counsel -------------------------------------------------------------- Broadway Realty I Co., LLC and its debtor affiliates seek approval from the U.S. Bankruptcy Court for the Goldenbock Eiseman Assor Bell & Peskoe LLP as conflicts counsel and special real estate counsel. Golenbock's legal services may become necessary in the event that actual or potential conflicts of interest prevent the Debtors' general bankruptcy counsel or other counsel from acting on behalf of the Debtors. In addition, Golenbock may be called upon to provide services in connection with the closing of potential real estate transactions. Golenbock's current customary hourly rates, subject to change from time to time, are $400 to $1,050 for members, counsel and associates, and $200 to $400 for paraprofessionals. The following is provided in response to the request for additional information set forth in Paragraph D.1 of the U.S. Trustee's Guidelines for Reviewing Applications for Compensation and Reimbursement of Expenses Filed under 11 U.S.C. Sec. 330 by Attorneys in Larger Chapter 11 Cases. Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the twelve (12) months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the twelve (12) months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: N/A Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: In the event that Golenbock is called upon to render legal services as conflicts counsel, it, in conjunction with the Debtors, will develop a prospective budget and staffing plan for any such legal matters assigned to it. Golenbock and the Debtors will review such budget following the close of the budget period to determine a budget for the following period. Jonathan Flaxer, Esq., a partner of Golenbock, assured the court that the firm is a "disinterested person" as the term is defined in 11 U.S.C. 101(14). The firm can be reached through: Jonathan L. Flaxer, Esq. Goldenbock Eiseman Assor Bell & Peskoe LLP 711 Third Avenue New York, NY 10017 Telephone: (212) 907-7300 Facsimile: (212) 754-0330 About Broadway Realty I Co. Broadway Realty I Co., LLC is a real estate investment business and management company headquartered in New York City. The company operates from its principal location at 2 Grand Central Tower in Manhattan, with its main asset property at 4530 Broadway in New York. It specializes in real estate investment and property management activities across the New York metropolitan area. Broadway Realty I Co. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11050) on May 21,2025. In its petition, Broadway Realty I Co. reported between $500 million and $1 billion in both assets and liabilities. Judge David S. Jones, Esq. handles the cases. The Debtors are represented by Gary Holtzer, Esq., at Weil Gotshal & Manges, LLP. Flagstar Bank, N.A., as creditor, is represented by: Harvey A. Strickon, Esq. Brett Lawrence, Esq. Justin Rawlins, Esq. Nicholas A. Bassett, Esq. PAUL HASTINGS LLP 200 Park Avenue New York, New York 10166 Telephone: (212) 318-6000 Facsimile: (212) 319-4090 Emails: harveystrickon@paulhastings.com brettlawrence@paulhastings.com justinrawlins@paulhastings.com nicholasbassett@paulhastings.com BSG CORP: Gets Interim OK to Use Cash Collateral ------------------------------------------------ BSG Corp. received interim approval from the U.S. Bankruptcy Court for the Southern District of New York to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral until the final hearing on January 8, 2026, in accordance with its budget, subject to a 10% variance. As adequate protection for any diminution in the value of their collateral, secured creditors will be granted post-petition replacement liens, with the same validity, priority and extent as their pre-bankruptcy liens. These replacement liens are subject to fee carveouts and do not attach to avoidance action recoveries. Events of default under the interim order include case dismissal or conversion, appointment of a trustee, misuse of funds, or noncompliance with the order, subject to notice and cure rights. Upon an uncured default, secured creditors may seek termination of cash collateral use. The interim order is available at https://is.gd/tirbi1 from PacerMonitor.com. Five secured creditors assert liens totaling about $1.26 million on substantially all of the Debtor's assets, including cash. The Debtor said that its assets, particularly intellectual property and goodwill, have significant value, citing purchase offers in the seven- to eight-figure range. About BSG Corp BSG Corp, fka Bio-Signal Group Corp, develops neurodiagnostic solutions that provide functional brain assessment across medical, military, sports, and consumer markets. The Company's offerings include the microEEG portable EEG system and a range of complementary components, such as the StatNet disposable electrode headset, the EzeNet semi-disposable headpiece, and HydroDot biosensors used for EEG signal acquisition. Bio-Signal Group also provides EEG interpretation services through its EEG Interpretation Platform and physician panel, facilitating clinical-grade brain monitoring anytime and anywhere. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12755) on December 8, 2025. In the petition signed by Andre Fenton, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge John P Mastando III oversees the case. Ru Hochen, Esq. at ROMANO LAW PLLC, represents the Debtor as legal counsel. C & P AUTO: Seeks to Hire Bravos & Associates CPA as Accountant --------------------------------------------------------------- C & P Auto Service Center, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to employ Bravos & Associates, CPA as accountant. The firm will provide bookkeeping services, reconcile accounts, prepare monthly debtor-in-possession reports, and prepare, amend and file federal and state income tax returns. The firm's services fees are: Bookkeeping Services $4,200 to $5,100 per year Financial Statement Preparation $800 to $1,200 per year Tax Services $900 to $1,800 per year Bravos & Associates, CPA does not hold or represent an interest adverse to this estate and are disinterested persons within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Thomas W. Bravos Bravos & Associates, CPA 10 North Martingale Road, Suite 400 Schaumburg, IL 60173 Tel: (630) 893-6753 Fax: (630) 893-7296 Email: tom@bravoscpa.com About C & P Auto Service Center Inc. C & P Auto Service Center Inc., operating under the trade name Weber Swift Car Care, provides automotive repair and maintenance services, including tire sales, routine maintenance, diagnostics, and general auto repairs. C & P Auto Service Center Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-15215) on October 2, 2025. In its petition, the Debtor reports estimated total assets of $10,600 and total liabilities of $1,717,076. Honorable Bankruptcy Judge Janet S. Baer handles the case. The Debtor is represented by David P. Lloyd, Esq., of David P. Lloyd, Ltd. CARTER LEASING: Seeks to Hire Allison & Gibb LLP as Accountant -------------------------------------------------------------- Carter Leasing Company, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ Allison & Gibb LLP to provide accounting services. The firm's hourly rates are between $120 and $340. Allison & Gibb is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: Kevin S. Gibb. CPA Allison & Gibb LLP 601 E. Daily Drive, Suite 117 Camarillo, CA 93010 Phone: (805) 987-1999 Email: contact@allisonandgibb.com About Carter Leasing Company, Inc. Carter Leasing Company, Inc., a company based in Oak View, California, provides heavy equipment leasing and rental services, primarily serving the Ojai Valley area. Carter Leasing Company sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11207) on September 10, 2025, with $1 million to $10 million in assets and liabilities. Greg Webster, president of Carter Leasing Company, signed the petition. Judge Ronald A. Clifford, III presides over the case. William C. Beall, Esq., at Beall & Burkhardt, APC represents the Debtor as legal counsel. CAST & CREW: S&P Downgrades ICR to 'CCC+' on Weak Credit Metrics ---------------------------------------------------------------- S&P Global Ratings lowered all its ratings on Burbank, Calif.-based entertainment production payroll services and software provider Cast & Crew LLC to 'CCC+' from 'B-'. The negative outlook reflects the potential for a lower rating over the next 12 months given S&P's expectations for muted industry conditions, negative FOCF, and risks of a debt buy back or restructuring that S&P could consider distressed given the company's very high leverage and current market trading levels. Cast & Crew LLC's operating performance lags expectations as industry softness continues, signaling that the new normal will be at lower production volumes than previously anticipated. S&P said, "We anticipate leverage will remain above 10x in the next two years with negligible free operating cash flow (FOCF) and weak interest coverage metrics, which we view as unsustainable. "The downgrade reflects our expectation for weak credit metrics and an unsustainable capital structure. Cast & Crew's leverage has remained above 12x in the last two years, with cash flow deficits and weak EBITDA interest coverage ratios below 1x as the film and television industry has normalized at lower production volumes following the 2023 industry strikes. The company has taken measures to improve credit metrics including new cost savings initiatives, a capital infusion from its sponsor to repay a portion of its second-lien debt, and an amendment to pay-in-kind (PIK) its second-lien interest for up to eighteen months. "Still, we do not expect these actions will materially improve credit metrics over the next two years. We expect debt to accrue due to the PIK feature, which will mitigate the debt reduction and keep leverage elevated absent material EBITDA growth. Furthermore, the company's high cash interest burden will increase once the PIK period ends." The capital infusion from Cast & Crew's sponsor, EQT, consisted of $30 million of common equity and a $20 million unsecured loan held at a holding company. As part of the second-lien amendment negotiated with lenders, the company used $25 million of the proceeds to repay second-lien debt, which prepaid over $20 million of PIK interest that was deferred. Cast & Crew has an option to extend the PIK on the second-lien interest for another nine months if it prepays another $25 million. S&P said, "We do not view this transaction as subpar because the partial repayment compensates lenders for forgoing interest. We believe this transaction will temporarily mitigate cash flow declines but forecast FOCF deficits in the next two years from higher interest expense and capital expenditure (capex) as the company enacts its transformation plan to modernize and automate its software platform." Cast & Crew's operating performance continues to lag expectations. Revenues declined about 4% in the first quarter of fiscal 2026 and margins contracted by 30 basis points, compared with our previous expectations for revenue growth of about 10% and margin improvement to the low-40% area. S&P now expects the industry to operate at lower levels relative to pre-strike volumes, leading to modest revenue and EBITDA margin contraction in its fiscal year ending June 30, 2026. While budget for content spend remains high and industry wages are growing, streamers have rationalized costs by shifting productions abroad. While the company has an international presence, this has hindered Cast & Crew's revenues because it earns more in the U.S., where it provides workers' compensation benefits, and generates lower revenue on international productions where it does not. While the company has enacted cost savings initiatives to save about $20 million, S&P believes the costs to achieve these savings and industry softness will modestly lower EBITDA margin to 36% this year, before improving to about 41% in 2027. S&P said, "Additionally, we believe there are several factors that could pressure our forecast over the next two years, including accelerated shifts in productions away from the U.S., industry consolidation, union labor negotiations as contracts come due in 2026, and the impact of AI on industry jobs. "We believe Cast & Crew will maintain adequate liquidity despite cash flow deficits. As of the first quarter, Cast & Crew had cash on hand of about $128 million and $114 million available on its $123 million revolver. While we believe the company's liquidity will tighten in fiscal 2026 on cash flow deficits, we expect it will maintain prudent management of its remaining liquidity as it continues to work through business optimization plans and technology enhancements. It has a covenant holiday until June 2027 on its revolving credit facility, which also gives it some flexibility. "Given our leverage forecast, we expect the company to operate with minimal headroom when the covenant holiday ends. Cast & Crew has temporary yet sizable intraperiod working capital needs and we believe it will tap into its revolver to fund these, which may temporarily erode liquidity. Its first-lien debt is also trading well below par, which heightens the risk of a distressed transaction in our view, but we expect the lack of near-term maturities and its adequate liquidity to provide some time for the company to execute on its business initiatives. "The negative outlook reflects the potential for a lower rating over the next 12 months given our expectations for muted industry conditions, negative FOCF, and risks of a debt buy back or restructuring that we could consider distressed given the company's very high leverage and current market trading levels." S&P could lower the rating on Cast & Crew if: -- S&P expects a payment default or a transaction it views as a distressed transaction that involves lenders receiving less than originally promised; or -- S&P believes the company will breach its covenants once the covenant holiday expires in June 2027. S&P said, "We could take a positive rating action on Cast & Crew if its operating performance significantly exceeds our expectations such that the company generates positive cash flow, leverage meaningfully improves, and it sustains EBITDA interest coverage above 1.5x. In this scenario, we would also expect the company's standing in credit markets to materially improve and need to be confident it could refinance its 2028 maturities at par." CCM MERGER SUB: Seeks Chapter 11 Bankruptcy in Delaware ------------------------------------------------------- On December 17, 2025, CCM Merger Sub II, 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 between 200 and 999 creditors. About CCM Merger Sub II, Inc. CCM Merger Sub II, Inc. is a special-purpose company established to carry out a merger or acquisition on behalf of its parent entity. CCM Merger Sub II, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12235) on December 17, 2025. In its petition, the Debtor reports estimated assets ranging from $100,001 to $1 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor is represented by Steven D. Adler, Esq. of Bayard, P.A. CDK GLOBAL: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings affirmed the ratings of CDK Global II LLC (CDK), including the B3 corporate family rating and B3-PD probability of default rating. Moody's have also affirmed the B3 senior secured rating assigned to the company's senior secured bank credit facility and senior secured notes and the Caa2 senior unsecured notes rating. Moody's also changed the outlook to negative from stable. The ratings affirmations reflect the potential for some debt retirement in the upcoming 12 to 24 months if the company chooses to apply free cash flow to debt repayment. Revenue has been pressured since a cyber incident in 2024, free cash flow has been burdened by financial settlements of two class action lawsuits. Additional litigation matters remain outstanding. These factors are partially mitigated by CDK's strong position as a provider of subscription-based technology and services to automotive retail dealers. The affirmation also reflects Moody's expectations for good liquidity including positive free cash flow in 2026 and 2027, as well as a lack of near term debt maturities. The negative outlook reflects Moody's views that CDK may be hard pressed to reduce its debt/EBITDA to a level supportive of the B3 corporate family rating. The company's revenue and earnings growth have been limited and Moody's do not foresee a catalyst that would drive meaningful top line growth through 2027. While CDK remains a large player in the dealer management system space, it faces pressure from existing and new market entrants. RATINGS RATIONALE CDK's B3 CFR reflects its very high financial leverage, with debt/EBITDA of 9.4x at September 30, 2025, balanced by its leading position in the market for automotive dealer management software systems. Top line growth has been, and Moody's expects, will remain tepid through at least 2027. Limited growth will constrain the expansion of profit margins and free cash flow to levels that would allow CDK to retire a material amount of debt, if it chose to do so. Few openings of new automobile dealerships will increase the importance of retaining existing customers. CDK is facing increased competition from some emerging players, including Tekion from the US and Pinewood.AI, a UK company looking to enter the US market by partnering with Lithia. Three upcoming annual payments of $60 million related to a class action lawsuit settlement will weigh on free cash flow in 2026, 2027 and 2028. High annual interest expense will also. Based on Moody's projections, Moody's believes debt/EBITDA will remain high at 8.9x and 8.5x at the end of 2026 and 2027, respectively. This assumes limited retirement of debt relative to the $5.5 billion of outstanding debt on Moody's adjusted basis at September 30, 2025. Moody's expects cash on hand to remain above $50 million. There is a $650 million revolving credit facility that expires in July 2027, which the company modestly draws from time to time. Moody's projects annual free cash flow of at least $100 million in 2026 and again in 2027, which are improved from the negative free cash flow of approximately $300 million in 2025, inclusive of the $450 million claim settlement payment made during the year. Moody's expects positive free cash flow in 2026 and beyond. CDK has no other significant debt maturities until 2029 when the senior secured notes and the senior secured term loan mature. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if customer retention declines, leading to lower earnings and cash generation. The ratings could also be downgraded if CDK is unable to reduce debt/EBITDA towards 7.5x or if EBITA/interest is sustained below 1.0x. Weakening liquidity could also result in a ratings downgrade. CDK's ratings could be upgraded if revenue sustains a growth trend, leading to improved earnings and free cash flow generation that is applied to debt retirement. Debt/EBITDA sustained below 6.5x and EBITDA/interest sustained above 2.0x could also support a ratings upgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. CDK's B3 CFR is two notches below the B1 scorecard indicated outcome based on the trailing twelve months ended September 30, 2025. The CFR reflects Moody's expectations for limited revenue and EBITDA growth which will sustain high financial leverage. CDK Global II LLC (CDK) headquartered in Austin, Texas, is a leading provider of integrated data and technology solutions to the automotive and heavy truck industries. The company provides software solutions to original equipment manufacturers and nearly 15,000 dealer locations in North America. CDK's flagship dealer management system (DMS) software solutions provides enterprise resource planning tools that help facilitate the sale of new and used vehicles, consumer financing, repair and maintenance services, and vehicle and parts inventory management. CDK is owned by private equity firm Brookfield Business Partners. Revenue was $1.6 billion for the twelve months ended September 30, 2025. CENTURY DESIGN: Court Extends Cash Collateral Access to Feb. 21 --------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of California entered an interim order authorizing Century Design, Inc., the debtor-in-possession, to use cash collateral through February 21, 2026. The interim order authorized the Debtor to use cash collateral to pay expenses in accordance with its budget. The Debtor may deviate from the budget by up to 10% per line item without further court approval. Any unspent funds from a particular category must be reallocated or carried forward with court approval. The creditors with security interest in the cash collateral include the California Bank of Commerce and Exim Bank. As adequate protection, these secured creditors will be granted a replacement lien on all post-petition assets of the same type and extent as their pre-bankruptcy liens. As additional protection, the Debtor must pay $4,000 per month to California Bank of Commerce, due on the first day of each month, and $2,500 per month to Exim Bank, with the first payment due December 1, 2025, and continuing monthly thereafter. The secured creditors are not required to file any new financing statements or liens for this replacement interest, as their security interests are deemed valid and automatically perfected. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/rINLb from PacerMonitor.com. About Century Design Inc. Century Design Inc. designs and manufactures composite processing machinery for industries including aerospace, defense, automotive, marine, medical, sports, energy, and industrial applications. It develops equipment for prepreg production, resin development, ducting, hoses, and tubular structures, serving customers engaged in research, manufacturing, and product development worldwide. Founded in 1959, Century Design has supplied thousands of machines globally and contributed to advances in materials processing technologies. Century Design sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-03975) on September 26, 2025, listing total assets of $174,341 and total liabilities of $1,536,142. Jeanne Goddard, a certified public accountant at NGS, LLP, serves as Subchapter V trustee. Judge Christopher B. Latham oversees the case. The Debtor is represented by Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger. CHRISTOS FARM: Seeks to Hire CGA Law Firm as Bankruptcy Counsel --------------------------------------------------------------- Christos Farm, LLC seeks approval from the U.S. Bankruptcy Court for the Middle District of Pennsylvania to hire CGA Law Firm to handle its Chapter 11 case. The firm will be paid at these hourly rates: Lawrence Young, Attorney $500 E. Haley Rohrbaugh, Attorney $350 Staff $100 - $150 The firm received a retainer of $12,000 from the Debtor. Mr. Young disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Lawrence V. Young, Esq. CGA Law Firm 135 North George Street York, PA 17401 Telephone: (717) 848-4900 About Christos Farm, LLC Christos Farm, LLC is a Pennsylvania-based real-estate holding company with primary assets at 7653 Edgewater Acres Circle, Alexandria, PA 16611. Christos Farm, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-03504) on December 5, 2025, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Paul Rallis as owner. Judge Henry W Van Eck presides over the case. Lawrence V. Young, Esq. at CGA LAW FIRM serves as the Debtor's counsel. CHURCH OF ALL FAITHS: Hires Totaro & Shanahan as General Counsel ---------------------------------------------------------------- Church of All Faiths seeks approval from the U.S. Bankruptcy Court for the Northern District of California to hire Totaro & Shanahan, LLP as general counsel. The firm's services include: a. preparing documents, including the petition and schedules, status reports, review and consultation concerning Monthly Operating Reports, and personal attendance at all hearings; b. consulting with Debtor's representative concerning documents needed and reports to be prepared and consultation with real estate counsel re title and other issues; c. assisting Debtor in preparation of documents for compliance with the requirements of the Office of the United States Trustee; d. negotiating with secured and unsecured creditors regarding the amount and payment of their claims; e. discussing with Debtor's representative concerning the Disclosure Statement and plan of reorganization; f. preparing Disclosure Statement and Chapter 11 Plan of Reorganization and any amendments/changes to the same. g. submitting ballots to creditors, tally of ballots and submission to the Court; h. responding to any objections to disclosure statement and/or plan; i. negotiating with creditors as to values, etc., and the plan of reorganization; j. responding to any motions for relief from stay, motions to dismiss or any other motions or contested matters; In cases where no litigation counsel is employed, the firm will undertake the following matters: a. preparation, submission and prosecution of any adversary proceedings that may be necessary to the case including but not limited to determining the value of real property as collateral and extinguishing unsecured liens on real property; b. review of proofs of claims and if necessary, preparation of formal objections with respect to claims asserted; c. opposition to any motion sought by trustee, court and/or creditors; d. any other adversary matter that arises during the administration of this chapter 11 case. The firm will be paid at these hourly rates: Attorney $650 Paralegal $150 Michael Totaro, Esq., an attorney at Totaro & Shanahan, disclosed in a court filing 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 R. Totaro, Esq. Totaro & Shanahan, LLP P.O. Box 789 Pacific Palisades, CA 90272 Telephone: (310) 804-2107 Email: Ocbkatty@aol.com About Church of All Faiths Church of All Faiths filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-42280) on December 5, 2025, listing $1,000,001 to $10 million in both assets and liabilities. Judge Charles Novack presides over the case. Michael R. Totaro, Esq. and Maureen J. Shanahan, Esq. at Totaro & Shanahan, LLP represent the Debtor as counsel. CITY ON A HILL: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ City on a Hill, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of Wisconsin to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral consistent with its budget pending a final hearing on January 8, 2026. The Debtor prepared a 13-week budget to demonstrate anticipated receipts and expenditures. As adequate protection, any creditor holding a properly perfected security interest in the cash collateral will be granted a replacement lien on the Debtor's assets with the same priority and extent as its pre-bankruptcy lien. The Debtor is also required to provide monthly operating reports and maintain property and liability insurance as additional protection. The interim order is available at https://is.gd/cuYJYj from PacerMonitor.com. City on a Hill is a nonprofit organization providing healthcare, social services, youth programming, and community training to Milwaukee's underserved residents. The Debtor needs to use cash collateral to fund operations during its newly filed Subchapter V Chapter 11 case. It has only about $15,000 in cash on hand and approximately $48,000 in pre-bankruptcy accounts receivable. Multiple creditors may claim security interests in the Debtor's cash and receivables, including LEAF Capital Funding, The Fundworks, Saturn Encore Funding, CFG Merchant Solutions, and the Milwaukee Economic Development Corporation. Each holds varying forms of pre-bankruptcy lease, loan, or future receivables purchase agreements supported by broad UCC-1 financing statements covering substantially all assets. 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 sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-26829) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Katherine M. Perhach handles the case. The Debtor is represented by Paul G. Swanson, Esq. of Swanson Sweet, LLP. CLOUD SOFTWARE: S&P Rates Senior Secured First-Lien Loan 'B' ------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to the euro-denominated senior secured first-lien loan due August 2032 issued by Cloud Software Group Holdings Inc.'s (Cloud Software) subsidiary Cloud Software Group Inc. The '3' recovery rating indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of a default. S&P expects the company will use the proceeds from the new loan to refinance its existing euro-denominated first-lien term loan B due March 2029. Therefore, S&P views the transaction as leverage neutral and all our existing ratings on Cloud Software are unchanged. Cloud Software's stronger credit metrics relative to its similarly rated peers provide it with a good cushion at the current rating level. The company's debt to EBITDA was about 5.6x for the 12 months ended Aug. 31, 2025, although we expect its acquisition-focused growth strategy and private-equity ownership structure will likely preclude sustained deleveraging. We acknowledge Cloud Software has significant excess cash on hand of about $2.7 billion, which it may use to fund acquisitions. However, we do not net the company's cash against its debt when calculating our credit metrics. Cloud Software recently completed its $1.1 billion acquisition of Arctera Holdings Ltd., which it financed with a combination of excess cash and debt issued at a level above Cloud Software Group Holdings Inc. While management initially anticipated funding the acquisition solely with available balance sheet cash, Arctera and the associated debt will reside outside Cloud Software's borrowing group. S&P said, "We believe this entails some risk that management may divert cash or use balance sheet capacity for similar future transactions. However, we do not consider the Arctera acquisition to be material to the group and expect Cloud Software will maintain a sufficient financial cushion relative to our downside triggers for the current rating (leverage of more than 9x and free operating cash flow to debt below 3%)." COMMERCIALMORTGAGES.COM LLC: Taps Joel M. Aresty P.A. as Counsel ---------------------------------------------------------------- CommercialMortgages.com LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Joel M. Aresty of Joel M. Aresty, P.A. to serve as legal counsel in its Chapter 11 case. Mr. Aresty will provide these services: (a) give advice to the debtors with respect to its powers and duties as a debtor in possession and the continued management of its business operations; (b) advise the debtors with respect to its responsibilities in complying with the U.S. trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the debtors in all matters pending before the court; and (e) represent the debtors in negotiation with its creditors in the preparation of a plan. The counsel received $11,000 retainer prepetition and $2,500 cost deposit, against $500 hour plus costs, plus a $5,000 month post filing retainer. Joel M. Aresty, P.A. is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Joel M. Aresty, Esq. JOEL M. ARESTY, P.A. 309 1st Ave S Tierra Verde, FL 33715 Telephone: (305) 904-1903 Facsimile: (800) 899-1870 E-mail: Aresty@Mac.com About CommercialMortgages.com LLC CommercialMortgages.com LLC is a single asset real estate company. CommercialMortgages.com LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23577) on November 17, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Scott M. Grossman handles the case. CONSCIOUS CONTENT: Case Summary & 30 Largest Unsecured Creditors ---------------------------------------------------------------- Five affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Conscious Content Media, Inc. (Lead Case) 25-12231 d/b/a Begin d/b/a Begin Learning 121 Varick Street 3rd Floor New York, NY 10013 Kidpass, Inc. 25-12232 Codespark, Inc. 25-12233 Little Passports, Inc 25-12234 CCM Merger Sub Ii, Inc. 25-12235 Business Description: Conscious Content Media, Inc. develops and provides early learning education technology products for children ages 2 to 10, offering an age- and stage-based curriculum focused on school readiness and skills such as literacy, mathematics, coding, creativity, and social-emotional development. The company delivers its programs through digital applications, physical learning kits, classes, tutoring, and coaching, distributing them to schools and directly to parents through subscription-based offerings. Its product portfolio includes brands such as Homer, codeSpark, and Little Passports. Chapter 11 Petition Date: December 17, 2025 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Brendan Linehan Shannon Debtors' General Bankruptcy Counsel: Daniel N. Brogan, Esq. Steven D. Adler, Esq. Ashly L. Riches, Esq. BAYARD, P.A. 600 North King Street, Suite 400 Wilmington, Delaware 19801 Tel: (302) 655-5000 E-mail: dbrogan@bayardlaw.com sadler@bayardlaw.com ariches@bayardlaw.com AND Lauren Friend McKelvey, Esq. David N. Tabakin, Esq. REITLER KAILAS & ROSENBLATT LLP 11921 Freedom Drive, Suite 550 Reston, Virginia 20190 Tel: 212-209-3037 Email: lmckelvey@reitlerlaw.com dtabakin@reitlerlaw.com Debtors' Financial Advisor: EISNER AMPER Debtors' Claims & Noticing Agent: BANKRUPTCY MANAGEMENT SOLUTIONS, INC. d/b/a STRETTO Lead Debtor's Estimated Assets: $100 million to $500 million Lead Debtor's Estimated Liabilities: $100 million to $500 million The petitions were signed by Neal Shenoy as chief executive officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LBN676Y/Conscious_Content_Media_Inc__debke-25-12231__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Stella K. Ma Little Passports $6,888,839 Email: stellakma@gmail.com Postclosing Note 2. Amy Norman Little Passports $6,587,385 Email: amynorman415@gmail.com Postclosing Note 3. Tilting Point Fund 2, LLC $3,783,750 360 NW 27th Street Miami, FL 33127 4. Solomon Liou, Jr. KidPass $3,364,882 solomon@kidpass.com Postclosing Note 5. Golden Seeds Fund 2 LP Little Passports $2,257,275 P.O. Box 541473 Postclosing Note Flushing, NY 11354 Email: jacorkran@me.com 6. Idealab Holdings LLC Codespark $2,142,991 130 West Union Street Postclosing Note Pasadena, CA 91103 Email: marcia@idealab.com 7. Golden Seeds Little Little Passports $1,906,456 Passports LLC Postclosing Note P.O. Box 541473 Flushing, NY 11354 Email: jacorkran@me.com 8. Ogden CAP Associates, LLC KidPass $1,603,125 – Series 82 Postclosing Note 545 Madison Ave, 6th Floor New York, NY 10022 Email: jmilstein@ogdencap.com 9. Chhay Chhun KidPass $1,581,427 Email: chhay@kidpass.com Postclosing Note 10. Corbett Capital, LLC Little Passports $1,316,926 307 W 7th St Ste 1710 Postclosing Note Fort Worth, TX 76102 Email: thead@corbettcapital.com 11. Grant Hosford Codespark $1,276,548 Email: ghosford@gmail.com Postclosing Note 12. David B. Martin Jr. Little Passports $1,209,237 Email: d_j_martin@yahoo.com Postclosing Note 13. AMF Exempt Trust Little Passports $1,099,310 dated March 7, 2013 Postclosing Note Email: aldo@aldomanzini.com 14. Joseph Shochet Codespark $981,287 Email: shochet@gmail.com Postclosing Note 15. Meta Platforms, Inc. $947,992 - Accounts Receivable 15161 Collections Center Drive Chicago, IL 60693 Email: ar@fb.com 16. Allen Morgan Little Passports $891,924 Email: amorgan@idealab.com Postclosing Note 17. Jeff Weiner Little Passports $874,192 Email: jwteam@iconiqcapital.com Postclosing Note 18. LB 121 Varick Associates LLC KidPass $864,467 46 Trinity Place Postclosing Note 2nd FL New York, NY 10006 Email: pmilstein@ogdencap.com 19. Curtis Thornhill $863,691 Living Trust dated Nov 14, 2005 Email: melanie@ascotnyc.com 20. Jaffray P. Woodriff Little Passports $847,051 curtis@thornhillholdings.com Postclosing Note 21. PLM Delaware Asset Codespark $820,248 Management Trust Postclosing Note Email: Francis.Johnson@feltongroup.org 22. Joshua Milstein KidPass $700,543 Email: josh@mommynearest.com Postclosing Note 23. Michael C. Dearing Living Trust - KidPass $620,494 (formerly Reardon Metal LLC) Postclosing Note Email: aaron.kaufman1@gmail.com 24. Golden Seeds Fund LP Little Passports $611,388 P.O. Box 541473 Postclosing Note Flushing, NY 11354 Email: michael.dearing@gmail.com 25. Sheri Anderson Little Passports $602,836 Email: jacorkran@me.com Postclosing Note 26. Leonard and Jennifer Dulski Little Passports $583,460 Revocable Trust Postclosing Note Email: sheri_and@yahoo.com 27. Aaron Kaufman Little Passports $577,870 Email: dulskijen@gmail.com Postclosing Note 28. PGA Venture Fund LP KidPass $549,880 Email: financings@ycombinator.com Postclosing Note 29. Golden Seeds Codespark $540,767 Advisors Fund 2 LP Postclosing Note P.O. Box 541473 Flushing, NY 11354 Email: pli@lunpartners.com 30. Amazon Web Services KidPass $529,172 420 Montgomery Street Postclosing Note San Francisco, CA 94104 Email: finops@coventure.vc D2 GOVERNMENT: Court Extends Cash Collateral Access to Dec. 31 -------------------------------------------------------------- D2 Government Solutions, Inc. received ninth interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral through December 31. The ninth interim order authorized the Debtor to use cash collateral to pay ordinary and necessary business expenses as set forth in its budget, subject to a 10% variance. The budget projects total operational expenses of $541,688 from December 1 to January 1, 2026. As protection for any diminution in value of the lenders' interests in their collateral, the lenders will be granted a post-petition continuing replacement lien on assets, including accounts receivables generated post-petition, similar to their pre-bankruptcy collateral. The replacement lien will have the same validity, perfection, extent and priority as the lenders' pre-bankruptcy lien. Meanwhile, LSQ Funding Group, LC, a creditor, will receive a $6,000 payment by December 10, as adequate protection. The next hearing will be held on December 30. The Debtor, which operates as a defense contractor across the U.S., filed for bankruptcy largely due to delays in payments on government contracts, its primary source of income. All receivables from the Debtor's contracts are handled through a factoring agreement with LSQ Funding Group, which holds a significant reserve. Although several recorded UCC-1 filings show blanket liens from the U.S. Small Business Administration, First Corporate Solutions, and Corporation Servicing Company, the Debtor believes that most, if not all, of the pre-bankruptcy receivables had been assigned to LSQ prior to filing. Therefore, at the time of bankruptcy, the Debtor likely had no receivables generating cash collateral for these lenders. However, LSQ's reserve may still qualify as property of the estate and potentially subject to lender claims. About D2 Government Solutions Inc. D2 Government Solutions, Inc. founded in 2010, is a Service-Disabled Veteran-Owned Small Business (SDVOSB) that provides a broad spectrum of professional services to U.S. government agencies. The Company specializes in aviation-related operations including base and flight operations, aircraft maintenance, logistical support, aerial imaging, and range services. In addition, D2 offers administrative and facility support services such as mailroom operations, military transition assistance, ID processing support, clerical staffing, and medical administrative functions, reflecting its versatility in meeting diverse federal contracting needs. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-01322) on April 11, 2025. In the petition signed by Darryl Centanni, president, the Debtor disclosed up to $50 million in assets and up to $10 million in liabilities. Judge Pamela W. McAfee oversees the case. The Debtor is represented by: J.M. Cook, Esq. J.M. Cook, P.A. Tel: 919-675-2411 Email: j.m.cook@jmcookesq.com DIAMOND COMIC: Seeks to Convert Chapter 11 to Chapter 7 Bankruptcy ------------------------------------------------------------------ Rich Johnston of bleedingcool.com reports that Diamond Comic Distributors Inc., the debtor in a long-running Chapter 11 bankruptcy, is seeking to convert its case to Chapter 7 liquidation after its lender, JPMorgan Chase Bank, declined to continue funding the proceedings. In a newly filed motion, Diamond told the U.S. Bankruptcy Court in Maryland that it can no longer remain in Chapter 11 because it lacks the financing needed to administer the case. JPMorgan, the debtor-in-possession lender, made clear it is unwilling to fund further Chapter 11 operations. Under U.S. bankruptcy law, Chapter 7 provides for the liquidation of a debtor's nonexempt assets and distribution of proceeds to creditors, while Chapter 11 typically allows a debtor to reorganize and continue operating. The Bankruptcy Code gives a Chapter 11 debtor a one-time right to convert its case to Chapter 7 under certain conditions, which Diamond says are satisfied here. The company said the absence of funding leaves it with no viable alternative, the report states. Diamond emphasized that it is distinct from Diamond Comic Distribution II, the comics distribution business sold earlier this 2025 to Ad Populum/Sparkle Pop, which continues to operate. The debtor's filing recounts a troubled auction process that initially named Alliance Entertainment as the winning bidder, only for the transaction to collapse amid disputes and litigation. Ultimately, Universal Distribution and Sparkle Pop acquired Diamond's assets, but only after negotiating court-approved reductions to their purchase prices, leaving the bankruptcy estates with less cash than expected, according to report. The immediate catalyst for conversion was JPMorgan's refusal to extend DIP financing beyond a November 14, 2025 maturity date. JPMorgan agreed only to a short-term funding extension to facilitate an orderly transition to Chapter 7. Diamond said its remaining assets largely consist of litigation claims, including counterclaims against Alliance Entertainment, which it argues can be pursued more efficiently by a Chapter 7 trustee. The debtor has asked the court to pause contested matters temporarily and approve an expedited conversion, saying liquidation now represents the most efficient path forward for creditors, the report relays. About Diamond Comic Distributors Founded in 1982, Diamond Comic Distributors Inc. offers a multi-channel platform of publishing, marketing and fulfillment services, coupled with an unparalleled global distribution Network for its retailers, publishers and vendors. Diamond Comic Distributors and its affiliates filed Chapter 11 petitions (Bankr. D. Md. Case No. 25-10308) on Jan. 14, 2025. At the time of the filing, Diamond Comic Distributors reported between $50 million and $100 million in both assets and liabilities. Judge David E. Rice handles the case. The Debtors tapped Saul Ewing, LLP as legal counsel; Getzler Henrich & Associates, LLC as financial advisor; Raymond James & Associates, Inc., as investment banker; and Stephenson Harwood, LLP as U.K. counsel. Omni Agent Solutions is the Debtors' claims and noticing agent and administrative agent. DIEBOLD NIXDORF: Moody's Ups CFR & First Lien Global Notes to B1 ---------------------------------------------------------------- Moody's Ratings upgraded the credit ratings of Diebold Nixdorf, Inc. (Diebold), including its Corporate Family Rating to B1 from B2, Probability of Default Rating to B1-PD from B2-PD, and its senior secured first lien global notes to B1 from B2. The Speculative Grade Liquidity rating remained unchanged at SGL-2. The outlook is stable. The upgrade of the CFR to B1 from B2 reflects the company's continued improvement on both leverage and cash flows, with debt-to-EBITDA (Moody's adjusted) expected to reach around 2.5x at FY 2025 and free cash flow to debt of around 17% for full year 2025. The upgrade also reflects improved linearity of cash flows, as evidenced by every quarter in 2025 being free cash flow positive. The stable outlook reflects expectations of modest revenue growth, that earnings will increase as a result of ongoing cost reductions, and that the company will maintain at least good liquidity during each quarter. RATINGS RATIONALE The B1 CFR reflects the company's susceptibility to macroeconomic cycles and supply chain challenges with about 40% of its revenue being hardware point-in-time sales that have declined amidst such headwinds, as well as the non-recurring nature of about 30% of services revenue. A seasonal cash flow profile, in which the first three quarters of the year generate modest amounts of cash (and in past history have consumed cash), together with meaningful restructuring-related costs, also colors Diebold's credit position. The company is exposed to a potential acceleration in the adoption of electronic payments, which could lead to reduced need for ATMs. Governance risks include past historical challenges with managing liquidity amidst macroeconomic and supply chains pressures and notable amounts of restructuring costs. These factors are tempered by a substantially reduced debt quantum since the company's Chapter 11 filing in June 2023 leading to an expected 2.5x debt-to-EBITDA (Moody's adjusted) at year end 2025, a strong market position in the global ATM industry with market share estimated at close to 30% with particularly good sales activity from cash recycler ATMs in North America, as well as solid progress on realizing greater linearity of cash flows and lower restructuring costs. The company's improved liquidity position, including with its reduction of current liabilities overall and also relative to current assets as well as the absence of near-term maturities, also supports the credit profile. Liquidity is good and is supported by $264 million of cash and short-term investments at September 30, 2025, about $286 million availability under the $310 million revolving credit facility due 2029 (after about $24 million in letters of credit), and expectations of about $210 million of free cash flow in 2025, followed by a higher amount expected for 2026, due to some revenue growth and ongoing cost and gross margin optimization. These sources of liquidity compare favorably to the estimated $200 million of minimum cash needs to run the business. The revolver includes a maximum net leverage covenant ratio of 3.25x. Moody's expects the company to maintain sufficient cushion given the 1.6x net leverage ratio at September 30, 2025 (as per company's calculation). FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded with expectations of consistent annual free cash flow generation (with free cash flow to debt sustained above the 15% range), maintaining good liquidity (and well above minimum cash needs, including in adverse economic or supply chain scenarios) each quarter, achieving consistency in greater cash flow linearity, as well as a sustained track record of meeting forecasted results. Constructive industry dynamics, especially in the ATM industry, along with revenue and EBITDA growth at least in the low single digit range on a consistent basis, are also key considerations for an upgrade. The ratings could be downgraded with free cash flow to debt below 10%, weakening liquidity such that the overall liquidity position is tighter relative to minimum cash needs, or with sustained declines of revenue and EBITDA. Debt-to-EBITDA above 3.5x could also lead to a downgrade. The principal methodology used in these ratings was Diversified Technology published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. Headquartered in North Canton, OH, Diebold is a leading global provider of ATM, POS, and self-checkout (SCO) equipment, services and software to financial institutions and enterprise retailers. Banking revenue represented approximately 74% of LTM revenue, with the remainder representing sales to retail customers. Diebold acquired Wincor Nixdorf AG in 2016. Revenues in the last twelve months ended September 30, 2025, were approximately $3.7 billion. DIOCESE OF OAKLAND: To Resume Chapter 11 Plan Negotiations ---------------------------------------------------------- Rick Archer of Law360 reports that the Roman Catholic Diocese of Oakland and representatives of sexual abuse claimants told a California bankruptcy judge Thursday that they are prepared to continue negotiations for another month in an effort to reach agreement on a Chapter 11 plan. The parties asked the court to extend mediation and related deadlines, saying discussions remain active and additional time could help resolve outstanding issues without further litigation, the report states. About Roman Catholic Bishop Of Oakland The Roman Catholic Bishop of Oakland, a tax-exempt religious organization, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 23-40523) on May 8, 2023. In the petition signed by Bishop Michael Charles Barber, the Debtor disclosed $100 million to $500 million in both assets and liabilities. Judge William J. Lafferty oversees the case. The Debtor tapped Foley & Lardner LLP as legal counsel and Alvarez & Marsal North America, LLC as restructuring advisor. Kurtzman Carson Consultants LLC is the Debtors' claims and noticing agent and administrative advisor. The U.S. Trustee for Region 17 appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee tapped Lowenstein Sandler, LLP as bankruptcy counsel; Burns Bair LLP as special insurance counsel; and Berkeley Research Group, LLC as financial advisor. DOUBLE HELIX: Seeks to Hire F.E.W. CPAs as Accountant ----------------------------------------------------- Double Helix Corporation, d/b/a KDHX Community Media, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Missouri to employ F.E.W. CPAs as accountants. The firm will assist with the preparation of the 2024 990 Tax Return. The firm will charge a flat rate of $1,250. As disclosed in the court filings, F.E.W. CPAs does not represent or hold any interest adverse to the Debtor or the estate. The firm can be reached through: Keith Slusser F.E.W. CPAs 6240 S. Lindbergh, Suite 101 St. Louis, MO 63123 Phone: (314) 845-7999 About Double Helix Corporation d/b/a KDHX Community Media Double Helix Corporation, doing business as KDHX Community Media, is a nonprofit organization based in St. Louis, Missouri, that operates an independent, non-commercial radio station at 88.1 FM. The station offers a wide variety of programming, including music, as well as public affairs shows and educational content. In addition to its radio broadcasts, KDHX engages with the local community through events, educational programs, and support for independent artists. Double Helix Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Miss. Case No. 25-40745) on March 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Bonnie L. Clair handles the case. The Debtor is represented by Robert Eggmann, Esq., at CARMODY MACDONALD P.C., in Saint Louis, Missouri. DYNACQ HEALTHCARE: Taps Donlin Recano as Claims and Noticing Agent ------------------------------------------------------------------ Dynacq Healthcare, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Donlin, Recano & Company, LLC as the claims and noticing agent. The firm will oversee the distribution of notices and will assist in the maintenance, processing and docketing of proofs of claim filed in the Debtor's Chapter 11 case. The firm will bill these hourly fees: Senior Bankruptcy Consultant $167 - $205 Case Manager $105 - $180 Consultant/Analyst $119 - $155 Technology/Programming Consultant $50 - $110 Clerical $40 - $50 The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. The firm received a retainer in the amount of $15,000. Lisa Terry, a senior legal director at Donlin, Recano & Company, Inc., 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: Lisa Terry Donlin, Recano & Company, Inc. 48 Wall Street New York, NY 10016 Telephone: (619) 346-1628 About Dynacq Healthcare, Inc. Dynacq Healthcare, Inc. and its affiliates own and operate a general acute care hospital in Pasadena, Texas, that focuses on specialized surgical services and maintains eight operating rooms along with 37 hospital beds. Dynacq Healthcare, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90798) on December 8, 2025, listing $10 million to $50 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Eric Chan as authorized signatory. Dominique Ashley Douglas, Esq. at Dykema Gossett serves as the Debtor's counsel. ENTRUST ENERGY: Court Narrows Claims in ERCOT Adversary Case ------------------------------------------------------------ Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas dismissed the taking claims asserted in the second amended complaint filed by Anna Phillips, Trustee of the Entrust Liquidating Trust, in the adversary proceeding captioned as ANNA PHILLIPS, AS TRUSTEE OF THE ENTRUST LIQUIDATING TRUST, Plaintiff, VS. ELECTRIC RELIABILITY COUNCIL OF TEXAS, INC., Defendant, ADVERSARY NO. 22-3018 (Bankr. S.D. Tex.). Judge Isgur also held that Electric Reliability Council of Texas, Inc.'s motion to dismiss the gross negligence claim is converted to a motion for summary judgment. This adversary proceeding arises out of the events of Winter Storm Uri in February 2021, which rendered Entrust Energy, Inc. insolvent. Entrust was an energy company that provided electricity and natural gas to residential and commercial customers. ERCOT is a Texas nonprofit corporation that is appointed by the Public Utilities Commission of Texas ("PUC") to serve as the independent system operator of the Texas electricity grid. On March 30, 2021, Entrust and its affiliates commenced chapter 11 proceedings in this Court. In August 2021, Electric Reliability Council of Texas, Inc. filed claims against Entrust totaling nearly $300 million. Entrust's chapter 11 plan was confirmed in December 2021 and became effective in January 2022. Entrust's liquidating chapter 11 plan established the Entrust Liquidating Trust and appointed Ms. Phillips as the Trustee. Phillips initiated this adversary proceeding in February 2022. ERCOT moved for abstention under Burford v. Sun Oil Co, 319 U.S. 315 (1943) and dismissal under Rule 12(b)(6) of the Federal Rules of Civil Procedure. The Trustee withdrew two of the twelve causes of action, and the Court dismissed six. In June 2022, the Trustee filed the Amended Complaint with six counts. The Trustee's claims ERCOT violated the takings clause of the Fifth Amendment in violation of 42 U.S.C. Sec. 1983 and that ERCOT was grossly negligent by failing to ensure that the grid was adequately winterized for a storm like Winter Storm Uri. ERCOT again asked for Burford Abstention and moved to dismiss under Rule 12(b)(6). The Bankruptcy Court declined to abstain and dismissed only one of the six counts -- the section 1983 claim. ERCOT appealed and the Trustee cross-appealed, resulting in the opinion by the United States Court of Appeals for the Fifth Circuit in Phillips v. Electric Reliability Council of Texas (In re Entrust Energy Inc.), 101 F.4th 369 (5th Cir. 2024). The Fifth Circuit held that the Bankruptcy Court abused its discretion by not abstaining on the takings claim. The Fifth Circuit remanded with instructions to dismiss four of the six claims and stay adjudication of the takings claim and gross negligence claim "pending the resolution of current state proceedings that bear on ERCOT's and the PUC's actions during Uri." On July 7, 2025, the Trustee filed her second amended complaint. In her amended complaint, the Trustee asserts a claim for violation of the takings clause under 42 U.S.C. Sec. 1983 and a state law gross negligence claim. ERCOT again moves for abstention and dismissal under Rule 12(b)(6). ERCOT argues that the Bankruptcy Court must abstain under Burford v. Sun Oil Co. or alternatively should abstain under 28 U.S.C. Sec. 1334(c)(1). ERCOT also contends that the Trustee's second amended complaint should be dismissed for failure to exhaust administrative remedies and failure to state claims upon which relief can be granted. The Bankruptcy Court declines to abstain under Burford and 28 U.S.C. Sec. 1334(c)(1), saying ERCOT's strained arguments that the Fifth Circuit's mandate requires the Bankruptcy Court to abstain under Burford or allows the Court to permissively abstain under section 1334 do not warrant any legitimate consideration in the face of the Fifth Circuit's unambiguous mandate. Fifth Amendment Takings Claim ERCOT argues that the Trustee's Fifth Amendment takings claim and gross negligence claim must be dismissed under Rule 12(b)(6). The Trustee alleges ERCOT's Mass Transition of customers under the provider of last resort (POLR) program constituted a taking. The Trustee's complaint states the Debtors had a vested property interest in their contracts with their remaining residential customer equivalents (RCEs) and that ERCOT took this property interest by performing the Mass Transition. Judge Isgur holds, "Entrust's contracts with its customers remained in place and no taking of its contracts or its customers occurred. While ERCOT's actions of terminating its contract and transferring Entrust's customers damaged the value of the customer contracts, the contracts were not taken by ERCOT for public use. Entrust had no property interest in its customers. Such contractual losses are non-compensable under the Fifth Amendment. The Trustee's takings claim is dismissed because no taking occurred at all. There is no stated claim for which relief can be granted." Gross Negligence Claim The Trustee alleges that ERCOT was grossly negligent by failing to take adequate steps to prepare for Winter Storm Uri despite its knowledge that extreme weather was likely during the winter of 2020-2021. According to the Bankruptcy Court, the Trustee's gross negligence claim does not fall within the limited range of causes of action where Texas has waived sovereign immunity. Notwithstanding that the Trustee's gross negligence claim is both a state law claim and is barred by Texas law, the Bankruptcy Court is hesitant to dismiss at this stage. Out of an abundance of caution, the Court will convert ERCOT's motion to dismiss with respect to the Trustee's gross negligence claim into a motion for summary judgment. A copy of the Court's Memorandum Opinion dated December 10, 2025, is available at https://urlcurt.com/u?l=cQWFTa from PacerMonitor.com. About Entrust Energy Houston, Texas-based Entrust Energy, Inc. generates, transmits and distributes electrical energy to homes and businesses. Entrust Energy and 14 of its affiliates sought Chapter 11 bankruptcy protection (Bankr. S.D. Tex. Lead Case No. 21-31070) on March 30, 2021. At the time of the filing, Entrust Energy disclosed total assets of between $100 million and $500 million and total liabilities of between $50 million and $100 million. Judge Marvin Isgur oversees the cases. The Debtors tapped Baker & Hostetler, LLP and Alvarez & Marsal North America, LLC as their legal counsel and financial advisor, respectively. BMC Group, Inc., is the claims noticing and solicitation agent. The U.S. Trustee for Region 7 appointed an official committee of unsecured creditors in the Debtors' Chapter 11 cases on April 28, 2021. McDermott Will & Emery, LLP and FTI Consulting, Inc., serve as the committee's legal counsel and financial advisor, respectively. Judge Isgur confirmed the Debtors' Amended Joint Plan of Liquidation on December 29, 2021, and the Plan was declared effective January 11, 2022. ERC MANUFACTURING: Creditors to Get Proceeds From Liquidation ------------------------------------------------------------- ERC Manufacturing Inc. submitted an Amended Plan of Reorganization for Small Business dated December 11, 2025. The Debtor seeks to establish a Liquidation plan to pay all secured creditors in full, except SBA claim #17, which is partially secured with debtor's business equipment. The remaining balance from the proceeds of the sale of all debtor's property, will be used to pay administrative expenses, priority and unsecured creditors on prorate basis. All of debtor's property is valued as follows: debtor's commercial real property valued in the amount of $375,000.00 which has three liens, (1) Banco Popular Claim #15, SBA Claim #18, and IRS Claim #10. All other property is encumbered by SBA Claim #17, which is secured with a registered chattel mortgage over all commercial, office, and machinery equipment, and tools, collectibles valued in the amount of $116,932.50, plus $4,916.67 in office equipment, $32,765.00 in vehicles, and approximately $50,000.00 of collectable account receivables. Although the instant case has an orderly liquidation appraisal for the mentioned amounts, the debtor will sell all of its property to the best bidder as a Chapter 7 Trustee would without incurring in liquidation expenses than those necessary to carry out the provisions of the plan and the need to liquidate in an expedited manner. This Liquidation Plan proposes to pay Debtor's creditors from the sale of debtor's sale of all its assets. Non-priority unsecured creditors holding allowed claims will receive distributions, upon the sale of debtor's property after all secured, priority and administrative expenses are paid. Class 3 consists of General Unsecured Claims. All unsecured creditors that timely filed their corresponding POC will receive any remaining balance from the sale of debtor's property on prorate basis and after liquidating all secured, priority and administrative expenses. The source of funds to achieve Consummation and to carry out the Plan shall be the Cash and the Remaining Assets during the liquidation of debtor's assets. The Liquidating Debtor shall attempt to liquidate, diligently and for the highest value reasonably possible, the Remaining Assets. The Liquidating Debtor may liquidate or abandon the Remaining Assets, including Causes of Action, based on the Liquidating Debtor's business judgment, without the need for further order of the Bankruptcy Court; provided, however, the Liquidating Debtor must provide with thirty days' advance written notice of any contemplated sale, liquidation or abandonment of assets. The debtor will continue operating its business as mentioned above and will continue administering all the assets of the estate to fund the plan. The Plan will be funded from the debtors' sale of all of its property interests. SBA's Claim 17 secured claims will be bifurcated into a secured and undersecured claim under Sections 506(a), and 1129(b)(2)(A)(i), as specified on Article 4 of the plan. All payments will be distributed within the next thirty days following the approval and confirmation of the plan, and after payment of all administrative expenses. Any carve out, if any, required to pay administrative expenses will be approved by the Bankruptcy Court. A full-text copy of the Amended Plan dated December 11, 2025 is available at https://urlcurt.com/u?l=1Hk1sK from PacerMonitor.com at no charge. Counsel to the Debtor: Juan Carlos Bigas Valedon, Esq. Juan C Bigas Law Office 515 Ferrocarril Urb. Santa Maria Ponce, PR 00717 Phone: (787) 259-1000 Email: cortequiebra@yahoo.com citas@preguntalegalpr.com About ERC Manufacturing Inc. ERC Manufacturing Inc. owns the property located at Carr 814 Km 0.8 Cedro Abajo, Naranjito, Puerto Rico, spanning 6,977.84 square meters. It includes a two-story commercial office building, two metal concrete industrial buildings, 28 parking spaces, two offices, two terraces, two workshops, two mezzanines, and two bathrooms. The appraised value is $213,000, as of July 27, 2016. ERC Manufacturing Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.P.R. Case No. 25-00475) on February 4, 2025. In its petition, the Debtor reports total assets of $785,322 and total liabilities of $1,599,734. The Debtor is represented by Juan C. Bigas, Esq., in Ponce, Puerto Rico. EYECARE PARTNERS: S&P Lowers ICR to 'CCC-', Outlook Negative ------------------------------------------------------------ S&P Global Ratings lowered its issuer credit rating on EyeCare Partners LLC to 'CCC-' from 'CCC+', its issue-level rating on its first-out superpriority term loan to 'CCC+' from 'B', its issue-level rating on its $1.495 billion second-out superpriority term loan to 'CCC-' from 'CCC+', and its issue-level rating on its new $26 million third- and $57 million fourth-out superpriority term loans to 'C' from 'CCC-'. The negative outlook reflects the risk that the company will undertake a debt restructuring or other transaction that S&P views as tantamount to a default in the next six months. EyeCare Partners LLC's cash interest burden will increase by almost 45% when the partial payment-in-kind (PIK) option on its second-out superpriority term loan expires in January 2027. S&P said, "While we expect the company to improve its revenue and profitability in 2026, it has burned through most of its cash balance and will depend on its revolver to support its operations. We also now believe EyeCare Partners will be unable to generate positive cash flow once it is required to pay cash interest in 2027. "Our expectation for negative cash flow generation, as well as the declines in the trading value of its second-out term loan and the overall unsustainability of its capital structure, lead us to believe a default or distressed exchange is likely over the next six months. "We believe there's an elevated risk EyeCare will pursue a transaction that we view as a default in the next six months. While the company's near-term liquidity remains sufficient to meet its operational funding needs and mandatory debt-servicing costs over the next six months, we believe it is dependent on an immediate and material improvement in its business conditions to support its capital structure following the expiration of the partial PIK option on its second-out superpriority term loan. Our base-case forecast assumes a soft end-market performance in 2025, which leads to decline in its revenue and earnings, before its performance rebounds somewhat in 2026. However, EyeCare Partners will need to make all its interest payments in cash after Jan. 15, 2027, and we do not believe the recovery in its performance will be sufficient for it to generate sustainable cash flows to make the required payments. This indicates that the company's capital structure is unsustainable and increases the risk it will undertake a restructuring, which could involve providing its lenders with less compensation than they were originally promised in terms of timing, amount, or maturity. Additionally, the company's second-out term loan debt is trading at distressed levels (less than 45 cents on the dollar) that potentially incentivize it to undertake a distressed exchange, which we would likely view as tantamount to a default. "We expect the company will face demand headwinds, as well as unplanned exits and slower de novo ramp ups. EyeCare Partners' revenue growth was lower than expected in 2025 due to weaker demand dynamics, the slower-than-expected ramp up of its de novos, reduced doctor productivity stemming from increased attrition, and a slower-than-anticipated pace of cost reductions. To mitigate these issues, management implemented restructuring initiatives beginning in the fourth quarter of 2025, which we expect--along with a decline in its one-time costs--will contribute to an about 100 basis point (bps)-130 bps year-over-year improvement in its margin to about 10% in 2026. We also expect the company will increase its revenue by about 3%-4% in 2026. However, we believe there are risks to our base-case expectations, given labor tightness and its persistently high non-recurring expenses, thus we anticipate EyeCare Partners' liquidity could become strained if it does not improve its revenue and profitability in 2026. "We revised our liquidity assessment to less than adequate, given the expected deterioration in its cash flow measures. We expect EyeCare Partners' discretionary cash flow (DCF) generation will improve but remain negative in 2026, with a deficit of about $20 million. We also believe the company has burned through nearly all its excess cash and will be depend on its revolver to fund its operations in 2026. We also note that if EyeCare Partners fails to improve its operating performance, it could face a liquidity shortfall as early as 2027." The negative outlook reflects the elevated risk that EyeCare Partners will undertake a restructuring transaction or distressed exchange in the next six month due to its weak operating performance and the deterioration in its cash flow measures, which will be exacerbated by the upcoming expiration of the PIK option on its second-out superpriority term loan in January 2027. S&P could lower its ratings on EyeCare Partners if it believes a default or distressed debt exchange is imminent. S&P said, "We could raise our ratings on EyeCare Partners if it improves its liquidity position and demonstrates improved cash flow prospects such that we no longer believe a default or distressed exchange is likely in the next six months." FINLEY DESIGN: Court Extends Cash Collateral Access to Jan. 6 ------------------------------------------------------------- Finley Design, P.A. received another extension from the U.S. Bankruptcy Court for the Eastern District of North Carolina to use cash collateral. The seventh interim order authorized the Debtor to use cash collateral through January 6, 2026 to pay business expenses in accordance with its budget, subject to a 10% variance. The budget projects total operational expenses of $137,751.96 for December. First Citizens Bank & Trust Co. and five other creditors hold UCC-perfected security interests. As protection for the Debtor's use of their cash collateral, secured creditors will be granted a replacement lien on the Debtor's post-petition property, with the same validity, priority and extent as their pre-bankruptcy lien. In addition, the Debtor was ordered to pay $1,500 per month to First Citizens and maintain insurance of its property, with First Citizens listed as loss payee. The next hearing is scheduled for January 6, 2026. About Finley Design P.A. Finley Design P.A., doing business as Finley Design PA Architecture + Interiors, provides architectural, interior, and master planning services for retail, office, medical, mixed-use, residential, and environmental design projects. The firm focuses on client-centered solutions, offering design leadership and project execution across various commercial and residential sectors. Finley Design sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-02252) on June 2, 2025. In its petition, the Debtor reported estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by: Philip Sasser Sasser Law Firm Tel: 919-319-7400 Email: philip@sasserbankruptcy.com FIRST BRANDS: Boies Schiller Veteran Named Chapter 11 Examiner -------------------------------------------------------------- Kevin M. Epstein, the United States Trustee for the Southern District of Texas, has asked the Bankruptcy Court to approve his appointment of Martin De Luca, the head of the International Private Client practice at Boies Schiller Flexner LLP, to serve as Chapter 11 examiner in First Brands Group, LLC's bankruptcy case. A hearing regarding the U.S. Trustee's Application to Approve Appointment of Examiner will be conducted before the Honorable Christopher M. Lopez on January 9, 2026, at 9:00 a.m. in Houston. In making his selection, the U.S. Trustee consulted with: 1. Matt Barr of Weil, Gotshal & Manges LLP, Counsel to the Debtors; 2. Robert J. Stark of Brown Rudnick LLP, Counsel to the Official Committee of Unsecured Creditors; 3. Emanuel C. Grillo of Orrick, Counsel to Raistone Capital LLC and Raistone Purchasing LLC - Series XXXII, which made the original request to appoint an examiner; 4. AnnElyse Gains of Gibson Dunn, Counsel to the Ad Hoc Group; and 5. Cameron Kelly of Quinn Emanuel Urquhart & Sullivan, Counsel to Patrick James To the best of the U.S. Trustee's knowledge, De Luca has no connections with First Brands Group, its creditors, and any other parties in interest. According to his firm, De Luca is a seasoned litigator and trusted advisor to high-net-worth individuals, political leaders, corporations, and sovereigns involved in complex, multijurisdictional disputes and investigations. He works closely with clients to craft both offensive and defensive strategies in connection with criminal and civil matters arising from government investigations, including those involving fraud, asset forfeiture, sanctions, and insolvency litigation. De Luca is described by Chambers & Partners as an "excellent and extremely sophisticated lawyer" and "particularly well regarded for his experience representing individuals in high-profile cross-border disputes and investigations." De Luca frequently advises on enforcement actions brought by U.S. and international authorities under statutes such as the International Emergency Economic Powers Act, the Foreign Corrupt Practices Act, and RICO, as well as matters involving global sanctions, money laundering, and asset forfeiture. He regularly engages with key regulatory agencies, including the U.S. Department of the Treasury's Office of Foreign Assets Control, the U.S. Departments of State and Commerce, the U.K.'s Office of Financial Sanctions Implementation, and the European Union. In parallel with his litigation practice, De Luca advises political leaders and sovereign clients on foreign policy and national security strategy. He has supported negotiations on issues related to conflict zones in the Russia–Ukraine theater, the Western Balkans, and Venezuela. His work also spans critical minerals and natural resource diplomacy. De Luca also has extensive experience representing American citizens wrongfully detained in some of the world's most challenging jurisdictions. He has acted in politically sensitive cases involving high-profile detainees in Russia, Venezuela, Mexico, and beyond. His work often entails direct engagement with senior officials and has earned recognition from both American and international stakeholders for its effectiveness. Earlier in his career, De Luca served as a prosecutor at the U.S. Department of Justice, where he was a Special Assistant U.S. Attorney in the Southern District of New York and an Assistant District Attorney in Manhattan. He prosecuted a broad range of matters, including public corruption, complex fraud, money laundering, tax evasion, organized crime, terrorism finance, and international narcotics. These cases often required coordination with the FBI, DEA, the U.S. Department of Homeland Security, and foreign law enforcement partners. About First Brands Group, LLC First Brands Group, LLC is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. 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. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FIRST BRANDS: Clark Hill Represents Creditors St. Claire, CSI ------------------------------------------------------------- In the Chapter 11 bankruptcy cases of First Brands Group, LLC. and its debtor-affiliates, Clark Hill PLC filed with the United States Bankruptcy Court for the Southern District of Texas, Houston Division, a Verified Statement pursuant to Bankruptcy Rule 2019, disclosing that the firm represents several unsecured creditors. According to the Verified Statement: 1. Clark Hill represents the parties in interest and/or creditors individually, and they do not constitute a committee of any kind. 2. Clark Hill reserves the right to amend this Verified Statement as necessary. The names of creditors/party-in-interest, nature of claim, and amount of claim in relation to the Debtors, are: 1. St. Clair Technologies, Inc. Unsecured Creditor – Trade Amount of Claim - $626,452.48 2. CSI Leasing, Inc. Unsecured Creditor – Equipment Leases Amount of Claim - Unknown 3. Epicor Software Corporation ERP Licensor and Support Services Amount of Claim - Unknown 4. Zurich American Insurance Company Surety Bonds/Indemnity Agreement Amount of Claim - Unknown 5. Kawasaki Motors Corp., USA Unsecured Creditor – Vendor Amount of Claim - Unknown The firm may be reached at: Robert P. Franke, Esq. Andrew G. Edson, Esq. Audrey L. Hornisher, Esq. Tara L. Bush, Esq. CLARK HILL PLC 901 Main Street, Suite 6000 Dallas, TX 75202 Tel: (214) 651-4300 Fax: (214) 651-4330 (facsimile) E-mail: bfranke@clarkhill.com aedson@clarkhill.com ahornisher@clarkhill.com tbush@clarkhill.com - and - Duane J. Brescia, Esq. CLARK HILL PLC 3711 S. Mopac Expressway Building One, Suite 500 Austin, TX 78746 Tel: (512) 499-3600 Fax: (512) 499-3660 E-mail: dbrescia@clarkhill.com About First Brands Group, LLC First Brands Group, LLC is a global supplier of aftermarket automotive parts, based in Rochester Hills, Michigan. 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. The Committee has hired M3 Advisory Partners, LP, as Financial Advisor; Cole Schotz P.C. as Efficiency and Local Counsel; and Brown Rudnick LLP as Co-Counsel. The U.S. Trustee has proposed Martin De Luca, Esq., at Boies Schiller Flexner LLP as Chapter 11 examiner. FIRST BRANDS: Gets OK to Retain Lazard Freres as Investment Banker ------------------------------------------------------------------ First Brands Group, LLC and its affiliates obtained approval from the United States Bankruptcy Court for the Southern District of Texas to employ Lazard Freres & Co. LLC as investment banker to the Debtors effective as of the petition date. The terms of the Engagement Letter and the Indemnification Letter are approved in all respects. All of Lazard's compensation as set forth in the Engagement Letter (as modified by this Order) -- including, without limitation, the Monthly Fee, Financing Fee, Amendment Fee, Liability Management Fee, Sale Transaction Fee, Minority Sale Transaction Fee, Restructuring Fee, and Restructuring Milestone Fees -- and the expense-reimbursement, indemnification, and related obligations in the Engagement Letter and Indemnification Letter, as modified by this Order, are approved pursuant to section 328(a) of the Bankruptcy Code, and Lazard shall be compensated, reimbursed, and indemnified pursuant to section 328(a) of the Bankruptcy Code in accordance with the terms of, and at the times specified in, the Engagement Letter, as modified by this Order. The firm's services: a. reviewing and analyzing the Debtor's business, operations and financial projections; b. evaluating the Debtor's potential debt capacity in light of its projected cash flows; c. assisting in the determination of a capital structure for the Debtor; d. assisting in the determination of a range of values for the Debtor on a going concern basis; e. advising the Debtor on tactics and strategies for negotiating with the Stakeholders; f. rendering financial advice to the Debtor and participating in meetings or negotiations with the Stakeholders and/or rating agencies or other appropriate parties in connection with any Financing, Amendment, Liability Management Transaction, Sale Transaction, and/or Restructuring Transaction; g. advising the Debtor on the timing, nature, and terms of new securities, other consideration or other inducements to be offered pursuant to any Financing, Amendment, Liability Management Transaction or Restructuring Transaction; h. advising and assisting the Debtor in evaluating any potential Financing transaction, contacting potential sources of capital, and assisting the Debtor in implementing such Financing; i. assisting the Debtor in preparing documentation within Lazard's area of expertise that is required in connection with any Financing, Amendment, Liability Management Transaction, Sale Transaction and/or Restructuring Transaction; j. assisting the Debtor in identifying and evaluating candidates for any potential Sale Transaction, advising the Debtor in connection with negotiations and aiding in the consummation of any Sale Transaction; k. attending meetings of the Board of Managers of First Brands with respect to matters on which Lazard has been engaged to advise hereunder; l. providing testimony, as necessary, with respect to matters on which Lazard has been engaged to advise hereunder in any proceeding before the Bankruptcy Court; and m. providing the Debtor with other financial restructuring advice. The firm will be paid as follows: a. A monthly fee consisting of: i. $250,000, payable on October 1, 2025 and on the first day of each month thereafter until the earlier of the completion of the Restructuring or the termination of Lazard's engagement pursuant to Section 10 of the Engagement Letter. One-half (i.e., 50 percent) of such Monthly Fees paid in excess of $1,500,000 will be credited (without duplication) against any Financing Fee, Amendment Fee, Liability Management Fee, Sale Transaction Fee or Restructuring Fee payable under the Engagement Letter; and ii. an incremental $250,000, payable on October 1, 2025 and on the first day of each month thereafter until the earlier of the completion of the Restructuring or the termination of Lazard's engagement pursuant to Section 10 of the Engagement Letter. One hundred percent (100 percent) of such Monthly Fees will be credited (without duplication) against any Financing Fee, Amendment Fee, Liability Management Fee, Sale Transaction Fee or Restructuring Fee payable under the Engagement Letter. b. A fee, payable upon consummation of a Financing (the "Financing Fee"), equal to the applicable percentages of gross proceeds as follows based on the type of Financing: (i) 1.5 percent of any senior secured debt financing, plus (ii) 2.5 percent of any junior secured, last-out, unsecured, or subordinated debt financing, plus (iii) 4.0 percent of any equity, equity-linked or equity-stapled or similarly bundled equity financing (including, but not limited to, preferred or common equity, convertible debt, debt bundled or stapled with equity or equity-linked financing, options, warrants, or other rights to acquire interests). To the extent that the type of Financing issued (including any "stapled" or similarly bundled securities) would qualify as more than one of the types of Financings listed above, the highest applicable fee percentage will apply); provided, however, that to the extent that Lazard is paid a fee in connection with a proposed "debtor-in-possession" Financing and the Bankruptcy Court does not provide any required approval with respect thereto, Lazard will return such fee to the Company (less any Monthly Fees that have accrued). c. A fee payable upon the consummation of an Amendment (the "Amendment Fee") equal to 0.5 percent of the Existing Obligations involved in any Amendment. d. A fee payable upon the consummation of any Liability Management Transaction (the "Liability Management Fee") equal to 1.0 percent of the Existing Obligations involved in any Liability Management Transaction. e. (i) If, whether in connection with the consummation of a Restructuring Transaction or otherwise, the Company consummates a Sale Transaction, incorporating all or a majority of the assets or all or a majority or controlling interest in the equity securities of the Company, Lazard will be paid a fee (the "Sale Transaction Fee") equal to the greater of (A) the sum of (1) 0.75 percent of the portion of the Aggregate Consideration in such Sale Transaction up to and including $11,000,000,000, plus (2) 2.25 percent of the portion of the Aggregate Consideration in such Sale Transaction in excess of $11,000,000,000 or (B) the Restructuring Fee; provided, however, for the avoidance of doubt, in no event will both a Sale Transaction Fee and a Restructuring Fee be paid. (ii) If, whether in connection with the consummation of a Restructuring or otherwise, the Company consummates any Sale Transaction not covered by clause (i) above, the Company will pay Lazard a fee (the "Minority Sale Transaction Fee") equal to the sum of the portions of the Aggregate Consideration in such Minority Sale Transaction as set forth in Schedule I of the Engagement Letter. (iii) any Sale Transaction Fee or Minority Sale Transaction Fee will be payable upon consummation of the applicable Sale Transaction. (iv) any Sale Transaction Fee and/or Minority Sale Transaction Fee shall not exceed $150,000,000 in the aggregate. f. A fee equal to $45,000,000, payable upon the consummation of a Restructuring11 (the "Restructuring Fee"). g. Milestone fees (the "Restructuring Milestone Fees"), payable subject to the following milestones and which shall be fully (i.e., 100 percent) credited (without duplication) against any Restructuring Fee or Sale Transaction Fee: i. $5,000,000 upon receiving two or more indications of interest for the potential purchase of all or a significant portion of the Company's assets; provided that such amount shall only be payable following the launch of a sale process for the Company as evidenced by delivering a confidential information memorandum (CIM) to potential buyers for all or a significant portion of the Company's assets; and ii. $5,000,000 upon receiving one or more binding bids at the qualified bid deadline for the potential purchase of all or a significant portion of the Company's assets. h. For the avoidance of any doubt, more than one fee may be payable pursuant to each of clauses (b) through (f) above. i. In addition to any fees that may be payable to Lazard, and regardless of whether any transaction occurs, the Company will promptly reimburse Lazard for all reasonable and documented out-of-pocket expenses incurred by Lazard (including travel and lodging, data processing and communications charges, courier services and other expenditures) and the reasonable fees and expenses of outside counsel, if any, retained by Lazard. Tyler W. Cowan, a managing director in the Restructuring & Liability Management Group at Lazard Freres & Co. LLC, 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: Tyler W. Cowan Lazard Freres & Co. LLC 30 Rockefeller Plaza New York, NY 10012 Tel: (212) 632-6000 A copy of the Court's Order dated December 8, 2025, is available at https://urlcurt.com/u?l=o6MdO6 from PacerMonitor.com. 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. FIT AND FUN: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Fit and Fun Playscapes, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of New York, Poughkeepsie Division, to use cash collateral. Under the interim order, the Debtor may use cash collateral only for expenses listed in its budget. No other use of cash collateral is permitted without further court approval. As adequate protection, the Debtor must make monthly payments of $441.34 to the U.S. Small Business Administration and $599.19 to M&T Bank, beginning this month. The next hearing is scheduled for January 13, 2026. The interim order is available at https://is.gd/woaNvS from PacerMonitor.com. The Debtor's available cash, receivables, and proceeds from inventory and equipment are all subject to liens held by the SBA and M&T Bank. Access to this cash collateral is essential to paying payroll, rent, utilities, insurance, software subscriptions, packaging, equipment upkeep, and other routine business expenses required to keep the Debtor functioning. The Debtor faced financial strain leading to bankruptcy from a costly intellectual property lawsuit, declining school orders due to federal funding changes, and seasonal academic revenue cycles. About Fit and Fun Playscapes LLC Fit and Fun Playscapes, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-36245) on December 8, 2025. In the petition signed by Pamela A. Gunther, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Michelle L. Trier, Esq., at Genova, Malin & Trier, LLP, represents the Debtor as legal counsel. FLIPCAUSE INC: Seeks Chapter 11 After Ordered to Stop Operations ---------------------------------------------------------------- Jonathan Randles of nonprofit fundraising platform Flipcause Inc. filed for bankruptcy weeks after California's attorney general ordered the company to cease operations following reported delays in transferring donations to charities. The Oakland-based company sought Chapter 11 protection Friday in Delaware, listing assets and liabilities of at least $10 million each, according to its petition. Flipcause, which provides payment-processing services to small nonprofit organizations, reported having at least 1,000 creditors. The filing follows a November 14, 2025 order from California Attorney General Rob Bonta directing the company to halt operations and charitable solicitations. About Flipcause Inc. Flipcause Inc. is a technology company that provides a nonprofit fundraising platform and payment-processing services. The company’s software enables small and medium-sized nonprofit organizations to manage online donations, donor engagement, and fundraising campaigns. Flipcause Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12246) on December 19, 2025. In its petition, the Debtor reports estimated assets and liabilities of at least $10 million each. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Ronald S. Gellert, Esq. of Gellert Seitz Busenkell & Brown, LLC. FOCUS UTILITY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Focus Utility Services, LLC 2600 South SR 7 Miramar, FL 33023 Business Description: Focus Utility Services, LLC is a woman- and minority-owned company providing hydro excavation and related utility services across the power delivery industry, including ground penetrating radar, soft dig excavation, line jetting, restoration, and emergency response. Headquartered in Miramar, Florida, the Company specializes in pole hole excavation, manhole cleaning, fluid hauling, and storm response, supported by a workforce trained in safety and technical operations. Focus Utility Services is ISNetworld and Avetta verified, delivering turnkey solutions for infrastructure construction and utility maintenance projects. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-24953 Judge: Hon. Scott M. Grossman Debtor's Counsel: Mark S. Roher, Esq. LAW OFFICE OF MARK S. ROHER, P.A. 1806 N. Flamingo Rd., Ste 300 Pembroke Pines, FL 33028 Tel: 954-353-2200 Email: mroher@markroherlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Estephana Toubeaux as manager and 50% owner. 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/EXAGITQ/Focus_Utility_Services_LLC__flsbke-25-24953__0001.0.pdf?mcid=tGE4TAMA FOLEY PRODUCTS: Moody's Withdraws 'B1' CFR on Debt Repayment ------------------------------------------------------------ Moody's Ratings has withdrawn all ratings for Foley Products Company, LLC (Foley) including the B1 corporate family rating, the B1-PD probability of default rating and the B1 senior secured first lien bank credit facility ratings. Prior to withdrawal the outlook was stable. RATINGS RATIONALE Moody's have withdrawn all of Foley's ratings following the complete redemption of all its outstanding rated debt. On October 16, 2025, the company announced that it had entered into a definitive agreement to be acquired by Commercial Metals Company. The acquisition closed on December 15, 2025, and the company's rated debt was repaid in full. Headquartered in Newnan, Georgia in the United States, Foley Products Company, LLC is a manufacturer of concrete pipes for sewage/culverts and precast concrete products mainly in the Southeastern region of the United States. Foley generated about $427 million of revenue for the last twelve months ending September 2025. FOR DOGS: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------- For Dogs of NW Fla. Inc. filed a voluntary Chapter 7 bankruptcy petition on December 17, 2025, in the U.S. Bankruptcy Court for the Northern District of Florida. The Debtor reports total debt of $100,001 to $1,000,000 owed to 1 to 49 creditors, according to court filings. About For Dogs of NW Fla. Inc. For Dogs of NW Fla. Inc. operates as a nonprofit animal rescue organization serving Northwest Florida. The group specializes in the rescue, treatment, and adoption of dogs, relying on foster homes and community support to carry out its mission. The organization sought protection under Chapter 7 of the U.S. Bankruptcy Code (Bankruptcy Case No. 25-31277) on December 17, 2025. The petition lists estimated assets of up to $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. The case is before Honorable Bankruptcy Judge Karen K. Specie. The debtor is represented by Robert C. Bruner, Esq. of Bruner Wright, P.A. FRANKLIN LAGERS: Gets Final OK to Use Cash Collateral ----------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania entered a final order authorizing Franklin Lagers and Ales, LLC to continue using cash collateral The Debtor is permitted the continued use of cash collateral in the ordinary course of business until further court order. The court ruled that prepetition liens held by creditors with interests in the cash collateral remain in effect post-petition but may not exceed their value as of the Chapter 11 filing date. Replacement liens are granted only to the extent of any diminution in the lenders’ interests. The order expressly excludes Chapter 5 avoidance actions and section 506(c) recoveries from post-petition collateral. The debtor must provide creditors with access to books and records, in addition to required monthly operating reports. The court may schedule expedited hearings to modify or enforce the order at the request of any party in interest. Operational safeguards are imposed, including a prohibition on unauthorized post-petition debt or financing, a requirement to operate within 10% of the approved cash collateral budget, and the preservation of parties’ rights to challenge liens within specified statutory periods. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/VtObL from PacerMonitor.com. About Franklin Lagers and Ales, LLC Franklin Lagers and Ales, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23000) on November 4, 2025. At the time of the filing, Debtor had estimated assets of between $100,001 and $500,000 and liabilities of between $500,001 and $1 million. Steidl and Steinberg, P.C. is Debtor's legal counsel. FTX TRADING: Estimate of MAPS and OXY Tokens Upheld --------------------------------------------------- In the appeals styled MAPS VAULT LIMITED, Appellant, v. FTX TRADING LTD., et al., Appellees, Civ. No. 24-804 (TLA); and FONDATION SERENDIPITY, et al., Appellants, v. FTX TRADING LTD., et al., Appellees, Civ. No. 24-806 (TLA) (D. Del.), Judge Thomas L. Ambro of the United States District Court for the District of Delaware affirmed the judgment and order of the United States Bankruptcy Court for the District Delaware with respect to the estimation of the value of the claims of Maps Vault Limited, TMSI SEZC Ltd., and Fondation Serendipity, Fondation Elements, Serendipity Network Ltd., and Liquidity Network Ltd. Millions of creditors filed claims to recover cryptocurrency assets FTX held on their behalf. The Debtors moved under 11 U.S.C. Sec. 502(c) to estimate the value of these claims. In January 2024, the Bankruptcy Court held its first estimation hearing. It determined estimation was appropriate and adopted the Debtors' proposal for how to estimate almost all of the claims. Excluded from this ruling were the claims of three creditors who had objected to the Debtors' proposal: Maps Vault, TMSI, and Fondation. These creditors thought their claims were worth, in total, more than $800 million. The Creditors asserted claims against the estate on account of three utility tokens FTX held for them: MAPS, OXY, and SRM. Utility tokens are designed to play specific roles on particular blockchains, in contrast to transactional tokens, like Bitcoin, which are designed for broader use as payment methods. MAPS was launched to provide users of Maps.me, an offline maps and travel-booking application, with discounts, personalized offers, and a role in the governance of the app. OXY was designed for the Oxygen Protocol, a financial platform that enabled participants to borrow, lend, and trade assets. SRM was created to facilitate the operation of the Serum exchange, a decentralized platform for trading other cryptocurrencies. OXY and SRM gave users of their respective platforms lower trading fees and a share of the platform's revenue. The Debtors had a hand in all three tokens. FTX founder Sam Bankman-Fried advised the projects on which MAPS and OXY operated. An affiliated entity, Alameda, invested in them. FTX and Alameda created SRM. In turn, the Debtors held over 95% of the supply of these tokens: over 99% of MAPS, over 97% of OXY, and over 95% of SRM -- so much that these holdings amounted to 53% of the face value of the Debtors' assets. In fact, the Debtors held so many of these tokens that only 3% of the total supply was trading freely. The intertwinement of FTX and these tokens was so widely recognized that media dubbed MAPS, OXY, and SRM "Sam Coins." In March 2024, the Bankruptcy Court held a second estimation hearing to evaluate the Creditors' objections. Kevin Lu, Director of Data Science and Product at Coin Metrics, testified for the Debtors regarding the market price of each token as of the Petition Date. Sabrina T. Howell, Professor of Finance at the NYU Stern School of Business, testified for the Debtors about how to calculate the value of the Creditors' claims from those prices. Importantly, she testified that estimating their value was not a simple matter of multiplying the market price per token by the number of tokens. Instead, an accurate estimate required discounting the value twice over to account for their illiquidity. One discount, an Asset Liquidation Discount ("ALD"), was necessary to reflect the fact that an orderly liquidation of the Debtors' holdings would dramatically increase the market supply of the tokens -- driving down the price. Another, a Discount for Lack of Marketability (""DLOM"), was necessary to reflect the fact that on the Petition Date, most of the tokens were "locked" -- that is, were contractually prohibited from trading for a set period of time, often years -- making them less valuable than tokens that could be sold or bought immediately. To quantify these discounts, Howell applied a model proposed by Albert Kyle and Anna Obizhaeva (the "KO Model"). She concluded the ALD for MAPS and OXY would be 100 % and the ALD for SRM would be 58 %. She further calculated DLOMs of 42% to 43 % for MAPS, 37% to 40 % for OXY, and 32 % for SRM. In response, Fotios Konstantinidis, Managing Director of Digital and Data Analytics at Stout Risius Ross, LLC, testified for the Creditors. He maintained the Creditors' tokens could be liquidated without crashing their prices, as long as no more than 10 % of the daily trading volume of each token were sold per day. As a result, his discount estimate turned on how much trading volume would change over time. To project the trading volume over the years that it would take to liquidate the holdings, he drew inferences from the trading volume growth of a basket of 20 cryptocurrencies he regarded as comparable. He anticipated the trading volume of MAPS and OXY would increase 850 % in the first year after the Petition Date and continue to increase thereafter. Throughout his work, he considered only the Creditors' tokens, disregarding how much of the overall supply FTX held. To complete his estimate, he applied the "blockage discount method" ("Blockage Method"), not the KO Model. Specifically, he averaged the results of two Blockage Method models, one from David Chafte and another from John Finnerty. He concluded the value of each token need only be discounted between 36 and 46 %. As that point underscores, he did not dispute that the illiquidity of the tokens warranted a significant discount. The battle of the experts was not about whether to apply a discount, but how steep the discount should be. In June, the Bankruptcy Court issued its decision: 1. The Court determined that an accurate discount needed to account for the fact the Debtors held the vast majority of the supply of these tokens. 2. The Court found the Blockage Method, not the KO Method, was the most accurate means of calculating the appropriate discount. 3. But the Court found Howell's application of the Blockage Method more persuasive than Konstantinidis's. Largely adopting Howell's approach, the Bankruptcy Court concluded the proper discounts were 100 % for MAPS, 99.9 % for OXY, and 18.6 % for SRM. Maps Vault and Fondation appealed the estimation of the value of their claims to the MAPS tokens and the OXY tokens. Maps Vault contends that, in the field of valuation, best practice is to value creditors' claims only -- not the value of others' holdings of comparable assets. But the Bankruptcy Court did value Maps Vault's holdings. It just did so with its eyes on all the facts relevant to their value. In this distinctive context, that included the fact the Debtors held so many of the same tokens. The District Court concludes in sum, the Bankruptcy Court understood and fulfilled its legal duty to estimate the value of the Creditors' claims. It just turns out that, as a factual matter, those claims' value depends on the value of the Debtors' holdings of the vast majority of the supply of the same tokens. According to the District Court, because the Bankruptcy Court's findings were not "completely devoid of a credible evidentiary basis," the Bankruptcy Court did not clearly err by valuing the Creditors' claims in light of the Debtors' holdings. Maps Vault also argues that even if the Bankruptcy Court was right to estimate the value of its claims in light of the value of the entire supply of MAPS and OXY, the Bankruptcy Court was wrong to rely on flawed testimony from Howell about how that would work. The District Court finds Maps Vault and Fondation have failed to show the Bankruptcy Court clearly erred in adopting Howell's views about how the Debtors' holdings would be liquidated. Because the Bankruptcy Court had ample grounds for its findings in this fact-intensive case, the District Court affirms. A copy of the Court's Memorandum Opinion and Order dated December 8, 2025, is available at https://urlcurt.com/u?l=6tROvi from PacerMonitor.com. About FTX Group FTX Trading Ltd., trading as FTX, formerly operated a cryptocurrency exchange and crypto hedge fund. Before its collapse in 2022, FTX was the world's second-largest cryptocurrency firm. 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, 2022, 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. SBF 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 billion in assets and liabilities, making FTX the biggest bankruptcy filer in the US that year. According to Reuters, SBF shared a document with investors on Nov. 10, 2022, 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 counsel, FTI Consulting, Inc., as financial advisor, and Jefferies LLC as the investment banker. Young Conaway Stargatt & Taylor LLP is the Committee's Delaware and conflicts counsel. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, represented SBF in the Chapter 11 cases. White-collar crime specialist Mark S. Cohen was reportedly 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. * * * In October 2024, FTX won confirmation of its bankruptcy plan that cleared a path for it to start repaying as much as $16.5 billion to creditors, including former customers. FTX has said its customers will receive 100% recovery on their claims under the plan. FTX reached a deal with CFTC, in which the Commission agreed not to collect any payment from FTX until all its customers are repaid, with interest. The CFTC settlement required FTX to pay $8.7 billion in restitution and $4 billion in disgorgement, which would be used to further compensate victims for losses suffered during the exchange's collapse. FTX TRADING: Kroll Seeks Bankruptcy Data Breach Suit Dismissal -------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that Kroll Restructuring Administration LLC moved to have class claims over a 2023 cryptocurrency data breach dismissed or sent to arbitration, calling the lawsuit "rhetoric and speculation." The breach affected customers tied to three large Chapter 11 bankruptcies. According to Wednesday, December 17, 2025, filings in the U.S. District Court for the Western District, Kroll said the claimants -- parties in the FTX Trading Ltd., BlockFi Inc., and Genesis Global Holdco LLC bankruptcies -- do not have legal grounds to sue. The company noted its obligations were to the bankrupt estates themselves, not to individual creditors unhappy with the handling of their claims, 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. GALBREATH RESTAURANT: Unsecureds to Split $18,500 over 3 Years -------------------------------------------------------------- Galbreath Restaurant Group LLC filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization dated December 11, 2025. The Debtor is a Florida limited liability company created by Articles of Organization filed with the Florida Secretary of State on or around August 31, 2010. The Debtor operates a full service restaurant specializing in seafood under the name Goodrich Seafood and Oyster House. The Debtor's principal place of business is located at 253 River Road, Oak Hill, Florida 32759 ("Premises"), which the Debtor leases from Csonka Lands, LLC (a noninsider). The Debtor's projected disposable income is $18,459.00. This Plan provides for 1 class of secured claims, 1 class of unsecured claims; and 1 class of equity security holders. Class 3 consists of the Allowed Unsecured Claims against the Debtor. This Class is Impaired. * Consensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, the Debtor proposes to pay unsecured creditors a pro rata portion of $18,500.00. The Reorganized Debtor shall pay said amount in equal quarterly payments of $1,541.67 and shall be disbursed pro rata to the holders of Allowed General Unsecured Claims. Payments shall commence on the fifteenth day of the month, on the first month that begins more than fourteen days after the Effective Date and shall continue quarterly for eleven additional quarters. Pursuant to Section 1191 of the Bankruptcy Code, the value to be distributed to unsecured creditors is greater than the Debtor's projected disposable income to be received in the 3-year period beginning on the date that the first payment is due under the plan. * Nonconsensual Plan Treatment: The liquidation value or amount that unsecured creditors would receive in a hypothetical chapter 7 case is approximately $0.00. Accordingly, Debtor proposes to pay unsecured creditors a pro rata portion of its projected Disposable Income, $18,459.00. If the Debtor remains in possession, plan payments shall include the Subchapter V Trustee's administrative fee which will be billed hourly at the Subchapter V Trustee's then current allowable blended rate. Plan Payments shall commence on the first month following the Effective Date, and shall continue quarterly for eleven additional quarters. The quarterly payment for the first four quarters shall be $1,784.50. The quarterly payments for the second four quarters shall be $1,566.25. The quarterly payments for the final four quarters shall be $1,264.00. The Plan contemplates that the Reorganized Debtor will continue to operate the Debtor's business. Except as explicitly set forth in this Plan, all cash in excess of operating expenses generated from operation until the Effective Date will be used for Plan Payments or Plan implementation, cash on hand as of Confirmation shall be available for Administrative Expenses. A full-text copy of the Plan of Reorganization dated December 11, 2025 is available at https://urlcurt.com/u?l=TFRrCh from PacerMonitor.com at no charge. Counsel to the Debtor: Jeffrey Ainsworth, Esq. BransonLaw, PLLC 1501 E. Concord Street Orlando, FL 32803 Telephone: (407) 894-6834 Email: jeff@bransonlaw.com About Galbreath Restaurant Group LLC Galbreath Restaurant Group, LLC, operating as Goodrich Seafood & Oyster House, runs a seafood restaurant at 253 River Road in Oak Hill, Florida. The business traces its roots to 1910 when the Goodrich family began wholesale and retail seafood operations, including blue crab processing, and has evolved over successive generations to comply with modern seafood handling regulations. The company maintains small-scale local operations with a focus on restaurant service. Galbreath Restaurant Group filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07137) on November 3, 2025, with $18,103 in assets and $1,247,579 in liabilities. Karyn McNamara, manager, signed the petition. Judge Grace E. Robson presides over the case. Jeffrey S. Ainsworth, Esq., at BransonLaw, PLLC represents the Debtor as bankruptcy counsel. GAS CITY, IN: S&P Affirms 'BB+' Rating on 2020 Ref. Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB+' long-term rating on Gas City, Ind.'s series 2020 sewage works refunding revenue bonds. The outlook is negative. S&P said, "Transparency and reporting and risk oversight negatively affect our rating assessment, as captured in the 'BB' rating category, given the city's lack of codified polices, primarily around liquidity, budgeting, and financial forecasting. Management advises that it prepares monthly reports for the city council that include cash balances, bank reconciliations with receipts and disbursements, and fund reports. We view management's cyber security policies as strong. "Overall, we believe that the utility's environmental factors are credit-neutral. The utility's current capital plan is based on renewal and replacement and some growth-based upgrades, and the city has completed upgrades to its treatment facility to mitigate its environmental risk. The sewage works has adequate treatment capacity to meet daily demand. The city is compliant with environmental mandates. It informally reviews succession planning and has an internal plan for operators within the utility department. "In our opinion, the utility's social capital risk is higher than that of its peers, given that income levels and poverty rates could pressure management's ability to further increase rates, pressuring its market position score. "The negative outlook reflects our view that, given the challenges in the last several years, including extremely weak management policies and practices, delayed rate-setting, and narrow cash levels, credit risks remain elevated. In our view, the city remains vulnerable to credit deterioration within the outlook horizon, in part due to its reliance on third-party consultants for fiscal management, coupled with its weak fiscal position. "We could lower the rating if the DSC does not materially improve, despite the rate increases, due to higher-than-anticipated annual debt service, unexpected capital expenditures, or rising operating expenses. “We could revise the outlook to stable if the city's unrestricted cash builds to levels we view as in line with those of median peers and adequate to fund ongoing asset renewal and replacement." GOLDEN TRIANGLE: Unsecureds Will Get 100% of Claims in Plan ----------------------------------------------------------- Golden Triangle Realty, SE filed with the U.S. Bankruptcy Court for the District of Puerto Rico a First Amended Joint Disclosure Statement describing First Amended Joint Plan of Reorganization dated December 11, 2025. The realties of all three Debtors were initially owned by the same owner, who bought them through Deed #17 of December 19, 1983. In said deed, which was perfected to segregate another property (the defunct Hotel Clarion), the realties now owned by Golden Triangle and Convention Center are depicted within the "Parcel A" on pages 2-3 since at that time they were all included in only one parcel of land including a hotel that was segregated as detailed in the deed, and the realties owned by Full House are depicted as "Parcels B, C, and D". As a result of the filing by Debtor of its Chapter 11 petition, Debtor has received the benefits of Section 362(a) of the Bankruptcy Code, which stays all collection actions and judicial proceedings against Debtor, thus preventing a run to the courthouse by creditors who had filed and were threatening suit, providing Debtor with the opportunity to file the Plan and Disclosure Statement, without the pressures that drove Debtor to file for bankruptcy, as envisioned by the Bankruptcy Code. Thereafter, Debtors and WM Capital engage in good faith efforts to try to reach a settlement regarding the value of Debtors' realties and the treatment of WM Capital's claim under the Plan. In exchange, Golden Triangle agreed to the lifting of the automatic stay but a stay was agreed by the parties until the negotiations ended. However, the parties were not able to reach an agreement and as such Debtors requested several extensions of the to amend their joint disclosure statement and plan of reorganization. On March 31, 2025 Golden Triangle filed an informative motion notifying the Court and the Bankruptcy Estate that it was holding an "open house" to gauge the volume of interested parties in purchasing its realties. As a result of said "open house" and the continuous efforts made by Debtor to obtain interested parties, Debtor has obtained letter of interest for one hundred and twenty-nine apartments with sales prices ranging from $199,000.00 to $235,000.00. The Debtor's Plan contemplates the sale of its realty in order to make all the payments to creditors. As evidenced by the most current appraisal of Debtors' realties and more particular the letters of interest obtained from third parties for the purchases of one hundred and twenty nine apartments with sales prices ranging from $199,000.00 to $235,000.00, as detailed at the table at Page 120 of the appraisal, the sale of said apartments and all other realties owned by Debtors will yield sufficient funds to pay all creditors in full (with the exception of the claim belonging to an affiliated corporation). Class 2 consists of Holders of Allowed General Unsecured Claims. The Holders of Allowed General Unsecured Claims (except the claim from an affiliated corporation) shall be paid in full after the full payment of Class 1, which is expected to occur within three years from the Effective Date. The allowed unsecured claims total $114,170.00. This Class will receive a distribution of 100% of their allowed claims. Class 2 is impaired under the Plan. The members of this Class will be entitled to vote to accept or reject the Plan. Class 3 consists of Holders of Shares or Membership Units. The holders of shares or membership units in any of the Debtors will not receive any monetary distribution for their interest under the Plan and will retain their shares or membership units unaltered. The Debtor's proposed dividend to the General Unsecured Claims will be funded from the sale of Debtor's assets. Payments to the Holders of Allowed Administrative Expense Claims and Priority Tax Claims will also be paid from the sale of Debtor's assets. A full-text copy of the First Amended Joint Disclosure Statement dated December 11, 2025 is available at https://urlcurt.com/u?l=jEqHCT from PacerMonitor.com at no charge. Counsel to the Debtor: Alexis Fuentes-Hernandez, Esq. FUENTES LAW OFFICES, LLC P.O. Box 9022726 San Juan, PR 00901 Telephone: (787) 722 5216 Facsimile: (787) 722 5206 Email: fuenteslaw@icloud.com About Golden Triangle Realty Golden Triangle Realty S.E. is engaged in activities related to real estate. Golden Triangle Realty, S.E. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.P.R. Case No. 24-04514) on Oct. 21, 2024. In the petition signed by David Santiago Martinez, president, the Debtor disclosed $19,811,659 in assets and $47,255,382 in liabilities. Judge Maria De Los Angeles Gonzalez oversees the case. The Debtor tapped Alexis Fuentes-Hernandez, Esq., as counsel and Albert Tamarez Vasquez, CPA, at Tamarez CPA, LLC as accountant. GREEN TREE: Case Summary & Four Unsecured Creditors --------------------------------------------------- Debtor: Green Tree LLC d/b/a X-Golf Glenview d/b/a X-Golf South Loop 2847 Pfingsten Road Glenview, IL 60026 Business Description: Green Tree LLC, doing business as X-Golf Glenview and X-Golf South Loop, operates indoor golf entertainment venues offering simulator-based golf play, instruction, leagues, and private events, serving customers in Glenview, Illinois, and Chicago, Illinois, and operates within the amusement and recreation services industry. Chapter 11 Petition Date: December 17, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-19313 Judge: Hon. Michael B Slade 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 James Joeng as member. A full-text copy of the petition, which includes a list of the Debtor's four unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DXJH42Q/Green_Tree_LLC__ilnbke-25-19313__0001.0.pdf?mcid=tGE4TAMA GRMG REAL: Gets Final OK to Use Cash Collateral ----------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Iowa granted GRMG Real Estate LLP and DMB-GRMG Medical Building Investment, LLC final approval to use cash collateral in accordance with their budget. Premier Bank, the secured lender, will be provided with adequate protection in the form of continued monthly loan payments; administrative expense claims under Section 507(b) for the lender's legal fees (subject to a review and objection process); and additional and replacement security interests in and liens on the "excess account" created under a prior cash management order. Premier Bank's claims and superpriority claims are subject and subordinate to a carveout for fees required to be paid to the Clerk of the Court and the U.S. Trustee; and all fees and expenses up to $10,000 incurred by a trustee under section 726(b) of the Bankruptcy Code. The final order authorized the Debtor to establish a reserve for professional fees, funded weekly with $10,000 and not subject to Premier Bank's security interests. The final order is available at https://shorturl.at/DRpPP from PacerMonitor.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. H2C MANAGEMENT: Seeks Chapter 7 Bankruptcy in New York ------------------------------------------------------ On December 18, 2025, H2C Management, LLC filed for Chapter 7 protection in the Southern 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 H2C Management, LLC H2C Management, LLC is a management services company providing operational, administrative, and strategic support to businesses across various industries. H2C Management, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12838) on December 18, 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 Martin Glenn handles the case. The Debtor is represented by Adrienne Woods, Esq. of Weinberg Zareh Malkin Price LLP. HARTWICK COLLEGE: S&P Cuts Revenue Debt Long-Term Rating to 'BB-' ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating to 'BB-' from 'BB' on Hartwick College, N.Y.'s revenue debt. The outlook is stable. S&P said, "The downgrade reflects our view of the college's trend of extraordinary endowment draws of more than 15% for the past five years, which has caused the balance sheet to deteriorate significantly, as well as the college's recent enrollment declines. "We analyzed Hartwick's environmental, social, and governance factors pertaining to its market position, management and governance, and financial performance. The school faces social risks given challenging demographics and limited geographic diversity that we believe will continue to be a risk in the near term. We view all other environmental and governance factors as neutral in our analysis. "The stable outlook reflects the college's signs of stabilizing demand in fall 2026, stable management team, and our expectation that the college's debt burden will remain low while they work to shrink endowment draws and balance operations. The stable outlook also reflects our view of the college's lack of financial covenants and stable other demand metrics. "We could consider a negative rating action if the college sees further enrollment decline, extraordinary endowment draws do not shrink over time, or if financial resources continue to deteriorate, such that they are no longer in line with peers and medians. We would also view deterioration of liquidity or additional debt without commensurate growth in financial resources negatively. "We could consider a positive rating action if the college establishes a trend of stable enrollment, operations improve without reliance on extraordinary endowment draws, and financial resources improve to levels commensurate with those of a higher rating." HAWAII PACIFIC: S&P Affirms 'BB' LT Rating Revenue Refunding Bonds ------------------------------------------------------------------ S&P Global Ratings revised the outlook to negative from stable and affirmed its 'BB' long-term rating on the Hawaii State Department of Budget and Finance's approximately series 2024 special-purpose revenue refunding bonds, issued for Hawai'i Pacific University (HPU). S&P said, "The outlook revision reflects our view of the university's weakened financial position, with sizable supplemental endowment draws in fiscal years 2024 and 2025, and another expected in fiscal 2026, which could further deplete the university's financial resources to levels no longer commensurate with the rating. "We analyzed the university's environmental, social, and governance (ESG) risk factors pertaining to its market position, management and governance, and financial performance. We believe that HPU's location in Hawaii exposes it to elevated environment-related risks such as hurricanes, which could damage the university's facilities. The university carries property insurance coverage for major environmental events: earth movement, floods, and named storms. Despite the elevated environmental risks, we view the university's social and governance risks as neutral factors in our credit rating analysis. "The negative outlook reflects our expectation that, while investment in new graduate programs is expected to yield continued enrollment growth that has, in recent years, driven steady net tuition revenue increases, the university's financial flexibility will likely remain strained over the outlook period due to recent supplemental draws from the endowment to support these investments. The outlook reflects our view that, unless revenue growth accelerates or operating expense is pared back over the near term, further supplemental endowment draws may be needed to support operations, resulting in further weakening of the university's very weak financial resource metrics. "We could consider a negative rating action during the one-year outlook period if the university's financial resource ratios deteriorate from current levels, if full-accrual operating results are weaker than anticipated, or if the university uses supplemental endowment draws to meet operating needs beyond fiscal 2026. We could also consider a negative rating action if enrollment declines reemerge, threatening HPU's goal of stabilizing operations over the near term. Furthermore, while HPU has been in compliance with its covenants in recent years, we would consider a negative rating action if the university breaches them, particularly given the possibility that all the university's long-term debt could be accelerated in an event of default. "We could consider revising the outlook to stable if the university stops its use of supplemental endowment draws and generates breakeven or better results on a cash basis. A revision to stable would be contingent on the university's financial resource ratios at least being steady, on graduate enrollment continuing to increase, and on undergraduate enrollment stabilizing." HIGHLANDS AT STONEGATE: Gets Interim OK to Use Cash Collateral -------------------------------------------------------------- The Highlands at Stonegate North Condominium Association received interim approval from the U.S. Bankruptcy Court for the District of Colorado to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its budget through the close of business on January 11, 2026, unless extended by a separate order. As adequate protection, secured creditors asserting interests in the cash collateral, including First Citizens Bank & Trust Company and homeowner, Kristina Corcoran, will be granted a replacement lien on all post-petition assets and business income of the Debtor, with the same priority as their pre-bankruptcy liens. As additional protection, First Citizens will receive monthly payments of $10,304.99, which are not subject to avoidance or disgorgement. A final hearing is scheduled for January 8, 2026, with objections due by January 2, 2026. The interim order is available at https://is.gd/QklixC from PacerMonitor.com. The Debtor filed Chapter 11, Subchapter V bankruptcy on November 26 after a state court entered a $1.37 million judgment against it in favor of Ms. Corcoran for water-intrusion damages and related costs. Following the judgment, the homeowner garnished the Debtor's bank accounts, causing approximately $1.2 million to be frozen. The Debtor states that its insurers have not indicated when or how much of the judgment they will cover, and because the frozen amount exceeds its available cash, the association sought bankruptcy protection to preserve funds needed for community operations. First Citizens Bank (formerly Mutual of Omaha Bank) holds a secured claim of roughly $200,000 under a 2017 loan secured by substantially all personal property. The Debtor argues that Ms. Corcoran's garnishment lien is avoidable as a preference and that, in any event, the frozen funds may be held in trust for homeowners and therefore unavailable to a judgment creditor. As of the petition date, the Debtor held about $1.3 million in cash, including the frozen funds, and relies on monthly homeowner assessments for ongoing revenue. About The Highlands at Stonegate North Condominium Association The Highlands at Stonegate North Condominium Association manages a residential community in Parker, Colorado, overseeing maintenance of common areas and shared amenities such as pools and landscaping. The association enforces community standards, collects assessments, and coordinates with property management to ensure operational and regulatory compliance. The Highlands at Stonegate North Condominium Association filed voluntary Chapter 11 petition (Bankr. D. Colo. Case No. 25-17804) on November 26, 2025, listing between $1 million and $10 million in both assets and liabilities. Sherri Rosselot, president of the Board of Directors, signed the petition. Judge Thomas B McNamara oversees the case. Kutner Brinen Dickey Riley, P.C. serves as the Debtor's legal counsel. HOWARD HUGHES: S&P Places 'B' ICR on CreditWatch Positive --------------------------------------------------------- S&P Global Ratings placed all its ratings on Houston-based Howard Hughes Holdings Inc. (HHH), including its 'B' issuer credit rating and 'B+' issue-level ratings, on CreditWatch with positive implications. The positive CreditWatch placement reflects the likelihood we will raise our ratings on the company following the close of the acquisition, which we expect will occur in second quarter of 2026, subject to the satisfaction of customary regulatory approvals and closing conditions. HHH announced that it has entered into a definitive agreement to acquire 100% of Vantage Group Holdings Ltd., a privately held specialty insurance and reinsurance company, for approximately $2.1 billion. S&P believes the proposed transaction could benefit HHH's credit quality because it's acquiring a higher-rated company. This acquisition will transform HHH into a diversified holding company. It will finance the $2.1 billion acquisition with approximately $1.2 billion of cash on its balance sheet and up to $1 billion of non-interest-bearing, non-voting preferred stock issued by HHH to Pershing Square Holdings Ltd. (PSH). HHH will receive a series of call options, enabling it to redeem the PSH preferred stock and acquire additional economic ownership of Vantage over up to seven years. S&P said, "The placement of all ratings on CreditWatch with positive implications reflects the likelihood we'll raise our ratings on HHH upon close of the transaction, which we anticipate in the second quarter of 2026, assuming the transaction is completed as proposed." INTERTRADERONE LLC: Hires Coldwell Banker Paradise as Realtor ------------------------------------------------------------- Intertraderone, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Coldwell Banker Paradise as realtor. The firm will market and sell the Debtor's real property located at 2172 Falls Manor, Vero Beach, FL 32967. The contract provides for a 3.5% commission for the sale of the property. As disclosed in the court filings, Coldwell Banker Paradise is a "disinterested" person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached through: Nancy Marquez Coldwell Banker Paradise 1950 U.S. Rte 1, Vero Beach, FL 32960 Phone: (772) 559-7282 About Intertraderone LLC Intertraderone, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-23754) on November 20, 2025, listing up to $1 million in estimated assets and up to $500,000 in estimated liabilities. Brian K. McMahon, PA represents the Debtor as counsel. IROBOT CORP: Faces Nasdaq Delisting Over Chapter 11 --------------------------------------------------- iRobot Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 15, 2025, it was notified by the Listing Qualifications Department of The Nasdaq Stock Market LLC that Nasdaq had determined to delist the Company's common stock, par value $0.01 per share. Nasdaq reached its decision that the Company is no longer suitable for listing pursuant to Nasdaq Listing Rules 5101, 5110(b), and IM‑5101-1 as a result of the Company's commencement of voluntary proceedings under Chapter 11 of the United States Bankruptcy Code on December 14, 2025. The Company does not intend to appeal this determination. Trading of the Common Stock will be suspended at the opening of business on December 22, 2025, and a Form 25-NSE will be filed with the Securities and Exchange Commission, which will remove the Common Stock from listing and registration on Nasdaq. About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates 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 cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their Co-Counsel. Goodwin Procter LLP serves as Special Litigation and Corporate Counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as Investment Banker and Financial Advisor to the Debtors. Stretto, Inc. serves as Claims and Noticing Agent and as Administrative Advisor to the Debtors. Picea is represented by White & Case LLP and Richards, Layton & Finger PA. The Debtors filed a Joint Prepackaged Chapter 11 Plan of Reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the Prepackaged Plan; conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. IROBOT CORP: RSA Requires Chapter 11 Exit by January 28 ------------------------------------------------------- iRobot Corp. and its subsidiaries iRobot US Holdings, LLC and iRobot Holdings LLC, on December 14, 2025, filed voluntary petitions under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the District of Delaware to implement a prepackaged chapter 11 plan of reorganization that effectuates a financial restructuring of the Company's secured debt held in full by Picea and certain unsecured financial obligations owed to Picea Robotics. On the Petition Date, prior to commencing the Chapter 11 Cases, the Company commenced the solicitation of the Plan with a related disclosure statement. Shortly thereafter, on the Petition Date, Picea voted in favor of the Plan in accordance with the Restructuring Support Agreement. The Company has requested that the Court administer the Chapter 11 Cases jointly for administrative purposes only under the caption In re iRobot Corporation, et al. The Company filed customary first day motions with the Court to ensure its ability to continue operating in the ordinary course of business both domestically and internationally, including its authority to pay employee wages and benefits and vendors and suppliers in the ordinary course of business, as well as honor all customer obligations in the ordinary course. The Plan and the "first day" relief anticipate that vendors and other unsecured creditors (other than Picea Robotics) will be paid in full and in the ordinary course of business. Additional information about the Chapter 11 Cases, including copies of motions and orders filed with the Court and other documents related to the court supervised process, is available at https://cases.stretto.com/iRobot. Restructuring Support Agreement: In furtherance of the Financial Reorganization, on December 14, 2025, prior to commencing solicitation of the Plan and prior to commencing the Chapter 11 Cases, the Company Parties and Picea entered into a restructuring support agreement. Under the RSA, Picea agreed to, among other things: (i) support the Financial Reorganization on the terms set forth in the RSA, (ii) consummate the transactions contemplated by the Plan, the Disclosure Statement and the solicitation materials as set forth in the RSA, (iii) cooperate with the Company Parties in taking all steps commercially reasonably necessary to address any legal or structural impediment that arises that would prevent, hinder or delay the consummation of the Financial Reorganization, provided that the material terms of the Financial Reorganization are substantially preserved, (iv) negotiate in good faith and use commercially reasonable efforts to execute and implement the documentation required pursuant to and consistent with the RSA and (v) forbear on the terms and conditions set forth in the RSA from exercising any rights (including any right of set-off) or remedies against the Company or its subsidiaries under the Credit Agreement and the Original Design Manufacturer and Supply Agreement dated August 15, 2023 (as it may be amended or supplemented from time to time, including all exhibits, schedules, supplements, appendices, annexes and attachments thereto, the "Original Supply Agreement") (including seeking collection of outstanding amounts due under the prepetition purchase orders to the Original Supply Agreement). Under the RSA, the Company Parties agreed to, among other things: (i) support, act in good faith and take all reasonable actions necessary, or reasonably requested by Picea, to implement and consummate the Financial Reorganization in accordance with the RSA, (ii) cooperate with Picea in taking all steps commercially reasonably necessary to address any legal or structural impediment that arises that would prevent, hinder or delay the consummation of the Financial Reorganization, provided that the material terms of the Financial Reorganization are substantially preserved, (iii) cooperate with Picea to obtain necessary Court approval of the Financial Reorganization and the related definitive documentation, (iv) oppose and not request certain relief in the Court inconsistent with the Financial Reorganization, (vi) use commercially reasonable efforts to obtain all required permits, consents and other third-party approvals necessary or advisable for the implementation or consummation of the Financial Reorganization, (vii) promptly inform Picea in writing of any event or circumstance that would permit any party to terminate the RSA and of any breaches of the RSA and (viii) negotiate in good faith and use commercially reasonable efforts to execute and implement the documentation required to consummate the Financial Reorganization as contemplated by the RSA. Milestones: As described, on the Petition Date, the Company Parties commenced the Chapter 11 Cases to implement the Plan. In addition to commencing the Chapter 11 Cases, pursuant to the RSA, the Company Parties agreed to implement the Financial Reorganization specifically in accordance with the following milestones: * no later than 5 days after the Petition Date, the Court shall have entered an interim order approving the use of cash collateral and an order conditionally approving the Disclosure Statement (solely with respect to (i) scheduling a combined hearing on the Disclosure Statement and the Confirmation Order and (ii) approving solicitation procedures); * no later than 30 days after the Petition Date, the Court shall have entered a final order approving the use of cash collateral; * no later than 45 days after the Petition Date, the Court shall have entered an order confirming the Plan; and * no later than 30 days after entry of the Confirmation Order, the Financial Reorganization shall have been implemented and the date of effectiveness of the Plan shall have occurred. The RSA provides that, with the consent of Picea, the Plan Outside Date may be extended by a further 30 days solely to obtain any necessary regulatory approvals (if any) needed for the Plan to be consummated. Termination: The RSA is terminable by Picea if certain events occur, including but not limited to: (i) any of the Milestones is not achieved, except where such Milestone has been waived or extended, or where the failure of such Milestone to be achieved is caused by, or results from, a material breach by Picea, (ii) the happening or existence of any event that would make any of the conditions precedent to the consummation of the Financial Reorganization as set forth in the RSA and the Plan incapable of being satisfied prior to the Plan Outside Date, (iii) without the prior written consent of Picea, any Company Party publicly announces, or communicates in writing to any other party, its intention not to support or pursue the Financial Reorganization, provides notice to the advisors of Picea that it is exercising its rights to take or refrain from taking any action, the exercise of which would reasonably be expected to prevent the consummation of the Financial Reorganization or publicly announces, or communicates in writing to another party, that it intends to enter into, or has entered into, definitive documentation with respect to an alternative restructuring, (iv) the Plan Effective Date has not occurred by the Plan Outside Date (as such date may have been extended) or (v) the Court grants relief that is inconsistent with the RSA in any material respect. The RSA is terminable by the Company if certain events occur, including but not limited to, a breach of the terms of the RSA by Picea. Additionally, the RSA automatically terminates on the Plan Effective Date. The RSA may be amended with the consent of the Company Parties and Picea. Economic Recovery for Certain Holders: Pursuant to, and subject to the terms and conditions of, the Plan, on the Plan Effective Date: * Picea will receive 100% of the common equity of the reorganized Company, comprised of 95% of common equity on account of its claims under the Credit Agreement and 5% of common equity on account of certain of its claims under the Original Supply Agreement; * the Company's existing common stock will be cancelled and extinguished, and holders of the Company's existing common stock will receive no recovery; and * each holder of a general unsecured claim (other than Picea), including any trade payable, will not be impaired and will receive full payment on the Plan Effective Date or in the ordinary course of business in accordance with the terms of the transaction giving rise to such claim, unless such holder agrees to alternate treatment. A full-text copy of the Plan and RSA is available at https://tinyurl.com/ynpz3wph About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates 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 cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their Co-Counsel. Goodwin Procter LLP serves as Special Litigation and Corporate Counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as Investment Banker and Financial Advisor to the Debtors. Stretto, Inc. serves as Claims and Noticing Agent and as Administrative Advisor to the Debtors. Picea is represented by: Roberto Kampfner, Esq. Fan He, Esq. White & Case LLP 555 Flower St. Los Angeles, CA 90071 E-mail: rkampfner@whitecase.com fhe@whitecase.com - and - John H. Knight, Esq. Amanda R. Steele, Esq. Richards, Layton & Finger PA 920 North King Street Wilmington, DE 19801 E-mail: knight@rlf.com steele@rlf.com The Debtors filed a Joint Prepackaged Chapter 11 Plan of Reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the Prepackaged Plan; conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. J&R VACUUM: Seeks to Use Cash Collateral ----------------------------------------- J&R Vacuum, LLC asks the U.S. Bankruptcy Court for the Middle District of Pennsylvania for authority to use cash collateral. The Debtor identifies M&T Bank as its first-lien secured creditor and the U.S. Small Business Administration as its second-lien creditor, both holding perfected security interests in all of its assets, including the proceeds of its vacuum-cleaner retail and service business, which constitute cash collateral. The Debtor asserts that it urgently needs access to this cash to pay operating expenses, maintain insurance, preserve assets, and cover post-petition obligations essential to ongoing operations. Without access to cash collateral, the Debtor warns it would be forced to shut down, causing immediate and irreparable harm and diminishing estate value to the detriment of creditors. The Debtor requests an interim order permitting the use of cash collateral, notes that a proposed budget and consensual stipulation with M&T Bank will be filed before the hearing, and asserts that adequate protection will be provided to secured creditors consistent with 11 U.S.C. sections 361 and 363. A court hearing is scheduled for January 6, 2026. About J&R Vacuum LLC J&R Vacuum, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Pa. Case No. 25-03366) on November 24, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Judge Henry W. Van Eck presides over the case. Lawrence V. Young, Esq., at Cga Law Firm represents the Debtor as bankruptcy counsel. JELD-WEN HOLDING: S&P Assigns 'B-' ICR, Outlook Negative -------------------------------------------------------- S&P Global Ratings assigned its 'B-' issuer credit rating to JELD-WEN Holding Inc. Its 'B+' issue-level rating on its senior secured debt and its 'CCC+' issue-level rating on its senior unsecured debt are unchanged. The outlook is negative, reflecting S&P's expectation that the company's S&P Global Ratings-adjusted debt to EBITDA will remain high at more than 8x through 2026 as the subdued demand for new construction and R&R activity continues to impair its credit metrics. JELD-WEN's sales and cash flow continue to be pressured by persistently low new construction rates and remodel and repair (R&R) activity. This weak demand caused the company's S&P Global Ratings-adjusted debt to EBITDA to rise to 12.1x on a rolling-12-month (RTM) basis as of Sept. 30, 2025, from 6.5x for the same period in the previous year. S&P expects that JELD-WEN's credit metrics will remain pressured. S&P Global Ratings forecasts the company's leverage will remain above 8x over the next 12 months as it faces continued weak revenue amid ongoing end-market weakness. JELD-WEN's revenue decreased by about 16.3% during the first nine months of fiscal-year 2025 (ended Sept. 30, 2025) relative to the same period in fiscal-year 2024. This was due to declining sales volumes amid persistently weak activity in the R&R and new housing construction markets. Specifically, this weakness has stemmed from declining big-ticket R&R spending and a persistent trend toward lower price points in new housing construction. The company's forced divestiture of its Towanda operation--as well as its partial loss of a major Midwestern customer--further contributed to the erosion of its credit metrics. For the RTM ended Sept. 30, 2025, the company's S&P Global Ratings-adjusted leverage and EBITDA interest coverage were 12.1x and 1.3x, respectively, compared to 6.5x and 2.0x for the RTM ended June 2024. S&P said, "We expect the softness in R&R activity, as well as in nonresidential and new housing construction, will persist over the next 12 months, though we see the potential for a marginal improvement in 2026. Therefore, we forecast JELD-WEN's leverage will remain above 8x for the next 12 months." S&P said, "The negative outlook reflects the company's potential upcoming refinancing risk. We currently assess JELD-WEN's liquidity as adequate and forecast that it had sufficient cash on hand and undrawn revolving credit capacity as of September 2025 to meets its short-term liquidity needs. However, the company faces an upcoming note maturity in December 2027. Therefore, the negative outlook reflects that a failure to proactively address a refinancing in mid-year 2026 could lead us to revise our assessment of JELD-WEN's liquidity and potentially lower the ratings." JELD-WEN continues to pursue cost-cutting measures and is evaluating its European business segment. During the company's third-quarter earnings call, it noted that it plans to reduce costs and increase operational efficiencies by reducing its North America and corporate workforce by 11% by the end of 2025. It also announced it has initiated a strategic review of its European business segment. Our expectation is that the company would use any proceeds resulting from a partial or full disposition of its European segment to address its upcoming note maturity. The negative outlook reflects S&P"s expectation JELD-WEN's leverage will remain above 8x due to the subdued demand in the new residential construction and R&R markets. S&P could lower its rating on JELD-WEN in the next 12 months if its credit metrics weaken further such that: -- Its S&P Global Ratings-adjusted debt to EBITDA remains above 10x; -- Its EBITDA interest coverage falls below 1x; or -- S&P believes that the company will be unable to refinance its upcoming maturities before they become current. S&P could revise its outlook on JELD-WEN to stable if it improves its operating performance such that its S&P Global Ratings-adjusted leverage trends comfortably below the 8x area, its EBITDA interest coverage rises to about 2x, and it generates positive FOCF. JMKA LLC: Court Extends Cash Collateral Access to Jan. 9 -------------------------------------------------------- JMKA, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral to fund operations. The 13th interim order, signed by Judge David Cleary, authorized the Debtor to use its secured lenders' cash collateral through January 9, 2026 to pay the expenses set forth in its budget, subject to a 5% variance. The lenders include the U.S. Small Business Administration, BayFirst National Bank, Funding Circle, Transportation Alliance Bank, Cashfloit LLC, and Funders App, LLC. These lenders assert security interests in all assets of the Debtor, including cash, bank deposits and accounts receivable, which constitute their cash collateral. The Debtor was ordered to provide the secured lenders with protection in the form of replacement liens on its assets, with the same priority, validity and extent as their pre-bankruptcy liens. In addition, the Debtor was ordered to pay $439 to SBA, $1,000 to BayFirst Financial, $500 to Funding Circle, $500 to Transportation Alliance Bank, $3,000 to Cashfloit, and $2,000 to Funders App. The next hearing is set for January 7, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/jXgaP from PacerMonitor.com. About JMKA LLC JMKA, LLC is a boutique childcare center in downtown Elmhurst, Ill. It operates as Elmhurst Premier Childcare. JMKA filed Chapter 11 petition (Bankr. N.D. Ill. Case No. 25-00036) on January 3, 2025, with up to $50,000 in assets and up to $10 million in liabilities. Judge David D. Cleary oversees the case. Ben L. Schneider, Esq., at The Law Offices of Schneider & Stone is the Debtor's bankruptcy counsel. Ameris Bank, as secured lender, is represented by: Jillian S. Cole, Esq. Taft Stettinius & Hollister, LLP 111 E. Wacker Drive, Suite 2600 Chicago, IL 60601 (312) 836-4019 jcole@taftlaw.com Cashfloit LLC, as secured lender, is represented by: Fred S. Kantrow, Esq. The Kantrow Law Group, PLLC 732 Smithtown Bypass, Suite 101 Smithtown, NY 11787 (516)703-3672 fkantrow@thekantrowlawgroup.com JOBEE EXPRESS: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Jobee Express, LLC 901 Crafters Ln. Pineville, NC 28134 Business Description: Jobee Express, LLC is an interstate freight trucking company based in Pineville, North Carolina, that provides general freight transportation services across state lines, operating a fleet of trucks and drivers under federal authority. Chapter 11 Petition Date: December 17, 2025 Court: United States Bankruptcy Court Western District of North Carolina Case No.: 25-31361 Judge: Hon. Laura T Beyer Debtor's Counsel: Rashad Blossom, Esq. BLOSSOM LAW, PLLC 126 N. McDowell St. 2nd Floor Charlotte, NC 28204 Tel: (704) 256-7766 Email: rblossom@blossomlaw.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jorge Nunez Silveira as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/ZQQUEEY/Jobee_Express_LLC__ncwbke-25-31361__0001.0.pdf?mcid=tGE4TAMA JULIA & JAMES: Judge Rules Against Vacant Bldg.'s Receivership Case ------------------------------------------------------------------- Ryan Marshall of Frederick News Post reports that The City of Frederick cannot move forward with placing a long-vacant downtown property into receivership after a circuit court judge ruled Tuesday, December 16, 2025, that the effort was improperly filed and legally unsupported. Judge Julia Martz-Fisher said the city relied solely on the building's vacancy, without citing any code violations or enforcement issues. Martz-Fisher said vacancy alone does not constitute blight or public harm under Maryland law, calling receivership a "drastic" remedy that must be applied sparingly. She questioned how the city determines which vacant properties are targeted, noting that North Market Street is not a blighted area. Property owner Julia & James Properties LLC argued the ordinance amounts to an unconstitutional taking, a view the judge said had merit. City officials said they will review the ruling once it is formally filed and decide whether to pursue further legal action. About Julia & James Properties LLC Julia & James Properties LLC is a privately held real estate investment and holding company based in Frederick, Maryland. The company owns and manages commercial and residential properties, including mixed-use buildings in downtown areas. Its portfolio often focuses on long-term property ownership and redevelopment opportunities. KAMP'S MEAT: Seeks Chapter 7 Bankruptcy in Oklahoma --------------------------------------------------- On December 18, 2025, Kamp's Meat Market, LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Western District of Oklahoma. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to 1–49 creditors. About Kamp’s Meat Market, LLC Kamp’s Meat Market, LLC is a locally operated food retailer focused on meat products and butcher services. The company serves customers through a traditional meat market format, offering fresh meats and related retail goods. Kamp’s Meat Market, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-13897) on December 18, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities in the same range. Honorable Chief Bankruptcy Judge Sarah A. Hall handles the case. The Debtor is represented by Mark B. Toffoli, Esq. of Gooding Law Firm. LAKE COUNTY: Court Extends Cash Collateral Access to Jan. 8 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois extended Lake County Hospitality, LLC's authority to use cash collateral through January 8, 2026. The court's seventh interim order authorized the Debtor to use cash collateral to pay the operating expenses set forth in its budget, subject to a 10% variance. Albany Bank & Trust Company, N.A, a senior secured creditor, holds a lien on the Debtor's assets, including its hotel property located at 900 W. Lake Cook Road in Buffalo Grove, Ill. These assets secure a loan balance of approximately $4.8 million. As protection, Albany was granted replacement liens on all types of collateral in which it held a security interest and lien as of the petition date. This includes, without limitation, cash in the possession of Debtor resulting from its operations and the proceeds thereof. All of Albany's rights as senior secured creditor are otherwise unimpaired by the sixth interim order and are preserved. A copy of the sixth interim order and the Debtor's budget is available at https://shorturl.at/gLapb from PacerMonitor.com. The next hearing is set for January 7, 2026. Objections are due by January 5, 2026. About Lake County Hospitality Lake County Hospitality, LLC operates in the hotel and lodging sector and is associated with properties in Illinois. It manages hospitality assets and has been linked to hotels such as Four Points by Sheraton in Buffalo Grove. Lake County Hospitality sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-08293) on May 30, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Timothy A. Barnes handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. Albany, as senior secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com LAS UVAS: Court Allows County's Claim for 2018 Livestock Taxes -------------------------------------------------------------- Judge Robert H. Jacobvitz of the United States Bankruptcy Court for the District of New Mexico will allow the Dona Ana County Treasurer's administrative expense claim against the Las Uvas Dairies for 2018 livestock taxes in the amount claimed. The County's proof of claim, filed October 17, 2017, only asserted a secured claim for prepetition real property taxes. It did not include a claim for livestock taxes. The County did not file an administrative claim in the bankruptcy case. The County then filed a motion to amend its proof of claim to add pre-petition livestock taxes to the claim and filed an application for approval of an administrative claim for post-petition livestock taxes. The pre- and post-petition livestock tax claims totaled $488,358. The County requested approval from the Bankruptcy Court of a payment of $153,402 from the Liquidating Trustee as an administrative expense for taxes, interest, and penalties for livestock taxes due for the 2018 tax year. The Liquidating Trustee objected to the allowance of the administrative claim but not the amount of the administrative claim. This matter is before the Bankruptcy Court on remand from the United States District Court for the District of New Mexico following a second appeal to the District Court. The District Court in its Memorandum Opinion and Order entered on March 27, 2025, concluded that Robert Marcus, Not Individually, But Solely In His Capacity as Successor Liquidating Trustee of The Las Uvas Dairies Liquidating Trust, has not waived the laches defense and remanded this matter to the Bankruptcy Court to consider whether laches disallows the County's administrative claim against the Las Uvas Dairies for 2018 livestock taxes. The District Court determined in an earlier appeal that the administrative claim bar date set forth in the Debtor's confirmed chapter 11 plan, as modified by the order confirming the plan, did not apply to the County's administrative claim for livestock taxes. The Bankruptcy Court concludes the laches defense is not available to the Liquidating Trustee, but even if it is, the Liquidating Trustee has not satisfied either of the two requirements for the defense to bar the County's administrative claim for 2018 Livestock Taxes. Judge Jacobvitz explains, "The Liquidating Trustee did not object to the amount of the County's claim for 2018 livestock taxes. The objection to the claim was limited to barring the claim based on the administrative claim bar date in the Plan and order Confirming the Plan and under a laches defense. Because the District Court ruled on appeal that the Plan administrative claim bar date did not apply to the County's claim and this Court has denied the laches defense, the Court will allow the County's administrative expense claim for 2018 livestock taxes in the amount claimed." A copy of the Court's Memorandum Opinion dated December 12, 2025, is available at https://urlcurt.com/u?l=PAsXnk from PacerMonitor.com. About Las Uvas Valley Dairies Founded in 1998, Las Uvas Valley Dairies operates a dairy farm at 1261 Hilburn Road, Hatch, NM 87937, Dona Ana County. The company filed for chapter 11 bankruptcy protection (Bankr D.N.M. Case No. 17-12356) on Sept. 15, 2017, with estimated assets of $100 million to $500 million and estimated debts of $10 million to $50 million. The petition was signed by Dean Horton, general partner. The Unsecured Creditors Committee and the two largest secured creditors, Production Credit Association of Southern New Mexico and Metropolitan Life Insurance Company, filed a plan of liquidation providing for the sale of the Debtor's assets and the distribution of net proceeds to creditors. Unsecured creditors were guaranteed at least $1,000,000 under the Plan. The Court confirmed the plan on June 14, 2018. Robert Marcus has been named the successor liquidating trustee. The Court entered a final decree closing the case on July 27, 2018. LAWRENCE LAW: Seeks Chapter 7 Bankruptcy in New York ---------------------------------------------------- On December 15, 2025, Lawrence Law Offices of Lawrence Katz PC filed for Chapter 7 bankruptcy in the Eastern District of New York. According to filings, the Debtor has between $0 and $100,000 in debt owed to 1-49 creditors. About Lawrence Law Offices of Lawrence Katz PC Lawrence Law Offices of Lawrence Katz PC is a New York-based law firm providing a range of legal services to individuals and businesses. The firm specializes in corporate law, real estate, litigation, and estate planning, offering clients tailored legal solutions and strategic counsel to meet their specific needs. Lawrence Law Offices of Lawrence Katz PC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45985) on December 15, 2025. The petition reports estimated assets and liabilities in the range of $0-$100,000. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Lawrence Katz, Esq. LIFT-CO EQUIPMENT: Hires Steidl & Steinberg as Bankruptcy Counsel ----------------------------------------------------------------- Lift-Co Equipment Services, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to hire Steidl & Steinberg, P.C. to handle its Chapter 11 case. The firm will be paid at $400 per hour. The firm will receive a retainer in the amount of $7,500, plus the filing fee of $1,738. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Christopher M. Frye, Esq., a partner at Steidl & Steinberg, P.C., 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: Christopher M. Frye, Esq. Steidl and Steinberg, P.C. Koppers Building, Suite 322 436 Seventh Avenue Pittsburgh, PA 15219 About Lift-Co Equipment Services, Inc. Lift-Co Equipment Services, Inc. provides forklift and material-handling equipment services, including repair, maintenance, parts supply, rental, and sales of new and used forklifts, operating from Irwin, Pennsylvania, and serving clients across Western Pennsylvania and nearby regions. Lift-Co Equipment Services, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23291) on December 5, 2025, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Jessica M. Baker as shareholder. Christopher M. Frye, Esq. at STEIDL & STEINBERG, P.C. represents the Debtor as counsel. LUCENT LUCENT: Seeks Chapter 7 Bankruptcy in Florida ---------------------------------------------------- On December 17, 2025, Lucent Collaborative Services, Inc. filed for Chapter 7 protection in the Northern District of Florida. According to court filing, the Debtor reports between $0 and $100,000 in debt owed to 1-49 creditors. About Lucent Collaborative Services, Inc. Lucent Collaborative Services, Inc. operates in the healthcare industry. Lucent Collaborative Services, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-10335) on December 17, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Eric Steven Ruff, Esq. of Ruff & Cohen, P.A. M&M CUSTARD: Committee Taps Dentons US LLP as Legal Counsel ----------------------------------------------------------- The official committee of unsecured creditors of M&M Custard, LLC and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Kansas to hire Dentons US LLP as its legal counsel. The firm will render these services: a. advise the Committee with respect to its rights, duties and powers in these cases; b. assist and advise the Committee in its consultations with the Debtors relating to the administration of these cases; c. assist the Committee in analyzing the claims of the Debtors' creditors and the Debtors' capital structure and in negotiating with the holders of claims and, if appropriate, equity interests; d. assist the Committee's investigation of the acts, conducts, assets, liabilities and financial condition of the Debtors and other parties involved with the Debtors, and the operations of the Debtors' business; e. assist the Committee in its analysis of, and negotiations with the Debtors or any other third-party concerning matters related to, among other things, the assumption or rejection of certain leases of non-residential real property and/or executory contracts, asset dispositions, financing transactions and the terms of a plan of reorganization or liquidation for the Debtors; f. assist and advise the Committee as to its communications, if any, to the general creditor body regarding significant matters in these cases; g. represent the Committee at all hearings and other proceedings; h. review and analyze, as well as advise the Committee with respect to, applications, orders, statements of operations and schedules filed with the Court; i. assist the Committee in preparing pleadings and applications as may be necessary in furtherance of the Committee's interests and objectives; and j. perform such other services as may be required and are deemed to be in the interests of the Committee in accordance with the Committee's powers and duties as set forth in the Bankruptcy Code. The firm will be paid at these hourly rates: James R. Irving, Partner (Louisville) $711.00 Robert A. Hammeke, Partner (Kansas City) $765.00 Jacob Margolies, Associate (Kansas City) $445.50 Ashley A. Brown, Associate (Louisville) $373.50 Samantha Hayes, Paralegal (Portland) $265.50 The above rates are reflective of a 10% discount in Dentons' already reduced rates for local work. Dentons and the Committee have agreed to this discount as a condition of Dentons' engagement. As disclosed in the court filings, Dentons, its partners, counsel and associates are "disinterested persons" within the meaning of section 101(14), as modified by section 1107(b) of the Bankruptcy Code. The firm can be reached through: Robert A. Hammeke, Esq. Jacob Margolies, Esq. DENTONS US LLP 4520 Main Street, Suite 1100 Kansas City, MO 64111 Phone (816) 460-2457 Email: robert.hammeke@dentons.com jacob.margolies@dentons.com 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. MARTINEZ & SONS: Case Summary & 20 Largest Unsecured Creditors -------------------------------------------------------------- Debtor: Martinez & Sons Produce, Inc. 2295 Paseo De Las Americas Suite 20 San Diego CA 92154 Business Description: Martinez & Sons Produce, Inc., founded in 1985 by the Martinez family in San Diego, California, cultivates and distributes gourmet vegetables including tomatoes, carrots, squash, cucumbers, onions, green beans, beets, and basil, and operates a vertically integrated system managing production from field to customer, supplying regional and national markets. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court Southern District of California Case No.: 25-05253 Debtor's Counsel: Maggie Schroedter, Esq. ROBBERSON SCHROEDTER LLP 501 West Broadway 1260 San Diego CA 91921 Tel: 619-353-5691 E-mail: maggie@thersfirm.com Total Assets: $624,386 Total Liabilities: $4,687,558 The petition was signed by David Hassin Martinez as vice president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7QTT5SA/Martinez__Sons_Produce_Inc__casbke-25-05253__0001.0.pdf?mcid=tGE4TAMA MCHUGH JUNK: Seeks to Hire Louis S. Robin as Bankruptcy Counsel --------------------------------------------------------------- McHugh Junk Removal Inc. seeks approval from the U.S. Bankruptcy Court for the District of Massachusetts to hire Law Offices of Louis S. Robin as counsel. The firm will provide these services: a. draft the Debtors' motions and orders concerning necessary pleadings to continue the Debtor's Chapter 11 Case; b. counsel and assist the Debtor in the resolution of its financial problems and the implementation of a Plan of Reorganization; c. provide legal advice with respect to the powers and duties of the debtor in possession in the continued operation of its business; d. assist the Debtor in compliance with the requirements of the United States Trustee; e. prepare, on behalf of the Debtor, necessary motions, orders, complaints, answers, notices, and other legal documents and pleadings; and f. perform other related legal services for the Debtor which may be necessary. The firm will be paid at the rate of $325 per hour The firm received from the Debtor a retainer in the amount of $8,250. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Louis S. Robin, a partner at Law Offices of Louis S. Robin 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: Louis S. Robin Louis S. Robin, Esq. Law Offices of Louis S. Robin 1200 Converse Street Longmeadow, MA 01106 Telephone: (413) 567-3131 Facsimile: (413) 565-3131 Email: louis.robin.bankruptcy@gmail.com About McHugh Junk Removal Inc. McHugh Junk Removal Inc. provides junk-removal, hauling, and cleanup services for residential properties, rental units, construction sites, and commercial facilities. Its service portfolio includes appliance and furniture removal, yard-waste hauling, post-renovation debris cleanup, and full-property cleanouts. McHugh Junk Removal filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Mass. Case No. 25-41270) on November 24, 2025, listing between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Chief Judge Elizabeth D. Katz handles the case. The Debtor is represented by Louis S. Robin, Esq., at the Law Offices of Louis S. Robin. MIDWEST SKIING: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ The U.S. Bankruptcy Court for the Western District of Wisconsin granted Midwest Skiing Company, LLC for interim use of cash collateral. The Debtor may use cash collateral only under the approved interim budget, with up to a 10% variance absent further approval. As adequate protection, Brighton Asset Management, LLC and any other creditors with an interest in cash collateral are granted automatically perfected replacement liens equal in scope and priority to their prepetition liens, without improvement of their secured position. Prepetition liens are extended to postpetition proceeds under Section 552(b). Brighton will also receive monthly adequate protection payments of $15,000, beginning December 31, 2025, approximating interest-only payments at a 7% prime rate. The Debtor must provide standard Chapter 11 financial reporting, maintain required insurance for ski operations, timely pay payroll and related tax withholdings, and comply with non-monetary loan covenants not inconsistent with bankruptcy law. This interim authority terminates upon the earliest of January 31, 2026, appointment of a trustee, dismissal of the case, or entry of a final cash collateral order. About Midwest Skiing Company LLC Midwest Skiing Company, LLC operates the Whitecap Mountains Resort in Upson, Wisconsin, where it manages downhill skiing, snowboarding, lodging, and year-round recreational activities. The Company oversees on-site facilities including food and beverage services, guest accommodations, and outdoor amenities across the resort property. Midwest Skiing sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case No. 25-12543) on November 19, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Evan P. Schmit, Esq. of KERK & DUNN. MOGULS INDUSTRIES: Gets OK to Use Cash Collateral ------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania entered an order authorizing Moguls Industries, LLC to use cash collateral. The court authorized the Debtor to use cash collateral in the ordinary course of business during the pendency of the case. The court found that WesBanco holds a secured claim arising from a $92,000 promissory note executed in March 2020, secured by a commercial security agreement and perfected by a UCC-1 filing. WesBanco asserts a claim of $94,966.17, and the Debtor has not made payments since March 3, 2025. While disputes remain regarding lien priority and claim amount, the Court determined that allowing cash collateral use is in the best interests of the estate. As adequate protection, the Debtor is required to make monthly payments of $1,000 to WesBanco, beginning this month, and continuing on the first day of each month thereafter until further order of the court. These payments are to be applied to the note in the manner determined by WesBanco. The order expressly preserves all rights and arguments of both parties. The Debtor retains the right to challenge the validity, priority, and amount of WesBanco's claim, while WesBanco preserves its rights under the note, to seek additional relief, and to object to confirmation of any plan. About Moguls Industries LLC Moguls Industries LLC is the operator of Rumors Tavern, a drinking establishment located in Zelienople, Pennsylvania. Moguls Industries LLC sought relief under Subchapter V of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-21775) on July 7, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Ryan J. Cooney, Esq. at Cooney Law Offices. MOUNTAIN VIEW: Gets Extension to Access Cash Collateral ------------------------------------------------------- Mountain View Midstar, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to use the cash collateral of its secured lender, United Texas Bank. The court issued a fourth interim order authorizing the Debtor to use cash collateral in accordance with its budget until the final hearing on January 7, 2026, or until the occurrence of a so-called termination event. The budget projects total operational expenses of $161,185.00 for December. To protect United Texas Bank from any loss in the value of its collateral, the court granted the lender replacement liens on all post-petition rents, profits, and other proceeds generated from the Debtor's property. These replacement liens will have the same priority as the lender's pre-bankruptcy liens. In addition, United Texas Bank will receive a superpriority administrative expense claim under Section 507(b) of the Bankruptcy Code, giving it payment priority over most other claims if the collateral's value diminishes. The order also outlines conditions under which the Debtor's right to use cash collateral will terminate automatically such as if the case is dismissed or converted to Chapter 7, or if a Chapter 11 trustee or examiner with expanded powers is appointed. The lender retains the discretion to waive such termination events. About Joseph Mountain View Midstar LLC Joseph Mountain View Midstar, LLC is a real estate company that leases nonresidential properties, including land and other commercial parcels not classified under traditional building categories. It operates in Hurst, Texas, and is associated with the Mountain View Mall and Shops at Ardmore. The Debtor sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Case No. 25-42648) on July 22, 2025, listing between $10 million and $50 million in assets and liabilities. The Debtor is represented by Joseph Acosta, Esq., at Condon Tobin. United Texas Bank, as lender, is represented by: Jason M. Rudd, Esq. Scott D. Lawrence, Esq. Ethan A. Minshull, Esq. Catherine A. Curtis, Esq. Meghan D. Young, Esq. Wick Phillips Gould & Martin, LLP 3131 McKinney Avenue, Suite 500 Dallas, TX 75204 Phone: (214) 692-6200 Fax: (214) 692-6255 jason.rudd@wickphillips.com scott.lawrence@wickphillips.com ethan.minshull@wickphillips.com catherine.curtis@wickphillips.com meghan.young@wickphillips.com MYRTLE HOUSING: Seeks to Hire Joshua R. Bronstein as Attorney ------------------------------------------------------------- Myrtle Housing USA LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Joshua R. Bronstein & Associates PLLC as its attorneys. The firm's services include: a. give advice to the Debtor with respect to their powers and duties as a Debtor-in-Possession and the continued management of their property and affairs; b. negotiate with creditors of the Debtor and work out a plan of reorganization and take the necessary legal steps in order to effectuate such a plan including, if need be, negotiations with the creditors and other parties in interest; c. prepare the necessary answers, orders, reports and other legal papers required for the Debtor who seeks protection from its disputed and legitimate creditors under Chapter 11 of the Bankruptcy Code; d. appear before the Bankruptcy Court to protect the interests of the Debtor and to represent the Debtor in all matters pending before the Court; e. attend meetings and negotiate with representatives of creditors and other parties in interest; f. advise the Debtor in connection with any potential refinancing of secured debt and any potential sale of its assets; g. represent the Debtor in connection with obtaining post petition financing; h. take any necessary action to obtain approval of a disclosure statement and confirmation of a plan of reorganization; i. perform all other legal services for the Debtor in this Chapter 11 case which may be necessary for the preservation of the Debtor's estate and to promote the best interests of the Debtor, its creditors and estate. The firm will charge $350 per hour for its services. Bronstein received a pre-petition retainer of $2,500. As disclosed in the court filings, Bronstein does not hold or represent any interest adverse to the Debtor's estate, and is a "disinterested persons" as defined in Bankruptcy Code Sec. 101(14). The firm can be reached through: Joshua R. Bronstein, Esq. Joshua R. Bronstein & Associates PLLC 114 Soundview Drive Port Washington, NY 11050 Phone: (516) 698-0202 About Myrtle Housing USA LLC Myrtle Housing USA, LLC manages real estate at 782 Myrtle Ave Units C1 and R1 Brooklyn New York and is classified under NAICS 5313. Myrtle Housing USA filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.Y. Case No. 25-45102) on October 22, 2025, with $1 million to $10 million in assets and liabilities. Leizer Klar, member, signed the petition. Judge Nancy Hershey Lord presides over the case. Joshua Bronstein, Esq., at the Law Offices of Joshua Bronstein & Associates, PLLC represents the Debtor as legal counsel. NAUTICAL IMPORTS: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Nautical Imports, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, Fort Lauderdale Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 7, 2026, for U.S. Trustee quarterly fees and other court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with approval from the U.S. Small Business Administration. As adequate protection, the SBA and Synovus Bank will have a perfected post-petition lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. The next hearing will be held on January 7, 2026. The interim order is available at https://is.gd/8T2wXt from PacerMonitor.com. Nautical Imports' cash collateral includes cash on hand, deposit accounts, accounts receivable, and future earnings that may be subject to asserted liens. As of the petition date, the Debtor held approximately $18,329 in a deposit account at Synovus Bank and was owed about $81,828 in accounts receivable. Two creditors may assert liens on this cash collateral: the SBA, which is owed approximately $495,000 and holds a UCC filing covering substantially all personal property, and Synovus Bank, which is owed approximately $68,507 and also holds a UCC filing on inventory, equipment, and related assets. About Nautical Imports LLC Nautical Imports, LLC is a Florida-based company that imports seashells, sea-life products, and coastal-themed home decor and distributes them through multiple channels. It sells individual items through its e-commerce websites, The Seashell Company, HS Seashells and Coastal Decor Store, offering craft shells and coastal home furnishings. Nautical Imports filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24369) on December 4, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Scott M. Grossman presides over the case. Jeffrey Ainsworth, Esq., at Bransonlaw, PLLC represents the Debtor as bankruptcy counsel. NAYA STONE: Gets OK to Hire Barry S. Miller as Bankruptcy Counsel ----------------------------------------------------------------- Naya Stone, LLC received approval from the U.S. Bankruptcy Court for the District of New Jersey to employ the Law Office of Barry S. Miller, as counsel. The firm will perform all legal services necessary to effectuate a confirmed plan of reorganization, including the legal services necessary in prosecuting the adversary proceeding filed by the DIP on 8/7/25. Barry S. Miller will be paid at the hourly rate of $450. The firm will be paid a retainer in the amount of $20,000. Barry S. Miller will also be reimbursed for reasonable out-of-pocket expenses incurred. Barry S. Miller, partner of the Law Office of Barry S. Miller, assured the Court that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code and does not represent any interest adverse to the Debtor and its estates. Barry S. Miller can be reached at: Barry S. Miller, Esq. LAW OFFICE OF BARRY S. MILLER 1211 Liberty Avenue Hillside, NJ 07205 Tel: (973) 216-7030 Fax: (973) 710-3099 E-mail: bmiller@barrysmilleresq.com About Naya Stone LLC Naya Stone LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-20223) on October 15, 2024. In the Avraham Dahan, as President of Dayton Services Corp., Majority Member, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Anthony Sodono, III, Esq. at McMANIMON, SCOTLAND & BAUMANN, LLC. NB MOUNTAIN: Trustee Taps Meridian Management as Financial Advisor ------------------------------------------------------------------ Michael A. Shiner, Esq., the Chapter 11 Trustee of NB Mountain Valley, DST and its affiliate, seeks approval from the U.S. Bankruptcy Court for the Northern District of West Virginia to hire Meridian Management Partners, LLC as his financial advisor. The firm will render these services: a. assist in financial reporting matters occurring post-petition including but not limited to preparing cash flow statements, balance sheets, monthly operating reports, tax preparation and other financial and accounting documents; b. assist in the development of financial data and presentations to the Trustee, various creditors, and other third parties; c. provide strategic advice with regard to restructuring or refinancing the Debtors' obligations; and d. provide such other advisory services as are customarily provided in connection with the analysis and negotiation of a restructuring or a sale transaction, as requested and mutually agreed. The 2025 customary hourly rates charged by Meridian professionals anticipated to be assigned to this case range from $450 to $550, with an estimated blended hourly rate of $500. As disclosed in the court filings, Meridian Management Partners is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: William R. Frederick Meridian Management Partners, LLC 39 Newgate Rd Bellevue, PA 15202 Phone: (412) 251-4115 About NB Mountain Valley DST NB Mountain Valley, DST owns the Mountain Valley Apartments, a student-and professional-oriented residential complex located in Morgantown, West Virginia, near West Virginia University. NB Mountain Valley and affiliate, NB Mountain Valley Leaseco, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. W.V. Lead Case No. 25-00456) on August 19, 2025. At the time of the filing, NB Mountain Valley reported between $10 million and $50 million in both assets and liabilities while NB Mountain Valley Leaseco reported up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge David L. Bissett oversees the cases. The Debtors tapped Raines Feldman Littrell, LLP as bankruptcy counsel; Barth & Thompson as local counsel; and Meridian Management Partners, LLC as restructuring advisor. Michael A. Shiner, the Chapter 11 trustee appointed in the Debtors' cases, is represented by Tucker Arensberg, P.C. Fannie Mae, as creditor, is represented by: Jeffrey G. Wilhelm, Esq. Jessica M. Barnes, Esq. Reed Smith, LLP Reed Smith Centre 225 Fifth Avenue, Suite 1200 Pittsburgh, PA 15222 Telephone: (412) 288-3131 Facsimile: (412) 288-3063 E-mail: jwilhelm@reedsmith.com jbarnes@reedsmith.com NEW INSPIRATIONAL: Seeks to Use Cash Collateral ----------------------------------------------- New Inspirational M.B. Church, NFP asks the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, for authority to use cash collateral and provide adequate protection. The Debtor, a longstanding religious nonprofit serving about 100 families in Chicago, owns two properties: its main church facility and an adjacent mixed-use commercial building that generates rental income. That rental income -- the Debtor's primary source of operating funds -- constitutes cash collateral securing three loans originated between 2012 and 2023, now held by Old Second National Bank. These loans, totaling at least $1,225,589.65 as of the petition date, are secured by mortgages and assignments of rents that give the lender a perfected first-priority lien on both properties and their income streams. The Debtor details each loan's history, including multiple extensions, amended notes, interest rates, balloon payments, and updated loan agreements. The Debtor argues that without immediate access to the rents, it cannot pay critical expenses such as insurance, utilities, and property maintenance, risking deterioration of the buildings and disruption to tenants and church members. To adequately protect the lender's interest, the Debtor offers replacement liens, periodic financial reporting, strict compliance with a proposed budget within a 10% variance, and monthly adequate protection payments of $13,000 from its debtor-in-possession account. The Debtor also outlines numerous conditions that would automatically terminate the Debtor's right to use cash collateral, including conversion to Chapter 7, stay relief, appointment of a trustee, or any challenge to the lender's liens. Because any delay would cause immediate and irreparable harm, the Debtor requests expedited interim approval before January 6, 2025, followed by a final hearing within 30 days and a waiver of the Rule 6004(h) stay so the order can take effect immediately. A copy of the motion is available at https://urlcurt.com/u?l=cqthuC from PacerMonitor.com. About New Inspirational M.B. Church, NFP New Inspirational M.B. Church, NFP is a nonprofit religious organization based in Chicago, Illinois. The church conducts worship services and community outreach programs including food assistance, senior support, and local relief efforts. New Inspirational M.B. Church, NFP sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-17418) on November 11, 2025. In its petition, the Debtor reports estimated assets in the range of $1,000,001â€“$10,000,000 and estimated liabilities in the range of $1,000,001-$10,000,000. Honorable Bankruptcy Judge Timothy A. Barnes handles the case. The Debtor is represented by Laxmi P. Sarathy, Esq. of Whitestone, P.C. NEWPORT OVERLOOK: Case Summary & Four Unsecured Creditors --------------------------------------------------------- Debtor: Newport Overlook Association, Inc. 150 Bay View Drive Jamestown, RI 02835 Business Description: Newport Overlook Association provides real estate brokerage services, assisting clients in buying, selling, and leasing residential and commercial properties. Chapter 11 Petition Date: December 17, 2025 Court: United States Bankruptcy Court District of Rhode Island Case No.: 25-11000 Judge: Hon. John A Dorsey Jr Debtor's Counsel: Richard J. Land, Esq. CHASE RUTTENBERG & FREEDMAN, LLP One Park Row, Suite 300 Providence, RI 02903 Tel: 401-453-6400 E-mail: rland@crfllp.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Amy Houle Caruso as president. A copy of the Debtor's list of four unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BWMCYEY/Newport_Overlook_Association__ribke-25-11000__0001.3.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BANV5LQ/Newport_Overlook_Association__ribke-25-11000__0001.0.pdf?mcid=tGE4TAMA NEXTGEN SLEEP: Section 341(a) Meeting of Creditors on January 6 --------------------------------------------------------------- NextGen Sleep, LLC commenced a voluntary Chapter 11 bankruptcy case on December 1, 2025, in the Western District of Oklahoma. Court records indicate the company reports liabilities totaling between $100,001 and $1,000,000, owed to 1–49 creditors. A meeting of creditors under Section 341(a) to be held on January 6, 2026 at 01:30 PM telephonically with the following call in number 888-330-1716 and passcode 2164492 (Ch 11 341 mtg). About NextGen Sleep, LLC NextGen Sleep, LLC is a sleep-focused healthcare company that provides diagnostic, therapeutic, and support services related to sleep disorders. The company offers solutions aimed at improving sleep health through clinical evaluation and treatment services. On December 1, 2025, NextGen Sleep, LLC filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-13738). The bankruptcy petition lists estimated assets ranging from $100,001 to $1,000,000, with liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge Janice D. Loyd. The Debtor is represented by Amanda R. Blackwood, Esq., of Blackwood Law Firm, PLLC. NORTHWEST WATERPROOFING: Seeks to Use Cash Collateral ----------------------------------------------------- Northwest Waterproofing, LLC asked the U.S. Bankruptcy Court for the District of Oregon for authority to use cash collateral and provide adequate protection. The Debtor identifies three secured creditors with interests in substantially all assets: U.S. Bank, which filed a comprehensive UCC-1 financing statement in June 2024 and holds the senior lien; CAN Capital Inc., which filed a junior UCC-1 in February 2025; and Vox Funding, LLC, another junior secured creditor that filed in April 2025 based on a future-receivables purchase agreement. These liens collectively encumber the Debtor's accounts, inventory, equipment, fixtures, deposit accounts, intangibles, and future proceeds. To continue operating and pursue reorganization, the Debtor requested authority under 11 U.S.C. Section 363(c)(2)(B) to use cash collateral to pay ordinary course business expenses outlined in its weekly budget through the confirmation hearing. The Debtor said it has no alternative financing sources and that denial of cash collateral authority would force liquidation at distressed values, harming the estate and all creditors. As adequate protection, the Debtor proposed replacement liens under 11 U.S.C. section361(2) on post-petition collateral of the same type that currently secures the creditors' claims, asserting that future accounts receivable will sufficiently protect their interests. A final hearing on the matter is set for December 29. Northwest Waterproofing previously received interim court approval to use cash collateral in accordance with its 30-day budget. The interim order entered on December 3 granted secured creditors replacement liens on post-petition collateral, with the same priority and scope as their pre-bankruptcy liens. About Northwest Waterproofing LLC Northwest Waterproofing LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-33899-thp11) on November 20, 2025. In the petition signed by Richard Dowers, owner, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Teresa H. Pearson oversees the case. Noah Bishop, Esq., at Bishop Bankruptcy Law, LLC, represents the Debtor as legal counsel. OFFICE PROPERTIES: Board Names Yael Duffy as CEO Effective Jan. 1 ----------------------------------------------------------------- Office Properties Income (OPI) Trust disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 15, 2025, the Board of Trustees appointed Yael Duffy, currently the President and Chief Operating Officer of the Company, as a Managing Trustee and as President and Chief Executive Officer, effective January 1, 2026. Ms. Duffy, age 46, has served as our President and Chief Operating Officer since January 1, 2024. Ms. Duffy also currently serves as an executive vice president of our manager, The RMR Group LLC, or RMR, responsible for overseeing asset management, leasing and property management functions of a portfolio of office, industrial and retail properties managed by RMR. Ms. Duffy joined RMR in 2006 and has served in various capacities with RMR since that time. Ms. Duffy has also served as president of Industrial Logistics Properties Trust, or ILPT, since January 2024 and chief operating officer of ILPT since May 2020. Effective January 1, 2026, she will serve as a managing trustee and president and chief executive officer of ILPT. Ms. Duffy succeeds Jennifer B. Clark as a Managing Trustee, who is retiring effective December 31, 2025. In connection with her retirement, Ms. Clark resigned from the Board and advised the Board that her resignation was not the result of any disagreement with the Company, its management or the Board on any matter relating to the Company's operations, policies or practices. For her service as a Managing Trustee, Ms. Duffy will be entitled to any compensation we provide to our Managing Trustees. There is no arrangement or understanding between Ms. Duffy and any other person pursuant to which Ms. Duffy was appointed as Managing Trustee or President and Chief Executive Officer, and there are no transactions, relationships or agreements between Ms. Duffy and the Company that would require disclosure pursuant to Item 404(a) of Regulation S-K promulgated under the Securities Exchange Act of 1934, as amended. Ms. Duffy does not have a family relationship with any member of the Board or any of the executive officers. About Office Properties Income (OPI) Trust Office Properties Income (OPI) Trust is a national REIT focused on owning and leasing office properties to high-credit-quality tenants in markets throughout the United States. OPI's property portfolio consists of 124 wholly owned properties located in 29 states and the District of Columbia, containing approximately 17.2 million rentable square feet. As of June 30, 2025, approximately 59% of OPI's revenues were from investment-grade-rated tenants. In 2024, OPI was named an Energy Star(R) Partner of the Year for the seventh consecutive year. OPI is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $39 billion in assets under management as of September 30, 2025, and more than 35 years of institutional experience in buying, selling, financing, and operating commercial real estate. OPI is headquartered in Newton, Massachusetts. Office Properties Income Trust and 72 affiliates filed separate petitions for Chapter 11 bankruptcy protection (Bankr. S.D. Texas Lead Case No. 25-90530) on October 30, 2025, before the Hon. Christopher M Lopez. As of Sept. 30, 2025, Office Properties Income Trust has 3,501,385,950 in total assets and$2,501,583,119 in total liabilities. The petitions were signed by John R. Castellano, their chief restructuring officer. Lawyers at Latham & Watkins LLP and Hunton Andrews Kurth LLP serve as the Debtors' counsel. Moelis & Company serves as the Debtors' investment banker and AlixPartners LLP as their restructuring advisors. Kroll Restructuring Administration LLC serves as the Debtors' claims, noticing & solicitation agent. White & Case LLP represents an ad hoc group of noteholders holding 90% senior secured notes due in September 2029 with an aggregate outstanding principal amount of $567,429,000. Milbank LLP and Porter Hedges LLP represent an ad hoc group of secured noteholders holding 3.25% senior secured notes due in 2027. Paul, Weiss, Rifkind, Wharton & Garrison LLP and Munsch Hardt Kopf & Harr, P.C. represent an ad hoc group of secured noteholders holding (a) 90% senior secured notes due in March 2029; (b) 90% senior secured notes due 2029; (c) 3.25% senior secured notes due 2027 and (d) a short position in OPI's common equity interests. Acquiom Agency Services, LLC, is the DIP agent and is represented by White & Case LLP. ORB ENERGY: Automatic Stay Does Not Apply to Bitmain's Property --------------------------------------------------------------- Judge Alfredo R. Perez of the United States Bankruptcy Court for the Southern District of Texas granted Bitmain Technologies Georgia Limited's Motion: (I) to Confirm Inapplicability of the Automatic Stay, (II) in the Alternative, for Relief from the Automatic Stay, (III) to Grant Access to Bitmain's Property, and (IV) for Related Relief. Debtor, Orb Energy Co., opposes Bitmain's motion. This case arises out of a dispute over the Debtor's possession of Bitmain's Bitcoin mining servers, hydro cooling containers, and Bitcoin mined with Bitmain's equipment. The Debtor is a Delaware corporation with a principal place of business in Van Vleck, Texas. Bitmain is a Georgia corporation with its principal place of business in Beijing, People's Republic of China. On April 11, 2024, the parties executed a document titled "Hydro Cooling Container Hosting Sale Collaboration Term Sheet." Under the Term Sheet, the parties would jointly construct a data center in accordance with Bitmain's specifications, and Orb would provide the required utilities and operate the site in exchange for compensation. Orb would also provide its services at a discount in exchange for title of the hydro cooling containers being transferred to it at the end of the three-year term. The Term Sheet additionally provided Orb with a right of first refusal in the Bitcoin mining servers. The parties later executed two separate agreements, the Hosting Sale Agreement and the Hosting Services Agreement on June 19, 2024. The HSA and the Services Agreement concern similar subject matter to the Term Sheet, namely the nature of Orb and Bitmain's relationship. Both documents contain merger clauses. And all of the agreements provided that upon adequate preparation of the data center, Bitmain would pay Orb a "Deposit" of over $700,000. Notably, the HSA provides that delivery of the Bitcoin mining servers will not occur until the data center has passed inspection by Bitmain. Once the containers and mining servers were delivered and set up, in late November or early December 2024, Orb directed the hash rate of the mining servers to a "test pool" and created a "test wallet" for the mined Bitcoin to be stored in. Bitmain deemed Orb's direction of the mining servers hash rate to the "test pool" to be a violation of the Services Agreement and sent Orb a notice of breach on December 12, 2024. At this point, Bitmain sought an amicable resolution of the situation and the avoidance of litigation.34 However, this outcome never came to fruition. Prior to Orb's bankruptcy, this dispute was the subject of litigation in the 130th Judicial District Court of Matagorda County, Texas, which began in April 2025. The state court later issued a temporary injunction on May 6, 2025. In the temporary injunction, the court found that immediate removal of the Bitcoin mining servers and hydro cooling containers would cause irreparable injury to Orb. And, among other things, the court found that both parties had alleged breach and had a probable right to relief on the merits. The temporary injunction allowed Orb to retain possession, operation, and control of the mining servers for a 60-day period, continue mining Bitcoin, and sell Bitcoin to pay for its operating expenses. The temporary injunction also required Orb to allow Bitmain to access the data center upon 24 hours written notice and provide Bitmain with records of all its Bitcoin mining activity. The temporary injunction was set to expire on July 5, 2025, but was extended to August 5, 2025. On August 5, 2025, Orb filed a voluntary petition for relief under Chapter 11 of the Bankruptcy Code. On August 6, the Debtor moved to assume its contract with Bitmain and determine the appropriate cure amount. Bitmain appeared in this case and filed an emergency motion to deem the automatic stay inapplicable. Bitmain also opposes Orb's motion to assume its contract with it. Bitmain contends that it terminated the HSA prepetition and that the Services Agreement never began. Bitmain principally argues that it terminated the contract because Orb engaged in self-mining in violation section 5.3 of Schedule B of the HSA. Orb argues that it never engaged in self-mining and contends that Bitmain could not terminate the contract because Bitmain's nonpayment of the Deposit constitutes a prior material breach and because at the time of Bitmain's termination the temporary injunction was in place. Orb, on the other hand, contends that Bitmain could not terminate the HSA because it materially breached the contract before the Bitcoin mining servers were delivered to its data center by not paying it the Deposit. Orb also contends that at the time Bitmain sent the reaffirmation of termination, the state court TI was in place and prevented termination. The Court holds that the HSA was terminated prepetition and that the automatic stay does not apply to Bitmain's property that is currently in Orb's possession, custody, or control. According to Judge Perez, "Bitmain was permitted to terminate the HSA prepetition and did so at the latest on April 3, 2025. Bitmain's failure to pay the deposit was a breach of contract, and Orb may be entitled to recover damages, perhaps even substantial damages, but it did not give Orb carte blanche to do whatever it wanted with Bitmain's property or prevent Bitmain from terminating the contract." A copy of the Court's Memorandum Opinion dated December 15, 2025, is available at https://urlcurt.com/u?l=AtiF7C from PacerMonitor.com. About Orb Energy Co. ORB Energy Co. is engaged in the business of mining Bitcoin. The Company was formed to develop a bespoke data center using proprietary infrastructure compatible only with Bitmain Technologies' equipment, following a term sheet agreement that positioned it as a designated "Bitmain Host." ORB Energy operates from a rural property where it invested in electrical and operational infrastructure to support large-scale Bitcoin mining. ORB Energy Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80363) on August 5, 2025. In its petition, the Debtor reports total assets of $70,320,000 and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Steven Shurn, Esq., at HUGHES WATTERS ASKANASE LLP. OROVILLE HOSPITAL: Taps Epiq Corporate as Claims and Noticing Agent ------------------------------------------------------------------- Oroville Hospital and affiliates seek approval from the U.S. Bankruptcy Court for the Eastern District of California to hire Epiq Corporate Restructuring, LLC as claims and noticing agent. Epiq will oversee the distribution of notices and will assist in the maintenance, processing, and docketing of proofs of claim filed in the Chapter 11 cases of the Debtors. Before the petition date, the Debtors provided Epiq a retainer in the amount of $25,000. Epiq Corporate Restructuring, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Kathryn Tran, Consulting Director EPIQ CORPORATE RESTRUCTURING, LLC 777 Third Avenue, 12th Fl. New York, NY 10017 About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. PAWSSION PET: Seeks to Hire Paul Reece Marr as Bankruptcy Counsel ----------------------------------------------------------------- Pawssion Pet Care LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Paul Reece Marr, P.C. as bankruptcy attorneys. The firm will render these services: (a) provide the Debtor with legal advice regarding its powers and duties in the continued operation and management of its affairs; (b) prepare on behalf of the Debtor the necessary legal papers pursuant to the Bankruptcy Code; and (c) perform all other legal services in the Chapter 11 bankruptcy proceeding for the Debtor which may be reasonably necessary. The firm's counsel and staff will be paid at these hourly rates: Paul Reece Marr, Attorney $475 Paralegal $275 The firm received a retainer of $15,000 from the Debtor. Mr. Marr 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: Paul Reece Mar, Esq. Paul Reece Marr, PC 6075 Barfield Road, Suite 213 Sandy Springs, GA 30328 Telephone: (770) 984-2255 Facsimile: (678) 623-5109 Email: paul.marr@marrlegal.com About Pawssion Pet Care LLC Pawssion Pet Care, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-62844) on November 3, 2025, with $500,001 to $1 million in assets and liabilities. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. PEGASUS BUILDERS: Taps St. Onge Brouillard as Real Estate Counsel ----------------------------------------------------------------- David Cummings Forkey seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ St. Onge Brouillard as real estate counsel. The counsel will provide a broad range of services, including representing buyers and sellers, handling refinances, managing new purchases and sales, addressing reverse mortgages, preparing development and building agreements, conducting title searches, resolving title issues, managing foreclosures, and handling boundary line disputes. The counsel will be paid a flat fee of $2,000 at closing for their fees and will also bill for disbursements incurred on behalf of the Debtor in connection with the closing on the real property. St. Onge Brouillard is disinterested as required by 11 U.S.C. Sec. 327(a), according to court filings. The firm can be reached through: Mark R. Brouillard, Esq. St. Onge Brouillard Fifty Route 171 Woodstock, CT 06281 Tel. (860) 928-0481 Email: MRB@bslaw.net About Pegasus Builders, Inc. Pegasus Builders Inc. is a licensed general contractor specializing in luxury custom homes and equestrian estates across Wellington and South Florida. The Company holds licenses in general contracting, engineering, and roofing, backed by over 25 years of experience in the Florida market. It serves both residential and commercial clients and actively participates in philanthropic initiatives supporting various local and national organizations. Pegasus Builders Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-16181) on May 30, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Mindy A. Mora handles the case. The Debtors are represented by Aaron Wernick, Esq. at WERNICK LAW PLLC. PHARMIX USA: Seeks Chapter 11 Bankruptcy in Florida --------------------------------------------------- Pharmix USA LLC filed a voluntary petition for relief under Chapter 11 on December 17, 2025, in the U.S. Bankruptcy Court for the Southern District of Florida. According to court documents, the Debtor reports total debt between $0 and $100,000, owed to 1 to 49 creditors. About Pharmix USA LLC Pharmix USA LLC operates as a privately held company within the pharmaceutical and healthcare industry. On December 17, 2025, Pharmix USA LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24876). The filing reflects estimated assets ranging from $0 to $100,000 and estimated liabilities in the same amount. The case is overseen by Honorable Bankruptcy Judge Laurel M. Isicoff. The Debtor is represented by Thomas G. Zeichman, Esq. PIKE CORP: S&P Withdraws 'B+' Issuer Credit Rating -------------------------------------------------- S&P Global Ratings withdrew all its ratings on Pike Corp., including the 'B+' issuer credit rating, following the repayment of its outstanding debt as part of its acquisition by TPG and La Caisse. At the time of the withdrawal, the company was on CreditWatch with negative implications. PIRAEUS FINANCIAL: S&P Raises Long-Term ICR to 'BB+' on Merger -------------------------------------------------------------- S&P Global Ratings raised its long-term issuer credit ratings on Piraeus Holdings to 'BB+' from 'BB-' and its long-term senior unsecured and subordinated ratings on Piraeus Holdings' EMTN program to 'BB+' from 'BB-' and to 'B+' from 'B-', respectively. S&P removed the long-term ratings from CreditWatch with positive implications, where they were placed Dec. 8, 2025. At the same time, S&P affirmed its 'B' short-term issuer credit ratings on the entity and program. S&P subsequently withdrew these ratings on Piraeus Holdings. In addition, S&P raised its rating on the EUR600 million junior subordinated instrument (ISIN: XS2354777265) to 'B-' from 'CCC'. On Dec. 19, 2025, Piraeus Bank S.A. and Piraeus Holdings completed their legal merger. Piraeus Bank absorbed Piraeus Holdings, assuming all its assets and liabilities (which are predominantly capital instruments). This was the impetus behind our two-notch upgrades. S&P said, "We subsequently withdrew the ratings on Piraeus Holdings and its EMTN program, as the entity ceased to exist. Our issue rating on the EUR600 million junior subordinated instrument (ISIN: XS2354777265) remains outstanding. We raised the rating to 'B-' from 'CCC', as the obligor is now Piraeus Bank." PREHIRED LLC: Court Tosses Former CEO's Suit Against Trustee ------------------------------------------------------------ Judge Thomas M. Horan of the United States Bankruptcy Court for the District of Delaware dismissed the second amended complaint filed by Joshua Jordan, the debtors' former Chief Executive Officer, in the adversary proceeding captioned as JOSHUA JORDAN, Plaintiff, v. DON A. BESKRONE, solely in his capacity as Chapter 7 Trustee, Defendant, DON A. BESKRONE, solely in his capacity as Chapter 7 Trustee, Counterclaim-Plaintiff and Third-Party Complaint Plaintiff, v. JOSHUA JORDAN, Counterclaim-Defendant, and FOURLETTER, LLC, Third-Party Defendant, Adv. Proc. No. 24-50178-TMH (Bankr. D. Del.). In a previous opinion, the Bankruptcy Court determined that Jordan violated the automatic stay when he logged in to a debtor bank account without authorization and withdrew the funds in the account. He then directed those funds to a business that apparently is related to Jordan, which then spent the money. The Bankruptcy Court also determined that the chapter 7 trustee, Don Beskrone, acted in his official capacity when he sought to recover the funds from Jordan. Furthermore, it ruled that Beskrone's actions in this regard were "expressly permitted" and "warranted" under applicable professional conduct rules. Jordan admits that in December 2023, he logged into a bank account held by certain of the debtors at Wells Fargo Bank. Jordan also admits that he withdrew $74,000 from the account and transferred the funds to a separate entity, FourLetter LLC, which then spent the money. On October 10, 2024, the Trustee sent Jordan a letter demanding that Jordan return the transferred funds. In the demand letter, the Trustee notified Jordan that the withdrawal was improper and unlawful and made in violation of the automatic stay. He sought return of the funds. Despite the impropriety of Jordan's actions, he has sued Beskrone for Beskrone's actions when he sought to recover the money that Jordan took from the debtors' estates. Three days after the Trustee's reply to Jordan, Jordan filed his initial complaint asserting claims against the Trustee. Shortly before the deadline to respond to the counter claims, Jordan filed the first amended complaint. The first amended complaint sought a declaratory judgment that the transferred funds were not property of the bankruptcy estate and brought several duty-based claims against the Trustee, seeking compensatory and punitive relief in the amount of $4,600,000. On January 10, 2025, Jordan dismissed the claims against Beskrone and his law partner in their individual capacities, leaving Beskrone in his capacity as chapter 7 trustee as the sole defendant. Three days earlier, on January 7, 2025, Jordan filed a complaint in the United States District Court for the District of Delaware against Beskrone and his law partner, in their individual capacities. On April 23, 2025, after receiving leave from the Banriuptcy Court, Jordan filed his second amended complaint. The causes of action in Jordan's second amended complaint include: (i) a declaratory judgment that the Wells Fargo account and the transferred funds were not property of the estate; (ii) judicial estoppel seeking to estop the Trustee from claiming the transferred property as property of the estate; (iii) equitable estoppel seeking to preclude the Trustee from claiming the transferred property as property of the estate; (iv) breach of the Trustee's fiduciary duties to the estate; and (v) a finding for gross negligence and breach of the Trustee's statutory duties. Jordan seeks compensatory relief and monetary damages along with declaratory relief. The Trustee moves to dismiss the complaint under Rule 12(b)(6) of the Federal Rules of Civil Procedure, each of which is made applicable to this adversary proceeding by Federal Rule of Bankruptcy Procedure 7012(b). According to the Bankruptcy Court, the allegations set forth in the second amended complaint are inadequate to set forth a plausible claim that the account was not property of the estate. Therefore, Count I of the second amended complaint is dismissed. In Count II, Jordan alleges that the Trustee is judicially estopped from asserting a position inconsistent with the one taken in the stipulated judgment. Judicial estoppel, however, is an equitable defensive doctrine. It is not a vehicle for affirmative relief. Therefore, this claim fails. There is no plausible allegation of a clearly inconsistent position, that the court was misled, or that an unfair advantage has been gained. Count II is dismissed. Count III is a claim for equitable estoppel. Jordan argues that the Trustee should be precluded from recovering the funds in the Wells Fargo account based on prior conduct that Jordan contends misled him regarding the status of the funds. Even if equitable estoppel is a basis for affirmative relief, Jordan does not allege facts sufficient to plausibly plead such a cause of action. Accordingly, Count III is dismissed. In Count IV, Jordan alleges that the Trustee has breached certain fiduciary duties. Similarly, in Count V, he alleges the Trustee was grossly negligent in the performance of his statutory duties. According to the Bankruptcy Court, Jordan's claims fail because the Trustee is immune from the breach of fiduciary duties claim. As to Count V, even if Jordan were able to establish that the Trustee's statutory duties were duties owed to him, he has not adequately pleaded that such violations were the proximate cause of any damages, the Bankruptcy Court finds. The Trustee is entitled to qualified immunity for all his alleged actions. Counts IV and V are dismissed The Bankruptcy Court concludes, because Jordan fails to state any claim upon which relief can be granted, the motion to dismiss is granted. A copy of the Court's Memorandum Opinion dated December 12, 2025, is available at https://urlcurt.com/u?l=uZwaYK from PacerMonitor.com. About Prehired LLC Prehired, LLC ws a company in Dover, Del., which trained persons to sell software. Prehired and its affiliates filed petitions for relief under Subchapter V of Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 22-11293) on Sept. 28, 2022, with up to $10 million in both assets and liabilities. On Oct. 26, 2022, the cases were transferred to the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Lead Case No. 22-11007). Jami B. Nimeroff serves as Subchapter V trustee. Judge John T. Dorsey oversaw the cases. John J. Keenan, Esq., at Warren Law Group and Pashman Stein Walder Hayden, P.C. served as the Debtors' bankruptcy counsel and Delaware counsel, respectively. The case was converted to Chapter 7 on Nov. 2, 2022. Don Beskrone is the interim chapter 7 trustee. RAD POWER: Seeks Chap. 11 Bankruptcy, To Sell Company ----------------------------------------------------- Andrew J. Hawkins of The Verge reports that electric bicycle maker Rad Power Bikes has filed for Chapter 11 bankruptcy, marking a sharp downturn for what was once the leading e-bike brand in the U.S. The filing follows the company's admission last November 2025 that it lacked the funds to conduct a recall of older batteries deemed a fire risk by federal regulators. The case was filed in the Eastern District of Washington, where Rad Power is headquartered. Court records show the company has about $32.1 million in assets against $72.8 million in liabilities, with inventory valued at approximately $14.2 million, according to industry publication Bicycle Retailer. Rad Power was founded in 2015 by Mike Radenbaugh and quickly expanded its product lineup to include popular models such as the RadRover and RadRunner. Investor enthusiasm surged during the pandemic, helping the company raise an estimated $329 million from firms including Fidelity and Morgan Stanley, the report states. However, the post-pandemic slowdown exposed operational weaknesses. Supply chain issues, repeated recalls, layoffs, and leadership changes strained finances, and a CPSC warning citing 31 battery-related fires added further pressure. Despite the bankruptcy, Rad Power says it will continue selling bikes while restructuring and pursuing a potential sale. About Rad Power Bikes Rad Power Bikes is a U.S.-based electric bicycle company known for producing a wide range of e-bikes for urban commuting, recreation, and cargo hauling. Rad Power Bikes sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wash. Case No. 25-02183) on December 15, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. The Debtor is represented by Armand J. Kornfeld, Esq. of Bush Kornfeld LLP. REALOGIC SOLUTIONS: Seeks Chapter 7 Bankruptcy in Pennsylvania -------------------------------------------------------------- On December 16, 2025, Realogic Solutions LLC filed for Chapter 7 protection in the Western District of Pennsylvania. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1-49 creditors. About Realogic Solutions LLC Realogic Solutions LLC is a privately held company that provides technology-driven business solutions and consulting services. The company focuses on delivering data analytics, operational support, and customized solutions designed to improve efficiency and decision-making for its clients. Realogic Solutions LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-23384) on December 16, 2025. In its petition, the Debtor reports estimated assets in the range of $0-$100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John C. Melaragno handles the case. The Debtor is represented by David L. Fuchs, Esq. of Fuchs Law Office, LLC. REATON HOMES: Application to Employ Richard Cook as Attorney OK'd ----------------------------------------------------------------- Reaton Homes, LLC received approval from the U.S. Bankruptcy Court for the Eastern District of Arkansas to hire Richard P. Cook and Richard P. Cook, PLLC, as attorney for the Debtor in its Chapter 11 case. The firm's services include: (a) analyze the Debtor's financial situation and render advice and assistance in determining whether to file a petition under Title 11 of the United States Code; (b) prepare and file any petition, schedule, statement of affairs, plan of reorganization, and other documents required by the court; (c) represent the Debtor at the meeting of creditors, confirmation hearing and any adjourned hearings thereof; and (d) represent the Debtor in adversary proceedings and other contested bankruptcy matters. The firm will be paid at these hourly rates: Richard Cook, Attorney $400 Paralegal $100 In addition, the firm will seek reimbursement for expenses incurred. Rhea Reaves, the spouse of member Christopher Reaves, on behalf of the Debtor, paid $2,200 to the firm prior to the filing of this Chapter 11 case. Mr. Cook disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Richard P. Cook, Esq. Richard P. Cook, PLLC 7036 Wrightsville Ave, Suite 101 Wilmington, NC 28403 Telephone: (910) 399-3458 Email: Richard@CapeFearDebtRelief.com A copy of the Court's Order dated December 8, 2025, is available at https://urlcurt.com/u?l=zDYas1 from PacerMonitor.com. About Reaton Homes LLC Reaton Homes, LLC, formerly doing business as Reaton Property Management, engages in residential real estate development and property management. It builds, sells, and manages single-family homes and other residential properties in the Raleigh Durham area of North Carolina. Reaton Homes filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-04217) on October 24, 2025, with $1 million to $10 million in assets and liabilities. Harry Kyle Poston, managing member, signed the petition. Richard P. Cook, Esq., at Richard P. Cook, PLLC represents the Debtor as counsel. REDEFYNE MOVING: Taps Michael D. O'Brien & Associates as Counsel ---------------------------------------------------------------- Redefyne Moving, LLC seeks approval from the U.S. Bankruptcy Court for the District of Oregon to hire Michael D. O'Brien & Associates, P.C. as counsel. The firm's services include: (a) negotiate financing orders; (b) obtain authorization for use of cash collateral; (c) review and evaluate the status and validity of secured claims; (d) litigate implementing their avoidance powers; and (e) formulate a plan of reorganization. The firm will be paid at these hourly rates: Michael O'Brien, Partner $495 Theodore Piteo, Partner $450 Associate Attorney $300 Hugo Zollman, Senior Paralegal $185 Lauren Gary, Paralegal $125 Law Clerks $160 Paralegals $125 to $200 Support Staff $60 to $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $35,000 from the Debtor. Mr. Piteo 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: Theodore J. Piteo, Esq. Michael D. O'Brien & Associates PC 7609 SW Beveland Rd. Portland, OR 97223 Phone: (503) 786-3800 About Redefyne Moving, LLC Redefyne Moving, LLC, based in Clackamas, Oregon, provides residential and commercial moving services, including local and long-distance relocations, packing, and storage solutions, operating within the transportation and logistics sector. Redefyne Moving, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Ore. Case No. 25-34096) on December 9, 2025, listing $219,880 in assets and $2,242,085 in liabilities. The petition was signed by Aaron Schaller as member. Judge Teresa H Pearson presides over the case. Theodore J. Piteo, Esq. at MICHAEL D. O'BRIEN & ASSOCIATES PC represents the Debtor as counsel. REVA HOSPITALITY: Voluntary Chapter 11 Case Summary --------------------------------------------------- Debtor: Reva Hospitality Bossier, LLC 2591 Dallas Parkway Frisco, TX 75034 Business Description: Reva Hospitality Bossier LLC is a privately held company with its main assets located in Bossier City, Louisiana. Chapter 11 Petition Date: December 17, 2025 Court: United States Bankruptcy Court Eastern District of Texas Case No.: 25-43822 Debtor's Counsel: Joyce Lindauer, Esq. JOYCE W. LINDAUER ATTORNEY, PLLC 117 S. Dallas St. Ennis TX 75119 Tel: (972) 503-4033 E-mail: joyce@joycelindauer.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $500,000 to $1 million The petition was signed by Darrell Mackey as manager. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. https://www.pacermonitor.com/view/6GX2XEA/Reva_Hospitality_Bossier_LLC__txebke-25-43822__0004.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2UBDK6I/Reva_Hospitality_Bossier_LLC__txebke-25-43822__0001.0.pdf?mcid=tGE4TAMA ROCK REGIONAL: Hires Prelle Eron & Bailey as Bankruptcy Counsel --------------------------------------------------------------- Rock Regional Hospital, LLC seeks approval from the U.S. Bankruptcy Court for the District of Kansas to hire Prelle Eron & Bailey, P.A., as its Chapter 11 counsel. The firm's services include: a) advising Debtor of its rights, powers and duties as Debtor and Debtor-in-Possession; b) advising Debtor concerning and assisting in the negotiation and documentation of financing agreements, cash collateral orders, and related transactions; c) investigating into the nature and validity of liens asserted against the Debtor, and advising Debtor concerning the enforceability of said liens; d) investigating and advising Debtor concerning and taking such action as may be necessary to collect income and assets in accordance with applicable law, and recover property for the benefit of the estate; e) preparing on behalf of Debtor such applications, motions, pleadings, orders, notices, schedules and other documents as may be necessary and appropriate, and reviewing the financial and other reports to be filed; f) advising Debtor concerning and preparing responses to applications, motions, pleadings, notices and other documents which may be filed and served; g) counseling Debtor in connection with the formulation, negotiation and promulgation of a Chapter 11 plan or plans and related documents; and, h) performing such other legal services for and on behalf of Debtor as may be necessary or appropriate in the administration of the case. The firm will be paid at these rates: David Prelle Eron $450 per hour January Bailey $315 per hour Michael Fowler $250 per hour Laura Prelle $140 per hour Paralegal/Legal Assistant $115 per hour Prelle Eron & Bailey, P.A. had received a fee and cost retainer in the amount of $100,000. Prelle Eron & Bailey, P.A. is a "disinterested person" within the meaning of 11 U.S.C. 101(14), according to court filings. The firm can be reached through: David Prelle Eron, Esq. January Bailey, Esq. Prelle Eron & Bailey, P.A. 301 N. Main St., Suite 2000 Wichita, KS 67202 Telephone: (316) 262-5500 Facsimile: (316) 262-5559 Email: david@eronlaw.net About Rock Regional Hospital LLC Rock Regional Hospital, LLC operates an acute-care medical facility in Derby, Kansas, providing emergency services, inpatient and outpatient care, surgical procedures, diagnostic imaging, and laboratory services. The hospital's campus includes operating suites, heart catheterization labs, intensive-care units and private patient rooms supporting a broad range of clinical specialties. It serves communities in south-central Kansas through its healthcare delivery operations. Rock Regional Hospital LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-11362) on December 7, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and 100 million. Honorable Bankruptcy Judge Mitchell L. Herren handles the case. The Debtor is represented by David Thomas Prelle Eron, Esq. of PRELLE ERON & BAILEY, P.A. ROCKFORD SILK: Gets Interim OK to Use Cash Collateral Until Jan. 10 ------------------------------------------------------------------- Rockford Silk Screen Process, Inc. received fifth interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Western Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral only within the approved budget through January 10, 2026. As adequate protection, Northwest Bank of Rockford will be granted a first position, fully-perfected security interest in and replacement lien on the debtor-in-possession account and all of property of the Debtor whether acquired before or after its Chapter 11 filing, subject only to valid pre-bankruptcy purchase money security interests, if any. In addition, Northwest Bank will receive payment of $50,000 as adequate protection following entry of the fourth interim order and weekly payment of $2,800 until a bankruptcy plan is confirmed. In case protection proves insufficient, the bank will receive a superpriority administrative claim. Northwest Bank is not allowed to apply funds in the debtor-in-possession (DIP) account or offset any balance owed without prior written consent of the Debtor or order of the court. Any sale of collateral outside the ordinary course requires lender consent or a court order. A status hearing is set for January 7, 2026. The fourth interim order is available at https://shorturl.at/Qu8BN from PacerMonitor.com. Rockford, a 70-year-old Illinois-based printing company headquartered in Loves Park, employs approximately 40 individuals and reported revenues of $8.3 million in 2024. Facing increasing creditor pressure and a threat of receivership from its secured lender, the Debtor filed for Chapter 11 protection on September 17, 2025. The Debtor has identified two major secured creditors: Northwest Bank of Rockford, owed approximately $2,038,120, and the U.S. Small Business Administration, which holds a subordinate lien of approximately $1,954,566. About Rockford Silk Screen Process Inc. Rockford Silk Screen Process, Inc. operates a custom printing business from 6201 Material Avenue, Loves Park, Illinois, providing silk screen, digital, and large-format printing services. The Company serves corporate and franchise clients across North America, offering products including decals, nameplates, electronic overlays, signage, and fleet graphics, and supports project management, creative design, and installation for vehicle fleets. With over 40 years of experience in the print industry, Rockford Silk Screen Process utilizes both traditional and advanced printing technologies from its 100,000+ square foot facility. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-81268) on September 17, 2025. In the petition signed by Jason Yost, president, the Debtor disclosed $3,339,844 in assets and $6,456,627 in liabilities. Judge Thomas M. Lynch oversees the case. George P. Hampilos, Esq., at Hampilos & Associates, Ltd., is the Debtor's legal counsel. ROSS INTERNATIONAL: Hires Pacifica Properties Group as Broker ------------------------------------------------------------- Ross International seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Pacifica Properties Group Inc. as its real estate broker. The firm will sell the Debtor's real estate located at 207 South Poinsettia Avenue Manhattan Beach, California 91302. The broker's commission is equal to 2.5 percent of the purchase price. Darrin O' Hanlon, real estate agent with Pacifica Properties Group, assured the court that the firm is a "disinterested person" within the meaning of 121 U.S.C. 101(14). The firm can be reached through: Darrin O' Hanlon Pacifica Properties Group Inc. 905 Manhattan Beach Blvd. Manhattan Beach, CA 90266 Phone: (310) 800-4818 Email: ohanlon@yahoo.com About Ross International Ross International holds an equitable interest in 207 S. Poinsettia Ave, Manhattan Beach, CA 90266, with the current value of its stake estimated at $6 million. Ross International filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20184) on November 14, 2025. At the time of filing, the Debtor estimated $6,020,000 in assets and $5,001,466 in liabilities. The petition was signed by Joseph D. Ross as CEO. Judge Mindy A Mora presides over the case. Stella A Havkin, Esq. at Havkin & Shrago represents the Debtor as counsel. RUSS'S MULCH: Unsecureds Will Get 100% of Claims over 36 Months --------------------------------------------------------------- Russ's Mulch & Trucking LLC filed with the U.S. Bankruptcy Court for the Eastern District of Wisconsin a Plan of Reorganization dated December 11, 2025. The Debtor is a Wisconsin limited liability company formed on November 4, 2021, by Brian Hansen, the Debtor's sole owner and member. The Debtor operates in a niche market: it supplies dump trucks to other companies, and Russ Mulch and Topsoil, Inc. supply Mulch and topsoil to homeowners. For Russ's Mulch & Trucking LLC, outside companies hire the Debtor to use their dump trucks as subcontractors. The Debtor has IRS issues, owing over $700,000. They retained a law firm to attempt to resolve the matter, but were unsuccessful, and the IRS was levying on their assets and accounts receivable. This would have shut the Debtor's business down in September of 2025. Thus the Debtor was forced to seek to reorganize in Chapter 11. The Debtor seeks to restructure in Chapter 11 and reorganize and emerge from Chapter 11 to continue as a profitable business. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $60,920.00. The final Plan payment is expected to be paid 36 months from the effective date. This Plan of Reorganization under Chapter 11 of the Code proposes to pay creditors of Russ's Mulch & Trucking LLC from cash flow from business operations, future receivables, and current cash on hand, over the next three-year period beginning thirty days following the effective date of the Plan in accordance with section 1191(c)(2)(B). Non-priority unsecured creditors holding allowed claims will receive distributions, valued by the proponent of this Plan at approximately 100 cents on the dollar. This Plan provides for full payment of administrative expenses and priority claims. Class 6 consists of all general unsecured claims against the Debtor, including Classes 1 NonPriority Portion of the IRS Claim ($11,840.76). The combined claims in this class are $229,411.37. This class will be paid over 36 months commencing on 30 days after the effective date of the Plan at $6,440.70 per month, paid quarterly at $19,322.10, to pay this class of nonpriority general unsecured claims in full (100%). Class 7 consists of Equity Security Holders of the Debtor Equity Security Holders will not receive a distribution under the Plan. This class is impaired. The Plan will be funded by the cash flow of the business following the effective date of the Plan. Brian Hansen as 100% owner of the reorganized Debtor, will act as the officer who will implement the plan on behalf of the Debtor. A full-text copy of the Plan of Reorganization dated December 11, 2025 is available at https://urlcurt.com/u?l=fyVKPN from PacerMonitor.com at no charge. Counsel to the Debtor: J. Kevin Benjamin, Esq. Benjamin Legal Services PLC 1016 West Jackson Blvd. Chicago, IL 60607-2914 Tel: (312) 853-3100 Email: attorneys@benjaminlaw.com About Russ's Mulch & Trucking LLC Russ's Mulch & Trucking LLC provides general freight trucking services in Wisconsin, focusing on the intrastate transport of bulk and general freight materials. Russ's Mulch & Trucking LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Wis. Case No. 25-25134) on September 12, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Rachel M. Blise handles the case. The Debtor is represented by Kevin Benjamin, Esq. at Benjamin Legal Services PLC. SAI BHOLE-NATH: Hires Ferguson Braswell PC as Bankruptcy Counsel ---------------------------------------------------------------- Sai Bhole-Nath Hotels, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the Northern District of Texas to hire Ferguson Braswell Fraser Kubasta PC as counsel. The firm will advise and represent the Debtors in the Chapter 11 Cases. Ferguson will charge for time at its normal billing rates for attorneys and legal assistants and will request reimbursement for its out-of-pocket expenses. The firm received retainer funds of $75,000 from the Debtors. Ferguson Braswell Fraser Kubasta PC does not hold or represent any other known or reasonably ascertainable interest adverse to the Debtors’ estates with respect to the matters upon which it is to be engaged, according to court filings. The firm can be reached through: Megan F. Clontz, Esq. Rachael L. Smiley, Esq. Sabrina M. March, Esq. FERGUSON BRASWELL FRASER KUBASTA PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 Tel: (972) 378-9111 Fax: (972) 378-9115 Email: mclontz@fbfk.law Email: rsmiley@fbfk.law Email: smarch@fbfk.law About Sai Bhole-Nath Hotels Sai Bhole-Nath Hotels, Inc., a Georgia corporation founded in 2015 by Chetan "Chaz" Patel and Bhartiben "Bharti" Patel, operates the Baymont by Wyndham Lubbock - Downtown Civic Center in Lubbock, Texas. The 138-room limited-service hotel features an outdoor pool, business center, and parking, and was acquired in 2019 for approximately $4.8 million. Sai Krupa Hospitality, LLC, a Texas limited liability company formed in 2020 with Chetan Patel as manager, owns the La Quinta Inn by Wyndham and Conference Center San Angelo. The 173-room limited-service hotel, located near Angelo State University, includes a pool, meeting facilities, and daily breakfast, and was purchased in 2021 for approximately $4.8 million. Sai Krupa Hospitality, LLC and Sai Shyam Hotels, LLC, a Texas limited liability company formed in 2021 with Chetan Patel as manager, operates the Motel 6 San Angelo Texas. The 98-room limited-service hotel offers an outdoor pool, Wi-Fi, and guest laundry, and was acquired in 2021 for approximately $2.8 million. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Lead Case 25-50333) on December 1, 2025. At the time of the filing, Sai Bhole-Nath Hotels disclosed $4,301,544 in total assets and $2,999,222 in total liabilities. Ferguson Braswell Fraser Kubasta, PC represents the Debtor as legal counsel. SAN MATEO IG: Court OKs Final Use of Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, McAllen Division, granted San Mateo IG, LLC final approval to use cash collateral to fund operations. The final order authorized the Debtor to utilize cash collateral for the expenditures outlined in its budget. Additionally, the Debtor was authorized to pay monthly payments of $1,000 to the Subchapter V trustee from cash collateral. The Debtor projects total monthly operational expenses of $4,750.00. ABL RPC Residential Credit Acquisition, LLC is recognized as a secured creditor with perfected liens on 12 parcels of real property and related rents. ABL will be granted replacement liens on all post-petition rents as adequate protection. All rental income must be deposited into the DIP account and used only for authorized purposes, with any excess rents remaining subject to ABL's liens unless otherwise agreed or applied under a confirmed plan. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/3b72w from PacerMonitor.com. About San Mateo IG San Mateo IG, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Case No. 25-70219) on August 4, 2025, with $1,000,001 to $10 million in assets and liabilities. Judge Eduardo V. Rodriguez presides over the case. Michael G. Colvard, Esq. at Martin & Drought, P.C. represents the Debtor as legal counsel. ABL RPC Residential Credit Acquisition, LLC, as secured creditor is represented by: Travis H Gray, Esq. Jack O'Boyle & Associates P.O. Box 815369 Dallas, TX 75381 Phone: 972.247.0653 Fax: 972.247.0642 ecf@jackoboyle.com SASAS HOSPITALITY: Court Extends Cash Collateral Access to Jan. 8 ----------------------------------------------------------------- SASAS Hospitality, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois to use cash collateral until January 8, 2026, marking the 11th extension since its Chapter 11 filing. The 11th interim order authorized the Debtor to use the cash collateral of its senior secured creditor, Albany Bank & Trust Company, N.A., to pay the expenses set forth in its budget, subject to a 10% variance. As protection, Albany was granted a valid, perfected and enforceable first-priority security interest on assets of the Debtor in which it held a security interest and lien as of the petition date, including, without limitation, cash resulting from the Debtor's operations. The Debtor must not borrow, obtain credit, financing or other credit during the pendency of the interim order, and must not allow any liens to attach to the collateral. All post-petition fees owed to Best Western International, Inc. under a 2017 membership agreement must be paid in full monthly in the ordinary course, outside the budget limits. The next hearing is scheduled for January 7, 2026, with objections due by January 5, 2026. The Debtor owns and operates a hotel located at 5105 S. Howell Avenue, Milwaukee, Wisconsin. The Debtor asserts that the value of the hotel and real estate is in excess of $7 million. A lien exists for the property in favor of Albany, which has a loan with the Debtor with a balance of $4,765,754.43. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/lQIav from PacerMonitor.com. About SASAS Hospitality LLC SASAS Hospitality, LLC is a hospitality company that owns a property at 5105 S Howell Ave, Milwaukee, Wis. SASAS Hospitality filed Chapter 11 petition (Bankr. N.D. Ga. Case No. 25-03643) on March 10, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jacqueline P. Cox handles the case. Paul M. Bach, Esq., at Bach Law Offices is the Debtor's bankruptcy counsel. Albany Bank & Trust Company, as secured creditor, is represented by: David A. Golin, Esq. Saul Ewing, LLP 161 North Clark Street, Suite 4200 Chicago, IL 60601 Phone: (312) 876-7100 david.golin@saul.com SASH GROUP: Gets Interim OK to Use Cash Collateral Until Jan. 30 ---------------------------------------------------------------- Sash Group, Inc. got the green light from the U.S. Bankruptcy Court for the Southern District of California, San Diego, to use cash collateral. The court authorized the Debtor to use cash collateral only for expenses listed in the budget covering the period through January 30, 2026. Specifically, the court explicitly excluded authorization for payment of professional fees or expenses during this interim period, which requires a separate order. The Debtor may use proceeds from inventory sales in the U.S. and Canada but must promptly reimburse MFD for contract costs and related charges and share purchase orders for verification. The debtor is permitted to exceed individual budget line items by up to 15%, provided it does not spend outside the approved expense categories. As protection for the use of their cash collateral, secured creditors including Manufactured Networks, Inc. and the U.S. Small Business Administration were granted replacement liens. In addition, Manufactured Networks and SBA will receive monthly payments of $5,000 and $731, respectively, by December 15, 2025 and January 15, 2026. The next hearing is scheduled for January 26, 2026. Manufactured Networks is represented by: Steven N. Kurtz, Esq. J. Alexandra Rhim, Esq. Levinson Arshonsky Kurtz & Komsky, LLP 15303 Ventura Blvd., Suite 1650 Sherman Oaks, CA 91403 Telephone: (818) 382-3434 Facsimile: (818) 382-3433 arhim@lakklawyers.com About Sash Group Inc. Sash Group Inc. is the San Diego-based company behind 'The Sash Bag' brand of crossbody handbags and accessories. Sash Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01150) on March 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 milliion and $10 million each. The Debtor is represented by: Matthew D. Resnik Rhm Law LLP Tel: 818-285-0100 Email: matt@rhmfirm.com SCRIPPS TWO: Seeks to Hire Gabriel Liberman as Bankruptcy Counsel ----------------------------------------------------------------- Scripps Two, LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to hire the Law Offices of Gabriel Liberman, APC to handle the bankruptcy proceedings. The firm will be paid at these rates: Gabriel E. Liberman $425 per hour Paraprofessionals $150 per hour The firm received a retainer in the amount of $40,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Gabriel E. Liberman, Esq., a partner at Law Offices Of Gabriel Liberman, APC, 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: Gabriel E. Liberman, Esq. Law Offices Of Gabriel Liberman, APC 1545 River Park Drive, Ste 530 Sacramento, CA 95815 Tel: (916) 485-1111 Email: attorney@4851111.com About Scripps Two, LLC Scripps Two, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26371) on November 12, 2025. In the petition signed by Jeffrey Berger, managing member, the Debtor disclosed up to $50 million in both assets and liabilities. Gabriel E. Liberman, Esq., at Law Offices of Gabriel Liberman, APC, represents the Debtor as legal counsel. SK INDUSTRIES: Unsecured Creditors to Split $10K in Plan -------------------------------------------------------- SK Industries, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement with respect to Chapter 11 Plan dated December 11, 2025. The Debtor owns and operates a fitness facility in Pensacola, Florida. The Debtor's owner operates another fitness facility in California which experienced significant financial issues resulting in harm to the Debtor's business operations. Additionally, the variable interest rate on the Debtor's loan with Regions Bank and the general rising costs of business operations led to the Debtor falling behind on payments and Regions Bank filing a foreclosure action against the Debtor and others prepetition. This, among other minor factors, led the Debtor to seek bankruptcy protection and attempt to reorganize. During the case, the Debtor has reached an agreement on adequate protection payments and the use of cash collateral with Regions Bank. The Debtor has stabilized its operations and is well positioned for a successful reorganization. The bankruptcy case has allowed the Debtor's cash flow to stabilize in a way that will allow the Debtor to comfortably make payments under the Plan. This Plan provides for six total classes of claims. This Plan also provides for the payment of administrative and priority claims in full. Class 5 consists of General Unsecured Claims. General creditors include U.S. Bank National Association: $10,006.97; Patricia Jean Jewell: $547.00; JPMorgan Chase Bank, N.A.: $71,000.00; Credibly: $86,524.31; Mark Downey: $500,000.00; Marlin Leasing Corporation: $57,422.56; and Guard Your Claim: $16,000.00. The class of general unsecured claims shall receive a total dividend of $10,000.00 paid pro rata among the creditors in this class. Payments shall commence on the fifteenth day of the month, on the first month that begins more than ninety days after the Effective Date and shall continue quarterly for nineteen additional quarters. The Debtor shall pay a total of $500.00 per quarter (disbursed pro-rata). This Class is impaired. Class 6 consists of Equity Security Holder Sangeeth Karai. Post confirmation, Mr. Karai will continue to receive the monthly salary this Court approved pre-confirmation. The Debtor will fund the plan from its continued operations. A full-text copy of the Disclosure Statement dated December 11, 2025 is available at https://urlcurt.com/u?l=WCgHYd from PacerMonitor.com at no charge. Attorneys for the Debtor: Bruner Wright, P.A. Byron Wright III, Esq. Robert C. Bruner, Esq. Samantha A. Kelley, Esq. 2868 Remington Green Circle Suite B Tallahassee, FL 32308 Office: (850) 385-0342 Fax: (850) 270-2441 About SK Industries LLC SK Industries, LLC, doing business as Pensacola Athletic Center, is a comprehensive fitness facility offering 24-hour gym access, personal training, childcare services, tennis courts, swimming pools, and group fitness classes. The family-owned business has been serving the Pensacola community since 1985, with a focus on health and wellness for individuals of all ages. SK Industries filed Chapter 11 petition (Bankr. N.D. Fla. Case No. 25-30138) on Feb. 18, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Jerry C. Oldshue, Jr. oversees the case. The Debtor is represented by Byron W. Wright III, Esq., at Bruner Wright, P.A. Regions Bank, as lender, is represented by: Dana L. Robbins-Boehner, Esq. Burr & Forman, LLP 201 North Franklin Street, Suite 3200 Tampa, FL 33602 (813) 221-2626 (voice) (813) 221-7335 (fax) drobbins-boehner@burr.com SOUTHERN TREE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Southern Tree Professionals, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from December 10 until the final hearing scheduled for January 8, 2026. The Debtor needs to use cash collateral, which consists of substantially all of its revenue, to continue operating its land-clearing, tree-removal, recycling, and mulch business while in Chapter 11. As adequate protection, lenders with valid pre-bankruptcy liens will be granted replacement liens on property acquired by the Debtor after the petition date that is similar to their pre-bankruptcy collateral. These replacement liens exclude proceeds of avoidance actions under Chapter 5 of the Bankruptcy Code. The interim order is available at https://is.gd/MpyckF from PacerMonitor.com. Southern Tree Professionals' financial distress began in 2024 when an attempted expansion created cash-flow problems, forcing the business to rely on merchant cash advances and loans that ultimately overwhelmed liquidity and contributed to the bankruptcy filing. The Debtor operates on leased land in Georgia and is managed solely by its member, Benjamin Ellis. The merchant cash advance lenders are Libertas Funding, Universal Finance, and Global Merchant Cash. These lenders may hold security interests in certain accounts and revenues through recently filed UCC-1 financing statements, making those revenues potential cash collateral under 11 U.S.C. Section 363. About Southern Tree Professionals LLC Southern Tree Professionals LLC provides tree removal, pruning, emergency response, land clearing, hauling, arborist services, and green-waste management for residential, commercial, and municipal clients across the Atlanta metropolitan area. The Company operates throughout communities such as Marietta, Roswell, Sandy Springs, Alpharetta, Smyrna, Buckhead, Brookhaven and Decatur, and works on large-scale projects involving clearing, grubbing, debris haul-off and site preparation for commercial contractors and government entities including GDOT. It offers additional services such as lightning-protection systems, mulch supply and excavating and demolition work as part of its broader operations in the tree services and land-management sector. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21754) on December 5, 2025. In the petition signed by Benjamin Townsend Ellis, owner, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. William Rountree, Esq.. at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. SVC OF MURRAY: Seeks Chapter 11 Bankruptcy in New York ------------------------------------------------------ On December 17, 2025, SVC of Murray Hill, LLC voluntarily filed for Chapter 11 protection in the Eastern District of New York. Court filings indicate the Debtor owes between $0 and $100,000 to 1-49 creditors. About SVC of Murray Hill, LLC SVC of Murray Hill, LLC operates as a real estate services and holding company. Its business activities include property ownership, management, and operational oversight, serving residential and mixed-use real estate assets. SVC of Murray Hill, LLC initiated Chapter 11 proceedings under the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74829) on December 17, 2025. The petition lists estimated assets and liabilities ranging from $0 to $100,000. The case is overseen by Honorable Bankruptcy Judge Louis A. Scarcella. The Debtor is represented by Robert L. Rattet, Esq. of Davidoff Hutcher & Citron LLP. TECHNICAL ARTS: Unsecureds to be Paid in Full over 5 Years ---------------------------------------------------------- Technical Arts Group LLC filed with the U.S. Bankruptcy Court for the District of New Jersey a Disclosure Statement describing Chapter 11 Plan dated December 12, 2025. TAG is an industry leader in event production and premium production equipment rentals. TAG specializes in lighting, audio, video, staging, special effects, and event management. TAG is a Delaware Limited Liability Company which operates from its headquarters at 240 Anderson Avenue, Moonachie, New Jersey ("Headquarters"). The Headquarters consists of 34,488 square feet, which is the subject of a 7-year lease at $43,329.62 per month, which terminates on June 30, 2029. While TAG has strong revenues at present and during the past two years, TAG's growth has been impeded by various issues. With respect to revenue, TAG's gross revenues have been as follows: (i) $16,229,499.12 in 2023, (ii) $20,411,876.28 in 2024, and (iii) $17,844,331.97 through November 6, 2025. Based upon the current revenues, contracted work already on the books, and projections, TAG expects the 2025 annual revenue will total approximately $20 million. The State Court Action has cost TAG substantial resources. In addition, the Temporary Restraining Order impacts the ability to sell some of its antiquated equipment which is losing value and risks becoming obsolete. This also inhibits TAG's ability to purchase new equipment. Despite these operational issues, TAG is confident that through the Chapter 11 process, it can reorganize and restructure its debts based upon its strong past performance and market experience. Class 9 consists of General Unsecured Claims. Total amount of claims is still being determined in light of the fact that certain claims are subject to objection and reclassification, but are anticipated at approximately $2,000,000. No equity debt shall be paid in Class 9. Allowed Class 9 Claims shall be paid in full over five years in equal quarterly installments not to exceed $100,000 per quarter. No interest will accrue. Class 10 consists of General Unsecured Claim of TCE Presents. The allowed unsecured claims total $2,000,000. The Allowed Class 10 Claim shall be converted into a 14% equity interest upon the Effective Date subject to the Reorganized Debtor's right to redeem such interest within five years upon payment of the Allowed Claim. Upon the Effective Date, any Equity Interests will vest as follows: (i) KMP shall hold 42% of the membership interests in the Reorganized Debtor; (ii) SAVI shall hold 30% of the membership interests in the Reorganized Debtor; (iii) QAV shall hold 14% of the membership interests in the Reorganized Debtor; and (iv) TCE shall hold 14% of the membership interests in the Reorganized Debtor. Any and all debt owed by the Debtor to SAVI shall be converted to equity on the Effective Date. The Plan shall be funded by the Debtor's continuing operating receipts, as set forth in the Debtor's projections. A full-text copy of the Disclosure Statement dated December 12, 2025 is available at https://urlcurt.com/u?l=GoiuJV from PacerMonitor.com at no charge. Proposed Counsel to the Debtor: Richard D. Trenk, Esq. Robert S. Roglieri, Esq. Stephen M. Gengaro, Esq. TRENK ISABEL SIDDIQI & SHAHDA 290 W Mount Pleasant Ave., Suite 2370 Livingston, NJ 07039 Telephone: (973) 533-1000 Facsimile: (973) 216-7000 Email: rtrenk@tisslaw.com Email: rroglieri@trenkisabel.law Email: sgengaro@trenkisabel.law About Technical Arts Group LLC Technical Arts Group, LLC, a Delaware limited liability company headquartered in Moonachie, New Jersey, provides event production and premium equipment rental services, specializing in lighting, audio, video, staging, special effects, and event management for large-scale music festivals, corporate gatherings, weddings, and international events. It operates a 34,488-square-foot facility and employs 63 staff members, engaging additional freelance personnel as needed. Technical Arts Group sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-22241) on November 18, 2025, listing $10,944,828 in assets and $8,654,532 in liabilities. Kevin Mignone, co-president and chief revenue officer, signed the petition. Judge Vincent F Papalia oversees the case. Richard D. Trenk, Esq. and Robert S. Roglieri, Esq., at Trenk Isabel Siddiqi & Shahdanian, P.C., represents the Debtor as legal counsel. TRASK RADIO: Unsecured Creditors Unimpaired in Liquidating Plan --------------------------------------------------------------- Trask Radio LLC and Advanced Aerospace LLC d/b/a Balcon Salon filed with the U.S. Bankruptcy Court for the Southern District of New York a Combined Disclosure Statement and Joint Chapter 11 Liquidating Plan of Reorganization dated December 11, 2025. The Debtors are New York limited liability companies and, through, Balcon Salon, operate a bar that is a pillar of the Hell's Kitchen LGBT community. Specifically, Balcon Salon operates a bar at the Real Property, which it leases from Trask, the fee owner. In 2024, Balcon Salon generated revenue from operations in the amount of $1,455,734.00. On July 16, 2025, Newtek commenced a foreclosure action in New York Supreme Court titled Newtek Business Services Holdco 6, Inc. v. Trask Radio, LLC; Advanced Aerospace LLC d/b/a Balcon Salon; Tito Rocks LLC; Physical Onion LLC d/b/a Hardware Bar; Pieces Bar LLC; Eric L. Einstein; Justin Buchanan; U.S. Small Business Administration; and "John Doe #1" through "John Doe #12," Index No. 850306/2025 (the "Foreclosure Action"). On October 8, 2025, Newtek filed a motion to appoint a temporary receiver in the Foreclosure Action (the "Receivership Motion"). The hearing on the Receivership Motion was scheduled for November 7, 2025. The Debtors commenced the Chapter 11 Cases because they do not have the financial wherewithal to fight the Foreclosure Action, including the Receivership Motion, and to preserve the value of their assets for the benefit of all creditors because they believe the value is dramatically higher than the appraisal commissioned by Newtek dated May 7, 2025 in the amount of $8,220,000.00. Indeed, the Debtors believe the value of Newtek and the SBA's collateral (i.e., the Real Property and the Personal Property) to be $14,285,493, which represents the Debtors' costs to purchase and improve the Real Property and Personal Property, less accumulated depreciation. This Plan proposes to satisfy the claims of creditors, in full, by: (i) transferring the Debtors' collective interests in the real and personal property located at 674 9th Avenue, New York, New York to creditors holding allowed secured claims free and clear of liens, claims and encumbrances, and (ii) paying creditors holding allowed general unsecured claims in cash on the later of the Effective Date and when their claims become allowed. The Plan provides for one class of priority claims, two classes of secured claims, one class of unsecured claims, and one class of equity interest holders. All classes of claims and interest holders are unimpaired and, therefore, deemed to have voted to accept the plan. This Plan also provides for the payment of administrative and priority claims, in full, on the later of (i) the Effective Date or (ii) on or before 10 days after the date such claim becomes allowed, or upon such other terms as the holder of the claim and the Debtors may agree. Class 4 consists of Allowed General Unsecured Claims. Each Holder of an Allowed Class 4 Claim shall be paid in full, in Cash, on the later of (i) the Effective Date and (ii) thirty days after such Claim becomes Allowed, together with all interest accrued thereon from the Petition Date through the payment date at the prevailing prime rate on the Effective Date. This Class is unimpaired. Class 6 consists of Interest Holders. Interest Holders will receive no distribution, but will retain their Interest under the Plan. On the Effective Date, the Debtors will transfer their aggregate interest in the Real Property and Personal Property to Newtek and the SBA free and clear of Liens, claims and encumbrances on account of their respective Allowed Secured Claims. For purposes of calculating the Pro Rata interest of Newtek and the SBA in the Real Property and Personal Property, the ascribed value thereof shall be $14,285,493, which represents the Debtors' costs to purchase and improve the Real Property and Personal Property, less accumulated depreciation. Subject to the occurrence and no later than the Effective Date, Balcon Salon will cease any and all business operations. A full-text copy of the Combined Disclosure Statement and Plan dated December 11, 2025 is available at https://urlcurt.com/u?l=aptBZ8 from PacerMonitor.com at no charge. Counsel to the Debtors: Ilana Volkov, Esq. David C. McGrail, Esq. Cynthia L. Botello, Esq. McGrail & Bensinger, LLP 888-C Eighth Avenue, Suite 107 New York, NY 10019 Phone: (201) 931-6910 Email: ivolkov@mcgrailbensinger.com About Trask Radio LLC Trask Radio LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12431) on October 31, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. The Debtor is represented by Ilana Volkov, Esq., of McGrail & Bensinger LLP. TRAXX CONSTRUCTION: Hires Michael Jay Berger as Bankruptcy Counsel ------------------------------------------------------------------ Traxx Construction, Inc. asks the U.S. Bankruptcy Court for the Central District of California to hire the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) advise the Debtor of its legal rights and remedies; (b) negotiate with attorneys for unsecured creditors; (c) negotiate with creditors; (d) represent the Debtor at related hearings; (e) assist the Debtor in complying with the Office of U.S. Trustee (OUST) rules and regulations; (f) assist in paperwork preparation to continue and conclude this Chapter 11 proceeding; (g) prepare Notices of Automatic Stay in all State Court proceedings in which the Debtor is sued during pendency of the bankruptcy; and (h) respond to motions filed in the Debtor's bankruptcy. The firm will be paid at these hourly rates: Michael Berger, Attorney $695 Sofya Davtyan, Partner $645 Angela Gill, Senior Associate $595 Robert Poteete, Associate $475 Senior Paralegals/Law clerks $275 Paralegals $200 On October 14, 2025, the firm received a $25,000 retainer and $1,738 filing fee. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Boulevard, 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email Michael.Berger@bankruptcypower.com About Traxx Construction Inc. Traxx Construction Inc. operates in the construction and engineering sector, delivering services for residential, commercial, and industrial projects. Its offerings include project planning, general contracting, site development, and infrastructure construction. Traxx Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20463) on November 21, 2025. In its petition, the Debtor reports estimated assets and estimated liabilities of $1 million-$10 million each. Judge Julia W. Brand oversees the case. The Debtor is represented by Michael Jay Berger, Esq. TRICOLOR AUTO: $125MM Auto Assets Headed to Bankruptcy Auction -------------------------------------------------------------- Steven Church of Bloomberg Law reports that Tricolor Holdings, the subprime auto lender that filed for bankruptcy earlier this 2025, won court permission to sell about 9,500 vehicles in an auction. The vehicles, acquired for a total of $125 million, will be liquidated under the supervision of an auction company approved by U.S. Bankruptcy Judge Michelle V. Larson. Funds generated from the sale will be held while the company addresses questions regarding the rightful owners of certain vehicles and verifies which lenders hold valid liens. Each vehicle was purchased for an average of $11,500, bringing the overall acquisition cost to roughly $125 million, according to financial statements, according to report. 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. TRIGGER IT: Seeks to Hire J.M. Cook P.A. as Bankruptcy Counsel -------------------------------------------------------------- Trigger IT, LLC seeks approval from the U.S. Bankruptcy Administrator for the Eastern District of North Carolina to employ J.M. Cook, P.A. as counsel. The firm will provide these services: (a) prepare on behalf of the Debtor, necessary applications, complaints, answers, orders, reports, motions, notices, plan of reorganization, disclosure statement and other papers necessary in Debtor's reorganization case; (b) assist the Debtor in evaluating the legal basis for, and effect of, the various pleadings that will be filed in the Chapter 11 case by the Debtor and other parties in interest; (c) perform all necessary legal services in connection with the Debtor's reorganization, including Court appearances, research, opinions and consultations on reorganization options, direction and strategy; (d) assist the Debtor in preparing the monthly operating reports and evaluating and negotiating the Debtor's or any other party's Plan of Reorganization and any associated Disclosure Statement; (e) commence and prosecute any and all necessary and appropriate actions and/or proceedings on behalf of the Debtor; and (f) perform all other legal services for the Debtor which may be necessary and proper in these proceedings and in keeping with his fiduciary duty. The firm will be paid at these rates: Attorneys $300 per hour Paralegals $175 per hour The firm received from the Debtor a retainer of $10,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Cook 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: J.M. Cook, Esq. J.M. Cook, P.A 5886 Faringdon Place Suite 100 Raleigh, NC 27609 Tel: (919) 675-2411 Fax: (919) 882-1719 Email: J.M.Cook@jmcookesq.com About Trigger It LLC Trigger IT, LLC provides IT solutions and consulting services to clients globally, offering application support, software development, staff augmentation, system integration, infrastructure and datacenter maintenance, and managed IT services. It is based in Cary, North Carolina. Trigger It filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04466) on November 8, 2025, listing between $1 million and $10 million in assets and liabilities. Judge Joseph N. Callaway presides over the case. J.M. Cook, Esq., at J.M. Cook, P.A. represents the Debtor as legal counsel. TRINSEO PLC: Falls Below NYSE Market Cap, Share Price Rules ----------------------------------------------------------- Trinseo PLC disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 12, 2025, the Company received a notice from the New York Stock Exchange indicating the Company is not currently in compliance with two of the NYSE's continued listing standards. First, the Notice indicated that the Company was not currently in compliance with the Listing Standard set forth in Section 802.01B of the NYSE's Listed Company Manual due to the fact that the Company's average global market capitalization over a consecutive 30 trading-day period was less than $50 million and, at the same time, its stockholders' equity was less than $50 million. As described in the Notice, as of December 11, 2025, the Company's 30 trading-day average market capitalization was approximately $35.6 million and its last reported stockholders' deficit as of September 30, 2025 was approximately ($861.6) million. Second, the Notice also indicated that the Company was not currently in compliance with the Listing Standard set forth in Section 802.01C of the NYSE's Listed Company Manual due to the fact that the average closing price of the Company's ordinary shares had fallen below $1.00 per share over a period of 30 consecutive trading days. As described in the Notice, as of December 11, 2025, the Company's 30 trading-day average closing price was $0.99. In accordance with applicable NYSE procedures, within 10 days from receipt of the Notice, the Company intends to notify the NYSE of: (i) the Company's intention to regain compliance with the Minimum Share Price Criteria within six months of the Notice, and (ii) its intention to submit a plan to the NYSE, within 45 days from receipt of the Notice, advising it of the definitive actions the Company has taken, is taking, or plans to take that would bring it into conformity with the Minimum Market Capitalization Standard within 18 months of receipt of the Notice. Upon receipt of such plan, the NYSE will have up to 45 days to evaluate the plan and determine whether the Company has made a reasonable demonstration of its ability to come into conformity with the relevant listing standards within the Market Cap Cure Period. If the NYSE accepts the Company's plan, the NYSE will review the Company on a quarterly basis to confirm compliance with the plan. If the Company's plan is not accepted, the Company fails to comply with the plan or does not meet the Minimum Market Capitalization Standard at the end of the Market Cap Cure Period, it will be subject to NYSE's prompt initiation of suspension and delisting procedures. The Company can regain compliance of the Minimum Share Price Criteria at any time within the Share Price Cure Period if, on the last trading day of any calendar month during such cure period, the Company has both: (i) a closing share price of at least $1.00 and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of the applicable calendar month. If the Company does not regain compliance during the Share Price Cure Period, it will be subject to NYSE's prompt initiation of suspension and delisting procedures. The Notice has no immediate impact on the listing of the Company's ordinary shares, which will continue to be listed and traded on the NYSE during the available cure periods, subject to the NYSE's acceptance of the Company's plan, the Company's continued compliance with the plan and NYSE's other continued listing standards. However, the Company's trading symbol will have an added designation of ".BC" to indicate that the status of the Company's ordinary shares as below criteria with the NYSE continued listing standards. The ".BC" indicator will be removed at such time as the Company regains compliance. The current noncompliance with the NYSE listing standards does not affect the Company's ongoing business operations or its U.S. Securities and Exchange Commission reporting requirements. About Trinseo Headquartered in Wayne, Pa., Trinseo (NYSE: TSE) (www.trinseo.com), a specialty material solutions provider, partners with companies to bring ideas to life in an imaginative, smart, and sustainably focused manner by combining its premier expertise, forward-looking innovations, and best-in-class materials to unlock value for companies and consumers. From design to manufacturing, Trinseo taps into decades of experience in diverse material solutions to address customers' unique challenges in a wide range of industries, including building and construction, consumer goods, medical, and mobility. As of September 30, 2025, the Company had $22.5 million in total assets, $15.7 million in total liabilities, and $6.8 million in total stockholders' equity. * * * In December 2025, S&P Global Ratings lowered its issuer credit rating on specialty materials solutions provider Trinseo PLC to 'CCC' from 'CCC+', its issue-level rating on its senior secured super-priority revolving credit facility (RCF) and senior secured term loan to 'B-' from 'B', its issue-level rating on its senior secured term loan B to 'CCC' from 'CCC+', and its issue-level rating on its senior secured second-lien notes to 'CC' from 'CCC-'. S&P's recovery ratings on the company's debt are unchanged. Trinseo PLC's operating performance has deteriorated over the first nine months of 2025, causing its credit metrics to weaken to levels S&P views as unsustainable. S&P said, "The negative outlook reflects the at least one-in-three chance we will downgrade Trinseo in the next 12 months if its operating performance continues to deteriorate such that its liquidity weakens or it undertakes a debt restructuring, which we would likely view as distressed. . . The negative outlook on Trinseo reflects the potential that we will lower our rating in the next 12 months if it appears that the likelihood of a default has increased, or if the company is unable to meet its debt obligations or if the company restructures or undertakes a distressed exchange. We currently anticipate the issuer will default absent unforeseen positive developments and expect its credit metrics will remain elevated over the next 12 months. We forecast the company's S&P Global Ratings-adjusted debt to EBITDA will be in the 15x-16x range over the next 12 months." UP ACADEMY: Thrives in Receivership ----------------------------------- Sachia Debrosse, Amanda Nelson, Christina Qualls, Larae Robinson, and Ellen Daley of The Boston Globe report that "Receivership" is a word that carries weight in education debates. It can feel like a verdict, a sign that a school has failed and that the community has lost its voice. Many parents understandably worry that state control comes at the expense of local input. Yet for families at UP Academy Holland, receivership has meant progress, not punishment. It has brought steady leadership, consistent expectations, and a schoolwide focus on learning. Students are benefiting from a calmer, more structured environment where teachers can do their jobs effectively. The results matter. Academic growth has strengthened, school culture has improved, and families feel more connected to the school than they did before. Receivership provided the tools and authority needed to make lasting changes, changes that were difficult to achieve under constant turnover and uncertainty, according to report. As state officials weigh next steps, they should focus on outcomes, not labels. Removing receivership prematurely could destabilize a school that is finally moving forward. Until there is a clear plan to preserve these gains, ending receivership would put students at unnecessary risk, the report relays. 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. URBAN ONE: S&P Lowers ICR to 'SD' on Completed Debt Restructuring ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Urban One Inc. to 'SD' (selective default) from 'CC' and our issue-level rating on its senior secured notes due 2028 to 'D' from 'CC'. S&P said, "We view the debt restructuring as distressed and tantamount to a default. In our view, the debt restructuring is distressed because Urban One's lenders received less than they were originally promised due to the maturity extension and the repayment of the debt at a material discount (60%) to par." The remaining 2028 senior secured noteholders ($11 million following the debt exchange) now rank lower in order of priority relative to the new super-priority senior secured notes due 2030 and the second-lien senior secured notes due 2031. "In addition, absent the proposed transaction, we view a conventional default was a realistic possibility, given the company's elevated leverage (7x on a rolling-12-month basis as of Sept. 30, 2025)." Urban One had a limited ability to deleverage and improve its credit metrics ahead of its 2028 debt maturity due to ongoing secular and cyclical pressures in its broadcast radio and cable TV businesses, as well as reduced advertising spending on diversity, equity, and inclusion initiatives, which is one of its key advertising categories. Under its debt restructuring, the company: -- Purchased $185 million of its 7.375% senior notes due 2028 for $111 million in cash at 60% of par; -- Exchanged $291 million of its existing 7.375% senior notes for newly issued 7.625% senior notes due 2031 and $3.75 in cash per $1,000 in debt principal; and -- Issued new $60.6 million of 10.5% super-priority senior secured notes due 2030. S&P said, "We do not believe the slight increase in interest rates, in addition to the cash consideration, provided adequate compensation for its existing lenders, given that they received less than they were originally promised and became subordinated to the new 2030 senior noteholders in order of priority. "We plan to raise our ratings back to 'CCC+' in the coming days. Over the coming days, we will reassess our ratings. We believe Urban One remains dependent on favorable business, financial, and economic conditions to meet its financial obligations, despite the recent reduction in debt and maturity extension. We expect its broadcast radio revenue and cable TV revenue will continue to decline given secular challenges and a pullback in advertising spending on diversity, equity, and inclusion initiatives, which is one of its key advertising categories. "The majority of the company's business comes from national advertising, which we expect will continue to underperform local advertising because brand advertising is more expendable than direct response advertising. The company's digital businesses have also been facing headwinds given client attrition, the renegotiation of certain contracts, and higher traffic acquisition costs. We believe it will become increasingly difficult for further debt repayment to fully offset EBITDA declines." VAN'S EQUIPMENT: Files Amendment to Disclosure Statement -------------------------------------------------------- Van's Equipment Co. submitted an Amended Disclosure Statement describing Amended Chapter 11 Plan dated December 11, 2025. The Debtor is currently in the business of leasing and selling heavy equipment. The Debtor operates as a distributor for Yanmar Equipment. To continue operating, a petition was filed under Chapter 11 on June 26, 2025 (herein the "Petition Date") in an effort to reorganize the outstanding debt owed. The Amended Disclosure Statement does not alter the proposed treatment for unsecured creditors and the equity holder: * Class 17 consists of General Unsecured Claims. Allowed Class 17 claims will be paid a prorata share of $40,000.00. Payments will be made in the amount of $700.00 per month beginning March 10, 2026. This Class is impaired. This class includes the claim of Sara Van Zandt, Greg Van Zandt, and Destiny Development as no remaining value exists in Debtor's assets to secured the claims after payment to higher priority perfected claims. This class also includes Lending Global Services and the unsecured portion of any secured claim. * Class 18 consists of Equity interest of Alok Sharma. Alok Sharma will receive no distribution under the Plan and will retain his ownership in the Debtor following of Plan. This Class is unimpaired. The Plan will be funded with revenue from the Debtor's regular business operations. It is anticipated the Debtor's fixed expenses will remain relatively constant moving forward with variable expenses increasing proportionately with revenue. Fees due to the United States Trustee shall be paid on or before the Effective Date. Absent agreement by the parties, fees due other administrative costs shall be paid on or before the effective date but after court approval. Any post-confirmation fees due to the United States Trustee shall be paid when due and in addition to the Plan payments. The Debtor believes it has enough cash on hand from regular business revenue on the Effective Date of the Plan to pay administrative expenses entitled to be paid on that date or that the administrative claimants will agree in writing to different treatment. A full-text copy of the Amended Disclosure Statement dated December 11, 2025 is available at https://urlcurt.com/u?l=tzmj69 from PacerMonitor.com at no charge. The Debtor's Counsel: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Tel: (425) 212-4800 Fax: (425) 212-4802 E-mail: courtmail@expresslaw.com About Van's Equipment Co. Van's Equipment Co. sells and rents new and used heavy equipment, specializing in dirt equipment such as excavators, loaders, and dozers. Based in Burlington, Washington, Van's Equipment serves contractors and homeowners and operates as an authorized dealer for Yanmar, Canycom, Okada, and Felling Trailers. Its services include equipment sales, rentals, maintenance, and customization. Van's Equipment sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-11750) on June 26, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq., at Neeleman Law Group, P.C. VINTRENDI WINE: Gets Interim OK to Use Cash Collateral Until Jan. 8 ------------------------------------------------------------------- Vintrendi Wine Company received interim approval from the U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 8, 2026, within the budgeted amounts, plus 10% or as agreed by the lien claimants. The lien claimants include the U.S. Small Business Administration, Funding Circle USA, Liberty Bank, WebBank – Shopify, and Byzfunder NY, LLC. As adequate protection, the lien claimants will be granted replacement liens on the cash collateral and all property acquired by the Debtor after the petition date similar to their pre-bankruptcy collateral. These replacement liens will have the same priority and extent as the lien claimants' pre-bankruptcy liens. The next hearing is set for January 7, 2026. The deadline for filing objections is on January 2, 2026. The interim order is available at https://is.gd/ADH6iL from PacerMonitor.com. Vintrendi produces, bottles, and sells wine at its Olympia Fields location and owns approximately $46,031 in assets, including cash, equipment, furniture, inventory, and general intangibles. However, virtually all of these assets are subject to competing liens from multiple lenders, each of which asserts a security interest via UCC filings. A lien hierarchy chart filed in court shows the SBA as the first-priority secured creditor with a claim of about $167,000, followed by Funding Circle with more than $300,000 in combined claims, Liberty Bank with over $160,000, WebBank/Shopify with $20,831 secured by future receivables, and Byzfunder with a $35,625 claim. All proceeds of the Debtor's assets constitute cash collateral. Without immediate access to these funds, the Debtor lacks the liquidity to continue operations, pay rent, purchase supplies, maintain insurance, pay employees, or sustain the business long enough to propose a reorganization plan. Vintrendi said it cannot obtain new credit, making court-approved use of existing cash collateral the only viable means to avoid immediate and irreparable harm to the estate. About Vintrendi Wine Company Vintrendi Wine Company is a wine manufacture in Illinois. Vintrendi sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18650) on December 4, 2025, with up to $100,000 in assets and up to $1 million in liabilities. Rickey Nesbitt, president of Vintrendi, signed the petition. Gregory K. Ster, Esq., at Gregory K. Stern, P.C., represents the Debtor as legal counsel. VIVACE HOSPITALITY: Unsecureds Will Get .04% Dividend in Plan ------------------------------------------------------------- Vivace Hospitality, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization under Subchapter V dated December 11, 2025. The Debtor operates Vivace, a full service restaurant and bar serving lunch and dinner in Plantation, Florida. Vivace began as a restaurant about 10 years ago and is operated by Vito DiSalvo and his wife Sanita DiSalvo. The Debtor's financial issues varied but they include cash flow shortages due to, among other things, an unsuccessful expansion into Coral Springs and a costly construction project when the Plantation space grew. Specifically, when the Debtor expanded its Plantation location there were construction requirements which led to cost overruns and substantial downtime. This led to Merchant Cash Advance ("MCA") transactions. The Debtor has considered the difficulties with its business operation and has determined that filing a chapter 11 petition will allow it to reorganize, to pay secured creditors to extent they are actually secured, to pay the delinquent State's sales taxes in full and to pay a dividend to unsecured creditors, all remaining in business. The filing of the petition stopped the run on the Debtor's monies by MCAs and this alone improved the Debtor's financial position. The Plan, and the Debtor's financial projections, provides that unsecured creditors will receive an amount greater than all of the projected disposable income, as defined by section 1191(d) of the Code, of the Debtor to be received in the 3-year period. The total disposable income over 3 years is estimated to be $8,586.84. The Plan will be funded by operations of the restaurant. The length of the Plan will be three years from the Effective Date. This Plan provides for: 5 class of secured claims 1 classes of priority claims 1 classes of non-priority unsecured claims 1 class of equity security holders. Class 6 consists of General Non-Priority Unsecured Creditors. Unsecured creditors shall receive a pro rata share of a total payment of $7,750.00 paid as follows: monthly payments of $250.00 beginning on the first day of the sixth month following the Effective Date. The Debtor estimates that Class 6 creditors will receive an estimated .04% dividend. The allowed unsecured claims total $1,902,831.26. This Class is impaired. Vito and Santina DiSalvo shall retain their equity interest in the Debtor. A full-text copy of the Plan of Reorganization dated December 11, 2025 is available at https://urlcurt.com/u?l=W6b6ot from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas G. Zeichman, Esq. BEIGHLEY, MYRICK, UDELL, LYNNE & ZEICHMAN, P.A. 2385 Executive Center Drive, Suite 300 Boca Raton, FL 33431 Telephone: (561) 549-9036 Facsimile: (561) 491-5509 E-mail: tzeichman@bmulaw.com About Vivace Hospitality Vivace Hospitality, LLC operates a full-service dining establishment in Plantation, Florida, offering Italian cuisine, hand-tossed pizzas, pasta dishes, and craft cocktails. The restaurant provides dine-in and takeout services, with delivery available through third-party platforms. Vivace Hospitality filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20637) on September 12, 2025, listing up to $50,000 in assets and $2,185,248 in liabilities. Carol Fox of GlassRatner serves as Subchapter V trustee. Judge Scott M. Grossman oversees the case. Thomas Zeichman, Esq., at Beighley, Myrick, Udell, Lynne and Zeichman, P.A represents the Debtor as legal counsel. VNS HOTELS: Claims to be Paid from Asset Sale Proceeds ------------------------------------------------------ VNS Hotels, Inc., filed with the U.S. Bankruptcy Court for the Northern District of California a Combined Plan and Disclosure Statement dated December 11, 2025. The purpose of this filing is to pay secured lender Ennerdale Hayward, LLC, and other allowed claims, in full as soon as possible. Debtor owns a 41 room hotel located at 24400 Mission Blvd. Hayward, California ("Hotel"). The Debtor entered into an operating agreement with 24400 Mission, LLC, a separately owned and operated limited liability company with no relation to Debtor or its owners, to operate the Hotel with a remaining term of six years and three months. On March 24, 2022, Debtor originally entered into a loan with Secured Income Fund-II, LLC, a California limited liability company, successor in interest to Ennerdale, totaling $3,000,000.00. Debtor's cash collateral is unencumbered by the Ennerdale loan and assignment of rents, securing their indebtedness totaling approximately $5,382,837.81. The Debtor filed this Chapter 11 Case to stop the appointment of a receivership and stop the foreclosure of Debtor's Hotel which would initiate a domino effect causing irreparable harm to the Debtor and its owner and Responsible Individual, Pradeep Khatri. The Hotel is worth approximately $6,775,00.00 million and well exceeds the total owed to Ennerdale as of the petition filing date. Class 1 consists of the Secured Claim of Ennerdale Hayward, LLC. The Debtor will sell the collateral by August 31, 2026, paying secured creditors from the proceeds of the sale. Debtor will file a motion for approval of any such sale on 28 days notice to lien holders. Unless the court orders otherwise, a lienholder whose lien is not in bona fide dispute may credit bid the amount of its lien at the sale. Stalking horse bids may be made. Any deficiency claim is a general unsecured claim treated in Part 2. The Debtor will continue to use Debtor's revenue to pay the three mortgages (Approximately $18,000.00 per month) for the three single-family homes also securing Class 1 creditors secured claim. The remaining $7,000.00 of Debtors monthly revenue will be paid to Class 1 creditors monthly pending the closing of the sale of the hotel, due the 15th day of the month, starting the following month after the effective day of this Plan. Class 2 consists of the Unsecured Claim of Days Inns Worldwide, Inc., a Delaware Corporation, in the amount of $143,570.80. This class includes any creditor whose allowed claim are disputed and subject to ongoing litigation. Each creditor will receive upon the sale of Debtors hotel a single payment equal to their total allowed claim. Creditors in this class may not take any collection action against Debtor, or its responsible individual, Pradeep Khatri, so long as Debtor is not in material default under the Plan (defined in Part 6(c)). Claimants in this class are impaired and are entitled to vote on confirmation of the Plan, unless their claims are paid in full with interest on the Effective Date of the Plan. The Debtor shall sell its hotel located at 24400 Mission Blvd. Hayward, California as provided in this Plan. The value of the hotel exceeds the total claims. On the Effective Date, all property of the estate and interests of the Debtor will vest in the reorganized Debtor pursuant to Section 1141(b) of the Bankruptcy Code free and clear of all claims and interests except as provided in this Plan, subject to revesting upon conversion to Chapter 7 as provided in Part 6(f). Except as provided in Part 6(d) and (e), the obligations to creditors that Debtor undertakes in the confirmed Plan replace those obligations to creditors that existed prior to the Effective Date of the Plan. Debtor's obligations under the confirmed Plan constitute binding contractual promises that, if not satisfied through performance of the Plan, create a basis for an action for breach of contract under California law. To the extent a creditor retains a lien under the Plan, that creditor retains all rights provided by such lien under applicable non-Bankruptcy law. A full-text copy of the Combined Plan and Disclosure Statement dated December 11, 2025 is available at https://urlcurt.com/u?l=DaRztV from PacerMonitor.com at no charge. Counsel to the Debtor: Ryan C. Wood, Esq. Law Offices of Ryan C. Wood, Inc. 611 Veterans Blvd., Ste. 218 Redwood City, CA 94063 Telephone: (650) 366-4858 Facsimile: (650) 366-4875 About VNS Hotel Inc. VNS Hotel Inc. manages hotel facilities that offer accommodations, lodging, and amenities for travelers. VNS Hotel sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-30782) on September 26, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Dennis Montali handles the case. The Debtor is represented by Ryan C. Wood, Esq., at the Law Offices of Ryan C. Wood, Inc. VPR HOLDINGS: Case Summary & Three Unsecured Creditors ------------------------------------------------------ Debtor: VPR Holdings, LLC 65 Aerie Road Eastsound, WA 98245 Business Description: VPR Holdings, LLC owns and leases a single- family home in Eastsound, Washington, providing rental housing and property management services. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court Western District of Washington Case No.: 25-13580 Judge: Hon. Timothy W Dore Debtor's Counsel: James E Dickmeyer, Esq. LAW OFFICE OF JAMES E DICKMEYER PC 520 Kirkland Way Suite 400, PO Box 2623 Kirkland WA 98083-2623 E-mail: (425) 889-2324 E-mail: jim@jdlaw.net Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Christopher Robison 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/HUWSXHQ/VPR_Holdings_LLC__wawbke-25-13580__0001.0.pdf?mcid=tGE4TAMA W&J SUBSHOPS: Gets Interim OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Riverside Division granted W&J Subshops, LLC interim authority to use cash collateral. The interim authorization is effective through January 15, 2026. The Debtor must make monthly adequate protection payments of $975 to the U.S. Small Business Administration. As additional protection, the secured creditors are granted replacement liens on pre- and post-petition assets, with the same priority as prepetition liens, only to the extent of any diminution in value from the use of cash collateral. The Debtor is also required to file a supplemental declaration with all UCC financing statements and loan documents by January 5, 2026. A final hearing is scheduled for January 15, 2026. About W&J Subshops LLC W&J Subshops LLC, a restaurant company based in Victorville, California, operates multiple sub shop locations including 16251 N D Street, 14712 La Paz Drive, Suite 99, and 15319 C. Palmdale Road. The Company is engaged in the preparation and sale of sandwiches and related food products, serving local customers across its stores. W&J Subshops LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-18331) on November 19, 2025. In its petition, the Debtor reports total assets of $425,591 and total liabilities of $1,458,962. Honorable Bankruptcy Judge Scott H. Yun handles the case. The Debtor is represented by Michael Jay Berger, Esq., LAW OFFICES OF MICHAEL JAY BERGER. WATERLOO AFFORDABLE: Hires Ag & Business Legal as Attorney ---------------------------------------------------------- Waterloo Affordable Housing, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Iowa to hire Ag & Business Legal Strategies as its attorney. The firm's services include: a. preparing pleadings, motions, and applications, and conducting examinations incidental to any related proceedings or to the administration of this case; b. developing the relationship between the Debtor-in-Possession and creditors' claims against it; c. advising the Debtor-in-Possession of its rights, duties, and obligations in this bankruptcy; d. taking any other necessary action incident to the proper preservation and administration of this bankruptcy case; and e. advising and assisting the Debtor in the formation and preparation of a plan under Chapter 11 of the Bankruptcy Code and all related matters. The firm will be compensated based on these standard hourly rates: Attorney Joseph Peiffer $615 Senior Associate Attorney/Senior Of Counsel $500 Mid-Level Associate Attorney/Of Counsel $440 Junior Associate Attorney $375 Senior Support/Paralegal $195 Junior Support/Paralegal $180 The Debtor paid a prepetition retainer totaling $90,000, of which $18,740.04 was used prepetition, leaving a balance of $71,259.06 on the date of filing. According to court filings, Ag & Business Legal Strategies is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joseph A. Peiffer, Esq. AG & BUSINESS LEGAL STRATEGIES P.O. Box 11425 Cedar Rapids, IA 52410-1425 Telephone: (319) 363-1641 Facsimile: (319) 200-2059 E-mail: joe@ablsonline.com About Waterloo Affordable Housing, LLC Waterloo Affordable Housing, LLC, doing business as Waterloo Heritage Home, Heritage Homes, and Heritage Apartments, owns residential properties in Waterloo, Iowa that provide affordable housing for low-income tenants. Waterloo Affordable Housing, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Iowa Case No. 25-01360) on December 8, 2025, listing $3,800,000 in assets and $9,850,337 in liabilities. The bankruptcy petition was executed by Central States Development, LLC, in its capacity as managing member, through its authorized signatory, John C. Foley. Joseph A. Peiffer, Esq. at AG & BUSINESS LEGAL STRATEGIES serves as the Debtor's counsel. WEATHERMASTER ROOFING: Unsecured Creditors to Get 0% in Plan ------------------------------------------------------------ Weathermaster Roofing Co., Inc. filed with the U.S. Bankruptcy Court for the Northern District of New York a Plan of Reorganization for Small Business dated December 11, 2025. The Debtor is a corporation. Since 1984, the Debtor has been in the business of commerical roofing. The Debtor's current financial distress arises from a series of underbid projects beginning in mid-2023, following the retirement of its long-time head estimator and the subsequent loss of another senior estimator to medical issues. In their absence, bids were prepared without the usual oversight or collaborative review, resulting in multiple contracts awarded at unprofitable prices. While these projects produced steady revenue, insufficient margins led to significant operating losses through 2024 and sharply reduced the Debtor's working capital. Those "problem jobs" are now complete, and the Debtor has implemented corrective measures, including a restructured multi level estimating process and specialized software to enhance accuracy. These steps are expected to ensure profitable performance on current and future projects. Nevertheless, the accumulated losses from the prior cycle directly precipitated the present cash-flow crisis and made this Chapter 11 filing necessary. This Plan of Reorganization proposes to pay creditors of the Debtor from collection of Accounts Receivable and liquidation of assets. The Debtor will complete its current projects and cease operations. It will pay creditors pursuant to this Plan from collection of Accounts Receivable and liquidation of assets through an auction. Class 5 consists of Unsecured creditors, including under secured creditors with Secured Claims that are being paid as unsecured totals approximately $1,782,031.06. This includes all Unsecured Proofs of Claim filed, along with non-filed proofs of claim at the amounts listed in Debtor's petition. Unsecured Creditors will be paid zero percent (0%) of their Claims. Class 6 consists of Equity Security holders of the Debtor. Equity Security holders shall retain their equity positions. The Debtor will complete its current projects and cease operations. It will pay creditors pursuant to this Plan from collection of Accounts Receivable and liquidation of assets through an auction. A full-text copy of the Plan of Reorganization dated December 11, 2025 is available at https://urlcurt.com/u?l=MQEApc from PacerMonitor.com at no charge. Counsel to the Debtor: Peter A. Orville, Esq. ORVILLE & McDONALD LAW, P.C. 30 Riverside Drive Binghamton, NY 13905 Telephone: (607) 770-1007 About Weathermaster Roofing Co. Inc. Weathermaster Roofing Co. Inc., established in 1984, provides commercial and institutional roofing installation and architectural sheet metal services, operating in the Southern Tier region of New York. The Company specializes in single ply systems, modified bitumen systems, and specialty roofing systems. It is licensed, bonded, and carries full liability and workers' compensation insurance. Weathermaster Roofing Co. Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.N.Y. Case No. 25-60824) on September 12, 2025. In its petition, the Debtor reports total assets of $1,704,705 and total liabilities of $2,597,003. Honorable Bankruptcy Judge Wendy A. Kinsella handles the case. The Debtor is represented by Peter A. Orville, Esq. at ORVILLE & MCDONALD LAW, P.C. WHITE WILSON: Taps Raymond James & Associates as Investment Banker ------------------------------------------------------------------ White Wilson Medical Center, PA seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Raymond James & Associates, Inc. as investment banker. The firm will render these services: (a) review and analyze the Debtor's business, operations, properties and financial condition; (b) evaluate the Debtor's capital structure and advise the Debtor generally on the following in connection with a potential Financing Transaction: (A) appropriate investment structuring alternatives, (B) an appropriate capital structure, and (C) available financings that meet the foregoing parameters; (c) assist the Debtor in identifying Prospective Counterparties that Raymond James, after consultation with the Debtor's management, believes meet certain industry, financial, and strategic criteria; (d) provide marketing and drafting input on Debtor Materials being prepared by Debtor management; (e) within its area of expertise, advise on the business components of Transaction documentation; (f) with the prior written consent by the Debtor, contact Prospective Counterparties on behalf of the Debtor; (g) advise the Debtor as to any potential Business Combination Transactions; (h) as and if applicable, advise the Debtor on tactics and strategies for negotiating with holders of Debtor securities, debt, and/or other claims of the Debtor; (i) advise the Debtor on the timing, nature and terms of any new Debtor securities, other considerations or other inducements to be offered to its Stakeholders in connection with any Restructuring Transaction; (j) assist and advise the Debtor generally on potential alternatives and strategies for any given Transaction; (k) participate in the meetings of the Debtor's Governing Authority as determined by the Debtor to be appropriate, and, upon request, provide periodic status reports and advice to the Governing Authority with respect to matters falling within the scope of Raymond James's engagement hereunder; and assist the Debtor in negotiating and structuring a Transaction. The firm's compensation includes: a. Business Combination Transaction Fee: $1,500,000; b. Restructuring Transaction Fee: $1,500,000; c. Financing Fee: The greater of $250,000 and the sum of (i) 3% of debt committed plus (ii) 6% of equity committed; and d. $50,000 per month commencing December, 2025. All monthlies will be credited against a Transaction Fee. Raymond James is a "disinterested person" within the meaning of Sec. 101(14) of the Bankruptcy Code, as modified by Sec. 1107(b) of the Bankruptcy Code, according to court filings. The firm can be reached through: Geoffrey Richards Raymond James & Associates, Inc. 880 Carillon Parkway St. Peterburg, FL 33716 Tel: (727) 567-1000 About White Wilson Medical Center White Wilson Medical Center PA is a multi-specialty medical practice headquartered in Fort Walton Beach, Florida. Founded in 1952 by Dr. Henry C. White and Dr. Joseph C. Wilson, the group provides primary care and outpatient services through more than 20 medical specialties, including cardiology, gastroenterology, neurology, pediatrics, radiology, and surgery, as well as operating an ambulatory surgery center. It is the largest private physician group on Florida's Emerald Coast, employing about 58 medical providers and over 230 staff across 12 leased clinic locations in Fort Walton Beach, Crestview, DeFuniak Springs, Destin, Navarre, and Niceville. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-40486) on October 3, 2025. In the petition signed by Kenneth Persaud, chief executive officer, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Karen K. Specie oversees the case. Alberto F. Gomez, Jr., Esq., at Johnson, Pope, Bokor, Ruppel & Burns, LLP represents the Debtor as counsel. WORKHORSE GROUP: Completes Merger with Motiv Electric Trucks ------------------------------------------------------------ Workhorse Group Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 15, 2025 the Company consummated the previously announced merger pursuant to the Agreement and Plan of Merger, dated August 15, 2025, by and among Workhorse, Omaha Intermediate 2, Inc., a Delaware corporation and wholly-owned subsidiary of Workhorse, Omaha Intermediate, Inc., a Delaware corporation and wholly-owned subsidiary of Intermediate Parent, Omaha Merger Subsidiary, Inc., a Delaware corporation and wholly-owned subsidiary of Intermediate, and Motiv Power Systems, Inc., a Delaware of corporation, pursuant to which Merger Subsidiary merged with and into Motiv. Upon consummation of the Merger, Merger Sub ceased to exist, and Motiv became a direct, wholly-owned subsidiary of Intermediate and an indirect, wholly-owned subsidiary of Workhorse. Pursuant to the Merger, Motive GM Holdings II LLC, a Delaware limited liability company and previously Motiv's controlling stockholder and largest creditor, received all of the shares of common stock, par value $0.001 per share of Workhorse that were issued in the Merger. In connection with the Closing, Workhorse: (i) completed the Repayment and Exchange to redeem all of its obligations under its 2024 Notes, (ii) completed the Closing Debt Financing, which provides Workhorse with up to $50 million in debt financing, and (iii) effected a 1-for-12 reverse stock split of its Common Stock. Closing Debt Financing: The Merger Agreement included a condition to closing that entities affiliated with MGMH provide Workhorse with up to $20 million in debt financing at the Closing. In satisfaction of this condition precedent, on the Closing Date, Workhorse entered into a: (i) Credit Agreement (Customer Orders) and (ii) Credit Agreement (Cash Flow), each by and among Workhorse, as borrower, certain subsidiaries of Workhorse, as guarantors, and MGMH as lender. The Customer Order Credit Agreement provides Workhorse with up to $40 million to fund vehicle manufacturing in connection with Qualified Purchase Orders (as defined in the Customer Order Credit Agreement). Under the Customer Order Credit Agreement, a Qualified Purchase Order includes purchase orders entered into between Workhorse and/or one or more of its subsidiaries and a customer made on terms approved by MGMH or substantially similar to terms previously approved by MGMH pursuant to a master purchase agreement or other standard terms and conditions approved by MGMH. The amount of funds advanced by MGMH upon the receipt of an acceptable purchase order will be determined by Workhorse but will not exceed 70% of the purchase price for the ordered vehicles without MGMH's consent. The Cash Flow Credit Agreement provides Workhorse with a line of credit with borrowing capacity of up to $10 million to fund its working capital requirements, including costs related to the Merger, and its general corporate purposes. Workhorse's outstanding obligations under each Credit Agreement bear interest at a reference rate equal to the term Secured Overnight Financing Rate for a three-month tenor plus an applicable margin of 5.00%. If SOFR is unavailable pursuant to the terms of the Credit Agreements, the reference rate will be the prime rate of interest per annum last quoted by The Wall Street Journal, and the applicable margin will be 2.50% per annum. Workhorse's obligations under the Credit Agreements mature on December 15, 2028. MGMH's obligation to advance additional funds under the Cash Flow Credit Agreement will terminate and thereafter be at the discretion of MGMH upon the consummation of a PIPE (as defined in the Credit Agreements) to the extent such PIPE occurs prior to the maturity date of the Cash Flow Credit Agreement. Both Credit Agreements contain customary representations and warranties, affirmative and negative covenants, and events of default, and provide for customary acceleration and remedy rights for MGMH upon the occurrence of an event of default by Workhorse. Workhorse's obligations under the Credit Agreements are senior secured obligations of Workhorse, ranking senior to all other indebtedness and, subject to certain limitations, are unconditionally guaranteed by each of Workhorse's subsidiaries, pursuant to the terms of the Credit Agreements and secured by substantially all of the assets of Workhorse and its subsidiaries pursuant to a certain Security Agreement. Payments under the Cash Flow Credit Agreement are effectively subordinated to payments under the Customer Order Credit Agreement pursuant to the waterfall in the Security Agreement. Amended and Restated Convertible Note: As previously disclosed, on August 15, 2025, Workhorse issued to MGMH a Subordinated Secured Convertible Note with an aggregate original principal amount of $5 million. The Convertible Note was initially a secured obligation of Workhorse, ranking junior to the 2024 Notes and senior to all other indebtedness and, subject to certain limitations, unconditionally guaranteed by each of Workhorse's subsidiaries, pursuant to the terms of a Subsidiary Guaranty and secured pursuant to the terms of a Security Agreement by substantially all of the assets of Workhorse and its subsidiaries. On the Closing Date, the parties to the Convertible Note entered into an Amended and Restated Convertible Note to make the obligations under the Convertible Note, as amended, unsecured obligations of Workhorse and each guarantor party thereto. As a result, the Convertible Note Security Agreement was terminated on the Closing Date. The Convertible Note Subsidiary Guaranty was amended and restated to incorporate the termination of the Convertible Note Security Agreement. The A&R Note is subordinated to the Closing Debt Financing. Registration Rights Agreement: Effective as of the Closing Date, and in accordance with the terms of the Merger Agreement, Workhorse entered into a Registration Rights Agreement with MGMH. Pursuant to the Registration Rights Agreement, Workhorse agreed, upon the written demand of the Requisite Holders of Registrable Securities, to use its commercially reasonable efforts to file with the Securities and Exchange Commission and cause to be declared effective a registration statement for the resale of Registrable Securities in an amount determined by the holder of such Registrable Securities. Merger: As previously reported, on November 25, 2025, Workhorse held its 2025 annual meeting of stockholders at which Workhorse stockholders considered and approved, among other matters: (i) the issuance of Common Stock, which represented more than 20% of the shares of Common Stock outstanding immediately prior to the Merger, to MGMH, pursuant to the terms of the Merger Agreement and (ii) the change of control of Workhorse resulting from the Merger pursuant to Nasdaq Listing Rule 5635(b). In accordance with the terms and subject to the conditions of the Merger Agreement, at the effective time of the Merger: (i) Workhorse issued an aggregate of 6,629,800 shares of Common Stock to MGMH, (ii) the financial indebtedness of Motiv was cancelled, with MGMH, as the holders of such indebtedness, receiving shares of Common Stock as Merger consideration, (iii) each share of Motiv's common stock and preferred stock outstanding immediately prior to the Effective Time was cancelled and (iv) Motiv became an indirect, wholly owned subsidiary of Workhorse. In addition, at the Effective Time, all unexercised and outstanding Workhorse stock options issued under Workhorse's equity incentive plans were cancelled for no consideration. All other unvested and outstanding awards under Workhorse's equity incentive plans accelerated in full as of the Effective Time, with performance deemed achieved at target level for performance share units. The Common Stock will continue to be listed on The Nasdaq Stock Market LLC and traded under the ticker symbol "WKHS." Repayment and Exchange: As previously disclosed, on August 15, 2025, Workhorse entered into a Waiver, Repayment and Exchange Agreement by and among Workhorse and the investors party thereto to: (i) redeem all of Workhorse's outstanding obligations under the notes issued to the 2024 Note Holder and (ii) cancel the warrants issued to the 2024 Note Holder on the Closing Date. Upon entry into the Repayment Agreement, Workhorse deposited an additional approximately $9.9 million into its lockbox account. The amount of cash in the lockbox account was reduced by the aggregate principal amount of notes issued to the 2024 Note Holder that were converted between entry into the Repayment Agreement and the Closing and increased by interest accrued on the deposited amount before Closing. After making such adjustments, pursuant to the terms of the Repayment Agreement, the Company released approximately $18.3 million to the 2024 Note Holder, and Workhorse retained, after fees and expenses, the remaining approximately $6.6 million in the account. In addition, in accordance with the terms of the Repayment Agreement, Workhorse issued to the 2024 Note Holder rights (the "Rights") to acquire 1,193,364 shares of Common Stock in exchange for the cancellation of the 2024 Warrants. Upon completing the Repayment and the Exchange, Workhorse had no outstanding obligations under the 2024 Notes, all of the 2024 Notes and 2024 Warrants were cancelled, and all collateral, including the Cash Collateral, securing the 2024 Notes was released. Following the Repayment and the Exchange effective December 15, 2025, the parties thereto terminated the Securities Purchase Agreement, by and between Workhorse and the 2024 Note Holder. Bylaws: In connection with the Closing, Workhorse's Board of Directors adopted the Third Amended and Restated Bylaws of Workhorse to: (i) opt out of Sections 78.378 to 78.3793, inclusive, of the Nevada Revised Statutes, and (ii) add an exclusive forum provision. The Control Share Act provides that persons who acquire a "controlling interest" in a company may only be given full voting rights in their shares if such rights are conferred by the disinterested stockholders of the company at an annual or special meeting. However, any disinterested stockholder that does not vote in favor of granting such voting rights is entitled to demand that the company pay fair value for their shares, if the acquiring person has acquired at least a majority of all of the voting power of the company. Pursuant to the A&R Bylaws, the Control Share Act will not apply to Workhorse, and persons who acquire a "controlling interest" in Workhorse will have full voting rights in their shares without the approval of the disinterested stockholders. In addition, unless Workhorse consents to the selection of an alternative forum, the Eighth Judicial District Court of Clark County, Nevada, shall be the sole and exclusive forum for any derivative action or proceeding brought on Workhorse's behalf, any action asserting a claim of breach of fiduciary duty owed by any of Workhorses stockholders, directors, officers, or other employees to Workhorse or to its stockholders, and any civil action to interpret, apply, or enforce any provision of the Nevada Revised Statutes, any civil action to interpret, apply, enforce, or determine the validity of the provisions of the A&R Bylaws or Workhorse's Articles of Incorporation. The Rights issued to the 2024 Note Holder were, and the shares of Common Stock issuable pursuant to the Rights will be, issued in a transaction exempt from registration under the Securities Act under Section 4(a)(2) and Rule 144(d)(3)(ii) thereunder because the offer and sale of such securities did not and will not involve a public offering and because the securities acquired by the 2024 Note Holder were and will be exchanged for securities of the same issuer. Resignations: Pursuant to the terms of the Merger Agreement, effective immediately prior to the Effective Time, the following individuals resigned as directors of Workhorse and from each committee of the Board on which they served: (i) Richard Dauch, (ii) Jacqueline Dedo, (iii) Austin Scott Miller, (iv) Jean Botti, and (v) William Quigley. In addition, pursuant to the terms of the Merger Agreement, effective immediately prior to the Effective Time, the following individuals resigned as officers of Workhorse: (i) Richard Dauch, former Chief Executive Officer and (ii) James Harrington, former General Counsel, Chief Compliance Officer and Secretary. Director Appointments: Pursuant to the terms of the Merger Agreement, effective immediately after the Effective Time, the Board also reduced the number of directors serving on the Board from eight to seven, and, immediately following the resignation of the Departing Directors the following individuals were appointed to serve as directors on the Board to fill the resulting vacancies and to serve on the committees of the Board set forth beside their names: * Scott Griffith – None * Matthew O'Leary – Nominating and Corporate Governance Committee; Human Resource Management and Compensation Committee * Paul Savoie – Human Resource Management and Compensation Committee * Desi Ujkashevic – Nominating and Corporate Governance Committee; Audit Committee Each of the Appointed Directors who are non-employee directors will be eligible to receive compensation payable to non-employee directors serving on the Board, consistent with the policies summarized under the caption "Non-Employee Director Compensation" under Workhorse's annual proxy statements and Annual Reports on Form 10-K. Except Mr. Griffith and Mr. Savoie, each of the Appointed Directors satisfy the applicable independence standards of the SEC and Nasdaq. There are no other arrangements or understandings between the Appointed Directors and any other person pursuant to which they were selected to serve as a director. None of the Appointed Directors is a party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Each of Workhorse's directors serves until the election of a successor, removal, or resignation. Chief Executive Officer Appointment: Effective immediately after the Effective Time, the Board appointed Scott Griffith to serve as Chief Executive Officer of Workhorse. Scott Griffith, age 66, served as Chief Executive Officer and a director of Motiv from March 2024 until his appointment as Chief Executive Officer of Workhorse. From November 2019 to September 2022, he served as the Chief Executive Officer of the Autonomous Vehicles (AV) and Mobility Businesses at Ford Motor Company. In that role, he led Ford's investments and operations in Level 4 autonomous vehicles as well as oversight of several new hardware and software businesses in Ford's "new mobility" segment. From April 2014 until October 2021, Mr. Griffith was an Executive in Residence at General Catalyst Partners, a venture and growth capital firm. In connection with that role, he served as Chairman at Envoy Global, Inc, a global immigration services provider, and TrueMotion, Inc., which operates an AI-based platform that scores driving behavior. Previously, Mr. Griffith served as Chairman and Chief Executive officer of Zipcar, Inc., a car-sharing company, and held roles with The Parthenon Group, a business strategy firm, The Boeing Company, an aerospace manufacturer, and Hughes Electronics, an electronics and aerospace manufacturer. Mr. Griffith has also served as a board member of EVgo Inc., a public company that operates an electric vehicle fast charging network, since April 2024. Mr. Griffith holds a B.S. in engineering from Carnegie Mellon University and an MBA from The University of Chicago Booth School of Business. He serves on the Advisory Council for the Polsky Center for Entrepreneurship and Innovation at The University of Chicago. Mr. Griffith's experience in the electric vehicle and automotive industry, along with his experience working with public companies, makes him well suited to serve as Chief Executive Officer and a director of the Combined Company. Mr. Griffith does not have any family relationship with any of the executive officers or directors of Workhorse. There are no other arrangements or understandings between Mr. Griffith and any other person pursuant to which such person was appointed as an officer of Workhorse. Mr. Griffith is not party to any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. Compensatory Arrangements of Certain Officers: Pursuant to the terms of the Merger Agreement, all unexercised and outstanding Workhorse stock options held by Mr. Dauch were cancelled for no consideration. All unvested and outstanding restricted stock awards, restricted stock units, and performance share units held by Messrs. Dauch, Ginnan and Harrington accelerated in full as of the Effective Time, with performance under the performance share units deemed achieved at target level. Press Release: On December 15, 2025, Workhorse and Motiv issued a joint press release announcing the Closing of the Merger. A copy of the press release is available https://tinyurl.com/36tdmpzu Advisors: Taft Stettinius & Hollister LLP served as legal counsel to Workhorse. Joele Frank, Wilkinson Brimmer Katcher served as strategic communications advisor to Workhorse. TD Cowen served as financial advisor to Motiv, and DLA Piper LLP (US) served as legal counsel. Scoville Public Relations served as strategic communications advisor to Motiv. A full-text copy of the Agreement and Plan of Merger is available at https://tinyurl.com/358st76b About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. New York, N.Y.-based Berkowitz Pollack Brant Advisors + CPAs, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred a net loss of $101.8 million and used $47.6 million of cash in operating activities during the year ended December 31, 2024, and as of December 31, 2024 the Company had total working capital of $8.2 million, including $4.1 million of cash and cash equivalents, and an accumulated deficit of $853.4 million. These conditions, along with the other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $116.7 million in total assets, $84.7 million in total liabilities, and $32.1 million in total stockholders' equity. YELLOW CORP: Judge Refuses to Approve Miller Buckfire Fee Increase ------------------------------------------------------------------ Angelica Serrano-Roman of Bloomberg Law reports that Miller Buckfire & Co. failed in its effort to double its deferred fee to $7.5 million while serving as investment banker to the unsecured creditors' committee in Yellow Corp.'s bankruptcy case. The firm had sought revised compensation terms reflecting what it said was increased work on the matter. U.S. Bankruptcy Judge Craig T. Goldblatt of the District of Delaware denied the request during a Thursday, December 18, 2025, hearing, finding the committee had not met the standard for altering a preapproved fee arrangement under Section 328(a) of the Bankruptcy Code. While the statute permits changes in cases of unforeseeable developments, the judge concluded the complexity of the case had been anticipated and did not justify higher compensation, the report states. About Yellow Corporation Yellow Corporation -- http://www.myyellow.com/-- operates logistics and less-than-truckload (LTL) networks in North America, providing customers with regional, national, and international shipping services throughout. Yellow's principal office is in Nashville, Tenn., and is the holding company for a portfolio of LTL brands including Holland, New Penn, Reddaway, and YRC Freight, as well as the logistics company Yellow Logistics. Yellow Corporation and 23 affiliates concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 23-11069) on August 6, 2023, before the Hon. Craig T. Goldblatt. As of March 31, 2023, Yellow Corporation had $2,152,200,000 in total assets against $2,588,800,000 in total liabilities. The petitions were signed by Matthew A. Doheny as chief restructuring officer. The Debtors tapped Kirkland & Ellis, LLP as restructuring counsel; Pachulski Stang Ziehl & Jones, LLP as Delaware local counsel; Kasowitz, Benson and Torres, LLP as special litigation counsel; Goodmans, LLP as special Canadian counsel; Ducera Partners, LLC, as investment banker; and Alvarez and Marsal as financial advisor. Epiq Bankruptcy Solutions is the claims and noticing agent. Milbank LLP serves as counsel to certain investment funds and accounts managed by affiliates of Apollo Capital Management, L.P. while White & Case, LLP and Arnold & Porter Kaye Scholer, LLP serve as counsels to Beal Bank USA and the U.S. Department of the Treasury, respectively. On Aug. 16, 2023, the U.S. Trustee for Region 3 appointed an official committee of unsecured creditors in the Chapter 11 cases. The committee tapped Akin Gump Strauss Hauer & Feld, LLP and Benesch, Friedlander, Coplan & Aronoff, LLP as counsels; Miller Buckfire as investment banker; and Huron Consulting Services, LLC, as financial advisor. ZUUM TRANSPORTATION: Gets Extension to Access Cash Collateral ------------------------------------------------------------- Zuum Transportation, Inc. received another extension from the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use cash collateral from December 16 to January 22, 2026, subject to the terms of the Debtor's prior stipulation with its secured creditors and the official unsecured creditors' committee. The stipulation dated December 5 governs the Debtor's use of the cash collateral held by secured creditors, Trinity Capital Inc. and Wex Bank. It requires the Debtor to, among other things, retain a financial advisor acceptable to Trinity and the committee's proposed legal counsel. The final hearing is set for January 20, 2026. The deadline for filing objections is on January 12, 2026. The interim order is available at https://is.gd/r10Ien from PacerMonitor.com. Wex Bank, as secured creditor, is represented by: David J. Jencks, Esq. Jencks Law, P.C. 121 North Egan P.O. Box 442 Madison, SD 57042 Phone: (605) 256-0121 Fax: (605) 256-0200 carriewieman@jenckslaw.com Trinity, as secured creditor, is represented by: Mikle S. Jew, Esq. Foley & Lardner, LLP 11988 El Camino Real, Suite 400 San Diego, CA 92130-2594 Telephone: 858.847.6700 mjew@foley.com -and- Adrienne K. Walker, Esq. Foley & Lardner, LLP 111 Huntington Avenue, Suite 2500 Boston, MA 02199 Telephone: 617.503.3355 awalker@foley.com -and- Michelle N. Saney, Esq. Foley & Lardner, LLP 90 Park Avenue New York, NY 10016 Telephone: 212.338.3435 michelle.saney@foley.com About Zuum Transportation Inc. Zuum Transportation Inc. based in Irvine, California, operates a digital logistics platform connecting shippers, brokers, carriers, and drivers across the U.S. and globally. It provides technology-driven freight and supply-chain solutions aimed at improving efficiency and cost-effectiveness for shippers while enhancing profitability for carriers. Zuum Transportation sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-13127) on November 6, 2025. In the petition signed by Matt Tabatabai, chief executive officer, the Debtor listed between $10 million and $50 million in both assets and liabilities. Judge Mark D. Houle oversees the case. Eve H. Karasik, Esq., at Levene, Neale, Bender, Yoo & Golubchik, LLP, represents the Debtor as legal counsel. [] Foreign Airlines Rely on Ch. 11 to Access Legal Protection ------------------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Brazilian airline Azul SA has joined a growing list of foreign carriers seeking Chapter 11 protection in the United States, a trend often described as "bankruptcy tourism." By filing in the U.S., Azul gained access to legal tools largely unavailable under Brazilian law, including broad protections against creditors and the ability to shed costly obligations. Azul's restructuring plan, approved this December 2025, eliminates more than $2 billion in debt and allows the airline to reject aircraft leases that would have been difficult to unwind at home. Over the past five years, other overseas carriers pursuing Chapter 11 have included Avianca, LATAM, Grupo Aeromexico, and most recently Brazil's Gol Linhas Aereas, reflecting a steady international reliance on the U.S. system, according to Bloomberg Law. Under U.S. bankruptcy law, eligibility for Chapter 11 requires only minimal domestic ties, such as a bank account or law firm retainer. In exchange, debtors receive a worldwide automatic stay, flexibility to reject or renegotiate leases, and access to debtor-in-possession financing — advantages that restructuring regimes in Latin America often lack, the report cites. Although Brazil adopted Chapter 11–inspired reforms in 2020, those measures remain limited, according to Fernanda Drugowich of Galdino Advogados. Brazilian law imposes narrower stay protections, excludes certain creditors such as aircraft lessors, and offers less certainty around DIP financing, making restructurings slower and less predictable, according to report. Similar challenges exist in Mexico, where commercial bankruptcy law has produced relatively few reorganizations since its enactment in 2000. Experts say restrictive statutory rules and limited judicial discretion have hindered the regime's effectiveness, pushing distressed companies to seek relief in jurisdictions like the U.S., where lenders, courts, and restructuring tools are better understood, the report states. [] Hogan Lovells and Cadwalader to Merge with Wickersham & Taft --------------------------------------------------------------- Hogan Lovells and Cadwalader, Wickersham & Taft announced their intention to combine, creating Hogan Lovells Cadwalader. The combination will unite Hogan Lovells, a global leader in advising clients in highly regulated sectors operating across G20 markets, with Cadwalader, Wall Street's oldest law firm, with longstanding relationships with a range of blue-chip clients, including many of the world's leading financial institutions and providers of private capital. This will be the largest law firm combination in history, creating the world's fifth largest firm by revenue, with annual revenue in excess of US$3.6 billion based on 2024 performance. The combined firm's revenue will be balanced across premier legal markets on both sides of the Atlantic. With 3,100 world-class lawyers across the Americas, EMEA, and APAC, the combined firm will serve clients in every major financial market. Hogan Lovells Cadwalader will have unmatched strengths across finance, corporate, regulatory, IP, and disputes, positioning the combined firm to represent the world's leading financial institutions, multinational corporations, private capital funds, and sovereign entities on their highest value strategic challenges. "Clients are increasingly looking for law firms with deep sector expertise and broad global reach to advise on their most complex mandates around the world,” said Hogan Lovells CEO Miguel A. Zaldivar, Jr. "Cadwalader, a premier Wall Street institution, brings top of the market finance capabilities, which combined with Hogan Lovells' powerful global platform, expands our abilities to comprehensively advise clients at a time when cross-border investment is increasingly driving growth in key sectors—including finance, energy, technology, life sciences, and others.” "This combination fulfills our shared ambition to create a global firm with a strong transatlantic platform anchored in the most important financial centers around the world,” said Wes Misson, Co-Managing Partner, Cadwalader. "Our clients are at the center of this strategic decision, as this combination will enhance our ability to provide best-in-class service at scale.” Added Pat Quinn, Co-Managing Partner, Cadwalader: "Together, Hogan Lovells Cadwalader will become one of the world's most formidable legal platforms -- built to advise clients on the most critical legal and business issues of the moment and transactions that will shape the future. Throughout our discussions, it has been clear that we are driven by the same core values – excellence, ambition, collaboration, and an unwavering commitment to our clients, people, and society. This alignment gives us confidence that our cultures will complement one another and help us thrive.” Miguel Zaldivar will serve as CEO of the combined firm. Cadwalader is currently led by two Co-Managing Partners, Pat Quinn and Wes Misson, and both would take on International Management Committee roles: Pat Quinn as Global Managing Partner for Client and Practice Integration, and Wes Misson as Global Managing Partner for the Finance practice. Misson will be working alongside James Doyle, Corporate and Finance Practice Group Leader, and David Bonser, Global Managing Partner for the Corporate Practice. The proposed combination is subject to customary closing conditions, including a vote by the partners of each firm to be held in 2026. Strength in the World's Most Critical Markets Together, Hogan Lovells Cadwalader will have the uniqueness of operating through five primary hubs -- Washington, D.C., New York, London, Germany, and the region comprising France, Italy, and Spain -- serving clients in complex matters across a balanced global platform. It will also have a particular strength in the London–New York–Charlotte financial corridor. In New York, the combined firm will rank among the top 25 law firms, with more than 370 lawyers. Cadwalader, founded in 1792 and Wall Street's oldest law firm, played a defining role in the evolution of structured finance and securitization, fund finance, real estate finance, derivatives, and other sophisticated structured products. The firm has also built leading practices in bank lending, corporate/M&A, litigation, restructuring, and private wealth. Hogan Lovells has expanded rapidly in New York, adding strength in M&A, real estate, sports transactions, and commercial litigation, among other areas. Cadwalader's premier real estate finance practice will significantly complement Hogan Lovells' investment two years ago in the acquisition of the highly respected U.S. real estate practice from legacy New York firm Stroock & Stroock & Lavan. In London, the combined firm will be among the top 10, with nearly 600 lawyers, offering unique scale and depth to serve clients across the New York–London transactional corridor. Hogan Lovells was formed from one of London's oldest law firms, founded 125 years ago, and long known for its premier finance and litigation practices. Cadwalader's market-leading fund finance, structured finance, and leveraged finance and private credit platforms strengthen the transatlantic link to New York, creating a preeminent capability in complex finance and transactions. In Washington, D.C., Hogan Lovells Cadwalader will be one of the city's largest firms, with more than 500 lawyers, cementing the firm's position as the premier platform for high-stakes matters at the intersection of business and government. Hogan Lovells, one of the oldest and largest law firms in Washington, D.C., founded over 120 years ago, is widely recognized as a regulatory leader in international trade, antitrust, and key sectors including life sciences and health care, technology, and energy, coupled with leading corporate and litigation practices. Cadwalader brings nationally recognized strengths in compliance, investigations and enforcement, financial restructuring, fund finance, structured finance, and derivatives and financial services regulation. Among the synergies in Washington, D.C., the combined firm will also create a market leader focused on resolving disputes with state attorneys general offices. In Charlotte, N.C. -- the second-largest U.S. banking center -- Cadwalader's over 100 lawyers include highly specialized and market-leading teams in fund finance, bank lending, securitization and structured finance, real estate finance, and CMBS. This financial services focus provides synergies with the combined firm's finance practices in London and New York, as well as financial services regulation in Washington, D.C. In Germany, Hogan Lovells' leading IP, litigation, finance and corporate platform will unite with Cadwalader's world-class finance capabilities -- creating a full-service offering for clients and opening new markets for the combined firm. With more than 450 lawyers across Berlin, Düsseldorf, Frankfurt, Hamburg, and Munich, Hogan Lovells has one of Germany's most established and prestigious platforms, rooted in over 135 years of market presence. In France, Italy, and Spain, the combination pairs Cadwalader's premier finance capabilities with Hogan Lovells' established platform in this fast-growing market -- providing clients with significant support in Europe's expanding private capital markets. With over 400 lawyers, Hogan Lovells' platform in this region is one of the strongest in Continental Europe, backed by 22 Chambers-ranked practices, including leading structured finance, real estate finance, securitization, derivatives, and capital markets practices. In APAC, Cadwalader's prestigious finance capabilities enhance Hogan Lovells' established and targeted local presence, sharpening the combined firm's ability to deliver seamless, premium, and cross-border support to clients doing business across the region. With more than 140 lawyers across Beijing, Hong Kong, Shanghai, Singapore, Tokyo, Vietnam, and Jakarta, the combined firm will continue a 50-year legacy in APAC and market-leading practices in corporate, finance, compliance and investigations, TMT, IP, life sciences, data protection, and international trade. Transformative Trends The strengths of Hogan Lovells Cadwalader are well matched to the forces shaping the global economy. The rise of the private capital sector has helped fuel significant growth across the global economy. A critical component of this industry is fund finance and related highly specialized financial products. Since 2018, Cadwalader has advised lenders on more than $1.4 trillion in fund finance commitments across subscription, NAV, hybrid, GP, management fee, hedge fund and venture capital facilities, as well as preferred share issuances. The combined firm will be the global leader in this space, and will help drive the continued development of transformative industries going forward. Structured finance and structured products -- including securitization and derivatives -- have become critical tools for capital-intensive, high-growth, and transformative industries, including energy, technology, and infrastructure, all of which require innovative financing structures to scale. Cadwalader's platform has long helped design and execute the financial structures that power these industries, pioneering many of the tools now used for renewable energy assets, digital infrastructure, data centers, technology rollouts, private equity solutions, complex supply chains, and life sciences portfolios. As a result, Cadwalader has become a global leader in capital relief trades and other regulatory optimization practices. Paired with Hogan Lovell's strength in highly regulated cross-border work, the firm will offer a singular platform built to advise, structure, and finance the next generation of deals across sectors and geographies. AI and Innovation Leadership The combination will also accelerate Hogan Lovells Cadwalader's leadership in innovation and AI-enabled legal services. Hogan Lovells has made significant investments to become a fully technology-enabled firm, embedding advanced AI capabilities across client work and internal operations as a core strategic priority. Cadwalader will likewise benefit from Hogan Lovells' joint venture, ELTEMATE, and its proprietary chatbot, CRAIG, which already supports more than 4,400 users and provides the combined firm with a unique level of independence from external technology providers. By integrating proprietary AI tools seamlessly with its global legal teams, Hogan Lovells Cadwalader will deliver enhanced efficiency, deeper insights, and higher-value outcomes for clients navigating their most complex cross-border mandates. Few law firms globally can match this depth of in-house AI capability, positioning the combined firm at the forefront of technology-driven service delivery. Additional information on the combination and both firms can be found at www.oursharedambition.com. [] Seward & Kissel Promotes Theodore Kaminski to Partner -------------------------------------------------------- Seward & Kissel LLP announced the promotion of Theodore Kaminski to partner in the Firm's Investment Management Group, effective January 1, 2026. "I am very excited to celebrate this milestone and recognize the contributions Theo has made to the Firm," said Managing Partner James Cofer. "He truly embodies the qualities that have defined Seward & Kissel for the last 135 years. His steadfast commitment to delivering exceptional client service and maintaining the highest standards of excellence in the practice of law will ensure the Firm's continued success well into the future." Mr. Kaminski advises investment managers of hedge funds, private equity funds, and commodity pools on private fund formation, structuring, and regulatory and compliance matters. He joined Seward & Kissel's New York office in 2018 after receiving his J.D., cum laude, from the Boston College Law School. "Theo has continually impressed us with not only his legal acumen but also his devotion to fostering a culture of excellence and client service,” said Seward & Kissel's Management Committee Chair-Elect Daniel Bresler. "We are excited to see him continue to grow with the Firm and drive innovation and collaboration.” With Mr. Kaminski's promotion, Seward & Kissel will have 61 partners between its New York and Washington, D.C. offices. The Firm has also promoted two attorneys to counsel, Catherine LoTempio in the Corporate Restructuring & Bankruptcy Group and Anna Weigand in the Investment Management Group. 2025 has been a transformative year for Seward & Kissel, marked by the election of Daniel Bresler to Management Committee Chair and the arrival of eight lateral partners across key practice areas. About Seward & Kissel LLP Seward & Kissel LLP, founded in 1890, is a leading U.S. law firm with offices in New York City and Washington, D.C., with particular expertise in the financial services, investment management, banking and shipping industries. The Firm is well known for its representation of investment advisers and related investment funds, broker-dealers, major commercial banks, institutional investors and transportation companies (particularly in the shipping area). Its practices primarily focus on corporate, M&A, finance, securities, litigation (including white collar), restructuring/bankruptcy, real estate, regulatory, tax, employment and ERISA for clients seeking legal expertise in these areas. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. 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