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         T R O U B L E D   C O M P A N Y   R E P O R T E R

              Wednesday, December 24, 2025, Vol. 29, No. 357

                            Headlines

212 MAPLE: Seeks Chapter 11 Bankruptcy in New York
229 BROADHOLLOW: Hires Summit Commercial Real Estate as Broker
236 WEST ONE: Seeks Chapter 7 Bankruptcy in New York
3000 E. IMPERIAL: U.S. Trustee Unable to Appoint Committee
57 CONCRETE: Seeks Chapter 11 Bankruptcy in Texas

904 X 4 INC: Gets Interim OK to Use Cash Collateral
ADVANTIS INVESTMENT: Gets Final OK to Use Cash Collateral
AIR CANADA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
ALL PHASE: Gets Final OK to Use Cash Collateral
ALL PHASE: Updates Unsecured Claims Pay Details

ANESIS CENTER: Seeks Cash Collateral Access
APPLE TREE: Seeks to Tap Kurtzman Carson as Claims, Noticing Agent
ARTISAN FOODIE: Court Denies Bid to Use Cash Collateral
ASHLEY STEWART: Board Moves to Dismiss Chapter 11 as Bogus
ASN INVESTMENT: Seeks to Tap Center City Law Offices as Counsel

ASN INVESTMENT: U.S. Trustee Unable to Appoint Committee
AVALON GLOBOCARE: Acquires RPM Interactive in $19.5MM Stock Deal
AVALON GLOBOCARE: Issues $375K Bridge Note with 50% Conversion
AVANCE MANAGEMENT: Seeks to Hire Rochelle McCullough as Counsel
BALAJIO LLC: Court Denies Bid to Use Cash Collateral

BAUDAX BIO: Seeks to Extend Plan Exclusivity to Feb. 11, 2026
BIG LEVEL: Seeks 60-Day Extension of Plan Filing Deadline
BLIZE HEALTHCARE: Case Summary & Five Unsecured Creditors
BLUE DIAMOND: Seeks Chapter 7 Bankruptcy in Oklahoma
BLUE RIBBON: Moody's Alters Outlook on 'Caa3' CFR to Negative

BOSQUE BREWING: Closes 2 Locations in Albuquerque Amid Chapter 11
BSG CORP: Seeks Approval to Hire Romano Law as Bankruptcy Counsel
BUDDY MAC: U.S. Trustee Appoints Creditors' Committee
BULLIVANT HOUSER: Taps Donlin Recano & Company as Noticing Agent
CAPITOL STREET: U.S. Trustee Unable to Appoint Committee

CAROLINA'S CONTRACTING: Seeks to Hire Ironhorse as Auctioneer
CHIC & COMPANY: Gets Interim OK to Use Cash Collateral
CHICKEN SOUP: Court Tosses Skajem, et al. Adversary Case
CITY WIDE: Court Tosses Remaining Claims v. City of Dallas
CLEAR GUIDE: Court Extends DIP Financing Order to Jan. 29

CLEARSIDE BIOMEDICAL: Seeks Approval to Tap Cooley as Lead Counsel
CLEARSIDE BIOMEDICAL: Seeks to Hire Epiq as Administrative Adviser
CLEARSIDE BIOMEDICAL: Seeks to Tap Berkeley as Financial Advisor
CLEARSIDE BIOMEDICAL: Taps Richards Layton & Finger as Co-Counsel
COMPLEMAR PARTNERS: Gets Extension to Access Cash Collateral

DM ELECTRICAL: Seeks Approval to Hire Tina Nguyen as Accountant
EDEN ON BRAND: Seeks Cash Collateral Access
ELGIN MATH: Moody's Cuts Revenue Rating to B1, Outlook Negative
ENDOCRINE ASSOCIATES: Seeks to Tap Hayward as Bankruptcy Counsel
ENOVA INTERNATIONAL: Moody's Puts 'B1' CFR on Review for Upgrade

ERAM PROPERTIES: Seeks Chapter 11 Bankruptcy in New York
EVOKE PLC: Fitch Cuts LongTerm IDR to 'B', Outlook Negative
FAIR ANDREEN: Seeks Court Approval to Tap KerberRose as Accountant
FCG ACQUISITIONS: Moody's Affirms 'B3' CFR, Outlook Stable
FCI SAND: Court OKs $5MM Additional DIP Loan From GrayStreet

FINANCE OF AMERICA: Raises $50MM in Financing Deal with Blue Owl
FIRST BRANDS: Court Appoints Martin De Luca as Chapter 11 Examiner
FLINZ HOLDINGS: Gets Final OK to Use Cash Collateral
FORD MOTOR: Moody's Affirms 'Ba1' CFR, Outlook Stable
FORD MOTOR: Moody's Affirms 'Ba1' Ratings on Senior Unsecured Debt

GENESIS HEALTHCARE: Allegedly Delayed Payouts Prior to Chapter 11
GLASS MANAGEMENT: Seeks to Tap RPM Funding as Financial Consultant
GRACE THAI 2: Seeks Chapter 7 Bankruptcy in New York
GRIT PRODUCTIONS: Hires Bond Ellis Eppich Schafer Jones as Counsel
GRIT PRODUCTIONS: Seeks to Hire Kent Davis as Corporate Counsel

HAWKEYE ENTERTAINMENT: Court Rules on Lease Dispute
HILLIARD PARTNERSHIP: Seeks Chapter 7 Bankruptcy in Ohio
HILLSIDE APARTMENTS: Seeks to Tap The Madison Firm as Legal Counsel
HOTEL ONE: U.S. Trustee Unable to Appoint Committee
HOWARD HUGHES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable

HURLEY MEDICAL: Moody's Upgrades Revenue Bond Rating from Ba1
IHOUSE REALTY: Seeks to Tap Geri Lyons Chase as Bankruptcy Counsel
INGLE & ASSOCIATES: Gets OK to Use Cash Collateral
IROBOT CORP: Awards Executives Retention & Transition Bonuses
IROBOT CORP: Downsizes Bedford HQ, Secures 7-Year Lease

J. PATRICK LEE: Taps Craig Geno and Christopher Steiskal as Counsel
JACKSON HOSPITAL: Files $250MM Lawsuit Against Blue Cross Alabama
JDM PROPERTIES: Seeks to Hire D. Conrad Gall as Legal Counsel
KATHLEEN ANNE DUDLEY: Court Remands Disciplinary Proceeding
KID CITY COOL: Seeks Chapter 7 Bankruptcy in New York

KIRKBRIDE LAND: Plan Exclusivity Period Extended to Feb. 13, 2026
KITCHEN MAN: Gets Extension to Access Cash Collateral
LAMUMBA INC: Gets Extension to Access Cash Collateral
LDM LLC: Seeks to Hire Steinberg Shapiro & Clark as Legal Counsel
LINEAR COMPANIES: Seeks to Tap Sacks Tierney as Bankruptcy Counsel

LUMINAR TECHNOLOGIES: Hires Omni as Claims and Solicitation Agent
LUMINAR TECHNOLOGIES: Will Be Delisted From Nasdaq
MARINER'S GATE: Owner Wants to Sell Property for $53MM in Chap. 11
MONTANA VILLAGE: Rental Income & Sale Proceeds to Fund Plan
MOSAIC MENTAL: Seeks Subchapter V Bankruptcy in Texas

MW MASON: Gets Interim OK to Use Cash Collateral
MY JOB MATCHER: Updates Priority Tax & Serengeti/Ghost Tree Claims
NATIONAL SECURITY: A.M. Best Affirms B(Fair) Fin. Strength Rating
NEAL MEATS: Unsecureds Will Get 100% of Claims over 5 Years
NERFIES MANAGEMENT: Seeks to Hire Rochelle McCullough as Counsel

NETCAPITAL INC: Posts $2.1MM Q2 Net Loss, Warns of Cash Crunch
NEW ENTERPRISE: Moody's Affirms 'B2' CFR, Outlook Stable
NEW YORK NEUROSURGERY: Seeks Chapter 7 Bankruptcy in New York
NEWFOLD DIGITAL: Fitch Lowers IDR to 'C' on Exchange Announcement
NORDSTORM INC: Fitch Affirms 'BB' Longterm IDR, Outlook Stable

OAKTREE OCALA: Gets Extension to Access Cash Collateral
OASIS GB: Section 341(a) Meeting of Creditors on January 13
OLDE TOWN: Seeks to Hire Weissberg and Associates as Legal Counsel
OMNI HEALTH: U.S. Trustee Unable to Appoint Committee
PEORIA CHARTER: Hires Sgro Hanrahan Durr Rabin as Counsel

PHAIR COMPANY: Plan Exclusivity Period Extended to Feb. 20, 2026
PRAIRIE ACQUIROR: Moody's Alters Outlook on 'B1' CFR to Stable
PRESLEIGH BRITA: Seeks Chapter 11 Bankruptcy in Oklahoma
PROJECT PIZZA: Unsecureds to Get 13 Cents on Dollar in Plan
PURE BIOSCIENCE: $464,000 Loss in 2026 Q1, Warns of Capital Crunch

Q & T PROPERTIES: Seeks to Tap The Caluda Group as Legal Counsel
REDEFYNE MOVING: Section 341(a) Meeting of Creditors on January 16
REMEMBER ME: Hires Johnson Hickey & Murchison as Accountant
RENSOL REALTY: Seeks Chapter 11 Bankruptcy in New York
RMS CARRIERS: Unsecured Creditors to Get 12.87% in Plan

SANTOPIETRO FOOD: Gets Extension to Access Cash Collateral
SBA 3142: Seeks Chapter 7 Bankruptcy in New York
SCCY INDUSTRIES: Plan Exclusivity Period Extended to Feb. 19, 2026
SCIENTIFIC ENERGY: Net Income Shrinks to $345,000 in Q3
SDLOMO PARTNERS: U.S. Trustee Unable to Appoint Committee

SILAC INSURANCE: A.M. Best Peviews B(Fair) Fin. Strength Rating
SILVERROCK DEVELOPMENT: Plan Exclusivity Extended to Feb. 5, 2026
SOUTHERN GENERAL: A.M. Best Cuts Fin. Strength Rating to C++
STEELCASE INC: Moody's Withdraws Ba1 CFR Following HNI Transaction
SUPERIOR INDUSTRIES: Moody's Appends 'LD' Designation to PDR

TEDDER INDUSTRIES: Section 341(a) Meeting of Creditors on Jan. 12
THUNDER SUN: Court Dismisses Chapter 11 Case for 2nd Time
TRICOR PRINT: Seeks Chapter 7 Bankruptcy in Oregon
TRINET GROUP: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
TRIPLESHOT HOLDINGS: Unsecureds to Split $10K over 5 Years

UBA BROCKTON: Court Extends Cash Collateral Access to Feb. 20
UMAMAHESH LLC: Seeks to Hire Amber Hotel Company as Realtor
US MAGNESIUM: $11.5MM Ch. 11 Financing Needs Changes, Says Judge
VENTURE GLOBAL: Fitch Rates USD3-Billion Secured Notes 'BB'
VIEWBIX INC: Agrees to Acquire Quantum X Labs via Stock Exchange

VISION ADELANTE: Chapter 7 Trustee Wins $378,716 Judgment
WEEDEN RANCH: Seeks Approval to Hire DBS Law as Bankruptcy Counsel
WEEDEN RANCH: Taps Christian Samson Baskett Phelan as Counsel
WEST RIDGE: Plan Exclusivity Period Extended to March 16, 2026
WOODLINE PROPERTIES: Seeks to Use Cash Collateral

ZHL SERVICES: Seeks to Hire William G. Haeberle as Accountant

                            *********

212 MAPLE: Seeks Chapter 11 Bankruptcy in New York
--------------------------------------------------
On December 16, 2025, 212 Maple Crescent LLC filed for Chapter 11
bankruptcy in the Eastern District of New York. According to the
filing, the Debtor has debts between $100,001 and $1,000,000 owed
to 1-49 creditors.

              About 212 Maple Crescent LLC

212 Maple Crescent LLC is a real estate holding company that owns
and manages residential property assets.

212 Maple Crescent LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46020) on December 16,
2025. The petition reports estimated assets and estimated
liabilities in the range of $100,001-$1,000,000.

Honorable Bankruptcy Judge Jil Mazer-Marino presides over the
case.

The Debtor is represented by Charles Wertman, Esq. of the Law
Offices of Charles Wertman P.C.


229 BROADHOLLOW: Hires Summit Commercial Real Estate as Broker
--------------------------------------------------------------
229 Broadhollow Realty LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of New York to employ Summit
Commercial Real Estate, Corp. as real estate broker to sell its
property.

The firm will receive a commission of 6 percent of the property's
selling price.

Luciano Oliverio, a real estate agent at Summit Commercial Real
Estate, 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:

     Luciano Oliverio
     Summit Commercial Real Estate
     200 Broadhollow Road, Suite 201
     Melville, NY 11747

                     About 229 Broadhollow Realty

229 Broadhollow Realty LLC owns and operates the commercial
property located at 229 Broadhollow Road in Farmingdale, New York,
which has an estimated market value of about $7.5 million.

229 Broadhollow Realty filed for relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-74655) on
December 4, 2025. In the petition signed by Amardeep Singh, member,
the Debtor disclosed $7,505,209 in total assets and $7,166,000 in
total liabilities.

Honorable Bankruptcy Judge Sheryl P. Giugliano handles the case.

The Debtor is represented by Marc A. Pergament, Esq., at Weinberg,
Gross & Pargament LLP.


236 WEST ONE: Seeks Chapter 7 Bankruptcy in New York
----------------------------------------------------
On December 15, 2025, 236 West One Enterprises Inc. filed for
Chapter 7 protection in the Southern District of New York.
According to court filings, the Debtor reports between $1 million
and $10 million in debt owed to 1-49 creditors.

             About 236 West One Enterprises Inc.

236 West One Enterprises Inc. is a New York-based real estate
company specializing in the acquisition, development, and
management of commercial and residential properties.

236 West One Enterprises Inc. sought relief under Chapter 7 of the
U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12813) on
December 15, 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 P. Mastando III handles the case.


3000 E. IMPERIAL: U.S. Trustee Unable to Appoint Committee
----------------------------------------------------------
The U.S. Trustee for Region 16 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of 3000 E. Imperial, LLC.

                     About 3000 E. Imperial LLC

3000 E. Imperial LLC is a real estate holding company that manages
commercial property in Buena Park, California.

3000 E. Imperial LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11912) on July 14,
2025. In its petition, the Debtor reported between $1 million and
$10 million in assets and liabilities.

Honorable Bankruptcy Judge Mark D. Houle handles the case.

The Debtor tapped Jeffrey I. Golden, Esq., at Golden Goodrich, LLP
as bankruptcy counsel; Allen Matkins Leck Gamble Mallory & Natsis,
LLP as special counsel; and Hahn Fife & Co., LLP as accountant.


57 CONCRETE: Seeks Chapter 11 Bankruptcy in Texas
-------------------------------------------------
On December 19, 2025, 57 Concrete LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Southern District
of Texas. According to court filings, the Debtor reports between
$10 million and $50 million in debt owed to between 50 and 99
creditors.

                  About 57 Concrete LLC

57 Concrete LLC is a Texas-based concrete contracting company that
provides concrete construction services for residential,
commercial, and infrastructure projects. The company’s operations
typically include concrete pouring, finishing, and related site
work for building and development projects across the region.

57 Concrete LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-90818) on December 19, 2025. In
its petition, the debtor reported estimated assets ranging from $10
million to $50 million and estimated liabilities in the same
range.

Honorable Bankruptcy Judge Christopher M. Lopez is presiding over
the case.

The debtor is represented by Charles Michael Rubio, Esq., and
Lenard M. Parkins, Esq., of Parkins & Rubio LLP.


904 X 4 INC: Gets Interim OK to Use Cash Collateral
---------------------------------------------------
904 X 4, Inc. received interim approval from the U.S. Bankruptcy
Court for the Middle District of Florida, Jacksonville Division, to
use cash collateral to fund operations.

The court issued an interim order authorizing the Debtor to use
cash collateral for U.S. Trustee quarterly fees and other
court-approved payments; the budgeted expenses, plus up to a 10%
variance per line item; and additional amounts with approval from
the U.S. Small Business Administration, effective until further
court order.

The SBA and other creditors with a security interest in cash
collateral will have a perfected replacement lien on the cash
collateral, with the same validity, priority and extent as their
pre-bankruptcy liens.

As additional protection, the SBA will receive a $500 monthly
payment, starting this month.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/Pvu8e from PacerMonitor.com.

                        About 904 X 4 Inc.

904 X 4 Inc. is a Florida-based company that offers specialized
products or services, likely focused on the automotive or retail
sector. The company caters to local and regional clients, providing
solutions designed to meet market demand with a focus on practical
utility and service quality.

904 X 4, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla., Case No. 25-04400) on November 25, 2025. In
its petition, the Debtor reports estimated assets of $100,001 to $1
million and estimated liabilities in the same range.

Honorable Bankruptcy Judge Jason A. Burgess handles the case.

The Debtor is represented by Bryan K. Mickle, Esq., at Mickler &
Mickler.


ADVANTIS INVESTMENT: Gets Final OK to Use Cash Collateral
---------------------------------------------------------
The United States Bankruptcy Court for the Southern District of
Texas entered a final order authorizing Advantis Investment Group,
LLC, to use cash collateral on a final basis.

The Debtor may use cash collateral only for expenses listed in the
budget attached to the motion. Individual line items may not exceed
125% of the budgeted amount, and total expenses for any budget
period may not exceed 115% of the total budget, unless the secured
lender consents in writing to additional expenditures.

As adequate protection, American Savings Life Insurance Company is
granted continuing, valid, and perfected replacement liens. These
liens attach to the Debtor's accounts and general intangibles
arising from business operations and secure the prepetition
indebtedness.

The replacement liens are effective as of the petition date,
require no further action to perfect, and maintain the same
priority as the lender's prepetition liens, thereby protecting the
lender against any diminution in value resulting from the Debtor's
use of cash collateral.

              About Advantis Investment Group LLC

Advantis Investment Group, LLC owns an office building at 800 Tully
Road in Houston, Texas, valued at about $1.6 million, and is
classified as a single-asset real estate under U.S. Bankruptcy Code
section 101(51B).

Advantis Investment Group sought protection under Chapter 11 of the
Bankruptcy Code (Bankr. S.D. Texas Case No. 25-35096) on August 29,
2025, with $1,600,000 in total assets and $1,192,500 in total
debts.

Judge Eduardo V. Rodriguez oversees the case.

Samuel L. Milledge, Esq., at The Milledge Law Group, P.C. serves as
the Debtor's bankruptcy counsel.


AIR CANADA: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
-----------------------------------------------------------
Fitch Ratings has affirmed Air Canada's Long-Term Issuer Default
Rating (IDR) at 'BB'. The Rating Outlook is Stable. Fitch has also
affirmed Air Canada's senior secured debt ratings at 'BB+' with a
Recovery Rating of 'RR2'.

The affirmation reflects Fitch's expectation that EBITDAR leverage
will return within the 4.0x ratings sensitivity in 2026 as the
company's transitory issues abate. Modest unit cost headwinds are
expected to temper EBITDAR margin recovery toward the mid-teens,
partially offset by ongoing efficiencies and fleet modernization.

A smoother capex profile and reduced orderbook commitments support
Fitch's expectation for breakeven to low single-digit FCF margins
and continued liquidity strength. Air Canada's business profile
remains durable, supported by a duopolistic domestic market, strong
hub positions, resilient travel demand, strengthening international
and premium segments, and solid financial flexibility.

Separately, Fitch has affirmed Air Canada's 2020-2, 2017-1, and
2015-1 EETC ratings.

Key Rating Drivers

Leverage Temporarily Elevated: Air Canada's operating margins have
been pressured in 2025 from soft U.S. trans-border traffic and its
three-day flight attendant strike. Margin pressure has driven
EBITDAR leverage to 4.3x as of Sept. 30, 2025, above Fitch's
negative leverage sensitivity of 4x. Fitch expects leverage to
trend to the mid-3x range in 2026 as transitory issues abate.
Leverage pressure is partially offset by gross debt reduction. Air
Canada reduced total debt by $901 million in the first nine months
of the year. The company maintains conservative financial policies
and has demonstrated its ability to deleverage when it achieved its
net leverage target of 1.5x in 2024.

Cost Pressures Persist: Fitch expects unit cost pressures to remain
a modest headwind in 2026, limiting expected EBITDAR margin
recovery towards the mid-teens range. Pressures include rising
wages, including provisions in Air Canada's pending flight
attendant contract that stipulate payment for boarding time, and
airport fees from ongoing airport capital investments. Offsets will
come via management headcount reductions and operating
efficiencies, including heavier reliance on more efficient
aircraft. Air Canada has demonstrated solid cost management despite
the inflationary environment, with expectations for low-single
digit non-fuel cost increases annually.

Solid Financial Flexibility: Fitch views Air Canada's financial
flexibility as supportive for the rating. The company maintains a
sizable unencumbered asset base of approximately CAD6.7 billion
that can be leveraged in downturns. This value excludes Air
Canada's loyalty program, which other airlines have successfully
tapped to raise significant capital. Upcoming debt maturities are
manageable with CAD152 million of scheduled maturities for the
remainder of 2025 before stepping up to CAD2.46 billion in 2026.
Fitch expects its near-term maturities to be refinanced and
longer-term maturities to be managed via existing cash on hand and
potential financing of new-delivery aircraft.

Reduced Capital Spending: Air Canada has modestly reduced upcoming
capital commitments, cutting future 787-10 deliveries to 14 from 18
and deferring four toward the end of the decade. With a smoother
capex profile, Fitch expects breakeven to low-single-digit FCF
margins through the forecast period. Capital commitments appear
manageable given healthy liquidity, improving operating cash flow
prospects, and aircraft finance-ability. As 787-10 deliveries
occur, Air Canada is expected to replace aging widebodies such as
the A330-300, reducing fuel burn and maintenance.

Healthy Travel Demand: Fitch expects overall travel demand to
continue to strengthen into 2026, with Canadian air traffic growing
over the next year. International demand remains strong, supporting
Air Canada's internationally focused route network. The company
reports a solid level of bookings in the fourth quarter, with
healthy inflections in corporate travel and demand for destinations
in Asia. Like other network carriers, Air Canada is also seeing
benefits from demand for premium products, accounting for 29% of
2024 total revenues, up from 28% in 2023.

Duopolistic Market Position: Air Canada operates in a largely
duopolistic Canadian market, with limited domestic competition and
entrenched positions across major hubs. This structure supports
stable pricing and capacity discipline, while the carrier's
extensive international network helps attract premium, corporate,
and international travelers. The duopoly also lowers competitive
pressure versus the U.S. market, supporting margins and mitigating
cyclicality.

EETC RATINGS

Class AA Affirmation: Fitch has affirmed Air Canada's 2017-1 class
AA certificates at 'AA'. Fitch's 'AA' level stress loan-to-value
ratio (LTV) for the class AA certificates improved modestly to 75%
from 78% in the prior review, which continues to provide sufficient
headroom for the rating category. The pool is comprised of
high-quality collateral, including the 737 MAX 8 and 787-9. Air
Canada's solid credit profile also provide support to the rating.

Class A Affirmations: Fitch has affirmed Air Canada's 2020-2,
2017-1 and 2015-1 class A certificates at 'A'. The 2020, 2017 and
2015 class A certificates continue to pass Fitch's 'A' level stress
with significant headroom at 75%, 78% and 78%, respectively.

Collateral Pool Quality: Since last review, the remaining four 777
aircraft for the 2020-2 transaction have fallen out of the
collateral pool, with seven aircraft remaining. Fitch typically
considers a limited collateral pool size as a detractor to the
affirmation factor. However, the remaining collateral pool now
consists entirely of fairly young A321-200s and B787-9s, which
remain solid tier 1 aircraft. Although the 2015-1 pool consists
entirely of 787s, the transaction's strong LTV and the high quality
of the aircraft mitigate the lack of diversification, supporting
the 'A' rating.

LTV Summary:

AC 2020-2 class A: Base Case - 49%, 'A' Stress Case - 75%

AC 2017-1 class AA: Base Case - 39%, 'AA' Stress Case - 75%

AC 2017-1 class A: Base Case - 56%, 'A' Stress Case - 78%

AC 2015-1 class A: Base Case - 52%, 'A' Stress Case - 78%

Subordinated Tranche Ratings: Fitch notches subordinated tranche
EETC ratings from Air Canada's 'BB' IDR based on three primary
variables: (i) the affirmation factor (0 to 2 notches); (ii) the
presence of a liquidity facility, (0 to 1 notch); and (iii)
recovery prospects (-1 to +1 notch).

Class B Affirmation: Fitch has affirmed Air Canada's 2017-1 class B
certificates at 'BBB+', reflecting a four-notch uplift from Air
Canada's 'BB' IDR. The class B certificates benefit from a 4-notch
uplift from Air Canada's 'BB' IDR for a strong affirmation factor
(+2), a presence of liquidity facility (+1) and strong recovery
prospects (+1). The 2017-1 transaction comprises relatively young
and diverse mix of tier 1 aircrafts, including the MAX 8 and 787-9,
which support a strong affirmation factor.

Peer Analysis

Air Canada's 'BB' rating is aligned with United Airlines and sits
two notches above American Airlines. Its credit metrics compare
favorably to American Airlines', with lower gross leverage and
stronger fixed-charge coverage. While United's leverage is
currently slightly better than Air Canada's, the gap is expected to
narrow in the near term as Air Canada's profitability improves. Air
Canada remains two notches below Delta Air Lines, which benefits
from stronger leverage metrics as well as greater size and scale.
Air Canada's market position also benefits from operating in a
duopolistic Canadian market, in contrast to the heavily competitive
U.S. landscape.

EETC RATINGS

The 'AA' rating for the class 2017-1 AA certificates is generally
stronger than those in comparable United Airlines transactions due
to United Airlines' exposure to 777-300ERs. The 'A' ratings on Air
Canada's class A certificates are similar to transactions issued by
United Airlines, American Airlines, and others that all feature
sufficient levels of overcollateralization to pass Fitch's 'A'
level stress scenarios.

Air Canada's 2017-1 class B certificates are generally rated higher
than comparable transactions in United's EETCs. The rating
differential is primarily attributed to 2017-1's stronger recovery
prospects than United's transactions, warranting a +1 recovery
notch for subordinated tranche.

Fitch’s Key Rating-Case Assumptions

--Capacity flat in 2025, in line with management's public
projections. Thereafter, capacity grows in the low-to-mid single
digits annually.

--Load factors remain steady around 84%.

--Unit revenues are flat-to-slightly down in 2025. Unit revenues
increase in the low single digits annually thereafter.

--Jet Fuel prices in 2025 at CAD90/liter, equivalent to roughly
USD2.50/gallon in the U.S. Jet fuel declines to CAD 85/liter over
the forecast period.

--Non-fuel cost per available seat mile (CASM) rises by mid-to-high
single digits in 2025, reflecting the impact of recent wage
increases. Nonfuel unit costs are expected to increase in the low
single digits next year as cost headwinds are offset by
efficiencies gained as the company restores capacity.

--Operating margins modestly increase over the forecast period.

--Capital spending reflects management's forecast.

EETC RATINGS

--Key assumptions within the rating case for the issuer include a
harsh downside scenario in which Air Canada declares bankruptcy,
chooses to reject the collateral aircraft, and where the aircraft
are remarketed in the midst of a severe slump in aircraft values.
An Air Canada bankruptcy is hypothetical and is not Fitch's current
expectation as reflected in the airline's 'BB' IDR. Fitch's models
also incorporate a full draw on liquidity facilities and include
assumptions for repossession and remarketing costs.

--Fitch's recovery analyses for subordinated tranches utilize
Fitch's 'BB' level stress tests and include a full draw on
liquidity facilities and assumptions for repossessions and
remarketing costs.

--Fitch's analysis incorporates a 6% annual depreciation rate for
Tier 1 aircraft, a 7% annual depreciation rate for Tier 2 aircraft
and 8% annual depreciation rate for Tier 3 aircraft.

--Value stress assumptions utilized in Fitch's models:

737 MAX 8: AA level - 40%, A level - 20%;

787-9: A level - 25%;

787-8: A level - 30%;

A321-200: A level - 25%.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

--Adjusted debt/EBITDAR sustained above 4x;

--FFO fixed charge coverage sustained below 2.5x;

--EBITDAR margins declining to the low teens or below.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

--Adjusted debt/EBITDAR trending below 3x;

--EBITDAR Margins sustained in the upper teens or better;

--Neutral to positive mid-cycle FCF.

EETC RATINGS

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

--Ratings for the class AA and A certificates are primarily based
on a top-down analysis based on the value of the collateral.
Therefore, negative rating actions could be driven by an unexpected
decline in collateral values. Senior tranche ratings could also be
affected by a perceived change in the affirmation factor or
deterioration in the underlying airline credit.

--2017-1 class B certificates are based of Air Canada's underlying
airline IDR of 'BB' and are sensitive to a change in the airline's
corporate rating. The ratings are also subject to recovery
expectations in a stress scenario and changes in Fitch's view of
the affirmation factors for the underlying collateral.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

--Ratings for the class AA and A certificates are primarily based
on a top-down analysis based on the value of the collateral. The
ratings could be upgraded if collateral coverage continues to
improve as the debt amortizes;

--2017-1 class B certificates ratings are based off of the
underlying issuer rating. However, Fitch's criteria limits tranches
rated via the bottom-up approach to 'BBB+' for issuers rated in the
'BB' category. Therefore, Fitch would expect to affirm existing
tranches rated at 'BBB+' if Air Canada were upgraded to 'BB+'.

Liquidity and Debt Structure

Air Canada ended the third quarter with CAD6.4 billion in cash and
short-term investments and full availability under its USD975
million. Total liquidity is more than 35% of LTM revenue, putting
Air Canada above U.S. peers by this measure. Liquidity remains
considerably above pre-pandemic levels despite significant gross
debt reduction in recent years due to solid cash flow generation.
Fitch expects the company's liquidity position will trend lower
over the next several years as the rate of aircraft deliveries
increase. Fitch considers Air Canada's liquidity balance to be more
than sufficient to cover near-term obligations.

Air Canada's debt stack primarily consists of CAD5.3 billion in
debt secured by its slots, gates and routes (SGR). Following a
March 2024 refinancing transaction, the facilities consist of CAD2
billion of secured notes due in 2029, CAD1.67 billion of notes due
in 2026, a USD1.175 billion TLB maturing in 2031 and a $975 million
revolver due in 2029.

The company also has CAD1.16 billion outstanding on a credit
facility provided by the Canadian government that was utilized to
issue refunds for flights cancelled during the pandemic. The credit
facility is unsecured, has a seven-year term maturing in 2028, and
has a 1.21% coupon.

The remainder of the company's debt primarily consists of aircraft
secured EETCs and other aircraft financings.

Issuer Profile

Air Canada is Canada's largest airline, serving more than 200
destinations with a fleet of more than 350 aircraft.

RATING ACTIONS
                            Rating               Prior
                            ------               -----
Air Canada
                   LT IDR    BB    Affirmed       BB  
  senior secured   LT        BB+   Affirmed  RR2  BB+

Air Canada Pass
Through Trust
Series 2020-2

  senior secured   LT         A    Affirmed       A

Air Canada Pass   
Through Trust
Series 2017-1

  senior secured   LT         AA    Affirmed      AA
  senior secured   LT         A     Affirmed      A
  senior secured   LT         BBB+  Affirmed      BBB+

Air Canada Pass
Through Trust
Series 2015-1

  senior secured   LT         A     Affirmed      A


ALL PHASE: Gets Final OK to Use Cash Collateral
-----------------------------------------------
All Phase Solutions, LLC received final approval from the U.S.
Bankruptcy Court for the Southern District of Florida, West Palm
Beach Division, to use cash collateral to fund operations.

The court issued a final order authorizing the Debtor to use cash
collateral consistent with its budget. The Debtor must not exceed
budgeted expenses by more than 10% per line item or in total unless
authorized by the court or its lenders.

The Debtor projects total monthly operational expenses of
$285,000.

As adequate protection for the Debtor's use of their cash
collateral, lenders will be granted valid, perfected liens on the
Debtor's post-petition cash receipts.

The replacement liens will have the same priority and extent as the
lenders' pre-bankruptcy liens but junior to U.S. trustee fees,
court costs, and approved professional fees.

The final order is available at https://is.gd/pZdnVv from
PacerMonitor.com.

The Debtor's cash collateral is encumbered by liens from three
lenders: JPMorgan Chase Bank, a traditional secured lender owed
$104,184; Argonaut Insurance Company, holder of a $406,863 note
from a performance bond-related project; and CFS CAP, LLC, a
merchant cash advance firm that sweeps 5% of the Debtor's bank
deposits weekly under a 2023 agreement.

As of the bankruptcy filing date, the Debtor had about $23,000 in
unencumbered cash outside of the control accounts.

                     All Phase Solutions LLC

Based in Boca Raton, Fla., All Phase Solutions, LLC provides
services including construction, demolition, environmental
remediation, civil works, uniform production, and security
staffing, primarily to U.S. government agencies.

All Phase Solutions sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19745) on August 22,
2025, listing up to $10 million in assets and liabilities. Saleh
Rabah, president of All Phase Solutions, signed the petition.

Judge Mindy A. Mora oversees the case.

Aaron Wernick, Esq., at Wernick Law PLLC, represents the Debtor as
legal counsel.


ALL PHASE: Updates Unsecured Claims Pay Details
-----------------------------------------------
All Phase Solutions, LLC, submitted an Amended Subchapter V Plan of
Reorganization dated December 12, 2025.

The Debtor has sought use of chapter 11 to restructure its debts,
streamline its financial structure, and attempt to resolve ongoing
disputes with several creditors.

This Plan under chapter 11 of the Code proposes to pay creditors of
the Debtor from Cash on hand, operating income and future
receivables, unless otherwise stated.

Non-priority unsecured creditors holding Allowed claims will
receive distributions in quarterly payments. This Plan also
provides for the payment of Administrative and Priority Claims.

Class 4 consists of all the Allowed General Unsecured Claims of the
Debtor. As reflected in the list of general unsecured creditors,
the Debtor estimates the aggregate amount of Allowed Class 4 Claims
is approximately $426,363.53. The Class 4 Claims are Impaired and
any of the Allowed Class 4 Claimholders are entitled to vote to
accept or reject the Plan.

The Debtor estimates that if this case were converted to a Chapter
7 case and all claims were Allowed in full, the holders of Class 4
Claims will not receive any distribution. If the Debtor's Plan is
confirmed, each holder of an allowed general unsecured claim
against the Debtor will share pro rata in a total distribution of
$100,000.00. Payments of $8,333.33 shall be distributed pro rata on
a quarterly basis over three years, commencing on the Effective
Date. These payments shall be in full satisfaction, settlement,
release, and extinguishment of their respective Allowed Claims. The
Debtor may prepay any or all of the distributions described herein
with no prepayment penalty.

Class 5 consists of the Equity Interests of the Debtor in assets of
its Estate, which are retained under the Plan. All property of the
Estate shall re-vest in the Reorganized Debtor.

All payments as provided for in the Plan shall be funded by the
Debtor's cash on hand, operating income and future receivables,
unless otherwise stated.

A full-text copy of the Amended Subchapter V Plan dated December
12, 2025 is available at https://urlcurt.com/u?l=8b7PFu from
PacerMonitor.com at no charge.

Attorneys for the Debtor:

     Aaron A. Wernick, Esq.
     Wernick Law, PLLC
     2255 Glades Road, Suite 324A
     Boca Raton, FL 33431
     Tel: (561) 961-0922
     Email: awernick@wernicklaw.com

                        All Phase Solutions LLC

Based in Boca Raton, Fla., All Phase Solutions, LLC provides
services including construction, demolition, environmental
remediation, civil works, uniform production, and security
staffing, primarily to U.S. government agencies.

All Phase Solutions sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-19745) on August 22,
2025, listing up to $10 million in assets and liabilities.  Saleh
Rabah, president of All Phase Solutions, signed the petition.

Judge Mindy A. Mora oversees the case.

Aaron Wernick, Esq., at Wernick Law PLLC, is the Debtor's legal
counsel.


ANESIS CENTER: Seeks Cash Collateral Access
-------------------------------------------
Anesis Center for Marriage and Family Therapy, LLC asks the U.S.
Bankruptcy Court for the Western District of Wisconsin for
authority to use cash collateral and provide adequate protection.

All of the Debtor's available cash and operating revenues
constitute cash collateral and represent its sole source of working
capital. The Debtor explains that immediate access to these funds
is essential to meet ongoing obligations such as bi-weekly payroll
and employee benefits (with the next payroll due by December 15,
2025), utilities, insurance, professional fees, and other ordinary
business expenses; without such access, the estate would suffer
immediate and irreparable harm, jeopardizing employees, patients,
and the community it serves.

The Debtor identifies four entities that may hold perfected
security interests in the debtor’s cash collateral: Itria
Ventures LLC (approximately $217,949), ODK Capital, LLC d/b/a On
Deck (approximately $49,418), Fox Funding Group, LLC (approximately
$342,391), and Small Business Financial Solutions, LLC d/b/a Rapid
Finance (approximately $55,000.00).

To provide adequate protection under 11 U.S.C. sections 361 and
363, the Debtor proposes granting post-petition replacement liens
to all parties with properly perfected pre-petition security
interests, preserving the same scope and priority as existed before
the filing, while expressly reserving all rights to dispute claim
amounts, validity, priority, or secured status.

Additional protection includes providing monthly
receipts-and-disbursements reports and maintaining appropriate
property and liability insurance. The Debtor requests an expedited
preliminary hearing under Bankruptcy Rule 4001(b) followed by a
final hearing, asserting that prompt authorization to use cash
collateral is critical to maintaining uninterrupted operations and
enabling a successful reorganization that preserves the Debtor's
going-concern value and public-service mission.

A court hearing is set for January 8, 2026.

A copy of the motion is available at https://urlcurt.com/u?l=RMxLdT
from PacerMonitor.com.



             About Anesis Center for Marriage and
Family Therapy
LLC

Anesis Center for Marriage and Family Therapy LLC operates as a
professional mental health practice focused on relational and
family-based therapy.

Anesis Center for Marriage and Family Therapy LLC sought relief
under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wis. Case
No. 25-12586) on November 25, 2025. In its petition, the Debtor
reports estimated assets between $100,001 and $1,000,000 and
estimated liabilities between $1 million and $10 million.

Honorable Bankruptcy Judge Catherine J. Furay handles the case.

The Debtor is represented by Krystal R. Williams-Oby, Esq. of
Krystal Williams-Oby, LLC.



APPLE TREE: Seeks to Tap Kurtzman Carson as Claims, Noticing Agent
------------------------------------------------------------------
Apple Tree Life Sciences, Inc. and its affiliates seek approval
from the U.S. Bankruptcy Court for the District of Delaware to
employ Kurtzman Carson Consultants, LLC, doing business as Verita
Global, as claims and noticing agent.

Verita 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.

Verita agrees to submit its invoices to the Debtors monthly and
they agree that the amount invoiced is due and payable upon the
receipt of the invoice.

Evan Gershbein, executive vice president at Verita Global,
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:

     Evan Gershbein
     Verita Global
     222 N. Pacific Coast Highway, 3rd Floor
     El Segundo, CA 90245
     Telephone: (310) 823-9000

                     About Apple Tree Life Sciences

Apple Tree Life Sciences, Inc., legally known as Apple Tree Life
Sciences, Inc., is a life sciences venture capital firm that forms
and invests in healthcare and biotechnology companies from
early-stage concepts through public market offerings. The firm
provides flexible capital and works with venture partners and
entrepreneurs-in-residence to develop research-driven enterprises
in the therapeutics sector. Its activities span company creation at
stages ranging from pre-intellectual-property ideas to asset
spinouts.

Apple Tree Life Sciences, Inc. and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case
No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life
Sciences reports estimated liabilities between $1 billion and $10
billion estimated liabilities between $100,000 and $500,000.  

Honorable Bankruptcy Judge Laurie Selber Silverstein handles the
cases.   

The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel
Urquhart & Sullivan, LLP as counsel; B. Riley as financial and
restructuring advisor; and Walkers as Cayman law counsel. Kurtzman
Carson Consultants, LLC, doing business as Verita Global, is the
Debtors' claims and noticing agent.


ARTISAN FOODIE: Court Denies Bid to Use Cash Collateral
-------------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida, Tampa
Division, denied Artisan Foodie Group, LLC's motion for continued
use of cash collateral as moot.

Since its Chapter 11 filing, Artisan Foodie Group has received
court authorization to use cash collateral to fund operations
through a series of interim orders. These interim orders granted
secured creditor DFCU Financial a post-petition lien on cash
collateral and required the Debtor to keep its property insured as
adequate protection.

DFCU Financial may claim a security interest in all assets of the
Debtor, including accounts by virtue of its UCC-1 financing
statement filed on November 3, 2022. The
financing statement identifies an interest in collateral as cash or
accounts.

                    About Artisan Foodie Group

Artisan Foodie Group, LLC filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No.
25-00506) on January 27, 2025, listing up to $1 million in assets
and up to $10 million in liabilities. Ruediger Mueller of TCMI,
Inc. serves as Subchapter V trustee.

Judge Roberta Colton oversees the case.

The Debtor is represented by Katelyn M. Vinson, Esq., at Jennis
Morse.

DFCU Financial, as secured creditor, is represented by:

   Angelina E. Lim, Esq.
   Johnson, Pope, Bokor, Ruppel & Burns, LLP
   400 North Ashley Drive, Suite 3100
   Tampa, FL 33602
   Telephone: 813-225-2500
   Facsimile: 813-223-7118
   AngelinaL@jpfirm.com


ASHLEY STEWART: Board Moves to Dismiss Chapter 11 as Bogus
----------------------------------------------------------
Rick Archer of Law360 reports that the Chapter 11 case of plus-size
fashion retailer Ashley Stewart is facing internal disputes, with
one board director seeking to dismiss the filing in Delaware
bankruptcy court. The director argued that the case was improperly
filed and questioned the legitimacy of the company's restructuring
efforts.

Other members of the board, however, have called for a
court-appointed trustee to investigate the company’s November
asset sale. The conflicting motions highlight a broader
disagreement over control of the case and whether insiders may have
benefited at the expense of creditors and stakeholders, the report
states.

                 About Ashley Stewart Inc.

Ashley Stewart, Inc. is a U.S.-based retailer specializing in
plus-size fashion for women. The company operates both
brick-and-mortar stores and e-commerce platforms, offering
clothing, accessories, and footwear targeted to the plus-size
market.

Ashley Stewart Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.N.J. Case No. 25-23314) on December 17,
2025. In its petition, the Debtor reports estimated assets between
$10 million and $50 million and estimated liabilities between $50
million and $100 million.

Honorable Bankruptcy Judge Stacey L. Meisel handles the case.

The Debtor is represented by Sari Blair Placona, Esq. and Anthony
Sodono, III, Esq. of Mcmanimon Scotland & Baumann, LLC.


ASN INVESTMENT: Seeks to Tap Center City Law Offices as Counsel
---------------------------------------------------------------
ASN Investment, LLC seeks approval from the U.S. Bankruptcy Court
for the Eastern District of Pennsylvania to employ Center City Law
Offices, LLC as counsel.

The firm will render these services:

     (a) prepare all papers required to be filed in connection with
this bankruptcy proceeding;

     (b) give the Debtor legal advice with respect to its powers
and duties;

     (c) represent the Debtor at its Initial Debtor Interview, its
first meeting of creditors, all status hearings, confirmation
hearings and any Rule 2004 examinations;

     (d) prepare on behalf of the Debtor all legal papers; and

     (e) perform all other legal services for the Debtor as may be
required and necessary concerning the continued administration of
this case.

The firm's principal will be billed $275 per hour as of Dec. 15,
2025.

The firm received an initial retainer of $3,000 from the Debtor's
principal's personal account.

The firm represents no interest adverse to the Debtor or to the
estate on the matters upon which it is to be engaged.

The firm can be reached at:

     Center City Law Office, LLC
     1315 Walnut St., Ste. 601
     Philadelphia, PA 19107
     Telephone: (215) 732-1177  

                     About ASN Investment Group LLC

ASN Investment Group, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14054) on October
6, 2025, with up to $50,000 in assets and liabilities.

Judge Derek J. Baker presides over the case.

Maggie S. Soboleski, Esq., represents the Debtor as legal counsel.


ASN INVESTMENT: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of ASN Investment Group, LLC.

                  About ASN Investment Group LLC

ASN Investment Group, LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14054) on October
6, 2025, with up to $50,000 in assets and liabilities. Leona
Mogavero, Esq., at Zarwin Baum serves as Subchapter V trustee.

Judge Derek J. Baker presides over the case.

Maggie S. Soboleski, Esq., represents the Debtor as legal counsel.


AVALON GLOBOCARE: Acquires RPM Interactive in $19.5MM Stock Deal
----------------------------------------------------------------
Avalon Globocare Corp. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on December 12,
2025, the Company acquired RPM INTERACTIVE, INC., a Nevada
corporation, in accordance with the terms of the Agreement and Plan
of Merger, dated December 12, 2025, as amended by Amendment No. 1
dated December 14, 2025, by and among the Company, Avalon Quantum
AI, LLC, a Nevada limited liability company and a wholly owned
subsidiary of the Company, and RPM.

Pursuant to the Merger Agreement, RPM merged with and into the
Merger Sub, pursuant to which the Merger Sub was the surviving
entity and became a wholly owned subsidiary of the Company. The
Merger is intended to qualify as a tax-free reorganization for U.S.
federal income tax purposes.

Under the terms of the Merger Agreement, the Company agreed to
issue to the stockholders of RPM 19,500 shares of Series E
Non-Voting Convertible Preferred Stock, par value $0.0001 per
share, which have an aggregate stated and liquidation value of
$19,500,000.00.

Each share of Series E Preferred Stock has a stated value of $1,000
per share and is convertible into a number of shares of Common
Stock equal to the Stated Value divided by $1.50, subject to
certain conditions which include, among others, limiting the number
of shares of Series E Preferred Stock that can convert if such
conversion would exceed the aggregate number of shares of Common
Stock which the Company may issue upon such conversion without
breaching the Company's obligations under the NASDAQ listing rules
and regulations.

As a result of this transaction, as of December 15, 2025, the
Company believes it has stockholders' equity in excess of $2.5
million as required for continued listing on the Nasdaq Stock
Market under Nasdaq Listing Rule 5550(b)(1).

Pursuant to the Merger Agreement, the Company has agreed to hold a
stockholders' meeting on May 12, 2026, or as promptly as
practicable thereafter to submit for their approval of the
conversion of the Series E Preferred Stock into shares of Common
Stock in accordance with certain of the rules of the Nasdaq Stock
Market LLC.

In connection with these matters, the Company agreed file with the
Securities and Exchange Commission a proxy statement and other
relevant materials as soon as practicable following closing.

The Board of Directors of the Company approved the Merger Agreement
and the related transactions, and the consummation of the Merger
did not require the approval of the Company stockholders.

"The acquisition of RPM is an important strategic step for Avalon,"
said Meng Li, Interim Chief Executive Officer and Chief Operating
Officer of Avalon GloboCare. "Integrating RPM's AI-driven video
studio with our consumer health products, starting with the launch
of KetoAir(TM), will enhance our marketing capabilities, broaden
our digital reach, and support our long-term value creation
strategy. We look forward to leveraging RPM's technology to elevate
our brand visibility and strengthen our position in the precision
wellness market."

"RPM's Catch-Up SaaS platform represents a breakthrough in how
short-form video content can be created, scaled, and monetized,"
said Michael Mathews, Chief Executive Officer of RPM. "By
leveraging our fully automated generative AI video studio to
support the marketing and efforts behind Avalon's KetoAir(TM), we
believe we can significantly enhance digital engagement and create
new opportunities to reach health and wellness-focused consumers."

E.F. Hutton & Co. served as financial advisor to RPM Interactive,
Inc. in connection with the transaction.

The Company also has a pending merger with YOOV Group Holdings
Limited, a provider of advanced artificial intelligence automation
solutions and currently has an S-4 registration statement on file
with the Securities and Exchange Commission that was originally
filed April 29, 2025.

Appointment of Director:

In addition, the Company agreed to appoint Mike Mathews as a
director of the Company at the closing.

"Michael is a recognized innovator in performance marketing and
AI-enabled content systems," added Meng Li, Interim Chief Executive
Officer and Chief Operating Officer of Avalon GloboCare. "He brings
deep experience in scaling technology platforms, driving digital
engagement, and building long-term shareholder value. We are
pleased to welcome him to our Board as we execute on our growth and
technology integration strategy."

Michael Mathews (Age 64). Mr. Mathews has served as Chairman and
Chief Executive Officer of Aspen Group, Inc. (OTCQB: ASPU) since
March 2012. He served as Chief Executive Officer of Interclick,
Inc. (Nasdaq: ICLK) from August 2007 until January 2011. Mr.
Mathews also served as a Director of Interclick from June 2007
until it was acquired by Yahoo, Inc. (Nasdaq: YHOO) in December
2011.

From 2004 to 2007, Mr. Mathews served as the senior vice-president
of marketing and publisher services for World Avenue U.S.A., LLC,
an Internet promotional marketing company.

Mr. Mathews was selected to serve as Director due to his track
record of success in managing early stage and growing businesses,
his extensive knowledge of the artificial intelligence, internet
services, and AdTech industries and his knowledge of running and
serving on the boards of public companies.

"Michael is a recognized innovator in performance marketing and
AI-enabled content systems," added Meng Li, Interim Chief Executive
Officer and Chief Operating Officer of Avalon GloboCare. "He brings
deep experience in scaling technology platforms, driving digital
engagement, and building long-term shareholder value. We are
pleased to welcome him to our Board as we execute on our growth and
technology integration strategy."

There is no arrangement or understanding between Mr. Mathews and
any other person, other than the Company's directors or officers
acting solely in their capacity as such, pursuant to which he was
selected as an officer or director of the Company.

Mr. Mathews is not related by blood, marriage or adoption to any
director, executive officer or person nominated or chosen by the
Company to become a director or executive officer. The Company is
not aware of any transaction, or currently proposed transaction, in
which the Company was or is to be a participant and in which Mr.
Mathews, or any member of his immediate family, had or will have a
direct or indirect material interest that would be required to be
reported under Item 404(a) of Regulation S-K.

Series E Certificates of Designation:

On December 12, 2025, the Company filed a certificate of
designations of preferences, rights, and limitations of Series E
Non-Voting Convertible Preferred Stock with the Department of
State, Division of Corporations, of the State of Delaware, which
provides for the designation of 19,500 shares of Series E Preferred
Stock of the Company, par value $0.0001 per share, upon the terms
and conditions as set forth in the Series E Certificate of
Designations. Each share of Series E Preferred Stock has a Stated
Value of $1,000.

The Series E Preferred Stock shall rank:

     (i) senior to the Company's Common Stock and any other class
or series of capital stock of the Company created hereafter, the
terms of which specifically provide that such class or series shall
rank junior to the Series E Preferred Stock,

    (ii) pari passu with any class or series of capital stock of
the Company created hereafter specifically ranking, by its terms,
on par with the Series E Preferred Stock,

   (iii) pari passu with Series C Convertible Preferred Stock of
the Company with respect to its rights, preferences and
restrictions, and

   (iv) pari passu the Series D Convertible Preferred Stock of the
Company.

Holders of the Series E Preferred Stock shall be entitled to
receive, and the Company shall pay, dividends on shares of Series E
Preferred Stock equal (on an as-if-converted-to-Common-Stock basis,
disregarding for such purpose any conversion limitations hereunder)
to and in the same form as dividends actually paid on shares of the
Common Stock when, as and if such dividends are paid on shares of
the Common Stock.

Holders of the Series E Preferred Stock have no voting power except
as otherwise required by the Delaware General Corporation Law.
Notwithstanding the foregoing, in addition, as long as any shares
of Series E Preferred Stock are outstanding, the Corporation shall
not, without the affirmative vote of the Holders of a majority of
the then outstanding shares of the Series E Preferred Stock, voting
as a separate class:

     (a) alter or change adversely the powers, preferences or
rights given to the Series E Preferred Stock in this Certificate of
Designation,

     (b) increase the number of authorized shares of Series E
Preferred Stock,

     (c) authorize or issue an additional class or series of
capital stock that ranks senior to the Series E Preferred Stock
with respect to the distribution of assets on liquidation, or

     (d) enter into any agreement with respect to any of the
foregoing

Upon any liquidation, dissolution or winding-up of the Company,
whether voluntary or involuntary, the holders of the Series E
Preferred Stock shall be entitled to receive out of the assets
available for distribution to stockholders:

     (a) after and subject to the payment in full of all amounts
required to be distributed to the holders of another class or
series of stock of the Company ranking on liquidation prior and in
preference to the Series E Preferred Stock, including the Series A
Preferred Stock,

     (b) ratably with any class or series of stock ranking on
liquidation on parity with the Series E Preferred Stock and

     (c) in preference and priority to the holders of the shares of
Common Stock, an amount equal to the greater of:

            (i) 100% of the Stated Value of the Series E Preferred
Stock, in proportion to the full and preferential amount that all
shares of the Series E Preferred Stock are entitled to receive or

           (ii) such amount per share as would have been payable
had all shares of Series E Preferred Stock been converted into
Common Stock (without regard to any limitations on conversion set
forth herein or otherwise) pursuant to Section 6 immediately prior
to such Liquidation.

Each share of Series E Preferred Stock shall be convertible into
Common Stock, at any time from and after May 12, 2026, or such
earlier time as consented to by the Company in writing at the
option of the Holder thereof, into that number of shares of Common
Stock (subject to certain limitations, determined by dividing the
Stated Value of such share of Series E Preferred Stock by the
Conversion Price of $1.50.

In addition, the holder shall not have the right to convert any
portion of the Series E Preferred Stock if, after giving effect to
the conversion, such holder (together with its affiliates) would
beneficially own in excess 4.99% of the number of shares of the
Common Stock outstanding immediately after giving effect to the
issuance of shares of Common Stock issuable upon conversion of
Series E Preferred Stock held by the applicable holder.

Furthermore, the Company shall not issue any shares of Common Stock
upon conversion of the Series E Preferred Stock or otherwise
pursuant to the terms of the Series E Certificate of Designation if
the issuance of such shares of Common Stock would exceed the
aggregate number of shares of Common Stock which the Company may
issue upon exercise or conversion (as the case may be) of the
Series E Preferred Stock without breaching the Company's
obligations under the rules and regulations the listing rules of
the Company's Principal Market (the maximum number of shares of
Common Stock which may be issued without violating such rules and
regulations), except that such limitation shall not apply in the
event that the Company:

     (A) obtains the approval of its stockholders as required by
the applicable rules and regulations of the Principal Market for
issuances of shares of Common Stock in excess of such amount or

     (B) obtains a written opinion from outside counsel to the
Company that such approval is not required, which opinion shall be
reasonably satisfactory to the Required Holders (as defined in the
Series E Certificate of Designation).

A full-text copy of the Series E Certificates of Designation is
available at https://tinyurl.com/yw9mfbj7

                       About Avalon Globocare

Avalon Globocare Corp., based in Freehold, New Jersey, develops and
markets precision diagnostic consumer products and cellular therapy
intellectual property.  The Company currently sells the KetoAir
breathalyzer, a U.S. FDA-registered Class I medical device, and
plans to expand its diagnostic applications.  It also owns and
manages commercial real estate at its headquarters.

In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a
"going concern" qualification citing that the Company has yet to
achieve profitable operations, has negative cash flows from
operating activities, and is dependent upon future issuances of
equity or other financings to fund ongoing operations, all of which
raises substantial doubt about its ability to continue as a going
concern.

As of June 30, 2025, the Company had $9.1 million in total assets,
$13.6 million in total liabilities, and $4.5 million in total
equity.


AVALON GLOBOCARE: Issues $375K Bridge Note with 50% Conversion
--------------------------------------------------------------
Avalon GloboCare Corp. disclosed in a Form 8-K Report filed with
the U.S. Securities and Exchange Commission that on December 11,
2025, the Company entered into a Securities Purchase Agreement with
Allen O Cage Jr., an individual, pursuant to which the Company
issued an unsecured bridge note with a maturity date of April 15,
2026, in the principal sum of $375,000.

The Note carries an original issue discount of $75,000.
Accordingly, on December 11, 2025, the Holder paid the purchase
price of $300,000 to the Company for the Note.

The Company is required to make the following payments in cash to
the Holder under the Note:

     (i) $125,000 on February 15, 2026,

    (ii) $125,000 on March 15, 2026, and

   (iii) $125,000 on April 15, 2026.

Upon the occurrence of an event of default under the Note, the
Holder may convert the Note into the Company's common stock at a
conversion price equal to 50% of the volume weighted average price
of the Common Stock during the five trading day period prior to the
respective conversion date, subject to adjustment as provided in
the Note as well as beneficial ownership limitations.

The Conversion Price may not be lower than the floor price, which
is equal to 80% of the Minimum Price (as such term is defined by
the rules and regulations of the Nasdaq Stock Market LLC, Rule
5635(d)(1)(A)) measured from the effective date of the Purchase
Agreement, or such lower amount as permitted, from time to time, by
the Nasdaq Stock Market, subject to downward adjustments for share
splits, share dividends, share combinations, recapitalizations or
other similar events (for the avoidance of doubt, share splits,
share dividends, share combinations, recapitalizations or other
similar events shall not cause an adjustment to increase the floor
price). The Company agreed to issue 100,000 shares of Common Stock
as a commitment fee to the Holder pursuant to the Purchase
Agreement. The Purchase Agreement contains customary
representations, warranties, and covenants of the Company.

The issuance of such 100,000 shares as well as any conversion of
the Note into shares of Common Stock is subject to the prior
shareholder approval of the Company as is required by the
applicable rules and regulations of the Nasdaq Stock Market (or any
successor entity).

Full text copies of the Note and Purchase Agreement are available
at https://tinyurl.com/ypjkw3ec and https://tinyurl.com/48rweayh,
respectively.

                       About Avalon Globocare

Avalon Globocare Corp., based in Freehold, New Jersey, develops and
markets precision diagnostic consumer products and cellular therapy
intellectual property.  The Company currently sells the KetoAir
breathalyzer, a U.S. FDA-registered Class I medical device, and
plans to expand its diagnostic applications.  It also owns and
manages commercial real estate at its headquarters.

In an audit report dated March 31, 2025, M&K CPAS, PLLC issued a
"going concern" qualification citing that the Company has yet to
achieve profitable operations, has negative cash flows from
operating activities, and is dependent upon future issuances of
equity or other financings to fund ongoing operations, all of which
raises substantial doubt about its ability to continue as a going
concern.

As of Jun. 30, 2025, the Company had $9.1 million in total assets,
$13.6 million in total liabilities, and $4.5 million in total
equity.


AVANCE MANAGEMENT: Seeks to Hire Rochelle McCullough as Counsel
---------------------------------------------------------------
Avance Management Inc. seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ Rochelle
McCullough, LLP as counsel.

The firm's services include:
   
     (a) advise the Debtor with respect to its rights, powers and
duties to operate and manage its business;

     (b) advise the Debtor concerning, and assist in the
negotiation and documentation of agreements, debt restructuring,
and related transactions;

     (c) advise the Debtor with respect to the use of cash
collateral and negotiations with its primary secured creditor;

     (d) advise the Debtor concerning the actions that might be
taken to collect and to recover property for the benefit of its
estate;

     (e) review and monitor the Debtor's ongoing business;

     (f) prepare on behalf of the Debtor all necessary and
appropriate legal documents to be filed in this Chapter 11 case;

     (g) advise the Debtor concerning, and prepare responses to,
legal papers that may be filed and served in this Chapter 11 case;

     (h) advise the Debtor in connection with any suggested or
proposed plan(s) of reorganization;

     (i) counsel the Debtor in connection with the formulation,
negotiation and promulgation of a plan of reorganization; and

     (j) perform all other legal services for and on behalf of the
Debtor that may be necessary or appropriate in the administration
of this Chapter 11 case.

The firm's counsel and staff will be paid at these rates:

     Partners          $550 - 700
     Associates        $325 - 450
     Paraprofessionals       $225

The firm will seek reimbursement for expenses incurred.

The firm received an initial retainer fee of $25,000, including
filing fee.

J. Mark Chevallier, Esq., an attorney at Rochelle McCullough,
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:

     J. Mark Chevallier, Esq.
     Rochelle McCullough, LLP
     901 Main Street, Suite 3200
     Dallas, TX 75202
     Telephone: (214) 953-0182
     Facsimile: (888) 467-5979
     Email: mchevallier@romclaw.com

                     About Avance Management Inc.

Avance Management Inc. operates as a local florist franchise in
Texas, running multiple trade names including 1800 Flowers Allen,
North Texas Flowers, and 1800FlowersAllenTX. The Company provides
handcrafted floral arrangements, gifts, and event services with
same-day delivery across Allen, Plano, McKinney, Richardson, and
the broader North Dallas area. Its operations are centered at 710
E. Main Street, Allen, Texas, classifying it within the retail
florist and floral service industry.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bakr. E.D. Tex. Case No. 25-43630) on November 30,
2025. In the petition signed by Tim Avance, president, the Debtor
disclosed up to $500,000 in assets ad up to $10 million in
liabilties.

Judge Brenda T. Rhoades oversees the case.

J. Mark Chevallier, Esq., at Rochelle McCullough, LLP represents
the Debtor as counsel.


BALAJIO LLC: Court Denies Bid to Use Cash Collateral
----------------------------------------------------
The U.S. Bankruptcy Court for the Middle District of Florida,
Orlando Division, denied as moot Balajio, LLC's request for another
extension to use cash collateral.

The ruling followed the court's conditional approval of the
Debtor's disclosure statement detailing its proposed Chapter 11
plan of liquidation.

The hearing to consider confirmation of the plan is set for January
21, 2026.

The Debtor previously obtained four interim orders authorizing it
to access the cash collateral of the U.S. Small Business
Administration and other secured creditors to fund operations.
These interim orders granted secured creditors replacement liens
on
all assets acquired by the Debtor after its Chapter 11 filing as
adequate protection.

As of the petition date, the Debtor had $21,152.58 in its operating
account, which, along with future room revenues, is considered cash
collateral. The SBA holds a first-priority security interest in the
Debtor's cash and cash equivalents, secured by a $2 million loan
evidenced by a UCC-1 financing statement.
  
                         About Balajio LLC

Balajio, LLC operates a hotel in Daytona Beach, Florida.

Balajio sought protection under Chapter 11 of the U.S. Bankruptcy
Code (Bankr. M.D. Fla. Case No. 25-03556) on June 10, 2025, listing
up to $10 million in both assets and liabilities. Sameer M. Patel,
managing member of Balajio, signed the petition.

Judge Tiffany P. Geyer oversees the case.

Justin M. Luna, Esq., at Latham Luna Eden & Beaudine, LLP,
represents the Debtor as legal counsel.


BAUDAX BIO: Seeks to Extend Plan Exclusivity to Feb. 11, 2026
-------------------------------------------------------------
Baudax Bio, Inc., asked the U.S. Bankruptcy Court for the Eastern
District of Pennsylvania to extend its exclusivity periods to file
a plan of reorganization and obtain acceptance thereof to February
11, 2026 and April 12, 2026, respectively.

This Motion is the Debtor’s tenth request for an extension of its
exclusive periods and represents a proposed extension of 60 days
for each period.

In the instant case, cause for an additional extension of
exclusivity exists because the Debtor requires additional time to
analyze the claims of ordinary and alleged administrative
creditors, organize its creditors into appropriate classes, and
craft a plan of reorganization that can accommodate various and
previously unanticipated forms of monetizing the Debtor’s
intellectual property.

The Debtor explains that it would be premature (at best), as well
as a waste of time, effort and resources, including judicial
resources, to require the Debtor to file a plan by December 13,
2025 to maintain its right to exclusivity.

The Debtor claims that it should be afforded a full and fair
opportunity to negotiate, propose, and seek acceptances of a
confirmable plan of reorganization. The Debtor believes that the
extension of the exclusive periods is warranted and appropriate
under the circumstances and should be granted.

The Debtor submitted that, particularly in light of the anticipated
liquidation plan to be proposed by the Debtor, the extension
requested will not prejudice the legitimate interests of any
creditor and will likely afford parties in interest an opportunity
to pursue to fruition the beneficial objectives of a consensual
reorganization.

Baudax Bio, Inc., is represented by:

     David B. Smith, Esq.
     Nicholas M. Engel, Esq.
     SMITH KANE HOLMAN, LLC
     112 Moores Road, Suite 300
     Malvern, PA 19355
     Telephone: (610) 407-7215
     Facsimile: (610) 407-7218
     Email: dsmith@skhlaw.com

                                About Baudax Bio, Inc.

Baudax Bio, Inc., is a biotechnology company focused on developing
T cell receptor therapies utilizing human regulatory T cells, as
well as a portfolio of clinical stage neuromuscular blocking agents
and an associated reversal agent.

Baudax Bio, Inc., filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Pa. Case No.
24-10583) on February 22, 2024, listing up to $50,000 in assets and
$10 million to $50 million in liabilities. The petition was signed
by Gerri Henwood as chief executive officer.

Judge Magdeline D. Coleman presides over the case.

David B. Smith, Esq., at SMITH KANE HOLMAN, LLC, is the Debtor's
counsel.


BIG LEVEL: Seeks 60-Day Extension of Plan Filing Deadline
---------------------------------------------------------
Big Level Trucking, Inc. asked the U.S. Bankruptcy Court for the
Southern District of Mississippi to extend its exclusivity periods
to file disclosure statement and plan for additional sixty days.

The Debtor explains that it is in discussions with various entities
to obtain a post-petition loan, sometimes referred to as
debtor-in-possession (or "DIP") financing. Even if the DIP
financing negotiations are concluded, that certainly does not give
the Debtor time to have the DIP financing loan approved by the
Court after notice and a hearing.

The Debtor claims that in the event it is successful in obtaining
DIP financing, that will also "ease" the Debtor's ability to make
adequate protection payments to various creditors whose motions for
relief from the automatic stay are set for hearing January 13 and
14, 2026.

As a result, extending the Debtor's period of exclusivity pending
final negotiations for DIP financing will avoid filing a disclosure
statement and plan of reorganization that do not take into account
DIP financing. And, even if DIP financing is not agreed to and/or
not approved, extending the exclusivity period makes sense under
the circumstances in order to avoid unnecessary amendments to the
disclosure statement and plan if DIP financing is approved, or
not.

In addition, the Debtor's counsel has been undergoing medical
treatments for several weeks and has been unable to analyze and
finalize the information needed to draft a meaningful plan and
disclosure statement.

Big Level Trucking, Inc. is represented by:
   
     Craig M. Geno, Esq.
     Law Offices of Geno and Steiskal, PLLC
     601 Renaissance Way, Suite A
     Ridgeland, MS 39157
     Telephone: (601) 427-0048
     Facsimile: (601) 427-0050
     Email: cgeno@cmgenolaw.com

                                About Big Level Trucking

Big Level Trucking, Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51204) on August 18,
2025, listing up to $50 million in both assets and liabilities.

Judge Katharine M. Samson oversees the case.

The Debtor tapped the Law Offices of Geno and Steiskal, PLLC as
counsel.


BLIZE HEALTHCARE: Case Summary & Five Unsecured Creditors
---------------------------------------------------------
Debtor: Blize Healthcare California Inc.
        750 Alfred Nobel Drive
        Hercules, CA 94547

Business Description: Blize Healthcare California Inc. provides
                      home health care, hospice and palliative
                      care, and non-medical homecare services,
                      delivering skilled nursing, therapy, and
                      supportive care to patients in their homes.
                      The Company serves individuals across
                      Northern California, including Alameda,
                      Contra Costa, Napa, San Francisco, Marin,
                      Sacramento, San Jose, San Mateo, Santa
                      Clara, and Solano counties, and operates
                      with interdisciplinary care teams under
                      physician-directed plans of care.  Its
                      services are designed for patients managing
                      chronic conditions, recovering from illness
                      or surgery, or requiring end-of-life and
                      supportive home-based care.

Chapter 11 Petition Date: December 18, 2025

Court: United States Bankruptcy Court
       Northern District of California

Case No.: 25-42377

Debtor's Counsel: Michael Jay Berger, Esq.
                  LAW OFFICES OF MICHAEL JAY BERGER
                  9454 Wilshire Boulevard, 6th Floor
                  Beverly Hills, CA 90212
                  Tel: (310) 271-6223
                  Fax: (310) 271-9805
                  E-mail: michael.berger@bankruptcypower.com

Estimated Assets: $100,000 to $500,000

Estimated Liabilities: $1 million to $10 million

The petition was signed by Ukeje Elendu as CEO.

A full-text copy of the petition, which includes a list of the
Debtor's five unsecured creditors, is available for free on
PacerMonitor at:

https://www.pacermonitor.com/view/3YINLYQ/Blize_Healthcare_California_Inc__canbke-25-42377__0001.0.pdf?mcid=tGE4TAMA


BLUE DIAMOND: Seeks Chapter 7 Bankruptcy in Oklahoma
----------------------------------------------------
On December 18, 2025, Blue Diamond, 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
$100,001 and $1,000,000 in debt owed to 1–49 creditors.

                       About Blue Diamond, LLC

Blue Diamond, LLC is a privately owned company that conducts
business through the ownership and management of assets. The
company functions as an operating or holding entity for its
commercial interests.

Blue Diamond, LLC sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-13906) on December 18, 2025. In
its petition, the Debtor reports estimated assets ranging from $1
million to $10 million and estimated liabilities of $100,001 to
$1,000,000.

Honorable Chief Bankruptcy Judge Sarah A. Hall handles the case.

The Debtor is represented by O. Clifton Gooding, Esq. of The
Gooding Law Firm.


BLUE RIBBON: Moody's Alters Outlook on 'Caa3' CFR to Negative
-------------------------------------------------------------
Moody's Ratings affirmed Blue Ribbon, LLC's ("Blue Ribbon" or
"Pabst") Caa3 Corporate Family Rating and Caa3-PD Probability of
Default Rating. Moody's also affirmed the B3 ratings on Pabst
Financing NewCo, LLC's ("NewCo") $68 million senior secured
super-priority first-out revolving credit facility and $100 million
senior secured super-priority first-out term loan and affirmed the
Ca rating on Blue Ribbon's existing original senior secured term
loan. Moody's revised the outlooks for Blue Ribbon and NewCo to
negative from stable.

The affirmation of the CFR at Caa3 and revision of the outlook to
negative reflects a deterioration in Blue Ribbon's liquidity
position, primarily driven by negative free cash from poor
operating performance across many of the company's core brands.
Recent weak earnings financial results reflect sustained volume
declines across its beer portfolio, persistent negative free cash
flow, and elevated leverage. The negative outlook also incorporates
continued risks associated with the transition of beer production
from City Brewing to Anheuser-Busch InBev SA/NV (AB InBev).
Execution risks in this transition may result in lost volume or
increased costs, further pressuring margins and liquidity. These
factors heighten the risk of a distressed exchange or other default
scenario.

Liquidity pressures have intensified in the recent quarters due to
weak operating earnings, negative free cash flow and increased
revolver utilization. Moody's do not expect the revolver will be
sufficient to support the company's obligations over the next 12
months including operating cash shortfalls, scheduled amortization
payments of approximately $18.4 million, and net payment
obligations to City Brewing of $8.5 million. As of September 30,
2025, the company reported just $21.5 million of availability under
its $68 million revolver and only a $1.1 million cash balance. As a
result, the risk of default remains is high. Without a sustained
improvement in operating performance and additional external
support, Blue Ribbon faces a significantly heightened risk of a
distressed exchange or other default scenario as it navigates this
period of operational and financial uncertainty.

RATINGS RATIONALE

Blue Ribbon's Caa3 CFR reflects its very high leverage, ongoing
volume pressure across the US beer portfolio and negative free cash
flow.  The rating is also constrained by the company's small scale
compared with much larger brewing peers, and its heavy reliance on
its largest brand, Pabst Blue Ribbon (PBR), which accounts for
nearly half of sales. The company is investing in PBR and Pabst
Light to reverse historical volume declines through distribution
expansion. After facing production challenges at City Brewing
(City) over the last three years, Blue Ribbon modified its contract
with City to largely exit its beer production at City and entered
into a new agreement with AB Inbev for its beer production.  Phase
1 of the transition, which includes production and basic logistics,
was completed in July 2025. Phase 2 of the transition, which
includes wholesaler inventory management and outbound freight and
logistics through ABI's distribution network is expected to be
completed by the second half of 2026.  Weak liquidity, elevated
leverage and persistent negative free cash flow reflect operating
difficulties, including inefficiencies related to the supplier
transition. The company's small scale, limited geographic
diversity, and high revenue concentration in the Pabst Blue Ribbon
brand further constrain its credit profile. Additionally, several
brands face secular category headwinds and volume declines, while
margins remain weak relative to peers and are likely to be
pressured by transition costs and operational inefficiencies over
the coming quarters.  Despite these challenges, Blue Ribbon LLC
benefits from a strong market position in the sub-premium beer
segment, supported by well-recognized brands including PBR, Lone
Star, and Rainier. The company's new long-term co-manufacturing
supply agreement with ABI provides operational stability, and its
asset-lite business model enables low capital spending. These
strengths provide some resilience to the company's credit profile
as it navigates the current weak period of operational transition
and financial pressure.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be downgraded if liquidity deteriorates,
operating performance fails to improve, or if the company fails to
restore positive free cash flow. Operational difficulties in
transitioning to a new co-packer or failure to improve efficiencies
once transitioned, failure to grow new third party relationships to
become more profitable, leveraged acquisitions or dividend
distributions could also lead to a downgrade.

The ratings could be upgraded if the company can demonstrate
meaningful and repeatable positive free cash flow, increased
margins, reduced leverage and improved liquidity. Blue Ribbon would
also need to successfully execute on its growth strategies to
support sustained top line and operating profit expansion.

COMPANY PROFILE

Headquartered in San Antonio, TX, Blue Ribbon, LLC (parent company
of Pabst Brewing Company) markets and sells a portfolio of iconic
American beer brands. Major brands in the company's portfolio
include its flagship Pabst Blue Ribbon, Pabst Light, Lone Star,
Rainier, Old Milwaukee, Colt 45, Schlitz and Not Your Fathers. The
company also has Brown Forman's Jack Daniels Country Cocktails US
business on its platform. The company is owned by Blue Ribbon
Partners, LLC, an investment platform led by American beverage
entrepreneur, Eugene Kashper. Annual net sales are approximately
$500 million as of last 12 months ending September 30, 2025.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Alcoholic
Beverages 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.


BOSQUE BREWING: Closes 2 Locations in Albuquerque Amid Chapter 11
-----------------------------------------------------------------
Matthew Reichbach of Albuquerque Business First reports that Bosque
Brewing has shuttered four locations in just one week, including
two Albuquerque taprooms announced on December 16, 2025, as the
brewery navigates its Chapter 11 bankruptcy restructuring. The
closures followed the recent shutdown of two Santa Fe locations and
were described by company officials as a way to focus resources and
protect the long-term viability of the business.

Court documents reveal that a key food and alcohol distributor has
alleged Bosque missed payments totaling over $117,000. These claims
highlight the brewery's financial struggles and raise concerns
about its ability to maintain vendor relationships while operating
under bankruptcy protection.

The company initially filed for Chapter 11 in October, listing
liabilities between $10 million and $50 million and assets under
$10 million. The filing reflects the financial pressures that led
to the closures and the ongoing effort to stabilize operations,
according to report.

Despite the setbacks, Bosque officials say they remain committed to
the Albuquerque, Bernalillo, and Las Cruces markets. The brewery
plans to continue operating several locations while pursuing a
court-approved reorganization plan to secure a more sustainable
future, the report states.

                 About Bosque Brewing Co. LLC

Bosque Brewing Co., LLC doing business as Restoration Pizza and The
Drinkery, operates as a craft brewery and hospitality company based
in Albuquerque, New Mexico. The Company produces and sells a range
of craft beers at its brewery and taproom while also offering
dining experiences through Restoration Pizza and a 21+
beverage-focused environment at The Drinkery. It serves the
Albuquerque area with a focus on local community engagement and
multiple on-site operations.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. N.M. Case No. 25-11236 on October 6,
2025, listing between $1 million and $10 million in assets and
liabilities. Gabriel Jensen, managing member and chief executive
officer, signed the petition.

Judge Robert H. Jacobvitz oversees the case.

The Debtor is represented by Chris Gatton, Esq. at Gatton &
Associates, P.C.


BSG CORP: Seeks Approval to Hire Romano Law as Bankruptcy Counsel
-----------------------------------------------------------------
BSG Corp., formally known as Bio-Signal Group Corp., seeks approval
from the U.S. Bankruptcy Court for the Southern District of New
York to employ Romano Law PLLC as counsel.

The firm will render these services:

     (a) advise the Debtor with respect to its rights, powers and
duties under the Bankruptcy Code;

     (b) perform all legal services for and on behalf of the Debtor
that may be necessary or appropriate in the administration of this
bankruptcy case and its business;

     (c) advise the Debtor concerning, and assist in, the
negotiation and documentation of financing agreements and debt
restructurings;

     (d) counsel the Debtor in connection with the formulation,
negotiation, and consummation of its possible sale or its assets;

     (e) review the nature and validity of agreements relating to
the Debtor's interests in real and personal property and advise it
of its corresponding rights and obligations;

     (f) advise the Debtor concerning preference, avoidance,
recovery, or other actions that it may take to collect and to
recover property for the benefit of the estate and its creditors,
whether or not arising under Chapter 9 of the Bankruptcy Code;

     (g) prepare on behalf of the Debtor all necessary and
appropriate legal documents and review financial and other reports
to be filed in this bankruptcy case;

     (h) advise the Debtor concerning, and prepare responses to,
legal papers that may be filed and served in this bankruptcy case;

     (i) counsel the Debtor in connection with the formulation,
negotiation, and promulgation of a plan of reorganization and
related documents or other liquidation of the estate;

     (j) prosecute avoidance actions and adversary proceedings on
behalf of the estate;

     (k) work with and coordinate efforts among other professionals
to attempt to preclude any duplication of effort among those
professionals and to guide their efforts in the overall framework
of the Debtor's reorganization or liquidation; and

     (l) work with professionals retained by other parties in
interest in this bankruptcy case to attempt to structure a
consensual plan of reorganization, liquidation, or other resolution
for the Debtor.

The firm's professionals will be paid at these hourly rates:

     Partner or Senior Counsel      $800 - $1,000
     Associate Attorney               $400 - $600
     Law Clerk or Paralegal           $225 - $375

In addition, the firm will seek reimbursement for expenses
incurred.

Prior to the petition date, the firm received a retainer in the
amount of approximately $35,000 to prepare for the petition and
first day filings, and for work to be performed by the firm during
this bankruptcy case.

Uzoma Alexander Eze, Esq., an attorney at Romano Law PLLC,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     Uzoma Alexander Eze, Esq.
     Romano Law PLLC
     One Batter Park Plaza, 7th Floor
     New York, NY 10004
     Telephone: (212) 865-9848
     Email: uzoma@romanolaw.com

                         About BSG Corp.

Bio-Signal Group Corp. (BSG Corp.) develops neurodiagnostic
solutions that provide functional brain assessment across medical,
military, sports, and consumer markets. The Company's offerings
include the microEEG portable EEG system and a range of
complementary components, such as the StatNet disposable electrode
headset, the EzeNet semi-disposable headpiece, and HydroDot
biosensors used for EEG signal acquisition. Bio-Signal Group also
provides EEG interpretation services through its EEG Interpretation
Platform and physician panel, facilitating clinical-grade brain
monitoring anytime and anywhere.

Bio-Signal Group filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12755) on December
8, 2025, with $1 million to $10 million in assets and liabilities.
Andre Fenton, president of Bio-Signal Group, signed the petition.

Judge John P. Mastando III presides over the case.

Ru Hochen, Esq., at Romano Law, PLLC represents the Debtor as
counsel.


BUDDY MAC: U.S. Trustee Appoints Creditors' Committee
-----------------------------------------------------
The U.S. Trustee for Region 6 appointed an official committee to
represent unsecured creditors in the Chapter 11 cases of Buddy Mac
Holdings, LLC and its affiliates.

The committee members are:

   1. Andrew Kaminsky
      Executive Vice President of FG Parent, LLC
      as parent of Buddy's Franchising and Licensing LLC
      and Buddy Newco LLC
      2371 Liberty Way
      Virginia Beach, VA 23456
      akaminsky@franchisegrp.com

   2. Petros S. Daskalos
      General Counsel
      Pete Daskalos Properties, LLC
      5319 Menaul Blvd. NE
      Albuquerque, NM 87110
      petros@daskalosdi.com

   3. Brad D. Worthington
      General Counsel
      CMS Properties for Emerald Sky Capital, Ltd.;
      Opportunity Sky Capital, LLC;
      Epic Sky Properties, LLC; and
      69th Street Development, Ltd.
      6306 Iola Ave., Suite 200
      Lubbock, TX 79424
      bworthlaw@gmail.com
  
Official creditors' committees serve as fiduciaries to the general
population of creditors they represent.  They may investigate the
debtor's business and financial affairs. Committees have the right
to employ legal counsel, accountants and financial advisors at a
debtor's expense.

                   About Buddy Mac Holdings LLC

Buddy Mac Holdings, LLC, together with its affiliates, operates a
rent-to-own retail business selling home furnishings, electronics,
and appliances, allowing customers to make periodic payments with
the option to complete purchase or return the product at any time.
The company began its rent-to-own operations in 2014 as a
franchisee of Buddy's Home Furnishings and has expanded to operate
47 store locations across Arkansas, Florida, Illinois, Kansas,
Missouri, New Mexico, Oklahoma, and Texas. It offers products under
franchise agreements, with typical customer contracts spanning 12
to 18 months.

Buddy Mac Holdings and its affiliates sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case
No. 25-34839) on December 4, 2025. In the petition signed by
William Ian MacDonald, manager, Buddy Mac Holdings disclosed up to
$50 million in both assets and liabilities.

John J. Kane, Esq., at Kane Russell Coleman Logan PC, represents
the Debtors as legal counsel.


BULLIVANT HOUSER: Taps Donlin Recano & Company as Noticing Agent
----------------------------------------------------------------
Bullivant Houser Bailey PC seeks approval from the U.S. Bankruptcy
Court for the Northern District of California to employ Donlin,
Recano & Company, LLC as claims and noticing agent.

Donlin Recano will oversee the distribution of notices and will
assist in the maintenance, processing, and docketing of proofs of
claim filed in the Chapter 11 case of the Debtor.

The firm's professionals will be paid at these hourly rates:

     Executive Consultant               $167 - $205
     Senior Bankruptcy Consultant       $167 - $175
     Case Manager                       $167 - $175
     Consultant/Analyst                 $119 - $155
     Technology/Programming Consultant   $86 - $110
     Clerical                            $40 - $50

The firm will receive a retainer of $15,000 from the Debtor.

Roland Tomforde, executive vice president at Donlin, Recano &
Company, disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Roland Tomforde
     Donlin, Recano & Company, LLC
     200 Vesey Street, 24 th Floor
     New York, NY 10281
     Telephone: (212) 481-1411

                  About Bullivant Houser Bailey PC

Bullivant Houser Bailey PC was a West Coast law firm founded in
1938 and headquartered in Portland, Oregon, with offices in
California, Washington, and Nevada. The firm offered a broad range
of legal services, including corporate law, commercial litigation,
employment, real estate, insurance coverage, and products
liability.

Bullivant Houser Bailey PC sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Cal. Case No. 25-31017) on
December 15, 2025. In its petition, the Debtor reports estimated
assets and liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Dennis Montali handles the case.

The Debtor tapped Kevin W. Coleman, Esq., at Nuti Hart LLP as
counsel and Donlin, Recano & Company, LLC as claims and noticing
agent.


CAPITOL STREET: U.S. Trustee Unable to Appoint Committee
--------------------------------------------------------
The U.S. Trustee for Region 10 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Capitol Street Surgery Center, LLC.

                About Capitol Street Surgery Center

Capitol Street Surgery Center, LLC, a company based in
Indianapolis, Indiana, operates an independent ambulatory surgery
center offering a range of specialized surgical services, including
orthopedic, general, plastic, and OB/GYN procedures.

Capitol Street Surgery Center filed its voluntary petition for
relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind.
Case No. 25-06216) on October 12, 2025, listing up to $50,000 in
assets and $1 million to $10 million in liabilities. The petition
was signed by Zak Khan, chief executive officer.

Judge James M. Carr presides over the case.

KC Cohen, Esq., at KC Cohen, Lawyer, PC represents the Debtor as
bankruptcy counsel.


CAROLINA'S CONTRACTING: Seeks to Hire Ironhorse as Auctioneer
-------------------------------------------------------------
Carolina's Contracting, LLC seeks approval from the U.S. Bankruptcy
Court for the Middle District of North Carolina to employ Ironhorse
Auction Company, Inc. as auctioneer.

The Debtor needs an auctioneer to conduct the auction, including
but not limited to marketing, coordination with potential bidders
and the facilitation and conduct of the actual proposed stalking
horse auction.

The firm will be paid at a fee of $50,000 for facilitating the
Stalking Horse Auction Process plus a 15 percent commission on
gross proceeds over and above the initial bid.

In addition, the firm will seek reimbursement for expenses
incurred.

William Lilly, Jr., an auctioneer at Ironhorse Auction Company,
disclosed in a court filing that the firm is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The firm can be reached through:

     William B. Lilly, Jr.
     Ironhorse Auction Company, Inc.
     Rockingham, NC 28380
     Telephone: (704) 985-9300
     Email: will@ironhorseauction.com

                     About Carolina's Contracting

Carolina's Contracting LLC is a licensed general contractor based
in Davidson, North Carolina, specializing in land development and
grading services. Established in 2013, the Company offers a range
of services including grading, storm drainage, sanitary sewer,
waterline installation, culverts, and stone base work.

Carolina's Contracting sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. N.C. Case No. 25-50284) on April 28,
2025. In its petition, the Debtor reported total assets of
$31,405,291 and total liabilities of $25,942,522.

Judge Lena M. James oversees the case.

Dirk W. Siegmund, Esq., at Ivey, McClellan, Siegmund, Brumbaugh &
McDonough, LLP serves as the Debtor's counsel.


CHIC & COMPANY: Gets Interim OK to Use Cash Collateral
------------------------------------------------------
The U.S. Bankruptcy Court for the Southern District of Georgia
entered an interim order authorizing Chic & Company Studio, LLC, to
use cash collateral.

The court authorized the Debtor to use approximately $47,008.04 in
cash collateral, plus a 25% variance, strictly in accordance with
the interim budget to continue operating its business.

As adequate protection, the court granted each lender replacement
liens on the Debtor's post-petition assets with the same extent,
validity, and priority as their prepetition liens, excluding
Chapter 5 avoidance actions. The order expressly preserves all
parties' rights regarding lien validity and priority.

A final hearing on the cash collateral motion is scheduled for
January 14, 2026.

As of the petition date, the Debtor's cash collateral was valued at
approximately $47,008.04, consisting entirely of inventory and
equipment, with no funds in bank accounts or accounts receivable.
The Debtor demonstrated that without access to this cash
collateral, the business would be unable to continue operating and
would suffer immediate and irreparable harm.

                 About Chic & Company Studio LLC

Chic & Company Studio, LLC sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. S.D. Geo. Case No. 25-41151) with
$50,001 to $100,000 in assets and $100,001 to $500,000 in
laibilities.

Judge Hon. Edward J Coleman III oversees the case.

The Debtor is represented by:

   Jon A. Levis
   Levis Law Firm, LLC
   Tel: 478-237-7029
   Email: bkymail@levislawfirmllc.com


CHICKEN SOUP: Court Tosses Skajem, et al. Adversary Case
--------------------------------------------------------
Judge Mary F. Walrath of the United States Bankruptcy Court for the
District of Delaware will grant, without prejudice, the motions
filed by Defendants William J. Rouhana Jr. and Amy L. Newmark to
dismiss the first amended complaint filed by several former
employees of Chicken Soup for the Soul Entertainment, Inc.

The adversary proceeding is captioned as BRIAN SKAJEM, LISA
PAPATZIMAS, ERIN TUTTLE, DAVID ELLENDER, DARA COHEN, MATT LOZE,
JESSICA STOECKELER, HEATHER BUNDY, CAREY CAMPBELL, KELLY BURKE
HOPKINS, COURTNEY SMITH, on behalf of themselves and on behalf of
all others similarly situated, Plaintiffs, v. CHICKEN SOUP FOR THE
SOUL ENTERTAINMENT, INC.; REDBOX AUTOMATED RETAIL, LLC; WILLIAM J.
ROUHANA, JR., AMY NEWMARK, JOHN T. YOUNG, ROBERT H. WARSHAUER, BART
SCHWARTZ, and DOES 1-500, inclusive, Defendants, Adv. No.
24-50128-MFW (Bankr. D. Del.).

On September 6, 2024, the Plaintiffs commenced this adversary
proceeding on behalf of themselves and other similarly situated
employees of the Debtor asserting claims related to the failure to
pay their wages and benefits. The Plaintiffs sued, inter alia, the
Debtor, its subsidiary and co-debtor Redbox Automated Retail, LLC,
the Debtor's chairman of the board and former CEO (Rouhana), and an
officer and/or member of the board (Newmark).

Though initially named as Defendants, the Debtor's prepetition
administrative and collateral agent HPS Investment Partners, LLC
and healthcare company Anthem Blue Cross were voluntarily dismissed
by the Plaintiffs. The Plaintiffs then sought leave to amend the
complaint to add back HPS and to add additional officers and/or
members of the board (John T. Young, Robert H. Warshauer, and Bart
Schwartz). The Court granted the motion as to the new officers
and/or board members and denied the motion as to HPS.

The Plaintiffs filed their FAC on May 8, 2025, which added those
parties but did not otherwise amend the causes of action or relief
requested. On June 20, 2025, Rouhana and Newmark filed Motions to
Dismiss the FAC as to them for failure to plead adequately under
Rules 8 and 9 and for failure to state a claim under Rule
12(b)(6).

The Plaintiffs' FAC asserts claims for fraud, conversion, failure
to pay wages, violation of various sections of the California Labor
Code, and a violation of the Fair Labor Standards Act. Essentially,
the Plaintiffs allege that as the Debtor began to develop liquidity
issues, the Defendants failed to timely and accurately pay employee
wages, failed to reimburse employee expenses, made unauthorized
deductions from employee pay, failed to provide promised employee
benefits, made misrepresentations to employees about their health
insurance coverage, and failed to maintain accurate employee
records.

In their Motions to Dismiss, Rouhana and Newmark argue that the FAC
fails to state a claim against them because it lumps all the
Defendants together and casts allegations at them collectively,
rather than identifying what each Defendant did that was improper.
They argue that such "group pleadings" are insufficient to state a
claim for individual liability against them. The Plaintiffs argue
that the Motions to Dismiss fail because the allegations in the FAC
all pertain to Rouhana and Newmark. The Court disagrees with the
Plaintiffs. Judge Walrath explains, "The FAC largely alleges that
the Defendants collectively acted to deduct amounts from employees'
wages but failed to remit them to pay for health benefits or
contributions to 401(k) and HSA plans. Those allegations fail to
state with any detail the specific actions Rouhana or Newmark took
with respect to those deductions or services, with only one
exception. Similarly, the other allegations of the FAC contain no
specifics of any actions Rouhana or Newmark took, as opposed to the
other Defendants, that were fraudulent."

The Plaintiffs contend that they have met the pleading standards
under the FLSA and the California Labor Code with the allegations
of the FAC.

The Court disagrees. Many of the allegations are merely assertions
of legal theories and statutory liability which the Court must
disregard at this stage.

A copy of the Court's Memorandum Opinion dated December 9, 2025, is
available at https://urlcurt.com/u?l=JqIALm from PacerMonitor.com.

                      About Chicken Soup

Chicken Soup for the Soul Entertainment Inc. provided premium
content to value-conscious consumers. The Company was one of the
largest advertising-supported video-on-demand (AVOD) companies in
the United States, with three flagship AVOD streaming services:
Redbox, Crackle, and Chicken Soup for the Soul.

Chicken Soup for the Soul Entertainment and about 20 of its
affiliates sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del., Lead Case No. 24-11442) on June
28, 2024.

In the petition signed by Bart M. Schwartz, chief executive
officer, Chicken Soup disclosed total consolidated assets of
$414,075,844 and total consolidated liabilities of $970,002,065.

Ashby & Geddes, P.A., represented the Debtors as general bankruptcy
counsel and Reed Smith LLP serves as counsel too. Solomon Partners
acted as investment banker to the Debtor. Kroll Restructuring
Administration LLC served as claims and noticing agent to the
Debtor.

On July 10, 2024, the Bankruptcy Court entered an Order converting
the cases from chapter 11 to chapter 7 of the Bankruptcy Code
effective as of July 10, 2024. On July 11, 2024, the United States
Trustee for Regions 3 and 9 appointed George L. Miller as the
Chapter 7 trustee of the Debtors' estates.


CITY WIDE: Court Tosses Remaining Claims v. City of Dallas
----------------------------------------------------------
Judge Michelle V. Larson of the United States Bankruptcy Court for
the Northern District of Texas granted the motion for summary
judgment filed by the City of Dallas in the adversary proceeding
captioned as CITY WIDE COMMUNITY DEVELOPMENT CORP., Plaintiff, v.
CITY OF DALLAS, ET AL., Defendants, Adv. Pro. No. 22-03051 (Bankr.
N.D. Tex.). Counts I, II, and IV in the complaint filed by City
Wide Development Corporation are dismissed with prejudice.

City Wide entered into a loan agreement with the City in September
2008 to obtain and demolish several properties, with the intention
of then re-developing the properties under a mixed-use development.
Under the Loan Agreement, the City would provide City Wide with
$500,000 to acquire and demolish the properties in question within
five years of the execution of the Loan Agreement. Over time, the
Loan Agreement was modified and extended on at least four separate
occasions between August 2009 to June 2014, ultimately moving the
deadline on the development project to a September 2018 completion
deadline, in exchange for approximately $1.3 million loaned by the
City. Under the modified Loan Agreement, any breach by City Wide
would be remedied by conveyance of the properties to the City.

Per the agreement, 10 properties were ultimately purchased with
funds provided by the City, under what became known as City Wide's
"Opal Project". However, as stipulated by City Wide, the Plaintiff
never actually began construction on any of the properties under
the Opal Project, and eventually filed for Chapter 11 bankruptcy on
April 30, 2021. On December 6, 2021, the City filed a proof of
claim related to the Opal Project properties. On March 21, 2022,
the City and City Wide stipulated that the Opal Project was an
executory contract -- which City Wide acknowledged it was therefore
in breach of -- and that resolution of the City's claim would be
handled through the adversary proceeding.

After the filing of the adversary proceeding, and according to the
most recently amended Complaint filed by City Wide, the reason that
the properties under the Opal Project were never redeveloped and
completed within the specified timeframe was because the City had
an issued a moratorium on all development projects, thereby
hindering City Wide's ability uphold its contractual obligations
under the Loan Agreement.

Motion for Summary Judgment

The City requests that the Court grant in its favor the motion for
summary judgment on each of the causes of action alleged by City
Wide in its Third Amended Petition to Remove Cloud and Quiet Title
by Injunctive and Declaratory Relief filed on January 25, 2023.

In the Complaint, City Wide alleges four causes of action. However,
only three causes of action remain after the District Court for the
Northern District of Texas entered on January 7, 2025, its
Memorandum Opinion & Order affirming in part and reversing in part
the Order Granting Motion to Dismiss entered by the Bankruptcy
Court on October 6, 2023, in which the Court granted the Motion to
Dismiss for Lack of Subject Matter Jurisdiction and Failure to
State a Claim filed by the City on February 8, 2023.

As for the three claims, City Wide alleges:

  (1) Injunctive relief with regard to the City's alleged breach of
contract;
  (2) Declaratory relief that City Wide did not default under the
parties' contract, as well as declaratory relief to remove "cloud
of title"; and
  (3) Declaratory relief that the City cannot foreclose upon the
properties in question under promissory estoppel.

The Court held a hearing on the MSJ on November 18, 2025. Counsel
for City Wide and the City appeared. After hearing arguments on the
merits and considering the evidence presented, the Court grants the
MSJ with respect to all causes of action pursuant to Federal Rule
of Civil Procedure 56, incorporated through Federal Rule of
Bankruptcy Procedure 7056 and finds that there is no genuine issue
of material fact with regard to any of the remaining causes of
action.

Count I

The City argues that the MSJ should be granted as to Count I
because the undisputed evidence shows that City Wide cannot
establish a breach of contract on three of the four required
elements, pursuant to the District Court Order characterizing Count
I as a breach of contract claim. Under Texas law, the elements for
a breach of contract are:

   (1) a valid contract;
   (2) the plaintiff performed or tendered performance;
   (3) the defendant breached the contract; and
   (4) the plaintiff was damaged as a result of the breach.

Based on the Court's findings, no element of injunctive relief
relative to such alleged breach may be maintained. The Court finds
that the City's MSJ is granted with respect to Count I of the
Complaint.

Count II

The City argues that the declaratory relief requested by City Wide
in Count II of the Complaint is "inappropriate" because "there is
not a cloud on the title of the Opal Project properties.

The Court says City Wide's contention is devoid of any support for
how its failure to complete the Opal Project on time was not a
breach, nor does it dispute its stipulation in the Confirmation
Plan that it was in fact in default with respect to the agreement.
Accordingly, the Court finds there is no genuine dispute that City
Wide breached its obligation under the Loan Agreement.

Similarly, City Wide had provided no evidence to create a genuine
dispute of material fact that there is a "cloud" over the title
underlying the Opal Project properties.

The Court finds City Wide has failed to create a genuine dispute of
material fact that it is entitled to declaratory relief with
respect to any perceived "cloud" over the title to the properties
in question. Accordingly, the Court grants the City's MSJ with
respect to Count II of the Complaint

Count IV

The Court finds none of the evidence presented by City Wide creates
a genuine dispute of material fact that a promise was ever made to
City Wide that an extension to the agreement was forthcoming.
Therefore, the Court grants the City's MSJ with respect to Count IV
of the Complaint.

Pursuant to the Confirmation Order filed in Case No. 21-30847, the
Opal Project properties shall be conveyed to the City of Dallas
with a warranty deed, free and clear of all liens and/or
encumbrances and with all taxes current on all properties within
thirty (30) days of entry of a final order in this adversary.

City Wide is not entitled to attorney's fees pursuant to Sec.
37.009 of the Texas Civil Practice and Remedies Code.

Given all causes of action in the complaint have been dismissed,
the case is dismissed with prejudice.

A copy of the Court's Memorandum Opinion and Order dated December
8, 2025, is available at https://urlcurt.com/u?l=MZllDW from
PacerMonitor.com.

             About City-Wide Community Development

City-Wide Community Development Corp. and affiliates are primarily
engaged in renting and leasing real estate properties.

City-Wide Community Development Corp. and affiliates Lancaster
Urban Village Residential, LLC, and Lancaster Urban Village
Commercial, LLC, sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Lead Case No. 21-30847) on April
30, 2021.  In the petitions signed by Sherman Roberts, president
and chief executive officer, the Debtors disclosed $12,026,657 in
assets and $10,332,946 in liabilities.  Judge Michelle V. Larson
oversees the cases.  Kevin S. Wiley, Sr., Esq. and Kevin S. Wiley,
Jr., Esq. at the Wiley Law Group, PLLC, are the Debtors' legal
counsel.


CLEAR GUIDE: Court Extends DIP Financing Order to Jan. 29
---------------------------------------------------------
The U.S. Bankruptcy Court for the District of Maryland extended the
terms of its second interim order governing Clear Guide Medical,
Inc.'s use of cash collateral and debtor-in-possession financing to
January 29, 2026.

The extension of the second interim order is conditioned on the
Debtor submitting an updated budget to Wildermuth Fund and the U.S.
Trustee for Region 4.

An in-person evidentiary hearing is scheduled for January 29, 2026.
Any objection or response must be filed by January 21.

The order is available at https://is.gd/rL7QEo from
PacerMonitor.com.

The court issued the second interim order on December 2 to
authorize Clear Guide Medical to borrow up to $1 million in DIP
financing from its chief executive officer, Dr. Paul Clark.

To secure repayment, Dr. Clark was granted a first-priority,
priming lien on all assets acquired by the Debtor after the
petition date, and a superpriority administrative expense claim,
subject only to the carveout.

Events of default under the second interim order include the
Debtor's failure to perform any of the terms, conditions or
covenants, or its obligations.

Clear Guide Medical is a Maryland corporation that develops
"augmented reality" and "artificial intelligence" powered medical
navigation systems to improve the accuracy and efficiency of
minimally invasive medical procedures such as biopsies and
ablations.

Since its inception more than a decade ago, the Debtor has relied
on equity investments to fund its continued operations through the
sale of convertible notes, many of
which have been converted to equity interests in the Debtor. As of
the petition date, the Debtor has raised approximately $12.6
million through its unsecured notes offerings. Currently, the
Debtor owes $1.4 million on account of unconverted unsecured notes,
with the remaining amount of unsecured notes debt having been
converted to equity.

                  About Clear Guide Medical Inc.

Clear Guide Medical Inc., a privately held company headquartered in
Baltimore, Maryland, develops next-generation navigation technology
for minimally invasive medical procedures, including biopsies,
ablations, pain injections, and peripheral nerve blocks. The
Company's offerings, including the CLEAR GUIDE SCENERGY system and
the SuperPROBE platform, integrate image fusion and instrument
guidance using computer vision to enhance procedural efficiency and
reduce healthcare costs. Clear Guide Medical is a spinout of Johns
Hopkins Medical Institutions and Johns Hopkins University and
provides solutions across multiple imaging modalities for
interventional radiology and surgical applications.

Clear Guide Medical Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Md. Case No. 25-19171) on October 1,
2025. In its petition, the Debtor reported total assets of
$1,347,691 and total liabilities of $683,594 as of December 31,
2025.

Honorable Bankruptcy Judge Michelle M. Harner handles the case.

The Debtor is represented by Stephen B. Gerald, Esq., at Tydings &
Rosenberg, LLP.


CLEARSIDE BIOMEDICAL: Seeks Approval to Tap Cooley as Lead Counsel
------------------------------------------------------------------
Clearside Biomedical, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Cooley LLP as lead
counsel.

The firm will provide these services:

     (a) advise the Debtor of its rights, powers, and duties under
Chapter 11 of the Bankruptcy Code;

     (b) prepare, on behalf of the Debtor, all necessary and
appropriate legal documents, and review all financial and other
reports to be filed in this Chapter 11 case;

     (c) advise the Debtor concerning, and prepare responses to,
legal papers that may be filed and served in this Chapter 11 case;

     (d) review the nature and validity of any liens asserted
against the Debtor's property and advise the Debtor concerning the
enforceability of such liens;

     (e) advise the Debtor regarding its ability to initiate
actions to collect and recover property for the benefit of its
estate;

     (f) advise the Debtor in connection with any sale of assets
and related documents;

     (g) advise the Debtor in connection with any Chapter 11 plan
and related documents;

     (h) advise and assist the Debtor in connection with any
potential property dispositions;

     (i) advise the Debtor concerning executory contract and
unexpired lease assumptions, assignments, and rejections;

     (j) assist the Debtor in reviewing, estimating, and resolving
claims asserted against its estate;

     (k) commence and conduct litigation necessary or appropriate
to assert rights held by the Debtor, protect assets of its estate,
or otherwise further the goal of completing any sale of assets
and/or Chapter 11 plan;

     (l) provide corporate, mergers and acquisitions (M&A),
employee benefit, litigation, tax, intellectual property,
insurance, and other general non-bankruptcy services to the Debtor
to the extent it requested; and

     (m) perform all other necessary or appropriate legal services
in connection with this Chapter 11 case for or on behalf of the
Debtor.

The firm will be paid at these hourly rates:

     Partners            $1,610 - $2,400
     Counsel             $1,400 - $2,445
     Associates            $830 - $1,530
     Paralegals            $215 - $710
     Professional Staff    $345 - $640

In addition, the firm will seek reimbursement for expenses
incurred.

On June 3, 2025 and November 21, 2025, the Debtor paid Cooley
advance payment retainers in the aggregate amount of $525,000.

Daniel Shamah, Esq., a partner at Cooley LLP, disclosed in a court
filing that the firm is a "disinterested person" as the term is
defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Daniel Shamah, Esq.
     Cooley LLP
     55 Hudson Yards
     New York, NY 10001
     Telephone: (212) 479-6000

                    About Clearside Biomedical Inc.

Clearside Biomedical, Inc. is a biopharmaceutical firm specializing
in the development and commercialization of treatments for eye
diseases.

Clearside Biomedical Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November
23, 2025. In its petition, the Debtor reports estimated assets of
up to $10 million and estimated liabilities of up to $100 million.

The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as
counsel; Epiq Corporate Restructuring, LLC as administrative
advisor; and Berkeley Research Group, LLC as financial advisor.


CLEARSIDE BIOMEDICAL: Seeks to Hire Epiq as Administrative Adviser
------------------------------------------------------------------
Clearside Biomedical, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Epiq Corporate
Restructuring, LLC as administrative advisor.

The firm will render these services:

     (a) assist with, among other things, solicitation, balloting
and tabulation of votes, and prepare any related reports, as
required in support of confirmation of a Chapter 11 plan, and in
connection with such services, process requests for documents from
parties in interest;

     (b) prepare an official ballot certification and, if
necessary, testify in support of such certification;

     (c) process requests for documents from parties in interest;

     (d) assist with the preparation of the Debtor's schedules of
assets and liabilities and statement of financial affairs and
gather data in connection therewith;
  
     (e) provide a confidential data room, if requested;

     (f) manage and coordinate any distributions pursuant to a
Chapter 11 plan;

     (g) provide such other administrative services described in
the Engagement Agreement, but not included in the Section 156(c)
Application, as may be requested from time to time by the Debtor,
the Court or the Office of the Clerk of the Bankruptcy Court.

The firm's professionals will be paid at these hourly rates:

     Executive Vice President, Solicitation           $176
     Solicitation Consultant                          $176
     Project Managers/Consultants/Directors     $133- $176
     Case Managers                              $49 - $176
     IT/Programming                              $27 - $71

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer of $25,000 from the Debtor.

Alex Warso, consulting director ar Epiq Restructuring, 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:

     Alex Warso
     Epiq Restructuring, LLC
     777 3rd Ave., 12th Floor
     New York, NY 10017

                 About Clearside Biomedical Inc.

Clearside Biomedical, Inc. is a biopharmaceutical firm specializing
in the development and commercialization of treatments for eye
diseases.

Clearside Biomedical Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November
23, 2025. In its petition, the Debtor reports estimated assets of
up to $10 million and estimated liabilities of up to $100 million.

The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as
counsel; Epiq Corporate Restructuring, LLC as administrative
advisor; and Berkeley Research Group, LLC as financial advisor.


CLEARSIDE BIOMEDICAL: Seeks to Tap Berkeley as Financial Advisor
----------------------------------------------------------------
Clearside Biomedical, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Berkeley Research
Group, LLC as financial advisor.

The firm's services include:

     (a) support the development of restructuring plans, financing,
and strategic alternatives for maximizing the enterprise value of
the Debtor;

     (b) prepare various financial analysis to support
restructuring alternatives;

     (c) provide advice to board (as defined below) and management
on cash conservation measures and liquidity forecasting after
analyzing and stress testing weekly cash flows under various
scenarios;
  
     (d) assist the Debtor with communications and negotiations
with contract counterparties and other constituents to support
restructuring alternatives;

     (e) other services as requested or directed by the CFO and CEO
or the board of directors of the Debtor (the "Board") as authorized
by the foregoing and agreed to by the firm; and

     (f) assist the Debtor with activities relating to its
bankruptcy.

In addition to the scope of services incorporated in the Engagement
Letter, the firm will provide the following services during the
Chapter 11 case:

     (a) in consultation with management of the Debtor, develop and
implement a chosen course of action to preserve asset value and
maximize recoveries to stakeholders;

     (b) oversee the activities of the Debtor in consultation with
other advisors and the management team to effectuate the selected
course of action;

     (c) assist the Debtor and its management in developing cash
flow projections and related methodologies, managing liquidity,
assisting with planning for alternatives as requested by the
Debtor, and preparing cash flow and liquidity reporting as
required;

     (d) assist the Debtor in operating in a Chapter 11 bankruptcy
proceeding;

     (e) provide strategic and financial analyses with respect to
the Debtor's ongoing operations, business, prospects, liabilities,
and other Chapter 11 matters;

     (f) assist the Debtor and its other professionals with all
required Chapter 11 reporting and forecasting;

     (g) assist the Debtor and its other professionals with
effectuating a Chapter 11 section 363 sale process and if
successful supporting the estate winddown process;

     (h) to the extent reasonably requested by the Debtor, offer
testimony before the Court and participate in depositions;

     (i) provide such other services as mutually agreed upon by the
firm and the Debtor.

The firm will be paid at these hourly rates:

     Managing Directors                     $1,140 - $1,395
     Associate Directors & Directors          $900 - $1,100
     Professional Staff                         $445 - $885
     Support Staff                              $185 - $395

In addition, the firm will seek reimbursement for expenses
incurred.

In the 90 days prior to the petition date, the Debtor paid the firm
$396,800.56 for professional services performed and expenses
incurred. The Debtor also paid the firm $85,000 in cash on account
which it holds in retainer.

Evan Hengel, a managing director at Berkeley Research Group,
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:

     Evan Hengel
     Berkeley Research Group, LLC
     2200 Powell Street, Suite 1200
     Emeryville, CA 94608
     Telephone: (510) 285-3300    

                 About Clearside Biomedical Inc.

Clearside Biomedical, Inc. is a biopharmaceutical firm specializing
in the development and commercialization of treatments for eye
diseases.

Clearside Biomedical Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November
23, 2025. In its petition, the Debtor reports estimated assets of
up to $10 million and estimated liabilities of up to $100 million.

The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as
counsel; Epiq Corporate Restructuring, LLC as administrative
advisor; and Berkeley Research Group, LLC as financial advisor.


CLEARSIDE BIOMEDICAL: Taps Richards Layton & Finger as Co-Counsel
-----------------------------------------------------------------
Clearside Biomedical, Inc. seeks approval from the U.S. Bankruptcy
Court for the District of Delaware to employ Richards, Layton &
Finger, PA as co-counsel.

The firm's services include:

     (a) advise the Debtor of its rights, powers, and duties as a
debtor under Chapter 11 of the Bankruptcy Code;

     (b) prepare on behalf of the Debtor legal papers in connection
with the administration of its estate;

     (c) take necessary actions to protect and preserve the
Debtor's estate;

     (d) assist with any sale or sales of assets;

     (e) assist in preparing the Debtor's disclosure statement and
any related legal documents necessary to solicit votes on a Chapter
11 plan;

     (f) assist in preparing a Chapter 11 plan;

     (g) prosecute on behalf of the Debtor any Chapter 11 plan and
seek approval of all transactions contemplated therein and in any
amendments thereto; and
  
     (h) perform all other necessary and desirable legal services
in connection with the Chapter 11 case.

The firm will be paid at these hourly rates:

     Daniel DeFranceschi, Director     $1,500
     Michael Merchant, Director        $1,350
     Alexander Steiger, Associate        $750
     Katherine Strauch, Associate        $575
     Erin Weyl, Paraprofessional         $425

In addition, the firm will seek reimbursement for expenses
incurred.

Prior to the petition date, the firm received total payments from
the Debtor in the amount of $350,000.

Mr. DeFranceschi disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Daniel J. DeFranceschi, Esq.
     Richards, Layton & Finger, PA
     One Rodney Square, 920 North King St.
     Wilmington, DE 19801
     Telephone: (302) 651-7700
     
                    About Clearside Biomedical Inc.

Clearside Biomedical, Inc. is a biopharmaceutical firm specializing
in the development and commercialization of treatments for eye
diseases.

Clearside Biomedical Inc. sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on November
23, 2025. In its petition, the Debtor reports estimated assets of
up to $10 million and estimated liabilities of up to $100 million.

The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as
counsel; Epiq Corporate Restructuring, LLC as administrative
advisor; and Berkeley Research Group, LLC as financial advisor.


COMPLEMAR PARTNERS: Gets Extension to Access Cash Collateral
------------------------------------------------------------
The U.S. Bankruptcy Court for the Western District of New York
entered a second stipulated order authorizing Complemar Partners,
Inc. and its affiliates to continue using cash collateral.

Under the stipulated order, the Debtors are authorized to use cash
collateral including accounts receivable, inventory, and proceeds
through January 9, 2026, strictly in accordance with a 13-week cash
flow budget, subject to a 10% monthly variance.

The Debtors acknowledge secured debt of $409,904.56 to Five Star
Bank, a pre-bankruptcy senior secured lender, which holds a
first-priority blanket lien; and $5,859,826.08 to the Series D
noteholders, which hold a subordinate lien.

As adequate protection, the court granted roll-over and replacement
liens on all post-petition assets of the Debtors, maintaining the
lenders' respective pre-bankruptcy priorities, subject to a limited
carveout.

Five Star will receive monthly payments of $5,500, due on the 15th
of each month. Failure to pay or satisfy the Five Star debt by May
1, 2026, constitutes a default that terminates the Debtor's
authority to use cash collateral. Additional protections include
regular financial reporting.

The replacement liens are subject to a carve-out covering U.S.
Trustee, Clerk, Chapter 7 trustee fees, and up to $90,000 in
approved Debtors' counsel fees prior to an event of default.
Parties in interest retain the right to challenge the validity or
amount of secured claims for 60 days following entry of the court
order.

The next hearing is scheduled for January 6, 2026, with objections
due by December 30.

                     About Complemar Partners

Complemar Partners, Inc., provides fulfillment, co-packing and
kitting, and returns management services, leveraging technology and
integrated solutions to support supply chain operations.
Headquartered in Rochester, New York, the Debtor operates over
400,000 square feet of warehouse space, handling more than 680
million items annually and serving over 1,000 customers across more
than 30 countries. It serves clients in e-commerce, health and
beauty, subscription boxes, telecom, and wine and spirits
industries.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. W.D. N.Y. Case No. 25-20610) on August 28,
2025, listing between $10 million and $50 million in assets and
liabilities. David Van Rossum, chief executive officer, signed the
petition.

Judge Warren oversees the case.

Sara C. Temes, at Bond, Schoeneck & King PLLC, is the Debtor's
legal counsel.


DM ELECTRICAL: Seeks Approval to Hire Tina Nguyen as Accountant
---------------------------------------------------------------
DM Electrical and Construction, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Texas to employ Tina
Nguyen, a certified public accountant practicing in Sugarland,
Texas.

Ms. Nguyen will complete the Debtor's 2024 federal tax return.

On November 13, 2025, the Debtor paid Ms. Nguyen a flat fee of
$2,800 for her services:

Ms. Nguyen disclosed in a court filing that she is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The accountant can be reached at:
    
     Tina Nguyen, CPA
     202 Industrial Blvd., Unit 504
     Sugarland, TX 77478

              About DM Electrical and Construction LLC

DM Electrical and Construction, LLC, formed on June 30, 2014,
operates an electrical contracting business primarily focused on
commercial projects while also providing residential electrical
services. The Company's operations include new construction work
under general contractors, maintenance contracts, residential
generator and battery system installations, and whole-home
electrical services across Texas. Its electricians are licensed by
the Texas Department of Licensing and Regulation, and the company
emphasizes safety, quality, and customer-focused project
completion.

DM Electrical and Construction filed a petition under Chapter 11,
Subchapter V of the Bankruptcy Code (Bankr. S.D. Tex. Case No.
25-36621) on November 3, 2025, listing between $1 million and $10
million in assets and liabilities. Tom Howley, Esq., at Howley Law,
PLLC serves as Subchapter V trustee.

Judge Eduardo V. Rodriguez oversees the case.

The Debtor tapped Lane Law Firm, PLLC as counsel and Tina Nguyen,
CPA, as accountant.


EDEN ON BRAND: Seeks Cash Collateral Access
-------------------------------------------
Eden on Brand, Inc asks the U.S. Bankruptcy Court for the Central
District of California, Los Angeles Division, for authority to use
cash collateral and provide adequate protection.

The Debtor needs to use cash collateral to continue operating its
restaurant business while it reorganizes. The Debtor explains that
uninterrupted access to cash collateral is essential to fund
ordinary-course operating expenses outlined in the budget,
including food and beverage purchases, payroll and payroll taxes,
rent, insurance, utilities, linens, and other routine restaurant
costs.

The Debtor asserts that use of cash collateral will preserve the
value of the business, protect estate assets for the benefit of
creditors, including secured creditors, and support a realistic
prospect of reorganization by allowing the restaurant to continue
operating without disruption.

The Debtor operates an American-fusion restaurant and lounge with
rooftop dining, open five days per week, and employs 14 workers,
most of whom are part-time, with payroll paid biweekly. Due to
declining revenues, the debtor discontinued live entertainment and
closed its sushi menu operation, but continues to host private and
corporate events.

The Debtor does not own real estate, and its assets consist
primarily of personal property such as food inventory, supplies,
receivables, cash, furniture, décor, kitchen equipment,
electronics, and a liquor license, with an estimated total value of
approximately $210,410. The Debtor's secured debt totals
approximately $1.88 million and is largely comprised of tax liens
and secured claims held by the California Employment Development
Department (EDD), the Internal Revenue Service (IRS), the
California Department of Tax and Fee Administration, judgment lien
creditors, and UCC lienholders including WebBank and the U.S. Small
Business Administration. The filing was precipitated by enforcement
actions, including a writ of execution on a judgment and mounting
tax liabilities.

The Debtor proposes to use cash collateral strictly in accordance
with its operating budget, with authority to deviate up to 15
percent overall or by category to account for normal business
fluctuations, provided no expenses fall outside approved
categories. Without such authority, the Debtor contends it would be
unable to meet payroll, rent, insurance, and utility obligations,
causing immediate harm to operations and undermining its ability to
reorganize.

As adequate protection, the Debtor proposes granting replacement
liens to the senior secured creditors—identified as the EDD and
the IRS—on post-petition assets, maintaining the same priority
and limited to the value of cash collateral actually used. In
addition, the Debtor offers monthly adequate protection payments of
$1,500 each to the EDD and the IRS, while other secured creditors
would receive replacement liens only. The Debtor emphasizes that
these protections balance the secured creditors' interests while
allowing the business to continue operating and pursue a successful
Chapter 11 reorganization.

A copy of the motion is available at https://urlcurt.com/u?l=AysVkm
from PacerMonitor.com.


               About Eden on Brand, Inc.

Eden on Brand, Inc. operates a fine-dining restaurant in Glendale,
California, offering modern American cuisine with global influences
across steak, seafood, and pasta dishes. It provides multi-course
dining that includes soups, salads, appetizers, entrees, sides, and
desserts in a full-service setting. The restaurant also supports
reservations, private event services, and online ordering.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21059) on December 9,
2025. In the petition signed by Erik Khodzhoyan, chief executive
officer, the Debtor disclosed up to $500,000 in assets and up to
$10 million in liabilities.

Michael Jay Berger, Esq., at LAW OFFICES OF MICHAEL JAY BERGER,
represents the Debtor as legal counsel.



ELGIN MATH: Moody's Cuts Revenue Rating to B1, Outlook Negative
---------------------------------------------------------------
Moody's Ratings has downgraded Elgin Math & Science Academy Charter
School (EMSA), IL's revenue rating to B1 from Ba3. The outlook
remains negative. EMSA currently has $16.1 million in outstanding
revenue-backed debt.

The downgrade to B1 is driven by EMSA's weak financial performance
in fiscal 2025, which resulted in a $1 million operating deficit
and a debt service coverage ratio significantly below 1.0x, putting
the charter school out of compliance with its financial covenants
on outstanding revenue bonds. With a consent and waiver from a
majority of bondholders, EMSA has proactively taken measures to
comply with its debt service coverage ratio covenant for fiscal
2026.

RATINGS RATIONALE

The B1 rating reflects EMSA's poor financial performance over the
last two fiscal years, resulting in the charter school's failure to
meet its debt service coverage ratio covenant in fiscal 2025.
Despite its small operating scale, EMSA benefits from a strong
competitive profile, reflected in full enrollment, a robust student
waitlist, and academic performance that surpasses the local school
district. To address financial challenges, EMSA has implemented
measures in fiscal 2026 aimed at improving its financial
operations, projecting a 1.3x debt service coverage ratio for the
year. Liquidity is likely to remain below 75 days cash on hand,
however. Governance remains a key driver in the rating, with
improvements underway through the hiring of a new executive
director and the implementation of a strategic plan. EMSA's debt
leverage remains elevated. The risk of charter non-renewal by the
state-level authorizer is relatively low.

RATING OUTLOOK

The negative outlook reflects the likelihood of further credit
deterioration should the academy not be able to markedly improve
its operating performance in fiscal 2026 and beyond.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Annual operating EBIDA margins above 10% with debt service
coverage above 1.2x

-- Material bolstering of available liquidity to above 75 days
cash on hand

-- Significant moderation to the academy's long-term leverage
ratios

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Inability to maintain full enrollment, reduction of the
academy's student waitlist or weakening academic performance

-- Weak fiscal 2026 operating performance including an EBIDA
margin below 10% or annual debt service coverage below 1.0x

-- Reduction to the academy's year-end days cash on hand relative
to fiscal 2025

-- Further increases to the academy's long-term leverage ratio

PROFILE

Elgin Math & Science Academy (EMSA) is an expeditionary learning
charter school located in the City of Elgin, approximately 40 miles
northwest of downtown Chicago (Baa3 stable). The academy provides
K-8 education at its single-site campus and operates under
authorization from the Illinois State Board of Education (ISBE).
EMSA currently enrolls 504 students, the maximum permitted under
its existing charter, which is valid until June 30, 2028.  

METHODOLOGY

The principal methodology used in these ratings was US Charter
Schools published in April 2024.


ENDOCRINE ASSOCIATES: Seeks to Tap Hayward as Bankruptcy Counsel
----------------------------------------------------------------
Endocrine Associates of Dallas, PA seeks approval from the U.S.
Bankruptcy Court for the Northern District of Texas to employ
Hayward PLLC to handle its Chapter 11 case.

The firm will be paid at these hourly rates:

     Melissa Hayward, Attorney                    $500
     Associates and Other Firm Attorneys   $275 - $500
     Paralegal                                    $215

In addition, the firm will seek reimbursement for expenses
incurred.

Ms. Hayward 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:

     Melissa S. Hayward, Esq.
     10501 North Central Expy., Suite 106
     Dallas, TX 75231
     Telephone: (972) 755-7100
     Email: MHayward@HaywardFirm.com
                 
                 About Endocrine Associates of Dallas

Endocrine Associates of Dallas, P.A. sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex., Case No.
25-34774) on December 01, 2025, with $500,001 to $1 million in
assets and liabilities.

Judge Michelle V. Larson presides over the case.

Melissa S. Hayward, Esq., at Hayward PLLC represents the Debtor as
counsel.


ENOVA INTERNATIONAL: Moody's Puts 'B1' CFR on Review for Upgrade
----------------------------------------------------------------
Moody's Ratings has placed on review for upgrade the B1 corporate
family rating and B2 senior unsecured rating of Enova
International, Inc. (Enova) following the company's announcement
that it plans to acquire Grasshopper Bank (unrated). Previously,
Enova's outlook was stable.

Grasshopper Bank is a privately-owned digital bank headquartered in
New York with a focus on serving small businesses and consumers.
The bank is a Federal Deposit Insurance Corporation (FDIC) member
and reported $1.4 billion of assets as of September 30, 2025.

Enova will use about 50% cash and 50% in newly issued Enova shares
to finance the $369 million purchase price. Enova will become a
Bank Holding Company (BHC) regulated by the Federal Reserve and
Grasshopper Bank will remain a national bank regulated by the OCC.
As a result, Moody's expects to rate Enova under recent Banks
methodology following the close of the acquisition, which the
company expects to occur in the second half of 2026.

RATINGS RATIONALE / FACTORS THAT COULD LEAD TO AN UPGRADE OR
DOWNGRADE OF THE RATINGS

During the review, Moody's will assess the impact of the planned
acquisition on Enova's overall credit profile, including the
combined entity's funding and liquidity, capitalization, and risk
appetite. Moody's will also consider Enova's enhanced supervision
by regulators, as well as the integration risks inherent in an
acquisition of this size.

The acquisition allows Enova to enter new businesses in addition to
its existing non-prime consumer and small business lending
activities. Enova expects there to be significant revenue synergies
by using Grasshopper Bank's national banking license to offer a
more comprehensive suite of financial products across more states,
enhancing Enova's geographic diversification.

As a result of the acquisition, Enova will gain access to
commercial and consumer deposits, which are a cheaper source of
funding for the company. During the review, Moody's will assess the
underlying quality of Grasshopper Bank's deposit franchise.

Enova's B1 CFR reflects the company's strong online non-prime
consumer and small and medium business (SMB) lending, which have
proved resilient despite inflationary headwinds and pressure on the
company's cost base driven by a rising interest rate environment.
Enova's capitalization has also remained strong, although leverage
has gradually increased in recent years.

Credit challenges include Enova's elevated asset risk associated
with its focus on serving non-prime and subprime customers, which
is reflected in the company's high charge-off and delinquency
rates. Asset quality challenges are partially mitigated by the
company's strong and diversified earnings as the SMB business now
contributes about half of earnings and carries significantly lower
loss rates than the consumer business. Even though Enova has been
focused on growing its near-prime lending more rapidly than other
segments further down the consumer credit spectrum, asset quality
remains a credit risk as losses have ticked up in recent periods.

The ratings could be upgraded if the transaction closes and Moody's
assess that it strengthens Enova's overall credit profile; for
example, by improving the diversity and stability of the company's
funding and liquidity through the addition of a deposit base, by
sustaining or strengthening capitalization over time, and by
lowering the company's risk appetite through greater asset
diversification.

Given the review for upgrade, a ratings downgrade is unlikely over
the next 12-18 months. However, the ratings could be confirmed upon
conclusion of the review if the transaction does not receive
regulatory approvals or Moody's do not expect the anticipated
benefits of the acquisition to materialize, significant integration
challenges emerge, Moody's do not expect funding and liquidity to
improve significantly, or the company's risk appetite increases.

The principal methodology used in these ratings was Finance
Companies published in July 2024.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


ERAM PROPERTIES: Seeks Chapter 11 Bankruptcy in New York
--------------------------------------------------------
On December 15, 2025, Eram Properties LLC 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 $1
million and $10 million in debt owed to 1 to 49 creditors.

                  About Eram Properties LLC

Eram Properties LLC is a single asset real estate company.

Eram Properties LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-46002) on December 15, 2025. In
its petition, the debtor reports estimated assets of $0 to $100,000
and estimated liabilities ranging from $1 million to $10 million.

Honorable Nancy Hershey Lord handles the case.


EVOKE PLC: Fitch Cuts LongTerm IDR to 'B', Outlook Negative
-----------------------------------------------------------
Fitch Ratings has downgraded evoke plc's Long-Term Issuer Default
Rating (IDR) to 'B' from 'B+'. The Rating Outlook remains
Negative.

Fitch has also downgraded the senior secured ratings assigned to
debt issued by evoke's fully owned subsidiaries 888 Acquisitions
LLC and 888 Acquisitions Limited to 'B+' with a Recovery Rating of
'RR3' from 'BB-'/'RR3'.

The downgrade reflects Fitch's view that the recent fiscal changes
in the UK market will materially slow down the deleveraging pace of
evoke which will no longer be consistent with a 'B+' rating. The
Negative Outlook takes into account execution risks related to
mitigating actions initiated by the company and potential increased
competitive pressure from larger or less leveraged market
participants.

Key Rating Drivers

Fiscal Pressure Impact on Deleveraging: Fitch expects that the
recently announced increase in gaming and online sports betting
(OSB) duties in the UK coming into effect from 2026 and from 2027,
respectively, will materially slow down evoke's deleveraging pace,
leading to leverage beyond our negative sensitivities of 5.5x until
2028. We assume that management's cost optimization actions will
mitigate around GBP45 million of impact on EBITDA in 2026, and
around GBP60 million in 2026.

Fitch said, "We expect that despite the mitigating actions, evoke's
revenue will face a mid-single-digit decline in 2026, and EBITDA
margins will decline to 18.8% from 19.5% expected in 2025. We
assume some execution risk for the contemplated mitigating
measures, and unsuccessful efforts that would result in sharper
profitability deterioration would put further pressure on the
ratings."

Geographic Concentration Risks: evoke has high revenue
concentration in the UK with around two-thirds of revenue generated
in that market. Aside from the new fiscal challenges, Fitch expects
minimal impact from the new regulation on spin limits introduced in
April-May 2025, as management reported substantial compliance with
these limits as early as 2024. However, any additional responsible
gaming requirements in the UK are considered an event risk that
could further erode profitability build-up potential and would be
negative for the ratings.

FCF Generation Still Challenged: evoke has comparable operating
profitability with higher-rated gaming and bookmaking operators,
although this does not translate into similar FCF generation. This
is primarily due to a high interest burden but also sizeable
one-off items. Fitch's forecast incorporates a decline in one-off
items to about GBP30 million from 2025 (from about GBP80 million in
2024), although FCF margins will remain negative, in the low single
digits in 2025, before turning towards neutral in 2026, and mildly
positive in 2027. Higher-than-anticipated one-off costs, if deemed
recurring, would underline inconsistent cash flow generation and
affect the rating.

iGaming Performance Drives Turnaround: evoke's gaming performance
has been stronger than in OSB, where revenues deteriorated in 2024
and in 2025. Fitch views OSB as more commoditised and therefore
prone to competition, especially from larger operators such as
Flutter Entertainment plc and Entain plc. "We are cautious in our
forecast on OSB growth, which will offset iGaming's expansion, at
an overall mid-single-digit increase for the online division before
the impact of the new gaming duties. Retail has also been
underperforming in 1H 2025, but we expect the trend to reverse in
2H 2025, supported by improvements in hardware and in-store
experience," Fitch said.

Low Fixed-Charge Cover Headroom: Fitch's rating case forecasts
fixed-charge cover (FCC) staying at 1.6x in 2025 before improving
to 1.8x in 2026, driven by a high interest burden and sizeable
lease expense. This limits available cash flow to support expanding
operations and capex that partially consists of less discretionary
labour costs related to software development. Evoke mitigates
potential interest rate increases by hedging — at end-June 2025,
only 6% of debt was effectively subject to floating interest
rates.

Recreational Players Affecting Profitability: An increasing focus
on a recreational player base provides higher revenue visibility
over the long term, as this revenue is less susceptible to
regulatory policies. However, higher-spending players typically
drive greater profitability. Maintaining a more recreational-based
structure of active players will continue challenges to turning
around profitability, offsetting synergies gained from the
acquisition of William Hill.

Peer Analysis

evoke's business profile is weaker than that of Flutter
Entertainment plc (BBB-/Stable) and Entain plc (BB/Negative), as
its similar portfolio of strong brands is offset by its smaller
scale and slightly weaker geographical diversification with no
sizeable US presence. Fitch also projects evoke to have higher
leverage and lower profitability over 2025-2026, which translates
into its rating difference with Flutter and Entain.

All three entities have high exposure to the UK market and are
vulnerable to regulatory risk, which is factored into their
ratings. Of these three, evoke has the highest exposure to the UK
and highest share of online gaming revenue, making it more
vulnerable to adverse regulations and fiscal pressure.

Fitch's Key Rating-Case Assumptions

- Low-single-digit net gaming revenue (NGR) growth in 2025,
followed by mid-single-digit NGR decline in 2026 driven by gaming
duty impact and optimization of retail portfolio, neutral revenue
evolution in 2027 with international markets growth offsetting
further negative impact from betting duty impact

- EBITDAR margin of 19.5% to contract to 18.8% in 2026 and 18.6% in
2027

- Around GBP45 million of mitigating actions in 2026 and around
GBP60 million in 2027-2028

- Capex of around GBP105 million in 2025, moderating at GBP80
million to GBP85 million in 2026-2028

- Cash flows from non-recurring items of GBP30 million in
2025-2026

Recovery Analysis

Fitch assumes evoke would be considered a going concern (GC) in
bankruptcy and that it would be reorganised rather than
liquidated.

The GC EBITDA estimate reflects our view of a sustainable,
post-reorganisation EBITDA level on which we base the enterprise
valuation (EV). In our bespoke GC recovery analysis, we considered
an estimated post-restructuring EBITDA available to creditors of
about GBP220 million.

Fitch said, "We applied a distressed EV/EBITDA multiple of 5.5x,
closer to the higher range of multiples we use for the corporate
portfolio outside the US. In our view, the high intangible value of
evoke's brands and historical multiples of B2C brand acquisitions,
including William Hill International, support an above-average
multiple. This multiple is higher than the 5.0x we use for Inspired
Entertainment, Inc. (B-/Stable) and in line with 5.5x we use for
Meuse Bidco SA (B+/Stable).

"After deducting 10% for administrative claims, our principal
waterfall analysis generated a ranked recovery for the senior
secured debt, including the GBP200 million senior secured revolving
credit facility (RCF), assumed fully drawn at default, in the 'RR3'
band, indicating a 'B+' instrument rating for the senior secured
debt of 888 Acquisitions Limited and 888 Acquisitions LLC."

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

- Persisting execution challenges due to regulatory pressures in
core markets or inability to stabilise revenue and profitability
sufficiently, leading to EBITDAR leverage above 6.0x

- Erosion of liquidity headroom with consistent material reduction
in RCF availability and persistently negative FCF

- EBITDAR FCC consistently below 1.5x

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

- Consistent organic revenue expansion and improvement of EBITDAR
margins

- Sustained positive low-single-digit FCF margins

- EBITDAR leverage trending below 5.5x

- EBITDAR FCC above 1.8x on a sustained basis

Liquidity and Debt Structure

Liquidity of evoke is satisfactory, with Fitch-calculated available
cash of around GBP60 million and of GBP119 million available under
its RCF as of end-June 2025. Debt maturities in 2025-2027 are
represented by legacy William Hill notes maturing in 2026 (GBP10.5
million outstanding) and insignificant amortisation of the term
loan B, and we assume existing liquidity sources will be used to
address these principal repayments.

Fitch expects evoke's FCF generation to stay neutral in 2026 before
turning positive in 2027, but the margin will remain in low single
digits, leading to Fitch's assumptions that most of 2028 debt will
have to be refinanced.

Issuer Profile

Gibraltar-based gaming operator evoke plc is a global online gaming
and sports betting operator focused on casino and poker, with
retail operations in the UK.

                              Rating             Prior
                              ------             -----
888 Acquisitions Limited

  senior secured        LT      B+ Downgrade RR3  BB-

evoke plc               LT IDR  B  Downgrade      B+

888 Acquisitions LLC

  senior secured        LT      B+ Downgrade RR3  BB-


FAIR ANDREEN: Seeks Court Approval to Tap KerberRose as Accountant
------------------------------------------------------------------
Fair Andreen, Incorporated seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Wisconsin to employ KerberRose SC
as accountant.

The firm will prepare the Debtor's corporate income 2025 tax
returns.

The firm's professionals will be paid at these hourly rates:

     Manager                $2,680
     Senior Accountant      $2,200
     Partner                  $750

The firm requested a retainer of $5,630 from the Debtor.

Peter Brunner, a shareholder at KerberRose, 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:
  
     Peter Brunner
     KerberRose SC
     487 Riverwood Ln.
     Green Bay, WI 54313
     Telephone: (920) 434-7310
     Email: peter.brunner@kerberrose.com
                    
                    About Fair Andreen Incorporated

Fair Andreen, Incorporated, doing business as CityPress, is a
printing and graphic communications company specializing in
commercial printing, book printing, prepress, direct mail, digital
printing, and art printing services. With a strong focus on
innovation and eco-friendly solutions, the company serves diverse
industries by providing customized printing options.

Fair Andreen filed a Chapter 11 petition (Bankr. E.D. Wis. Case No.
25-21724) on April 2, 2025, listing up to $10 million in both
assets and liabilities. Steven S. Bates, president, signed the
petition.

Judge G. Michael Halfenger oversees the case.

The Debtor tapped Jerome R. Kerkman, Esq., at Kerkman & Dunn as
counsel and KerberRose SC as accountant.


FCG ACQUISITIONS: Moody's Affirms 'B3' CFR, Outlook Stable
----------------------------------------------------------
Moody's Ratings affirmed the ratings of FCG Acquisitions, Inc.
(FCG), including the B3 corporate family rating, B3-PD probability
of default rating, B3 senior secured first lien revolving credit
facility, and B3 senior secured first lien term loan. The outlook
is stable.

The affirmations reflect FCG's aggressive debt funded growth
strategy, high leverage, and modest cash flow generation. Moody's
expects the company to generate $50-70 million of annual free cash
flow over the next couple of years, supported by broad pricing
strategies and cost reduction initiatives. The bulk of this cash
flow will be utilized for incremental acquisitions to further drive
scale and profitability. Debt/EBITDA will remain high around 7.0
times over the next 12-18 months.

RATINGS RATIONALE

The B3 CFR reflects FCG's aggressive debt funded growth strategy
and modest free cash flow. FCG has completed over 50 tuck-in
acquisitions since it was acquired by KKR in April 2021. Moody's
expects the company to continue executing on multiple bolt-on
acquisitions on an annual basis to drive scale. This strategy has
resulted in high leverage with debt/EBITDA expected to remain
around 7.0 times over the next 12-18 months.

FCG benefits from its long history as a value-added distributor of
highly engineered components to leading industrial customers in
North America. Moody's recognizes the company's track record of
having successfully integrated prior acquisitions which are driving
improvements in operating margin and free cash flow. The company
has reached an inflection point in FY25 having generated modestly
positive free cash flow since being acquired in 2021. The company
has good diversification across customers as well as a diverse
range of end markets that it serves. FCG's backlog provides
short-term revenue visibility and good profitability with an EBITA
margin that will be in the low double digits.

The stable outlook reflects Moody's expectations that FCG will
continue to effectively manage its growth while maintaining good
liquidity and adjusted debt/EBITDA of around 7.0 times over the
next 12-18 months.

Moody's expects FCG to maintain good liquidity over the next 12-18
months. The company's $60 million revolving credit facility is
undrawn as of September 30, 2025 and expires in December 2027. The
revolver may be used to partially fund acquisitions. The company
also has a $125 million receivables facility that has a $109
million borrowing base as of September 2025. Moody's expects the
facility will be used to fund future acquisitions. Cash on hand
will remain modest, around $30-50 million, as Moody's expects any
excess cash to be used for future acquisitions. Moody's expects FCG
will generate $50-70 million of annual free cash flow over the next
couple of years, impacted by cash costs related to acquisition and
integration expenses. Interest expense will remain elevated due to
the high interest rate environment and FCG's floating rate term
loan. However, the impact will be somewhat mitigated by the
company's interest rate swaps which expire in April 2027 and cover
slightly less than half of FCG's notional debt.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if the company continues to
effectively manage its growth while sustaining debt/EBITDA below
5.5 times, generate an EBITA margin in excess of 10%, improve
liquidity with sustained positive free cash flow or execute more
conservative financial policies. The ratings could be downgraded if
there are significant integration challenges, an accelerated pace
of debt-financed acquisitions or distributions to owners. A
significantly higher debt burden or erosion of liquidity could also
exert downward pressure on the ratings.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Distribution
and Supply Chain Services published in November 2025.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.

Flow Control Group, headquartered in Charlotte, North Carolina, is
a wholesale distributor of flow control and industrial automation
products and aftermarket services, benefiting from well-established
relationships concentrated in North American markets. The company's
generated $1.9 billion in revenue over the twelve months ending
September 30, 2025.


FCI SAND: Court OKs $5MM Additional DIP Loan From GrayStreet
------------------------------------------------------------
FCI Sand Operations, LLC and FCI South, LLC received court approval
to obtain $5 million in additional debtor-in-possession financing
on a first-priority, priming basis.

The U.S. Bankruptcy Court for the Northern District of Texas,
Dallas Division, approved an amendment increasing the Debtors' DIP
facility with GrayStreet Credit, LLC from $6 million to $11
million.

Pursuant to the court order, the Debtors' obligations under the DIP
facility become due and payable in full upon the earliest of (i)
the effective date of a plan of reorganization; (ii) September 18,
2026; (iii) the date all DIP loans become due and payable, whether
by acceleration or otherwise under the applicable DIP order; or
(iv) payment in full of all outstanding DIP obligations and
termination of all related commitments.

The Debtors are also required under the court order to file a
Chapter 11 plan of reorganization by March 31, 2026. Failure to do
so constitutes an event of default.

The Debtors previously signed a stipulation with GrayStreet
allowing them to file a reorganization plan until January 22,
2026.

All other terms of the initial DIP order entered in September
remain in full force and effect and apply to the additional
financing except those modified by the latest order and the DIP
amendment.

The order is available at https://is.gd/upNvIJ from
PacerMonitor.com.

The Debtors explained that they have run out of cash and, absent
immediate additional financing, the estates face imminent and
irreparable harm, including a shutdown of operations and a
significant loss of going-concern value. The need for additional
financing is driven by several unanticipated liquidity drains:
approximately $1.1 million in critical prepetition vendor payments,
about $400,000 in repairs and relocation costs for key plant
equipment (including installation of a second dryer), lost revenues
of roughly $2.9 million due to mechanical breakdowns, $600,000
spent hauling third-party washed sand to maintain customer
relationships, and delayed collection of about $725,000 in accounts
receivable caused by a third-party prepayment program refusing to
process payments during the Chapter 11 case.

The Debtors outline the history of the DIP loan approved early in
the case, including multiple disbursements between August and
September 2025 and a maturity date of May 4, 2026. They also
describe contentious pre-petition lending terms with FCI-SLG, LLC,
including a 15% interest rate and a 100% repayment "kicker," which
the Debtors contend is usurious under Texas law and could
ultimately invalidate the lender's claim. To stabilize the case and
address stakeholder concerns, the Debtors proposed retaining Mark
Shapiro as an independent chief restructuring officer with
exclusive authority over financing, budgets, and any sale or
reorganization process, alongside an investment banker approved
through mediation.

The Debtors believe the lender will remain fully adequately
protected despite the priming liens. They cited a substantial
equity cushion -- two to three times the lender's claim -- at least
$4 million in new post-petition value from receivables, repairs,
and improvements, increased collateral value from enhanced plant
capacity, and strong and growing demand for sand going into 2026.
They emphasized that the collateral is far more valuable in an
operating business than in a mothballed liquidation scenario.

                  About FCI Sand Operations LLC

FCI Sand Operations, LLC is a sand mining and processing company
based in Marble Falls, Texas.

FCI Sand Operations and FCI South, LLC sought relief under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No.
25-80481) on July 30, 2025. In its petition, FCI Sand Operations
reported between $100 million and $500 million in assets and
liabilities.

Judge Michelle V. Larson oversees the cases.

The Debtors are represented by Davor Rukavina, Esq. at Munsch Hardt
Kopf & Harr, P.C.

GrayStreet Credit, as DIP lender, is represented by:

   David L. Curry, Jr., Esq.  
   Edward A. Clarkson, III, Esq.  
   Okin Adams Bartlett Curry, LLP
   1113 Vine Street, Ste. 240
   Houston, TX 77002
   Telephone: (713) 228-4100
   dcurry@okinadams.com
   eclarkson@okinadams.com


FINANCE OF AMERICA: Raises $50MM in Financing Deal with Blue Owl
----------------------------------------------------------------
Finance of America Companies Inc. disclosed in a Form 8-K Report
filed with the U.S. Securities and Exchange Commission that on
December 11, 2025, it entered into an Investment Agreement with
certain investment funds managed by Blue Owl Alternative Credit
Advisors LLC, a Delaware limited liability company, or its
affiliates relating to the issuance and sale to Blue Owl of 50,000
shares of the Company's Series A Convertible Perpetual Preferred
Stock, par value $0.0001 per share, at a price of $1,000 per share
for an aggregate purchase price $50 million.

On December 15, 2025, the Company completed the Investment
Agreement.

In connection with the issuance of the Series A Preferred Stock,
Finance of America Equity Capital LLC, a subsidiary that the
Company controls in an "UP-C" structure, amended and restated its
limited liability company agreement to give effect to the creation
of Series A Convertible Perpetual Preferred Units to mirror the
terms of the Series A Preferred Stock.

The Series A Preferred Stock will rank senior to the Company's
Class A Common Stock, par value $0.0001 per share and the Company's
Class B Common Stock, par value $0.0001 per share, with respect to
dividend rights and rights on the distribution of assets on any
voluntary or involuntary liquidation, dissolution or winding up of
the affairs of the Company.

In the event of:

     (i) any voluntary or involuntary liquidation, dissolution or
winding up of the affairs of the Company,

    (ii) certain "change of control" transactions or

   (iii) upon the occurrence of certain "events of default," the
Company may not make or set aside any distribution or payment out
of the assets of the Company in respect of Common Stock or other
equity securities ranking junior in right of payment to the Series
A Preferred Stock unless and until holders have received an amount
per share of Series A Preferred Stock equal to $1,000, plus any
accrued and unpaid dividends (subject to a make-whole amount per
share reflecting a minimum return of 1.5x) or, if greater, the
value of such share of Series A Preferred Stock on an as-converted
basis, in each case, as set forth in the Certificate of
Designations designating the Series A Preferred Stock, a form of
which is attached as Annex A to the Investment Agreement.

In addition, in the event of (x) the completion of certain change
of control transactions approved by the Board of Directors of the
Company and (y) subject to certain limitations as set forth in the
Certificate of Designations, Restricted Junior Stock Payments (as
defined in the Certificate of Designations), the Company will
redeem all of the Series A Preferred Stock for a per-share amount
in cash equal to the Liquidation Preference.

The holders of the Series A Preferred Stock will be entitled to a
dividend, payable in cash quarterly in arrears, as set forth in the
Certificate of Designations, at an initial annual rate of 9.0%,
which rate increases to 12.0% on the seventh anniversary of the
date of the Closing Date, and by 1.0% on each anniversary of the
Closing Date thereafter until reaching a maximum annual rate of
16.0%.

Shares of the Series A Preferred Stock will be convertible at the
option of the holders thereof at any time, subject to certain
limitations as set forth in the Certificate of Designations, into
shares of Class A Common Stock at a rate equal to:

     (i) $1,000 divided by

    (ii) the conversion price, and a cash payment for accrued and
unpaid dividends, cash-in-lieu of fractional shares and, in certain
circumstances, dividend catch-up payments relating to dividends on
other equity.

The initial conversion price will be $35.00 per share of Series A
Preferred Stock, subject to certain anti-dilution adjustments and
adjustments for Delayed Redemption Elections.

On each of the seventh, eighth and tenth anniversaries of the
Closing Date, the conversion price then in effect will be reduced
by 15%.

Under the Certificate of Designations, the holders of shares of the
Series A Preferred Stock will be entitled to vote on an
as-converted basis with the holders of shares of Common Stock as a
single class, provided that no holder will be entitled to voting
power greater than 4.9% of the aggregate total voting power of the
outstanding shares of Common Stock.

The holders of shares of the Series A Preferred Stock will be
entitled to vote as a separate class with respect to, among other
things, certain amendments to the Company's organizational
documents that have a materially adverse and disproportionate
effect on the Series A Preferred Stock, any entry by the Company or
its subsidiaries into a transaction or agreement with any "Related
Person" as defined under Item 404(a) of Regulation S-K except in
compliance with the Company's Policy Regarding Transactions with
Related Persons, and any entry by the Company or its subsidiaries
into a transaction or agreement that would, in any material
respect, violate the terms of or result in a breach of the
Company's obligations under the Certificate of Designations and
Investment Agreement.

At any time on or following the fourth anniversary of the Closing
Date, the Company may redeem all of the Series A Preferred Stock
for a per-share amount in cash equal to the sum of:

     (i) $1,000 plus

    (ii) any accrued and unpaid dividends.

Holders representing a majority of the Series A Preferred Stock may
elect to extend the applicable expiration of the non-call period
for one year up to three times, provided that the non-call period
cannot be extended past the seventh anniversary of the Closing
Date. In the event of such a valid Delayed Redemption Election, the
applicable conversion price will be increased as set forth in the
Certificate of Designations.

If any shares of Series A Preferred Stock remain outstanding as of
the seventh-year anniversary of the Closing Date, Blue Owl will
have the right to designate an individual to serve on the Company's
Board of Directors, or in Blue Owl's discretion, a non-voting board
observer.

Pursuant to the terms of a registration rights agreement, a form of
which is attached as Annex B to the Investment Agreement, the
Company has agreed to file a resale registration statement with
respect to shares of the Series A Preferred Stock and the shares of
the Class A Common Stock issued upon any future conversion and to
provide Blue Owl with customary piggyback registration rights with
respect to underwritten offerings initiated by the Company.

Full text copies of the Investment Agreement, the Series A
Preferred Stock, the Certificate of Designations, the Registration
Rights Agreement and the transactions contemplated thereby are
available at https://tinyurl.com/5yemnvkc,
https://tinyurl.com/4k7p839a, and https://tinyurl.com/yspdnhmu,
respectively.

                     About Finance of America

Plano, Texas-based Finance of America Companies Inc. is a financial
services holding company. Through its operating subsidiaries, it
operates as a modern retirement solutions platform, providing
customers with access to an innovative range of retirement
offerings centered on the home. In addition, Finance of America
offers capital markets and portfolio management capabilities to
optimize distribution to investors.

As of June 30, 2025, it had $30.15 billion in total assets, $29.67
billion in total liabilities, and a total stockholders' equity of
$473.43 million.

                           *    *    *

In December 2025, Fitch Ratings affirmed the Long-Term Issuer
Default Ratings (IDRs) of Finance of America Companies Inc. and its
subsidiaries, Finance of America Equity Capital LLC and Finance of
America Funding LLC (collectively, FOA) at 'CCC'. A Positive Rating
Outlook has been assigned. Fitch has also affirmed Finance of
America Funding's senior secured rating at 'CCC-' with a Recovery
Rating of 'RR5'.

This rating action has been taken as part of a periodic peer review
of non-bank mortgage companies, which is comprised of seven
publicly rated firms.


FIRST BRANDS: Court Appoints Martin De Luca as Chapter 11 Examiner
------------------------------------------------------------------
Emlyn Cameron of Law360 reports that the Delaware bankruptcy court
has appointed a Boies Schiller Flexner LLP partner with extensive
experience in international investigations and asset recovery to
examine the Chapter 11 proceedings of First Brands Group.

Matthew De Luca will serve as examiner after creditors raised
concerns over the company's financial collapse, including
allegations of missing funds and questionable financing
arrangements. De Luca, a former federal prosecutor, is tasked with
uncovering the causes of the debtor's downfall and evaluating
potential claims that could benefit the bankruptcy estate.

Martin De Luca is the head of the International Private Client
practice and advises high-net-worth individuals, corporations, and
sovereign entities on high-stakes disputes and investigations. His
practice focuses on civil and criminal matters tied to government
enforcement actions, including fraud, sanctions, asset forfeiture,
and insolvency litigation.

               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.


FLINZ HOLDINGS: Gets Final OK to Use Cash Collateral
----------------------------------------------------
Flinz Holdings, LLC received final approval from the U.S.
Bankruptcy Court for the Eastern District of Texas to use cash
collateral to fund operations.

The court had previously approved interim use on November 7 and
after a final hearing found that the motion was properly noticed
and unopposed.

Under the final order, the Debtor is authorized to continue using
cash collateral for the duration of its bankruptcy case in
accordance with the approved budget. The Debtor may also pay U.S.
Trustee fees, notwithstanding any contrary provisions in the prior
orders or budget.

The order is effective immediately and is not stayed.

As of the petition date, the Debtor held approximately $10,000 in
cash and $35,000 in accounts receivable, constituting cash
collateral.

The secured creditors with potential interests in the cash
collateral are Byline Bank and Johnny and Karen Dwire. Although the
precise amounts owed are unclear, the Debtor believes Byline Bank
is owed approximately $3.6 million and the Dwires approximately
$260,000.

                     About Flinz Holdings LLC

Flinz Holdings LLC, doing business as The Gallery of Lights,
operates a retail showroom in Longview, Texas, offering lighting
fixtures, ceiling fans, patio furniture, and decorative hardware.

Flinz Holdings LLC filed its voluntary petition for relief under
Chapter 11 of the Bankruptcy Code (Bankr. E.D. Tex. Case No.
25-60738) on November 4, 2025, listing $1 million to $10 million on
both assets and liabilities. The petition was signed by Olumide
Samson as president.

Marc Salitore, Esq. at SALITORE LAW PLLC serves as the Debtor's
counsel.




FORD MOTOR: Moody's Affirms 'Ba1' CFR, Outlook Stable
-----------------------------------------------------
Moody's Ratings affirmed the ratings of Ford Motor Company (Ford),
including the Ba1 corporate family rating, the Ba1-PD probability
of default rating, the Ba1 senior unsecured rating, and the Ba1
senior unsecured bank credit facility rating. Moody's also affirmed
the Ba1 senior unsecured rating of Ford Holdings LLC. The outlook
is stable. The speculative grade liquidity rating of Ford remains
SGL-1.

The affirmation of the ratings reflects Moody's expectations that
the actions Ford is taking in response to significant changes in US
emission regulations will set the company on a path to narrow
losses in its Model e business. Most of the nearly $20 billion
charges that Ford anticipates from restructuring its electric
vehicle operations are non-cash while the expected cash charges -
more than $5 billion - do not compromise the company's strong
liquidity profile. The changes in US emission regulations were a
key environmental consideration in this rating action.

RATINGS RATIONALE

Ford's Ba1 rating reflects the company's competitive position in
the North American market for light vehicles and commercial vans
and trucks. Ford's profit margin remains modest, but leverage is
low and the company maintains a substantial balance of cash and
marketable securities. Ongoing cost-reduction initiatives are
proving effective, which Moody's expects will support gradual
improvement in profitability. Ford's heightened focus on vehicle
quality and warranty expense is beginning to improve initial build
quality; however, the risk of costly recalls on prior-year models
remains.

Ford is responding to changes in US emission regulations by
adapting the propulsion options of its vehicles, offering a broader
mix of vehicles powered by internal combustion engines, hybrids,
and extended-range electric options. Development of battery
electric vehicles will center on its planned low-cost universal EV
platform, with production expected to begin 2027. Along with lower
compliance costs and lower depreciation expense, Moody's
anticipates these actions will enable Ford to gradually narrow
losses in its Model e segment. The new battery energy storage
business that utilizes Ford's available battery cell manufacturing
capacity could enhance earnings, once operational.

Moody's expects Ford's automotive EBIT margin to widen to 4.2% in
2026, following a decline to an estimated 2.2% in 2025 due to
tariffs and production disruptions from aluminum supply shortages.
Earnings growth will also reduce debt/EBITDA in 2026 from Moody's
projected 2.9 times at year-end 2025.

The stable outlook reflects Moody's expectations that slight growth
in US light vehicle sales and a modest increase in industry vehicle
pricing in 2026 will support Ford's efforts to improve
profitability.

Moody's expects that liquidity will remain very good (SGL-1), a
core tenet of Ford's financial policy. As of September 30, 2025,
cash and marketable securities totaled $32.9 billion (excluding
Ford Credit), and availability under committed credit facilities
provided an additional $23.6 billion (excluding Ford Credit). Debt
maturities outside Ford Credit are sizeable but manageable -
approximately $4 billion in 2026 - and only $1.0 billion in 2027.
Recurring funding needs at Ford Credit for the origination of new
finance receivables remain substantial.

Moody's expects free cash flow to be $(0.6) billion in 2025
(including Ford Credit dividends and excluding special dividends)
reflecting the fourth quarter production disruptions. In 2026, cash
charges related to EV program cancellations will likely cause free
cash flow to deteriorate further to around $(2.0) billion.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

The ratings could be upgraded if Ford can sustain an automotive
EBIT margin above 5%, if Ford demonstrates it can continue funding
capital expenditures and regular dividends from cash flow from
automotive operations, and if FCF/debt is maintained at more than
7%. Additional considerations for a higher rating are evidence of
favorable profitability trends at Ford Model e.

The ratings could be downgraded if the automotive EBIT margin falls
below 4%, if cash flow from automotive operations is insufficient
to fund capital expenditures, or if debt/EBITDA exceeds 3 times.
Widening losses at Ford Model e could also lead to a downgrade.

The methodologies used in these ratings were Automobile
Manufacturers published in October 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.

Ford Motor Company, headquartered in Dearborn, Michigan, is a
global automotive manufacturer. Revenue was $190 billion in the
last 12 months ended September 30, 2025.


FORD MOTOR: Moody's Affirms 'Ba1' Ratings on Senior Unsecured Debt
------------------------------------------------------------------
Moody's Ratings has affirmed the ratings of Ford Motor Credit
Company LLC (Ford Credit) and Ford Credit Canada Company (Ford
Credit Canada), including the issuers' Ba1 long-term senior
unsecured ratings and Not Prime commercial paper ratings. Moody's
also affirmed Ford Credit's senior unsecured shelf and senior
unsecured MTN program ratings at (P)Ba1 and the other short-term
rating was affirmed at (P)Not Prime. Ford Credit Canada's senior
unsecured shelf and senior unsecured MTN program ratings were
affirmed at (P)Ba1. The outlook for both entities remains stable.

The rating actions follow similar actions on the ratings of Ford
Credit's ultimate parent, Ford Motor Company (Ford, Ba1 corporate
family rating, stable), consistent with Moody's Methodology Captive
Finance Subsidiaries of Nonfinancial Corporations.

RATINGS RATIONALE

The ratings of Ford Credit and Ford Credit Canada are aligned with
those of parent Ford based on Ford Credit's strategic significance
to its parent, Moody's expectations that Ford would support Ford
Credit if required, and the explicit support agreement in place
between the two companies. Ford's support of Ford Credit is
evidenced by a support agreement under which Ford Credit can
require Ford to inject capital to restore leverage below a 12.5x
debt-to-equity threshold, should Ford Credit exceed this
threshold.

Ford Credit's ba2 standalone assessment considers the company's
solid portfolio asset quality, adequate capital cushion that
protects its creditors against unexpected losses, and adequate
liquidity supported by its operating model. Ford Credit's net
charge-offs to loan receivables ratio of 0.41% for the third
quarter ended September 30, 2025 (annualized) is the lowest among
rated US auto captives. Ford Credit also has a relatively small
lease portfolio (17% of total net finance receivables and operating
leases as of September 30, 2025) compared to auto captive peers,
making it less vulnerable to a decline in used car prices. However,
Moody's expects that used car prices will continue their positive
trajectory and increase by mid-single-digits through 2026.

Credit challenges for Ford Credit include its high leverage, making
it vulnerable to economic downturns, its exposure to the
performance trends of its parent, and its moderately high use of
securitization, reducing the company's alternate sources of
liquidity.

Ford Credit's stable outlook is consistent with the outlook of its
parent Ford. Ford's stable outlook reflects Moody's expectations
that slight growth in US light vehicle sales and a modest increase
in industry vehicle pricing in 2026 will support Ford's efforts to
improve profitability.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Ford Credit's ratings could be upgraded if the ratings of Ford are
upgraded. Ford Credit's standalone assessment could improve if the
company's leverage declines and asset quality remains strong,
consistent with historical levels.

Ford Credit's ratings could be downgraded if Ford's ratings are
downgraded. Ford Credit's standalone assessment could weaken if
there is a material weakening in asset quality, profitability or
liquidity, or if leverage increases.

Ford Credit is an indirect, wholly owned subsidiary of Ford. As of
September 30, 2025, Ford Credit had a $146.0 billion portfolio of
finance receivables and operating leases offered through three
segments: operating leases, consumer financing (retail loans) and
non-consumer financing (wholesale financing to dealers).

The methodologies used in these ratings were Finance Companies
published in July 2024.

The net effect of any adjustments applied to rating factor scores
or scorecard outputs under the primary methodology(ies), if any,
was not material to the ratings addressed in this announcement.


GENESIS HEALTHCARE: Allegedly Delayed Payouts Prior to Chapter 11
-----------------------------------------------------------------
Kristin Carroll of Skilled Nursing News reports that families
pursuing claims against Genesis HealthCare for neglect and abuse
may never recover the full amounts owed, as the company navigates
Chapter 11 bankruptcy with estimated liabilities of $259 million
from nearly 1,000 settled and pending lawsuits. A review by KFF
Health News found that Genesis often delayed payments for months,
sometimes including provisions in settlement agreements allowing
deferrals for a year or more, even while officials knew insolvency
was a possibility. Of the 155 settlements reviewed, Genesis paid
nothing in 85 cases and only partial amounts in 70, still owing $41
million of the $58 million agreed upon.

In a statement, Genesis executive chairman David Harrington said
the Chapter 11 filing is intended to stabilize and improve
operations for the benefit of residents, patients, and staff. The
company emphasized that it implemented multiple strategic
initiatives to strengthen its finances prior to filing, and that
structured settlements were necessary due to limited liquidity, a
spokesperson told Skilled Nursing News. Genesis has also shifted to
local market-based management to improve care.

KFF reported that 58% of Genesis facilities are rated below or much
below average by the Centers for Medicare & Medicaid Services
(CMS), which has fined the company $10 million for federal
violations since 2022. State regulators have also intervened,
closing facilities over deaths and safety concerns. Families
pursuing legal settlements often faced prolonged delays, with
Genesis filing appeals and pushing arbitration, drawing out cases
for years.

As the company prepares to sell assets, often to insiders, families
fear they may lose recourse for compensation. U.S. senators,
including Elizabeth Warren, have called for intervention, citing
concerns that debts may be wiped out in insider sales. Genesis
lists $709 million in secured debt, which takes priority over $1.6
billion in unsecured obligations, including settlements owed to
former residents and families. The sale of assets is currently
paused pending further court review, the report states.

                About Genesis Healthcare Inc.

Based in Culver City, Calif., Genesis Healthcare Inc. is a medical
group that provides physician services in Southern California.
Genesis Healthcare has operated under the names Daehan Prospect
Medical Group and Prospect Genesis Healthcare.

Genesis Healthcare Inc. and several affiliated debtors sought
relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.
Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis
Healthcare Inc. listed between $1 billion and $10 billion in
estimated assets and liabilities.

The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly
administered cases.

The Debtors employed McDermott Will & Schulte LLP as counsel;
Jefferies LLC as investment banker; and Ankura Consulting Group,
LLC, as restructuring advisors, and designated Louis E. Robichaux
IV and Russell A. Perry as co-chief restructuring officers. Katten
Muchin Rosenman LLP serves as special counsel at the sole direction
of Jonathan Foster and Elizabeth LaPuma in their capacity as
independent directors and members of the special investigation
committee.

The U.S. Trustee appointed an official committee of unsecured
creditors in the Chapter 11 cases of Genesis Healthcare Inc. and
affiliates. The Committee retained Proskauer Rose LLP and Stinson
LLP as its co-counsel; FTI Consulting, Inc., as its financial
advisors; and Houlihan Lokey Capital, Inc. as its investment
banker.

The U.S. Trustee also appointed:

   * Melanie Cyganowski of Otterbourg, PC as patient care ombudsman
for the healthcare facilities listed at https://is.gd/uSxEBx  She
tapped Otterbourg as her counsel.

   * Susan Goodman of Pivot Health Law as PCO for the healthcare
facilities listed at https://is.gd/M5zlls. She is represented by
Kane Russell Coleman Logan PC as counsel.

   * Suzanne Koenig of SAK Healthcare as PCO for the healthcare
facilities listed at https://is.gd/qv5SwV. She is represented by
Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC
d/b/a SAK Healthcare serves as her medical operations advisor.

Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC
represent an ad hoc group of holders of personal injury and
wrongful death claims. Whitaker Chalk Swindle & Schwartz represents
a personal injury claimant and six wrongful death claimants.


GLASS MANAGEMENT: Seeks to Tap RPM Funding as Financial Consultant
------------------------------------------------------------------
Glass Management Services, Inc. seeks approval from the U.S.
Bankruptcy Court for the Northern District of Illinois to employ
RPM Funding, LLC as financial consultant.

The firm will provide credit and financial counseling relating to
business debt restructuring, advisory support regarding
underwriting requirements, creditworthiness, and financing
strategies, brokerage and facilitation of funding opportunities
from financial institutions, private investors, and venture capital
consortiums; and general financial advisory.

The firm will be paid at a flat fee of $6,000 plus out-of-pocket
expenses.

The firm will receive an initial retainer of $6,000.

Benjamin Mooney, an accounting associate at RPM Funding, 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:

     Benjamin Mooney
     RPM Funding, LLC
     219 S. Dearborn Street
     Chicago, IL 60604
               
                   About Glass Management Services

Glass Management Services, Inc. is a construction contractor based
in Illinois, specializing in glazing services. Established with a
focus on high-profile projects, the company has been involved in
significant developments, including the Obama Presidential Library,
Terminal 5 at O'Hare Airport, and multiple Chicago Public Schools
and CTA transit stations.

Glass Management Services sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 24-14036) with
$3,029,997 in assets and $11,989,444 in liabilities. Ernest B.
Edwards, president, signed the petition.

Hon. Janet S. Baer presides the case.

The Debtor tapped David P. Leibowitz, Esq., at Leibowitz, Hiltz &
Zanzig, LLC as counsel and RPM Funding, LLC as financial
consultant.


GRACE THAI 2: Seeks Chapter 7 Bankruptcy in New York
----------------------------------------------------
On December 18, 2025, Grace Thai 2 Inc. filed for Chapter 7
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 liabilities owed to 1 to 49 creditors.

                  About Grace Thai 2 Inc.

Grace Thai 2 Inc. is a restaurant operator offering Thai-style food
and beverages. The company caters to local patrons with a menu
centered on traditional Thai flavors and provides on-premises
dining and takeout services.

Grace Thai 2 Inc. sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-46059) on December 18, 2025. In
its petition, the Debtor reports estimated assets of $0 to $100,000
and estimated liabilities of $100,001 to $1,000,000.

The case is overseen by Honorable Elizabeth S. Stong. The Debtor is
represented by Roberto L. Pagan-Lopez, Esq., of Pagan Lopez Law
Office.


GRIT PRODUCTIONS: Hires Bond Ellis Eppich Schafer Jones as Counsel
------------------------------------------------------------------
Grit Productions, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
Bonds Ellis Eppich Schafer Jones LLP as counsel.

The firm will render these services:

     (a) serve as attorneys of record for the Debtors and provide
representation and legal advice with respect to their powers and
duties in the continued operation of their businesses;

     (b) assist the Debtors in carrying out their duties under the
Bankruptcy Code;

     (c) take all necessary action to protect and preserve the
Debtors' estates;

     (d) consult with the United States Trustee, any statutory
committee that may be formed, and all other creditors and parties
in interest concerning administration of these Chapter 11 cases;

     (e) assist in potential sales of the Debtors' assets;

     (f) prepare on behalf of the Debtors all legal papers and
documents to further their estates' interests and objections, and
assist them in preparation of schedules, statements, and reports,
and represent them and their estates at all related hearings and at
all related meetings of creditors, United States Trustee
interviews, and the like;

     (g) assist the Debtors in connection with preparing and
refining their Chapter 11 plans and disclosures statements, and/or
all related agreements and documents necessary to facilitate an
exit from these Chapter 11 cases, take appropriate action on behalf
of them to obtain confirmation of such plans, and take such further
actions as may be required in connection with the implementation of
such plans;

     (h) assist the Debtors in analyzing and appropriately treating
the claims of creditors;

     (i) appear before this Court and any appellate courts or other
courts having jurisdiction over any matter associated with these
Chapter 11 cases; and

     (j) perform all other legal services and provide all other
legal advice to the Debtors as may be required or deemed to be in
the interest of their estates in accordance with their rights and
duties as set forth in the Bankruptcy Code.

The firm will be paid at these hourly rates:

     Bryan Assink, Partner              $425
     Bryan Prentice, Senior Associate   $375
     Linda Gordon, Paralegal            $300

In addition, the firm will seek reimbursement for expenses
incurred.

Prior to the petition date, Bonds Ellis drew down the retainer in
the amount of $20,000.

Mr. Assink and Mr. Prentice disclosed in court filings that the
firm is a "disinterested person" as the term is defined in Section
101(14) of the Bankruptcy Code.

The firm can be reached through:

     Bryan C. Assink, Esq.
     Bonds Ellis Eppich Schafer Jones LLP
     420 Throckmorton Street, Suite 1000
     Fort Worth, TX 76102
     Telephone: (817) 405-6900
     Facsimile: (817) 405-6902
     Email: bryan.assink@bondsellis.com

              - and -

     Bryan N. Prentice, Esq.
     402 Heights Boulevard
     Houston, TX 77007
     Telephone: (713) 335-4990
     Facsimile: (713) 335-4991
     Email: brayn.prentice@bondellis.com

                      About Grit Productions LLC

Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation
Services, LLC, and Grit Holding Company, LLC operate as an
integrated group providing event-industry services that include
general services contracting, event production, video production,
content development, studio services, logistics support, and event
freight transportation. The companies offer single-source solutions
for live events, meetings, and expositions across their production,
planning, and transportation segments. They also engage in
community-focused initiatives related to industry development,
sustainability, and local outreach.

Grit Productions and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No.
25-44447) on November 13, 2025. At the time of the filing, Grit
Productions listed between $1 million and $10 million in assets and
between $10 million and $50 million in liabilities. Christopher
Kelly Massey signed the petitions as president.

Judge Mark X. Mullin oversees the cases.

The Debtors tapped Bryan C. Assink, Esq., at Bonds Ellis Eppich
Schafer Jones, LLP as bankruptcy counsel and the Law Offices of
Kent Davis as special corporate counsel.


GRIT PRODUCTIONS: Seeks to Hire Kent Davis as Corporate Counsel
---------------------------------------------------------------
Grit Productions, LLC and its affiliates seek approval from the
U.S. Bankruptcy Court for the Northern District of Texas to employ
the Law Offices of Kent Davis as special corporate counsel.

The firm's services include:

     (a) corporate governance advice;

     (b) contract drafting and review;

     (c) potential merger & acquisition (M&A) transactions;

     (d) employment law advice; and

     (e) general business advice.

Kent Davis, Esq., the primary attorney in this representation, will
be billed at his hourly rate of $500, plus reimbursement of
expenses incurred.

Mr. Davis 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:

     Kent Davis, Esq.
     Law Offices of Kent Davis
     9284 Huntington Sq., Ste. 100
     North Richland Hills, TX 76182
     Telephone: (817) 479-2200

                      About Grit Productions LLC

Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation
Services, LLC, and Grit Holding Company, LLC operate as an
integrated group providing event-industry services that include
general services contracting, event production, video production,
content development, studio services, logistics support, and event
freight transportation. The companies offer single-source solutions
for live events, meetings, and expositions across their production,
planning, and transportation segments. They also engage in
community-focused initiatives related to industry development,
sustainability, and local outreach.

Grit Productions and its affiliates sought protection under Chapter
11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case No.
25-44447) on November 13, 2025. At the time of the filing, Grit
Productions listed between $1 million and $10 million in assets and
between $10 million and $50 million in liabilities. Christopher
Kelly Massey signed the petitions as president.

Judge Mark X. Mullin oversees the cases.

The Debtors tapped Bryan C. Assink, Esq., at Bonds Ellis Eppich
Schafer Jones, LLP as bankruptcy counsel and the Law Offices of
Kent Davis as special corporate counsel.


HAWKEYE ENTERTAINMENT: Court Rules on Lease Dispute
---------------------------------------------------
Judge Martin R. Barash of the United States Bankruptcy Court for
the Central District of California granted Hawkeye Entertainment,
LLC's motion for partial summary judgment with respect to the
assumption of a lease in its bankruptcy case.

The landlord has launched a barrage of discovery aimed at
identifying defaults that either were litigated or could have been
litigated in the prior case.  After careful consideration of the
applicable legal standards, and the circumstances presented, the
Court concludes (i) the collateral attack doctrine, claims
preclusion doctrine and issue preclusion doctrine are applicable
here and each independently precludes the landlord from asserting
and litigating the existence of any default under the lease prior
to entry of the assumption order in the prior case; and (ii) the
voluntary release granted by the landlord's predecessor is binding
on the landlord and precludes the assertion of any default existing
under the lease at the time the release was granted. Accordingly,
the Court enters a separate order granting partial summary judgment
in favor of the debtor, limiting the scope of the defaults that may
be asserted in connection with the lease assumption.

The Court concludes the Debtor has met its burden of showing that
there is no genuine issue of material fact that Smart Capital is
precluded from asserting or seeking discovery on alleged defaults
existing under the Lease prior to entry of the 2020 Assumption
Order.

In 2009, PAX America Development, LLC ("PAX") was the owner of the
historic twelve-story commercial building located at 618 S. Spring
Street, Los Angeles, CA 90014, known as the Pacific Stock Exchange
Building. The habitable and leasable portions of the building are
the first four floors and the basement, specifically the south end
of the basement.

On July 17, 2009, PAX entered into a long-term lease of the
Premises to Hawkeye Entertainment, LLC.

On October 1, 2009, the Debtor subleased the Premises to WERM.
WERM uses the Premises to operate a nightclub and entertainment
venue under the name "Exchange LA."

On December 20, 2010, New Vision Horizon, LLC acquired the Premises
from PAX at a non-judicial foreclosure sale. Michael Chang was the
managing member of New Vision.

Between 2009 and 2013, the Debtor withheld nearly $1 million in
rents under the Lease, alleging that New Vision failed to make
certain improvements required by the Lease.  On September 30, 2013,
the Debtor filed a chapter 11 petition, initiating the First
Bankruptcy Case, over which the Hon. Maureen Tighe presided. The
Debtor moved to assume the Lease, which New Vision opposed.
Following mediation, in August 2014, the Debtor and New Vision
reached a global resolution of their disputes.

On June 20, 2016, Judge Tighe issued an order confirming the
Debtor's chapter 11 plan, which order also confirmed the assumption
of the Lease.

On January 24, 2018, Smart Capital Investment I, LLC, Smart Capital
Investments II, LLC, Smart Capital Investments III, LLC, Smart
Capital Investments IV, LLC and Smart Capital Investments V, LLC
acquired the Premises from New Vision via recordation of a grant
deed. Chang is the managing member of Smart Capital.

On August 5, 2019, Smart Capital delivered to the Debtor a letter
asserting non-monetary defaults under the Lease. On August 21,
2019, the Debtor filed a second chapter 11 petition initiating the
Second Bankruptcy Case, over which Judge Tighe also presided.

In October 2019, the Debtor moved to assume the Lease pursuant to
Bankruptcy Code section 365, which Smart Capital opposed.

On October 15, 2020, the Court approved the Debtor's assumption of
the Lease.

On October 16, 2023, Smart Capital served on the Debtor three
different notices under California Civil Procedure Code Sec.
1161(4) purporting to terminate the Lease, declare a forfeiture of
the leasehold, and give the Debtor and its subtenant three days to
vacate the Premises. The Three-Day Notices allege that the Debtor
breached the Lease by committing or permitting to exist a nuisance
on the Premises and using the Premises for an illegal or unlawful
purpose. The Debtor denies these allegations. On October 18, 2023,
rather than wait for Smart Capital to commence an unlawful detainer
action in the Superior Court following expiration of the three-day
period provided under the Three-Day Notices, the Debtor filed a
chapter 11 petition, commencing this Third Bankruptcy Case.

In the Third Bankruptcy Case, the Debtor filed a "Motion for an
Order (1) Authorizing the Assumption of Non-Residential Real
Property Lease and Sublease, and (2) Determining the Debtor and
Sublessor Not to Be in Breach or Default, thereby Deeming them in
Compliance with 11 U.S.C. section 365(b)(1)(A) and Excusing the
Debtor from any Additional Compliance with 11 U.S.C section
365(b)(1)(B) and (C); or alternatively, Extending the Time Period
within which the Debtor May Assume or Reject Unexpired
Non-Residential Leases and Executory Contracts."

The Debtor asserts that Smart Capital, in opposing the pending
Third Assumption Motion, is precluded from asserting any defaults
that may have existed under the Lease prior to the assumption of
that Lease in 2014 and 2020. The Debtor makes four principal
arguments. The first three arguments are premised on distinct but
related doctrines that preclude a party from litigating a matter
based on a prior litigation and/or adjudication by a court: (i) the
collateral attack doctrine, (ii) claim preclusion, and (iii) issue
preclusion. The fourth argument is premised on a voluntary
settlement and release of claims between the parties in 2014.

Smart Capital contends that it should not be precluded from
asserting two specific defaults under the Lease because, at the
time of the 2020 Assumption Order, Smart Capital was not aware of
the underlying facts, could not have been aware of them, and was
prevented from becoming aware of them by Debtor's purported
concealment of them.

Smart Capital argues that it is not bound by the 2020 Assumption
Order because, at that time, defaults existed that it was not aware
of and therefore did not assert in opposition to the Second
Assumption Motion.

However, the Court finds pursuant to the express terms of the 2020
Assumption Order, Smart Capital is barred from asserting any
defaults under the Lease that may have existed at the time the 2020
Assumption Order was entered.

The Debtor argues the doctrine of claim preclusion prohibits Smart
Capital from asserting in this case any defaults under the Lease in
existence prior to the 2020 Assumption Order—even defaults that
it did not assert at the time. The Debtor argues that because Smart
Capital had the opportunity to assert such defaults as defenses to
(i.e., in opposition to) the Second Assumption Motion, it should be
barred from asserting any such defaults now.

In contrast, Smart Capital argues that claim preclusion should not
apply in this case and that it should be free to assert any
defaults that have ever existed under the Lease, irrespective of
its prior litigation of the Second Assumption Motion.

The Court says Smart Capital is barred from asserting any defaults
under the Lease that may have existed at the time the 2014
Settlement Order was entered. Smart Capital is not precluded from
asserting defaults under the Lease occurring after entry of the
2020 Assumption Order.

A copy of the Court's Memorandum of Decision dated December 8,
2025, is available at https://urlcurt.com/u?l=xb22Rk

                 About Hawkeye Entertainment

Hawkeye Entertainment, LLC, sought protection under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 23-11501) on
Oct. 18, 2023. In the petition signed by Adi McAbian, president of
Saybian Gourmet, Inc., member of Hawkeye, the Debtor disclosed up
to $10 million in both assets and liabilities.

Judge Martin R. Barash oversees the case.

Sandford L. Frey, Esq., at Leech Tishman Fuscaldo & Lampl, LLC, is
the Debtor's legal counsel.


HILLIARD PARTNERSHIP: Seeks Chapter 7 Bankruptcy in Ohio
--------------------------------------------------------
On December 17, 2025, Hilliard Partnership LLC filed for Chapter 7
bankruptcy in the Northern District of Ohio. According to the
filing, the Debtor has debts between $1 million and $10 million
owed to 1-49 creditors.

               About Hilliard Partnership LLC

Hilliard Partnership LLC is a privately held company engaged in
real estate ownership and investment activities. The company
focuses on acquiring, holding, and managing property assets, with
an emphasis on long-term value preservation and portfolio
management.

Hilliard Partnership LLC sought relief under Chapter 7 of the U.S.
Bankruptcy Code (Bankr. N.D. Ohio Case No. 25-15492) on December
17, 2025. The petition reports estimated assets and estimated
liabilities in the range of $1 million to $10 million.

Honorable Bankruptcy Judge Suzana Krstevski Koch presides over the
case.

The Debtor is represented by Gerald W. Phillips, Esq. of Phillips &
Co. L.P.A.


HILLSIDE APARTMENTS: Seeks to Tap The Madison Firm as Legal Counsel
-------------------------------------------------------------------
Hillside Apartments LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of California to employ The Madison
Firm as counsel.

The firm's services include:

     (a) assist the Debtor with the necessary amendments to and
preparation of its Chapter 11 petition, preparation of its
schedules;

     (b) provide the Debtor with advice and counsel as to the
bankruptcy proceedings;

     (c) respond to court documents and pleadings;

     (d) prepare a Chapter 11 plan and disclosure statement; and

     (e) attend court hearings on the Debtor's behalf and prepare a
final decree.

Jonathan Madison, Esq., the primary attorney in this
representation, will be billed at his hourly rate of $525.

The firm will receive a retainer of $5,000 from the Debtor.

Mr. Madison 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:

     Jonathan Madison, Esq.
     The Madison Firm
     345 California St., Ste. 600
     San Francisco, CA 94104
     Telephone: (415) 779-3177

                    About Hillside Apartments LLC

Hillside Apartments LLC is a California-based residential real
estate company that manages and develops multi-unit housing
properties. Its business focuses on property investment,
operational oversight, and long-term asset growth in the local
rental market.

Hillside Apartments sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-26602) on November 24, 2025.
Hillside Apartments LLC reported estimated assets of $10 million to
$50 million and comparable estimated liabilities.

Honorable Bankruptcy Judge Christopher M. Klein oversees the case.

Jonathan Madison, Esq., at The Madison Firm serves as the Debtor's
counsel.


HOTEL ONE: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------
The U.S. Trustee for Region 21, until further notice, will not
appoint an official committee of unsecured creditors in the Chapter
11 case of Hotel One Partners Miramar Beach, LLC, according to
court dockets.

              About Hotel One Partners Miramar Beach

Hotel One Partners Miramar Beach, LLC is a Kentucky limited
liability company and the owner of the 116-unit Staybridge Suites
hotel in Miramar Beach, Florida.

Hotel One Partners sought relief under Subchapter V of Chapter 11
of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31131) on
November 7, 2025. In its petition, the Debtor reported between $10
million and $50 million in assets and liabilities.

Honorable Bankruptcy Judge Jerry C. Oldshue Jr. handles the case.

The Debtor tapped Edward J. Peterson, III, Esq., at Berger
Singerman, LLP as bankruptcy counsel and Emmanuel Sheppard & Condon
as special counsel.


HOWARD HUGHES: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Howard Hughes Holdings Inc.'s (HHH)
Long-Term Issuer Default Rating (IDR) at 'BB'. Fitch has also
affirmed Howard Hughes Corporation's (HHC) IDR at 'BB' and
unsecured bonds at 'BB' with a Recovery Rating of 'RR4'. The Rating
Outlook is Stable.

The ratings reflect HHH's strong portfolio asset quality within its
core markets, including master planned communities (MPC) in Sun
Belt markets, and other mid-Atlantic and Hawaiian assets. The
ratings also consider the company's strategic land portfolio,
development capability and track record. However, this is offset by
the fact that HHH's MPC land sales and strategic developments
segments are less predictable, lumpy and have less consistent
contractual revenues than other Fitch-rated real estate companies
and the company has relatively weak unencumbered asset coverage.

The Stable Outlook reflects Fitch's expectation that leverage will
sustain around the high 7x level through the forecast period. This
is supported by HHH's consistent cadence of condo deliveries and
positive organic growth within the operating assets segment.

Key Rating Drivers

Key Assets in Attractive Markets: HHH owns strategic asset
positions in select Sun Belt and mid-Atlantic markets, which
benefit from migration and job growth, but also face lower physical
and zoning barriers to entry. Through its operating asset, MPCs and
strategic development segments, the company can plan and grow its
communities over multiyear periods, while increasing its base in
recurring income.

The company's MPCs total approximately 118,000 gross acres of land,
with 21,000 residential acres of land remaining to be developed and
13,000 acres designated for commercial development or noncompete
users. HHH's markets continue to experience elevated housing
demand, leading to homebuilders' ongoing purchase of additional
lots in the company's MPCs at appreciating prices, despite a
relatively high mortgage rate and above-average inflation
environment.

Land and Condo Development Volatility: Fitch views HHH's rental
income risk profile as weaker than its equity REIT peers, generally
consistent with the high speculative-grade category. The company
generated 25% of 2024 revenues through contractual rents from its
operating portfolio properties, including office, multifamily and
retail located in and near its master planned communities. This
figure was lower than 43% in 2023 and more consistent with 2022 and
2021 figures of 27% and 31%, respectively, as other segments like
MPCs and Strategic Developments performed similarly in those years
to 2024. 2023 was the only year in a decade without significant
condo sales.

The company's development-for-sale segments provide incremental
cash flow but are more volatile. After a high level of earnings in
this segment in 2022, minimal deliveries occurred in 2023 but
exhibited a strong rebound in 2024 with the delivery of Victoria
Place. This volatility is primarily due to the timing of the future
Ward Village condo development deliveries.

High and Volatile Income-Based Leverage: HHH's net debt to
recurring operating EBITDA leverage is high compared to low
investment-grade-rated equity REIT peers, partly due to its
development focus and non-income producing assets. The company
generates significant income from nonrecurring asset sales within
its MPC and strategic developments segments, which Fitch views as
more volatile than contractual rental income. HHH's net debt to
recurring operating EBITDA leverage was 7.8x for the nine months
YTD after coming in relatively lower in 2024 at 6.9x due to higher
condo sales, after elevated leverage of 12.4x in 2023, up from 7.4x
in 2022, due to the lack of significant condo sales deliveries in
2023.

Stable Leverage and Growth Outlook: Fitch expects HHH's leverage to
sustain around the mid- to high-7x level over the forecast period,
with anticipated consistent condo sales and strong but not as
robust MPC sales beyond 2025. The Operating Asset segment NOI
improved in 2024, and Fitch expects further increases based on low
to mid-single-digit organic growth and stabilization of recent
development projects. HHH's net debt/capital, a supplemental metric
used to analyze homebuilders, was 62.4% for 3Q25 and 62.2% for
2024. Fitch expects this metric to sustain around the high 50%
range through 2027.

Prefunded Development Mitigates Risk: The company prefunds all
development with nonrecourse secured debt and begins construction
only after obtaining necessary cash. Fitch views this strategy as
mitigating unfunded development pipeline risk. As of Sept. 30,
2025, projects under construction totalled $3.57 billion, with
$1.08 billion remaining to be spent, including $754 million in
committed debt to be drawn. Unfunded development costs represented
2.2% of undepreciated assets, well below Fitch's 10% as a concern
threshold. The focus on core MPCs is seen positively by Fitch.

Increased Pershing Square Stake May Add Complexity: In May 2025,
HHH sold 9 million shares of company stock to its largest
shareholder, Pershing Square for an aggregate purchase price of
$900 million, which increased Pershing Square ownership in the
company to 47.2%. The company continues to evaluate opportunities
to deploy this capital but expects this incremental stake will be
used to buy an insurance company. Over time, Fitch expects HHH will
transform into a diversified holding company, with the current HHH
portfolio of master planned communities at its foundation within
the corporate structure, which could potentially cause the company
to divert attention from its historical real estate focus.

Weak Unencumbered Asset Coverage: Only approximately 22% of HHH's
assets are unencumbered. This results in unencumbered asset
coverage of net unsecured debt (UA/UD) of 0.4x as of 3Q25. This is
substantially lower than the typical 2.0x UA/UD that an investment
grade REIT typically possesses and is therefore one of the
contributing factors of HHH's below investment-grade rating.

Speculative-Grade Capital Access: HHC has demonstrated capital
access to the unsecured bond market as the company issued $750
million and $1.3 billion senior unsecured notes in 2020 and 2021,
respectively. Nonetheless, the company maintains secured debt at
over 50% of total debt as it continues to refinance mortgages,
which is more consistent with the capital structure of
below-investment-grade real estate companies.

Peer Analysis

While HHH has not elected REIT status, Fitch views select U.S.
equity REITs and, to a lesser extent, U.S. homebuilders as
comparable peers, notwithstanding the company's differentiated
business model. This includes ownership of multiple commercial
property types in and around select MPCs, as well as its high
exposure to sales income from developed lots and merchant
developments. In 2024, the company generated approximately 25% of
its revenue from contractual rents from its operating portfolio
properties, including office, multifamily and retail located in and
adjacent to its MPCs.

HHH's portfolio is more diversified by property type compared to
its higher-rated, Sun Belt-focused multifamily REIT peers, Camden
Property Trust (A-/Stable) and Mid-America Apartment Communities,
Inc. (A-/Stable). However, HHH operates at considerably higher net
debt to recurring operating EBITDA leverage with reliance on
noncontractual residential land sales.

HHH's portfolio is somewhat similar to that of American Assets
Trust, Inc. (AAT; BBB/Stable) in that it has a diversified
portfolio of office, retail and multifamily assets with a U.S. West
Coast focus and some additional Hawaii exposure. However, AAT's
revenues are 100% derived from owned real estate, and Fitch expects
the company to operate at around 6x leverage through the forecast
horizon.

Fitch considers debt to capitalization as a secondary leverage
measure given HHC's high level of non-income-producing land and
homebuilding industry exposure. Fitch expects the company will
operate with a debt capitalization ratio in the high 50% range over
the forecast period, which is considerably above the 20%-25% range
for homebuilding peer Toll Brothers, Inc. (BBB+/Stable).

Fitch's Key Rating-Case Assumptions

-- Operating Asset segment of mid-single-digit same-store (SS) NOI
growth in 2025 and low to mid single-digit SSNOI growth through the
remainder of the forecast period;

-- No incremental acquisitions or dispositions beyond 2025;

-- Strategic Development revenues of approximately $320 million in
2025, $575 million in 2026 and $440 million in 2027;

-- Refinancing of any maturing debt.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- Fitch expectations of REIT leverage (net debt to recurring
operating EBITDA) sustaining above 8.5x and/or a net debt to
capital ratio sustaining above 55%;

-- Expectations of REIT fixed-charge coverage sustaining below
1.5x;

-- Expectations of deteriorating access to capital markets.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

-- Fitch expectations of REIT leverage (net debt to recurring
operating EBITDA) sustaining below 7x, assuming a similar or
modestly greater percentage of NOI from contractual rents;

-- REIT fixed-charge coverage sustaining above 2.5x;

-- Growth in HHC's operating assets resulting in NOI from recurring
contractual rental income comprising 70% of net operating income;

-- Growth in unencumbered assets or unencumbered asset coverage of
unsecured debt improves to 1.75x, or greater.

Liquidity and Debt Structure

Fitch estimates HHC's base case liquidity coverage at 1.1x through
YE 2027, which improves to 1.7x, assuming 80% secured refinancing.
The company's sources include approximately $1.57 billion in
estimated retained cash flow, $515 million availability on its
secured Bridgeland notes facility and approximately $556 million of
cash on hand. As of Sept. 30, 2025, projects under construction had
an estimated total cost of $3.57 billion, with $1.08 billion
remaining to be spent, including $754 million of committed debt to
be drawn on existing development projects.

Issuer Profile

Howard Hughes Holdings Inc. owns, manages, and develops commercial,
residential, and mixed-use properties in the United States. It
operates through three segments: Operating Assets; Master Planned
Communities and Strategic Developments.

RATING ACTIONS

                                 Rating            Prior
                                 ------            -----
The Howard Hughes Corporation

                         LT IDR   BB  Affirmed       BB

  senior unsecured       LT       BB  Affirmed  RR4  BB

Howard Hughes Holdings Inc.
  
                         LT IDR   BB  Affirmed       BB


HURLEY MEDICAL: Moody's Upgrades Revenue Bond Rating from Ba1
-------------------------------------------------------------
Moody's Ratings has upgraded Hurley Medical Center's (MI) (Hurley)
revenue bond rating to Baa3 from Ba1 and revised the outlook to
stable from positive. Hurley had approximately $63.7M of debt
outstanding at fiscal 2025.

The upgrade to Baa3 is driven by Hurley's strengthened financial
profile, including a fundamentally stronger payor mix and continued
volume improvement supporting its longstanding solid balance
sheet.

RATINGS RATIONALE

The Baa3 reflects Hurley's continued essentiality as Flint's safety
net provider, a Level I trauma center and children's hospital.
Government payor dependence remains high, and Hurley has a
longstanding reliance on state supplemental funds. However,
Medicare now exceeds Medicaid, a fundamental shift, and commercial
volume has grown. Revenue growth is restricted by local
demographics, and recruitment presents ongoing challenges. However,
management continues to develop hiring pipelines and reduce agency
costs. Financial performance in fiscal 2026 will remain steady with
an operating cash flow (OCF) margin around 7%-10%, supporting
routine capital spend and strong liquidity (over 165 days cash).
While Hurley's direct debt leverage is strong, its pension
liability is high, especially relative to total revenue base,
diluting adjusted debt ratios.

RATING OUTLOOK

The stable outlook reflects Moody's expectations that performance
will remain on par with recent years (7%-10% OCF margin),
supporting continued strong balance sheet measures.

FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS

-- Stronger OCF margins sustained by improvement in core
operations

-- Continued growth in unrestricted liquidity to partly mitigate
large unfunded pension liability

-- Ability to decrease reliance on government payor mix

FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS

-- Inability to maintain OCF margins of at least 5%

-- Material negative change in state supplemental funding beyond
current expectations for future years

-- Significant decline in liquidity and/or material increase in
debt diluting leverage metrics

PROFILE

Hurley Medical Center, a Level I Trauma Center, is a 432-licensed
bed teaching facility and safety-net hospital located in Flint, MI
and a component unit of the City of Flint.

METHODOLOGY

The principal methodology used in these ratings was Not-for-profit
Healthcare published in October 2024.


IHOUSE REALTY: Seeks to Tap Geri Lyons Chase as Bankruptcy Counsel
------------------------------------------------------------------
IHouse Realty Solutions, LLC seeks approval from the U.S.
Bankruptcy Court for the District of Maryland to employ the Law
Office of Geri Lyons Chase as counsel.

The firm's services include:

     (a) give the Debtor legal advice with respect to its powers
and duties in the continued management of its property and
operation of its affairs;

     (b) prepare on behalf of the Debtor necessary legal papers;

     (c) take necessary steps to stay any action by creditors
seeking liens, attachments, or other advantages by legal process or
nonjudicial process;

     (d) negotiate and prepare a Plan of Reorganization; and

     (e) perform all other legal services for the Debtor as may be
necessary herein.

Geri Lyons Chase, Esq., the primary attorney in this
representation, will be billed at his hourly rate of $400.

The firm received a retainer of $3,000 and a filing fee of $1,738
from the Debtor.

Mr. Chase 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:

     Geri Lyons Chase, Esq.
     Law Office of Geri Lyons Chase
     2007 Tidewater Colony Drive, Suite 2B
     Annapolis, MD 21401
     Telephone: (410) 573-9004
     Email: gchase@glchaselaw.com

                      About IHouse Realty Solutions

IHouse Realty Solutions, LLC sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No.
25-21568) on December 10, 2025, listing under $1 million in both
assets and liabilities.

The Debtor is represented by the Law Office of Geri Lyons Chase.


INGLE & ASSOCIATES: Gets OK to Use Cash Collateral
--------------------------------------------------
The U.S. Bankruptcy Court for the District of Massachusetts granted
Ingle & Associates, LLC authorization to use cash collateral to
fund operations.

The Debtor is authorized to collect and use pre-petition assets in
which the secured creditors claim a security interest, including
proceeds of prepetition accounts receivable and cash on hand. This
authority is limited to ordinary-course business operations and
must comply with the terms of the motion and the approved budget.

The Debtor's use of cash collateral is subject to an overall
variance cap of 10%, calculated on an aggregate basis rather than
by individual line items.

The secured creditors include Avidia Bank, Essentia Holdings, LLC,
Forward Financing, LLC, LG Funding, LLC, ODK Capital, LLC and the
U.S. Small Business Administration.

As adequate protection, secured creditors will be granted
replacement liens on the Debtor's post-petition property, with the
same validity, priority and extent as their pre-bankruptcy liens.

A copy of the court's order and the Debtor's budget is available at
https://shorturl.at/YulHP from PacerMonitor.com.

The next hearing is set for February 24, 2026. The deadline for
filing objections is on February 20, 2026.

                   About Ingle & Associates LLC

Ingle & Associates LLC sought protection under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12458) on
November 13, 2025. In the petition signed by Robert C. Ingle,
manager, the Debtor disclosed up to $100,000 in assets and up to
$10 million in liabilities.

Kate E Nicholson, Esq., at Nicholson Devine LLC, represents the
Debtor as legal counsel.


IROBOT CORP: Awards Executives Retention & Transition Bonuses
-------------------------------------------------------------
iRobot Corp. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on December 10, 2025, the
Company's board of directors approved, and the Company paid, cash
retention bonuses to certain of the Company's named executive
officers in the following amounts:

     1. Gary Cohen – Chief Executive Officer: $1,575,500

     2. Jeffrey Engel – President & Chief Operating Officer:
$848,250

     3. Karian Wong – EVP & Chief Financial Officer: $596,625

     4. Jules Connelly – SVP & Chief Human Resources Officer:
$370,500

The Retention Bonuses were paid in lieu of, and supersede, the
potential payments under the Executive Sale Bonus Plan disclosed in
the Company's Current Report on Form 8-K filed on April 1, 2025.

The Retention Bonuses are subject to repayment of the after-tax
amounts by each recipient in the case such individual voluntarily
terminates his or her employment without good reason, or if the
recipient's employment is terminated for cause, on or before the
earlier of:

     (i) closing of the sale of the Company or the effective date
of a chapter 11 plan of reorganization and

    (ii) February 28, 2026.

The Retention Bonuses are subject to the terms of a Retention Bonus
Letter Agreement entered into with each recipient.

A full text copy of the Retention Bonus Letter Agreement is
available at https://tinyurl.com/385rcpv7

Transition Bonuses

On December 14, 2025, the Company entered into amendments to
executive agreements (the "Transition Amendments") with certain of
the Company's named executive officers pursuant to which such
individuals will be eligible to receive special cash bonuses (the
"Transition Bonuses") in the following amounts on April 1, 2026 or
at an earlier date as determined in Picea's sole discretion (the
"Transition Bonus Payment Date"), subject to continued employment
with the Company through the Transition Bonus Payment Date.
     1. Gary Cohen – Chief Executive Officer: $1,567,972

     2. Jeffrey Engel – President & Chief Operating Officer:
$1,183,472

     3. Karian Wong – EVP & Chief Financial Officer: $859,279

     4. Jules Connelly – SVP & Chief Human Resources Officer:
$636,029

In connection with the Transition Amendments, the executive
officers waived their existing contractual severance entitlements
under their respective executive agreements.

The payment of the Transition Bonus for a recipient will be
accelerated to the applicable employment termination date if such
recipient voluntarily resigns his or her employment for good
reason, or if the recipient's employment is terminated without
cause, following the Plan Effective Date but prior to the
Transition Bonus Payment Date.

A full text copy of the Form of Amendment to Executive Agreement is
available at https://tinyurl.com/yyheu2x2.

Additionally, on December 14, 2025, the Company entered into an
additional amendment to Mr. Engel's executive agreement pursuant to
which Mr. Engel will be eligible to receive an additional special
cash bonus in the amount of $1,183,472 on May 1, 2026, subject to
Mr. Engel's continued employment with the Company through the
Performance Transition Bonus Payment Date and achievement of
certain performance milestones related to transitional support
services in connection with the Financial Reorganization.

The payment of the Performance Transition Bonus to Mr. Engel will
be accelerated to the applicable employment termination date if he
voluntarily resigns his employment for good reason, or if his
employment is terminated without cause, following the Plan
Effective Date and achievement of the performance milestones but
prior to the Performance Transition Bonus Payment Date.

A full text copy of the Performance Transition Amendment is
available at https://tinyurl.com/ycycyysu

                  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: Downsizes Bedford HQ, Secures 7-Year Lease
-------------------------------------------------------
iRobot Corp. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on December 12, 2025, the
Company and XChange Property Owner, L.P. entered into an Eleventh
Amendment to Lease, which amends certain provisions of that certain
Lease Agreement, by and between the Company and Landlord, dated as
of February 22, 2007, as amended, regarding the Company's corporate
headquarters located at 4-12 Crosby Drive, Bedford, Massachusetts.


The Amendment provides for, among other things:

     (i) a termination of the Lease as to a portion of the leased
premises and contraction of such leased premises to approximately
102,000 rentable square feet;

    (ii) an extension of the lease term for a seven-year period
from and after the effective date of the Lease Amendment; and

   (iii) a requirement for the Company to post a Letter of Credit
in the amount of $2,000,000 by the effective date of the Lease
Amendment.

A full text copy of the Lease Amendment is available at
https://tinyurl.com/mr26ejnh

                  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.


J. PATRICK LEE: Taps Craig Geno and Christopher Steiskal as Counsel
-------------------------------------------------------------------
J. Patrick Lee Construction, LLC seeks approval from the U.S.
Bankruptcy Court for the Southern District of Mississippi to employ
the Law Offices of Geno and Steiskal, PLLC as counsel.

The firm will render these services:
  
     (a) advise and consult with the Debtor regarding questions
arising from certain contract negotiations which will occur during
the operation of its business;

     (b) evaluate and attack claims of various creditors who may
assert security interests in the assets and who may seek to disturb
the continued operation of the business;

     (c) appear in, prosecute, or defend suits and proceedings, and
take all necessary and proper steps and other matters and things
involved in or connected with the affairs of the estate of the
Debtor;

     (d) represent the Debtor in court hearings and assist in the
preparation of contracts, reports, accountants, petitions,
applications, orders and other papers and documents as may be
necessary in this proceeding;

     (e) advise and consult with the Debtor in connection with any
reorganization plan which may be proposed in this proceeding and
any matters concerning it which arise out of or follow the
acceptance or consummation of such reorganization or its rejection;
and

     (f) perform such other legal services on behalf of the Debtor
as they become necessary in this proceeding.

The firm's counsel and staff will be paid at these hourly rates:

     Craig Geno, Attorney              $500
     Christopher Steiskal, Attorney    $375
     Paralegals                        $250

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer of $25,000, which includes the filing
fee of $1,738 from the Debtor.

Mr. Geno disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     Craig M. Geno, Esq.
     Law Offices of Geno and Steiskal, PLLC
     601 Rennaisance Way, Suite A
     Ridgeland, MS 39157
     Telephone: (601) 427-0048
     Facsimile: (601) 427-0050
     Email: cmgeno@cmgenolaw.com

                    About J. Patrick Lee Construction
,
J. Patrick Lee Construction, LLC, based in Picayune, Mississippi,
engages in heavy and civil engineering construction projects,
including local infrastructure, municipal improvements, and
residential site development. The Company participates in public
and private construction contracts within Pearl River County and
surrounding areas.

J. Patrick Lee Construction sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51858) on
December 10, 2025. In the petition signed by Patrick Lee,
owner/managing member, the Debtor disclosed up to $10 million in
both assets and liabilities.

Judge Katharine M. Samson oversees the case.

The Debtor is represented by the Law Offices of Geno and Steiskal,
PLLC.


JACKSON HOSPITAL: Files $250MM Lawsuit Against Blue Cross Alabama
-----------------------------------------------------------------
Alex Wolf of Bloomberg Law reports that bankrupt Jackson Hospital &
Clinic Inc., a Montgomery, Alabama-based health-care provider, has
sued Blue Cross and Blue Shield of Alabama, alleging the insurer
imposed discriminatory reimbursement rates that threaten the
hospital's ability to serve the public.

In a lawsuit filed Thursday, December 18, 2025, in the U.S.
Bankruptcy Court for the Middle District of Alabama, Jackson
Hospital said Blue Cross leveraged its dominant position in
Alabama's commercial health insurance market to prioritize profits
over patients, destabilizing the state's health-care system. The
344-bed hospital filed for Chapter 11 earlier this year amid
stagnant reimbursement rates and rising labor costs, the report
states.

              About Jackson Hospital & Clinic

Jackson Hospital & Clinic, Inc., is a non-membership, non-profit
corporation based in Alabama. JHC is the direct or indirect parent
company of JHC Pharmacy, LLC, an Alabama limited liability company
that provides pharmacy services to JHC patients. JHC owns 100% of
JHC Pharmacy. Additionally, JHC is a direct or indirect parent
company of certain other entities that have not filed for
bankruptcy.

JHC operates a 344-bed healthcare facility in Montgomery, Ala.,
with a rich history dating back to 1894. Since its official opening
in 1946, JHC has grown into one of the largest hospitals in
Alabama, offering specialized services in cardiac care, cancer
treatment, neurosciences, orthopedics, women's care, and emergency
services. JHC's service area includes 16 counties across central
Alabama.

JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala.
Lead Case No. 25-30256) on Feb. 4, 2025. In its petition, JHC
reported between $100 million and $500 million in both assets and
liabilities.

Judge Christopher L. Hawkins handles the cases.

The Debtors are represented by Derek F. Meek, Esq. at Burr &
Forman, LLP.


JDM PROPERTIES: Seeks to Hire D. Conrad Gall as Legal Counsel
-------------------------------------------------------------
JDM Properties, LLC seeks approval from the U.S. Bankruptcy Court
for the Northern District of West Virginia to employ D. Conrad
Gall, Esq., an attorney practicing in Fairmont, West Virginia, to
handle its Chapter 11 case.

Mr. Gall will be paid at an hourly rate of $180 plus reimbursement
for expenses incurred.

The attorney received an initial retainer of $3,000 just prior to
filing of which the $1,738 filing fee was paid.

Mr. Gall disclosed in a court filing that he is a "disinterested
person" as the term is defined in Section 101(14) of the Bankruptcy
Code.

The attorney can be reached at:

     D. Conrad Gall, Esq.
     3487 Fairmont Avenue, Suite 2
     Fairmont, WV 26554
     Telephone: (304) 363-5632

                        About JDM Properties LLC

JDM Properties, LLC owns and manages residential and rental real
estate in Marion and Monongalia Counties, West Virginia, including
multiple properties in Fairmont, Morgantown, and Rivesville, with a
combined value of $1 million.

JDM Properties filed a petition under Chapter 11, Subchapter V of
the Bankruptcy Code (Bankr. N.D. W. Va. Case No. 25-00656) on
November 11, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $100,001 and $1 million.

Honorable Bankruptcy Judge David L. Bissett handles the case.

The Debtor is represented by D. Conrad Gall, Esq.


KATHLEEN ANNE DUDLEY: Court Remands Disciplinary Proceeding
-----------------------------------------------------------
Judge Robert H. Jacobvitz of the United States Bankruptcy Court for
the District of New Mexico will grant the request of the
Disciplinary Board of the Supreme Court of the State of New Mexico
to remand the proceeding pending in the Supreme Court of the State
of New Mexico entitled, The Disciplinary Board v. Charles Edward
Lincoln III, No S-1-SC-40372 for lack of federal court jurisdiction
in the bankruptcy case of Katherine Anne Dudley.

On September 26, 2024, Mr. Lincoln filed a motion asking the United
States District Court for the District of New Mexico to withdraw
the automatic reference of this adversary proceeding to the
Bankruptcy Court. After filing the Motion to Withdraw the
Reference, on November 1, 2024, Mr. Lincoln filed a request for
leave to take jurisdictional discovery relating to the Motion for
Remand and a request for an evidentiary hearing, which the
Disciplinary Board opposes In July of 2025, proposed intervenors
filed motions for leave to intervene in this adversary proceeding
to file a counterclaim and third-party complaint for declaratory
judgment and injunctive relief.

Mr. Lincoln contends that if the Court remands the Disciplinary
Proceeding (i) he will be denied his substantive and procedural due
process and equal protection rights under the Fourteenth Amendment
to the United States Constitution, including but not limited to the
deprivation of his right to raise a defense and counterclaim to a
complaint under the New Mexico disciplinary procedures; (ii) the
proceedings will infringe on his freedom of speech and association
in violation of the First Amendment and will violate federal
antitrust laws, and (iii) he will be denied the right to a jury
trial under the Seventh Amendment.

Mr. Lincoln seeks discovery concerning the nature and structure of
the Disciplinary Board, its record of protecting individual rights
and civil liberties, and how the phrases, "the practice of law" and
"the unauthorized practice of law," under which he is being
"prosecuted," are being applied and construed by the Disciplinary
Board.

This Court concludes that its decision to remand the Disciplinary
Proceedings does not require any findings of fact relating to the
issues with respect to which Mr. Lincoln seeks discovery. The Court
therefore will deny the Motion for Jurisdictional Discovery and an
Evidentiary Hearing and proceed to rule on the Motion for Remand.

Mr. Lincoln removed the Disciplinary Proceeding under 28 U.S.C.
Secs. 1452 and 1443(1). The Disciplinary Board argues that removal
of the Disciplinary Proceeding is not available under 28 U.S.C.
Sec. 1452 because that section applies only to removal of civil
actions, and the Disciplinary Proceeding is not a "civil action."
The Disciplinary Board also asserts that the Disciplinary
Proceeding falls within the exception to removal under 28 U.S.C.
Sec. 1452(a) for  "civil action by a governmental unit to enforce
such governmental unit’s police or regulatory power."
Alternatively, the Disciplinary Board asserts this Court should
abstain from hearing the removed proceeding under federal
abstention principles.

Mr. Lincoln argues that the Disciplinary Proceeding must be decided
by an Article III Court, not this Court. He asserts that the
Disciplinary Proceeding is inconsistent with his federal
constitutional guarantees of due process and equal protection and
complains that the Disciplinary Proceeding will deprive him of his
right to a trial-by-jury, and his ability to assert affirmative
defenses and to file a counterclaim.

The Court concludes that the Disciplinary Proceeding is not subject
to removal under either 28 U.S.C. Sec. 1452 or 28 U.S.C. Sec. 1443
because it is neither a "civil action" nor a "criminal
prosecution." And because the Disciplinary Proceeding cannot be
removed to this Court, it is unnecessary for the Court to address
any of the parties’ alternative arguments. For the same reason,
the Court will not consider the other pending motions for leave to
intervene and to file counterclaims. Finally, because this Court
cannot preside over the Disciplinary Proceeding, it must be
remanded to the New Mexico Supreme Court. This Court lacks
jurisdiction over the Disciplinary Proceeding because it cannot be
removed to this Court under either 28 U.S.C. Sec. 1452 or 28 U.S.C.
Sec. 1443

A copy of the Court's Memorandum Opinion dated December 10, 2025,
is available at https://urlcurt.com/u?l=hbgi1v from
PacerMonitor.com.

Kathleen Anne Dudley filed for Chapter 11 bankruptcy protection
(Bankr. D.N.M. Case No. 24-10034) on January 16, 2024, listing
under $1 million in both assets and liabilities. The Debtor was
represented by Noel Gallegos, Esq.

The bankruptcy case was dismissed in April 2024.

The Disciplinary Board of the Supreme Court of the State of New
Mexico, Charles Edward Lincoln III and Ilene J. Lashinsky filed an
adversary complaint against Kathleen Anne Dudley in August 2024.


KID CITY COOL: Seeks Chapter 7 Bankruptcy in New York
-----------------------------------------------------
On December 18, 2025, Kid City Cool LLC sought Chapter 7 bankruptcy
protection in the U.S. Bankruptcy Court for the Southern District
of New York. The Debtor reports liabilities totaling between $1
million and $10 million, owed to 50 to 99 creditors, according to
court filings.

               About Kid City Cool LLC

Kid City Cool LLC is a retail company that operates children’s
apparel and accessories stores, focusing on trendy and
youth-oriented fashion products. The company offers a range of
clothing and merchandise aimed at kids and young consumers and
operates primarily through brick-and-mortar retail locations.

Kid City Cool LLC filed under Chapter 7 of the U.S. Bankruptcy Code
(Bankr. Case No. 25-12840) on December 18, 2025. The petition lists
estimated assets of $100,001 to $1 million and estimated
liabilities of $1 million to $10 million.

Honorable Bankruptcy Judge Lisa G. Beckerman is overseeing the
case.

The Debtor is represented by David Wolnerman, Esq., and Randolph E.
White, Esq., of White & Wolnerman, PLLC.


KIRKBRIDE LAND: Plan Exclusivity Period Extended to Feb. 13, 2026
-----------------------------------------------------------------
Judge Mina Nami Khorrami of the U.S. Bankruptcy Court for the
Southern District of Ohio extended Kirkbride Land and Snow
Management LLC's exclusive periods to file a plan of reorganization
and obtain acceptance thereof to February 13, 2026 and May 16,
2026, respectively.

As shared by Troubled Company Reporter, the Debtor submits that
cause exists to extend the Debtors' Exclusivity Periods for the
following reasons.

First, the size and complexity of the Case warrant extension of the
Debtor's Exclusivity Periods. The Case involves assets of
approximately $2.4 million1 and debts of approximately $3.3
million. In addition, there is the real property ("PAI Real
Property") of PAI Properties LLC ("PAI") that is directly involved
in the issue of the Debtor's plan because the claim of Kemba
Financial Credit Union, which is the largest claim in the Case, is
secured by a second mortgage on the PAI Real Property.   

Second, the Debtor has complied with the requirements of the Court
and the US Trustee while the Case has been pending. The Debtor is
acting in good faith with respect to the Case and the good faith
behavior justifies the extension of the Exclusivity Periods to give
the Debtor time to obtain confirmation of a plan.

Third, this is the Debtor's first request for an extension of the
Exclusivity Periods and the extensions requested are not lengthy
nor will the extensions cause any unnecessary delays in the
administration of the Case.

Fourth, the Debtor is not seeking an extension of the Exclusivity
Periods to pressure creditors, and no creditors will be prejudiced
by the Court granting the requested extensions. Conversely, if the
Court denies this Motion, it could pave the way for a non-debtor
party to propose a chapter 11 plan, which would result in the Court
being presented with two (or more) competing chapter 11 plans.
Competing plans can be complicated and challenging.

Kirkbride Land and Snow Management, LLC is represented by:

     David M. Whittaker, Esq.
     Andrew D. Rebholz, Esq.
     Allen Stovall Neuman & Ashton LLP
     10 W. Broad St., Ste. 2400
     Columbus, OH 43215
     T: (614) 221-8500
     F: (614) 221-5988
     Email: whittaker@asnalaw.com
     Email: rebholz@asnalaw.com   

                         About Kirkbride Land and Snow Management

Kirkbride Land and Snow Management, LLC, sought protection under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No.
25-53599) on August 18, 2025, listing up to $10 million in both
assets and liabilities. Angelia Kirkbride, managing member, signed
the petition.

Judge Mina Nami Khorrami oversees the case.

David Whittaker, Esq., at Allen Stovall Neuman & Ashton, LLP, is
the Debtor's legal counsel.


KITCHEN MAN: Gets Extension to Access Cash Collateral
-----------------------------------------------------
The Kitchen Man Inc. received fifth interim approval from the U.S.
Bankruptcy Court for the Eastern District of North Carolina,
Wilmington Division, to use cash collateral.

The fifth interim order authorized the Debtor to use cash
collateral for its post-petition operating expenses as set forth in
its budget, which projects total operational expenses of $99,039.41
for the period from December 18, 2025 to January 17, 2026.

As adequate protection, secured creditors including NFS Capital,
LLC, Pearl Delta Funding, LLC and Corporation Service Company,
which hold UCC-1 liens, will receive replacement post-petition
liens on the Debtor's property, receivables, and other assets.

The immediate use of cash collateral is necessary to avoid
irreparable harm and ensure continued operations, which generate
the largest source of funds for creditors, according to the
Debtor.

The next hearing is set for January 7, 2026.

                  About The Kitchen Man Inc.

The Kitchen Man Inc. specializes in custom countertop
installations.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03176) on August 18,
2025. In the petition signed by Chris Dabideen, president, the
Debtor disclosed up to $1 million in assets and up to $10 million
in liabilities.

Judge Joseph N. Callaway oversees the case.

Richard P. Cook, Esq., at Richard P. Cook. PLLC, represents the
Debtor as legal counsel.


LAMUMBA INC: Gets Extension to Access Cash Collateral
-----------------------------------------------------
Lamumba Inc. received another extension from the U.S. Bankruptcy
Court for the Northern District of California to use cash
collateral.

At the recent hearing, the court approved the Debtor's continued
use of cash collateral to fund its operations and set a further
hearing for April 8, 2026.

The Debtor was previously allowed to access the cash collateral of
its secured creditors through December 19 pursuant to the court's
December 2 interim order.

The secured creditors are Tellone Mortgage Fund, Alameda County
Treasury and Tax Collector, Structus Inc., and Southern Glazer's
Wine and Spirits, LLC.

Under the December 2 interim order, the Debtor is required to make
monthly payments of $5,000 to Tellone Mortgage Fund as adequate
protection.

                        About Lamumba Inc.

Lamumba Inc. -- geoffreyslive.com -- doing business as Geoffrey's
Inner Circle, is an entertainment venue and nightclub located in
Oakland, California that offers live music, events, and dining
experiences.

Lamumba sought relief under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. N.D. Cal. Case No. 25-41554) on August 26, 2025. In its
petition, the Debtor report ED estimated assets between $10 million
and $50 million and estimated liabilities between $1 million and
$10 million.

The Debtor is represented by Michael Jay Berger, Esq. at Law
Offices Of Michael Jay Berger.


LDM LLC: Seeks to Hire Steinberg Shapiro & Clark as Legal Counsel
-----------------------------------------------------------------
LDM, LLC seeks approval from the U.S. Bankruptcy Court for the
Eastern District of Michigan to employ Steinberg Shapiro & Clark to
handle its Chapter 11 case.

The firm's attorneys will be paid at these hourly rates:

     Mark Shapiro     $450
     Tracy Clark      $400

On December 8, 2025, the firm received a retainer of $50,000 from
the Debtor.

Mr. Shapiro 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:

     Mark H. Shapiro, Esq.
     Steinberg Shapiro & Clark
     25925 Telegraph Road, Suite 203
     Southfield, MI 48033
     Telephone: (248) 352-4700
     Email: shapiro@steinbergshapiro.com

                           About LDM LLC

LDM, LLC, doing business as United Metal Products, manufactures
metal stampings and fabricated components from its facility at 8101
Lyndon Avenue in Detroit, Michigan.

LDM sought protection under Chapter 11 of the U.S. Bankruptcy Code
(Bankr. E.D. Mich. Case No. 25-52563) on December 11, 2025, with $1
million to $10 million in assets and liabilities. Leonard
MacEachern, chief executive officer, signed the petition.

Judge Maria L. Oxholm presides over the case.

Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark represents the
Debtor as counsel.


LINEAR COMPANIES: Seeks to Tap Sacks Tierney as Bankruptcy Counsel
------------------------------------------------------------------
Linear Companies LLC seeks approval from the U.S. Bankruptcy Court
for the District of Arizona to employ Sacks Tierney PA as counsel.

The firm will represent the Debtor in all hearings before the
Bankruptcy Court and to negotiate and resolve all issues related to
the Chapter 11 proceeding.

The firm will be paid at these hourly rates:

     Partners     $395 - $625
     Associates   $295 - $425
     Paralegal    $125 - $255

Philip Rudd, Esq., an attorney at Sacks Tierney, 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:

     Philip R. Rudd, Esq.
     Sacks Tierney PA
     4250 N. Drinkwater Blvd., 4th Floor
     Scottsdale, AZ 85251
     Telephone: (480) 425-2600
     Facsimile: (480) 970-4610

                       About Linear Companies

Linear Companies, LLC, doing business as Linear Investments LLC and
Linear Investments AZ LLC, operates in the real estate and
investment sector and manages property holdings and conducts
financial investment activities.

Linear Companies sought relief under Chapter 11 of the Bankruptcy
Code (Bankr. D. Ariz. Case No. 25-11955) on Dec. 11, 2025, listing
up to $10 million in both assets and liabilities. Sean Parsons,
member, signed the petition.

Judge Brenda Moody Whinery oversees the case.

Philip R. Rudd, Esq., at Sacks Tierney PA serves as the Debtor's
counsel.


LUMINAR TECHNOLOGIES: Hires Omni as Claims and Solicitation Agent
-----------------------------------------------------------------
Luminar Technologies, Inc. and its affiliates seek approval from
the U.S. Bankruptcy Court for the Southern District of Texas to
employ Omni Agent Solutions Inc. as claims, noticing, and
solicitation agent.

Omni will oversee the distribution of notices and will assist in
the maintenance, processing, and docketing of proofs of claim filed
in the Chapter 11 cases of the Debtors.

The firm received an advance payment of $25,000 from the Debtors.

Paul Deutch, an executive vice president at Omni, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Paul Deutch
     Omni Agent Solutions, Inc.
     5955 De Soto Ave., Suite 100
     Woodland Hills, CA 91367
     telephone: (818) 906-8300

                  About Luminar Technologies Inc.

Luminar Technologies, Inc. is an automotive lidar manufacturer.

Luminar Technologies Inc. and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 25-90808) on December 15, 2025. In its petition, Luminar
reported estimated assets between $100 million and $500 million and
estimated liabilities between $500 million and $1 billion.

Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie
Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company
engaged Jefferies LLC, as investment banking advisers, and Portage
Point Partners, LLC's Triple P TRS, LLC as restructuring advisor
and to provide interim management services for the Company. Omni
Agent Solutions, Inc. serves as the claims and noticing agent.


LUMINAR TECHNOLOGIES: Will Be Delisted From Nasdaq
--------------------------------------------------
Andrew Mendez of Bloomberg Law reports that Luminar Technologies
announced that Nasdaq has informed the company it will delist its
Class A common stock, sending shares down 47%. Trading is scheduled
to be suspended on December 24, 2025.

The company expects its stock to begin trading on the Pink Limited
Market. The delisting follows a steep decline in the company's
share price and comes amid broader financial struggles, including a
recent filing for Chapter 11 bankruptcy, the report states.

        About Luminar Technologies Inc.

Luminar Technologies Inc. is an automotive lidar manufacturer.

Luminar Technologies Inc. and affiliates sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case
No. 25-90808) on December 15, 2025. In its petition, Luminar
reported estimated assets between $100 million and $500 million and
estimated liabilities between $500 million and $1 billion.

Luminar is represented by Ronit J. Berkovich, Esq., and Stephanie
Nicole Morrison, Esq., at Weil, Gotshal & Manges LLP. The Company
engaged Jefferies LLC, as investment banking advisers, and Portage
Point Partners, LLC's Triple P TRS, LLC as restructuring advisor
and to provide interim management services for the Company. Omni
Agent Solutions, Inc. serves as the claims and noticing agent.

Quantum Computing Inc., the proposed buyer for the Debtors' assets,
is represented by Marty Korman, Esq., and Mark Holloway, Esq., and
Catherine Riley Tzipori, Esq., at Wilson Sonsini Goodrich & Rosati
Professional Corporation, in Palo Alto, California.

Ropes & Gray, LLP, serves as legal advisors and Ducera Partners
LLC, acts as investment banker for the holders of Floating Rate
Senior Secured Notes due 2028; 9.0% Convertible Second Lien Senior
Secured Notes due 2030 -- Series 1 Notes -- and 11.5% Convertible
Second Lien Senior Secured Notes due 2030 -- Series 2 Notes.  GLAS
Trust Company LLC, serves as Trustee and Collateral Agent for both
the 1L and 2L Notes.


MARINER'S GATE: Owner Wants to Sell Property for $53MM in Chap. 11
------------------------------------------------------------------
Jonathan Randles of Bloomberg News reports that Mariner's Gate LLC,
which owns a six-story building at 548 West 28th Street, has filed
for bankruptcy protection in an effort to stop a foreclosure action
by its lender, JPMorgan Chase & Co.

The company is pursuing a $53 million sale of the property that, if
completed, would fully repay JPMorgan as well as its other primary
creditor, according to court filings.

Mariner's Gate said it has received a term sheet from a prospective
buyer covering the building and an adjacent property, describing
the proposed transaction as an extremely positive development.

                About Mariner's Gate LLC

Mariner's Gate LLC is a single asset real estate company.

Mariner's Gate LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-12819) on December 16, 2025. In
its petition, the Debtor reports estimated assets in the range of
$50 million to $100 million and estimated liabilities in the range
of $50 million to $100 million.

Honorable Bankruptcy Judge Philip Bentley handles the case.

The Debtor is represented by J. Ted Donovan, Esq., of Goldberg
Weprin Finkel Goldstein LLP.


MONTANA VILLAGE: Rental Income & Sale Proceeds to Fund Plan
-----------------------------------------------------------
Montana Village Developers, LLC, filed with the U.S. Bankruptcy
Court for the District of Colorado a Disclosure Statement to
accompany Plan of Reorganization dated December 12, 2025.

The Debtor is townhome development located in Denver, Colorado. The
project is complete with nineteen townhomes. In January of 2022,
the Debtor applied for energy to the townhomes from Xcel Energy.

Xcel did not provide power until February of 2025, resulting in an
inability to sell the townhomes and caused the project to go into
foreclosure. The Debtor is currently leasing a few of the townhomes
and will continue its sale and leasing efforts to generate income.
On the Petition Date the Debtor had leased three townhomes. The
Debtor continues its efforts to lease and/or sell townhomes.

The Plan provides for the reorganization of the Debtor under
Chapter 11 of the Code. Pursuant to the Plan, the Debtor will
restructure its debts and obligations. The Debtor will fund the
Plan through its disposable income earned from ongoing business
operations.

Following the Effective Date of the Plan, the Debtor will deposit
its Net Sale Proceeds and $1,000 a month into the Unsecured
Creditors Account for a period of five years and will distribute
such funds to unsecured creditors on a calendar quarter basis.

Holders of Class 9 Allowed Claims shall share on a Pro Rata basis
money deposited by the Debtor into the Unsecured Creditor Account
to be distributed in accordance with paragraph 9.2 of the Plan
after the satisfaction of Allowed Administrative Claims for the
five-year term of the Plan.

Class 10 includes the Interests in the Debtor. Upon confirmation of
the Plan, the interest holders in the Debtor shall continue to
maintain their interests in the Debtor.

The funding for the Plan will come from the Debtor's continued
collection of rent and the sale of any townhomes. The Debtor is
currently leasing nine townhomes. Each townhome leases for between
$2,400 and $3,200. Currently the Debtor is receiving $21,019.74 in
rent on account of the three townhomes. Increased rentals will
increase the Debtor's income.

The rental income allows the Debtor to pay its obligations under
the Plan. From the rental income, the Debtor can make the monthly
deposit into the Unsecured Creditor Account and pay the payment to
Indicate Capital REIT, LLC. When the real estate market improves
the Debtor will undertake to list and sell the townhomes and will
used the proceeds to satisfy Allowed Secured Claims.

A full-text copy of the Disclosure Statement dated December 12,
2025 is available at https://urlcurt.com/u?l=0KkiIm from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Aaron J. Conrardy, Esq.
     Hallie S. Cooper, Esq.
     Wadsworth Garber Warner Conrardy, P.C.
     2580 W. Main St., Ste. 200
     Littleton, CO 80120
     Tel: (303) 296-1999
     Email: aconrardy@wgwc-law.com
            hcooper@wgwc-law.com

                             About Montana Village Developers LLC

Based in Denver, Colorado, Montana Village Developers, LLC, is a
real estate development company focused on a single property,
qualifying it as a single-asset real estate entity under 11 U.S.C.
Section 101(51B). It is managed by Nathan Adams through its sole
equity holder, redtCapital Partners, LLC.

Montana Village Developers filed its voluntary petition for Chapter
11 protection (Bankr. D. Colo. Case No. 25-16406) on Oct. 1, 2025,
listing between $10 million and $50 million in both assets and
liabilities. The petition was signed by Nathan Adams in his
capacity as manager of redtCapital Partners, LLC, the Debtor's
managing member.

Judge Joseph G Rosania Jr. oversees the case.

Wadsworth Garber Warner Conrardy, P.C., serves as the Debtor's
legal counsel.


MOSAIC MENTAL: Seeks Subchapter V Bankruptcy in Texas
-----------------------------------------------------
Mosaic Mental Health, PLLC filed a voluntary Chapter 11 bankruptcy
petition in the U.S. Bankruptcy Court for the Southern District of
Texas on Dec. 11, 2025.

According to the filing, the debtor reported liabilities ranging
from $100,001 to $1 million. Mosaic Mental Health listed between 1
and 49 creditors.

          About Mosaic Mental Health PLLC

Mosaic Mental Health, PLLC is a professional limited liability
company that provides outpatient mental health services. The
practice offers behavioral health care, including therapy,
counseling, and related clinical services, to individuals and
families.

Mosaic Mental Health, PLLC filed a petition under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No.
25-37534) on December 11, 2025, with $50,001 to $100,000 in assets
and $100,001 to $500,000 in liabilities.

Judge Eduardo V. Rodriguez presides over the case.

Robert C. Lane, Esq., at The Lane Law Firm represents the Debtor as
bankruptcy counsel.


MW MASON: Gets Interim OK to Use Cash Collateral
------------------------------------------------
The United States Bankruptcy Court for the Central District of
California granted MW Mason Construction, Inc., interim authority
to use cash collateral.

The Debtor is authorized to use cash collateral in accordance with
the budget. This authorization applies on an interim basis through
February 11, 2026, pending a final hearing on the matter.

The Court also waived the 14-day stay under Bankruptcy Rule
6004(h), allowing the Debtor to begin using the cash collateral
immediately upon entry of the order.

A final hearing on the motion is scheduled for February 11, 2026.

The Debtor's primary assets include approximately $40,000 in cash,
$44,911 in accounts receivable, $50,000 in inventory, $48,500 in
vehicles, and $53,850 in equipment, totaling around $237,261.

Multiple creditors hold UCC-1 filings but only the first-position
lienholder, Kapitus Servicing, Inc. (owed $193,440), and the
second-position lienholder, the U.S. Small Business Administration
(owed $500,000), have secured claims that attach to all assets.
Because the combined Kapitus and SBA claims exceed the Debtor's
total asset value, all other creditors with UCC-1 filings including
Headway Capital, BayFirst National Bank, Newity, Lendistry, and
Funding Metrics are unsecured.

The Debtor believes these secured creditors are adequately
protected because its business is continuing to generate new
income; there is no evidence of declining asset value; and Kapitus
and the SBA will receive replacement liens on post-petition revenue
to the same extent and priority as their pre-petition lien.

MW Mason resorted to filing bankruptcy after becoming entangled in
multiple merchant cash advance obligations that severely restricted
cash flow.

                 About MW Mason Construction Inc.

MW Mason Construction, Inc. is a construction services provider in
the United States, working across residential and commercial
sectors. It delivers general contracting, design-build, and
renovation services, prioritizing high-quality results, project
efficiency, and client satisfaction.

MW Mason Construction sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-11589) on November 25, 2025.
Its petition reports estimated assets between $100,001 and
$1,000,000 and estimated liabilities of $1 million to $10 million.

Honorable Bankruptcy Judge Ronald A. Clifford, III presides over
the case.

The Debtor is represented by William C. Beall, Esq., at Beall and
Burkhardt, APC.


MY JOB MATCHER: Updates Priority Tax & Serengeti/Ghost Tree Claims
------------------------------------------------------------------
My Job Matcher, Inc., and its affiliates submitted a Combined
Disclosure Statement and Plan of Liquidation dated December 12,
2025.

Based on the Plan Proponent's analysis, the Liquidating Trustee
will have sufficient assets to accomplish its tasks under the Plan.
Therefore, the Plan Proponent believes that the liquidation
pursuant to the Plan will meet the feasibility requirements of the
Bankruptcy Code.

Class 2 consists of Priority Tax Claims. Subject to payment of
Class 1 Priority Non-Tax Claims in accordance with the priority
scheme set forth in the Bankruptcy Code, each Holder of an Allowed
Priority Tax Claim shall receive in full and final satisfaction and
release and in exchange for such Allowed Class 2, the Pro Rata
share of the Trust Interests, payable from after payment or reserve
of all Allowed Administrative Expenses and Allowed Priority Non-Tax
Claims, and all Allowed Priority Tax Claims shall be paid in full,
including interest as required under the Bankruptcy Code, prior to
any payment of a distribution on account of a lower priority Claim.
Nothing herein shall affect or impair any Governmental Entity from
seeking payment on account of its Claim(s) from any third party who
may have liability for failure to withhold taxes as required by
law.

Class 4 consists of the Serengeti/Ghost Tree Claim. The Holder of
the Serengeti/Ghost Tree Allowed Claim, consistent with the Global
Settlement Agreement, shall receive in full and final satisfaction
and release and in exchange for such Allowed Class 4 Claim, its Pro
Rata share of the proceeds of the Liquidating Trust Assets (other
than the Initial Distribution Fund) or such other treatment as the
Plan Proponent or Liquidating Trustee, as applicable, and the
Holder of such Class 4 Claim shall have agreed.

As provided in the Sale Order, Holders of Class 4 Claims shall have
an allowed prepetition secured claim in the amount of
$40,833,011.30, and maintain any deficient claim for voting
purposes on the Plan, but shall waive any right to receive payment
or any other recovery on account of such deficiency claim under the
Plan.

Pursuant to the Global Settlement Agreement, the Serengeti/Ghost
Tree is entitled to (i) a secured claim in the amount of
$40,833,011.30 plus accrued and unpaid interest, fees and expenses
however Serengeti/Ghost Tree waived any right to receive payment or
any other recovery on account of its claim.

Like in the prior iteration of the Plan, each Holder of an Allowed
General Unsecured Claim shall receive in full and final
satisfaction, settlement, and release of and in exchange for such
Allowed Class 4 Claim, the Pro Rata share of the Trust Interests,
allocated based on (a) the Initial Distribution Fund after payment
or reserve of all Allowed Administrative Expenses, Allowed Priority
Tax Claims, Allowed Priority Non-Tax Claims, and Allowed Secured
Claims in full and (b) to the extent that any portion of an Allowed
General Unsecured Claim remains after such payment, the Unsecured
Claim Distribution Fund. Class 4 Claims are Impaired and entitled
to vote. The allowed unsecured claims total $18,470,000 to
$68,300,000. This Class will receive a distribution of 0% to 3% of
their allowed claims.

Class 5 consists of Equity Interests. On the Effective Date, all
Interests shall be deemed canceled, extinguished and of no further
force or effect, and the Holders of Interests shall not be entitled
to receive or retain any property on account of such Interest.
Class 5 Equity Interests are Impaired, and deemed to reject the
Plan, and are therefore not entitled to vote.

On the Effective Date the Debtors will be deemed to have
transferred the Liquidating Trust Assets to the Liquidating Trust.
The Confirmation Order shall be deemed to, pursuant to sections 363
and 1123 of the Bankruptcy Code, authorize, among other things, all
actions as may be necessary or appropriate to effectuate any
transaction described in, approved by, contemplated by, or
necessary to effectuate the Plan.

Pursuant to the Confirmation Order and the Liquidating Trust
Agreement, the Liquidating Trust will be established on the
Effective Date. The Liquidating Trust qualifies as a "liquidating
trust" as described in Treasury Regulations Section 301.7701-4(d)
and Revenue Procedure 94-45, 1994-2 C.B. 684, and will be treated
for federal income tax purposes as a "grantor trust" under Internal
Revenue Code sections 671-677. The Liquidating Trust shall be
administered in accordance with the terms of the Liquidating Trust
Agreement.

The Confirmation Hearing has been scheduled for January 22, 2026 at
1:00 p.m. at which the Bankruptcy Court will consider the Plan
pursuant to section 1129 of the Bankruptcy Code.

Any objection to final approval of the Plan, including whether it
provides adequate information pursuant to section 1125 of the
Bankruptcy Code and/or Confirmation of the Plan, must be made in
writing and Filed with the Bankruptcy Court and served on the
following parties so as to be actually received on or before
January 14, 2026 at 4:00 p.m.  

A full-text copy of the Combined Disclosure Statement and Plan
dated December 12, 2025 is available at
https://urlcurt.com/u?l=xVSgDz from Stretto, claims agent.

Counsel to the Debtors:              

                      Jeffrey R. Waxman, Esq.           
                      Carl N. Kunz, III, Esq.
                      Christopher M. Donnelly, Esq.
                      Samantha L. Rodriguez, Esq.
                      MORRIS JAMES LLP
                      500 Delaware Avenue
                      Suite 1500
                      Wilmington, DE 19801
                      Tel: (302) 888-6800
                      Fax: (302) 571-1750
                      E-mail: jwaxman@morrisjames.com
                              ckunz@morrisjames.com
                              cdonnelly@morrisjames.com
                              srodriguez@morrisjames.com

                          About My Job Matcher Inc.

My Job Matcher, Inc., owns the Job.com platform, which has been
developed to a cutting-edge, AI-driven recruitment platform.

On July 6, 2025, My Job Matcher, Inc., and seven affiliates filed
voluntary petitions for relief under Chapter 11 of the United
States Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11280).  In
its petition, the Debtor reports estimated assets between $10
million and $50 million and liabilities ranging from $50 million to
$100 million. The case is pending before the Honorable Karen B.
Owens.  

The Debtors tapped Morris James, LLP, as counsel, and Corliss Moore
& Associates, as financial advisor.  Stretto is the claims agent.

An official committee of unsecured creditors has been appointed in
the case and is represented by Greenberg Traurig, LLP as counsel.

The DIP Lenders and Prepetition Lenders are represented by Geoffrey
T. Raicht, PC and Chipman Brown Cicero & Cole, LLP. Ankura Trust
Company, LLC, which serves as the Agent under the DIP loan and the
prepetition credit facility, is represented by A&O Shearman and
Chipman Brown Cicero & Cole, LLP.

Creditors Venture Debt, LLC and SOJA Ventures, LLC are represented
by Bayard, P.A. and Varnum LLP.  Lily Grace Investments PTY Ltd.,
another creditor, is represented by K&L Gates LLP.


NATIONAL SECURITY: A.M. Best Affirms B(Fair) Fin. Strength Rating
-----------------------------------------------------------------
AM Best has removed from under review with negative implications
and affirmed the Financial Strength Rating of B (Fair) and the
Long-Term Issuer Credit Rating of "bb" (Fair) of National Security
Insurance Company (NSIC) (Elba, AL). The outlook assigned to these
Credit Ratings (ratings) is negative.

The ratings of NSIC reflect its balance sheet strength, which AM
Best assesses as adequate, as well as its adequate operating
performance, limited business profile and marginal enterprise risk
management (ERM).

These rating actions follow various steps that NSIC has taken to
improve its capital position and operating results significantly.
The overall balance sheet strength assessment improved from weak to
adequate following various capital raising initiatives, which
included a capital infusion by NSIC's ultimate parent, PhenixFIN
Corporation, following NSIC's acquisition in 2024 and an executed
reinsurance agreement and paydown of intercompany debt in 2025.

The ERM assessment was adjusted from appropriate to marginal. While
NSIC's ERM framework has historically supported the overall
organization, AM Best notes that risk management practices have
failed to adequately address the overall balance sheet strength
assessment at the NSIC level. Rapid annuity premium growth and a
lack of operational oversight over the development of an annuity
product have led to capital declines, albeit recently improving due
to the reinsurance contract and suspension of annuity sales, which
will constrain the company's ability to grow capital organically
going forward.

The negative outlooks reflect the continued pressure on the
company's overall balance sheet strength assessment, despite the
previously mentioned capital raising initiatives, following a
significant decline in risk-adjusted capitalization in recent
years. While the reinsurance agreement resulted in significant
capital relief, there is significant reinsurance leverage and the
agreement is with an unrated reinsurance counterparty, which
qualitatively impacts AM Best's assessment. This is somewhat offset
by utilization of a comfort trust that has been modestly
over-collateralized. The negative pressure is also driven by the
reduced financial flexibility of the holding company as funds were
used to pay down debt at the NSIC level, which improved NSIC's
balance sheet but reduced the assets available at the holding
company to service its debt obligations.


NEAL MEATS: Unsecureds Will Get 100% of Claims over 5 Years
-----------------------------------------------------------
Neal Meats, LLC, filed with the U.S. Bankruptcy Court for the
Western District of Missouri a Small Business Plan of
Reorganization or Liquidation dated December 11, 2025.

The Debtor operates a USDA processing plant. Plant completed in
2023 after COVID and early in the beginning experienced a casualty
loss and a dispute with insurance company which stopped
production.

The assets include Fifty acres of property, the actual plant
building and production equipment. The debtor also owns a One
Hundred and Seventeen-acre ranch for raising cattle. The cattle are
owned separately. The total value of assets according to original
appraisals performed by the primary creditor is $2,500,000 to
$3,500,000. Property Branson Bank had recently appraised for
$180,000.00 just sold and closed for $380,000.00.

With the $380,000 sale of a portion of the asset, which the Branson
Bank argued was only worth $180,000.00, debtor proposes to pay
$180,000 towards the principal and recalculate monthly payments.
Debtor calculates that amount is approximately $170,000.00. After
the broker's commission is paid the trustee would distribute
$180,000.00 to Branson Bank as return on the property sold to
reduce the loan amount and then the trustee would distribute the
remaining funds to debtor to use for continuing loan payments and
operations.

Two major national food chains are actively negotiating use of the
subject facility. Both could operate together as their needs do not
overlap and can be performed at the plant together. Proposals were
made to lease property partially or fully. Leases will allow Neal
Meats to operate at the facility as well to generate more revenue.
The funds generated would easily cover costs and the Branson Bank
loan payments.

If neither contract closes before the distributed funds are used
the plant could still be sold for the remaining loan amount. It is
still being represented by a broker for sale.

Missouri Clean Energy and Old Missouri Bank pending land sale in
amount of $300,000: Neal’s have two contracts to sell part of the
raw land. Missouri Clean Energy refusing to allow closings for over
a month now. If sale of the land allowed funds should be
distributed equally between two banks to bring payments to current,
reduce principal and monthly payments if Missouri Clean Energy
files POC. If not, sell should proceed and funds distributed to Old
Missouri Bank.

General Unsecured Creditors include Forge & Built ($21,526.01) and
Darling Co ($3804.44). Payments for general unsecured claims shall
begin April 15, 2026 until five years after approval. General
unsecured claims will receive a distribution of 100% of their
allowed claims. General unsecured creditors are unimpaired.

Subject to the Plan or the order confirming the Plan, on
Confirmation of the Plan all property of the Debtor, tangible and
intangible, including, without limitation, licenses, furniture,
fixtures and equipment, will revert, free and clear of all Claims
and Equitable Interests except as provided in the Plan, to the
Debtor. The Debtor expects to have sufficient cash on hand to make
the payments required on the Effective Date.

The Debtor believes that the Debtor will have enough cash on hand
on the Effective Date of the Plan to pay all the Claims and
expenses that are entitled to be paid on that date. Recent sale of
part of collateral produced sufficient funds to provide adequate
protection until contracts for use are executed.

The Debtor's financial projections show that the Debtor will have
an aggregate annual average cash flow, after paying operating
expenses and post-confirmation taxes, of $68,750. The final Plan
payment is expected to be paid on five years after confirmation.

A full-text copy of the Chapter 11 Plan dated December 11, 2025 is
available at https://urlcurt.com/u?l=Xn1HRb from PacerMonitor.com
at no charge.

The Debtor's Counsel:

                  James B. James, Esq.
                  JB JAMES LAW FIRM
                  313 S. Glenstone Avenue
                  Springfield MO 65802
                  Tel:(417) 886-6500
                  E-mail: jimjames@jbjameslawfirm.com

                             About Neal Meats

Neal Meats, LLC, provides USDA-inspected meat processing services
from its facility in Seymour, Missouri, where it handles beef,
pork, and deer for both custom and USDA markets. Founded in 2020 by
Will and Julia Neal, the Company operates a 9,500-square-foot plant
equipped with advanced cooling systems, vacuum packaging machines,
and smoking equipment for specialty products such as sausages and
bacon. The business serves farmers, ranchers, and individual
customers across the region, emphasizing product quality, food
safety, and secure handling.

Neal Meats, LLC, in Seymour MO, sought relief under Chapter 11 of
the Bankruptcy Code filed its voluntary petition for Chapter 11
protection (Bankr. W.D. Mo. Case No. 25-60458) on July 21, 2025,
listing as much as $1 million to $10 million in both assets and
liabilities. William Neal as managing member, signed the petition.

JB JAMES LAW FIRM serves as the Debtor's legal counsel.


NERFIES MANAGEMENT: Seeks to Hire Rochelle McCullough as Counsel
----------------------------------------------------------------
Nerfies Management, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Texas to employ Rochelle
McCullough, LLP as counsel.

The firm's services include:
   
     (a) advise the Debtor with respect to its rights, powers and
duties to operate and manage its business;

     (b) advise the Debtor concerning, and assist in the
negotiation and documentation of agreements, debt restructuring,
and related transactions;

     (c) advise the Debtor with respect to the use of cash
collateral and negotiations with its primary secured creditor;

     (d) advise the Debtor concerning the actions that might be
taken to collect and to recover property for the benefit of its
estate;

     (e) review and monitor the Debtor's ongoing business;

     (f) prepare on behalf of the Debtor all necessary and
appropriate legal documents to be filed in this Chapter 11 case;

     (g) advise the Debtor concerning, and prepare responses to,
legal papers that may be filed and served in this Chapter 11 case;

     (h) advise the Debtor in connection with any suggested or
proposed plan(s) of reorganization;

     (i) counsel the Debtor in connection with the formulation,
negotiation and promulgation of a plan of reorganization; and

     (j) perform all other legal services for and on behalf of the
Debtor that may be necessary or appropriate in the administration
of this Chapter 11 case.

The hourly rates of the firm's counsel and staff are as follows:

     Partners           $550 - $700
     Associates         $325 - $450
     Paraprofessionals         $225

The firm will seek reimbursement for expenses incurred.

The firm received an initial retainer fee of $25,000, including
filing fee.

J. Mark Chevallier, Esq., an attorney at Rochelle McCullough,
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:

     J. Mark Chevallier, Esq.
     Rochelle McCullough, LLP
     901 Main Street, Suite 3200
     Dallas, TX 75202
     Telephone: (214) 953-0182
     Facsimile: (888) 467-5979
     Email: mchevallier@romclaw.com

                        About Nerfies Management

Nerfies Management, LLC doing business as Nerfies, operates a
recreational entertainment facility in Plano, Texas, offering Nerf
gun parties, team-building events, and youth programs such as
summer camps. The Company also hosts event-venue services including
birthday parties, adult and bachelor parties, bar mitzvahs,
corporate events, field trips, holiday parties, and sports
celebrations, and provides equipment rental while managing a themed
arena for interactive Nerf blaster games that serves children and
adults across Plano and surrounding areas.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43632) on November
30, 2025. In the petition signed by Tim Avance, manager, the Debtor
disclosed up to $50,000 in assets and up to $10 million in
liabilities.

Judge Brenda T. Rhoades oversees the case.

J. Mark Chevallier, Esq., at Rochelle McCullough, LLP represents
the Debtor as counsel.


NETCAPITAL INC: Posts $2.1MM Q2 Net Loss, Warns of Cash Crunch
--------------------------------------------------------------
Netcapital Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net loss
of $2,129,489 for the three months ended September 30, 2025,
compared to a net loss of $2,220,501 for the three months ended
September 30, 2024.

For the six months ended September 30, 2025, the Company reported a
net loss of $5,771,541, compared to a net loss of $4,747,671 for
the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $51,076 and $170,528, respectively.  For the six months
ended September 30, 2025 and 2024, the Company had total revenues
of $241,134 and $312,755, respectively.

As of September 30, 2025, the Company had $25,439,398 in total
assets, $4,002,600 in total liabilities, and $21,436,798 in total
stockholders' equity.

Liquidity and Capital Resources:

As of October 31, 2025, Netcapital had cash and cash equivalents of
$1,684,188 and negative working capital of $1,500,153 as compared
to cash and cash equivalents of $289,428 and negative working
capital of $5,096,155 as of April 30, 2025.

The Company said, "We have been successful in raising capital by
completing offerings of our common stock."

"On July 16, 2025, we entered into a securities purchase agreement
with certain institutional investors, pursuant to which we agreed
to sell 641,712 shares of our common stock, at a purchase price of
$4.675 per share for gross proceeds of approximately $3 million,
prior to deducting placement agent's fees and other offering
expenses payable by us. Each share of commons stock was also sold
with a warrant to purchase one share of common stock, with an
exercise price of $4.55 per share. The shares were offered pursuant
to our shelf registration statement on Form S-3 (File No.
333-267921), which was declared effective by the Securities
Exchange Commission on October 26, 2022. This offering closed on
July 17, 2025.

"On July 2, 2025, we entered into a securities purchase agreement
with certain institutional investors, pursuant to which we agreed
to sell 714,286 shares of our common stock, at a purchase price of
$7.00 per share for gross proceeds of approximately $5 million,
prior to deducting placement agent's fees and other offering
expenses payable by us. Each share of commons stock was also sold
with a warrant to purchase one share of common stock, with an
exercise price of $6.88 per share. We used approximately $320,000
of the net proceeds for repayment of outstanding promissory notes
and intend to use the remainder for working capital and other
general corporate purposes. The shares were offered pursuant to our
shelf registration statement on Form S-3 (File No. 333-267921),
which was declared effective by the Securities Exchange Commission
on October 26, 2022. The offering closed on July 7, 2025.

"On June 23, 2025, the Company filed a prospectus supplement with
respect to our At-The-Market-Offering Agreement with Wainwright for
an aggregate of $975,000 of additional shares of our common stock.
From June 23, 2025 to June 25, 2025, we sold 229,404 shares of our
common stock through Wainwright at an average price of
approximately $4.25 per share, resulting in aggregate gross
proceeds of approximately $974,747, for which it paid Wainwright
approximately $29,242 in commissions and other issuance costs of
$1,438, resulting in net proceeds to the Company of approximately
$944,067. No additional shares will be sold under this ATM
Agreement unless an additional prospectus supplement is filed.

"On June 10, 2025, we entered into subscription agreements with ten
accredited investors to issue an aggregate of 118,750 shares of
common stock at a purchase price of $4.00 per share (the "Purchase
Price") in a private placement, for gross proceeds of $475,000. The
Company agreed to file a registration statement providing for the
resale of the Shares within 60 calendar days of the initial closing
of the private placement and to use reasonable best efforts to
cause the resale registration statement to be declared effective by
the SEC within 90 calendar days following the final closing of the
private placement date of the Filing Date. The resale registration
statement is not yet effective.

"The subscription agreements include a price adjustment provision
whereby if the Company issues additional shares at a price lower
than the Purchase Price during the period beginning on the date of
the subscription agreements and prior to April 19, 2026, investors
will receive additional shares to reflect the lower price, subject
to the minimum price as defined under Nasdaq Rule 5635(d) on the
date the subscription agreements were signed, which was $2.56. On
September 16, 2025, the Company issued a total of 59,147 shares of
common stock to the investors in the June 10, 2025 private
placement in consideration of the adjustment provision contained in
their subscription agreements The Company used the net proceeds
from the offering for general corporate purposes.

"We believe that our existing cash investment balances, our
anticipated cash flows from operations and liquidity sources
including offering of equity and/or debt securities and/or the sale
of equity positions in certain portfolio companies for which we
provide marketing and strategic advice may not be sufficient to
meet our working capital and expenditure requirements for the next
12 months.

"Our management has determined, based on its recent history and the
negative cash flow from operations, that it is unlikely that its
plan will sufficiently alleviate or mitigate, to a sufficient
level, the relevant conditions or events.

"To the extent that funds generated from any private placements,
public offerings and/or bank financing, if available, are
insufficient, we will have to raise additional working capital. No
assurance can be given that additional financing will be available,
or if available, will be on acceptable terms. Accordingly, the
Company's management has concluded that these conditions raise
substantial doubt about our ability to continue as a going concern.


"There can be no assurance that we will be able to achieve our
business plan objectives or be able to achieve or maintain
cash-flow-positive operating results. If we are unable to generate
adequate funds from operations or raise sufficient additional
funds, we may not be able to repay our existing debt, continue to
operate our business network, respond to competitive pressures or
fund our operations. As a result, we may be required to
significantly reduce, reorganize, discontinue or shut down our
operations."

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/5n74nuv4

                        About Netcapital Inc.

Headquartered in Boston, Mass., Netcapital Inc. --
www.netcapital.com -- is a fintech company with a scalable
technology platform that allows private companies to raise capital
online and provides private equity investment opportunities to
investors. The Company's consulting group, Netcapital Advisors,
provides marketing and strategic advice and takes equity positions
in select companies. The Company's funding portal, Netcapital
Funding Portal, Inc. is registered with the U.S. Securities &
Exchange Commission (SEC) and is a member of the Financial Industry
Regulatory Authority (FINRA), a registered national securities'
association.

Spokane, Washington-based Fruci & Associates II, PLLC, the
Company's auditor since 2017, issued a "going concern"
qualification in its report dated August 12, 2025, attached to the
Company's Annual Report on Form 10-K for the fiscal year ended
April 30, 2025, citing that the Company has a negative working
capital, operating losses, and negative cash flows from operations.
These factors, among others, raise substantial doubt about the
Company's ability to continue as a going concern.

As of September 30, 2025, the Company had $25,439,398 in total
assets, $4,002,600 in total liabilities, and $21,436,798 in total
stockholders' equity.



NEW ENTERPRISE: Moody's Affirms 'B2' CFR, Outlook Stable
--------------------------------------------------------
Moody's Ratings affirmed New Enterprise Stone & Lime Co., Inc.'s
(NESL or New Enterprise) corporate family rating at B2 and
probability of default rating at B2-PD. Concurrently, Moody's
downgraded the rating on the company's existing senior secured
notes due July 2028 to B2 from B1, and affirmed the Caa1 rating on
the existing senior unsecured notes due July 2028. The outlook is
maintained at stable.

The affirmation of NESL's ratings with a stable outlook reflects
the company's earnings growth and debt reduction that has supported
a decline in leverage to 4.7x debt/EBITDA for the last 12 months
that ended August 31, 2025. Solid free cash flow of over $50
million over the same period, good liquidity, and Moody's
expectations for profitability to remain robust as a result of the
company's vertically integrated assets and continued infrastructure
demand also support the ratings affirmation.

The downgrade of the senior secured instrument rating to B2 from B1
reflects the recent reduction in unsecured debt and the resulting
lower loss absorption the senior unsecured debt provides within the
capital structure. The company has reduced its unsecured debt by
$75 million since the beginning of FY 2025.

RATINGS RATIONALE

New Enterprise's B2 CFR reflects the company's small scale and
exposure to public construction activity in Pennsylvania
(Commonwealth of), which tends to benefit from slow but steady
economic growth. A significant portion of the company's revenue is
generated from business with PennDOT, the Pennsylvania Turnpike
Commission and other governmental agencies, highlighting
concentration risk and vulnerability to changes in infrastructure
funding in Pennsylvania. To a lesser extent, the company is also
exposed to the cyclicality of nonresidential and residential
construction.

Offsetting these challenges are New Enterprise's vertically
integrated assets, which help preserve solid profitability and
support Moody's views that the company will maintain operating
margins near 14% and generate consistent free cash flow over the
next 12-18 months. The credit profile is also supported by its
exposure to public construction activity which supports stability
in revenue, and a strong local presence in its operating regions
which Moody's views as somewhat offsetting to its geographic and
customer concentration.

Moody's expects New Enterprise to maintain good liquidity over the
next 12 to 18 months, supported by positive free cash flow,
flexibility under its springing fixed charge covenant, and access
to its recently upsized $150 million ABL revolving credit facility,
which now expires October 2030. Access to the ABL is robust with
around $134 million in availability as of November 2025 after
considering a $146 million borrowing base and $12 million in
letters of credit. New Enterprise's liquidity is supported by the
lack of upcoming debt maturities, with no debt maturing until July
2028.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

Moody's could consider upgrading the ratings with improved scale
and geographic diversity, along with maintaining the following
credit metrics: debt/EBITDA below 4.5x, EBIT/Interest expense
approaching 3.0x, and maintenance of at least good liquidity.

The ratings could be downgraded if the company's revenue or
operating margin deteriorates. Pressure on the ratings could also
result if there is implementation of aggressive financial policy
actions including large, debt-financed acquisitions or shareholder
distributions. Specifically, Moody's would downgrade the ratings if
debt/EBITDA is above 5.5x or EBIT/interest expense is below 2.0x.

Headquartered in New Enterprise, Pennsylvania, New Enterprise Stone
& Lime, Co., Inc. is a privately-held (Detwiler family),
vertically-integrated construction materials supplier and
heavy/highway construction contractor. NESL's operations are
primarily concentrated in Pennsylvania and Western New York. For
the 12 months ended August 31, 2025, the company generated $848
million in revenue.

The principal methodology used in these ratings was Building
Materials 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.


NEW YORK NEUROSURGERY: Seeks Chapter 7 Bankruptcy in New York
-------------------------------------------------------------
On December 17, 2025, New York Neurosurgery & Neuroscience
Associates, PLLC, filed for Chapter 7 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 New York Neurosurgery & Neuroscience Associates, PLLC

New York Neurosurgery & Neuroscience Associates, PLLC is a
healthcare practice providing neurosurgical and neurological
services to patients in New York. The practice treats complex
conditions affecting the nervous system, emphasizing
patient-centered care and specialized medical expertise.

New York Neurosurgery & Neuroscience Associates, PLLC sought relief
under Chapter 7 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y. Case
No. 25-74826) on December 17, 2025. In its petition, the Debtor
reports estimated assets in the range of $0-$100,000 and estimated
liabilities between $100,001 and $1,000,000.

Honorable Bankruptcy Judge Louis A. Scarcella handles the case.

The Debtor is represented by Robert L. Pryor, Esq. of BFSNG Law
Group, LLP.


NEWFOLD DIGITAL: Fitch Lowers IDR to 'C' on Exchange Announcement
-----------------------------------------------------------------
Fitch Ratings has downgraded the Long-Term Issuer Default Ratings
(IDRs) for Newfold Digital Holdings Group, Inc. and its
subsidiaries Newfold Digital, Inc. and Web.com Group, Inc.
(collectively Newfold) to 'C' from 'CCC-'. The ratings have been
removed from Rating Watch Negative (RWN). Fitch has also downgraded
the first-lien senior secured credit facilities to 'CC' with a
Recovery Rating of 'RR3' from 'CCC'/'RR3', and the unsecured notes
to 'C'/'RR5' from 'CC'/'RR5'.

The downgrade follows Newfold's announcement of a discounted
private debt exchange with a majority of secured and unsecured
holders. Fitch deems this a distressed debt exchange (DDE) under
its "Corporate Rating Criteria" because terms have materially
worsened and the move aims to avert a probable default. The 'C' IDR
reflects Fitch's expectation of the imminent transaction closing,
pending remaining lender participation. The IDR will be downgraded
to Restricted Default upon completion and then re-rated to reflect
the post-DDE credit profile.

Key Rating Drivers

Exchange Reduces Liquidity Concerns: Fitch expects the new capital
raise and exchange offer to reduce Newfold's near-term liquidity
risk and refinancing risks. Fitch anticipates liquidity to be added
in the form of additional $102 million in new money financing and
revolver extension. The transaction also extends all debt
maturities to 2029.

Highly Competitive Industry: Newfold's products and services
operate in a highly fragmented market with competitors of various
sizes. Over the past few quarters overall revenue has declined
modestly. This was primarily due to the overhaul of some legacy
products, slower ramp-up of growth products, increased competition
resulting in higher customer acquisition costs, and elevated churn
among low-value customers.

Fitch expects Newfold to continue facing intense competition across
its brands, with negative revenue growth projected in 2025. The
company primarily competes with GoDaddy, Wix, and Squarespace.
Despite these challenges, Newfold remains one of the largest
providers serving the small and medium-sized business (SMB) segment
and addressing a broad range of web presence needs.

Near-Term Credit Metrics Stressed: Newfold is investing in sales
and marketing to acquire new customers amid increased competition,
but its growth initiatives are taking longer to ramp up than
management expected. This has resulted in short-term depressed
revenue and profitability. Although Fitch expects FCF to remain
positive in 2025, deleveraging prospects are uncertain compared
with Fitch's previous projections. Fitch-calculated FCF margins are
projected at 5%-6% after 2026. Fitch said, "We expect revenue
growth and profitability to normalize as Newfold's growth
initiatives gain traction and it benefits from brand
consolidations, helping it regain long-term competitiveness."

Elevated Leverage Levels: Newfold's Fitch-calculated 2025 EBITDA
leverage is projected to be about 7.5x due to reduced profitability
and high debt levels. Fitch forecasts Newfold's leverage to
gradually decline below 7.0x from 2027, with a combination of
revenue growth and profitability. In addition, Newfold's private
equity ownership structure is likely to maintain some level of
financial leverage as it optimizes ROE by investing in growth over
voluntary debt repayment.

Meaningful SMB Exposure: Newfold offers web presence products for
SMB customers with limited technical resources to maintain their
digital presence, including domains, hosting, website development,
and security products. The SMB segment generally has high failure
rates, resulting in high churn. Newfold's revenue depends on
replacing churned customers with new ones and cross-selling.
Exposure to SMB customers also exposes the company to the cyclical
impact of economic cycles, which could lead to cash flow volatility
during periods of economic stress.

Significant Customer Diversification: Newfold has a highly
diversified customer base with about 7 million subscribers, with
hosting and domains representing nearly equal revenue contributions
of 40% each. The diverse customer base effectively minimizes
idiosyncratic risks associated with individual end markets and
should reduce revenue volatility for Newfold.

Peer Analysis

Newfold's IDR reflects its constrained liquidity, high leverage and
weak revenue growth. Though the company benefits from strong
recurring revenues and EBITDA margins in the mid-30s, the ratings
also reflect Fitch's expectation that Newfold's revenue growth
could be negative in 2025 and 2026 due to the highly competitive
landscape and the overhaul of its legacy products. The company's
leverage was about 7.0x for the LTM ending 3Q25, and Fitch expects
it to remain in the range of 7.0x to 8.0x over the rating horizon.

Newfold's recurring revenue model, profitability and leverage
profile are consistent with 'B' rated software peers, including
Constant Contact Inc. (B/Stable) and RealPage Inc. (B/Stable).
Newfold and Constant Contact are both leaders in their niche
markets. However, their ratings are constrained by elevated
leverage profile and SMB exposure, which could result in revenue
volatility during period of extended economic weakness.

Fitch rates Newfold lower than Constant Contact due to the former's
heightened liquidity risk and distressed debt exchanges. In
addition, Fitch expects Newfold to maintain some level of financial
leverage as a private equity-owned company as equity owners
optimize capital structures to maximize return on equity.

Fitch's Key Rating-Case Assumptions

-- Newfold completes a DDE in line with Fitch's expectations;

-- Negative organic revenue growth in 2025 and flat to low single
digits thereafter;

-- EBITDA margins are expected to remain near the mid-30s over the
forecast horizon;

-- Capex at approximately 4.0% of revenue;

-- Normalized FCF margins in the low to mid-single digits;

-- No acquisitions or dividends assumed.

Recovery Analysis

Key Recovery Rating Assumptions

-- The recovery analysis assumes that Newfold would be recognized
as a going concern (GC) in bankruptcy rather than liquidated;

-- Fitch assumed a 10% administrative claim.

GC Approach

In estimating a distressed enterprise value (EV) for Newfold, Fitch
assumes elevated customer churn, macroeconomic headwinds and
intense competition, resulting in multi-year aggregate revenue
declines. In conjunction with revenue decline, if EBITDA margins
fail to expand beyond current levels, Fitch assumes Newfold's GC
EBITDA to be approximately $400 million. The GC EBITDA estimate
reflects Fitch's view of a sustainable, post-reorganization EBITDA
level upon which Fitch bases the enterprise valuation. Fitch
assumes an adjusted distress EV of $2.34 billion.

Fitch assumes that Newfold will receive going-concern recovery
multiple of 6.5x. The estimate considers several factors, including
the highly recurring nature of the revenue, the company's positive
FCF generation and leadership market position. The EV multiple is
supported by:

-- The median reorganization EV/EBITDA multiple for the 71 TMT
bankruptcy cases that had sufficient information for an exit
multiple estimates to be calculated was 5.9x. Of these companies,
five were in the software sector: Allen Systems Group, Inc (8.4x),
Avaya, Inc. (2023: 7.5x, 2017: 8.1x), Aspect Software Parent, Inc.
(5.5x), Sungard Availability Services Capital, Inc. (4.6x), and
Riverbed Technology Software (8.3x);

--The highly recurring nature of Newfold's revenue is somewhat
offset by its SMB market exposure, resulting in an EBITDA multiple
that is above midpoint of the range.

-- As a result of these considerations, Fitch rates the first lien
term loan, bonds and revolver 'CC'/'RR3' and the unsecured bonds
'C'/'RR5'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- Fitch expects to lower the IDR to 'RD' once the DDE is fully
executed. Subsequently, the IDR will be reassessed based on the
final capital structure.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

-- Positive rating action is not expected to occur until after the
IDR is downgraded to 'RD' when the DDE is fully executed.

Liquidity and Debt Structure

Newfold reported about $146 million of cash on its balance sheet
and $155 million availability on its revolving credit facilities
(RCFs; $380 million total capacity) as of September 2025. Once the
DDE is fully executed, the debt structure will include first-out
RCF and term loans, as well as the exchanged notes facilities,
along with Second Out term loans and exchanged notes facilities.
The previously existing first-lien facilities are subordinated to
those instruments.

Issuer Profile

Newfold Digital provides web presence solutions primarily serving
the SMB markets. Its products include internet domains, hosting,
websites, e-commerce and related products, including brands such as
Web.com and Bluehost. Domains and hosting contribute approximately
80% of total revenue.

ESG Considerations

Newfold Digital Holdings Group, Inc. has an ESG Relevance Score of
'4' for Governance Structure due to aggressive and opportunistic
shareholder practices. This is reflected in the ineffectiveness in
addressing near-term revolver maturities and refinancing them
before they turned current, which has a negative impact on the
credit profile, and is relevant to the ratings in conjunction with
other factors.

RATING ACTIONS

                              Rating               Prior
                              ------               -----
Newfold Digital
Holdings Group, Inc.
                      LT IDR    C    Downgrade       CCC-
  senior unsecured    LT        C    Downgrade RR5   CC
  senior secured      LT        CC   Downgrade RR3   CCC

Newfold Digital, Inc.

                      LT IDR    C    Downgrade       CCC-
  senior secured      LT        CC   Downgrade RR3   CCC

Web.com Group, Inc.
                      LT IDR    C    Downgrade       CCC-
  senior secured      LT        CC   Downgrade RR3   CCC


NORDSTORM INC: Fitch Affirms 'BB' Longterm IDR, Outlook Stable
--------------------------------------------------------------
Fitch Ratings has affirmed Nordstrom, Inc.'s Long-Term Issuer
Default Rating (IDR) at 'BB'. Fitch has also affirmed the company's
ABL revolver at 'BBB-' with a Recovery Rating of 'RR1' and its
secured notes at 'BB+'/'RR2'. The Outlook is Stable.

Nordstrom's ratings reflect its good position in the department
store sector, its presence in high-traffic shopping centers, and
its mix of digital and off-price sales along with full-price
department stores. Nordstrom has struggled somewhat to convert
these advantages into stable operating results, with projected 2025
EBITDA about 10% below 2019 levels. However, given some recent
signs of stabilization, Fitch projects steady revenue around
mid-$15 billion and EBITDA around $1.3 billion in the medium term,
with EBITDAR leverage trending in the high 2x range and EBITDAR
fixed charge coverage trending around 3x.

Key Rating Drivers

Recent Business Volatility: Nordstrom's business trends have been
somewhat erratic since the onset of the pandemic, similar to those
of other department stores and apparel and accessories retailers.
The company has contended with shifts in consumer behavior and
spending, supply chain challenges, and an evolving tariff policy.
The company has also had execution challenges, particularly in its
off-price Rack business. However, over the past 12 to 18 months
Nordstrom's results have demonstrated some signs of improvement,
including positive comparable store sales across its business and
stabilizing margins.

Fitch historically viewed Nordstrom as able to benefit from its
diversified operating model across full-line stores, Nordstrom Rack
stores, and digital presence (36% of 2024 net sales). However,
following Nordstrom's struggles to harness these advantages over
the past five years, Fitch expects sales and EBITDA to remain flat
over the medium term.

Strategic Initiatives: The company has outlined several strategic
initiatives to drive sales growth. The company recently completed a
merchandise transition at Nordstrom Rack (35% of 2024 net sales),
and the division produced positive comparable store sales in 2024
and thus far in 2025. The company also plans to expand Nordstrom
Rack through square footage, having opened 23 stores in 2024.
Nordstrom forecasts opening around 20 Nordstrom Rack stores
annually from its existing 280-unit base.

To support growth at its full-price department stores, Nordstrom
launched a digital marketplace for third-party inventory, aims to
improve merchandise assortment to drive traffic and conversion, and
is investing in supply chain capabilities to reduce shipping times.
Fitch acknowledges that these strategies, if executed effectively,
could drive incremental sales. However, execution risk remains
substantial given the company's recent history.

Credit-Neutral Buyout: In May 2025, the Nordstrom family and El
Puerto de Liverpool, S.A.B.de C.V. (Liverpool) completed its buyout
of Nordstrom in a credit-neutral transaction. Fitch anticipates no
significant change in Nordstrom's operating strategy or prospects
post-transaction, though some benefit may come from Liverpool's
department store expertise. The credit profile could improve
through deploying FCF toward reducing transaction-related debt,
including a $450 million ABL draw, and addressing upcoming
maturities, including $350 million and $300 million of unsecured
notes due 2027 and 2028, respectively.

Challenged Department Store Segment: Fitch recognizes that
department stores face longer-term secular challenges such as
reduced time spent at malls, evolving apparel shopping behaviors,
and increased competition from value-oriented and online channels.
Stronger players can maintain market share and modestly grow
revenue if they effectively differentiate themselves and maintain
customer loyalty. While Nordstrom has the structural tools for
market share stabilization, its results in result years have not
demonstrated the ability to leverage these advantages.

Good Cash Flow: Nordstrom's ability to navigate economic cycles and
sector challenges is bolstered by reasonable cash flow, enabling
strategic investments in omnichannel infrastructure and store
improvements. Fitch projects FCF of at least $400 million over the
next three years, assuming about $500 million annually in capital
expenditures for supply chain, digital enhancements, and Nordstrom
Rack expansion. Nordstrom plans to use excess cash to repay debt,
addressing transaction-related obligations and upcoming
maturities.

Leverage Expected Below 3x: Fitch projects EBITDAR leverage to
trend in the high 2x range with EBITDAR fixed-charge coverage near
3x, with stable EBITDA at around $1.3 billion and about $3.1
billion in debt as of the end of 2Q25. Leverage and coverage may
modestly improve over the next two to three years as management
plans to repay debt, though Nordstrom Rack's expansion could offset
improvements by increasing rent expense.

Peer Analysis

Fitch's rated U.S. department store coverage includes Macy's Inc.
(BBB-/Stable), Kohl's Corp. (BB-/Negative), Nordstrom, Inc.
(BB/Stable), and Dillard's Inc. (BBB-/Positive). Each of these
players is facing secular headwinds in the department store
industry and is continually refining strategies to defend market
share. Initiatives include investments in omnichannel models,
portfolio reshaping to reduce exposure to weaker indoor malls, and
efforts to strengthen merchandise assortments and service levels.

Structurally, Macy's, Kohl's, and Nordstrom should be best
positioned to accelerate investment and transformation efforts
given greater relative scale and cash flow generation. Kohl's
should benefit from its off-mall real estate positioning while
Nordstrom should benefit from its exposure to the off-price segment
and the higher-end merchanded positioning of its full price
locations. However, neither has demonstrated an ability to
capitalize on fundamental advantages, which Fitch expects is
somewhat due to execution challenges.

Pre-pandemic, the three national players maintained EBITDAR
leverages below 3.5x (closer to mid-2x for Kohl's) to support
investment-grade ratings. While EBITDA is below 2019, Macy's
leverage remains similar due to proactive debt reduction. Dillard's
has lower leverage than peers due to limited debt. EBITDAR leverage
is expected to be around 3x and low 4x for Nordstrom and Kohl's,
respectively.

Fitch's Key Rating-Case Assumptions

-- Fitch projects that Nordstrom's 2025 revenue could increase to
$15.4 billion from $15.0 billion in 2024. This growth is expected
in both the full price and Rack divisions, with positive comparable
store sales and store openings at Rack. Starting in 2026, revenue
is projected grow modestly, as some top-line initiatives and Rack
square footage expansion are partially mitigated by secular
headwinds;

-- EBITDA, which stood at $1.2 billion in 2024, down from $1.5
billion in 2019, could trend toward $1.3 billion in 2025 given
top-line growth and some margin expansion thus far in 1H25. EBITDA
could remain around $1.3 billion beginning 2026, given limited
sales growth and some cost pressures, including a full year of
tariffs in 2026. Margins are projected around 8.4% in 2025 and the
low 8% range after, a decrease from 9.5% recorded in 2019. This
decline is attributed to lower sales, some general inflation across
Nordstrom's cost structure and heightened selling investments;

-- Annual FCF after dividends is projected in the $400 million to
$500 million range over the next three years, assuming around $500
million to $550 million in capex and $75 million in dividends
following the buyout transaction. The company has indicated it
plans to prioritize debt repayment using FCF. It could address
transaction-related debt and upcoming maturities, including $350
million and $300 million in unsecured notes due in March 2027 and
March 2028, respectively;

-- EBITDAR leverage, factoring in Nordstrom's balance sheet lease
liabilities, could trend around the high 2x range beginning in
2025, similar to the 2023/2024 average. EBITDAR fixed-charge
coverage could sustain around 3.0x, comparable to 2023;

-- Nordstrom's capital structure consists primarily of unsecured
debt with a fixed-interest rate structure. Pricing on the company's
ABL is based on SOFR, with rates forecast to be in the 3.5% to
4.25% range over the medium term.

Recovery Analysis

Fitch does not employ a waterfall recovery analysis for issuers
with assigned ratings in the 'BB' category. As ratings move further
up the speculative grade continuum, the notching between the
specific classes of issuances becomes more compressed. Nordstrom's
$1.2 billion ABL is rated 'BBB-'/'RR1'. Nordstrom's secured notes
are rated 'BB+'/'RR2'.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- A downgrade would result from weak operating trends which drove
EBITDAR leverage toward 3.5x and EBITDAR fixed charge coverage
below 2.75x.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade:

-- An upgrade to 'BB+' would result a combination of
better-than-expected operating performance and debt reduction which
drove EBITDAR leverage toward 2.5x and EBITDAR fixed charge
coverage above 3x.

Liquidity and Debt Structure

As of Aug. 2, 2025, Nordstrom had a cash balance of $402 million
and $450 million outstanding under its $1.2 billion ABL, which
matures in May 2030. The ABL is backed by a borrowing base of
inventory and receivables. In addition to the ABL draw, the
company's capital structure includes $2.7 billion in secured notes.
These notes were secured as part of the recent go-private
transaction, which was funded with balance sheet cash, cash
commitments from Liverpool and the $450 million ABL draw. The
security package includes a second priority on ABL collateral and a
first priority on other company assets excluding owned real
estate.

Fitch projects the company will generate at least $400 million in
FCF annually, which will support liquidity and allows some debt
repayment following the transaction. The company plans to
prioritize transaction-related debt, including the ABL draw, and
could also use FCF to repay upcoming notes maturities including the
$350 million due in March 2027.

Issuer Profile

Nordstrom is the one of the largest department store operators in
the U.S. with approximately $15.3 billion in revenue across its
digital businesses and retail portfolio, with 93 full-line
department stores and 292 off-price Rack locations as of August
2025.

Summary of Financial Adjustments

Historical and projected EBITDA is adjusted to add back non-cash
stock-based compensation and exclude non-recurring charges. Fitch
uses the balance sheet reported lease liability as the capitalized
lease value when computing lease-equivalent debt.

                        Rating                   Prior
                        ------                   -----
Nordstrom, Inc.
                 LT IDR  BB       Affirmed       BB
senior secured  LT      BBB-     Affirmed  RR1  BBB-
senior secured  LT      BB+      Affirmed  RR2  BB+


OAKTREE OCALA: Gets Extension to Access Cash Collateral
-------------------------------------------------------
Oaktree Ocala JV, LLC and ASAP Highline Ocala, LLC received another
extension from the U.S. Bankruptcy Court for the Southern District
of New York to use cash collateral to fund operations.

The court on December 22 issued a fifth interim order extending the
Debtors' authority to use cash collateral from December 19 through
January 31, 2026, in accordance with the revised budget and subject
to agreement with CPIF MRA, LLC or further court order.

The fifth interim order also extended the deadline for CPIF to file
a supplement to its objection to January 20, 2026.

The final hearing is scheduled for January 27, 2026.

ASAP originally obtained an $18 million loan from CPIF in 2022 to
acquire and improve its Ocala property but alleges that CPIF failed
to fund the full amount, disbursing only about $12.3 million. This
shortfall, along with CPIF's failure to fund tax escrows and future
loan advances, prevented ASAP from completing planned renovations
and refinancing the loan before its 2024 maturity.

CPIF initiated a foreclosure action in late 2024 and attempted to
acquire ASAP through a UCC sale, prompting ASAP to file for Chapter
11 to protect its assets and seek judicial resolution of disputes
with CPIF.

The fifth interim order is available at https://is.gd/0YiWzM from
PacerMonitor.com.

                    About Oaktree Ocala JV LLC

Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS
code 5311. It is based in Suffern, N.Y., with apparent operations
in Ocala, Florida. It operates as a joint venture in the real
estate leasing sector.

Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under
Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case
No. 25-22701) on July 29, 2025. In its petition, Oaktree reported
between $10 million and $50 million in assets and liabilities.

Judge Sean H. Lane oversees the case.

The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M.
Nussbau, Esq.


OASIS GB: Section 341(a) Meeting of Creditors on January 13
-----------------------------------------------------------
On December 10, 2025, Oasis GB, LLC filed for Chapter 11
 protection in the  Middle District of Louisiana. According to
court filing, the Debtor reports between $1 million and $10
million in debt owed to 1 and 49 creditors.  

A meeting of creditors filed by U.S. Trustee U.S. Trustee under
Section 341(a) to be held on January 13, 2026 at 10:00 AM via
Telephone Conference.   

                About Oasis GB, LLC

Oasis GB, LLC, doing business as Tickfaw Landing, operates a
full-service marina and waterfront residential development in
Killian, Louisiana, offering boat storage, concierge boat services,
and access to the Tickfaw River. The Company provides 250 dry boat
slips across 48,750 square feet, alongside 62 waterfront
residential lots and community amenities such as a pool and social
events.  Oasis GB serves recreational boating and waterfront
property markets in the greater Baton Rouge area and southeastern
Louisiana.

Oasis GB, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. La. Case No. 25-11131) on December
10, 2025. In its petition, the Debtor reports estimated assets and
estimated liabilities between $1 million and $10 million each.  

The Debtor is represented by Markus E. Gerdes, Esq. of GERDES LAW
FIRM, L.L.C.


OLDE TOWN: Seeks to Hire Weissberg and Associates as Legal Counsel
------------------------------------------------------------------
Olde Town Apartments Owner LLC seeks approval from the U.S.
Bankruptcy Court for the Central District of Illinois to employ the
law firm of Weissberg and Associates, Ltd. as counsel.

The firm's services include:

     (a) give the Debtor legal advice and assistance with respect
to its powers and duties;

     (b) assist the Debtor in the negotiation, formulation and
drafting of a Plan of Reorganization and Disclosure Statement and
represent it in the confirmation process;

     (c) examine claims asserted against the Debtor;

     (d) take such action as may be necessary with reference to
claims that may be asserted against the Debtor, and prepare, on its
behalf, such as legal papers as may be necessary in connection with
this proceeding and perform all other legal services;

     (e) assist and represent the Debtor in all adversary
proceedings and contested matters;

     (f) represent the Debtor in its dealings with the Office of
the United States Trustee and with creditors of the estate;

     (g) assist and represent the Debtor in litigation in the State
and Federal Courts, where it is a party or seeking to become a
party, or otherwise become involved to protect its interests and
rights.

Ariel Weissberg, Esq., the primary attorney in this representation,
will be billed at his hourly rate of $550.

The firm received a pre-petition advanced payment retainer of
$15,000 from the Debtor.

Mr. Weissberg 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:

     Ariel Weissberg, Esq.
     Weissberg and Associates, Ltd.
     125 South Wacker Drive, Suite 300
     Chicago, IL 60606
     Telephone: (312) 663-0004
     Facsimile: (312) 663-1514
     Email: ariel@weissberglaw.com

                  About Olde Town Apartments Owner LLC

Olde Town Apartments Owner LLC, based in Springfield, Illinois,
owns and manages the Olde Towne Apartments complex located at 748
Bruns Lane, which consists of a multi-building residential
community. The Company operates within the real estate and property
management industry, overseeing leasing, maintenance, and related
services for the apartment units.

Olde Town Apartments Owner LLC sought relief under Chapter 11 of
the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-70986) on
December 9, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $10 million and $50 million.  

Honorable Bankruptcy Judge Mary P. Gorman handles the case.   

The Debtor is represented by Ariel Weissberg, Esq., at Weissberg
and Associates, Ltd.


OMNI HEALTH: U.S. Trustee Unable to Appoint Committee
-----------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of Omni Health Services, Inc.

                  About Omni Health Services Inc.

Omni Health Services, Inc. is a community-based mental health
services provider operating 12 locations across Pennsylvania and
New Jersey.

Omni Health Services sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14727) on November 20,
2025, listing between $1 million and $10 million in assets and
liabilities. Michael Thevar, president of Omni Health Services,
signed the petition.

Judge Ashely M. Chan oversees the case.

David B. Smith, Esq., at Smith Kane Holman, LLC, represents the
Debtor as legal counsel.


PEORIA CHARTER: Hires Sgro Hanrahan Durr Rabin as Counsel
---------------------------------------------------------
Peoria Charter Coach Company seeks approval from the U.S.
Bankruptcy Court for the Central District of Illinois to employ
Sgro, Hanrahan, Durr, Rabin & Reinbold, LLP as counsel.

The firm will render these services:

     (a) give the Debtor legal advice with respect to its rights,
powers and duties in connection with the administration and
management of the bankruptcy estate and its property

     (b) take such action as may be necessary with respect to
claims filed in the bankruptcy case;

     (c) prepare applications, motions, complaints, orders and
pleadings as may be necessary in connection with the appropriate
administration of this case;

     (d) represent the Debtor with respect to inquiries and
negotiations concerning creditors;

     (e) initiate, defend or otherwise participate on behalf of the
Debtor in all proceedings before this Court; and

     (f) perform other legal services on behalf of the Debtor as
may be required to aid in the proper administration of the
bankruptcy estate.

The firm will be paid at these hourly rates:

     Attorney    $250
     Paralegal    $75

The firm received a retainer of $30,000 from the Debtor.

Jeana Reinbold, Esq., an attorney at Sgro, Hanrahan, Durr, Rabin &
Reinbold, 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:

     Jeana Reinbold, Esq.
     Sgro, Hanrahan, Durr, Rabin & Reinbold, LLP
     1119 S. 6th Street
     Springfiled, IL 6203
     Telephone: (217) 789-1200
     Email: jeana@casevista.com

                 About Peoria Charter Coach Company

Peoria Charter Coach Company is a Peoria, Illinois-based
transportation firm that provides intercity bus service and charter
transportation across Illinois and surrounding states. Founded in
1999, the privately held company operates scheduled routes
connecting major cities, universities, and airports.

Peoria Charter Coach Company sought relief under Subchapter V of
Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Ill. Case No.
25-80900) on December 11, 2025. In its petition, the Debtor reports
estimated assets and liabilities between $1 million and $10 million
each.

Honorable Bankruptcy Judge Peter W. Henderson handles the case.

The Debtor is represented by Jeana K. Reinbold, Esq., at Sgro,
Hanrahan, Durr, Rabin & Reinbold, LLP.


PHAIR COMPANY: Plan Exclusivity Period Extended to Feb. 20, 2026
----------------------------------------------------------------
Judge J Barrett Marum of the U.S. Bankruptcy Court for the Southern
District of California extended Jeffrey David Phair and The Phair
Company LLC's exclusive periods to file a plan of reorganization
and obtain acceptance thereof to February 20, 2026 and April 21,
2026, respectively.

As shared by Troubled Company Reporter, Debtors explain that their
request for a second extension of the exclusivity periods for the
filing of a plan and the solicitation of acceptances to such plan
satisfies the general principles established by courts as
guideposts for demonstrating "cause" within the meaning of Section
1121(d).

The first factor, the size and complexity of the case, weighs in
favor of granting the Motion. This jointly administered case
involves two related Debtors, numerous creditors, and multiple
development projects. The Debtors, through their counsel and estate
professionals, are actively working on the preparation and
negotiation of a joint plan of reorganization and the related plan
projections that will pay all of the Debtors' creditors in full
based on the sale of the Debtors' multiple development projects.

The second factor, the necessity of sufficient time to permit the
debtor to negotiate a plan of reorganization and prepare adequate
information, weighs in favor of granting the Motion. This is the
Debtors' second request for an extension, and less than eight
months have elapsed since the Debtors filed their voluntary
petitions. The requested relief would extend the exclusivity
periods to February 20, 2026, and April 21, 2026, approximately 12
and 14 months from the Petition Date.

The third factor, the existence of good faith progress towards
reorganization, weighs in favor of granting the Motion. The Debtors
have made good faith progress in moving toward reorganization. Such
activity has included the Debtor timely filing their schedules,
appearing at their 341(a) meetings, filing their monthly operating
reports, filing their periodic reports on related entities, seeking
the employment of professionals, and obtaining the joint
administration of the two cases.

The fourth factor, whether the debtors are paying their bills as
they come due, weighs in favor of granting the Motion. As reflected
in the Debtors' monthly operating reports, the Debtors are
consistently paying their post-petition bills as they come due.

The fifth factor, whether the debtors have demonstrated reasonable
prospects for filing a viable plan, weighs in favor of granting the
Motion. Since the Petition Date, the Debtors have been diligently
pursuing reorganization and have made substantial progress with
preparation and negotiation of a joint plan of reorganization that
will pay all allowed claims in full. Based on the Debtors'
interests in multiple real estate projects, as reflected in their
bankruptcy schedules, the Debtors' have reasonable prospects for
proposing a viable joint plan of reorganization in this jointly
administered case.

Jeffrey David Phair is represented by:

     D. Edward Hays, Esq.
     Aaron E. De Leest, Esq.
     Laila Rais, Esq.
     Sarah R. Hasselberger, Esq.
     MARSHACK HAYS WOOD LLP
     870 Roosevelt, Irvine, CA 92620
     Telephone: 949-333-7777
     Facsimile: 949-333-7778

The Phair Company LLC is represented by:

     Vincent Renda, Esq.
     PINNACLE LEGAL, P.C.
     9565 Waples Street, Suite #200
     San Diego, CA 92121
     Telephone: 858-868-5000
     Facsimile: 866-303-8383

                         About The Phair Company LLC

The Phair Company LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-00667) on Feb. 25,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million.

Vincent Renda, at PINNACLE LEGAL P.C., is the Debtor's counsel.


PRAIRIE ACQUIROR: Moody's Alters Outlook on 'B1' CFR to Stable
--------------------------------------------------------------
Moody's Ratings changed the rating outlooks for Prairie Acquiror
LP's (Prairie), Tallgrass Energy Partners, LP's (TEP), and Rockies
Express Pipeline LLC's (REX) to stable from negative. At the same
time, Moody's affirmed Prairie's B1 Corporate Family Rating, B1-PD
Probability of Default Rating, B3 backed senior secured term loan
rating and B3 senior secured notes rating, and also affirmed TEP's
B1 senior unsecured notes rating and REX's Ba2 senior unsecured
notes rating.

The improved outlook stems from TEP beginning commercial operations
on-time and within budget on its Trailblazer CO2 (TCO2) project.
While Moody's expects the remaining availability under the TCO2
construction term loan to be fully drawn, prospective leverage will
improve meaningfully due to the EBITDA contribution from TCO2.

RATINGS RATIONALE

Prairie's B1 CFR is constrained by the company's high consolidated
financial leverage, including debt at subsidiaries TEP and REX.
Prairie benefits from its meaningful size, its predominantly
interstate pipeline asset base with cash flow from long-term firm
transportation contracts, and geographic and operational
diversification. Through a combination of acquisitions and a wide
range of growth projects, Prairie has substantially grown its
earning base and geographic reach in recent years. In addition,
TCO2 has substantial uncontracted capacity that provides an
attractive, low-capital growth opportunity over the next several
years. Consolidated debt/EBITDA will remain high on a trailing
twelve month basis into early 2026 – above Moody's downgrade
threshold -- however Moody's expects it to moderate to around 6.5x
by the end of 2026.

The company has identified a number of large projects it may pursue
over the next several years (Critical Energy Reliability Link, the
Cheyenne Power Project, and a natural gas pipeline out of the
Permian Basin) that could require substantial external funding.
Prairie's financial sponsors, led by Blackstone Infrastructure
Partners, have been supportive and Moody's expects large projects
to be funded in a manner that maintains or improves the company's
current financial profile.

Prairie's term loan and notes are rated B3, two notches below the
CFR reflecting their structural subordination to TEP's and REX's
debt. The term loan and notes are secured by Prairie's equity
ownership interests in TEP and its General Partner and are the most
junior debt in the capital structure.

REX's senior unsecured notes are rated Ba2, two notches better than
Prairie's B1 CFR, due to their structural advantage over the rest
of the debt in the Prairie family, with a structurally senior claim
to the REX pipeline, related assets and the benefits of its
long-term customer contracts. TEP's senior unsecured notes are
rated B1, which Moody's views as more appropriate than the rating
indicated by Moody's Loss Given Default for Speculative-Grade
Companies methodology model. Although the TEP notes are
structurally subordinated to its $1.5 billion senior secured
revolving credit facility (unrated), which has a senior secured
priority claim to TEP's assets, the notes are in a structurally
superior position within the capital structure and have a priority
claim to TEP's assets, including its equity ownership in REX,
compared to Prairie's $1.03 billion senior secured term loan and
$400 million senior secured notes. Given the complexity of the
capital structure, changes in the amount or mix of secured and
unsecured debt at REX or TEP could affect the REX and TEP notes
ratings.

Moody's expects Prairie to maintain adequate liquidity through
2026. TEP has a $1.5 billion senior secured revolving credit
facility that expires the earliest of May 31, 2028 or October 15,
2027, if any of TEP's 5.50% senior notes due January 2028 remain
outstanding on that date. TEP had $1.34 billion of availability
under the revolver at September 30, 2025. REX has a $170 million
unsecured revolving credit facility that expires in July 2028 and
was undrawn at September 30, 2025.

TEP's cash flow from operations will be sufficient to meet working
capital needs, maintenance capital spending, and debt servicing.
Prairie's term loan has amortization of 1% per annum and an excess
cash flow sweep. The term loan also requires the company to
maintain a stand-alone Prairie debt service coverage ratio in
excess of 1.1x.

The TEP revolver contains three financial covenants including a
maximum debt/EBITDA of 5.5x, a senior secured leverage covenant of
3.5x, and a minimum EBITDA/interest of 2.5x (all covenants
determined at the TEP level, excluding Prairie and REX debt); the
Prairie term loan requires 1.1x debt service coverage, and; the REX
revolver has a debt/EBITDA covenant of 5x. Moody's expects all
three entities will maintain sufficient headroom for compliance
with these covenants. Tallgrass's $750 million notes issue due
January 2028 is the next debt maturity in the Prairie complex,
which Moody's expects to be addressed in the normal course.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

An upgrade would be considered if the company can fund its growth
projects while maintaining consolidated debt/EBITDA below 7x.
Ratings could be downgraded if Prairie's consolidated debt/EBITDA
is sustained above 7.5x or distribution policy becomes more
aggressive.

Prairie, through its ownership of TEP, provides crude oil
transportation, natural gas transportation and storage, processing
and water business services for customers in the Rocky Mountain,
Appalachian, Midwest, and West Coast regions of the United States.

The principal methodology used in these ratings was Midstream
Energy published in October 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.


PRESLEIGH BRITA: Seeks Chapter 11 Bankruptcy in Oklahoma
--------------------------------------------------------
On December 16, 2025, Presleigh Britan 2 LLC filed for Chapter 11
protection in the U.S. Bankruptcy Court for the Western District of
Oklahoma. According to court filings, the Debtor reports between
$100,001 and $1,000,000 in debt owed to 1–49 creditors.

              About Presleigh Britan 2 LLC

Presleigh Britan 2 LLC operates as a real estate-focused entity,
primarily involved in the acquisition, ownership, and
administration of property assets. The company functions as a
special-purpose or holding entity for real estate investments.

Presleigh Britan 2 LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-13878) on December 16, 2025. In
its petition, the Debtor reports estimated assets of $0 to $100,000
and estimated liabilities ranging from $100,001 to $1,000,000.

Honorable Bankruptcy Judge Janice D. Loyd handles the case.

The Debtor is represented by Timothy D. McCoy, Esq. of McCoy Law
Firm.


PROJECT PIZZA: Unsecureds to Get 13 Cents on Dollar in Plan
-----------------------------------------------------------
Project Pizza, LLC filed with the U.S. Bankruptcy Court for the
Northern District of California a Plan of Reorganization for Small
Business dated December 12, 2025.

The Debtor is a California Limited Liability Company. Since 2015,
the Debtor has been operating as a full-service Italian restaurant
and bar doing business as Fiorella Clement on Clement Street in San
Francisco, California.

The Debtor is one of four restaurants operated by the Fiorella
Restaurant Group. Due to a variety of factors such as lack of
customers due to the COVID pandemic restrictions and safety issues,
the Debtor took out loans with Merchant Cash Advance ("MCAs")
lenders at very high interest rates and disruptive payment
requirements.

Since filing this case, the Debtor has continued to operate under a
final order approving the use of cash collateral and obtain
approval of a post-petition debtor in possession loan in the amount
of $40,000 from its natural responsible person. The outstanding
balance of the post-petition loan is $15,000. The Debtor intends to
continue its operations at its current location by curing and
assuming its lease with its landlord.

The Debtor's financial projections show that the Debtor will have
projected disposable income over 5 years of $360,000.

The final Plan payment is expected to be paid on February 28, 2031,
which is anticipated to be 60 months after the effective date.

This Plan of Reorganization proposes to pay creditors of the Debtor
from cash flow from operations.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately thirteen cents on the dollar, consistent with the
liquidation analysis in Exhibit A and projected disposable income
in Exhibit B. This Plan also provides for the payment of
administrative and priority claims.

Class 3(A) consists of Non-priority unsecured creditors without
guarantees or alternate source of recovery. Holders of allowed
unsecured claims shall receive a pro rata share of the projected
disposable income over the five-year term of the Plan after allowed
administrative claims and priority claims are paid. This Class is
impaired.

Class 4 consists of Equity security holders of the Debtor. The
equity security holders of the Debtor shall retain their membership
interest in the Debtor.

The Debtor will continue to operate the restaurant business to
generate the revenue to pay the claims under the Plan. To the
extent applicable, the Debtor will set up a claims reserve to be
established in connection with the plan. The managing member of the
Debtor will continue to be its current manager, Boris Nemchenok.

A full-text copy of the Plan of Reorganization dated December 12,
2025 is available at https://urlcurt.com/u?l=hfsr7F from
PacerMonitor.com at no charge.

Counsel to the Debtor:

      Chris D. Kuhner, Esq.
      Kornfield, Nyberg, Bendes,
      Kuhner & Little, P.C.
      1970 Broadway, Suite 600
      Oakland, CA 94612
      Tel: (510) 763-1000
      Fax: (510) 273-8669
      Email: c.kuhner@kornfieldlaw.com

                            About Project Pizza, LLC

Project Pizza, LLC operates Fiorella Clement, a neighborhood
Italian restaurant in San Francisco known for wood-fired pizzas,
handmade pastas, and seasonal dishes. The restaurant serves
customers through dine-in, takeout, and delivery.

Project Pizza sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-30397) on May
5, 2025. In its petition, the Debtor reported total assets of
$78,855 and total liabilities of $1,001,045.

Judge Hannah L. Blumenstiel handles the cases.

The Debtor is represented by Chris Kuhner, Esq., at Kornfield,
Nyberg, Bendes, Kuhner & Little P.C.


PURE BIOSCIENCE: $464,000 Loss in 2026 Q1, Warns of Capital Crunch
------------------------------------------------------------------
PURE Bioscience, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q for the quarterly
period ended October 31, 2025

The Company has a history of recurring losses, and as of October
31, 2025, it has a stockholder's deficiency of $5,546,000.

During the three months ended October 31, 2025, it recorded a net
loss of $464,000 on recorded net revenue of $708,000.

In addition, during the three months ended October 31, 2025 the
Company used $250,000 in operating activities resulting in a cash
balance of $434,000 as of October 31, 2025.

As of September 30, 2025, the Company had $1,186,000 in total
assets, $6,732,000 in total liabilities, and $5,546,000 in total
stockholders' deficit.

The Company's history of recurring operating losses, and negative
cash flows from operating activities, give rise to substantial
doubt regarding its ability to continue as a going concern.

The Company's independent registered public accounting firm, in its
report on the Company's consolidated financial statements for the
year ended July 31, 2025, has also expressed substantial doubt
about the Company's ability to continue as a going concern.

The Company's future capital requirements depend on numerous
forward-looking factors.

These factors may include, but are not limited to, the following:
the acceptance of, and demand for, its products; the Company's
success and the success of its partners in selling our products;
the Company's success and the success of its partners in obtaining
regulatory approvals to sell its products; the costs of further
developing the Company's existing products and technologies; the
extent to which the Company invests in new product and technology
development; and the costs associated with the continued operation,
and any future growth, of its business. The outcome of these and
other forward-looking factors will substantially affect its
liquidity and capital resources.

Until the Company can continually generate positive cash flow from
operations, it will need to continue to fund its operations with
the proceeds of offerings of its equity and debt securities.
However, the Company cannot ensure that additional financing will
be available when needed or that, if available, financing will be
obtained on terms favorable to the Company or to its stockholders.


If the Company raises additional funds from the issuance of equity
securities, substantial dilution to its existing stockholders would
likely result. If the Company raises additional funds by incurring
debt financing, the terms of the debt may involve significant cash
payment obligations as well as covenants and specific financial
ratios that may restrict its ability to operate its business.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/2s3n2bhx

                       About PURE Bioscience

Headquartered in El Cajon, California, PURE Bioscience, Inc. --
http://www.purebio.com/-- is dedicated to developing and
commercializing proprietary antimicrobial products that address
health and environmental challenges related to pathogen and
hygienic control.  The Company's technology platform is based on
patented stabilized ionic silver, and its initial products contain
Silver Dihydrogen Citrate, or SDC. This broad-spectrum, non-toxic
antimicrobial agent is available in liquid form and various
concentrations, distinguished by its superior efficacy, reduced
toxicity, non-causticity, and the inability of bacteria to develop
resistance.

As of September 30, 2025, the Company had $1,186,000 in total
assets, $6,732,000 in total liabilities, and $5,546,000 in total
stockholders' deficit.

Los Angeles, California-based Weinberg & Company, P.A., the
Company's auditor since 2019, issued a "going concern"
qualification in its report dated October 29, 2025, attached to the
Company's Annual Report on Form 10-K for the year ended July 31,
2025, citing that the Company has suffered recurring losses from
operations and negative cash flows from operating activities, and
has a stockholders' deficiency at July 31, 2025. These factors
raise substantial doubt about the Company's ability to continue as
a going concern.


Q & T PROPERTIES: Seeks to Tap The Caluda Group as Legal Counsel
----------------------------------------------------------------
Q & T Properties LA, LLC seeks approval from the U.S. Bankruptcy
Court for the Eastern District of Louisiana to employ The Caluda
Group, LLC as counsel.

The firm's services include:

     (a) assist and advise the Debtor relative to the
administration of this proceeding;

     (b) advise the Debtor with respect to its powers and duties in
the continued management and operation of its business and
property;

     (c) represent the Debtor before the Bankruptcy Court and
advise it on pending litigation, hearings, motions, and decisions
of the Bankruptcy Court;

     (d) review and advise the Debtor regarding applications,
orders, and motions filed with the Bankruptcy Court by third
parties in this proceeding;

     (e) attend meetings conducted pursuant to section 341(a) of
the Bankruptcy Code and represent Debtor at all examinations;

     (f) communicate with creditors and other parties in interest;

     (g) assist the Debtor in preparing all legal  papers necessary
to the administration of the estate;

     (h) confer with other professionals retained by the Debtor and
other parties in interest;

     (i) negotiate and prepare the Debtor's Chapter 11 plan,
related disclosure statement, and all related agreements and
documents and take any necessary actions on its behalf to obtain
confirmation of the plan; and

     (j) perform all other necessary legal services and provide all
other necessary legal advice to the Debtor in connection with this
Chapter 11 case.

The firm will be paid at these hourly rates:

     William Cherbonnier, Attorney     $350
     Paralegals                        $110

Mr. Cherbonnier disclosed in a court filing that the firm is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     William G. Cherbonnier, Jr., Esq.
     The Caluda Group, LLC
     2500 Belle Chasse Hwy., Ste. 215
     Gretna, LA 70053
     Telephone: (504) 309-3304
     Email: wgc@billcherbonnier.com

                    About Q & T Properties LA LLC

Q & T Properties LA LLC is a limited liability company.

Q & T Properties LA LLC sought relief under Subchapter V of Chapter
11 of the U.S. Bankruptcy Code (Bankr. E.D. La. Case No. 25-12649)
on November 12, 2025. In its petition, the Debtor reports estimated
assets between $1 million and $10 million and estimated liabilities
between $100,001 and $1 million.

Honorable Bankruptcy Judge Meredith S. Grabill handles the case.

The Debtor is represented by William G. Cherbonnier, Jr., Esq., at
The Caluda Group, LLC.


REDEFYNE MOVING: Section 341(a) Meeting of Creditors on January 16
------------------------------------------------------------------
On December 9, 2025, Redefyne Moving, 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
16, 2026 at 01:00 PM via 341 Meeting via Telephone (UST). Dial
888-330-1716, passcode 5189986.

            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. The
Company maintains a fleet of box trucks and vans to support
relocations, serving the greater Portland metropolitan area and
surrounding regions.

Redefyne Moving, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-34096) on December 9, 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 Teresa H. Pearson handles the case.

The Debtor is represented by Theodore J. Piteo, Esq., of Michael D.
O’Brien & Associates, P.C.


REMEMBER ME: Hires Johnson Hickey & Murchison as Accountant
-----------------------------------------------------------
Remember Me Senior Care, LLC and its affiliates seek approval from
the U.S. Bankruptcy Court for the Eastern District of Tennessee to
employ Johnson, Hickey & Murchison, PC as accountant.

The firm will prepare and file the Debtor's Form 1065 Partnership
federal and state tax returns.

The firm issued invoices for the preparation of these tax returns
in the total amount of $10,375.

Julie Klotz, a partner at Johnson, Hickey & Murchison, 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:
  
    Julie Klotz
    Johnson, Hickey & Murchison, PC
    2215 Olan Mills Drive
    Chattanooga, TN 37421
    Telephone: (423) 756-0052

                  About Remember Me Senior Care LLC

Remember Me Senior Care, LLC, a company in Cleveland, Tenn., offers
personalized assisted living and memory care services in a homelike
environment. The facility provides a range of services, including
help with daily activities, medication management, and specialized
care for those with Alzheimer's or other dementias.

Remember Me Senior Care sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-10451) on February
18, 2025. In its petition, the Debtor reported up to $50,000 in
assets and between $10 million and $50 million in liabilities.

Judge Nicholas W. Whittenburg oversees the case.

The Debtor tapped Jeffrey W. Maddux, Esq., at Chambliss, Bahner &
Stophel PC as counsel and Johnson, Hickey & Murchison, PC as
accountant. Stacy Lynn Archer is the patient care ombudsman
appointed in the Debtor's case.


RENSOL REALTY: Seeks Chapter 11 Bankruptcy in New York
------------------------------------------------------
On December 18, 2025, Rensol Realty, Ltd. 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 million in debt, owed to between 1 and 49
creditors.

                About Rensol Realty, Ltd.

Rensol Realty, Ltd. is a single asset real estate company.

Rensol Realty, Ltd. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. Case No. 25-46053) on December 18, 2025. In
its petition, the Debtor reports estimated assets of $1 million to
$10 million and estimated liabilities of $100,001 to $1 million.

Honorable Bankruptcy Judge Elizabeth S. Stong handles the case.

The Debtor is represented by Thomas A. Farinella, Esq., of the Law
Office of Thomas A. Farinella, PC.


RMS CARRIERS: Unsecured Creditors to Get 12.87% in Plan
-------------------------------------------------------
RMS Carriers, LLC, filed with the U.S. Bankruptcy Court for the
District of South Carolina a Plan of Reorganization for Small
Business dated December 12, 2025.

The Debtor is small trucking and logistics company operating in
Columbia, South Carolina. The Debtor operates with a team of 3
contract drivers, of which two drivers are paid on a 1099 contract
basis, and one driver, Ryan Spann the single member of the Debtor
is paid W-2 wages from the company.

The Debtor's financial struggles began in early 2022 when the price
of fuel skyrocketed. The increasing price of fuel paired with the
static payment for freight required the Debtor to rely upon spend
loan proceeds and rely upon unsecured credit to maintain the trucks
necessary to continue its operations.

By the Summer of 2025, the Debtor fell into arrears with its
secured lenders, vehicle lenders and was unable to maintain
payments on its unsecured debt. The Debtor filed its petition for
relief pursuant to Subchapter V of Chapter 11 of the Bankruptcy
Code on August 5, 2024 (the "Petition Date").

The Plan Proponent's financial projections show that the Debtor
will have projected disposable income of $90,000. The final Plan
payment is expected to be paid on March 15, 2029.

The Debtor's Plan is dependent upon revenue generated from the
continued operations as a contract carrier. The Debtor's primary
loads involves hauling new F150s for Ford through its contract
relationships. The Debtor's Plan is largely consistent with its
post-petition activities, absent the disruptions caused by a
reduction of loads stemming from fires at Novelis in September and
November 2025 impacting F150 production. The Debtor has identified
that an average cash reserve of approximately $18,000 is needed to
maintain consistency throughout the slower winter months of its
business. With such sufficient reserves, the Debtor's Plan assumes
average monthly receivables of approximately $27,500.

This Plan of Reorganization proposes to pay creditors of the Debtor
from income generated through the continued operation of the
Debtor's business.

Non-priority unsecured creditors holding allowed claims will
receive distributions, which the proponent of this Plan has valued
at approximately 13 cents on the dollar. This Plan also provides
for the payment of administrative and priority claims.

Class 2 consists of all general unsecured claims. The Debtor
projects Class 2 claims are as follows: Ally ($12,627.62); PCFCU
– VIN 4081 ($51,280.54); PCFCU – VIN 3731 ($63,318.41); PCFCU
– VIN 4275 ($26,607.80); JPMorgan Chase Bank, N.A. ($11,170.64);
Truist Bank ($10,000.00); First-Citizens Bank & Trust ($78,157.23);
and SBA ($273,278.00).

Holders of claims in Class 2 will be paid pro-rata distributions on
their Allowed Claims from the Debtor's disposable income payments,
after payment of all Priority Tax Claims. This class is Impaired.

Class 3 consists of Equity Security Holders of the Debtor. The
equity interest in the form of Ryan M. Spann's 100% membership in
the Debtor shall remain with Mr. Spann. Class 3 claims will receive
no distribution pursuant to this Plan. Mr. Spann shall remain the
Debtor’s future management pursuant to this Plan.

The Debtor will fund the plan from earning generated from its
reorganized business operations. Due to the nature of the Debtor's
business, profitability is achieved in the months of April through
September. Therefore, the Debtor will be required to maintain a
cash reserve to fund its operations during the slower winter months
of the year. To fund its operation without further need of
reorganization, the Debtor requires $18,000 in cash reserves at the
start of each year.

With such adequate reserves, the Debtor will be in the position to
fund its Plan payments monthly as follows:

     * Class 1. Beginning on the Effective Date, Class 1 creditors
will receive the return of their collateral or their monthly share
of $1,730.20 as detailed at 4.01. This treatment will allow for
payment in full of the value of the Class 2 collateral over 36
months at 8.25% simple interest.

     * Class 2. Beginning on the Effective Date of the Plan, Class
2 creditors will receive pro rata distributions from the Debtor’s
aggregate quarterly disposable income payment of $7,500 per month
providing an aggregate recovery of $67,748.28 and providing a
recovery to Class 2 creditors of no less than 12.87%.

     * Class 3. Class 3 shall receive no distributions pursuant to
this Plan.

A full-text copy of the Plan of Reorganization dated December 12,
2025 is available at https://urlcurt.com/u?l=3TxbkD from
PacerMonitor.com at no charge.

                                  About RMS Carriers LLC

RMS Carriers, LLC is a small trucking and logistics company
operating in Columbia, South Carolina.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D.S.C. Case No. 25-03590) on September 12,
2025, listing between $100,001 and $500,000 in assets and between
$500,001 and $1 million in liabilities.

Judge Elisabetta Gm Gasparini oversees the case.

The Debtor is represented by:

   William Harrison Penn, Esq.
   Penn Law Firm, LLC
   Tel: 803-771-8836
   Email: hpenn@pennlawsc.com


SANTOPIETRO FOOD: Gets Extension to Access Cash Collateral
----------------------------------------------------------
Santopietro Food Group, LLC received another extension from the
U.S. Bankruptcy Court for the Eastern District of North Carolina,
Raleigh Division, to use cash collateral.

The court's fifth interim order authorized the Debtor to use cash
collateral in accordance with its 30-day budget pending a further
hearing on January 7, 2026.

The Debtor may spend as much as 10% more of the budget if needed.
The budget projects total operational expenses of $166,930.60.

As adequate protection, United Community Bank and other potential
secured creditors will receive a post-petition lien on the Debtor's
cash, inventory and other assets in the same priority as existed on
the petition date.

As further adequate protection, United Community Bank will receive
payment in the amount of $2,500 from the Debtor.

The Debtor's use of cash collateral will expire or terminate on the
earlier of (i) the Debtor ceasing operations of its business; or
(ii) the non-compliance or default of the Debtor with any terms and
provisions of the interim order.

There are four UCC financing statements filed with the North
Carolina Secretary of State that may perfect liens on the Debtor's
cash collateral. These include filings by United Community Bank,
Funding Futures LLC, and two by CT Corporation System acting as a
representative. Notably, none of the potentially secured creditors
have consented to the Debtor's use of the cash collateral.

                 About Santopietro Food Group LLC

Santopietro Food Group, LLC, doing business as Nancy's Pizzeria,
operates a franchised casual dining restaurant specializing in
Chicago-style stuffed and deep-dish pizzas along with other
Italian-American dishes.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-03108) on August 13,
2025. In the petition signed by Ted Ormsby, member, the Debtor
disclosed up to $100,000 in assets and up to $10 million in
liabilities.

Judge Pamela W. McAfee oversees the case.

William P. Janvier, Esq., at Stevens Martin Vaughn & Tadych, PLLC,
represents the Debtor as legal counsel.


SBA 3142: Seeks Chapter 7 Bankruptcy in New York
------------------------------------------------
On December 15, 2025, SBA 3142 Park LLC voluntarily filed for
Chapter 7 protection in the Southern District of New York. Court
filings show the Debtor owes between $0 and $100,000 to 1-49
creditors.

              About SBA 3142 Park LLC

SBA 3142 Park LLC is a single asset real estate company.

SBA 3142 ParkK LLC initiated Chapter 7 proceedings under the U.S.
Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12797) on December 15,
2025. Its petition lists estimated assets and liabilities ranging
from $0 to $100,000.

The case is overseen by Honorable Bankruptcy Judge John P. Mastando
III.


SCCY INDUSTRIES: Plan Exclusivity Period Extended to Feb. 19, 2026
------------------------------------------------------------------
Judge Grace E. Robson of the U.S. Bankruptcy Court for the Middle
District of Florida extended SCCY Industries, LLC's exclusive
periods to file a plan of reorganization and obtain acceptance
thereof to February 19, 2026 and April 20, 2026, respectively.

As shared by Troubled Company Reporter, the Debtor is a Florida
limited liability company that was formed in 2003 to manufacture
weaponry at 1800 Concept Court Daytona Beach, FL.

The Debtor explains that its progress toward settlement constitutes
cause for an extension of the exclusivity periods.

The Debtor claims that its delay in filing a plan is not the result
of inaction but of good-faith efforts to finalize a global
resolution that will maximize value for all stakeholders.

The Debtor asserts that this Motion is not submitted for purposes
of delay, and the company submits that the relief requested in this
Motion will not prejudice any party in interest.

SCCY Industries LLC is represented by:

     Justin M. Luna, Esq.
     L. William Porter III, Esq.
     Latham, Luna, Eden & Beaudine, LLP
     201 S. Orange Ave., Suite 1400
     Orlando, FL 32801
     Tel: (407) 481-5800
     Fax: (407) 481-5801
     E-mail: jluna@lathamluna.com

                             About SCCY Industries LLC

SCCY Industries LLC manufactured affordably priced polymer-frame
pistols for the civilian market. Operating out of Daytona Beach,
Florida, the Company specialized in models such as the CPX and DVG
series, with in-house production and a focus on personal defense
firearms.

SCCY Industries LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04877) on August 1,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $1 million and $10 million each.

Honorable Bankruptcy Judge Grace E. Robson handles the case.

The Debtor is represented by Justin M. Luna, Esq. at Latham, Luna,
Eden & Beaudine, LLP.


SCIENTIFIC ENERGY: Net Income Shrinks to $345,000 in Q3
-------------------------------------------------------
Scientific Energy, Inc. filed with the U.S. Securities and Exchange
Commission its Quarterly Report on Form 10-Q reporting a net income
of $345,293 for the three months ended September 30, 2025, compared
to a net income of $1,646,688 for the three months ended September
30, 2024.

For the nine months ended September 30, 2025, the Company reported
a net income of $561,993, compared to a net income of $2,433,249
for the same period in 2024.

Total revenues for the three months ended September 30, 2025 and
2024, were $22,006,735 and $19,378,637, respectively.  For the nine
months ended September 30, 2025 and 2024, the Company had total
revenues of $65,387,265 and $50,560,247, respectively.

As of September 30, 2025, the Company had $60,556,473 in total
assets, $28,814,400 in total liabilities, and $34,448,409 million
in total stockholders' equity.

As of September 30, 2025, the Company had cash and cash equivalents
of $5,795,661 and a working capital deficit of $6,815,843.

For the nine months ended September 30, 2025, the Company provided
net cash of $2,162,568 from its operating activities primarily from
its net income of $561,993, adjusted net with depreciation and
amortization of $185,397, a loss of disposal of equipment of
$2,809, an impairment loss on loan receivables of $247,055, an
increase in account receivables of $4,714,029, an increase in
inventories of $91,396, a decrease in prepaid expenses of $497,224,
a decrease in deposits of $15,897, an increase in other receivables
of $138,157, a decrease in accrued expense of $53,815, an increase
in deposit received of $1,481,987, an increase in other payables of
$7,925,078, a decrease in account payable of $3,755,968.  By
comparison, net cash provided by operating activities was
$3,913,296 for the same period of 2024.

During the nine months ended September 30, 2025, the Company used
net cash of $422,175 from its investing activities which comprised
with purchase of equipment of $132,882, proceeds from disposal of a
joint venture of $111,739, repayment from related companies of
$69,501 and loan to joint venture of $247,055.  By comparison, net
cash used by investing activities was $383,496 for the same period
of 2024.

During the nine months ended September 30, 2025, the Company's
financing activities used net cash of $832,425, which was comprised
of repayment of bank loans of $6,794,708 and bank borrowings of
$5,962,283.  By comparison, net cash provided by financing
activities was $91,846 for the same period of 2024.

Until the Company can generate sufficient liquidity from
operations, it intends to continue to fund operations from cash
on-hand, and through private debt or equity placements of its
securities.

The Company has an accumulated deficit of $46,664,340 and net
current liabilities of $6,815,843 as of September 30, 2025, and the
Company will be required reduction in operational costs and
continuous improvement in and operation efficiency.

The Company will need to raise capital to maintain its operations
and short-term needs.

The Company's ability to achieve these objectives cannot be
determined at this stage. If the Company is unsuccessful in its
endeavors, it may be forced to cease operations.

The Company said, "Our continued operations will depend on whether
we are able to generate sufficient liquidity from operations and/or
raise additional capital through such sources as equity and debt
financings, collaborative and licensing agreements and strategic
alliances. There can be no assurance that additional capital will
become available or, if it does, that it will become available on
acceptable terms, or that any additional capital we may obtain will
be sufficient to meet our long-term needs. We currently have no
commitments for any additional capital, both internally and
externally."

These factors have raised substantial doubt about the Company's
ability to continue as a going concern.

There can be no assurances that the Company will be able to obtain
adequate financing or achieve profitability.

A full-text copy of the Company's Form 10-Q is available at:

                  https://tinyurl.com/s2yxrb99

                     About Scientific Energy

Scientific Energy, Inc. is a mobile platform of ordering and
delivery services for restaurants or other merchants in Macau. The
Company's businesses are built on its platform, Aomi App. The
Platform connects restaurants/merchants with consumers and Delivery
riders. The Platform is created to serve the needs of these three
key areas and to become more intelligent and efficient with every
customer order.

Hong Kong-based Centurion AOGB CPA Limited, the Company's auditor
since 2025, issued a "going concern" qualification in its report
dated May 23, 2025, attached to the Company's Annual Report on Form
10-K for the fiscal year ended December 31, 2024, citing that the
Company has suffered recurring losses from operations and had a
working capital deficit that raise substantial doubt about its
ability to continue as a going concern.

As of September 30, 2025, the Company had $60,556,473 in total
assets, $28,814,400 in total liabilities, and $34,448,409 million
in total stockholders' equity.  As of September 30, 2025, the
Company had cash and cash equivalents of $5,795,661 and a working
capital deficit of $6,815,843.


SDLOMO PARTNERS: U.S. Trustee Unable to Appoint Committee
---------------------------------------------------------
The U.S. Trustee for Region 3 disclosed in a court filing that no
official committee of unsecured creditors has been appointed in the
Chapter 11 case of SDLOMO Partners, LLC.

                       About SDLOMO Partners

SDLOMO Partners sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14688) on November 18,
2025. In its petition, the Debtor listed up to $100,000 in assets
and between $100,001 and $1 million in liabilities.

Honorable Chief Bankruptcy Judge Ashely M. Chan handles the case.

The Debtor is represented by Maggie S. Soboleski, Esq.


SILAC INSURANCE: A.M. Best Peviews B(Fair) Fin. Strength Rating
---------------------------------------------------------------
AM Best has placed under review with developing implications the
Financial Strength Rating of B (Fair) and the Long-Term Issuer
Credit Rating of "bb+" (Fair) of SILAC Insurance Company (SILAC)
(Salt Lake City, UT).

The Credit Ratings (ratings) of SILAC have been placed under review
with developing implications due to the recent announcement in
which Hildene Capital Management, LLC (Hildene) (together with its
affiliates), an $18+ billion credit-focused asset manager, signed a
definitive agreement to acquire SILAC, Inc., the ultimate parent
company of SILAC. Hildene has maintained a strategic minority
investment in SILAC since 2022, as well as an existing reinsurance
arrangement between SILAC and Hildene Re SPC, Ltd. (Cayman entity).
Upon receiving required regulatory approval, Hildene will acquire
all of the outstanding common equity of SILAC, Inc. for
approximately $550 million in cash. The transaction is expected to
close in mid-2026.

The ratings reflect SILAC's balance sheet strength, which AM Best
assesses as adequate, as well as its adequate operating
performance, neutral business profile and marginal enterprise risk
management. SILAC's risk-adjusted capital is currently assessed as
strong, as measured by Best's Capital Adequacy Ratio (BCAR).


SILVERROCK DEVELOPMENT: Plan Exclusivity Extended to Feb. 5, 2026
-----------------------------------------------------------------
Judge Mary F. Walrath of the U.S. Bankruptcy Court for the District
of Delaware extended SilverRock Development Company, and
affiliates' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to February 5, 2026 and April 5, 2026,
respectively.

As shared by Troubled Company Reporter, the Debtors explain that
these chapter 11 cases are large and complex. Most recently, the
Debtors have been required to expend further time and attention
dealing with the myriad issues related to the Appeal and the stay
motions. Moreover, in addition to conducting the sale process, the
Debtors and their professionals are prosecuting several adversary
proceedings concerning certain purportedly secured creditors,
responding to filings that violate the automatic stay, and
reviewing filed claims.

Additionally, concurrently with the filing of this Motion, the
Debtors have filed a chapter 11 plan and related disclosure
statement. Versions of the Plan and Disclosure Statement have been
negotiated among the Debtors and certain of their creditors and
major stakeholders in advance of filing and the Debtors are
optimistic that any objections related to the Plan and Disclosure
Statement will be able to be consensually resolved among the
parties.

The Debtors claim that they are not seeking a further extension of
the Exclusive Periods to pressure or prejudice any of their
stakeholders. As noted, the Debtors have worked diligently and in
good faith with various parties in connection with the sale process
and the resolution of ongoing matters pertaining to these chapter
11 cases, including with respect to the Sale Order, the Appeal, and
most recently, the concurrently filed Plan and Disclosure
Statement.

The Debtors believe that the requested extension of the Exclusive
Periods will afford them a meaningful opportunity to defend entry
of the Sale Order, obtain dismissal of the Appeal, work to resolve
comments and concerns regarding the Plan and Disclosure Statement,
and to address various other ongoing matters in these cases without
prejudice to parties in interest.

Counsel to the Debtors:

     ARMSTRONG TEASDALE LLP
     Jonathan M. Stemerman, Esq.
     Eric M. Sutty, Esq.
     1007 North Market Street, Third Floor
     Wilmington, Delaware 19801
     Telephone: (302) 416-9670
     Email: jstemerman@atllp.com
            esutty@atllp.com

     -and-

     Victor A. Vilaplana, Esq.
     823 La Jolla Rancho Rd.
     La Jolla, CA 92037
     Telephone: (619) 840-4130
     Email: vavilaplana@g

     -and-

     Benjamin M. Carson, Esq.
     5965 Village Way, STE E105
     San Diego, CA 92130
     Telephone: (858) 255-4529
     Email: ben@benjamincarsonlaw.com

                            About SilverRock Development Company

SilverRock Development Company, LLC, is a San Diego, Calif.-based
company primarily engaged in renting and leasing real estate
properties.

SilverRock filed Chapter 11 petition (Bankr. D. Del. Lead Case No.
24-11647) on Aug. 5, 2024, with $100 million to $500 million in
both assets and liabilities.  Robert S. Green, Jr., chief executive
officer, signed the petition.

Judge Mary F. Walrath handles the case.

The Debtor is represented by Jonathan M. Stemerman, Esq., at
Armstrong Teasdale.


SOUTHERN GENERAL: A.M. Best Cuts Fin. Strength Rating to C++
------------------------------------------------------------
AM Best has downgraded the Financial Strength Rating (FSR) to C++
(Marginal) from B- (Fair) and the Long-Term Issuer Credit Rating
(Long-Term ICR) to "b+" (Marginal) from "bb-" (Fair) of Southern
General Insurance Company (SGIC) (Atlanta, GA). The outlook of the
FSR has been revised to stable from negative, while the outlook of
the Long-Term ICR is negative. Concurrently, AM Best has withdrawn
the Credit Ratings (ratings) as the company has requested to no
longer participate in AM Best's interactive rating process.

The ratings reflect SGIC's balance sheet strength, which AM Best
assesses as weak, as well as its marginal operating performance,
limited business profile and marginal enterprise risk management.

The rating actions reflect weakening in SGIC's balance sheet due to
continued surplus erosion in the past five years, although stable
through the third quarter of 2025. The decline in policyholders'
surplus has outpaced the reduction in net premium volume, while
liquidity has trended downward as non-affiliated invested assets
have contracted and liabilities have continued to expand. Despite
continued reserve strengthening, the company has experienced
adverse accident-year reserve development in each of the past 10
years.

AM Best assesses SGIC's operating performance as marginal due to
volatile underwriting results in recent years. The company's
underwriting results declined over the past five-year period, due
to persistent inflation, labor constraints, and supply chain
disruptions originating in 2020. The company implemented
underwriting and claims changes, which look to have stabilized
results as seen by improved underwriting performance in 2024 and
through the third quarter of 2025.

AM Best assesses SGIC's business profile as limited, reflecting its
geographic concentration in Georgia and North Carolina and limited
product offering, as well as susceptibility to competitive market
pressures.


STEELCASE INC: Moody's Withdraws Ba1 CFR Following HNI Transaction
------------------------------------------------------------------
Moody's Ratings withdrew Steelcase Inc.'s (Steelcase) Ba1 Corporate
Family, Ba1-PD Probability of Default Rating, and the SGL-1
speculative grade liquidity rating. The Ba2 rating on Steelcase's
senior unsecured notes due 2029 remains unchanged and the outlook
is stable. In addition, all of HNI Corporation's (HNI) ratings
remain unchanged, including the Ba1 CFR and stable outlook.

On December 10, 2025, HNI completed its previously announced
acquisition of Steelcase. The withdrawal of Steelcase's CFR and PDR
reflects that it is now a consolidated subsidiary of HNI. Following
the close of the acquisition, the $99 million remaining Steelcase
senior unsecured notes due 2029 that did not tender in an exchange
offer for new HNI senior secured notes remain in an unsecured
guarantee position to the Steelcase legal entity but are not are
not guaranteed by HNI. The Steelcase indenture was also amended as
part of the exchange offer to remove certain restrictive covenants
including the limitation on liens, and financial statements
reporting requirements. The Ba2 rating on Steelcase senior
unsecured notes, which is one notch below HNI's Ba1 CFR, reflects
the notes' structural and effective subordination in the
consolidated debt capital structure. Moody's will withdraw the
rating on the remaining Steelcase unsecured notes if there is
inadequate information to monitor the ratings of the Steelcase
notes on a standalone basis. Please see Moody's September 26, 2025
press release discussing the first-time HNI rating assignment
incorporating the financing for the Steelcase acquisition including
the note exchange offer.

A comprehensive review of all credit ratings for the respective
issuer(s) has been conducted during a rating committee.

RATINGS RATIONALE

HNI's Ba1 CFR reflects that the combination with Steelcase
meaningfully increases the company's revenue scale, and the
combined company holds a solid leading position in the office
furniture industry. A broader portfolio of brands and office
furniture solutions, expanded geographic reach, and large North
American manufacturing footprint support the market position. The
combined company benefits from some revenue diversification from
the relatively higher margin residential building products segment
that represents about 11% of pro forma revenue. Moody's expects the
company will maintain moderate leverage and good liquidity with
good annual free cash flow generation of over $150 million.
Governance considerations include the company's commitment to
restoring net leverage to pre-acquisition levels within 18-24
months and to a 1.0x-1.5x net debt-to-EBITDA leverage target (based
on the company's calculation).

The Steelcase acquisition increases HNI's financial leverage and
lowers its profit margin with the combined company largely exposed
to the lower margin workplace furnishings segment. The company is
exposed to an office space market that remains challenging with low
new construction activity and high vacancy rates. Offices will
remain an important contributor to workplace culture and
collaboration. However, Moody's believes office furniture demand
will remain well below pre-pandemic levels for the foreseeable
future due to the secular shift towards remote work and less office
space demand. Moody's estimates that HNI's debt/EBITDA leverage
increased to around 3.0x (incorporating Moody's adjustments) as of
the last 12-month period (LTM) ended September 27, 2025 pro forma
for the acquisition. Moody's projects debt/EBITDA leverage will
moderate to 2.5x over the next 12-18 months from both debt
repayment and as the company's operating strategies, including its
anticipated synergies, will support gradual operating margin
expansion. Still, the EBIT margin will remain lower relative to
other similarly rated consumer durable companies. The residential
building products segment is exposed to the cyclical housing and
repair and remodel (R&R) market and consumer discretionary
spending.

The stable outlook reflects Moody's expectations that HNI will
execute its integration of Steelcase without major operating
disruptions and that the company's operating and synergy
initiatives will support a gradual improvement in the EBITDA margin
and good positive annual free cash flow generation over the next
12-18 months. These factors provide good financial flexibility to
navigate the ongoing challenging office space market and
macroeconomic uncertainty, and to repay debt and lower financial
leverage.

The ratings could be upgraded if there is stability and sustained
growth visibility in the office market sector, the company
demonstrates a track record of organic revenue growth and
sustainably and meaningfully expands the EBITDA margin to the
mid-teens percentage range and generates strong positive free cash
flow. The company would also need to maintain conservative
financial policies that support very good liquidity, low financial
leverage, and a more flexible capital structure to be upgraded.

The ratings could be downgraded if the company reports ongoing
lower organic revenue, or the operating profit margin declines due
to factors such as lower demand in the office furniture market,
volume or market share losses, rising costs, or tariffs.  Lower
ratings could also occur if debt/EBITDA is above 3.5x, free cash
flow/debt is below 10%, liquidity deteriorates, or there is a shift
in the company's financial policies to less conservative
practices.

Headquartered in Muscatine, Iowa, HNI Corporation (HNI) designs,
manufactures, and distributes workplace furnishing and hearth
products, primarily in North America. Pro forma for the acquisition
of Steelcase Inc. combined revenue was $5.8 billion for the last
12-months period (LTM) 3Q-2025.


SUPERIOR INDUSTRIES: Moody's Appends 'LD' Designation to PDR
------------------------------------------------------------
Moody's Ratings announced that it has appended a limited default
(/LD) designation to Superior Industries International, Inc.'s
(Superior) probability of default rating, revising it to Caa3-PD/LD
from Caa3-PD.  There are no changes at this time to the company's
Caa3 corporate family rating, the B2 rating on the senior secured
revolving credit facility, the Caa3 rating on the senior secured
term loan, the Caa3 rating on the senior secured delayed draw term
loan, the SGL-4 Speculative Grade Liquidity Rating or the negative
outlook.  The /LD designation appended to the PDR will be removed
in three business days.

On December 8, 2025, Superior completed a debt restructuring that
converted a significant percentage of its term loans and preferred
stock into common equity.   The refinancing follows Superior's
sudden and significant loss of key customers back in Q2 2025.
Moody's views the transaction as a distressed exchange, which
resulted in a limited default under Moody's definitions. The
transaction resulted in a loss for term loan lenders given the
discounted exchange and avoided a potential payment default given
Superior's weak liquidity prior to the transaction.

Moody's will reevaluate Superior's ratings once there is more
information and clarity around the new debt capital structure,
strategy to replace lost volumes and cost management considering
the reduction in scale.  Moody's will also reevaluate the liquidity
position, including prospects for positive free cash flow and the
near term maturity of the revolving credit facility in June 2026.

Superior Industries International, Inc. designs and manufactures
aluminum wheels for automotive original equipment manufacturers in
North America and Europe and to the aftermarket in Europe. The
company is one of the world's largest suppliers of cast aluminum
wheels.  Revenue for the twelve months ended June 30, 2025 was
approximately $1.2 billion.


TEDDER INDUSTRIES: Section 341(a) Meeting of Creditors on Jan. 12
-----------------------------------------------------------------
On December 8, 2025, Tedder Industries, LLC filed for Chapter
11 protection in the Southern District of Texas. According to
court filing, the Debtor reports between $10 million and $50
million in debt owed to 50 and 99 creditors.    

A meeting of creditors under Section 341(a) to be held on 1/12/2026
at 04:00 PM, US Trustee Houston Teleconference.    

            About Tedder Industries, LLC

Tedder Industries, LLC is a Texas limited liability company with a
principal place of business in Idaho that operates a consumer-brand
manufacturing business in the firearms and accessories market,
producing American-made injection-molded gun holsters for
institutional purchasers, B2B partners, and direct-to-consumer
channels. The Company conducts business in the marketplace under
the name Alien Gear Holsters and manufactures various holster
types, including hybrid and modular designs, for concealed-carry
users and other end markets. It supplies its products to U.S.
military branches, international militaries, defense organizations,
and law-enforcement agencies.

Tedder Industries, LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90805) on December
8, 2025. In its petition, the Debtor reports estimated assets and
estimated liabilities between $10 million and $50 million each.  

Honorable Bankruptcy Judge Alfredo R. Perez handles the case.   

The Debtor is represented by Jeff Protok, Esq. of VARTABEDIAN
HESTER & HAYNES LLP.


THUNDER SUN: Court Dismisses Chapter 11 Case for 2nd Time
---------------------------------------------------------
Shaley Kidwell of KCBD reports that Thunder Sun Incorporated, a
Lubbock-based property owner, saw its bankruptcy case dismissed for
the second time Monday, December 15, 2025, after Judge Brad Odell
determined the filing was made in bad faith. The judge imposed a
180-day restriction on future filings, citing unresolved issues
from the company's first dismissal in October, including utility
disruptions at its mobile home park and inadequate insurance
coverage for more than 40 properties.

Utility problems continue to plague tenants, with Austin Hughes,
the owner, acknowledging that one section of the park remains
without water due to ongoing sewage repairs. He also confirmed that
the park’s dumpster service had lapsed due to unpaid fees, but
said a replacement provider is lined up, the report cites.

Legal Aid attorney Adam Pirtle, representing park tenants,
highlighted the serious health and safety concerns stemming from
repeated utility shutoffs. "Thunder Sun Inc. has not been paying
utility bills even though the tenants have been doing their part,"
he said, adding that disconnection notices are currently active.

Judge Odell stressed the precarious position of tenants who lack
control over basic services. Hughes maintained that he is
prioritizing tenant needs and is working to remedy the issues, but
tenants like Ida Bosque remain unconvinced, expressing frustration
and worry over the ongoing situation.

                  About Thunder Sun Inc.

Thunder Sun Inc., dba Thunder Sun Homes, is a residential real
estate investment and property management firm based in Lubbock,
Texas.

Thunder Sun Inc. sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-50280) on October 7,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $10 million and $50 million each.

The Debtor is represented by Max R. Tarbox, Esq. of Tarbox Law,
P.C.

When asked for comment on the ruling, Hughes said he had no comment
other than “the coordinated harassment and fraud that has been
perpetrated about me is soon going to become public as soon as my
private investigator finishes sharing his results with my
attorneys.”

With foreclosures now possible, questions remain about what is next
for the company and its tenants.


TRICOR PRINT: Seeks Chapter 7 Bankruptcy in Oregon
--------------------------------------------------
On December 19, 2025, Tricor Print Communications, Inc. filed for
Chapter 7 protection in the District of Oregon. According to court
filing, the Debtor reports between $1 million and $10 million in
debt owed to an undisclosed number of creditors.

           About Tricor Print Communications, Inc.

Tricor Print Communications, Inc. is a printing and communications
company that provides commercial printing, direct mail services,
and marketing support for businesses. The company specializes in
producing high-quality print materials, including brochures,
flyers, and promotional items, while offering solutions for client
communications and outreach campaigns.

Tricor Print Communications, Inc. sought relief under Chapter 7 of
the U.S. Bankruptcy Code (Bankr. Case No. 25-34231) on December 19,
2025. In its petition, the Debtor reports estimated assets of
$0-$100,000 and estimated liabilities of $1 million to $10
million.

Honorable Bankruptcy Judge Peter C. McKittrick handles the case.

The Debtor is represented by Timothy A. Solomon, Esq. of Tabor Law
Group.


TRINET GROUP: Fitch Affirms BB+ LongTerm IDR, Outlook Stable
------------------------------------------------------------
Fitch Ratings has affirmed TriNet Group, Inc. and its subsidiary,
TriNet USA, Inc.'s (collectively, TriNet) Long-Term Issuer Default
Rating (IDR) at 'BB+'. The Rating Outlook is Stable. Fitch has also
affirmed TriNet's secured RCF at 'BBB-' with a Recovery Rating of
'RR1' and the unsecured bonds at 'BB+'/'RR4'.

TriNet's ratings are supported by its leading market position in
the professional employer organization (PEO) industry, strong
EBITDA-to-FCF generation, and a conservative, publicly stated
financial policy of maintaining leverage in the low 1.5x - 2.0x
range.

The ratings also reflect TriNet's exposure to the small and
medium-sized business (SMB) market, rising healthcare utilization
and drug inflation, and limited revenue diversification. The
company's high financial flexibility provides some cushion against
insurance volatility and macroeconomic headwinds. Fitch expects
TriNet's Fitch-calculated EBITDA leverage to remain around 2.0x
over the rating horizon, with (CFO minus capex)/total debt
remaining robust in the double digits.

Key Rating Drivers

Leverage to Remain Low: Fitch expects TriNet's Fitch-calculated
EBITDA leverage to be a low 2.2x at YE 2025, and remaining within
this range through the forecast period, supported by effective
insurance cost management and cost discipline. The company fully
repaid its outstanding revolver balance through FCF generation,
improving its liquidity position and leverage profile.

Historically, TriNet operated with leverage under 1.0x, but due to
the company's significant and largely debt-funded share repurchase
strategy in 2023, Fitch expects TriNet's future leverage to be
higher than historical levels. However, TriNet's public commitment
to its stated financial policy is key to FItch's expectation that
the company will maintain leverage within sensitivities.

Insurance Cost Volatility Risk: Fitch expects the 2025 insurance
cost ratio to remain in the 90% range due to increased health
utilization rates, higher outpatient services rates, inflation, and
elevated specialty drug utilization for diabetes and obesity.
Higher insurance costs are expected to reduce EBITDA margins to the
high-single digits. Fitch expects insurance costs to range between
89% and 91% of insurance revenues through the rating horizon. The
number of medical claims, access to medical systems and services,
and drug prices in a given period expose TriNet to heightened cost
volatility and uncertainty.

To manage health insurance risk, TriNet can reprice a portion of
its book quarterly and uses different tools, such as credit
assessments and algorithms to assess claims risk, while managing a
deductible layer with third-party carrier partners. In 2024, TriNet
has bolstered its dedicated actuary team within the Insurance
Services group to enhance risk management capabilities and pricing
strategies and implemented price increases for a significant
portion of its customer base. While the likelihood of very high
claims still presents some credit risk, the distribution of risks
between TriNet and the carriers safeguards the company from higher
claim amounts.

Strong Financial Flexibility: Liquidity is strong, with $321
million of unrestricted cash on the balance sheet as of Sept. 30,
2025, along with $697 million of available RCF capacity (net of
standby letters of credit). Fitch expects TriNet to generate
mid-single-digit FCF margins (before dividends) to further support
its liquidity and capital deployment strategy.

SMBs Negatively Affect Retention: TriNet has historically
experienced client attrition rates of about 20%, which is high
compared to enterprise software peers, but in line with other
software companies with similar SMB end-market exposure. The loss
of clients is usually attributed to repricing, M&A activity or
multi-vendors, alongside few SMB bankruptcy cases. Fitch believes
TriNet will maintain its retention rates through the forecast
period, considering that most of its clients operate in
predominantly white-collar industries, and the average client life
is five years.

WSE Growth and Macroeconomic Headwinds: TriNet's revenues have a
direct correlation with macroeconomic factors such as employment
levels, GDP growth, wages, and government support for SMBs. TriNet
is observing some softness to its topline growth due to decline in
WSE volumes. SMBs continue to navigate through a challenging
environment and remain cautious about their hiring practices. Over
the rating horizon, Fitch projects revenue growth to be flat to
low-single digits, reflecting modestly rising unemployment rates
and macroeconomic uncertainties in the near term, offset by price
increases and WSE growth thereafter.

Competitive and Fragmented Landscape: The human capital management
(HCM) industry is highly competitive and fragmented, with
competitors of various scales. The company provides employers HR
software tools that automate processes encompassing employee
lifecycle management, such as payroll and taxation processing,
employee hiring and engagement, and compliance. Fitch expects
continued demand growth for HCM software as companies migrate to
cloud-based solutions to automate administrative functions,
reducing costs and time spent while focusing more on strategic
investment decisions.

Peer Analysis

Fitch expects the North American HCM software spend to grow at a
low-teens CAGR over the next five years, driven by increasing
demand for HCM software as companies migrate to cloud-based
solutions to automate administrative functions.

The PEO service market is led primarily by four public companies:
Automatic Data Processing Inc. (ADP; AA-/Stable), TriNet,
Insperity, Inc., and Paychex, Inc. Unlike many peers that are
vertical agnostic, TriNet focuses on core verticals, with
white-collar clients constituting approximately 80% of WSEs. Fitch
considers this an important positive factor, given the company's
exposure to the SMB sector.

The company is small in scale compared to large vendors such as
ADP, which is rated seven notches higher, since its revenues are
four times larger than TriNet's and its EBITDA margins are in the
30% range, compared to TriNet's roughly 9%. ADP also has a more
conservative shareholder distribution and financial policies, with
leverage maintained consistently below 1.0x, whereas Fitch expects
TriNet to have leverage in 2.0x range over the rating horizon.

Compared with other HCM providers, such as Paylocity Holding Corp.,
Paycom Software Inc., and Dayforce Inc., TriNet's revenue scale is
much larger, with a capital structure comparable to some of its
peers.

Compared to other software peers in the 'BB+' rating range,
TriNet's revenue scale, market position, average customer life, and
financial structure are much stronger. Limitations to the rating
include the company's narrow revenue diversification and
uncertainty surrounding the insurance service segment. TriNet's
profitability in the high-single digits compares unfavorably with
peers due to high insurance costs associated with the insurance
service segment. Still, Fitch believes TriNet is well-positioned in
the 'BB+' category relative to these peers and other SMB-focused
technology issuers rated by Fitch due to its strong credit
profile.

Fitch's Key Rating-Case Assumptions

-- An organic revenue growth rate in the low- single digits;

-- Insurance cost ratio approximately 89%-91% through the forecast
period;

-- EBITDA margins in the high-single digits;

-- Capex intensity of around 1.5% to 2.0% of revenue;

-- FCF returned to shareholders at 75% annually via a combination
of cash dividends and repurchases;

-- Fitch assumes bolt-on acquisitions of approximately $200 million
through 2028.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- Higher-than-expected incremental debt-financed acquisitions or
share repurchases that materially weaken the company's credit
profile, leading to EBITDA leverage above 3.0x on a sustained
basis;

-- An unexpectedly higher number of health claims or health care
utilization, significantly exceeding Fitch's expectation of
insurance costs on a consistent basis;

-- Significant deterioration in operating performance as evidenced
by increased client churn, sustained decline in organic revenue
growth and/ or profitability.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

An upgrade is unlikely given the limited revenue diversification
and SMB exposure of the company. However, the ratings could be
upgraded with:

-- EBITDA leverage sustained below 2.0x;

-- An improved HCM market position, as evidenced by revenue growth
approaching double digits on a sustained basis;

-- Evidence of increased revenue diversification into multiple end
markets.

Liquidity and Debt Structure

TriNet maintains an adequate liquidity position, supported by a
cash balance of about $321 million and undrawn revolver capacity of
about $700 million as of September 2025. In addition, Fitch expects
TriNet to generate low-single-digit FCF margins to further support
its liquidity and capital deployment strategy.

TriNet's debt consists of a first lien $700 million secured
revolver due 2028, 3.5% unsecured notes due 2029, and 7.125%
unsecured notes due 2031.

Issuer Profile

TriNet Group, Inc. (NASDAQ: TNET) is a leading PEO (professional
employer organization) service provider for small to mid-sized
companies, serving about 335,000 average Worksite Employees (WSE)
as of Sept. 30, 2025.

RATING ACTIONS

                           Rating              Prior
                           ------              -----
TriNet Group, Inc.

                    LT IDR  BB+   Affirmed       BB+

  senior unsecured  LT      BB+   Affirmed RR4   BB+

TriNet USA, Inc.
                    LT IDR  BB+   Affirmed       BB+

  senior secured    LT      BBB-  Affirmed RR1  BBB-


TRIPLESHOT HOLDINGS: Unsecureds to Split $10K over 5 Years
----------------------------------------------------------
Tripleshot Holdings, LLC, filed with the U.S. Bankruptcy Court for
the Middle District of Florida a Plan of Reorganization dated
December 12, 2025.

The Debtor is a limited Liability Company that engages in e
commerce.

This Plan proposes to pay creditors of the Debtor from future
earnings.

This Plan provides for one class of secured claims and one class of
general unsecured claims. Unsecured creditors holding allowed
claims will receive a pro rata distribution of the Debtor's
projected net disposable income payable over five years. This Plan
also provides for the payment of administrative and priority claims
under the terms to the extent permitted by the Code or by agreement
between the Debtor and the claimant.

Class 2 consists of General allowable unsecured claims. This would
include all allowable claims filed by unsecured creditors in the
amount of $232,219, as well as the balance of the allowed Claim No.
5 of Gulf Coast. These will be paid pro rata through a plan pool in
the amount of $10,000 over five years in monthly payments of $167.
This Class is impaired.

Class 3 consists of Equity Security Holders of the Debtor. The
Debtor will retain its equity in the property of the bankruptcy
estate postconfirmation.

The Debtor shall fund the Plan through its continued business
operations. The Debtor expects increased revenue through the
implementation of new business procedures and cost-saving
initiatives. The Debtor shall provide post-Confirmation quarterly
reports to the subchapter V Trustee and Gulf Coast Bank and Trust
Company within fifteen calendar days following each quarter, and
shall append the bank statements for that quarter to each report.

A full-text copy of the Plan of Reorganization dated December 12,
2025 is available at https://urlcurt.com/u?l=3qlnRb from
PacerMonitor.com at no charge.

Counsel to the Debtor:

     Samantha L. Dammer, Esq.
     Bleakley Bavol Denman & Grace
     15316 N. Florida Avenue
     Tampa, FL 33613
     Tel: (813) 221-3759
     Fax: (813) 221-3198
     Email: sdammer@bbdglaw.com

                    About Tripleshot Holdings LLC

Tripleshot Holdings LLC, doing business as Carver's Olde Iron,
imports and sells cast-iron home decor products through its online
storefront. Its offerings include doorstops, bookends, ashtrays,
candle holders, and novelty pieces in rustic, western, vintage, and
industrial styles.

Tripleshot Holdings LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04544) on July 3,
2025. In its petition, the Debtor reports total assets of $15,000
and total liabilities of $1,173,564.

Honorable Bankruptcy Judge Roberta A. Colton handles the case.

The Debtors are represented by Samantha L Dammer, Esq. at BLEAKLEY
BAVOL DENMAN & GRACE.


UBA BROCKTON: Court Extends Cash Collateral Access to Feb. 20
-------------------------------------------------------------
UBA Brockton, LLC received second interim approval from the U.S.
Bankruptcy Court for the District of Massachusetts to use cash
collateral and provide adequate protection to its sole secured
creditor, Everwise Credit Union.

The court authorized the Debtor to use cash collateral through
February 20, 2026, in accordance with its budget.

As adequate protection, Everwise Credit Union will be granted a
replacement lien on the Debtor's post-petition assets to compensate
for any diminution in collateral value. This lien is deemed
perfected automatically without further filings.

The second interim order is available at https://shorturl.at/02unK
from PacerMonitor.com.

The next hearing will be held on February 19, 2026.

                  About UBA Brockton LLC

UBA Brockton, LLC doing business as Urban Air Trampoline &
Adventure Park, operates an indoor entertainment center at 435
Westgate Drive in Brockton, Massachusetts, featuring trampolines,
climbing walls, obstacle and warrior courses, laser tag, and
slides. The facility provides recreational and amusement services
for families, parties, and group events, with ticketed access and
membership options. It is part of the Urban Air Adventure Park
franchise network offering active indoor attractions across the
United States.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Mass. Case No. 25-12422) on November 7,
2025. In the petition signed by Thomas Ng, manager, the Debtor
disclosed up to $10 million in both assets and liabilities.

Rion M. Vaughan, Esq., at RUBIN AND RUDMAN LLP, represents the
Debtor as legal counsel.


UMAMAHESH LLC: Seeks to Hire Amber Hotel Company as Realtor
-----------------------------------------------------------
Umamahesh, LLC seeks approval from the U.S. Bankruptcy Court for
the Northern District of Texas to employ Amber Hotel Company as
realtor.

The Debtor needs a realtor to market and sell its real property.

The firm will receive a 6 percent real estate commission on the
property sold.

Oliver Cooper, a realtor at Amber Hotel Company, disclosed in a
court filing that the firm is a "disinterested person" as the term
is defined in Section 101(14) of the Bankruptcy Code.

The firm can be reached through:

     Oliver Cooper
     Amber Hotel Company
     28210 Doorthy Dr.
     Agoura Hills, CA 91301
     Telephone: (818) 851-3300
     Email: hotels@amberhc.com

                         About Umamahesh LLC

Umamahesh, LLC, doing business as Howard Johnson Lubbock, operates
a hotel at 5108 Interstate 27 in Lubbock, Texas, under a franchise
agreement with Wyndham Hotels & Resorts. It owns the property,
including both the land and hotel building, which is listed in a
court document with a competitive bid of $1.5 million.

Umamahesh filed a petition under Chapter 11, Subchapter V of the
Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-50299) on October 31,
2025, with $1,584,056 in assets and $3,550,961 in liabilities.
Naynaben Patel, managing member, signed the petition.

Judge Mark X. Mullin presides over the case.

David R. Langston, Esq., at Mullin Hoard & Brown, LLP represents
the Debtor as counsel.


US MAGNESIUM: $11.5MM Ch. 11 Financing Needs Changes, Says Judge
----------------------------------------------------------------
Alex Wittenberg of Law360 reports that US Magnesium LLC failed to
secure final approval Monday, December 22, 2025, for $11.5 million
in debtor-in-possession financing after a Delaware bankruptcy judge
ruled that the request was premature amid ongoing challenges to the
company’s Chapter 11 restructuring efforts.

The judge noted that multiple parties are still contesting core
elements of the debtor's proposed plans, making it too early to
approve financing on a final basis. The court allowed interim
funding to continue but said it would reconsider final approval
once the disputes surrounding the restructuring are addressed.

              About US Magnesium LLC

US Magnesium LLC is a magnesium producer based in Salt Lake City,
Utah.

US Magnesium LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10,
2025. In its petition, the Debtor reports estimated assets and
liabilities between $100 million and $500 million each.

Judge Brendan Linehan Shannon oversees the case.

The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz
Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as
restructuring advisor; and SSG Advisors, LLC as investment banker.
Stretto, Inc. is the Debtor's claims and noticing agent.


VENTURE GLOBAL: Fitch Rates USD3-Billion Secured Notes 'BB'
-----------------------------------------------------------
Fitch Ratings has assigned a 'BB' rating to Venture Global
Plaquemines LNG, LLC's (VGPL) USD3.0 billion senior secured notes
issued in two tranches. The Rating Outlook is Stable. Proceeds from
the notes were used to partially refinance VGPL's existing term
loan facility.

RATING RATIONALE

The 'BB' rating on VGPL's senior secured notes reflects a financial
profile underpinned by contracted cash flow under 20-year,
take-or-pay sales and purchase agreements (SPAs) for 19.7 million
tonnes per annum (mtpa) capacity with mostly creditworthy
offtakers.

Construction was about 99% complete as of Aug. 30, 2025, excluding
any commissioning and rectification works that may be required,
with all contingency funds used to cover costs. Remaining funding
needs will be met using commissioning cargo sales, which began in
December 2024, and Fitch expects to generate proceeds well above
the requirements.

The self-operated project faces operating cost volatility and lacks
major maintenance reserve accounts. This is offset by proven
technology, long-term service agreements (LTSAs) with the original
equipment manufacturer (OEM) for the liquefaction trains, and
Fitch's higher cost stresses in the financial analysis. The
independent engineer (IE) has confirmed that since January 2025,
the plant can perform well above nameplate capacity. In Fitch's
rating case, the assumed production level is 4.0 mtpa above the
nameplate capacity, in line with current Department of Energy (DOE)
export authorization to non-free trade agreement (FTA) countries
and below updated IE downside case.

The debt structure is similar to other rated liquefied natural gas
(LNG) projects, featuring refinancing risk and permissive
additional debt provisions. Multiple bond issuance with bullet
maturities used to partially refinance the amortizing term loan
lead to an increase in debt service after 2033. Fitch's rating case
stresses capacity, fuel use, gas prices, operating costs, and
refinancing rates, and results in a minimum project life coverage
ratio (PLCR) of 1.18x in 2035.

KEY RATING DRIVERS

Completion Risk - High Stronger

Advanced Completion Status with Mitigated Funding Shortfalls: The
project is in advanced construction completion stage and is ramping
up production, with 34 out of planned 36 trains. The remaining two
trains will likely be online by year-end. Construction of Phase I
was 99% complete as of August 2025 and construction of Phase II was
96%, excluding commissioning and rectification works. Remaining
construction costs to substantial completion are about $135
million, excluding interest during construction and commissioning
and ramp up costs. Commissioning and ramp-up capital costs are
estimated by VGPL to be about $1.3 billion from December 2025 to
December 2026, funded by commissioning cargo sales.

As of November, 34 trains are producing LNG using temporary
supplemental power until combined cycle power plant is completed.
Due to such issues and rectification work that is required for the
power facilities, the expected substantial completion dates under
the EPC Contracts with KZJV have shifted out by 5-6 months. These
deficiencies are being managed by using supplemental temporary
systems with no impact on production. Substantial completion is
still expected before the targeted Phase1 COD in 4Q26 and Phase 2
COD in mid-2027.

VGPL is using a multi-contractor structure with experienced
specialized contractors, such as Baker Hughes (BHGE), General
Electric, UOP Honeywell, Kellogg Brown and Root (KBR), and CB&I.
BHGE is supplying the project with the key equipment and is a
highly experienced OEM supported by an investment-grade parent. The
joint venture (JV) between KBR and Zachry Industrial Inc. (KZJV)
plays an integral role as the engineering, procurement and
construction (EPC) contractor responsible for the integration of
the facility components, testing and commissioning.

The EPC contract is largely structured on a reimbursable basis,
exposing the project to cost escalation. The project has allocated
all its contingency; however, due to the phased completion plan, it
has begun to sell commissioning cargoes, which management expects
will generate sufficient revenue to cover remaining project costs.

Operation Risk - Midrange

Self-Operated with Some Operating Experience: VGPL relies on
affiliate companies to operate and manage the facilities, similar
to other LNG projects in the U.S. As of November 2025, these
affiliates have an operating record of more than two years of
ramping up production and generating LNG at Venture Global
Calcasieu Pass (VGCP), which declared COD on April 15, 2025. The
project has hired experienced staff from within the LNG industry
and is coordinating with its contractors to provide training
support prior to COD.

Technical risk is mitigated by world-class OEMs that test,
fabricate, ship, and assist in the installation of their equipment.
The project design includes built-in redundancies for major
equipment, self-generated power insulated from grid-related
outages, and performance guarantees that allow production levels
above nameplate capacity.

Unexpected operational problems that arise after the start of
commercial operation are expected to be covered by warranties
provided by the OEMs and contractors. The LTSA with Baker Hughes
Company (BHC), and the maintenance budgets and the modularity of
the project design, should allow predictable and phased maintenance
costs, mitigating the risk related to the lack of a mandatory
maintenance reserve requirement.

The IE reported that the project has developed an adequate
operating plan. Fitch addresses the exposure to cost volatility by
incorporating additional cost stresses in its financial analysis.
The IE also reported that the use of electric motors instead of
turbines in the liquefaction process should reduce downtime. The
project's reliance on its own power generation adds operational
complexity, but it may provide greater supply certainty by avoiding
weather-related grid outages.


Supply Risk - Midrange

Adequate Access to Gas Supplies Backed by Firm Transportation
Capacity: The project's supply risk is mitigated by operating in an
area with abundant gas supply, an experienced gas procurement team
already purchasing gas for commissioning cargoes, and offtake
contracts that include gas cost recovery components. VGPL has
signed precedent agreements for firm transportation capacity at
fixed rates across four pipelines. This pipeline capacity provides
sufficient access to supply quantities of feed-gas exceeding the
nameplate production capacity of the LNG facility for the term of
the assumed debt profile.

The project relies on two lateral segments of the Gator Express
Pipeline to transport gas from other pipelines to the project site,
thereby removing single-point-of-failure risk. According to the
market consultant, the project's approach to gas procurement should
ensure sufficient near-to-medium-term contracted volumes while
maintaining appropriate flexibility for long-term needs.

Revenue Risk - Composite - Midrange

Largely Contracted Profile: VGPL has entered into 13 long-term SPAs
for the sale of 19.7 mtpa of LNG with creditworthy offtakers. There
is also a shorter-term contract for 0.3 mtpa. Any capacity
exceeding these contractual commitments is sold to a Venture Global
LNG, Inc. (Venture Global; B+/Negative) affiliate. Each SPA
provides revenue from a capacity payment, which is paid regardless
of the LNG volumes lifted, and a commodity-based payment per unit
of LNG lifted.

The project effectively passes variable fuel costs through the
commodity payment linked to gas prices at Henry Hub, while fixed
costs are covered by the fixed capacity fees of the SPAs. This
structure insulates the project from broader trends in LNG demand.
Flexible delivery contractual features and excess production
capacity above the volumes contracted with these offtakers mitigate
the risk of the project failing to meet its SPA delivery
obligations in the event of unplanned outages.

About 10% of the revenues will come from an SPA with an unrated
subsidiary of a highly rated corporate entity, which provides a
limited parent guarantee. Fitch evaluated several mitigating
factors: VGPL's low dependency on this cash flow, the level of
parent credit support, the project's importance to the
counterparties, and SPA pricing compared to Fitch's merchant price
assumptions. These factors support treating cash flows from this
SPA under contracted metric thresholds. Fitch applies a merchant
threshold to revenues from counterparties that are unrated or rated
below the project rating.

Debt Structure - 1 - Midrange

Refinance Exposure Mitigated by Staggered Maturity Profile: The
project is significantly exposed to the risk of rising interest
rates. The new senior notes have bullet maturities and account for
about 25% of the project's debt, including the term loan and
previously issued senior notes in the amount of $6.5 billion. The
term loan matures in 2029 and has limited amortization prior to
maturity. Multiple bond issuance with bullet maturities used to
partially refinance the term loan lead to an increase in debt
service after 2033. The project must hedge at least 75% of its
variable rate exposure.

The debt structure includes a senior debt coverage ratio test of
1.4x for additional debt issuance and an equity distribution test
of 1.20x for senior notes and 1.25x for the term loan. Any
termination of an SPA without replacement would require mandatory
prepayment to maintain 1.40x and 1.45x coverage, accounting for the
loss of that SPA under the senior notes and the term loan,
respectively.

Financial Profile

Fitch's financial analysis is based on partial refinancing in
December 2025 of the remaining $5.7 billion term loan, with
non-amortizing bonds placed by VGPL in an aggregate amount of $3.0
billion. The fixed rate notes have bullet maturities and were
issued in two series with par amounts of $1.75 billion and $1.25
billion. Both series of notes are pari passu with the term loan and
previously issued notes.

This is the third issuance for VGPL this year. In April 2025, VGPL
issued bonds in the amount of $2.5 billion, followed by another
$4.0 billion pari passu issuance in July. Fitch applies a stressed
refinancing interest rate and assumes the debt is fully amortized
within the 20-year term of the SPAs.

Fitch's base case assumes production capacity of 28 mtpa of LNG,
reflecting current pipeline constraints. The IE report indicates
that the plant can exceed this level. Individual trains have
demonstrated peak output was 46% above 22.5 mtpa. Contracts for
19.7 mtpa are secured with creditworthy third-party offtakers for a
20-year term. The project generates $0.50 per million British
thermal units (MMBtu) in liquefaction fees on the excess capacity
above the nameplate, which is contracted to Venture Global's
marketing affiliate. In this scenario, the minimum PLCR is 1.33x in
2035.

Fitch's rating case assumes full SPA lifting and lower production
capacity at 24 mtpa. This is based on the current DOE authorization
for exports to non-FTA countries, which might be revised upwards if
DOE authorization is obtained and the project continues to
demonstrate performance above 24 mtpa. Fitch applies higher
operating expenses, higher fuel gas use and lower gas prices. Under
these assumptions, the minimum PLCR is 1.18x in 2035.

PEER GROUP

Fitch publicly rates several LNG projects that share similar
features with VGPL. However, these have established operating
histories that lead to moderated rating case stresses and
demonstrate stronger financial profiles, resulting in
investment-grade ratings.

Cheniere Corpus Christi Holdings, LLC (CCH; BBB+/Stable) uses
widely proven liquefaction technology with large-scale trains
powered by gas turbines. CCH is undertaking an expansion project
that relies on mid-scale technology powered by electric motors
similar to VGPL. It sources power from the local grid, which may be
less complex than generating its own power (as VGPL does) but may
expose the project to grid outages.

Both CCH and VGPL have contracted the majority of their capacity
with creditworthy entities under SPAs and are responsible for gas
procurement and transportation. Fitch views unrated counterparties
as merchant. For VGPL, a small amount of capacity is contracted
with below-investment-grade counterparties, which we do not view as
a rating constraint. CCH has a rating case minimum PLCR of 3.1x.

Sabine Pass Liquefaction, LLC (Sabine Pass; BBB+/Stable) is a fully
operational LNG project owned and developed by Cheniere Energy Inc.
(CEI; BBB/Stable), as well as other investors. Similar to Venture
Global, Sabine Pass has SPAs with counterparties of adequate credit
quality, receives a fixed capacity fee and Henry Hub-tied fees for
lifting, and manages the gas supply. Sabine Pass uses ConocoPhilips
Optimized Cascade liquefaction technology, similar to CCH, but
relies on its own power generation, akin to VGPL. Fitch's financial
analysis for Sabine Pass incorporates merchant revenue, with a
rating case minimum PLCR is 3.1x.

FLNG Liquefaction 2, LLC (FLIQ2; senior secured notes BBB/Stable)
is an independently financed project that is part of a multi-train
development. The rating reflects FLIQ2's long-term tolling
agreement, which provides a direct pass-through of gas procurement
costs to a single investment-grade offtaker for nearly all of its
capacity and no refinance risk. The strength of the revenue stream
suggests a lower debt service coverage ratio (DSCR) threshold for
any given rating level compared with VGPL. FLIQ2's rating case
DSCRs average is 1.4x.

RATING SENSITIVITIES

Factors that Could, Individually or Collectively, Lead to Negative
Rating Action/Downgrade

-- Deterioration in Fitch's credit view for a material SPA offtaker
or SPA guarantor;

-- A sustained decline in the minimum PLCR below 1.2x in the Fitch
rating case due to cost escalation, negative Henry Hub basis or
production shortfalls;

-- A sustained decline in the minimum PLCR below 1.2x due to
changes in the capital structure.

Factors that Could, Individually or Collectively, Lead to Positive
Rating Action/Upgrade

-- Project demonstrates an operating profile with higher production
or lower operating costs resulting in PLCR above 1.3x in the Fitch
rating case;

-- Project obtains the DOE authorization for exports to non-FTA
countries above 24 mtpa assumed in our rating case, while
maintaining production above these levels;

-- A reduction in refinancing exposure leading to lower assumed
debt costs and rating case financial metrics above 1.3x.

TRANSACTION SUMMARY

VGPL has placed 144A/Reg-S senior secured notes in aggregate amount
of $3.0 billion to partially refinance the outstanding $5.7 billion
term loan facility. The fixed-rate notes were issued in two
tranches. The $1.75 billion 6.125% notes mature in 2030 and the
$1.25 billion 6.500% notes mature in 2034. The notes rank pari
passu with the term loan and other outstanding $6.5 billion senior
secured notes.

SECURITY

First-priority security interest in substantially all assets of the
issuer, Venture Global Gator Express, LLC (VGGE) as guarantor, and
future subsidiaries (if any), pledge of 100% of the equity in the
issuer, and guarantor, and all contracts, agreements (including
material project agreements) and rights thereunder, certain
accounts, cash flow and other revenues with customary exceptions to
be agreed, consistent with existing credit facilities.


VIEWBIX INC: Agrees to Acquire Quantum X Labs via Stock Exchange
----------------------------------------------------------------
Viewbix Inc. disclosed in a Form 8-K Report filed with the U.S.
Securities and Exchange Commission that on December 15, 2025, the
Company entered into a Securities Exchange Agreement with Quantum X
Labs Ltd., an Israeli company, and certain of its shareholders,
pursuant to which the Company agreed to issue to the Quantum
Shareholders an aggregate of up to 40.0% of the Company's issued
and outstanding capital stock as of the Effective Date, inclusive
of the 800,000 shares of the Company's common stock issuable by the
Company in a private placement pursuant to the securities purchase
agreement, dated November 5, 2025, between the Company and each
purchaser, consisting of:

     (i) up to 2,666,000 shares of the Company's common stock,
representing 19.99% of the Company issued and outstanding capital
stock, inclusive of the Private Placement Shares, and

    (ii) pre-funded warrants to purchase up to 4,447,595 shares of
the Company's common stock, representing the balance of the up to
40.0%, as of the Effective Date, less the Viewbix Exchange Shares,
in exchange for up to 100%, but not less than 85%, of Quantum's
issued and outstanding share capital on a fully diluted and
post-closing basis, equal to up to 589,319 of Quantum's ordinary
shares.

The completion of the Acquisition and the issuances of Exchange
Securities are expected to occur within 90 calendar days of the
Effective Date, and are subject to final due diligence, regulatory
approvals, the approval of the Company's stockholders in accordance
with applicable rules or regulations of the Nasdaq Stock Market
LLC, a number Quantum Shareholders holding at least 85% of
Quantum's share capital on a fully diluted basis having executed
the Agreement or other shareholders of Quantum becoming party to
the Agreement at a later date, but prior to the Closing Date, by
executing a joinder, and customary closing conditions.

Upon the closing of the Acquisition, Quantum would become a
subsidiary of the Company.

In addition, pursuant to the Agreement, the Company may issue up to
12,702,847 additional shares of the Company's common stock or
pre-funded warrants to purchase shares of the Company's common
stock, upon the achievement of certain milestones as follows:

     (i) the issuance of up to 1,975,998 Earn-Out Securities upon
the submission of five patent applications including provisional
applications in total, across at least three distinct sub-fields
within the quantum sector, by the Quantum or any of its Portfolio
Companies (as defined in the Agreement) during the 18-month period
following the Closing Date,

    (ii) the issuance of up to 3,436,519 Earn-Out Securities upon
the closing of listing, public offering, or an M&A Transaction of
any Portfolio Company of Quantum, at a pre-money valuation of no
less than $20 million during the twenty four-month period following
the Closing Date, and

    (iii) the issuance of up to 7,290,330 Earn-Out Securities upon
the earlier of:

          (1) a capital raise of at least $10 million into either
the Company or Quantum at a pre-money valuation of no less than
$250 million; or

          (2) closing of any M&A Transaction Quantum, at a
pre-money valuation not less than $250 million during the 48-month
period following the Closing Date.

Subject to the Agreement, the Earn-Out Securities may become
issuable to the Quantum Shareholders only following the 12-month
anniversary of the Closing Date, and only upon achievement of the
applicable earn-out milestones.

At any time prior to the Closing Date, an Additional Quantum
Shareholder that does execute the Agreement on the Effective Date
may become a party to the Agreement by executing a Joinder to be
delivered to the Company and Quantum. Upon delivery of a fully
executed Joinder, such Additional Quantum Shareholder shall become
a party to the Agreement for all purposes with respect to its
Quantum Exchange Shares, and shall be bound by all applicable
terms, conditions, covenants, representations, warranties and
obligations contained in the Agreement as if an original signatory
thereto.

The Viewbix Exchange Shares and the shares of common stock issuable
upon the exercise of the Viewbix Exchange Pre-Funded Warrants
issuable to the Quantum Shareholders will be subject to a 12-month
lock-up period following the Closing Date, subject to certain
exceptions. The Viewbix Exchange Pre-Funded Warrants and the
pre-funded warrants issuable as Earn-Out Securities will be
immediately exercisable upon issuance at an exercise price of
$0.0001 per share and will not expire until exercised in full.

In connection with a request for a tax ruling with the Israeli Tax
Authority, the shares of the Company's common stock issued at the
closing shall be held in escrow for 30 days from the closing for
the benefit of the Quantum Shareholders.

The Agreement contains customary representations, warranties and
agreements by each of the Company, Quantum and Quantum
Shareholders. The representations, warranties and covenants
contained in the Agreement were made only for purposes of such
agreement and as of specific dates, were solely for the benefit of
the parties to such agreement and were subject to limitations
agreed upon by the contracting parties.

Full-text copies of the Agreement and the Pre-Funded Warrants are
available at https://tinyurl.com/48amx5sv and
https://tinyurl.com/43n39ukp, respectively.

                          About Viewbix

Headquartered in Ramat Gan, Israel, Viewbix and its subsidiaries,
Gix Media and Cortex Media Group Ltd., operate in the field of
digital advertising. The Group has two main activities that are
reported as separate operating segments: the search segment and the
digital content segment. The search segment develops a variety of
technological software solutions, which perform automation,
optimization, and monetization of internet campaigns, for the
purposes of obtaining and routing internet user traffic to its
customers. The search segment activity is conducted by Gix Media.
The digital content segment is engaged in the creation and editing
of content, in different languages, for different target audiences,
for the purposes of generating revenues from leading advertising
platforms, including Google, Facebook, Yahoo and Apple, by
utilizing such content to obtain and route internet user traffic
for its customers. The digital content segment activity is
conducted by Cortex.

Tel Aviv, Israel-based Brightman Almagor Zohar & Co., the Company's
auditor since 2012, issued a "going concern" qualification in its
report dated March 21, 2025, citing that the decrease in revenues
and cash flows from operations may result in the Company's
inability to repay its debt obligations during the 12-month period
following the issuance date of these financial statements. These
conditions raise a substantial doubt about the Company's ability to
continue as a going concern.

As of June 30, 2025, Viewbix had $22.1 million in total assets
against $14.8 million in total liabilities.


VISION ADELANTE: Chapter 7 Trustee Wins $378,716 Judgment
---------------------------------------------------------
Judge Julia W. Brand of the United States Bankruptcy Court for the
Central District of California entered a judgment in favor of Mark
M. Sharf, the Chapter 7 trustee for the bankruptcy estate of Vision
Adelante, in the adversary proceeding captioned as Mark M. Sharf,
solely in his capacity as the Chapter 7 trustee for the bankruptcy
estate of Vision Adelante, Plaintiff(s), vs. Gerald N. Friedman
A.K.A. Jerry Friedman, an individual, Defendant(s), Adversary No.
2:23-ap-01462-WB (Bankr. C.D. Calif.).

The Trustee alleges that prior to the Petition Date, the Debtor
transferred at least $653,716.95 to Defendant in at least six
separate transfers from bank accounts maintained by the Debtor.
The Trustee filed a complaint against Defendant to recover the
transfers for the benefit of the estate. The claims for relief
included:

Claim 1: To Avoid Fraudulent Transfers pursuant to 11 U.S.C.
Sec. 544 and California Civil Code Sec. 3439.04(a)(1);

Claim 2: To Avoid Fraudulent Transfers pursuant to 11 U.S.C.
Sec. 544 and California Civil Code 3439.04(a)(2);

Claim 3: To Recover and Preserve Fraudulent Transfers pursuant to
11 U.S.C. Secs. 550 and 551 and California Civil Code Sec. 3439.07;


Claim 4: Unjust Enrichment;

Claim 5: Money Had and Received; and Claim 6: Turnover pursuant to
11 U.S.C. Secs. 542(a) and (b).  

The Trustee asserts that the payments were made under the
designation of "loan repayments" despite no legitimate loan
existing between the parties. Alternatively, if a loan did exist,
the Trustee contends that any interest component charged was void
under California usury law.

The Court finds in favor of the Trustee and against Gerald N.
Friedman on the fourth, fifth, and sixth claims for relief --
Unjust  Enrichment, Money Had and Received, and Turnover pursuant
to 11 U.S.C. Sec. 542(a) -- and awards judgment in the amount of
$378,716.95, together with pre- and post-judgment interest as
permitted by law.

The Court finds the Trustee has not met his burden of proving the
first, second, and third claims for relief -- Actual Fraud pursuant
to 11 U.S.C. Sec. 544 and Cal. Civ. Code Sec. 3439.04(a)(1),
Constructive Fraud pursuant to 11 U.S.C. Sec. 544 and Cal. Civ.
Code Sec. 3439.04(a)(2), and Recovery and Preservation under 11
U.S.C. Secs. 550 and 551 -- and dismisses those claims.

A copy of the Court's Memorandum of Decision dated December 8,
2025, is available at https://urlcurt.com/u?l=DPCvzS from
PacerMonitor.com.

                     About Vision Adelante

Torrance, Calif.-based Vision Adelante filed a petition for Chapter
11 protection (Bankr. C.D. Calif. Case No. 21-18528) on Nov. 8,
2021, listing as much as $10 million in both assets and
liabilities. Rosana A. Torres, principal, signed the petition.

The Debtor tapped the Law Offices of Sheila Esmaili as legal
counsel.

The case was converted to Chapter 7 on June 21, 2022. Mark M. Sharf
is the Chapter 7 trustee.



WEEDEN RANCH: Seeks Approval to Hire DBS Law as Bankruptcy Counsel
------------------------------------------------------------------
Weeden Ranch LLC seeks approval from the U.S. Bankruptcy Court for
the District of Montana to employ DBS Law as counsel.

The firm will provide general counseling and representation before
the Bankruptcy Court in connection with this case.

The firm will be paid at these hourly rates:

     Laurie Thornton, Attorney          $525
     Dominique Scalia, Attorney         $500
     Other Attorneys             $475 - $575
     Paralegals                  $225 - $315

The firm received a retainer of $150,000 from the Debtor.

Ms. Thornton 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:

     Laurie M. Thornton, Esq.
     DBS Law
     819 Virginia Street, Suite C-2
     Seattle, WA 98101
     Telephone: (206) 489-3802
     Email: lthornton@lawdbs.com
     
                        About Weeden Ranch LLC

Weeden Ranch LLC is a Montana-based ranching company operating from
Lewistown, engaged in cattle raising and land management in Fergus
County.

Weeden Ranch sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40104) on
December 15, 2025. In its petition, the Debtor disclosed up to $10
million in both assets and liabilities. The petition was signed by
Monte Weeden, manager.

Honorable Bankruptcy Judge Benjamin P. Hursh handles the case.

The Debtor is represented by DBS Law and Christian, Samson,
Baskett, Phelan & Bell, PLLC.


WEEDEN RANCH: Taps Christian Samson Baskett Phelan as Counsel
-------------------------------------------------------------
Weeden Ranch LLC seeks approval from the U.S. Bankruptcy Court for
the District of Montana to employ Christian, Samson, Baskett,
Phelan & Bell, PLLC as counsel.

The firm will provide general counseling and local representation
before the Court in connection with this case.

The firm will be paid at these hourly rates:

     Seamus McCulloch, Attorney            $275
     Other Attorneys                $225 - $395
     Law Clerks/Legal Assistants    $195 - $50

In addition, the firm will seek reimbursement for expenses
incurred.

The firm received a retainer of $11,952 from the Debtor.

Mr. McCulloch 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:

     Seamus McCulloch, Esq.
     Christian, Samson, Baskett, Phelan & Bell, PLLC
     Missoula, MT 59802
     Telephone: (406) 721-7772
     Email: seamus@csblawoffice.com

                      About Weeden Ranch LLC

Weeden Ranch LLC is a Montana-based ranching company operating from
Lewistown, engaged in cattle raising and land management in Fergus
County.

Weeden Ranch sought relief under Subchapter V of Chapter 11 of the
U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40104) on
December 15, 2025. In its petition, the Debtor disclosed up to $10
million in both assets and liabilities. The petition was signed by
Monte Weeden, manager.

Honorable Bankruptcy Judge Benjamin P. Hursh handles the case.

The Debtor is represented by DBS Law and Christian, Samson,
Baskett, Phelan & Bell, PLLC.


WEST RIDGE: Plan Exclusivity Period Extended to March 16, 2026
--------------------------------------------------------------
Judge David L. Bissett of the U.S. Bankruptcy Court for the
Northern District of West Virginia extended West Ridge, Inc. and
affiliates' exclusive periods to file a plan of reorganization and
obtain acceptance thereof to March 16, 2026 and May 15, 2026,
respectively.

As shared by Troubled Company Reporter, the Debtors explain that
the factors set out in the Express One case weigh in favor of
extending the Exclusive Periods:

     * Size and Complexity of the Bankruptcy Case. These Chapter 11
Cases are complex, and formulating a chapter 11 plan will require
substantial time and effort. Additionally, the bar date for filing
proofs of claim has not yet been set, and the Debtors are in the
process of revising their Schedules and Statements pursuant to the
Interim DIP Order, so the Debtors cannot reasonably estimate the
claims against the estate at this time.

     * Sufficient Time to Negotiate a Plan of Reorganization. The
Debtors require time to negotiate a plan of reorganization. As the
Court is aware, the Debtors retained ArentFox Schiff nunc pro tunc
to November 6, 2025, and Rock Creek nunc pro tunc to November 7,
2025. The Debtors and their new advisors simply need additional
time to compile and propose a plan of reorganization while
simultaneously working to obtain final relief on their DIP
Financing and meet the DIP Recording Obligations.

     * Progress in Negotiations. Negotiations with key stakeholders
are continuing. The settlements incorporated into the Interim DIP
Order, after several months of conflict and uncertainty, present a
significant stride toward consensual resolutions with the Debtors'
key stakeholders. The Debtors expect negotiations will proceed with
respect to a plan of reorganization when appropriate.

     * No Pressure on Creditors. The Debtors are not seeking to
extend the Exclusive Periods to put pressure on creditors. To the
contrary, as reflected by the consensual terms of the Interim DIP
Order, the Debtors are cooperating and collaborating with their
creditors in order to move the Chapter 11 Case forward. The
Debtors merely need additional time to be able to resolve key
issues for the benefit of the creditors.

     * Unresolved Contingencies. As noted, the Debtors cannot
formulate a consensual plan of reorganization until it determines
the extent of claims against the estate. As reflected by the
consensual terms of the Interim DIP Order, the Debtors are working
to prepare their MORs, Schedules and Statements, and Tax Returns,
which will facilitate the Debtors' analysis of unresolved
contingencies.

Counsel to the Debtors:

     David L. Dubrow, Esq.
     Scott B. Lepene, Esq.
     Nicholas A. Marten, Esq.
     Patrick Feeney, Esq.
     Carolyn Indelicato, Esq.
     ARENTFOX SCHIFF LLP
     1301 Avenue of the Americas, 42nd Floor
     New York, NY 10019
     Telephone: (212) 484.3900
     Facsimile: (212) 484.3990
     Email: david.dubrow@afslaw.com
            scott.lepene@afslaw.com
            nicholas.marten@afslaw.com
            patrick.feeney@afslaw.com
            carolyn.indelicato@afslaw.com

     - and -

     Annie Y. Stoops, Esq.
     ARENTFOX SCHIFF LLP
     555 South Flower Street, 43rd Floor
     Los Angeles, CA 90071
     Telephone: (213) 629-740
     Facsimile: (213) 629-7401
     Email: annie.stoops@afslaw.com
    
                               About West Ridge

West Ridge, Inc. engaged in real estate development and management
in Morgantown, West Virginia, operating under a unified management
structure.

West Ridge and affiliates sought relief under Chapter 11 of the
U.S. Bankruptcy Code (Bankr. N.D. W. Va. Lead Case No. 25-00451) on
August 18, 2025. In its petition, West Ridge reported estimated
assets between $10 million and $50 million and estimated
liabilities between $50 million and $100 million.

Honorable Bankruptcy Judge David L. Bissett handles the cases.

The Debtors tapped David B. Salzman, Esq., at Campbell & Levine,
LLC as bankruptcy counsel and Barth & Thompson as local counsel.


WOODLINE PROPERTIES: Seeks to Use Cash Collateral
-------------------------------------------------
Woodline Properties, LLC asks the U.S. Bankruptcy Court for the
Northern District of West Virginia for authority to use cash
collateral and provide adequate protection.

The Debtor explains that First Exchange Bank holds perfected
security interests in its real property and in the associated lease
and rental income pursuant to two deeds of trust recorded in
Monongalia County, securing loans originally in the amounts of
approximately $1.52 million and $108,690.

The lease and rental income generated by the properties constitutes
cash collateral under the Bankruptcy Code. The Debtor asserts that
access to this cash collateral is necessary to pay essential
operating expenses, including utilities, property taxes,
maintenance, and other costs required to preserve the properties
and maintain orderly business operations.

To protect the bank's interests, the Debtor proposes to provide
adequate protection by granting a replacement lien on post-petition
lease and rental income and by making monthly payments of no less
than $6,500 pending further developments, including confirmation of
a plan of reorganization.

A court hearing is scheduled for January 30, 2026.

A copy of the motion is available at https://urlcurt.com/u?l=dO3ttt
from PacerMonitor.com.


              About Woodline Properties LLC

Woodline Properties LLC is a limited liability company.

Woodline Properties LLC sought relief under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. N.D.W. Va. Case No. 25-00666) on November
18, 2025. In its petition, the Debtor reports estimated assets and
liabilities each between $1 million and $10 million.

Honorable Bankruptcy Judge David L. Bissett handles the case.

The Debtor is represented by Martin P. Sheehan, Esq. of Sheehan &
Associates, PLLC.



ZHL SERVICES: Seeks to Hire William G. Haeberle as Accountant
-------------------------------------------------------------
ZHL Services, LLC seeks approval from the U.S. Bankruptcy Court for
the Middle District of Florida to employ William Haeberle, a
certified public accountant practicing in Florida.

The accountant will be compensated at $300 for Monthly Operating
Report per month. There was no money owed to him prior to the
filing of the case and a $1,500 retainer will be paid
post-petition.

Mr. Haeberle disclosed in a court filing that he is a
"disinterested person" as the term is defined in Section 101(14) of
the Bankruptcy Code.

The firm can be reached through:

     William G. Haeberle, CPA
     1440 Peachtree Street
     Jacksonville, FL 32207

                      About ZHL Services LLC

ZHL Services, LLC provides land-clearing, demolition, excavation,
utility, and septic services for industrial, commercial, and
residential projects in North Florida. The Company operates as a
locally owned contractor that has expanded from grade-work origins
to a broader range of site-development services. It is recognized
as a Jacksonville Small and Emerging Business.

The Debtor sought protection under Chapter 11 of the U.S.
Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04182) on November
13, 2025. In the petition signed by Haley Lundy, manager, the
Debtor disclosed $2,264,846 in assets and $3,965,913 in
liabilities.

Judge Jacob A. Brown oversees the case.

The Debtor tapped Bryan K. Mickler, Esq., at the Law Offices of
Mickler & Mickler, LLP, as counsel and William G. Haeberle, CPA, as
accountant.


                            *********

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
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Each Tuesday edition of the TCR contains a list of companies with
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Each Friday's edition of the TCR includes a review about a book of
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                            *********

S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
by Bankruptcy Creditors Service, Inc., Fairless Hills,
Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
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Peter A. Chapman, Editors.

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