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251225.mbx T R O U B L E D C O M P A N Y R E P O R T E R Thursday, December 25, 2025, Vol. 29, No. 358 Headlines 57 CONCRETE: Case Summary & 20 Largest Unsecured Creditors ALLSTAR PROPERTIES: Seeks to Extend Exclusivity to March 30, 2026 ALPHA WOLF: Seeks to Extend Plan Exclusivity to February 20, 2026 ARCANUM VENTURES: Gets Interim OK to Use Cash Collateral BALKAN EXPRESS: Plan Exclusivity Period Extended to Feb. 24, 2026 BLACKBEARD'S TRIPLE: Gets Interim OK to Use Cash Collateral BNB PLUS: Approves Warrant Issuance and Equity Plan Amendments BOXLIGHT CORP: Director Rudolph Crew Resigns for Personal Reasons CALDERIA LLC: Voluntary Chapter 11 Case Summary CCA CONSTRUCTION: Seeks to Extend Exclusivity to April 16, 2026 CCF HOLDING: S&P Withdraws 'BB+/B' Issuer Credit Ratings CHAINCE DIGITAL: Raises $6.14MM from Sale of Shares to Investor CHC TRESTLETREE: S&P Lowers Housing Revenue Debt Rating to 'CCC+' CHG US: Plan Exclusivity Period Extended to March 9, 2026 CRESTMONT PROPERTIES: Voluntary Chapter 11 Case Summary DIGGING DIRT: Case Summary & 20 Largest Unsecured Creditors DYNACQ HEALTHCARE: Gets Interim OK for DIP Financing From Caliburn EDEN ON BRAND: Seeks to Hire Michael Jay Berger as Legal Counsel EDUCATION VILLAGE: Gets Interim OK to Use Cash Collateral ELITE PRINTING: Gets Final OK to Use Cash Collateral ENDRA LIFE: Approves 5 of 6 Proposals at Annual Meeting FALLS CONDOMINIUM: Case Summary & Nine Unsecured Creditors FOUR SEASONS: Case Summary & 20 Largest Unsecured Creditors FRONTDOOR INC: S&P Alters Outlook to Positive, Affirms 'BB-' ICR GENERATIONS ON 1ST: Court Extends Cash Collateral Access to Jan. 15 GREENFIRE RESOURCES: S&P Withdraws 'B-' Issuer Credit Rating HALL OF FAME: Widens Net Loss to $14.4MM in Q3, Needs More Capital HO WAN KWOK: $371,889 in Fees and Costs Awarded in Mei Guo Case HORIZON WEST: Andrew Layden Named Subchapter V Trustee ICORECONNECT INC: Gets OK to Pay Semi-Monthly Prepetition Payroll INGLES PRODUCE: Case Summary & 20 Largest Unsecured Creditors IROBOT CORP: Continues Picea Partnership in 2-Year Supply Deal IRONMEN REALTY: Voluntary Chapter 11 Case Summary JILL'S OFFICE: Seeks Cash Collateral Access Until March 2026 JOAN SAMUEL HANNA: Creditor Loses Bid for Chapter 7 Conversion KANE COUNTY WATER: S&P Lowers 2015 Refunding Bonds Rating to 'BB+' LEROYS MEATS: Case Summary & 20 Largest Unsecured Creditors LUMEXA IMAGING: S&P Rates New Term Loan B and $250MM Revolver 'B+' MAY JACKSON: Voluntary Chapter 11 Case Summary MBK HOLDINGS: Daniel Freeland Named Subchapter V Trustee METHODIST UNIVERSITY: S&P Affirms 'BB' LT Rating on Revenue Bonds MODIVCARE INC: Seeks to Extend Plan Exclusivity to Feb. 17, 2026 MONTANA HOLDING: Voluntary Chapter 11 Case Summary NATURE'S WAX: L. Todd Budgen Named Subchapter V Trustee NOR-WES INC: Case Summary & 20 Largest Unsecured Creditors NOVAE LLC: S&P Alters Outlook to Negative, Affirms 'B' ICR ORIGIN FOOD: Seeks to Extend Plan Exclusivity to March 17, 2026 PARAMOUNT GOLD: Five Key Proposals Approved at Annual Meeting PLUTO ACQUISITION: S&P Alters Outlook to Neg., Affirms 'B-' ICR PONTUAL TRADING: Case Summary & Five Unsecured Creditors PRESBYTERIAN HOMES: Andrew Simon Named Chief Reorganization Officer PRINCETON LAKES: Gets Interim OK to Use Cash Collateral REDEFYNE MOVING: Gets Final OK to Use Cash Collateral RELIANT PLUMBING: Case Summary & 11 Unsecured Creditors RENSOL REALTY: Case Summary & One Unsecured Creditor ROOF EZ: Voluntary Chapter 11 Case Summary RUBICON MECHANICAL: Nathan Smith Named Subchapter V Trustee SANDRIDGE ENERGY: Court Won't Reopen Case over D&O Policy Dispute SAVI CONSTRUCTION: Gets Interim OK to Use Cash Collateral SMART COMMUNICATIONS: Ruediger Mueller Named Subchapter V Trustee SONICWALL HOLDINGS: S&P Downgrades ICR to 'CCC', Outlook Negative SPACE SHADOW: Approval of Colliers Nevada's Fee Application Upheld STERLION CREATIONS: Court Dismisses Chapter 11 Bankruptcy Case TEVA PHARMACEUTICAL: S&P Upgrades ICR to 'BB+', Outlook Stable TEZCAT LLC: Gets Interim OK to Use Cash Collateral TOCO HOLDINGS: Court OKs DIP Loan From Boxer Re TRANSATLANTIC BRIDGE: Gets Interim OK to Use Cash Collateral TROUSDALE LIVING: Case Summary & Two Unsecured Creditors URBAN ONE: S&P Upgrades ICR to 'CCC+' Following Restructuring URGENT CARE: Rebecca Redwine Grow Named Subchapter V Trustee VENTURE GLOBAL: S&P Assigns 'BB+' Rating on Senior Secured Notes [^] Recent Small-Dollar & Individual Chapter 11 Filings ********* 57 CONCRETE: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: 57 Concrete LLC 4877 Western Road Mission, TX 78574 Business Description: 57 Concrete LLC, based in Mission, Texas, provides concrete services and construction -related solutions as an owner-operator and fleet-based business since October 2019. The Company serves residential, commercial, and industrial customers using a substantial fleet of trucks, mixers, trailers, and related equipment. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Southern District of Texas Case No.: 25-90818 Judge: Hon. Christopher M Lopez Debtor's Counsel: Charles M. Rubio, Esq. PARKINS & RUBIO LLP 708 Main Street 10th Floor Houston TX 77002 Tel: (713) 715-1660 E-mail: crubio@parkinsrubio.com Debtor's CPA and Financial Advisor: ALEGRE & ASSOCIATES BCS LLC Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Eluid Cavazos as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5MICEPY/57_Concrete_LLC__txsbke-25-90818__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Filegonia Aggregrates LLC Trade Claim $1,479,200 25130 Jesus Flores Rd Edcouch, TX 78538 Phone: (956) 274-2798 Email: office@filegoniaaggregates.com 2. Texas Cement, Inc Trade Claim $1,125,978 3801 Foust Rd Brownsville, TX 78521 Email: accounting@texancement.com 3. 57 Concrete X LLC 1 Trade Claim $940,640 4819 Western Rd Mission, TX 78574 Phone: (956) 564-0863 Email: 57concretex@57concretex.com 4. Artic Ice 1 INC Trade Claim $444,398 3108 N Sugar Rd Pharr, TX Phone: (956) 270-9727 5. Pico Propane and Fuels - Valley Trade Claim $330,767 PO Box 1309 Del Rio, TX 78841 Phone: (956) 200-0830 6. 57 RGV Logistics LLC Trade Claim $299,630 4819 Western Rd Mission, TX 78574 Email: 57rgvlog@57concretex.com 7. Waukesha-Pearce Ind., LLC Trade Claim $203,813 12320 South Main St. Houston, TX 77035 8. Sika Corporation Trade Claim $192,088 PO Box 733639 Dallas, TX 75373 9. 57 Mechanic LLC Trade Claim $184,202 4819 Western Rd Mission, TX 78574 Phone: (956) 564-0863 Email: 57mechanic@57concretex.com 10. Flyash Distributors, LLC Trade Claim $168,222 DBA Texas Fly Ash 12409 Quaker Ave Lubbock, TX 79424 11. US Transport and Logistics, LLC Trade Claim $160,696 PO Box 561587 Denver, CO 80256 Email: duane.hartwig@us-transport.com 12. Eco Material Technologies Trade Claim $138,092 675 Phil Gramm Blvd. Bryan, TX 77807 Email: arinquiries@ecomaterial.com 13. San Francisco Trucking, LLC Trade Claim $100,850 1324 E Olga St Pharr, TX 78577 Phone: (956) 566-0769 Email: sanfranciscotrucking@gmail.com 14. American Express Corporate Credit $99,798 200 Vesey St New York, NY 10285 15. Equipment Share Trade Claim $76,513 5116 Margaret Ave Corpus Christi, TX 78407 Phone: (361) 520-4445 Email: customerservice@equipmentshare.com 16. GMW Rentals LLC Trade Claim $72,847 717 W. Expressway 83 Donna, TX 78537 17. Green Terra Resources LLC Trade Claim $58,126 PO Box 60593 Midland, TX 79711 18. Holt Industrial Rentals Trade Claim $55,256 P.O. Box 207916 San Antonio, TX 78220 19. Texas Comptroller of Taxes $53,549 Public Accounts Lyndon B. Johnson State Office Building 111 East 17th Street Austin, TX 78774 20. Professional Service Trade Claim $36,740 Industries, Inc 2020 Loop 499 Suite 302 Harlingen, TX 78550 Phone: (956) 423-6826 ALLSTAR PROPERTIES: Seeks to Extend Exclusivity to March 30, 2026 ----------------------------------------------------------------- Allstar Properties LLC and affiliates asked the U.S. Bankruptcy Court for the Northern District of Georgia to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 30, 2026 and May 28, 2026, respectively. The Debtors explain that they continue to work on preparing a financial plan that will form the basis of Debtors' Chapter 11 Plans. They are making progress toward the plan of liquidation and the process of determining distributions to Debtors' creditors. However, despite the Debtors’ progress toward this goal, the Debtors are not at present in a position to propose plans. The Debtors claim that because they are continuing to evaluate and pursue their alternatives, the parties in interest in this case will benefit from an extension of the exclusive periods. Debtors need additional time to develop plans that are in the best interest of creditors, which is time-consuming and somewhat complex. The Debtors note that an extension of time will provide them with an opportunity to develop reasoned plans and to develop and negotiate what Debtors hope to be consensual plans of liquidation. The Debtors assert that they are developing and will present what they hope to be consensual plans of liquidation, but information must be analyzed and issues resolved before Debtors can finalize such plans. Competing plans would present a direct impediment to Debtors' progress. The Debtors further assert that extending the exclusive periods will allow them to work toward a resolution of Debtors' financial issues and propose plans based on a rational and well-developed liquidation plan. At this time in the Chapter 11 process, Debtors should not be faced with the distraction and expense of a premature filing of a plan by other parties and a competing plan fight. Counsel to the Debtors: Anna Humnicky, Esq. Small Herrin LLP 100 Galleria Parkway, Suite 350 Atlanta, GA 30339 Telephone: (770) 783-1800 Email: ahumnicky@smallherrin.com About Allstar Properties LLC Allstar Properties LLC and affiliates are Georgia-based real estate companies that hold and manage property assets. The Allstar entities focus on property ownership, while ACH Rental Properties provides property management and rental services. Collectively, they operate within the real estate sector across residential and nonresidential properties in the state. Allstar Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-41314) on August 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Barbara Ellis-Monro handles the case. The Debtor is represented by Anna Humnicky, Esq. at SMALL HERRIN, LLP. ALPHA WOLF: Seeks to Extend Plan Exclusivity to February 20, 2026 ----------------------------------------------------------------- Alpha Wolf Leasing, LLC, asked the U.S. Bankruptcy Court for the Western District of Tennessee to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 20, 2026 and April 21, 2026, respectively. The Debtor explains that it is in the early stages of formulating a Plan of Reorganization and requires additional time to explore financial strategies and alternatives. The Debtor anticipates confirming a plan of reorganization where it remains in business, its employees' jobs are protected and creditors are paid. The Debtor believes that if granted an extension of time to file a Disclosure Statement and Plan, a more meaningful and acceptable Plan will be filed. The Debtor asserts that allowing the Exclusive Periods to lapse at this time may, among other things, result in the filing of independent plans by third parties seeking to gain control or improper advantage over the liquidation process. This will only result in the proliferation of litigation and impair, rather than facilitate, the Debtor's ability to exit this chapter 11 case in a reasonable timeframe. The Debtor further asserts that multiple plan processes would amount to distractions that would nevertheless need to be addressed, which would waste time and money to the detriment of all parties in interest in these cases. The Debtor's creditors would inevitably suffer as a result. The Debtor submits that cause exists pursuant to section 1121(d) of the Bankruptcy Code to extend the Exclusive Periods and respectfully requests an additional sixty-day extension of the deadline to file its Disclosure Statement and Plan and the attendant exclusive period within which only the Debtor may file a Plan and obtain acceptance of a Plan. Alpha Wolf Leasing LLC is represented by: Steven N. Douglass, Esq. Harris Shelton Hanover Walsh, PLLC 40 S. Main Street, Suite 2210 Memphis, TN 38103 Telephone: (901) 525-1455 Email: snd@harrisshelton.com About Alpha Wolf Leasing LLC Alpha Wolf Leasing LLC is a Tennessee-based company presumably involved in leasing operations. Alpha Wolf Leasing LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tenn. Case No. 25-24265) on August 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge M Ruthie Hagan handles the case. The Debtor is represented by Steven N. Douglass, Esq. at Harris Shelton, PLLC. ARCANUM VENTURES: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Arcanum Ventures, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral from December 22 to January 21 in accordance with its budget. This interim period may be extended by further order of the court. To the extent it holds a valid lien, security interest, or right of setoff as of the petition date, the U.S. Small Business Administration will be granted a replacement lien on all property acquired by Debtor after the petition date that is similar to its pre-bankruptcy collateral. This replacement lien does not apply to the proceeds of any Chapter 5 avoidance actions. The Debtor was ordered to pay the Subchapter V trustee $500 per month for December through February 2026, and $1,000 per month beginning in March 2026 and each month thereafter. The payments will be earmarked for any compensation awarded to the Subchapter V trustee and held in the trustee/s counsel's IOLTA account pending court approval or further order. The final hearing is scheduled for January 21, 2026. Arcanum commenced its bankruptcy case on December 10 and continues to operate as a debtor-in-possession without a trustee or creditors' committee. It operates Viking Alchemist Meadery, a mead brewery and taproom in Smyrna, Georgia, and also generates revenue through online sales. Certain revenues constitute cash collateral, and the United States Small Business Administration may assert a lien on such funds. The budget projects beginning balances of $12,575 and $5,538, respectively, with total income of $25,500 in December and $38,400 in January, primarily from wholesale sales, taproom sales, and online distribution. Projected expenses total $32,537 in December and $42,516 in January, reflecting significant payroll costs, inventory purchases for raw materials and packaging, utilities, insurance, taxes, SBA loan payments, and operating supplies. Despite monthly operating losses, continued operations preserve asset value and revenue potential. About Arcanum Ventures LLC Arcanum Ventures, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64443) on December 10, 2025. In the petition signed by Robin Kosoris, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. BALKAN EXPRESS: Plan Exclusivity Period Extended to Feb. 24, 2026 ----------------------------------------------------------------- Judge Edward Morris of the U.S. Bankruptcy Court for the Northern District of Texas extended Balkan Express, LLC and Balkan Logistics, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 24, 2026 and April 27, 2026, respectively. As shared by Troubled Company Reporter, the Debtors submit that cause exists for extending the Exclusivity Period in these Chapter 11 Cases because of the extended delay in closing the Truck Terminal Sale and the unforeseen filing and prosecution of the recently discovered alleged secured claims in the property. Additional time will enable the Debtors to finalize and implement their strategy for emergence from Chapter 11. The Debtors' purpose in seeking extension of the Exclusivity Periods is a good-faith effort to continue the reorganization efforts they have initiated without the distraction and costs of a competing plan process, which would be a distraction and waste of the Debtors' limited time and resources. The relief requested in the Motion is not intended for the purpose of coercing or strong-arming any creditor, but rather to benefit all of the Estates' stakeholders as a whole. Moreover, a further extension of the Exclusivity Periods will not result in prejudice to any creditor or party in interest, and instead, will enable the Debtors to continue focusing on preserving and enhancing their going-concern value and proposing a viable, fair, and comprehensive plan that is (ideally) supported by all major constituents. Such a result is clearly in the best interest of the Estates. Counsel to the Debtors: Joshua N. Eppich, Esq. Eric T. Haitz, 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: joshua@bondsellis.com Email: eric.haitz@bondsellis.com -and- Ken Green, Esq. 402 Heights Boulevard Houston, Texas 77007 (713) 335-4990 telephone (713) 335-4991 facsimile Email: ken.green@bondsellis.com About Balkan Express Balkan Express LLC is a transportation and logistics company based in Fort Worth, Texas, offering full truckload and less-than-truckload freight services across the 48 contiguous U.S. states. The Company operates a fleet of over 150 trucks and 250 trailers and offers 24/7 dispatch support with GPS tracking. Balkan Express LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-41544) on April 30, 2025. In its petition, the Debtor estimated assets and liabilities between $10 million and $50 million. The Debtor is represented by Joshua N. Eppich, Esq. at BONDS ELLIS EPPICH SCHAFER JONES LLP. BLACKBEARD'S TRIPLE: Gets Interim OK to Use Cash Collateral ----------------------------------------------------------- Blackbeard's Triple Play, Inc. received interim approval from the U.S. Bankruptcy Court for the Eastern District of North Carolina, New Bern Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral through January 5, 2026, in accordance with its budget, subject to a 10% variance on individual line items. It prohibited the use of cash collateral to pay pre-bankruptcy debts. The Debtor projects total operational expenses of $22,790 for the period from December 12 to January 5. The Debtor has identified multiple creditors that may assert liens on its accounts, accounts receivable, and related cash collateral, led by Newtek Bank, N.A., which the Debtor believes holds a first-priority lien from an SBA loan with an estimated balance of $454,293. Other asserted lienholders include Idea 247, Inc., US Foods, Inc., and various merchant cash advance and financing entities, each holding successively lower-priority UCC-filed security interests in accounts or receivables. The Debtor reports no known federal or state tax liens. As adequate protection, the court granted these secured creditors replacement liens on the Debtor's assets, maintaining the same priority, scope, and validity as their pre-bankruptcy liens. Noncompliance with the budget and reporting requirements and conversion of the Debtor's Chapter 11 case to one under Chapter 7 constitutes a default that may immediately terminate the Debtor's authority to use cash collateral. The next hearing is scheduled for January 5, 2026. About Blackbeard's Triple Play Inc. Blackbeard's Triple Play, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04908-5-DMW) on December 10, 2025. In the petition signed by Billy Dale Overbee, president, the Debtor disclosed up to $50,000 in assets and up to $10 million in liabilities. Judge David M. Warren oversees the case. David J. Haidt, Esq., at Ayers & Haidt, PA, represents the Debtor as legal counsel. BNB PLUS: Approves Warrant Issuance and Equity Plan Amendments -------------------------------------------------------------- BNB Plus Corp. held a special meeting of stockholders on December 12, 2025, at which the following proposals were submitted to and approved by the stockholders: I. To approve, in accordance with Nasdaq Listing Rules 5635(a) and 5635(d), the exercisability of certain pre-funded warrants and common stock purchase warrants, and the issuance of the Common Stock underlying such pre-funded warrants and warrants, which pre-funded warrants and warrants were issued pursuant to a securities purchase agreement dated September 29, 2025. FOR: 1,642,390 AGAINST: 32,343 ABSTAIN: 2,403 BROKER NON-VOTES: 458,660 II. To approve an amendment to the Company's Certificate of Incorporation, as amended, to increase the number of authorized shares of its Common Stock from 200,000,000 to 500,000,000. FOR: 1,971,926 AGAINST: 159,690 ABSTAIN: 4,180 BROKER NON-VOTES: 0 III. To approve an amendment to the Company's 2020 Equity Incentive Plan to increase the number of authorized shares of Common Stock reserved for issuance by 5,000,000 shares. FOR: 1,613,405 AGAINST: 40,684 ABSTAIN: 23,047 BROKER NON-VOTES: 458,660 Each of the voting results from the Special Meeting is final. Based on the foregoing votes, each of the proposals was approved. About BNB Plus Corp. BNB Plus Corp. is unlocking institutional-grade access to the Binance ecosystem, delivering non-directional yield strategies and long BNB exposure, powering the future of blockchain through a transparent, actively managed BNB treasury. The Company's differentiated strategy blends sophisticated DeFi yield generation with Binance-native opportunities, unlocking access to high-performance digital assets for investors traditionally excluded from the space. Formally Applied DNA Sciences, Inc., BNB Plus continues to commercialize proprietary nucleic acid production solutions for the biopharmaceutical and diagnostics markets. Melville, NY-based Marcum LLP, the Company's auditor since 2014, issued a "going concern" qualification in its report dated Dec. 17, 2024, citing that the Company has incurred significant losses and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of June 30, 2025, the Company had $9.93 million in total assets, $2.95 million in total liabilities, and $6.99 million in total equity. BOXLIGHT CORP: Director Rudolph Crew Resigns for Personal Reasons ----------------------------------------------------------------- Boxlight Corporation disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 11, 2025, Rudolph Crew, 75, resigned as a director for personal reasons. Mr. Crew's resignation did not result from a disagreement with the Company on any matter relating to the Company's operations, policies, or practices. The Company is grateful for Mr. Crew's years of service and contributions to the board. As a result of Mr. Crew's resignation, the Company is not in compliance with The Nasdaq Capital Market Rule 5605(b)(1), which requires that a majority of the Board of Directors must be comprised of independent directors as defined in Nasdaq listing standards. Pursuant to Nasdaq Rule 5605(b)(1)(A), the Company has 180 days from the date of Mr. Crew's resignation, or until June 9, 2026, to cure this noncompliance. About Boxlight Corp Boxlight Corporation, based in Duluth, Georgia, develops, sells, and services interactive technology solutions primarily for the education sector, with additional offerings for corporate and government clients. The Company designs, produces, and distributes interactive and non-interactive flat-panel displays, LED video walls, classroom audio systems, cameras, peripherals, STEM products, and software integrated into a classroom suite for learning, assessment, and collaboration. Boxlight sells its products through over 1,000 global reseller partners, reaching more than 1.5 million classrooms and meeting spaces in over 70 countries. In its audit report dated March 28, 2025, Forvis Mazars, LLP issued a "going concern" qualification citing that the Company has identified certain conditions relating to its outstanding debt and Series B and C Preferred Stock that are outside the control of the Company. In addition, the Company has generated recent losses. These factors, among others, raise substantial doubt regarding the Company's ability to continue as a going concern. The Company's Term Loan, which has an outstanding balance of $39 million as of June 30, 2025, matures on Dec. 31, 2025. As of June 30, 2025, the Company's short-term debt will mature within the six months. The Company said it is seeking to refinance its debt with new lenders but noted there is no guarantee the effort will succeed before the Term Loan matures, at which point all amounts will be due. As of June 30, 2025, the Company had cash and cash equivalents of $7.6 million, a working capital balance of ($0.5) million, and a current ratio of 0.99. Boxlight reported total assets of $99.20 million, total liabilities of $91.32 million, total mezzanine equity of $28.51 million, and a total stockholders' deficit of $20.63 million. CALDERIA LLC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Calderia, LLC 119 Forest Street Worcester, MA 01609 Business Description: Calderia, LLC is a holding company whose principal assets consist of four real estate properties located in Plymouth, Massachusetts, and in Kannapolis and Gastonia, North Carolina. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of Massachusetts Case No.: 25-41363 Debtor's Counsel: James P. Ehrhard, Esq. 27 Mechanic Street Worcester, MA 01608 Tel: 508-791-8411 Email: ehrhard@ehrhardlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Dawna Thomas-Foote as manager. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/4AWHY6I/Calderia_LLC__mabke-25-41363__0001.0.pdf?mcid=tGE4TAMA CCA CONSTRUCTION: Seeks to Extend Exclusivity to April 16, 2026 --------------------------------------------------------------- CCA Construction, Inc., asked the U.S. Bankruptcy Court for the District of New Jersey to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 16, 2026 and June 16, 2026, respectively. This is the Debtor's third request to extend its Exclusive Periods. Courts, including those in this jurisdiction, routinely grant debtors multiple extensions of the exclusivity periods to the extent permitted by the Bankruptcy Code. The Debtor explains that it is well settled that the size and complexity of a debtor's case alone may provide sufficient cause for the extension of a debtor's exclusive period to file a plan and to solicit acceptances thereof. As this Court is aware, the litigation among CCA, certain affiliates and BMLP was a significant complicating factor in this chapter 11 case, resulting in substantial motion practice, extensive discovery, the appointment of the Examiner, exhaustive analysis by CCA (through its Special Committee) of estate causes of action and the assets available to satisfy them, and ultimately the mediation. The Debtor claims that the good faith progress of the company since the Second Exclusivity Order towards reorganization further supports the extension of the Exclusive Periods. As described, CCA has: (a) reached the Settlement Agreement that resolved a decade long dispute; (b) made substantial progress in drafting a plan of reorganization; (c) maintained ongoing communication with customers, vendors, and surety providers; (d) fulfilled its reporting obligations; and (e) continued to manage estate operations. The Debtor notes that it is not seeking the extension of the Exclusivity Periods to pressure or prejudice any of its remaining stakeholders. To the contrary, pursuit and implementation of the Settlement Agreement will permit CCA to propose a plan that satisfies all allowed claims in full, amply demonstrating the good faith of CCA and its participating affiliates. The Debtor cites that it continues to promptly pay its undisputed postpetition obligations. As such, the requested extension of the Exclusive Periods will not prejudice postposition creditors. Rather, it will afford CCA a meaningful opportunity to continue to develop, negotiate, and confirm a plan of reorganization while continuing to honor its undisputed postpetition obligations. As such, this factor also militates in favor of extending the Debtor's Exclusivity Periods. The Debtor asserts that throughout the chapter 11 process, CCA has consistently prioritized transparency, collaboration, and good faith cooperation in its restructuring efforts and has maintained open lines of communication with its key creditor constituencies, which led to the execution of the Settlement Agreement with BMLP. CCA has also continued to remain in contact with its surety bond providers, all of whom filed proofs of claims, throughout the case. The Debtor further asserts that it intends to further engage with the surety providers in the plan negotiation process regarding the treatment of their proofs of claim and surety bonds. This constructive engagement with its creditors supports CCA's request for an extension of the Exclusive Periods. Co-Counsel to the Debtor: DEBEVOISE & PLIMPTON LLP M. Natasha Labovitz, Esq. Erica S. Weisgerber, Esq. Elie J. Worenklein, Esq. Shefit Koboci, Esq. 66 Hudson Boulevard New York, NY 10001 Telephone: (212) 909-6000 Facsimile: (212) 909-6836 Email: nlabovitz@debevoise.com eweisgerber@debevoise.com eworenklein@debevoise.com skoboci@debevoise.com Co-Counsel to the Debtor: COLE SCHOTZ P.C. Michael D. Sirota, Esq. Warren A. Usatine, Esq. Felice R. Yudkin, Esq. Ryan T. Jareck, Esq. Court Plaza North, 25 Main Street Hackensack, NJ 07601 Telephone: (201) 489-3000 Facsimile: (201) 489-1536 Email: msirota@coleschotz.com wusatine@coleschotz.com fyudkin@coleschotz.com rjareck@coleschotz.com About CCA Construction CCA Construction Inc., doing business as China Construction America Inc., ProServ Shared Services, and Plaza Construction, was established in 1993 as a Delaware corporation, and it is a direct subsidiary of CSCEC Holding Company, Inc., also a Delaware corporation. CSCEC Holding, CCA, and CCA's subsidiaries are discrete pieces of CSCEC's broader business, which is operated by more than 100 distinct entities located throughout the world, eight of which are publicly traded. Together, the group of affiliated entities makes up the largest construction company in the world, operating in more than 100 countries and regions globally, covering investment, development, construction engineering, survey and design. CCA Construction Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 24-22548) on December 22, 2024. In the petition filed by Yan Wei, chairman and chief executive officer, the Debtor reports reports estimated assets between $100 million and $500 million and estimated liabilities between $1 billion and $10 billion. Honorable Bankruptcy Judge Christine M. Gravelle handles the case. The Debtor tapped M. Natasha Labovitz, Esq., Sidney P. Levinson, Esq., Elie J. Worenklein, Esq., and Rory B. Heller, Esq., at Debevoise & Plimpton LLP, in New York as general bankruptcy counsel; Michael D. Sirota, Esq., Ryan T. Jareck, Esq., Warren A. Usatine, Esq., and Felice R. Yudkin, Esq., at Cole Schotz PC in Hackensack, New Jersey as bankruptcy co-counsel; and BDO Consulting Group, LLC as financial advisor. Kurtzman Carson Consultants, LLC, dba Verita Global, is the administrative advisor. CCF HOLDING: S&P Withdraws 'BB+/B' Issuer Credit Ratings -------------------------------------------------------- S&P Global Ratings withdrew its 'BB+/B' long- and short-term ratings on CCF Holding and 'BBB-/A-3' long- and short-term issuer credit ratings on CCF, along with associated hybrid instruments ratings, at issuer's request. The outlook on both ratings was stable at the time of the withdrawal. CHAINCE DIGITAL: Raises $6.14MM from Sale of Shares to Investor --------------------------------------------------------------- Chaince Digital Holdings Inc. announced on Dec. 15, 2025, that it has completed a private placement with an institutional investor for gross proceeds of approximately US$6.14 million. Under the terms of the Securities Purchase Agreement, the investor purchased an aggregate of 1,000,000 ordinary shares of the Company at a per-share purchase price equal to the closing price of Chaince's ordinary shares on the Nasdaq Stock Market on December 5, 2025 ($6.14), for total gross proceeds of US$6.14 million before deducting fees and expenses. The securities were offered and sold in a transaction exempt from registration under the Securities Act of 1933, as amended, and were issued to an investor in a transaction pursuant to Regulation S under the Securities Act. The securities described above have not been registered under the Securities Act or the securities laws of any state or other jurisdiction, and may not be offered or sold in the United States absent registration or an applicable exemption from such registration requirements. Strategic Use of Proceeds: Supporting Chaince's AI & Advanced Manufacturing Expansion Chaince intends to use the net proceeds from this offering for general corporate and working capital purposes, including supporting: * Initial phase development and planning of Chaince's U.S.-based AI and semiconductor-focused precision components gigafactory, as announced in the Company's recent strategic partnership; * Expansion of AI/HPC infrastructure platforms and related technology R&D; * Capital markets and corporate development activities through Chaince Securities, LLC, the Company's U.S. broker-dealer subsidiary. This financing strengthens Chaince's balance sheet as the Company accelerates its transition into AI-driven industrial technology, complementing the multi-hundred-million-dollar strategic manufacturing initiative outlined in the parties' framework agreement. A full-text copy of the Securities Purchase Agreement is available at https://tinyurl.com/mwnfvkfu About Chaince Digital Holdings Inc. (formerly Mercurity Fintech Holding Inc.) Chaince Digital Holdings Inc. -- http://www.chaincedigital.com/-- (Nasdaq: CD, effective November 13, 2025) is a fintech group powered by blockchain infrastructure, offering technology and financial services. Through its subsidiaries, including Chaince Securities, LLC, Chaince Digital Holdings Inc. aims to be an industry leader in tokenization and on-chain innovation solutions, offering services spanning digital assets, financial advisory, and capital markets solutions. In an audit report dated April 30, 2025, the Company's auditor, Onestop Assurance PAC, issued a "going concern" qualification, citing that at Dec. 31, 2024, the Company has incurred recurring net losses of $4.5 million and negative cash flows from operating activities of $3.6 million and has an accumulated deficit of $680 million, which raise substantial doubt about its ability to continue as a going concern. As of Dec. 31, 2024, Mercurity Fintech Holding had $35.69 million in total assets, $11.60 million in total liabilities, and $24.09 million in total shareholders' equity. CHC TRESTLETREE: S&P Lowers Housing Revenue Debt Rating to 'CCC+' ----------------------------------------------------------------- S&P Global Ratings lowered its long-term rating one notch to 'CCC+' from 'B-' on the Urban Residential Finance Authority of Atlanta's multifamily housing revenue debt, issued for CHC Trestletree LLC, Ga.'s Trestletree Village apartments project. The outlook is negative. The downgrade reflects the continued decline in the project's debt service coverage (DSC) to negative 0.79x in fiscal 2024 from 0.16x in fiscal 2023. Lower occupancy combined with significant increases in maintenance and repair expense resulted in negative cash flow. S&P said, "We regard the project's governance risk as elevated due to the application of a criteria cap in the 'BBB' category, based on management and governance characterized as weak. We consider social and environmental risk to be credit neutral in our analysis. "The negative outlook reflects our expectation that high operating expenses will likely continue to pressure cash flows in 2025, likely culminating in a MADS coverage ratio again below 1.0x. Therefore, we believe a cash flow shortfall could again occur, necessitating cash advances from affiliates of the managing member for another consecutive year or a draw on reserves. While management expects the project sponsor will again contribute the funds necessary to cover operating expenses and meet its financial obligations, although no legal obligation or commitment to do so exists, we nevertheless believe these financial commitments are unsustainable over the long term. "We could lower the rating if the project were to face a near-term credit or payment crisis. This could potentially follow a failure of the expected additional strengthening in HAP revenues to restore operational balance to project performance, resulting in another cash flow shortfall in 2025, and requiring a draw on reserves. We could also take a negative rating action if the project defaults on payment during the next 12 months or if a payment default appears to be inevitable unless the project's financial condition materially improves. "We could revise the outlook to stable if the project were to demonstrate substantial financial improvement, as evidenced by sustained increases in MADS coverage following the growth in HAP-related rental revenues and decrease in operating expenses." CHG US: Plan Exclusivity Period Extended to March 9, 2026 --------------------------------------------------------- Judge Mary Walrath of the U.S. Bankruptcy Court for the District of Delaware extended CHG US Holdings LLC, and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 9, 2026 and May 11, 2026, respectively. As shared by Troubled Company Reporter, Debtors explain that the Sale Order approving the Sale was entered on August 1, 2025, and the Closing occurred on August 18, 2025. The Debtors' focus to this point in the Chapter 11 Cases has been on a successful going concern Sale that would preserve as many of the Debtors' restaurant locations and employees as possible. This was a complex process that was successfully navigated. With Closing having occurred, the Debtors have shifted focus to determining how a Plan process might be structured, but require an extension of the Exclusive Periods to continue to do so. The Debtors claim that their substantial progress to date in administering these Chapter 11 Cases with a goal of a going concern sale followed by a plan process warrants an extension of the Exclusive Periods to allow the Debtors and Committee more time to explore options for a plan. The Debtors have engaged in discussions with the Committee regarding the prospects for and contours of a confirmable plan that will result in a recovery to the Debtors' unsecured creditors. An extension of a debtor's Exclusive Periods is justified by a debtor's progress in resolving issues facing its creditors. Moreover, the Debtors' request for an extension of the Exclusive Periods is the Debtors' second such request. In the initial months of the Chapter 11 Bankruptcy Cases, the Debtors have also expended significant time and effort addressing and resolving questions, concerns, and issues raised by employees, vendors, utility companies, and other parties in interest. The Debtors will continue to work diligently with all stakeholders as and if a plan process plays out. Nonetheless, the fact that this is the Debtors' second request for an extension supports granting the requested extension. Counsel to the Debtors: PASHMAN STEIN WALDER HAYDEN, P.C. Joseph C. Barsalona II, Esq. Michael J. Custer, Esq. 824 North Market Street, Suite 800 Wilmington, Delaware 19801 Telephone: (302) 592-6496 Email: jbarsalona@pashmanstein.com mcuster@pashmanstein.com -and- Katherine R. Beilin, Esq. Court Plaza South, East Wing 21 Main Street, Suite 200 Hackensack, NJ 07601 Telephone: (201) 488-8200 Email: kbeilin@pashmanstein.com About CHG US Holdings LLC CHG US Holdings LLC, operating as PLANTA GROUP, operates a chain of plant-based restaurants with 18 locations across major U.S. cities. The company's restaurants are located in Miami Beach, Brooklyn, SOHO, Nomad, Washington DC, Atlanta, Denver, Los Angeles, West Palm Beach, Chicago, and other metropolitan areas. These restaurants likely offer exclusively plant-based cuisine based on the PLANTA brand name and food vendor creditors listed in the filing. CHG US Holdings LLC and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-10851) on May 12, 2025. In its petition, the Debtor reports assets between $50,000 and $100,000, and liabilities ranging from $10 million to $50 million. Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Joseph C. Barsalona II, Esq. and Michael J. Custer, Esq. at Pashman Stein Walder Hayden. CRESTMONT PROPERTIES: Voluntary Chapter 11 Case Summary ------------------------------------------------------- Debtor: Crestmont Properties, LLC 19 Crestmont Road Verona NJ 07044 Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-23408 Judge: Hon. Vincent F. Papalia Debtor's Counsel: Anthony P. Ambrosio, Esq. 105 Grove Street, Suite 1 Montclair, NJ 07042 Tel: 862-368-0712 E-mail: anthonyambrosio@me.com Estimated Assets: $1 million to $10 million Estimated Liabilities: Unknown The petition was signed by Michael Ambrosio, partner at Crestmont, LLC. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OGTQDSQ/Crestmont_Properties_LLC__njbke-25-23408__0001.0.pdf?mcid=tGE4TAMA DIGGING DIRT: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Digging Dirt Site Works, LLC 806 Sentinel Lane Appling, GA 30802 Business Description: Digging Dirt Site Works, LLC, based in Appling, Georgia, provides grading, excavation, paving, and concrete services for commercial and government clients, operating a fleet of heavy machinery including excavators, dozers, loaders, and rollers to support its site development operations. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Southern District of Georgia Case No.: 25-10976 Judge: Hon. Susan D Barrett Debtor's Counsel: Daniel L. Wilder, Esq. EMMETT L GOODMAN JR LLC 544 Mulberry Street Suite 800 Macon, GA 31201 Tel: (478) 745-5415 Fax: (478) 746-8655 E-mail: bkydept@goodmanlaw.org Total Assets: $2,028,600 Total Liabilities: $1,707,499 The petition was signed by Derek Dent as sole member. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/B74A6LI/Digging_Dirt_Site_Works_LLC__gasbke-25-10976__0001.0.pdf?mcid=tGE4TAMA DYNACQ HEALTHCARE: Gets Interim OK for DIP Financing From Caliburn ------------------------------------------------------------------ Dynacq Healthcare, Inc. and affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral and obtain debtor-in-possession financing to get through bankruptcy. The court-approved financing is a senior secured, superpriority DIP loan facility of up to $5 million, with up to $2 million available on an interim basis and the remaining $3 million available after entry of a final order. The financing, to be provided under a multi-draw term loan arrangement administered by Caliburn Capital LLC, is intended to fund employee wages and benefits, medical supplies, general operating expenses, and the administrative costs of the bankruptcy cases, all in accordance with an agreed-upon operating budget. The DIP loan will bear interest at a fixed rate per annum equal to 15%, accruing monthly, payable in full on the maturity date. All DIP obligations will be due and payable in full in cash unless otherwise agreed to by the DIP lender in writing on the earliest: (i) the date that a plan of reorganization becomes effective; (ii) consummation of a sale under section 363 of the Bankruptcy Code; (iii) the date of termination of the DIP facility and the acceleration of any outstanding DIP loans; and (iv) an event of default that has not been cured or waived. The Debtors are required to comply with these milestones: (a) On or before the date that is one day after the Petition Date, the Debtors must have filed an emergency motion seeking approval of the Debtors' entry into the DIP facility; (b) On or before the date that is seven business days after the petition date, the entry of the interim order; (c) On or before the date that is 10 days after the petition date, the Debtors must have filed a motion requesting entry of the sales procedure order and the sale of substantially all of the Debtors' assets; (d) On or before the date that is 45 days after the petition date, the bankruptcy court must have entered the sales procedure order; (e) On or before the date that is 45 days after the petition date, the entry of the final order; (f) On or before the date that is 90 days after the petition date, the bid deadline must occur under the sales procedure order; (g) On or before the date that is 100 after the petition date, the bankruptcy court must have entered the sale order; (h) On or before the date that is 14 days after entry of the sale order, provided that the court has waived the stay imposed by Bankruptcy Rule 6004(h), the sale must have closed, with proceeds of the sale paid pursuant to the interim order; and (i) No later than the maturity date, the DIP obligations must have been paid in full. As protection, the DIP lenders will be granted first-priority security interests in and liens on all of the collateral securing the financing, including property constituting cash collateral; and an allowed superpriority administrative expense claim status. The interim order is available at https://is.gd/AINm2J from PacerMonitor.com. The Debtors said the DIP facility was negotiated in good faith and there were no better financing alternatives available, adding that immediate access to liquidity is critical to avoid disruption to patient care, loss of staff, and erosion of relationships with physicians, vendors, and referral sources. The Debtors operate a general acute care hospital in Pasadena, Texas, with eight operating rooms, 37 beds, intensive care and diagnostic facilities, and adjacent medical office buildings. About Dynacq Healthcare Inc. Dynacq Healthcare Inc. is a healthcare services company specializing in medical care, patient support, and healthcare management solutions. Dynacq Healthcare Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-90798) on December 8, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Dominique Ashley Douglas, Esq. of Dykema Gossett. EDEN ON BRAND: Seeks to Hire Michael Jay Berger as Legal Counsel ---------------------------------------------------------------- Eden on Brand, Inc., doing business as Eden on Brand, seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ the Law Offices of Michael Jay Berger as counsel. The firm will render these services: (a) communicate with creditors of the Debtor; (b) review the Debtor's Chapter 11 bankruptcy petition and all supporting schedules; (c) advise the Debtor of its legal rights and obligations in a bankruptcy proceeding; (d) work to bring the Debtor into full compliance with reporting requirements of the office of the United States Trustee; (e) prepare status reports as required by the Court; and (f) respond to any motions filed in the Debtor's bankruptcy proceeding. The firm will be paid at these hourly rate: Michael Jay Berger, Attorney $695 Sofya Davtyan, Partner $645 Angela Gill, Senior Associate $595 Robert Poteete, Attorney $475 Senior Paralegals $275 Bankruptcy Paralegals $200 The firm received the a total retainer of $35,000 plus $1,738 filing fee from the Debtor. Mr. Berger disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Michael Jay Berger, Esq. Law Offices of Michael Jay Berger 9454 Wilshire Blvd., 6th Floor Beverly Hills, CA 90212 Telephone: (310) 271-6223 Facsimile: (310) 271-9805 Email: Michael.berger@bankrupctypower.com About Eden on Brand Inc. Eden on Brand, Inc. operates a fine-dining restaurant in Glendale, California, offering modern American cuisine with global influences across steak, seafood, and pasta dishes. It provides multi-course dining that includes soups, salads, appetizers, entrees, sides, and desserts in a full-service setting. The restaurant also supports reservations, private event services, and online ordering. Eden on Brand filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-21059) on December 9, 2025, with $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. Erik Khodzhoyan, chief executive officer, signed the petition. Michael Jay Berger, Esq., at the Law Offices of Michael Jay Berger represents the Debtor as counsel. EDUCATION VILLAGE: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Education Village, Inc. and Education Village Braselton, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral. The court authorized the Debtors to use cash collateral in accordance with their budgets, subject to permitted variances. As adequate protection, T.D. Bank and the U.S. Small Business Administration will be granted replacement liens on assets acquired by the Debtor after the petition date to the same extent as the lenders' pre-bankruptcy liens. These replacement liens do not apply to avoidance actions under Chapter 5. The interim order preserves all parties' rights to later challenge the validity, priority, perfection, or enforceability of any alleged liens and does not constitute a final determination of lien rights. A final hearing is scheduled for January 8, 2026, with objections due by January 5, 2026. The interim order is available at https://is.gd/a9toLB from PacerMonitor.com. The Debtors operate early childhood learning centers in Hall and Gwinnett Counties, Georgia, under the Kiddie Academy franchise model. On December 9, the Debtors commenced bankruptcy proceedings and continued managing their businesses without an appointed examiner or committee. The SBA holds a first-priority lien on substantially all assets of Education Village while TD Bank holds a first-priority lien on substantially all assets of Education Village Braselton, and a second-priority lien on Education Village's assets, though the Debtors reserve all rights to challenge these liens. The Debtors' primary source of operating funds consists of tuition and related payments, which may constitute cash collateral subject to the lenders' liens. About Education Village, Inc. Education Village, Inc. operates early childhood learning centers in Hall and Gwinnett Counties, Georgia, under the Kiddie Academy franchise model. Education Village and its affiliate, Education Village Braselton, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Lead Case No. 25-21777) on December 9, 2025. At the time of the filing, Education Village listed between $500,001 and $1 million in assets and between $500,001 and $1 million in liabilities while Education Village Braselton listed up to $50,000 in assets and between $500,001 and $1 million in liabilities. Charles N. Kelley, Jr., Esq., at Kelley Law, LLC, represents the Debtor as bankruptcy counsel. ELITE PRINTING: Gets Final OK to Use Cash Collateral ---------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of Missouri entered a second amended final order authorizing Elite Printing & Packaging Inc. to continue using cash collateral of U.S. Bank and Newtek Bank. The Debtor's pre-bankruptcy secured debt consists primarily of SBA-guaranteed loans totaling more than $3.4 million, owed to U.S. Bank and Newtek Bank and secured by first-priority liens on substantially all business assets, including equipment, inventory, receivables, and cash collateral. The court confirms the validity and perfection of these liens, which remain uncontested. Under the order, the Debtor may use cash collateral only in accordance with an approved budget, with line-item variances capped at 10% absent lender consent. The Debtor projects total operational expenses of $871,737 for December and $920,771 for January 2026. As adequate protection, U.S. Bank and Newtek will receive monthly payments, continuing replacement liens on post-petition collateral, and priority administrative claims for any diminution in collateral value, subject to a $70,000 carve-out for professional fees and U.S. Trustee and court costs. Certain third-party inventory (Royal Canin and Pure Treats) is excluded from collateral use or lien grants. The cash collateral authority runs from September 8 through January 26, 2026, or until the secured debt is paid. The lenders retain all rights to seek additional protection, stay relief, or case conversion if defaults occur. The final order is available at https://shorturl.at/XiPDf from PacerMonitor.com. About Elite Printing & Packaging Inc. Elite Printing & Packaging, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (E.D. Mo. Case No. 25-41743) on May 5, 2025, listing up to $10 million in both assets and liabilities. Michael K. Sloan, president of Elite Printing & Packaging, signed the petition. Judge Kathy A. Surratt-States oversees the case. Spencer Desai, Esq., at The Desai Law Firm, represents the Debtor as bankruptcy counsel. ENDRA LIFE: Approves 5 of 6 Proposals at Annual Meeting ------------------------------------------------------- ENDRA Life Sciences Inc. held its Annual Meeting of stockholders, at which the following proposals were submitted to and approved by the stockholders: Proposal 1 - The Company's stockholders elected the four directors nominated by the Company's Board of Directors to serve until the next annual meeting of stockholders and the election of their successors: 1. Louis J. Basenese * Votes For: 418,586 * Votes Withheld: 7,350 * Broker Non-Votes: 260,128 2. Anthony DiGiandomenico * Votes For: 417,426 * Votes Withheld: 8,510 * Broker Non-Votes: 260,128 3. Michael Harsh * Votes For: 418,586 * Votes Withheld: 7,350 * Broker Non-Votes: 260,128 4. Alexander Tokman * Votes For: 422,728 * Votes Withheld: 3,208 * Broker Non-Votes: 260,128 Proposal 2 - The Company's stockholders approved, on an advisory basis, the compensation paid to the Company's named executive officers: * Votes For: 406,127 * Votes Against: 13,511 * Abstain: 6,298 * Broker Non-Votes: 260,128 Proposal 3 - The Company's stockholders ratified the appointment of RBSM LLP by the Audit Committee of the Board of Directors as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025: * Votes For: 680,031 * Votes Against: 1,781 * Abstain: 4,252 * Broker Non-Votes: 0 Proposal 4 - The Company's stockholders approved the Share Increase Amendment to increase the authorized number of shares of Common Stock from 20,000,000 shares to 1,000,000,000 shares: * Votes For: 645,487 * Votes Against: 40,218 * Abstain: 359 * Broker Non-Votes: 0 A full text of the Share Increase Amendment is available at https://tinyurl.com/mvu5fez9 Proposal 5 - The Company's stockholders did not approve a certificate of amendment to the Certificate of Incorporation t to provide for officer exculpation as permitted by Delaware law: * Votes For: 358,746 * Votes Against: 63,603 * Abstain: 3,587 * Broker Non-Votes: 260,128 Proposal 6 - The Company's stockholders approved the Omnibus Plan Amendment: * Votes For: 406,837 * Votes Against: 15,223 * Abstain: 3,876 * Broker Non-Votes: 260,128 About ENDRA Life ENDRA Life Sciences Inc., headquartered in Ann Arbor, Michigan, develops thermo-acoustic medical devices for accurate liver fat measurement to support metabolic disease detection, management, and GLP-1 therapy eligibility. The Company's technology platform, Thermo-Acoustic Enhanced Ultrasound (TAEUS), targets pharmaceutical companies, clinical research organizations, high-end primary care clinics, bariatric and metabolic clinics, and broader primary and internal medicine markets through a subscription-based model and traditional product sales. Incorporated in Delaware in 2007, ENDRA plans to seek regulatory approvals for its applications in the United States and European Union. RBSM LLP, the Company's auditor since 2015, issued a "going concern" qualification in its report on the Company's consolidated financial statements for the year ended Dec. 31, 2024, citing that the Company has suffered recurring losses from operations, generated negative cash flows from operating activities, has an accumulated deficit and has stated that substantial doubt exists about Company's ability to continue as a going concern. ENDRA Life incurred a net loss of $11.51 million in 2024 followed by a net loss of $10.06 million in 2023. As of Sept. 30, 2025, the Company had an accumulated deficit of $107,296,300 and had $794,036 in cash. The Company stated in its Quarterly Report for the period ended Sept. 30, 2025, that it requires additional capital to continue executing its commercialization plans and advancing its digital asset treasury (DAT) strategy. The Company is exploring potential financing options, including the sale of common stock through its at-the-market sales program. The Company warned that without timely access to sufficient financing on acceptable terms, its financial condition and results of operations may be materially adversely affected and it may not be able to continue operations or execute its stated commercialization plan. FALLS CONDOMINIUM: Case Summary & Nine Unsecured Creditors ---------------------------------------------------------- Debtor: The Falls Condominium Property Owners Association, Inc. 3165 Falls Parkway Branson MO 65616 Business Description: The Falls Condominium Property Owners Association, Inc. is a Missouri-based not- for-profit corporation that manages and administers Fairfield Branson at The Falls Condominium, a timeshare community in Branson, Taney County, Missouri, consisting of nine buildings with 54 two-bedroom units and associated common elements. The Association operates under a Declaration of Condominium and its amendments, overseeing property maintenance, leasing, and governance, while all unit owners automatically hold membership and voting rights proportionate to their interval ownership interests. The property includes fully furnished units with full kitchens and screened porches, as well as shared amenities such as an outdoor pool and cookout area. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Western District of Missouri Case No.: 25-60870 Judge: Hon. Brian T Fenimore Debtor's Bankruptcy Counsel: Camber Jones, Esq. SPENCER FANE 2144 E Republic Road, Suite B300 Springfield MO 65804 Tel: (417) 888-1000 Email: cjones@spencerfane.com Debtor's Bankruptcy Counsel: Daniel M. Eliades, Esq. K&L GATES LLP One Newark Center, Tenth Floor Newark, NJ 07102 Telephone: (973) 848-4000 Email: daniel.eliades@klgates.com Debtor's Real Estate Broker: HILCO REAL ESTATE, LLC Debtors' Management Provider: WYNDHAM VAVATION MANAGEMENT, INC. Debtor's Notice, Claims & Solicitation Agent: OMNI AGENT SOLUTIONS, INC. Estimated Assets: $1 million to $10 million Estimated Liabilities: $100,000 to $500,000 The petition was signed by Betty Schutt as president. A full-text copy of the petition, which includes a list of the Debtor's nine unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KW2ZN2A/The_Falls_Condominium_Property__mowbke-25-60870__0001.0.pdf?mcid=tGE4TAMA FOUR SEASONS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Four Seasons Roofing, Inc. 2202 NW 11th St. Ontario, OR 97914 Case No.: 25-01065 Business Description: Four Seasons Roofing Inc., based in Ontario, Oregon, provides residential and commercial roofing services, including installation, repair, and restoration, and operates as a general contractor offering framing, siding, windows and doors, flooring, drywall, interior remodeling, painting, carpentry, and concrete and masonry services. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of Idaho Judge: Hon. Brent R Wilson Debtor's Counsel: Jared D. Smith, Esq. FOLEY FREEMAN, PLLC 953 S. Industry Way Meridian, ID 83642 Tel: (208) 888-9111 Email: abennett@foleyfreeman.com Total Assets: $91,925 Total Liabilities: $1,541,010 Clarissa Mckague signed the petition as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/5FTKAGY/Four_Seasons_Roofing_Inc__idbke-25-01065__0001.0.pdf?mcid=tGE4TAMA FRONTDOOR INC: S&P Alters Outlook to Positive, Affirms 'BB-' ICR ---------------------------------------------------------------- S&P Global Ratings revised its outlook to positive from stable and affirmed its 'BB-' issuer credit and issue ratings on Frontdoor Inc. The positive outlook reflects the potential for an upgrade if Frontdoor continues to demonstrate healthy and broadly stable performance. Despite persistently unfavorable market conditions, Frontdoor Inc. has continued to exceed performance expectations, with record-high profitability margins, owing to effective operational enhancements and execution. Margins remain susceptible to some variability, but S&P thinks the operational improvements should help mitigate the potential for meaningful downside to earnings and credit measures. The outlook revision to positive reflects S&P's increasing confidence in the consistency and durability of Frontdoor's earnings. For the 12 months ended Sept. 30, 2025, Frontdoor's S&P Global Ratings-adjusted EBITDA margin was 24.8%, another record high and up significantly from 21.7% in the prior 12 months. Price increases and lower claims activity due to favorable weather contributed to this margin improvement, offsetting cost inflation, elevated marketing spend, and costs related to the acquisition of 2-10 Home Buyers Warranty (2-10). Notably, this performance builds on roughly two years of consistent margin expansion amid tough operating conditions, including an especially weak housing market and macroeconomic pressures. S&P said, "We attribute this continued expansion to enhanced operational controls implemented after 2022, when extraordinary conditions after the height of the pandemic materially compressed margins. From its dynamic pricing capabilities to a more proactive approach to managing costs, Frontdoor has, in our view, effectively executed on various process improvements that should support more resilient margins." Furthermore, Frontdoor's nonwarranty business continues to show momentum, which includes its on-demand services and partnership with Moen. Nonwarranty grew roughly 70% in year-to-date 2025, but it still represents a relatively small part of the overall business. However, S&P believes this diversification beyond the company's traditional core home warranty offerings should help reduce sensitivity to housing cycles, reinforcing its view that Frontdoor's earnings should better withstand periods of stress or shock. S&P said, "In our base case, we forecast broadly stable margins of 20%-24%, though we expect some modest near-term compression toward the low end of that range through 2026 due to elevated marketing spend, promotional pricing activity, and generally flat customer count. "We think recent trends point to Frontdoor's ability to better manage earnings volatility, but risks remain that could squeeze margins beyond our current base-case expectations. In addition to ongoing execution risk and potential missteps with growing its nonwarranty business, we believe the company remains susceptible to unfavorable operating environment developments. "For instance, adverse weather events that are more severe or frequent than assumed in our base case could drive up claims activity and weigh on profits. Furthermore, given ongoing macroeconomic uncertainties related to inflation and tariffs and a housing market that has yet to demonstrate a firm recovery, we think there is a possibility for meaningful downside if operating conditions further deteriorate." In such a scenario, worse-than-expected developments in supply and demand could particularly strain margins not only through the direct effects on revenue and expenses, but also by potentially limiting the flexibility and efficacy of management's pricing and cost-control levers. S&P said, "That said, we think there are some early, albeit uneven, signs of stabilization in the broader operating environment. Housing market indicators are somewhat mixed--rising inventory levels and moderating price growth suggest improving conditions, but transaction activity remains subdued due to affordability challenges. And while inflation and tariff concerns remain, we think Frontdoor can mitigate expected cost pressures through its dynamic pricing capabilities, scale-driven purchasing leverage, and tech-enabled efficiencies that should help reduce service delivery costs and improve contractor utilization. "We see earnings and cash flows continuing to trend favorably over the next 12 months, reflecting our expectations for greater margin resilience and steady but moderating revenue growth toward normalized levels. Even amid still-subdued demand, Frontdoor's direct-to-consumer channel posted the fifth consecutive quarter of organic member count growth in the third quarter of 2025. We think this indicates continued traction with marketing and promotional activity as part of the company's broader strategic focus on driving customer growth. "Furthermore, in the third quarter of 2025, the company's first-year real estate channel saw a sequential increase in member count versus the prior quarter, the first such increase since 2020. However, volumes still declined year over year, and we therefore view this development as a sign of potential stabilization rather than a full recovery. "Our base case sees unit volumes remaining generally flat over the next 12 months, alongside continued but moderated pricing actions and strong momentum in nonwarranty. Contributions from the acquisition of 2-10 should support strong year-over-year growth for the rest of 2025, but as the effects of this acquisition annualize, we expect relatively measured and normalized revenue growth of 3%-6% in 2026. "Although some near-term margin pressure is expected, we think Frontdoor is better positioned to absorb earnings variability. Better earnings consistency should support healthy cash flow generation, which underpins our base-case expectations for little to no incremental debt borrowings over the next 12 months. Furthermore, in addition to limiting the likelihood for material downside volatility in credit measures, steadier earnings should help sustain metrics at levels consistent with a higher rating over time. "We believe Frontdoor will continue to deploy excess cash toward internal investments and shareholder initiatives, including share repurchases, rather than to pay down debt beyond required amortization. Given the company's robust cash flows and prudent financial policy, we do not think Frontdoor will raise debt to help fund dividends or share buybacks, which we expect to total well over $200 million for full-year 2025. "Instead, we believe any incremental borrowing needs would most likely be associated with strategic mergers and acquisitions, as observed in late 2024 in connection to Frontdoor's acquisition of 2-10." For the 12 months ended Sept. 30, 2025, Frontdoor's S&P Global Ratings-adjusted leverage was 1.6x, a solid improvement from 2.2x at year-end 2024, primarily a result of healthy earnings growth. S&P said, "While our base case sees leverage remaining below 2.0x through 2026, we do not expect it to remain below 2.0x on a sustained basis, since we believe Frontdoor will continue managing leverage to its publicly stated target of 2.0x-2.5x in the long term." S&P said, "The positive outlook reflects our expectation that Frontdoor's operational capabilities and controls will enable greater earnings stability and steadier performance through cycles. "We could revise our outlook to stable or take a negative rating action over the next 12 months if we expect earnings to deteriorate or exhibit meaningful volatility, such that we forecast S&P Global Ratings-adjusted leverage to remain above 3.0x and EBITDA interest coverage below 3.0x." This could occur if: -- Supply and demand are hit by unfavorable macroeconomic conditions and other market developments that are worse than expected; -- Operational missteps, lost market share, and intense competition limit the efficacy of the company's pricing and cost control mechanisms; or -- The company adopts a more aggressive financial policy. S&P may raise its ratings over the next 12 months if: -- Frontdoor maintains steady top-line growth and consistent profitability, especially amid prolonged market headwinds and macroeconomic uncertainty; -- S&P gains further confidence that, given the company's ability to manage pricing and costs, earnings volatility will not be as severe as seen in the past; -- S&P expects greater resilience in volumes, which could be supported by continued momentum in the company's direct-to-consumer and nonwarranty channels; and -- Management maintains prudent financial policy, supporting S&P's expectations for run-rate leverage of 2.0x-3.0x and EBITDA interest coverage well above 6.0x on a sustained basis. GENERATIONS ON 1ST: Court Extends Cash Collateral Access to Jan. 15 -------------------------------------------------------------------- Generations on 1st, LLC and Parkside Place, LLC received a one-month extension from the U.S. Bankruptcy Court for the District of North Dakota to use the cash collateral of secured creditor Red River State Bank. The court order approved the Debtors' ninth stipulation with Red River State Bank, allowing them to use the secured creditor's cash collateral for the period from December 15 to January 15, 2026, consistent with their budget. Red River State Bank's cash collateral includes rents from the Debtors' mixed-use apartment buildings in South Dakota. The rents are currently being held by a court-appointed receiver. Under the stipulation, Parkside and Generations on 1st are required to pay $19,266.67 and $39,666.67 to Red River State Bank, respectively, as adequate protection. The Debtors are also required to remit to the bank the added sum of $25,000, to be applied to debt service. As of the petition date, the receiver is holding pre-bankruptcy rents in the sum of $110,948.58 for Parkside and $211,201.59 for Generations. About Generations on 1st and Parkside Place Generations on 1st, LLC, a company in Fargo, N.D., and its affiliate Parkside Place, LLC, filed Chapter 11 petitions (Bankr. D. N.D. Lead Case No. 25-30002) on January 6, 2025. In their petitions, Generations on 1st reported total assets of $13,567,037 and total liabilities of $12,137,102 while Parkside Place reported $7,221,882 in assets and $5,599,522 in liabilities. Judge Shon Hastings handles the cases. The Debtors are represented by Maurice VerStandig, Esq. at The Dakota Bankruptcy Firm. Red River State Bank, as lender, is represented by Drew J. Hushka, Esq., at Vogel Law Firm. GREENFIRE RESOURCES: S&P Withdraws 'B-' Issuer Credit Rating ------------------------------------------------------------ S&P Global Ratings withdrew its 'B-' issuer credit rating on Greenfire Resources Ltd. and its 'B+' issue-level rating on the company's senior secured notes. The outlook was stable at the time of the withdrawal. This follows the full repayment of Greenfire's rated debt on Dec. 19, 2025. HALL OF FAME: Widens Net Loss to $14.4MM in Q3, Needs More Capital ------------------------------------------------------------------ Hall of Fame Resort & Entertainment Co. filed with the U.S. Securities and Exchange Commission its Quarterly Report on Form 10-Q reporting a net loss of $14.4 million for the three months ended September 30, 2025, compared to a net loss of $4.4 million for the three months ended September 30, 2024. For the nine months ended September 30, 2025, the Company reported a net loss of $41.3 million, compared to a net loss of $34.5 million for the same period in 2024. Total revenues for the three months ended September 30, 2025 and 2024, were $5 million and $7.5 million, respectively. For the nine months ended September 30, 2025 and 2024, the Company had total revenues of $12.3 million and $16.4 million, respectively. As of September 30, 2025, the Company had $355.9 million in total assets, $325.7 million in total liabilities, and $30.2 million in total equity. HOFRE have sustained recurring losses through September 30, 2025, and its accumulated deficit was $312 million as of such date. Since inception, the Company's operations have been funded principally through the issuance of debt and equity. As of September 30, 2025, the Company had approximately $1.4 million of unrestricted cash and $4.4 million of restricted cash. Through December 31, 2026, it has $129.8 million in debt principal payments coming due. At December 15, 2025, the Company's cash position is insufficient to support operations and certain payments for our operations are not being made in the ordinary course of business. Certain of the Company's liquidity requirements have been, and may continue to be, funded in part by loans from CHCL, an affiliate of the Company's director Stuart Lichter, and certain other affiliates of Mr. Lichter. HOFRE said, "We will need to raise additional financing to accomplish our development plan and fund our working capital. We are seeking to obtain additional funding through debt, construction lending, and equity financing. There are no assurances that we will be able to raise capital on terms acceptable to the Company or at all. Cash flows generated from our operations are insufficient to meet our current operating costs." "If we are unable to obtain sufficient amounts of additional capital, we may be required to reduce the scope of our planned development, which could harm our financial condition and operating results, or we may not be able to continue to fund or must significantly curtail our ongoing operations. These conditions raise substantial doubt about our ability to continue as a going concern to sustain operations for at least one year from the issuance of these condensed consolidated financial statements." A full-text copy of the Company's Form 10-Q is available at: https://tinyurl.com/8sy6jhhm About Hall of Fame Resort Hall of Fame Resort & Entertainment Co. is a resort and entertainment company leveraging the power and popularity of professional football and its legendary players in partnership with the National Football Museum, Inc., doing business as the Pro Football Hall of Fame. Headquartered in Canton, Ohio, the Company owns the DoubleTree by Hilton located in downtown Canton and the Hall of Fame Village, which is a multi-use sports, entertainment, and media destination centered around the PFHOF's campus. Cleveland, Ohio-based Grant Thornton LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company has sustained recurring losses through December 31, 2024 and utilized cash from operations of $10.9 million during the year ended December 31, 2024. The Company has $109.5 million of debt due through December 31, 2025, and will need to raise additional financing to accomplish its development plans and fund its working capital. These conditions, along with other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $355.9 million in total assets, $325.7 million in total liabilities, and $30.2 million in total equity. HO WAN KWOK: $371,889 in Fees and Costs Awarded in Mei Guo Case --------------------------------------------------------------- In the adversary proceeding captioned as LUC A. DESPINS, CHAPTER 11 TRUSTEE, Plaintiff, v. MEI GUO, Defendant, Adv. P. No. 23-05008 (JAM) (Bankr. D. Conn.), Judge Julie A. Manning of the United States Bankruptcy Court for the District of Connecticut entered an order awarding fees and costs of Luc A. Despins, Chapter 11 trustee for the Estate of Ho Wan Kwok, and his counsel pursuant to the memorandum decision and order granting the motion to hold Mei Guo in contempt of preliminary injunction. The Court finds a majority of the compensation sought by Paul Hastings LLP and Neubert, Pepe & Monteith, P.C. in bringing and prosecuting the motion to hold Mei Guo in contempt of preliminary injunction is reasonable. However, the Court also finds it appropriate to partially reduce a portion of the fees sought by Paul Hastings LLP. Compensation in the amount of $358,839.00 and expenses in the amount of $4,466.99 is awarded to Paul Hastings LLP. Compensation in the amount of $8,584.00 is awarded to Neubert, Pepe & Monteith, P.C. Ms. Mei Guo is ordered to pay to the Chapter 11 estate of Mr. Ho Wan Kwok on or before January 30, 2026: (i) the fees allowed in the amount of $358,839.00; (ii) the expenses allowed in the amount of $4,466.99; and (iii) the fees allowed in the amount of $8,584.00. Upon receipt of the amounts awarded or a portion thereof from Ms. Mei Guo, the Estate is ordered to pay such received amount to Paul Hastings LLP and Neubert, Pepe & Monteith P.C. A copy of the Court's Order dated December 18, 2025, is available at https://urlcurt.com/u?l=Ac6aHY from PacerMonitor.com. About Ho Wan Kwok Ho Wan Kwok sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Conn. Case No. 22-50073) on Feb. 15, 2022. Judge Julie A. Manning oversees the case. Dylan Kletter, Esq., is the Debtor's legal counsel. Ho Wan Kwok aka Guo Wengui is an exiled Chinese businessman. According to Reuters, Guo was a former real estate magnate who fled China for the U.S. in 2014 ahead of corruption charges. Guo filed for bankruptcy after a New York court ordered him to pay lender Pacific Alliance Asia Opportunity Fund $254 million stemming from a contract dispute. PAX had initially loaned two of Guo's companies $100 million in 2008 for a construction project in Beijing and sued Guo when he failed to pay off the loan. An Official Committee of Unsecured Creditors has been appointed in the case and is represented by Pullman & Comley, LLC. Luc A. Despins was appointed Chapter 11 Trustee in the case. HORIZON WEST: Andrew Layden Named Subchapter V Trustee ------------------------------------------------------ The Acting U.S. Trustee for Region 21 appointed Andrew Layden as Subchapter V trustee for Horizon West Medical Group, PLLC. Mr. Layden will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Layden declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Andrew Layden 200 S. Orange Avenue, Suite 2300 Orlando, FL 32801 Telephone: 407-649-4000 Email: alayden@bakerlaw.com About Horizon West Medical Group PLLC Horizon West Medical Group, PLLC is a Florida-based healthcare provider specializing in outpatient medical services. The company offers primary care, diagnostic services, and patient management programs to support the health and wellness of its local community. Horizon West Medical Group, PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-08105) on December 14, 2025. In its petition, the debtor reports estimated assets and estimated liabilities each in the range of $100,001 to $1 million. The case is assigned to Honorable Lori V. Vaughan. The debtor is represented by Jeffrey Ainsworth, Esq., of BransonLaw PLLC. ICORECONNECT INC: Gets OK to Pay Semi-Monthly Prepetition Payroll ----------------------------------------------------------------- Judge Grace E. Robson of the United States Bankruptcy Court for the Middle District of Florida granted iCoreConnect Inc. and iCore Midco Inc.'s motion for authorization to pay from from net sale proceeds the semi-monthly prepetition payroll owed to employees. The Debtor is authorized to pay $217,706 on a gross basis and $166,835 on a net basis owed to fifty-one (51) employees for the semi-monthly payroll prepetition period of May 16, 2025, through May 31, 2025, for compensation, employee benefits, 401(k) contributions, and reimbursable business expenses, so long as no individual employee receives more than $17,150.00 priority cap set forth in 11 U.S.C. Sec. 507(a)(4). The Debtor is authorized to pay the semi-monthly payroll from the net proceeds from the sale of the Debtors’ assets to Standard Dental LLC. Stichter, Riedel, Blain & Postler, P.A. is authorized to transfer from its trust account to the Debtor, the sum of $217,706, representing the semi-monthly payroll authorized to be paid to the employees pursuant to this Order. A copy of the Court's Order dated December 11, 2025, is available at https://urlcurt.com/u?l=ozBnbg from PacerMonitor.com. About iCoreConnect Inc. iCoreConnect Inc. provides cloud-based software solutions for the healthcare sector across the United States. Its SaaS offerings support functions such as ePrescribing, insurance verification, claims management, analytics, and HIPAA-compliant communication and backup. The company is headquartered in Ocoee, Florida. iCoreConnect and iCore Midco Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Lead Case No. 25-03390) on June 2, 2025. In its petition, iCoreConnect reported between $1 million and $10 million in both assets and liabilities. Judge Grace E. Robson handles the cases. The Debtors tapped Amy Denton Mayer, Esq., at Stichter, Riedel, Blain & Postler, PA as bankruptcy counsel and Bhavsar Law Group, PA as special immigration counsel. INGLES PRODUCE: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------- Debtor: Ingles Produce, Inc. 1724 -1728 Park Central Boulevard N Pompano Beach, FL 33064 Business Description: Ingles Produce Inc. is a global distributor of fresh fruits and vegetables, supplying retail, catering, and food service clients across the United States, with multiple farm locations from Georgia to New Jersey. The Company operates a nationwide network to manage production, handling, and delivery of produce in compliance with federal food safety regulations. Its product range includes a variety of Eastern vegetables and fruits such as collard greens, tomatoes, ginger, mangoes, and berries. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Southern District of Florida Case No.: 25-25031 Debtor's Counsel: Aaron Wernick, Esq. WERNICK LAW PLLC 2255 Glades Rd., Suite 324A Boca Raton, FL 33431 Phone: (561) 961-0922x1 Email: aw@wernicklaw.com Total Assets: $997,807 Total Liabilities: $2,632,068 The petition was signed by Kareem Ingleton as president. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RLZ44XQ/Ingles_Produce_Inc__flsbke-25-25031__0001.0.pdf?mcid=tGE4TAMA IROBOT CORP: Continues Picea Partnership in 2-Year Supply Deal -------------------------------------------------------------- iRobot Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 11, 2025, the Company and iRobot UK Ltd. entered into a Design Manufacturer and Supply Agreement with Shenzhen PICEA Robotics Co., Ltd. (f/k/a Shenzhen 3irobotix Co., Ltd.) and Santrum Hong Kong Co., Limited, a wholly-owned subsidiary of Picea Robotics, pursuant to which Picea will continue to design, manufacture, assemble, package and supply certain Company products. The Supply Agreement, which has a two-year term, will govern all services provided by Picea to the Company from and after the date of the Supply Agreement. The Supply Agreement tolls Picea's right to receive payment for 55 days from the date of the Supply Agreement and then permits Picea, at its discretion, to request payment on net 90-day terms. A full text copy of the Supply Agreement is available at https://tinyurl.com/yc78ww4b 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. IRONMEN REALTY: Voluntary Chapter 11 Case Summary ------------------------------------------------- Debtor: Ironmen Realty Company, LLC Ironmen Realty, LLC 28-32 Vanorden Place Hackensack, NJ 07602 Business Description: Ironmen Realty Company, LLC is a single- asset real estate company that owns one income-producing property. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-23344 Judge: Hon. 25-23344 Debtor's Counsel: Mark J. Politan, Esq. POLITAN LAW, LLC 88 East Main Street, #502 Mendham, NJ 07945 Tel: 973-768-6072 E-mail: mpolitan@politanlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Frank Muscara as managing member. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7W2PZZQ/Ironmen_Realty_Company_LLC__njbke-25-23344__0001.0.pdf?mcid=tGE4TAMA JILL'S OFFICE: Seeks Cash Collateral Access Until March 2026 ------------------------------------------------------------ Jill's Office, LLC asks the U.S. Bankruptcy Court for the District of Utah, Central Division, for authority to use cash collateral from January 1 through March 31, 2026, or until the effective date of a confirmed plan. The Debtor requests authority to use cash collateral on the same terms previously approved throughout 2025 and in accordance with its operating budget while granting the U.S. Small Business Administration and any other secured creditors replacement liens on post-petition cash and receivables. The Debtor also proposes to reduce its monthly adequate protection payment to the SBA from $9,000 to $3,000 during this period. Jill's Office provides outside receptionist services across the United States and Canada and generates approximately $480,000 in monthly receivables, subject to seasonal declines in winter months. Its financial distress arose from an unsuccessful rapid expansion in 2024, which led to over-hiring and reliance on merchant cash advance lenders and family financing. The SBA asserts a senior lien securing approximately $530,000, with Samson MCA, LLC holding a junior secured claim. Numerous other asserted secured claims have been reclassified as unsecured. The Debtor owns no real property but holds equipment, accounts receivable that regenerate monthly, and intangible assets, all of which it believes are fully encumbered by senior debt. The Debtor emphasizes that ongoing generation of post-petition receivables and the provision of replacement liens and reduced adequate protection payments adequately protect secured creditors. A copy of the motion is available at https://urlcurt.com/u?l=TBLbBO from PacerMonitor.com. About Jill's Office LLC Jill's Office, LLC provides professional, US-based 24/7 virtual receptionist and scheduling services designed to support businesses across various industries. The Company offers a range of services, including inbound call answering, appointment scheduling, live chat support for websites, and automated lead follow-ups (Lead Zap). Jill's Office specializes in delivering tailored, seamless communication solutions that enhance customer engagement while eliminating the need for businesses to hire in-house staff. The Company serves industries such as home services, real estate, health and wellness, finance, legal, and small businesses. Its mission is to ensure that businesses never miss calls or opportunities, offering reliable customer service around the clock. Jill's Office filed Chapter 11 petition (Bankr. D. Utah Case No. 25-21625) on March 27, 2025, listing up to $500,000 in assets and up to $10 million in liabilities. Brant Thurgood, member manager, signed the petition. Judge Peggy Hunt oversees the case. The Debtor is represented by T. Edward Cundick, Esq. at Workman Nydegger. JOAN SAMUEL HANNA: Creditor Loses Bid for Chapter 7 Conversion -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Massachusetts on December 10 issued a proceeding memorandum and order denying the motions filed by creditor John Hanna to convert Joan Samuel Hanna's chapter 11 petition to chapter 7 pursuant to 11 U.S.C. Sec. 1112 and Sec. 1112(b). Mr. Hanna's demand that the escrow that is held by Debtor's counsel be immediately surrendered and held escrow by this court is also denied. The court declined the demand of Mr. Hanna that the U.S. Trustee's Office intervene due to the Debtor's habitual deliquency and failure to file monthly operating reports. The December 10 order is available at https://urlcurt.com/u?l=rWQkJT from PacerMonitor.com. Joan Samuel Hanna filed for Chapter 11 bankruptcy protection (Bankr. D. Mass. Case No. 23-10429) on March 24, 2023, listing under $1 million in both assets and liabilities. The Debtor is represented by Joseph Butler, Esq. KANE COUNTY WATER: S&P Lowers 2015 Refunding Bonds Rating to 'BB+' ------------------------------------------------------------------ S&P Global Ratings lowered its long-term rating to 'BB+' from 'BBB-' on the Kane County Water Conservancy District, Utah's series 2015 water revenue refunding bonds. The outlook is stable. The downgrade reflects the district's continuing lower cash levels and operating margins. In our opinion, the thin liquidity risk is heightened by growing operational and environmental risks, in particular wildfire risk. The district also relies on connection fee revenue to meet all debt obligations and, absent these, would have debt service coverage (DSC) below 1x. Including all available net operating revenues, DSC is just over 1x. These thinner margins and growing operating expenses have resulted in days' cash falling below 96 in fiscal 2025, or $581,000 of unrestricted cash and investments, from historical levels above 150. S&P said, "The stable outlook reflects our view of the board's recent action to moderately raise utility rates to sufficiently meets its financial and operational obligations. The board approved its third consecutive annual rate increase in fiscal 2026; the increases average roughly 2% annually. The stable outlook also reflects the board's actions regarding rate-setting, the district's reliance on tap-in fees, which will continue, and its level of unrestricted reserves. "We view environmental risks, primarily with regard to drought, water stress, and wildfire, as heightened relative to peers in both the state of Utah and the U.S. In particular, water stress and wildfire risk are extremely elevated, with wildfire risk at 2x the state average and 10x the risk relative to that of U.S. peers. The district will continue to support its capital program through grants, and received grant revenue of $6 million and $1 million in 2025 and 2024, respectively, to fund capital projects. Water supply comes from aquifers by way of ground wells. Management views water supply as sufficient and has recently completed a hydrology study. "We view governance risks as elevated, as management's continuing disclosure, such as annual audits, is not publicly disclosed and needs to be obtained directly through management. Financial policies are mostly informal targets and practices. "The stable outlook reflects the fact that management has increased rates to offset rising operating costs, which we expect will continue to rise. Management has also increased the system's days' cash by roughly 30 over the past two years in order to provide more cushion. "We could lower the rating further if financial margins deteriorate or if management draws on cash, reducing the system's ability to accommodate unforeseen expenses. "We could consider raising the rating back to investment grade if the district establishes a track record of generating reoccurring revenue that supports stronger financial metrics and builds cash." LEROYS MEATS: Case Summary & 20 Largest Unsecured Creditors ----------------------------------------------------------- Debtor: Leroys Meats, LLC a/k/a Ray Ray's a/k/a Ray Ray's Hog Pit 6670 Busch Blvd. Columbus, OH 43229 Business Description: Leroys Meats, LLC, doing business as Ray Ray's Hog Pit, operates a family of stationary barbecue food trucks, trailers, and drive-thru restaurants across four locations in central Ohio, including Columbus, Westerville, Granville, and Franklinton. Founded in 2009 by chef James Anderson, the Company specializes in hardwood-smoked barbecue, offering pork, beef, and chicken prepared using traditional low-and-slow methods, along with catering and bulk pre-order services for events and holidays. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-55609 Judge: Hon. Tiffany Strelow Cobb Debtor's Counsel: Sean Stone, Esq. TAX WORKOUT GROUP, P.A. 175 South 3rd Street, Suite 200 Columbus, OH 43215 E-mail: sstone@twg.law Total Assets: $428,029 Total Liabilities: $1,175,612 The petition was signed by James Ray Anderson as owner. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KG4QQRA/Leroys_Meats_LLC__ohsbke-25-55609__0001.0.pdf?mcid=tGE4TAMA LUMEXA IMAGING: S&P Rates New Term Loan B and $250MM Revolver 'B+' ------------------------------------------------------------------ S&P Global Ratings assigned its 'B+' issue-level rating and '3' recovery rating to Lumexa Imaging Inc.'s (a subsidiary of Lumexa Imaging Equity Holdco LLC) new $825 million term loan B and $250 million revolver. The '3' recovery rating indicates its expectation for average (50%-70%; rounded estimate: 50%) recovery in the event of a default. The company used the proceeds from this issuance, together with the proceeds from its recent IPO, to retire its $1.191 billion term loan and $165 million revolver. These ratings are in line with the preliminary ratings we assigned on Dec. 9, 2025. Following the close of the IPO, the stake held by Lumexa's private-equity owners declined to 30% and they now have minority representation on its board of directors. S&P views this as materially credit positive for the company's financial policy because private-equity investors tend to favor high leverage to enhance their returns. The 'B+' rating reflects the company's modest scale and limited market-share in the highly fragmented, competitive, and commodity like market for outpatient health care imaging and radiology services, as well as the reimbursement headwinds from both government and commercial payors. These factors are partially offset by the rising demand for diagnostic imaging, the payor-driven push for these services to be performed in a lower-cost outpatient setting--where Lumexa is focused--and its strong relationships with referring doctors and partnerships with health systems. Although the company's S&P Global Ratings-adjusted leverage was modestly above 5x following the recent IPO, S&P expects its leverage will generally be between 4.0x and 5.0x going forward, supported by the substantial reduction in its interest expense and improved free cash flow generation. Issue Ratings--Recovery Analysis Key analytical factors -- Lumexa's capital structure will comprise a $250 million first-lien revolving credit facility (initially undrawn) maturing in 2030 and an $825 million first-lien term loan maturing 2032. -- S&P said, "Our simulated default scenario considers a default in 2028 precipitated by intensified competition, declining reimbursement rates, or the termination of third-party payer contracts. We assume the company would reorganize as a going concern to maximize its lenders' recovery prospects, which reflects its good market position." -- S&P assumes the revolver is 85% drawn in default, which reflects its expectation that lenders would amend the covenant in a downturn. -- S&P values Lumexa on a going-concern basis using a 5.5x multiple of its projected emergence-level EBITDA. This multiple is consistent with those S&P uses for its similar peers. -- The '3' recovery rating on the secured debt indicates S&P's expectation for meaningful (50%-70%; rounded estimate: 50%) recovery. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA at emergence: $103 million -- EBITDA multiple: 5.5x Simplified waterfall -- Enterprise value: $540 million (after 5% administrative costs) -- Valuation split (obligor/nonobligor): 71%/29% -- Collateral value and additional unsecured value available to first-lien creditors: $540 million -- Secured first-lien debt: $1.05 billion --Recovery expectations: 50%-70% (rounded estimate: 50%) Note: All debt amounts include six months of prepetition interest. MAY JACKSON: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: May Jackson LLC 32 Cross Street Lakewood, NJ 08701 Business Description: May Jackson LLC is a single-asset real estate company that owns one income- producing property. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-23369 Judge: Hon. Michael B. Kaplan Debtor's Counsel: Geoffrey P. Neumann, Esq. Timothy P. Neumann, Esq. BROEGE NEUMANN FISCHER & SHAVER, LLC 25 Abe Voorhees Drive Manasquan NJ 08736 Tel: (732) 223-8484 E-mail: geoff.neumann@gmail.com Timothy.neumann25@gmail.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Yaakov Klugman as managing member. The Debtor filed a list of its 20 largest unsecured creditors, but all entries were left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/KDXRCRA/MAY_JACKSON_LLC__njbke-25-23369__0001.0.pdf?mcid=tGE4TAMA MBK HOLDINGS: Daniel Freeland Named Subchapter V Trustee -------------------------------------------------------- The U.S. Trustee for Region 10 appointed Daniel Freeland as Subchapter V trustee for MBK Holdings, Inc. Mr. Freeland will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Freeland declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Daniel L. Freeland 9105 Indianapolis Blvd. Highland, IN 46320 Tel: (219) 922-0800 Email: dlf9601@aol.com About MBK Holdings Inc. MBK Holdings, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ind. Case No. 25-31964) on December 15, 2025, with $500,001 to $1 million in assets and liabilities. Judge Paul E. Singleton presides over the case. John R. Humphrey, Esq. represents the Debtor as legal counsel. METHODIST UNIVERSITY: S&P Affirms 'BB' LT Rating on Revenue Bonds ----------------------------------------------------------------- S&P Global Ratings revised the outlook to positive from stable and affirmed its 'BB' long-term rating on Methodist University (MU, or Methodist), N.C.'s series 2021 revenue refunding bonds. S&P said, "The outlook revision reflects improving financial performance and balance sheet metrics, as well as our expectation of improved enrollment and demand with the opening of the university's new medical school during the outlook period. "We analyzed the university's environmental, social, and governance factors related to its market position and financial performance. We view these factors as neutral in our credit rating analysis. "The positive outlook reflects our view of MU's improving financial performance and growing balance sheet. It also reflects our expectation of likely enrollment and market position improvement following the opening of the medical school in fall 2026. "We could revise the outlook to stable or consider a negative rating action if the university is unable to maintain the recent trend of financial performance improvement or sees a substantial decline in financial resource levels. We could also consider a negative rating action if the university sees further weakening of enrollment statistics. "We could raise the rating if the university stabilizes or grows enrollment while maintaining above break-even operating performance. We would also expect the university to maintain or improve financial resources." MODIVCARE INC: Seeks to Extend Plan Exclusivity to Feb. 17, 2026 ---------------------------------------------------------------- ModivCare Inc. and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to February 17, 2026 and April 20, 2026, respectively. The Debtors continue to operate their businesses and manage their properties as debtors in possession under sections 1107(a) and 1108 of the Bankruptcy Code. No request for the appointment of a trustee or an examiner has been made in the Chapter 11 Cases. The Debtors submit that ample cause exists to extend the Exclusive Periods. On December 15, the Court entered the Confirmation Order confirming the Debtors' Plan. While the Debtors believe that the Plan will become effective on or before December 24, out of an abundance of caution, the Debtors seek the relief requested herein to maintain their Exclusive Periods. The Debtors explain that the extension requested herein will support their efforts to preserve and maximize the value of their estates and progress the Chapter 11 Cases. Termination of the Exclusive Periods may disincentivize stakeholders from negotiating with the Debtors and would certainly undermine the Debtors' efforts toward an efficient emergence from the Chapter 11 Cases. Moreover, the proposal and solicitation of any competing plan would greatly complicate and increase the cost of administering the Chapter 11 Cases. Accordingly, good cause exists to extend the Exclusive Periods pursuant to section 1121(d) of the Bankruptcy Code. Co-Counsel for the Debtors: Timothy A. ("Tad") Davidson II, Esq. Catherine A. Rankin, Esq. Brandon Bell, Esq. HUNTON ANDREWS KURTH LLP 600 Travis Street, Suite 4200 Houston, TX 77002 Tel: (713) 220-4200 Email: taddavidson@hunton.com catherinerankin@hunton.com bbell@hunton.com AND Ray C. Schrock, Esq. Keith A. Simon, Esq. George Klidonas, Esq. Jonathan J. Weichselbaum, Esq. LATHAM & WATKINS LLP 1271 Avenue of the Americas New York, NY 10020 Tel: (212) 906-1200 Email: ray.schrock@lw.com keith.simon@lw.com george.klidonas@lw.com jon.weichselbaum@lw.com About ModivCare ModivCare Inc. is a technology-enabled healthcare services company that provides a suite of integrated supportive care solutions for public and private payors and their members. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90309) on August 20, 2025. In the petition signed by Chad J. Shandler, chief transformation officer, the Debtor disclosed up to $10 billion in both assets and liabilities. Judge Alfredo R. Perez oversees the case. Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, represents the Debtor as legal counsel. MONTANA HOLDING: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Montana Holding Company, LLC 47-49 South Main Street Lodi, NJ 07644 Business Description: Montana Holding Company, LLC is a single- asset real estate company that owns one commercial property in Lodi, New Jersey. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court District of New Jersey Case No.: 25-23343 Judge: Hon. John K Sherwood Debtor's Counsel: Mark J. Politan, Esq. POLITAN LAW, LLC 88 East Main Street, #502 Mendham, NJ 07945 Tel: 973-768-6072 E-mail: mpolitan@politanlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Frank Muscara as managing member. A list of the Debtor's 20 largest unsecured creditors was not provided alongside the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/3CCZQ3Y/Montana_Holding_Company_LLC__njbke-25-23343__0001.0.pdf?mcid=tGE4TAMA NATURE'S WAX: L. Todd Budgen Named Subchapter V Trustee ------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Nature's Wax & Spa, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Nature's Wax & Spa LLC Nature's Wax & Spa, LLC provides hair removal and skincare services through its spa and wellness facilities. The company specializes in waxing, facial treatments, and other spa services designed to meet individual client needs. Nature's Wax & Spa, LLC commenced its Chapter 11 case under the U.S. Bankruptcy Code (Bankr. Case No. 25-08184) on December 16, 2025. The filing lists assets estimated between $100,001 and $1,000,000 and liabilities ranging from $1 million to $10 million. The case is assigned to Honorable Bankruptcy Judge Tiffany P. Geyer. The debtor is represented by Jesus Lozano, Esq. of Nardella & Nardella, PLLC. NOR-WES INC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Nor-Wes, Inc. 1037 Hawn Avenue Shreveport, LA 71107 Business Description: Nor-Wes, Inc., based in Shreveport, Louisiana, provides aerial application and aviation services for the agricultural sector, including crop dusting, and operates aircraft maintenance and management across several U.S. states for commercial agricultural customers. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Western District of Louisiana Case No.: 25-11534 Judge: Hon. John S Hodge Debtor's Counsel: Robert W. Raley, Esq. ROBERT W. RALEY, ESQ. 290 Benton Spur Road Bossier City, LA 71111 Tel: 318-747-2230 Email: rwr@robertraleylaw.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $1 million to $10 million The petition was signed by Tommy A. Ellett as managing member. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/XJZW6SY/Nor-Wes_Inc__lawbke-25-11534__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Advanced Ag Seed, LLC $32,544 PO Box 21 Creston, IA 50801 2. Avfuel Corporation Fuel Vendor $29,889 Attn: Dept 135-01 PO Box 67000 Detroit, MI 48267-0135 3. Bailey Air, Inc. $25,020 385 Highway 860 Delhi, LA 71232 4. Bear Flying Services $43,950 167 Hwy 914 Sicily Island, LA 71368 5. Capital One Bank Credit Card $30,638 PO Box 60519 City of Industry, CA 91716-0519 6. Datasmart Enterprises, LLC $32,630 361 Southwest Drive Suite 163 Jonesboro, AR 72401 7. Eric Hey $32,612 DBA Aviation-N-Farming LLC PO Box 426 Garwood, TX 77442 8. Francis Aviation Fuel Vendor $61,252 FBO - KDNA 123 West Mills VE Suite 600 El Paso, TX 79901 9. GM Financial $31,552 PO Box 183853 Arlington, TX 76096 10. GM Financial $31,095 PO Box 183853 Arlington, TX 76096 11. Harper Law Firm Legal Services $35,961 PO Box 1816 Shreveport, LA 71166 12. Heinen Bros. Agra $32,848 Service, Inc 1226 104th Road Seneca, KS 66538 13. Jet A U.S.A. Fuel Vendor $32,782 14040 N Cave Creek Road Suite 109 Phoenix, AZ 85022 14. M9 Aero, LLC $47,919 86 Airport Road Delhi, LA 71232 15. Mid - Continet $75,322 Aircraft Corp. 1601 Hwy 84 Hayti, MO 63851 16. North Star Aviation, Inc. $98,680 PO Box 412 Ulysses, KS 67880 17. Reed Aviation $100,833 8351 McCain Road Iota, LA 70543 18. Scott Petroleum Corp. Fuel Vendor $37,404 23 Briel Avenue Natchez, MS 39120 19. Seaton Hill Partners, LP $150,895 777 Main Street Suite 600 Fort Worth, TX 76102 20. Titan Aviation Fuels Fuel Vendor $134,992 PO Box 952656 Saint Louis, MO 63195-2656 NOVAE LLC: S&P Alters Outlook to Negative, Affirms 'B' ICR ---------------------------------------------------------- S&P Global Ratings revised its outlook on Novae LLC to negative from stable. At the same time, S&P affirmed all its ratings on Novae, including the 'B' issuer credit rating. The negative outlook reflects S&P's forecast for S&P Global Ratings-adjusted leverage remaining elevated in the low- to mid-6x area in 2026, providing little to no cushion in credit measures to absorb potential underperformance or additional sustained draws on its credit facilities. It also incorporates the company's decreased liquidity amid heightened market uncertainty and an approaching revolver maturity. Novae LLC's S&P Global Ratings-adjusted leverage increased to 6.7x for the 12 months ended Sept. 30, 2025, driven by lower volumes and a $20 million draw on its $50 million revolving credit facility. S&P forecasts leverage remaining elevated--in the low- to mid-6x area--through 2026, providing little to no cushion relative to our 6.5x downside threshold to absorb further potential underperformance. Furthermore, the company's total liquidity (cash and revolver availability) has decreased by 50% as of Sept. 30, 2025, compared to Dec. 31, 2024, largely due to Novae's retail expansion and inventory investments. S&P believe these investments carry some execution risk because they come at a time of heightened uncertainty in the U.S. trailer industry and macroeconomy and as Novae's revolving credit facility comes current (it matures Dec. 22, 2026). The negative outlook reflects a lack of credit buffer relative to downside thresholds at the current rating and execution risk relating to Novae's retail expansion strategy amid heightened uncertainty in the U.S. trailer industry and macroeconomy. Its S&P Global Ratings-adjusted leverage increased to 6.7x as of the 12 months ended Sept. 30, 2025, and its available liquidity has declined. This was partly due to a $20 million draw on the company's $50 million revolving credit facility to support its retail growth strategy and fund higher inventory levels. Current leverage and liquidity provide limited cushion at the current rating to absorb potential operating underperformance. However, there have been pockets of improvement in certain trailer markets/geographies and the company's strategic positioning to capture market share and realize operating leverage if markets return to meaningful growth. S&P said, "Still, its expansion during a period of market uncertainty introduces risks, in our view. Specifically, investments in plant, property, and equipment (PP&E) and inventory--as well as higher selling, general, and administrative (SG&A) expenses to support its larger retail footprint--might not generate sufficient EBITDA and improved credit measures in the next 12 months if trailer demand is weaker than we forecast. This, in turn, could result in liquidity remaining below historical levels and its revolver remaining drawn for an extended period. "We assume Novae's S&P Global Ratings-adjusted leverage will remain high, in the low- to mid-6x area, through 2026 amid a challenging U.S. trailer market. Novae's S&P Global Ratings-adjusted EBITDA declined about 3% year-to-date through Sept. 30, 2025. This reflects a 7% revenue decline on lower volumes, including from open trailers, which have faced increased pricing pressure from competitors and contribute over 60% of Novae's volumes. Partially offsetting this is about 80 basis points (bps) of margin expansion on process improvements. We forecast EBITDA will remain generally flat year-over-year in 2026, driven by the full-year impact of higher material costs (from steel and aluminum tariffs imposed in 2025) fully offsetting our forecast for higher revenue from volume increases (largely the result of the company's expanded retail footprint from investments made in 2025). Our forecast also assumes 2026 EBITDA benefits from a full year of price actions taken in 2025, our assumption of incremental price increases in 2026, and further savings from operating efficiency initiatives aimed at reducing overhead and labor costs. "Retail and inventory investments will be a drag on free operating cash flow (FOCF) in 2025 but will support positive FOCF in 2026, under our base case. We forecast moderately negative S&P Global Ratings-adjusted FOCF in 2025 amid lower volumes and expansion investments. However, the company's larger retail footprint and currently elevated inventory--valued at about $103 million as of Sept. 30, 2025--will be a tailwind to operating cash flow in 2026 as product is sold through its distribution channel. Moreover, we assume capital expenditures (capex) will be substantially lower in 2026 as capex spending returns to normalized levels (about 1.5%-2% of revenue). As a result, we forecast positive FOCF in 2026, which we assume the company will use, in part, to reduce its revolver balance ($20 million as of Sept. 30, 2025), which will improve leverage to the low- to mid-6x area by year-end 2026." The company's decreased liquidity going into 2026 raises risks if there's underperformance. In anticipation of an eventual market recovery--even one characterized by only incrementally higher volumes in the near to intermediate term, which S&P assumes--Novae has made strategic investments in expanding into new and underpenetrated regional markets it believes will experience better growth. Some markets in which it has an established strong presence (such as the Northeastern U.S.) have seen softer demand recently. The company has responded by acquiring small dealers and investing in greenfield distribution centers and retail locations in faster-growing West and Northwest regions. As a result, the company's liquidity has declined to about $40 million as of Sept. 30, 2025, from $87 million as of Sept. 30, 2024. However, liquidity had improved to about $51 million by Dec. 3, 2025, and Novae's decreased year-over-year liquidity is partially mitigated by significantly higher inventory balances and a recently executed floorplan financing facility. Heading into the 2026 end-market spring selling season, these efforts should improve cash flow as inventory is released through its distribution channel. The company's revolver matures on Dec. 22, 2026. Novae is in active discussions with lenders to amend its current credit facility to extend its revolver maturity. S&P has closely monitoring progress due to the refinancing risk that this near-term maturity poses. The negative outlook reflects S&P's forecast for S&P Global Ratings-adjusted leverage remaining elevated in the low- to mid-6x area in 2026, providing little to no cushion in credit measures to absorb potential underperformance or additional sustained draws on its credit facilities. It also incorporates the company's decreased liquidity amid heightened market uncertainty and an approaching revolver maturity. S&P could lower its rating on Novae if: -- The company is unable to address the upcoming maturity of its revolving credit facility in the next few weeks; -- S&P expects S&P Global Ratings-adjusted debt leverage to remain above 6.5x with limited prospects for improvement; or -- Its S&P Global Ratings-adjusted FOCF remains negative or negligible such that its liquidity further decreases and weighs on the company's ability to fund operations (including seasonal working capital requirements) and debt-servicing obligations. S&P said, "We could revise the outlook back to stable if Novae's S&P Global Ratings-adjusted debt leverage improved to well below 6.5x, providing a sufficient cushion relative to our 6.5x downside threshold to absorb potential underperformance, and if the company generated sustained positive S&P Global Ratings-adjusted FOCF. Before such an outlook revision, we would also expect the company's approaching revolver maturity to have been addressed in a manner that alleviates near-term liquidity concerns." ORIGIN FOOD: Seeks to Extend Plan Exclusivity to March 17, 2026 --------------------------------------------------------------- Origin Food Group, LLC asked the U.S. Bankruptcy Court for the Western District of North Carolina to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to March 17, 2026 and May 25, 2026, respectively. The Debtor explains that the periods are still within the initial 18-month period of the Bankruptcy Case beyond which the debtor's Exclusivity Period may not be extended under section 1121(d)(2)(A). Furthermore, pursuant to Bankruptcy Rule 9006(b)(1), after a sufficient showing of cause, the Court may upon the request of a party enlarge a period of time within which a party is required to act so long as the request is made before the expiration of the period originally prescribed. The Debtor claims that to allow additional needed time for the company to address unique challenges related to the rehabilitation of its business operations that will bear directly on the formulation of a Plan of Reorganization and in order for the Debtor to ascertain and provide the most accurate information for a Disclosure Statement and Plan of Reorganization, the Debtor seeks an extension of the Exclusivity Period. As the time concerning the Exclusivity Period has not yet expired, the relief requested herein is timely. Lastly, the Debtor submits that its request is made in good faith and not for the purposes of delay, and that no party of interest will be harmed by the granting of the extension requested herein. No previous extensions or enlargements of the Exclusivity Period have been sought by the Debtor. Origin Food Group, LLC is represented by: ESSEX RICHARDS, P.A. John C. Woodman, Esq. 1701 South Boulevard Charlotte, North Carolina 28203 Tel: (704) 377-4300 Fax: (704) 372-1357 E-mail: jwoodman@essexrichards.com About Origin Food Group LLC Origin Food Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.N.C. Case No. 25-50268) on August 20, 2025. In the petition signed by Halil Ulukaya, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. John C. Woodman, Esq., at Essex Richards PA, represents the Debtor as legal counsel. PARAMOUNT GOLD: Five Key Proposals Approved at Annual Meeting ------------------------------------------------------------- Paramount Gold Nevada Corp. held its Annual Meeting on December 11, 2025. Of the 78,338,726 shares outstanding and entitled to vote at the meeting, 46,146,357 shares of common stock or 58.91% were voted. At the Annual Meeting, the stockholders of the Company were asked to consider and vote on five proposals. The election results for each proposal were as follows: Proposal #1: Election of Directors The stockholders elected the following seven individuals to the Company's Board of Directors for a one-year term expiring at the 2026 Annual General Meeting. 1. Rudi Fronk * For: 27,000,820 * Withheld: 1,644,830 * Broker Non-Votes: 17,500,707 * Approval Percentage: 94.26% 2. Rachel Goldman * For: 26,992,771 * Withheld: 1,652,879 * Broker Non-Votes: 17,500,707 * Approval Percentage: 94.23% 3. John Carden * For: 26,800,622 * Withheld: 1,845,028 * Broker Non-Votes: 17,500,707 * Approval Percentage: 93.56% 4. Christopher Reynolds * For: 27,058,318 * Withheld: 1,587,332 * Broker Non-Votes: 17,500,707 * Approval Percentage: 94.46% 5. Eliseo Gonzalez-Urien * For: 27,008,530 * Withheld: 1,637,120 * Broker Non-Votes: 17,500,707 * Approval Percentage: 94.28% 6. Pierre Pelletier * For: 27,018,187 * Withheld: 1,627,463 * Broker Non-Votes: 17,500,707 * Approval Percentage: 94.32% 7. Samantha Espley * For: 28,351,803 * Withheld: 293,847 * Broker Non-Votes: 17,500,707 * Approval Percentage: 98.97% Proposal #2: Ratification of Appointment of Independent Registered Public Accounting Firm The stockholders ratified the appointment of Baker Tilly USA, LLP as the Company's independent registered public accountants for the year ended June 30, 2026. * For: 44,564,352 * Against: 1,573,698 * Abstain: 8,307 * Approval Percentage: 96.57% Proposal #3: Advisory Vote on Executive Compensation The stockholders approved, on an advisory basis, the compensation paid to Named Executive Officers. * For: 27,446,188 * Against: 562,675 * Abstain: 636,787 * Broker Non-Votes: 17,500,707 * Approval Percentage: 95.82% Proposal #4: Advisory Vote on the Frequency of Stockholder Advisory Votes to Approve the Executive Compensation The stockholders approved an advisory resolution on the frequency of future advisory votes on executive compensation. A. 3 Year * Votes: 16,171,817 * Percentage: 56.45% B. 2 Year * Votes: 921,029 * Percentage: 3.22% C. 1 Year * Votes: 10,550,033 * Percentage: 36.83% D. Abstain: 1,002,771 E. Broker Non-Votes: 17,500,707 Proposal #5: Approval to the Amendment of the Company's 2016 Stock Incentive & Equity Compensation Plan The stockholders approved the amendment to the 2016 Stock Incentive and Compensation Plan. * For: 20,247,339 * Against: 7,562,965 * Abstain: 835,346 * Broker Non-Votes: 17,500,707 * Approval Percentage: 70.68% A full-text copy of the 2016 Stock Incentive and Compensation Plan, as amended, is available at https://tinyurl.com/42j4a3vm About Paramount Gold Nevada Corp. Paramount Gold Nevada Corp. is engaged in the business of acquiring, exploring and developing precious metals projects in the United States of America. Paramount owns both exploration and development stage projects in the states of Nevada and Oregon. As of September 30, 2025, the Company had $52.8 million in total assets, $23.3 million in total liabilities, and $54.8 million in total stockholders' equity. Denver, Colorado -based Baker Tilly US, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated September 25, 2025, attached to the Company's Annual Report on Form 10-K for the year ended June 30, 2025, citing that the Company has suffered recurring losses from operations and has a net capital deficiency that raise substantial doubt about its ability to continue as a going concern. PLUTO ACQUISITION: S&P Alters Outlook to Neg., Affirms 'B-' ICR --------------------------------------------------------------- S&P Global Ratings affirmed all ratings, including its 'B-' issuer credit rating on Dallas-based home health, personal care, and hospice service provider Pluto Acquisition I Inc. (doing business as AccentCare Inc.) At the same time, S&P revised its outlook on AccentCare to negative from stable based on the increased potential that sustained cash flow deficits would lead to an increased potential the company's capital structure becomes unsustainable. AccentCare has been underperforming, most notably with still-sizeable cash flow deficits. While S&P expects operating initiatives will drive modest revenue growth and margin expansion, the underperformance heightens the risk it will be more difficult to achieve sufficient cash flow improvement to meet the additional $43 million cash interest expense following the December 2025 conversion of a payment-in-kind (PIK) obligation to cash pay. Nevertheless, the company currently has sufficient liquidity to cover projected cash shortfalls over the next two years, giving AccentCare some runway to improve operations, increase margins, and achieve positive discretionary free cash flow. Expected operational and cash flow improvements have fallen short, leading to likely cash flow deficits for at least the next year. The company has not yet achieved its desired outcomes from its operating plan to improve financial performance and cash flow. S&P said, "While their plan regarding operating efficiency and labor costs are not having the intended impact in the previously expected time frame, we still believe it will achieve some success, but over a longer period. Hence, we have revised our projections accordingly. We now forecast a reported cash flow deficit of $16.3 million for the full year 2025 and $30.5 million for 2026, compared with our previous forecast of $9.3 million and $8.1 million, respectively. While our cash flow expectation for 2026 is weak, it assumes the business will generate better cash, but with the additional burden of covering the extra $43 million of interest expense from the conversion of the PIK on its third out debt obligation to cash pay. We forecast reported discretionary cash flow deficit of $12.5 million in 2027, a year before much of its debt matures." S&P said, "We project AccentCare's revenue growth will decrease to around 1.9% in 2025 and then increase to 4% in 2026. Slow growth in 2025 has been of the result of four underperforming hospice locations closing, the divestiture of the MHC business in California, and the April 2025 change in payment methodology of the New York Consumer Directed Personal Assistance Program (CDPAP) to a per member per month (PMPM) fee. Offsetting these factors are volume growth generated from higher reimbursement rates and growth in managed care contracts. "We expect a sizable boost in margin in 2026 and 2027. We expect AccentCare, which had undergone an extensive review of key operational areas such as contracting processes and procedures, business operations, and compensation practices, will see improvement in its margin as the initiatives mature. The benefit will be realized a year or so later than what we previously expected. We now expect these efforts, coupled with better volume, will result a better S&P Global Ratings-adjusted EBITDA margin of 10%-10.5% in 2026 and 2027, up from our current 2025 full year projection of 8.6%. We expect S&P Global Ratings-adjusted debt leverage will increase to 10.8x in 2025, then decline to 9.2% in 2026." AccentCare operates in very competitive and fragmented markets with modest differentiation and limited barriers to entry. Its home health, personal care services, and hospice segments are all subject to significant reimbursement risk and generate below-average profitability relative to other health care service company peers. S&P does not believe the company can pursue sizeable acquisitions as the company is already highly leveraged and has discretionary cash flow deficits. There's more risk the company's current capital structure will become unsustainable. S&P estimates AccentCare has enough liquidity for the next two years, but that brings it much closer to 2028, when most of its debt matures. Should the company again not achieve the magnitude and timing of its intended turnaround, that may suggest its capital structure is unsustainable, raising prospects for another debt restructuring. The negative outlook reflects the risk that AccentCare's operational improvement and cost cutting initiatives do not generate enough margin improvement to result in positive discretionary cash flow, reflecting the possibility that discretionary cash flow remains negative such that S&P views the capital structure as unsustainable. S&P could lower the rating if it believes AccentCare's capital structure is no longer sustainable, which could occur if discretionary cash flow deficits persist and liquidity continues to decline beyond 2026. This could most likely occur if: -- The company operational and cost cutting initiatives fall short or if they materialize slower than anticipated; or -- Operational headwinds or demand weakens such that operating margins fall short of our expectations. S&P could consider changing the outlook to stable if AccentCare's S&P Global Ratings-adjusted EBITDA improves and it generates consistent positive discretionary free cash flows. This would support its refinancing prospects, in its view. PONTUAL TRADING: Case Summary & Five Unsecured Creditors -------------------------------------------------------- Debtor: Pontual Trading LLC 5047 W. Colonial Drive Orlando, FL 32808 Business Description: Pontual Trading LLC, doing business as Sonydam Auto Sales Orlando, operates a used vehicle dealership in Orlando, Florida, marketing pre-owned cars and related services through its retail location and customer-facing website. The Company offers a range of vehicles from major manufacturers, including BMW, Chrysler, Dodge, Ford, GMC, and Honda, sourced through dealer networks, lease returns, and new car trades. It operates within the automotive retail industry, focusing on vehicle sales and associated financing services. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08229 Debtor's Counsel: Samantha L Dammer, Esq. BLEAKLEY BAVOL DENMAN & GRACE 15316 N. Florida Avenue Tampa, FL 33613 Tel: (813) 221-3759 Email: sdammer@bbdglaw.com Total Assets: $1,702,376 Total Liabilities: $1,700,492 The petition was signed by Luciano Santos as manager. A full-text copy of the petition, which includes a list of the Debtor's five unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/T36AP6Q/Pontual_Trading_LLC__flmbke-25-08229__0001.0.pdf?mcid=tGE4TAMA PRESBYTERIAN HOMES: Andrew Simon Named Chief Reorganization Officer ------------------------------------------------------------------- The United States Bankruptcy Court for the Western District of Kentucky authorized Presbyterian Homes & Services of Kentucky, Inc. and St. James Group, Inc. to amend the prior application of Oxford Restructuring Advisors LLC and name Andrew M. Simon as Chief Reorganization Officer nunc pro tunc in the bankruptcy case. Simon and Oxford do not hold or represent interests adverse to Debtors, their estates, or their creditors with respect to the matters for which Simon and Oxford will be engaged. The Court held that the employment and retention of Oxford and Simon is necessary and in the best interests of the Debtors, the Debtors' estates, and their creditors. Simon and Oxford will be paid monthly for services to be rendered in accordance with the Engagement Agreement. A copy of the Court's Order dated December 12, 2025, is available at https://urlcurt.com/u?l=MvEINi from PacerMonitor.com. About Presbyterian Homes and Services of Kentucky, Inc. Presbyterian Homes and Services of Kentucky, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Ky. Case No. 24-33060) on December 15, 2024, listing up to $10 million in both assets and liabilities. Hattie H. Wagner, president and chief executive officer of Presbyterian, signed the petition. Judge Alan C. Stout oversees the case. Charity S. Bird, Esq., at Kaplan Johnson Abate & Bird, LLP, represents the Debtor as legal counsel. Stock Yards Bank & Trust Company, as secured creditor, is represented by Edward M. King, Esq., and Jamie Brodsky, Esq., at Frost Brown Todd, LLP, in Louisville, Kentucky. Hardin KY Opco and Hardin KY Propco, as secured creditors, are represented by Mary Elisabeth Naumann, Esq., and Chacey R. Malhouitre, Esq., at Jackson Kelly, PLLC, in Lexington, Kentucky. PRINCETON LAKES: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- Princeton Lakes Pediatrics, LLC received interim approval from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral until the next hearing scheduled for January 27, 2026, and in accordance with the budget, the line items of which the Debtor may modify by no more than 15%. The secured creditors that may assert liens on the Debtor's assets and cash collateral, include the U.S. Small Business Administration, Corporation Service Company as representative of unknown principals, the City of Kennesaw Tax Administrator, and potential financing entities such as Rapid Finance, Forward Financing, LLC, and ODK Capital, LLC. The Debtor said it has not located filed UCC financing statements evidencing cash collateral liens for some of these entities. As protection, the secured creditors will be granted replacement liens on all of the Debtor's post-petition assets similar to their pre-bankruptcy collateral, with the same validity and priority as their pre-bankruptcy liens. The replacement liens do not extend to claims or causes of action under Bankruptcy Code Sections 544, 545, 546, 547, 548, 549, 550, or 553(b). Princeton filed for bankruptcy protection on December 10 and continues to operate as a debtor-in-possession under Subchapter V, with the stated goal of preserving the going-concern value of the practice, protecting employees, and maximizing value for creditors. The budget shows starting cash of approximately $15,092 and projected monthly income of $100,000 in December, $72,000 in January 2026, and $100,000 in February 2026. The total monthly expenses range from approximately $88,900 to $89,900. Based on these projections, the Debtor anticipates ending cash balances of approximately $26,184 in December, $15,092 in January, and $37,276 in February. About Princeton Lakes Pediatrics LLC Princeton Lakes Pediatrics, LLC, founded in 2007 by Dr. Dekisha Drayton, operates medical practices in Atlanta and Kennesaw, Georgia, providing pediatric care and related clinical services to children and adolescents from birth through age 18 across the greater Atlanta area. The practice offers routine checkups, immunizations, screenings, and general pediatric treatment, which include separate entrances for well and sick children to reduce the spread of illness. Princeton Lakes Pediatrics sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64395) on December 10, 2025. In the petition signed by Dekisha Drayton, sole member, the Debtor disclosed up to $100,000 in assets and up to $10 million in liabilities. Judge Barbara Ellis-Monro oversees the case. Thomas T. McClendon, Esq., at Jones & Walden, LLC, represents the Debtor as legal counsel. REDEFYNE MOVING: Gets Final OK to Use Cash Collateral ----------------------------------------------------- Redefyne Moving, LLC received final approval from the U.S. Bankruptcy Court for the District of Oregon to use cash collateral to fund operations. The court on December 23 issued a final order authorizing the Debtor to use the cash collateral of the U.S. Small Business Administration in accordance with its budget. As adequate protection, the SBA will be granted a replacement lien on and security interest in the post-petition collateral, with the same priority and extent as its pre-bankruptcy lien. As additional protection, the SBA will receive monthly payments from the Debtor. Following the $1,250 initial payment under the interim order entered on December 18, the Debtor will pay $2,500 in January, $3,750 in February, $5,000 in March, and $5,000 each month thereafter. The SBA may continue to collect these amounts without violating the automatic stay. The Debtor's authority to use cash collateral will terminate upon a default under the terms of the final order; the dismissal or conversion of its Chapter 11 case; or the appointment of a trustee other than under Subchapter V of the Bankruptcy Code. The final order is available at https://is.gd/dfABC0 from PacerMonitor.com. Prior to the Debtor's bankruptcy filing, the SBA perfected a first-priority security interest in all of the Debtor's tangible and intangible personal property, including ongoing revenue, through a UCC filing made in January 2021. Because the SBA's lien is senior to all other known creditors, the Debtor requires court authorization to use cash collateral generated from this pre-bankruptcy collateral. Redefyne Moving said it has no alternative financing sources and that continued access to cash collateral is essential to maintain operations and pursue reorganization. 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. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ore. Case No. 25-34096) on December 9, 2025. In the petition signed by Aaron Schaller, member, the Debtor disclosed $219,880 in total assets and $2,242,085 in total liabilities. Judge Teresa H. Pearson oversees the case. Theodore J. Piteo, Esq., at Michael D O'Brien & Associates, P.C., represents the Debtor as legal counsel. RELIANT PLUMBING: Case Summary & 11 Unsecured Creditors ------------------------------------------------------- Debtor: Reliant Plumbing & Drain Cleaning LLC 3841 Ranch Road 620 S Austin, TX 78738-6308 Business Description: Reliant Plumbing & Drain Cleaning LLC provides commercial and residential plumbing services across Texas, including Austin, San Antonio, Waco, Dallas, and Fort Worth, offering 24/7 emergency repairs, water heater installation, sewer and drain services, and whole-house water filtration. Founded in 2014 by Max Hicks, a trained plumber and pipefitter since 2001, the Company serves both new construction and repair projects. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Western District of Texas Case No.: 25-12000 Judge: Hon. Christopher G Bradley Debtor's Counsel: Robert C. Lane, Esq. THE LANE LAW FIRM 6200 Savoy Dr Ste 1150 Houston TX 77036-3369 Tel: (713) 595-8200 E-mail: notifications@lanelaw.com Total Assets: $1,426,934 Total Debts: $669,487 The petition was signed by Evan Johnson as president. A full-text copy of the petition, which includes a list of the Debtor's 11 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2GDY55Q/Reliant_Plumbing__Drain_Cleaning__txwbke-25-12000__0001.0.pdf?mcid=tGE4TAMA RENSOL REALTY: Case Summary & One Unsecured Creditor ---------------------------------------------------- Debtor: Rensol Realty, Ltd. 232A Putnam Avenue Brooklyn, NY 11216 Business Description: Rensol Realty, Ltd. is a single-asset real estate company that owns one income- producing property in Brooklyn, New York, valued at approximately $2.1 million. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-46053 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Thomas A. Farinella, Esq. LAW OFFICE OF THOMAS A. FARINELLA, PC 260 Madison Avenue 8th Floor New York NY 10016 Tel: (917) 319-8579 E-mail: tf@lawtaf.com Total Assets: $2,100,000 Total Liabilities: $950,665 The petition was signed by Ronald Losner as authorized representative of the Debtor. The Debtor identified the New York City Water Board, represented by Assistant Counsel Andrew Rettig at 59-17 Junction Blvd 13th Floor, Elmhurst, NY 11373, as its sole unsecured creditor, citing a claim of $12,000. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/VU62ZMQ/Rensol_Realty_LTD__nyebke-25-46053__0001.0.pdf?mcid=tGE4TAMA ROOF EZ: Voluntary Chapter 11 Case Summary ------------------------------------------ Debtor: Roof EZ Inc. 2528 Andalusia Blvd Unit 1 Cape Coral FL 33909 Business Description: Roof EZ, founded in 2022, provides residential and commercial roofing services in Southwest Florida, including roof repair, replacement, metal and shingle roofing, storm damage restoration, gutter services, and solar panel installation, serving areas such as Cape Coral, Bonita Springs, Port Charlotte, Sanibel, Fort Myers, Naples, and Iona. The Company focuses on addressing regional roofing challenges and delivers projects using modern materials and techniques. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-02539 Judge: Hon. Luis Ernesto Rivera II Debtor's Counsel: Michael Dal Lago, Esq. DAL LAGO LAW 999 Vanderbilt Beach Rd. Suite 200 Naples FL 34108 Tel: 239-571-6877 Email: mike@dallagolaw.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Jordon Gilewski as CEO. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/DH4BGCY/Roof_EZ_Inc__flmbke-25-02539__0001.0.pdf?mcid=tGE4TAMA RUBICON MECHANICAL: Nathan Smith Named Subchapter V Trustee ----------------------------------------------------------- The U.S. Trustee for Region 17 appointed Nathan Smith, Esq., as Subchapter V trustee for Rubicon Mechanical LLC. Mr. Smith, a partner at Malcolm & Cisneros, will be paid an hourly fee of $550 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Smith declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nathan F. Smith, Esq. Malcolm & Cisneros 2112 Business Center Drive Irvine, CA 92612 Phone: (949) 252-9400 Email: nathan@mclaw.org About Rubicon Mechanical LLC Rubicon Mechanical LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-51188) on December 16, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hilary L. Barnes presides over the case. Kevin A. Darby, Esq. at Darby Law Practice, Ltd. represents the Debtor as legal counsel. SANDRIDGE ENERGY: Court Won't Reopen Case over D&O Policy Dispute ----------------------------------------------------------------- Judge Kenneth M. Hoyt of the United States Bankruptcy Court for the Southern District of Texas dismissed the appeal -- styled SANDRIDGE ENERGY, INC., Appellant, VS. BEAZLEY INSURANCE COMPANY, INC., et al., Appellees, CIVIL ACTION NO. 4:25-CV-02650 (S.D. Tex.) -- from an Order denying SandRidge Energy, Inc.'s motion to reopen its bankruptcy case and enforce its Chapter 11 Plan where SandRidge, as part of its Plan, assumed the indemnity obligation and director and officer insurance policies pursuant to Sec. 365 of the Bankruptcy Code. The Plan did not discharge those obligations. In light of the fact that the Bankruptcy Court's decision to not reopen the Chapter 11 case does not impact the rights of the parties to resolve their differences in the Oklahoma case and that the decision was not an abuse of discretion or contrary to law, the District Court concluded the Bankruptcy Court's decision to not reopen the bankruptcy case should be affirmed. Prior to its bankruptcy filing, SandRidge and several of its officers were named as defendants in two federal securities class action lawsuits. The lawsuits were stayed when SandRidge filed bankruptcy in 2016. Following plan confirmation, the lawsuits resumed against the officers. They also resumed against SandRidge as a nominal defendant. The lawsuits resulted in a $17 million settlement with the former officers. The settlement amount was paid by D&O insurance policies. Following payment of the $17 million, the Insurers sued SandRidge. The lawsuit, filed as a subrogee of two of the former officers, seeks to enforce the officers' indemnity rights against SandRidge. SandRidge argues that its indemnity obligations to the two officers were discharged in its Chapter 11 plan. As reported by the Troubled Company Reporter, SandRidge argues the Insurer Subrogation Claim violates the plan and confirmation order because the claim is disallowed and canceled under the plan, and therefore there is good cause to reopen the bankruptcy case and enforce the plan and confirmation order. SandRidge seeks an order declaring that the Insurer Subrogation Claim is barred by the plan and confirmation order and directing the Insurers to dismiss the claim with prejudice. SandRidge's Chapter 11 plan assumed the Indemnification Obligations and D&O Policies pursuant to Sec. 365 of the Bankruptcy Code. The parties dispute whether the plan's assumptions obligate SandRidge to pay the post-effective date indemnification costs of James D. Bennett and Matthew K. Grubb covered by the Insurers pursuant to the subrogation rights contained in the policies. A copy of the Court's Memorandum and Order dated December 16, 2025, is available at https://urlcurt.com/u?l=dAuYlF from PacerMonitor.com. About SandRidge Energy, Inc. SandRidge Energy, Inc. -- http://www.sandridgeenergy.com/-- is an oil and natural gas exploration and production company headquartered in Oklahoma City, Oklahoma, with its principal focus on developing high-return, growth-oriented projects in the U.S. Mid-Continent and Niobrara Shale. SandRidge Energy, Inc. and 24 of its subsidiaries each filed a voluntary petition under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 16-32488) on May 16, 2016. The petitions were signed by Julian M. Bott as chief financial officer. The Debtors have hired Kirkland & Ellis LLP as general bankruptcy counsel, Zack A. Clement PLLC as local counsel, Houlihan Lokey Capital, Inc. as financial advisor, Alvarez & Marsal Holdings, LLC, as restructuring advisor and Prime Clerk LLC as claims and noticing agent. The Office of the U.S. Trustee has appointed five creditors of SandRidge Energy, Inc., to serve on the official committee of unsecured creditors. The Official Committee is represented by Charles R. Gibbs, Esq., Daniel H. Golden, Esq., Abid Qureshi, Esq., and Brad M. Kahn, Esq., at Akin Gump Strauss Hauer & Feld LLP. An Ad Hoc Committee of Shareholders is represented by Susan C. Mathews, Esq., Lori Ann Hood, Esq., and Sunil "Neil" Gupta, Esq., at Baker, Donelson, Bearman, Caldwell & Berkowitz. Counsel to the First Lien Credit Agreement Agent are Andrew V. Tenzer, Esq., Leslie A. Plaskon, Esq., and Michael Comerford, Esq., at Paul Hastings LLP. Counsel to the Ad Hoc Group of Consenting Unsecured Creditors are Joseph H. Smolinsky, Esq., and Daniel N. Griffiths, Esq., at Weil Gotshal & Manges LLP. Counsel to the Ad Hoc Group of Consenting Second Lien Creditors are Damian S. Schaible, Esq., and Eli V. Vonnegut, Esq., at Davis Polk & Wardwell, LLP. * * * SandRidge Energy on Oct. 4, 2016, disclosed that it has emerged from Chapter 11, having satisfied all the necessary provisions of its Plan of Reorganization. SandRidge also received approval to relist on the New York Stock Exchange in conjunction with its emergence and resumed trading of newly issued common stock on October 4, 2016, under the ticker symbol "SD". The Bankruptcy Court on Sept. 9, 2016, entered an order confirming the Joint Chapter 11 Plan of Reorganization, which will eliminate $3.7 billion in pre-petition funded indebtedness. SAVI CONSTRUCTION: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Savi Construction, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of California to use the cash collateral of its secured creditors to fund operations. The court issued an interim order authorizing the Debtor to use the cash collateral of ReadyCap Lending, LLC, RDM Capital Funding, LLC, Greyhaven Partners, and Samson MCA, LLC from November 26 to January 31, 2026, in accordance with its budget. The secured creditors hold perfected security interests in the Debtor's bank accounts and accounts receivable, which constitute cash collateral. As of the petition date, the Debtor had approximately $1,367 in cash and $130,721 in accounts receivable, while total secured debt to these creditors was about $370,527, with ReadyCap holding the largest claim. To safeguard secured creditors' interests, the court approved monthly payments of $3,371 to ReadyCap, $1,365 to RDM Capital Funding, $820 to Greyhaven Partners, and $1,755 to Samson MCA. ReadyCap will also be granted replacement liens on the Debtor's assets, maintaining the same validity and priority as its pre-bankruptcy liens. The final hearing is scheduled for January 27, 2026. Objections must be filed by January 13, 2026, with replies due by January 20, 2026. About Savi Construction LLC Savi Construction LLC, previously operating as Solutions Ramirez LLC, provides construction, remodeling, and related services across residential and commercial markets. Savi Construction LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-13979) on November 26, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Judge Rene Lastreto II oversees the case. Leonard K. Welsh, Esq., at Law Offices of Young Woolridge, represents the Debtor as legal counsel. SMART COMMUNICATIONS: Ruediger Mueller Named Subchapter V Trustee ----------------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Ruediger Mueller of TCMI, Inc. as Subchapter V trustee for Smart Communications Holding, LLC. Mr. Mueller will be paid an hourly fee of $350 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Mueller declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Ruediger Mueller TCMI, Inc. 1112 Watson Court Reunion, FL 34747 Telephone: (678) 863-0473 Facsimile: (407) 540-9306 Email: truste@tcmius.com About Smart Communications Holding LLC Smart Communications Holding, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-09473) on December 16, 2025, with $0 to $50,000 in assets and $1,000,001 to $10 million in liabilities. Judge Roberta A. Colton presides over the case. Eric D. Jacobs, Esq. at Venable LLP represents the Debtor as legal counsel. SONICWALL HOLDINGS: S&P Downgrades ICR to 'CCC', Outlook Negative ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on SonicWall Holdings Ltd. to 'CCC' from 'B-' and revised the outlook to negative. S&P also lowered its issue-level rating on the company's first-lien credit facilities to 'CCC'. The negative outlook reflects the possibility that S&P could lower the rating to 'CCC-' if it sees increasing risk of a distressed transaction within the next six months. S&P Global Ratings expects SonicWall Holdings Ltd. to face increasing risk of a distressed transaction over the next year due to increasing cash deficits driven by cyber incidents. S&P said, "We expect meaningful cash flow deficits to persist over the coming quarters, which could prompt a distressed transaction. SonicWall reported unadjusted free operating cash flow (FOCF) of about $40 million after debt service so far in fiscal 2026 (ending February 2026). The company continued to draw on the revolving credit facility to support liquidity needs through the year amid top-line underperformance. The outstanding balance has increased to $37 million, representing over 40% drawn under its $75 million revolving credit facility. We believe access to the remaining availability over the coming quarters is uncertain due to the tightening covenant cushion and that the company is likely to make additional draws, which could prompt a distressed transaction that we would consider tantamount to default, such as a debt exchange, debt repurchase at a discount, or a renegotiation of terms that we view as unfavorable to lenders. "We expect cash flow deficits will persist due to recent cyber incidents. With a cash balance of about $24 million as of the third quarter ended Oct. 31, 2025, and tightening financial covenants, SonicWall's liquidity position may not be sufficient to support ongoing operational and debt servicing needs over the coming quarters." Cyber incidents and product vulnerabilities have disrupted SonicWall's sales motion. Over the past several quarters, multiple cyber incidents have exploited SonicWall's vulnerabilities, disrupting its products and certain cloud-based services. Most recently, a widespread breach in September of its firewall configuration backup files hosted in a cloud support service affected all customers who used the feature. These incidents have hurt the company's near-term operating performance, particularly for small and midsize customers and its managed service providers client base. Billings declined more than 30% and revenue about 15% during the third quarter, a major deterioration from the relatively modest decline in the first half of fiscal 2026. S&P said, "We believe top line will continue to decline as sales cycles lengthen and customer churn increases over the coming quarters due to customers evaluating product reliability. We expect revenue will decline by a high-single-digit percentage in fiscal 2026." S&P said, "Despite certain cost-saving actions from the third quarter, we believe higher operating expenses (related to incident response, customer remediation, and security hardening) will pressure profitability and cash flow generation over the coming quarters. We expect S&P Global Ratings-adjusted EBITDA margin will decline to the 16%-18% area in fiscal 2026 from about 19.2% a year ago. "The negative outlook reflects SonicWall's weakening liquidity due to its interest burden, continued cash flow deficits, and top-line declines. We view the risk of a distressed transaction or liquidity event as elevated over the next 12 months due to cash flow deficits and tightening covenant cushion, which could prompt a distressed transaction. "We could lower our rating on SonicWall if we believe continued cash deficits and weakening liquidity cause our expectation for a distressed transaction to narrow to six months. "We could take a positive action on SonicWall if our expectation for a distressed transaction extends beyond 12 months. This might be the result of the company narrowing its cash burn and improving its covenant cushion, or a significant capital infusion from financial sponsors, such that we have high confidence that internal liquidity can sustain the capital structure well beyond 12 months." SPACE SHADOW: Approval of Colliers Nevada's Fee Application Upheld ------------------------------------------------------------------ Judge Gloria M. Navarro of the United States District Court for the District of Nevada dismissed with prejudice Space Shadow LLC's appeal from the order issued on October 3, 2025, by the United States Bankruptcy Court for the District of Nevada that approved the first and final application for compensation of Colliers Nevada LLC as real estate broker. The motion to withdraw counsel filed by Appellant's counsel David J. Winterton is denied as moot. Appellee moves to dismiss the appeal for lack of subject matter jurisdiction, arguing that the appeal is untimely. It contends the Fee App Order became final after its entry on October 3, 2025. However, Appellant seems to argue that the Fee App Order did not become final until Appellee filed a Notice of Entry of Order on October 20. Appellant therefore argues its October 21 appeal was timely. In the alternative, Appellant argues a retroactive extension of time should be granted pursuant to Fed. R. Bankr. P. 8002. Appellant did not file a motion to extend time with the bankruptcy court. But Appellant requested an extension on December 5, 2025. According to the District Court, the Appellant fails to meet its burden of establishing excusable neglect. Thus, Appellant's request for an extension fails procedurally and on the merits. The District Court said it lacks jurisdiction to hear this appeal because the appeal is untimely. The Court therefore granted Appellee's motion to dismiss. A copy of the Court's Order dated December 15, 2025, is available at https://urlcurt.com/u?l=Ux6LfZ from PacerMonitor.com. About Space Shadow LLC Space Shadow LLC, based in Henderson, Nev., has been operating the real property located at 249 N. Stephanie Street in Henderson. The Debtor filed its voluntary petition for Chapter 11 protection (Bankr. D. Nev. Case No. 23-14412) on October 9, 2023, listing as much as $1 million to $10 million in both assets and liabilities. Kayvoughn Moradi as managing member, signed the petition. Judge Hilary L. Barnes oversees the case. ANDERSEN & BEEDE serves as the Debtor's legal counsel. STERLION CREATIONS: Court Dismisses Chapter 11 Bankruptcy Case -------------------------------------------------------------- The U.S. Bankruptcy Court for the Eastern District of New York dismissed the bankruptcy case of Sterlion Creations Inc. Joshua Bronstein of the Law Offices of Joshua Bronstein & Associates, PLLC, the debtor's counsel, filed a motion for the entry of an order dismissing the chapter 11 case pursuant to sections 1112(b) and 105(a) of the Bankruptcy Code, 11 U.S.C. Secs. 101-1532, There were no written objections to the relief sought in the motion. The Court finds that cause exists for dismissing the bankruptcy case, holding that case dismissal is in the best interests of creditors and the estate. A copy of the Court's Order dated December 10, 2025, is available at https://urlcurt.com/u?l=saop8G from PacerMonitor.com. About Sterlion Creations Inc. Sterlion Creations Inc. is a custom art, engraving, printing, and commemorative manufacturing company. It produces personalized items such as trophies, plaques, engraved gifts, and promotional products for schools, religious institutions, nonprofit, and community organizations. The Company works with various materials, including glass, wood, acrylic, metals, stone, and textiles, and serves a diverse client base across faiths and sectors. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-22563) on June 23, 2025, with under $50,000 in assets and over $1.2 million in liabilities. Joel Stern, chief executive officer, signed the petition. Judge Sean H. Lane presides over the case. Joshua R. Bronstein, Esq. at The Law Offices Of Joshua R. Bronstein & Associates, PLLC represents the Debtor as legal counsel. TEVA PHARMACEUTICAL: S&P Upgrades ICR to 'BB+', Outlook Stable -------------------------------------------------------------- S&P Global Ratings upgraded Teva Pharmaceutical Industries Ltd. to 'BB+' from 'BB'. The outlook is stable. Teva's S&P Global Ratings-adjusted last-12-months leverage was 4.4x as of Sept. 30, 2025, and in the next quarter, S&P expects it will decline below 4.25x, its threshold for an upgrade to 'BB+'. Moreover, the Centers for Medicare and Medicaid Service (CMS) recently published the Medicare negotiated discounts to Teva's biggest product (Austedo) effective January 2027. S&P now expects that will only be a modest headwind and believe the company will grow EBITDA at least moderately in 2026 and 2027. Following five consecutive years of revenue declines (2018-2022), Teva has reestablished a trajectory of consistently expanding revenue, supported by robust growth in its branded business (about 18% of 2024 revenues) and stability in generics (67%). S&P views both the currently favorable growth trends and the prior challenges to the generics industry in our assessment of its business strength. S&P said, "The stable outlook reflects our expectation for modest EBITDA growth in 2026 and 2027 despite pressure to lenalidomide (generic Revlimid) in 2026 and Austedo in 2027. We also expect Teva to prioritize further deleveraging, potentially balancing that with modest acquisitions and shareholder returns, as well as leverage generally remaining 3.5x-4.25x over the coming 12-18 months. "The upgrade to 'BB+' reflects Teva's trajectory of deleveraging, including our expectation for S&P Global Ratings-adjusted leverage of 4.4x for the last 12 months ended Sept. 30, 2025, to decline below 4.25x, which is our threshold for the 'BB+' rating, in the next quarter or two. "The upgrade is supported by the CMS' recent announcement of the discounts negotiated under Medicare Part D for a group of 15 products--including Teva's largest product, Austedo--effective January 2027. Although CMS negotiated a 38% discount from list price, we estimate this represents about a 15% discount to the net price (after considering existing gross-to-net discounts), or about a $200 million to $300 million headwind to revenue and EBITDA in 2027. This is at the low-end of the range of outcomes we had considered. We anticipate the company will grow EBITDA at least moderately in 2026 and 2027, supporting further deleveraging. "Our expectation for modest growth in 2026 reflects our estimate of about a $400 million headwind from increased competition and price erosion on Lenalidomide in 2026. "We believe management has been strongly committed to deleveraging and will prioritize further deleveraging, although it may resume some acquisitions and shareholder returns. Teva's extended history of maintaining investment-grade credit measures prior to 2016, and its suspension of its dividends, share repurchases, and acquisitions when its leverage was elevated over the past several years, support our deleveraging expectations. "That said, with company-calculated leverage below 3x and Teva indicating an emerging appetite for shareholder returns and acquisitions, we expect the company to balance its prioritization for further deleveraging with at least modest levels of acquisitions or shareholder returns. Sill, we expect the company to allocate the overwhelming majority of its approximately $2 billion of annual free cash flow predominantly toward building cash and reducing debt (including settlement payments on outstanding legal liabilities, which we include in our measure of debt). "S&P Global Ratings-adjusted debt leverage includes several material adjustments. Our measure of Teva's net debt includes about $1.52 billion of off-balance-sheet securitization facilities and $3.7 billion of legal liabilities ($4.7 billion reserved on the balance sheet that we reduce by 21% to reflect the tax benefits), most of which relate to its opioid settlements. Combined, this represents about 1.1x of incremental leverage "We expect to exclude the $500 million of incoming milestone payments from Sanofi in our measure of EBITDA. This payment relates to Teva's collaboration agreement with Sanofi, under which Teva gave up 50% of its interest in a high-risk, high-reward pipeline asset (TEV-574, TL1A, for autoimmune indications) in October 2023. In return, Teva received an upfront payment of $500 million, the pending near-term milestone payments of $500 million, some smaller milestone payments, and 50/50 split with Sanofi to share R&D and marketing costs. Teva expects to earn this $500 million milestone payment soon, after they advance this drug to phase III trials for two indications (ulcerative colitis and Crohn's disease). "We generally exclude large, infrequent milestone payments like these from EBITDA, as they typically are nonrecurring, distort credit measures (they represent more than 10% of Teva's EBITDA), and are better characterized as acquisition costs/divestiture proceeds. This is consistent with our general treatment of acquired in-process research and development (IPR&D) as acquisitions rather than as operating expenses." Teva improved its liquidity profile by extending its $1.8 billion revolver by one year to April 2028 . It faces about $1.8 billion of debt maturities in October 2026, $2.8 billion of debt maturities in May 2027, and annual payments on the legal settlements of about $500 million to $700 million annually in 2026-2027. Teva's benefits from good scale; a leading market position; good product, customer, manufacturing, and geographic diversity; and strong profitability. It has over $16.5 billion of reported revenue in 2024, 10% of the market share for the global generics market, and EBITDA margins of 25%-35%. Furthermore, it has robust product and business diversity. Its top three products accounted for about 10%, 3%, and 3% of its revenue, respectively. Although most of the company's revenues were from generic drugs, approximately 33% of its revenue is not, providing another element of diversity. Its branded drug businesses account for 18%, distribution for 9%, and active pharmaceutical ingredient (API) and contract manufacturing for 6%. These strengths are partially offset by the commodity-like nature of much of the generics market, which has experienced an extended period of intense price-based competition, including higher-than-average annual price erosion in the U.S. just a few years ago. "We believe Teva's business strength is improving, supported by the stabilization of the generics business (about 67% of 2024 revenue) and the increasing revenue from its branded business. The return to revenue growth is a positive development that contrasts with five consecutive years of annual revenue declines (2018-2022). More specifically, the annual price erosion in the North America generic business (about 25% of total 2024 revenue) has been more manageable, declining by mid-single-digit percent, after several years of steeper price trends. The company's revenue trends are more stable in European generics (28%) and international generics (14%), at least on a constant-currency basis. "The company will likely sustain the expansion in its branded business, though it may not be able to sustain revenue growth in its generics business, given the challenging and more commodity-like characteristics of the generics industry. We expect the improvement in revenue from its branded segment will primarily stem from a few key products. Specifically, we expect Austedo (a treatment for involuntary movement related to Huntington's disease and tardive dyskinesia) will contribute about $200 million-$300 million of revenue growth annually in 2026 and 2027. To a lesser extent, we also expect Ajovy (migraine; calcitonin gene-related peptide) and Uzedy (mild-to-moderate schizophrenia; long-acting risperidone) will together contribute about $100 million annually in 2026 and 2027. This month, Teva submitted its once-monthly, long-acting Olanzapine (Tev-'749') to the FDA for approval for schizophrenia. We expect this product to contribute $50 million to $75 million of revenue growth annually in 2027 and 2028, following an estimated launch date late in 2026. We expect revenue growth in the branded segment will be partially offset by the revenue headwinds of about $50 million to $100 million annually in 2026 and 2027 from Teva's branded products that no longer have exclusivity (including Capaxone, Treanda, and Bendeka). "We generally expect flat to low-single-digit percent revenue growth across Teva's generics business, supported by the company's investment in new biosimilar products, including its collaboration with Alvotech and others. That said, we expect modest revenue declines in the generics business in 2026, given headwinds to lenalidomide (generic Revlimid) and occasional periods of revenue decline due to the more commodity like and intensely competitive nature of that part of the industry. "The stable outlook reflects our expectation for modest revenue and EBITDA growth in 2026 and 2027, despite pricing pressure on lenalidomide (generic Revlimid) in 2026 and on Austedo in 2027. It also reflects our expectation for Teva to prioritize further deleveraging, though it may balance that with a modest spending on acquisitions and shareholder returns, and for leverage to generally remain 3.5x-4.25x over the coming 12-18 months." S&P could lower the rating if it appears that S&P Global Ratings-adjusted leverage will remain or rise above 4.25x on a sustained basis. Although unexpected, this could occur if: -- Industry conditions lead to underperformance in the generics business, including declining revenue or EBITDA; -- The company's legal liabilities rise relative to S&P's current expectations; or -- Management suspends its focus on deleveraging and shifts to prioritize M&A and share repurchases. S&P could raise its rating to 'BBB-' on Teva if: -- It reduces its debt leverage below about 3.5x and sustains it for about a year; and -- The company demonstrates it is firmly committed to maintaining leverage below this level over the long-term. TEZCAT LLC: Gets Interim OK to Use Cash Collateral -------------------------------------------------- Tezcat, LLC got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The court on December 23 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 Incredible Bank's approval, effective until further court order. As adequate protection, Incredible Bank and other creditors with a security interest in the cash collateral will be granted a replacement lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. As further protection, Incredible Bank will receive a monthly payment of $1,868.25, beginning December 31. The next hearing is set for January 22, 2026. The interim order is available at https://is.gd/alg5ii from PacerMonitor.com. Prior to its Chapter 11 filing, the Debtor executed loan and security agreements in favor of several secured creditors, including Incredible Bank, Honeycomb Collateral, LLC and WebBank. These creditors hold security interests in substantially all of the Debtor's personal property. The Debtor's accounts receivable and cash constitute property of the bankruptcy estate under section 541 and were pledged to secure pre-bankruptcy obligations that are currently delinquent. The Debtor estimated the value of its cash and receivables at approximately $3,500, based on receivables less than 90 days old, with additional value in pledged inventory and equipment. About Tezcat LLC Tezcat, LLC, doing business as Tepeyolot Cerveceria, operates a brewpub and restaurant in Jacksonville, Florida, offering freshly prepared Mexican cuisine alongside craft lagers brewed on-site, as well as margaritas, sangria, wine, and other mixed drinks. The company provides dine-in service, catering, special events, and online ordering, and its operations are centered at 2130 Kings Avenue. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04520) on December 5, 2025, with $63,946 in assets and $1,128,462 in liabilities. Luis Melgarejo II, manager, signed the petition. Aaron Cohen, Esq., a practicing attorney in Jacksonville, Fla., serves as Subchapter V trustee. Bryan K. Mickler, Esq. at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. TOCO HOLDINGS: Court OKs DIP Loan From Boxer Re ----------------------------------------------- Toco Warranty Corp., an affiliate of Toco Holdings, LLC, got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to obtain debtor-in-possession financing to get through bankruptcy. Toco Warranty intends to borrow up to $150,000 from Boxer Re, L.P., with the resulting obligation treated as a superpriority administrative expense under 11 U.S.C. sections 364(c)(1) and 503(b)(1). The DIP financing consists of an unsecured promissory note bearing interest at the prime rate of 7.0%, with no liens, guarantees, or additional adequate protection granted to the lender. The note matures on the earliest of April 15, 2026, confirmation of a Chapter 11 plan, sale of Toco Warranty's business, or conversion to Chapter 7, and is subordinated only to allowed professional fees. Toco Warranty said it lacks sufficient liquidity to cover ordinary and recurring business expenses and professional fees without immediate financing. Toco Holdings functions solely as a holding company with no employees or operations, and the bankruptcy cases are overseen by a Subchapter V trustee appointed after joint administration was approved. Toco Warranty argued that alternative financing is unavailable on reasonable terms and that failure to approve the loan would result in an inability to pay operating expenses by late December, causing substantial economic harm and potentially destroying enterprise value. A final hearing is set for January 6, 2026. About Toco Holdings LLC Toco Holdings, LLC, a company based in Houston, Texas, operates in the investment management sector, focusing on stock holdings. Toco Holdings and its affiliate, Toco Warranty Corp., filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code on September 12 and 25, 2025, respectively ((Bankr. S.D. Texas Lead Case No. 25-35378). In their petitions, Toco Holdings listed between $1 million and $10 million in assets and liabilities while Toco Warranty listed between $1 million and $10 million in assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the cases. The Debtors are represented by T. Josh Judd, Esq., at Andrews Myers, P.C. TRANSATLANTIC BRIDGE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------ Transatlantic Bridge Corp. got the green light from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. 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 Finance of America Commercial, LLC, effective until further court order. As adequate protection, Finance of America Commercial and other creditors with a security interest in the cash collateral will be granted a replacement lien on the cash collateral, with the same validity, priority and extent as their pre-bankruptcy liens. As further protection, Finance of America Commercial will receive payment in the amount of $3,760.62 by January 1, 2026. The next hearing is set for January 14, 2026. The interim order is available at https://is.gd/cjWV9V from PacerMonitor.com. Prior to its bankruptcy filing, Transatlantic executed various loan and security documents in favor of multiple secured creditors, which hold security interests in substantially all of its assets. As a result, the Debtor's post-petition cash and accounts receivable constitute cash collateral subject to these pre-bankruptcy liens. The Debtor estimated the current value of its accounts receivable and cash at approximately $6,600, based on receivables less than 90 days old, with additional value tied to other pledged assets such as real estate. About TransAtlantic Bridge Corp. TransAtlantic Bridge Corp. holds an eight-unit multifamily building at 521 E Jackson Avenue in Mount Dora, Florida, a property that is currently valued at about $402,529. TransAtlantic filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04515) on December 5, 2025, with $423,518 in assets and $2,755,371 in liabilities. Hanna Moore, chief executive officer of TransAtlantic, signed the petition. Jerrett McConnell, Esq., at McConnell Law Group, P.A. serves as Subchapter V trustee. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. TROUSDALE LIVING: Case Summary & Two Unsecured Creditors -------------------------------------------------------- Debtor: Trousdale Living Communities, Inc. f/k/a Senior Living Support Services, Inc. 485 Central Avenue, NE Cleveland, TN 37311 Business Description: Trousdale Living Communities, Inc. provides administrative and medical support services for senior care facilities, including assisted living and skilled nursing, operating in Cleveland, Tennessee. Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court Middle District of Tennessee Case No.: 25-05332 Judge: Hon. Charles M Walker Debtor's Counsel: Robert J. Gonzales, Esq. EMERGELAW, PLC 4235 Hillsboro Pike, Suite 300 Nashville, TN 37215 Tel: (615) 815-1535 E-mail: ecf@emerge.law Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Thomas Johnson as director. A full-text copy of the petition, which includes a list of the Debtor's two unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UNEOSNY/Trousdale_Living_Communities_Inc__tnmbke-25-05332__0001.0.pdf?mcid=tGE4TAMA URBAN ONE: S&P Upgrades ICR to 'CCC+' Following Restructuring ------------------------------------------------------------- S&P Global Ratings raised its issuer credit rating on Urban One to 'CCC+' from 'SD' (selective default) and its issue-level rating on its $11.8 million (outstanding post exchange) senior secured notes due 2028 to 'CCC-' from 'D' and revised its recovery rating on the notes to '6' from '3'. The '6' recovery rating indicates S&P's expectation for negligible (0%-10%; rounded estimate: 0%) recovery in the event of a default. S&P said, "At the same time, we assigned our 'B' issue-level rating and '1' recovery rating to the company's new $60.6 million first-lien senior secured notes due 2030 and our 'CCC' issue-level rating and '5' recovery rating to its $291 million second-lien senior secured notes due 2031. The '1' and '5' recovery ratings indicate our expectation for very high (90%-100%; rounded estimate: 95%) and modest (10%-30%; rounded estimate: 25%) recovery, respectively, in the event of a default. "The negative outlook reflects the ongoing headwinds Urban One faces from secular and cyclical pressures, as well as the potential we will lower our rating if we envision a default occurring in the next 12 months. Still, we expect the company will have sufficient liquidity, supported by its cash and the availability under its asset-based lending (ABL) credit facility, to meet its operating and fixed-charge obligations over the next 12 months." S&P Global Ratings has reassessed Urban One Inc.'s credit profile following the completion of its debt restructuring, through which it issued $60.6 million of super-priority first-lien senior secured notes due 2030, repurchased $185 million of its existing senior secured notes due 2028 at a material discount to par, and extended the maturity of $291 million of its existing senior secured notes to 2031 from 2028 via a debt exchange. Despite reducing its debt and interest burden and extending most of its debt maturities, S&P's still believe the company depends on favorable business, financial, and economic conditions to meet its financial obligations, given its declining EBITDA and cash flow due to the secular pressures in the broadcast radio and cable TV industries. S&P said, "Continued dependence on favorable business, financial, and economic conditions. Despite the recent reduction in its debt, we believe Urban One continues to rely on favorable conditions to meet its financial obligations. While the company reduced its debt burden by about $124 million and extended most of its maturities, we view it as having a limited ability to improve its credit metrics over the next several years. We expect Urban One's leverage will be about 6.4x in 2025 and 2026 before increasing above 7x in 2027 amid the absence of political revenue. We also anticipate the company's EBITDA will decline over the next few years due to both the cyclical and secular challenges facing the broadcast radio and cable TV industries, as well as a pullback in advertising spending on diversity, equity, and inclusion initiatives, which is one of its key advertising categories. "Urban One derives the majority of its revenue from national advertising, which we expect will continue to underperform local advertising because brand advertising is more expendable than direct response advertising. The company's digital businesses have also been facing headwinds from client attrition, the renegotiation of certain contracts, and higher traffic-acquisition costs. We believe it will become increasingly difficult for Urban One to undertake further debt repayment to fully offset the declines in its EBITDA. "We expect Urban One will maintain sufficient liquidity over the next 12 months. We estimate the company has about $10 million of cash and full availability under its ABL facility following its recent debt restructuring, during which it upsized the ABL to $75 million (from $50 million) and extended its maturity to 2030 (from 2026). We expect Urban One will generate free operating cash flow (FOCF) of about $18 million over the next 12 months, aided by the interest savings from its recent debt restructuring, as well as increased political revenue in an election year. The company doesn't face any large debt maturities until 2030-2031, and we don't believe it will face issues repaying the $11.8 million stub portion remaining on its senior secured notes due 2028. "The negative outlook reflects the ongoing headwinds Urban One faces from secular and cyclical pressures, as well as the potential we will lower our rating if we envision a default occurring in the next 12 months. Still, we expect the company will have sufficient liquidity, supported by its cash and the availability under its ABL credit facility, to meet its operating and fixed-charge obligations over the next 12 months." S&P could lower its rating on Urban One if it expects a default in the next 12 months. This could occur if: -- Secular declines in broadcast radio or cable TV advertising accelerate or the company's digital revenue growth is less robust than expected, leading to a deterioration in its liquidity; or -- The company pursues further below-par debt repurchases, debt exchanges, or an out-of-court restructuring that S&P deems tantamount to a default. Although unlikely in the next 12 months, S&P could raise its rating on Urban One if: -- It reduces its S&P Global Ratings-adjusted gross leverage below 5x; -- It maintains consistently positive FOCF generation; and -- It generates sustained increases in its revenue and EBITDA, likely due to an accelerated expansion in its digital revenue that offsets the declines in its broadcast radio and cable TV businesses. URGENT CARE: Rebecca Redwine Grow Named Subchapter V Trustee ------------------------------------------------------------ Brian Behr, the U.S. Bankruptcy Administrator for the Eastern District of North Carolina, appointed Rebecca Redwine Grow as Subchapter V trustee for Urgent Care Down East Inc. The Subchapter V trustee will receive an hourly fee of $375 and reimbursement for work-related expenses. Ms. Redwine disclosed in an affidavit that she is "disinterested" according to Section 101(14) of the Bankruptcy Code. About Urgent Care Down East Inc. Urgent Care Down East Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-05002) on December 16, 2025, with $100,001 to $500,000 in assets and $1,000,001 to $10 million in liabilities. Judge David M. Warren presides over the case. George M. Oliver, Esq. at The Law Offices Of George Oliver, PLLC represents the Debtor as legal counsel. VENTURE GLOBAL: S&P Assigns 'BB+' Rating on Senior Secured Notes ---------------------------------------------------------------- S&P Global Ratings assigned its 'BB+' rating and '3' recovery rating to Venture Global Plaquemines LNG LLC's $1.750 billion senior secured notes due 2030 and $1.250 billion senior secured notes due 2034. The notes are rated under S&P's project finance criteria, and the rating is determined by the stand-alone credit profile (SACP) of the construction or operating phases of the project--whichever is lower. S&P said, "We base the rating on the SACP of the construction phase, which benefits from an advanced stage of construction that reduces the risk of delays and cost overruns, although we note that the SACP of the operations phase is also 'bb+'. "The stable outlook reflects our expectation that the project's construction will proceed on time and on budget with phase 2 anticipated to enter operations in mid-2027." Venture Global Plaquemines LNG LLC (VGPL or the project) consists of a natural gas liquefaction and export facility in Plaquemines Parish, La., and the associated Gator Express Pipeline for natural gas supply to the project. Venture Global LNG Inc. (VGLNG; BB-/Negative/--) has developed and commercialized the project in two phases. The first phase consists of the pipelines, equipment, and facilities to support liquefied natural gas (LNG) production of 13.3 million tons per annum (MTPA). Phase 2 consists of the facilities to support incremental production of 6.7 MTPA. When both phases are complete, the project will have an aggregate nameplate capacity of 20 MTPA and will consist of 36 liquefaction train modules, four LNG storage tanks, six pretreatment systems, three loading berths, two 720 megawatt combined-cycle power plants, a marine offloading facility, and the pipeline. Construction risk has largely been mitigated based on the advanced stage of construction. The project experienced some early construction delays with respect to its power island and pretreatment modules. However, the project sponsor descoped some of the work under the existing construction contracts and took direct responsibility for this work. This ensured that the project had sufficient temporary power to allow construction and commissioning to continue. In addition, work on the pretreatment modules has accelerated through the sponsor's intervention to mitigate further delays. The incremental cost of this work was funded with further equity injections from the sponsor and income produced from commissioning cargos. At this stage, the project benefits from the building program being very advanced with relatively small amounts of capex remaining. The project is producing cash flow from 34 of 36 trains, which provides a significant source of funds to complete the project and additional equity should any further problems arise. In addition, the project uses the same technology and design as its sister project, Venture Global Calcasieu Pass LLC (VGCP), which entered commercial operations April 15, 2025. The project has a high level of contractedness with strong counterparties. The project is supported by 20-year contracts on 19.7 MTPA with a shorter-term contract for the remaining 0.3 MTPA. All contracts contain a lifting fee, which consists of a fixed percentage above Henry Hub as well as a fixed capacity fee. The fixed capacity fee is payable regardless of whether cargos are lifted. This contractual structure creates a highly resilient long-term cash flow. In addition, the project entered into short-term contracts for a portion of the cargos that will be lifted during the commissioning process. Cash flow resiliency is further supported by the underlying credit strength of the revenue offtakers. The weighted-average credit assessment of the revenue offtakers does not constrain the rating. Potential for excess capacity could enhance cash flow. The project has a total nameplate capacity of 20 MTPA, although it has a guaranteed capacity of 22.5 MTPA. The sponsors said that based on design enhancements made since VGCP was built, the plant will be able to support higher production. Performance to date suggests that production could be 28 MTPA or higher. The project has entered into sales and purchase agreements with Venture Global Commodities LLC, a wholly owned subsidiary of VGLNG, for any production above 20 MTPA. Based on performance to date, we have modeled excess capacity of 4 MTPA above the nameplate capacity of 20 MTPA. This amount represents the incremental capacity that has been fully approved and which the independent engineer has indicated is supported by production to date. S&P notes that the independent engineer has indicated that the plant can produce 28 MTPA on a sustainable basis. Overall, the strong contractual framework, along with the potential for incremental revenue from excess capacity, creates robust cash flow. The minimum debt service coverage ratio (DSCR) of 1.23x is consistent with the 'bb+' SACP in operations after the commercial operations date of phase 1 and phase 2. The stable outlook considers both the construction and operating risk of the project. Construction is significantly advanced, which we have incorporated into our rating analysis. The project benefits from proven technology and design. In addition, once the project is completed, cash flow will be robust and supported by a strong contractual foundation with predominantly investment-grade counterparties. S&P said, "We could take a negative rating action if the project experiences unforeseen delays that threaten the scheduled substantial completion date such that costs increase beyond the mitigations provided in the project forecast. "We are unlikely to raise the rating during construction. We could take a positive rating action around the time commercial operation starts if forecast cash flow is such that the minimum DSCR is at or above 1.25x." [^] Recent Small-Dollar & Individual Chapter 11 Filings ------------------------------------------------------- In re Horizon West Medical Group, PLLC Bankr. M.D. Fla. Case No. 25-08105 Chapter 11 Petition filed December 14, 2025 See https://www.pacermonitor.com/view/ULJ4W4Y/Horizon_West_Medical_Group_PLLC__flmbke-25-08105__0001.0.pdf?mcid=tGE4TAMA represented by: Jeffrey S. Ainsworth, Esq. BRANSONLAW, PLLC E-mail: jeff@bransonlaw.com In re Azael Motorsport Inc Bankr. S.D. Fla. Case No. 25-24769 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/L7HJADI/Azael_Motorsport_Inc__flsbke-25-24769__0001.0.pdf?mcid=tGE4TAMA represented by: Winston Cuenant, Esq. CUENANT & PENNINGTON, PA E-mail: winston@cuenantlaw.com In re Summit Collective, Inc. Bankr. E.D. Wash. Case No. 25-02182 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/PTRMTWY/Summit_Collective_Inc__waebke-25-02182__0001.0.pdf?mcid=tGE4TAMA represented by: Armand J. Kornfeld, Esq. BUSH KORNFELD LLP E-mail: jkornfeld@bskd.com In re Hernan Reyes M.D. S.C. Bankr. N.D. Ill. Case No. 25-19154 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/MP4DIYA/Hernan_Reyes_MD_SC__ilnbke-25-19154__0001.0.pdf?mcid=tGE4TAMA represented by: Alexander Tynkov, Esq. ZALUTSKY & PINSKI, LTD. E-mail: admin@ZAPLawFirm.com In re Kitsap Massage & Manual Therapy Associates LLC Bankr. W.D. Wash. Case No. 25-13525 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/TM4YIAY/Kitsap_Massage__Manual_Therapy__wawbke-25-13525__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Knapp & Brunner LLC Bankr. E.D. Mich. Case No. 25-21666 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/7YIOY6Q/Knapp__Brunner_LLC__miebke-25-21666__0001.0.pdf?mcid=tGE4TAMA represented by: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES E-mail: george@bklawoffice.com In re Manayunk Club (dba) Winston Privite Social Club Bankr. E.D. Pa. Case No. 25-15117 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/UNNYB4I/Manayunk_Club_dba_Winston_Privite__paebke-25-15117__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re 191 Hospitality,LLC (dba) Mr. Ivy Bankr. E.D. Pa. Case No. 25-15116 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/XTPDLYI/191_HospitalityLLCdba_Mr_Ivy__paebke-25-15116__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Linda Grant Williams Bankr. S.D.N.Y. Case No. 25-23211 Chapter 11 Petition filed December 15, 2025 represented by: Ana Vargas, Esq. In re Kevin Andrew Christ Bankr. S.D. Ohio Case No. 25-55494 Chapter 11 Petition filed December 15, 2025 In re Knapp & Brunner LLC Bankr. E.D. Mich. Case No. 25-32708 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/BBVEYJI/Knapp__Brunner_LLC__miebke-25-32708__0001.0.pdf?mcid=tGE4TAMA represented by: George E. Jacobs, Esq. BANKRUPTCY LAW OFFICES E-mail: george@bklawoffice.com In re Eram Properties LLC Bankr. E.D.N.Y. Case No. 25-46002 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/FL3DVBI/Eram_Properties_LLC__nyebke-25-46002__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re MBK Holdings, Inc. Bankr. N.D. Ind. Case No. 25-31964 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/LOTAD2I/MBK_Holdings_Inc__innbke-25-31964__0001.0.pdf?mcid=tGE4TAMA represented by: John R. Humphrey, Esq. TAFT STETTINIUS & HOLLISTER LLP E-mail: jhumphrey@taftlaw.com In re Patron Western Wear LLC Bankr. N.D. Tex. Case No. 25-44892 Chapter 11 Petition filed December 15, 2025 See https://www.pacermonitor.com/view/X3BXCCQ/PATRON_WESTERN_WEAR_LLC__txnbke-25-44892__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Presleigh Britan 2 LLC Bankr. W.D. Okla. Case No. 25-13878 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/WJB535Q/PRESLEIGH_Britan_2_LLC__okwbke-25-13878__0001.0.pdf?mcid=tGE4TAMA represented by: Timothy McCoy, Esq. MCCOY LAW FIRM INC. E-mail: tim@timmccoylawfirm.com In re Built USA, LLC Bankr. M.D. Fla. Case No. 25-09453 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/OG4HQXI/BUILT_USA_LLC__flmbke-25-09453__0001.0.pdf?mcid=tGE4TAMA represented by: Buddy D. Ford, Esq. FORD & SEMACH, P.A. E-mail: All@tampaesq.com In re Bevi Tutto LLC Bankr. D. Nev. Case No. 25-51185 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/JHZ7Y5I/BEVI_TUTTO_LLC__nvbke-25-51185__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin A. Darby, Esq. DARBY LAW PRACTICE, LTD E-mail: kevin@darbylawpractice.com In re Galosi LLC Bankr. N.D. Tex. Case No. 25-44908 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/ZUSEFVQ/Galosi_LLC__txnbke-25-44908__0001.0.pdf?mcid=tGE4TAMA represented by: Robert T DeMarco, Esq. DEMARCO MITCHELL, PLLC E-mail: robert@demarcomitchell.com In re Rubicon Mechanical LLC Bankr. D. Nev. Case No. 25-51188 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/7QXBGDY/RUBICON_MECHANICAL_LLC__nvbke-25-51188__0001.0.pdf?mcid=tGE4TAMA represented by: Kevin A. Darby, Esq. DARBY LAW PRACTICE, LTD. E-mail: kevin@darbylawpractice.com In re 10-23 Pine Crescent LLC Bankr. E.D.N.Y. Case No. 25-46021 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/GQEVRCQ/10-23_Pine_Crescent_LLC__nyebke-25-46021__0001.0.pdf?mcid=tGE4TAMA represented by: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. E-mail: charles@cwertmanlaw.com In re 212 Maple Crescent LLC Bankr. E.D.N.Y. Case No. 25-46020 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/EI3J5WA/212_Maple_Crescent_LLC__nyebke-25-46020__0001.0.pdf?mcid=tGE4TAMA represented by: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. E-mail: charles@cwertmanlaw.com In re 3-21 Pine Crescent LLC Bankr. E.D.N.Y. Case No. 25-46019 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/5RGV6DI/3-21_Pine_Crescent_LLC__nyebke-25-46019__0001.0.pdf?mcid=tGE4TAMA represented by: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. E-mail: charles@cwertmanlaw.com In re Arizona Horse Rescue and Adoption Bankr. D. Ariz. Case No. 25-12193 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/4BOQK2A/ARIZONA_HORSE_RESCUE_AND_ADOPTION__azbke-25-12193__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Laurus Group Inc Bankr. C.D. Calif. Case No. 25-13531 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/3S2PE3I/Laurus_Group_Inc__cacbke-25-13531__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Mother Flipping Native, LLC Bankr. W.D. Wash. Case No. 25-13551 Chapter 11 Petition filed December 16, 2025 See https://www.pacermonitor.com/view/6C3HA3I/Mother_Flipping_Native_LLC__wawbke-25-13551__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. E-mail: courtmail@expresslaw.com In re J Kruse Investments, LLC Bankr. W.D. Mo. Case No. 25-60861 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/WSRYULA/J_Kruse_Investments_LLC__mowbke-25-60861__0001.0.pdf?mcid=tGE4TAMA represented by: Jim James, Esq. JB JAMES LAW FIRM, P.C. E-mail: jimjames@jbjameslawfirm.com In re Vanguard Development Group, LLC Bankr. D. Md. Case No. 25-21788 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/QI5KIOY/Vanguard_Development_Group_LLCVanguard__mdbke-25-21788__0001.0.pdf?mcid=tGE4TAMA represented by: Jisoo Kim, Esq. PARE & ASSOCIATES, LLC E-mail: jisoo@alicelaw.com In re Dentalhub of Wylie PLLC Bankr. E.D. Tex. Case No. 25-43819 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/5WHAH7I/Dentalhub_of_Wylie_PLLC__txebke-25-43819__0001.0.pdf?mcid=tGE4TAMA represented by: Kurt S. Elieson, Esq. KURT ELIESON, ATTORNEY AT LAW E-mail: kurt@eliesonlaw.com In re Bozettis Group Inc. Bankr. D. Mass. Case No. 25-12728 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/JI7J4CA/Bozettis_Group_Inc__mabke-25-12728__0001.0.pdf?mcid=tGE4TAMA represented by: Barry Levine, Esq. LAW OFFICE OF BARRY R. LEVINE E-mail: barry@levineslaw.com In re Pharmix USA LLC Bankr. S.D. Fla. Case No. 25-24876 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/MA7U75A/PHARMIX_USA_LLC__flsbke-25-24876__0001.0.pdf?mcid=tGE4TAMA represented by: Thomas Zeichman, Esq. BEIGHLEY MYRICK UDELL LYNNE AND ZEICHMAN E-mail: tzeichman@bmulaw.com In re SVC of Murray Hill, LLC Bankr. E.D.N.Y. Case No. 25-74829 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/4LPKOKY/SVC_of_Murray_Hill_LLC__nyebke-25-74829__0001.0.pdf?mcid=tGE4TAMA represented by: Robert L. Rattet, Esq. DAVIDOFF HUTCHER & CITRON LLP E-mail: rlr@dhclegal.com In re LP Holdings LLC Bankr. D. Utah Case No. 25-27606 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/VCZ27LI/LP_Holdings_LLC__utbke-25-27606__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Mark Johnson Bankr. D. Md. Case No. 25-21820 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/5MLUXRI/Mark_Johnson__mdbke-25-21820__0001.0.pdf?mcid=tGE4TAMA represented by: Busayo Adu-Bakare, Esq. In re Grigore Bivol and Aliona Bivol Bankr. M.D. Fla. Case No. 25-08235 Chapter 11 Petition filed December 18, 2025 represented by: Daniel Velasquez, Esq. In re Scott Raymond Nelson Bankr. D. Mont. Case No. 25-90239 Chapter 11 Petition filed December 18, 2025 represented by: Gary Deschenes, Esq. In re Ronald Rockman Bankr. D. N.J. Case No. 25-23321 Chapter 11 Petition filed December 17, 2025 represented by: Jenee Ciccarelli, Esq. In re Thomas A. Koch Bankr. E.D.N.Y. Case No. 25-74840 Chapter 11 Petition filed December 18, 2025 represented by: H. Bronson, Esq. In re Terrence Patrick Treacy Bankr. N.D. Tex. Case No. 25-44915 Chapter 11 Petition filed December 17, 2025 represented by: Laurance Boyd, Esq. In re Christopher Bradley Spruell Bankr. W.D. La. Case No. 25-31465 Chapter 11 Petition filed December 17, 2025 represented by: James Spivey, Esq. In re Laurence Wayne Espeut Bankr. E.D.N.Y. Case No. 25-46024 Chapter 11 Petition filed December 17, 2025 represented by: Vincent Lentini, Esq. In re Egbert Afflick Dayle Bankr. S.D.N.Y. Case No. 25-23215 Chapter 11 Petition filed December 16, 2025 represented by: H. Bronson, Esq. In re Gayla Sue Levin Bankr. S.D. Fla. Case No. 25-24837 Chapter 11 Petition filed December 16, 2025 represented by: Chad Pugatch, Esq. LORIUM LAW In re Ian Patrick Koentges and Kelsey Elizabeth Koentges Bankr. D. Colo. Case No. 25-18225 Chapter 11 Petition filed December 16, 2025 represented by: Keri Riley, Esq. KUTNER BRINEN DICKEY RILEY PC E-mail: KLR@KutnerLaw.com In re Arkadiy Lyampert Bankr. C.D. Calif. Case No. 25-12344 Chapter 11 Petition filed December 16, 2025 represented by: David Golubchik, Esq. In re SEIC Holdings, LLC Bankr. M.D. Ala. Case No. 25-81609 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/777CLZQ/SEIC_Holdings_LLC__almbke-25-81609__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re SouthEastern Industrial Contractors, LLC Bankr. M.D. Ala. Case No. 25-81610 Chapter 11 Petition filed December 17, 2025 See https://www.pacermonitor.com/view/X5OFU6Q/SouthEastern_Industrial_Contractors__almbke-25-81610__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Astro Precision Tool & Machine LLC Bankr. D. N.J. Case No. 25-23375 Chapter 11 Petition filed December 18, 2025 See https://www.pacermonitor.com/view/UJUH2VA/Astro_Precision_Tool__Machine__njbke-25-23375__0001.0.pdf?mcid=tGE4TAMA represented by: Melinda Middlebrooks, Esq. MIDDLEBROOKS SHAPIRO, P.C. E-mail: middlebrooks@middlebrooksshapiro.com In re Joseph Altier DC, PC Bankr. W.D. Pa. Case No. 25-23408 Chapter 11 Petition filed December 18, 2025 See https://www.pacermonitor.com/view/YB3GS7Y/Joseph_Altier_DC_PC__pawbke-25-23408__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re International Immobiliare LLC Bankr. W.D. Tenn. Case No. 25-26578 Chapter 11 Petition filed December 18, 2025 See https://www.pacermonitor.com/view/BGDXAHQ/International_Immobiliare_LLC__tnwbke-25-26578__0001.0.pdf?mcid=tGE4TAMA represented by: Ted I. Jones, Esq. JONES & GARRETT LAW FIRM AN ASSOCIATION OF ATTORNEYS In re 768 Dean Inc. Bankr. E.D.N.Y. Case No. 25-46048 Chapter 11 Petition filed December 18, 2025 See https://www.pacermonitor.com/view/DAD32GQ/768_Dean_INC__nyebke-25-46048__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Island Jams Inc. Bankr. N.D. Ga. Case No. 25-64816 Chapter 11 Petition filed December 19, 2025 See https://www.pacermonitor.com/view/J4YCLGA/Island_Jams_Inc__ganbke-25-64816__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Steel City Grub LLC Bankr. W.D. Pa. Case No. 25-23412 Chapter 11 Petition filed December 19, 2025 See https://www.pacermonitor.com/view/LG3DXIY/Steel_City_Grub_LLC__pawbke-25-23412__0001.0.pdf?mcid=tGE4TAMA represented by: Christopher M. Frye, Esq. STEIDL & STEINBERG, P.C. E-mail: chris.frye@steidl-steinberg.com In re Big Bend Drive, LLC Bankr. E.D. Tex. Case No. 25-43852 Chapter 11 Petition filed December 19, 2025 See https://www.pacermonitor.com/view/BSHTAUQ/Big_Bend_Drive_LLC__txebke-25-43852__0001.0.pdf?mcid=tGE4TAMA represented by: Robert Buchholz, Esq. THE LAW OFFICE OF ROBERT W. BUCHHOLZ, P.C. E-mail: BOB@ATTORNEYBOB.COM In re John Stockwell and Lynn Darlene Stockwell Bankr. S.D. Fla. Case No. 25-25009 Chapter 11 Petition filed December 19, 2025 represented by: Luctricia Thompson, Esq. In re Timothy A. Woods Bankr. N.D. Ga. Case No. 25-41926 Chapter 11 Petition filed December 19, 2025 represented by: William Rountree, Esq. ROUNTREE LEITMAN KLEIN & GEER, LLC In re Kenneth Joel Williams Bankr. N.D. Ala. Case No. 25-82638 Chapter 11 Petition filed December 19, 2025 represented by: Tameria Driskill, Esq. In re Myron Jacques Lawrence Bankr. M.D. La. Case No. 25-11169 Chapter 11 Petition filed December 19, 2025 In re Russell Furia Bankr. E.D.N.Y. Case No. 25-74843 Chapter 11 Petition filed December 19, 2025 represented by: Michael Previto, Esq. In re Black Canoe, LLC Bankr. D. Md. Case No. 25-21912 Chapter 11 Petition filed December 20, 2025 See https://www.pacermonitor.com/view/XXEJN3I/Black_Canoe_LLC__mdbke-25-21912__0001.0.pdf?mcid=tGE4TAMA represented by: Geri Lyons Chase, Esq. LAW OFFICE OF GERI LYONS CHASE E-mail: gchase@glchaselaw.com In re Island Jams Inc. Bankr. N.D. Ga. Case No. 25-64816 Chapter 11 Petition filed December 19, 2025 See https://www.pacermonitor.com/view/J4YCLGA/Island_Jams_Inc__ganbke-25-64816__0001.0.pdf?mcid=tGE4TAMA Filed Pro Se In re Sticky Wall Vinyl LLC Bankr. M.D. Fla. Case No. 25-08281 Chapter 11 Petition filed December 21, 2025 See https://www.pacermonitor.com/view/UQX6RDQ/Sticky_Wall_Vinyl_LLC__flmbke-25-08281__0001.0.pdf?mcid=tGE4TAMA represented by: L. Todd Budgen, Esq. BUDGEN LAW E-mail: tbudgen@mybankruptcyfirm.com In re Georgi & Brandon Co. Inc. Bankr. N.D. Ill. Case No. 25-19474 Chapter 11 Petition filed December 21, 2025 See https://www.pacermonitor.com/view/T2LRB3Q/Georgi__Brandon_Co_Inc__ilnbke-25-19474__0001.0.pdf?mcid=tGE4TAMA represented by: Paul M. Bach, Esq. BACH LAW OFFICES E-mail: paul@bachoffices.com In re Jordan Edward Glazov Bankr. N.D. Ill. Case No. 25-19467 Chapter 11 Petition filed December 21, 2025 represented by: Paul Bach, Esq. In re Floof, LLC Bankr. M.D. Tenn. Case No. 25-05356 Chapter 11 Petition filed December 19, 2025 See https://www.pacermonitor.com/view/4AR2WAI/Floof_LLC__tnmbke-25-05356__0001.0.pdf?mcid=tGE4TAMA represented by: Keith Edmiston, Esq. EDMISTON LAW FIRM, PLLC E-mail: kedmiston@edmistonfirm.com ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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