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251226.mbx T R O U B L E D C O M P A N Y R E P O R T E R Friday, December 26, 2025, Vol. 29, No. 359 Headlines 100 MCKNIGHT: Case Summary & Nine Unsecured Creditors 1291 BRITAIN: Claims to be Paid from Asset Sale Proceeds 30 EAST 40TH: Co-Executors Seeks Chapter 11 Trustee Appointment 7481 CAMPO: U.S. Trustee Unable to Appoint Committee ABBA MEENA: Seeks Chapter 7 Bankruptcy in Texas AGO 3 LOGISTICS: Seeks Chapter 7 Bankruptcy in Texas AIR INDUSTRIES: Webster Bank Waives Defaults, Extends Loan to March AKTIVATE INC: Voluntary Chapter 11 Case Summary ALACHUA GOVERNMENT: Gets Court OK to Extend DIP Maturity Date ALGORHYTHM HOLDINGS: Streeterville Holds 9.99% Equity Stake AMERICAN PUBLIC: Moody's Upgrades CFR to B1, Outlook Stable ANNALEE DOLLS: Feb. 3 Auction for Doll Business Assets ANTHOLOGY INC: Unsecured Creditors to Get 0% in Joint Plan ASHLEY STEWART: Court Dismisses Chapter 11 Case ASN INVESTMENTS: Court Denies Bid to Use Cash Collateral AVALON MOBILE: Fine-Tunes Plan Documents BIOMERICA INC: Six Key Proposals Approved at Annual Meeting BIOXCEL THERAPEUTICS: Five Key Proposals Approved at Annual Meeting BLUE DUCK: Court Confirms First Amended Subchapter V Plan BUCKINGHAM SENIOR: U.S. Trustee Appoints Susan Goodman as PCO BUTTE PROPERTY: Hires Zink & Lenzi as Bankruptcy Counsel CALIFORNIA PIZZA: Names New CEO, Secures Buyout Agreement CAMP LOUEMMA: Seeks to Sell Sussex Properties at Auction CCH JOHN EAGAN I: Gets Interim OK to Use Cash Collateral CD GREENE: Voluntary Chapter 11 Case Summary CENTER FOR EMOTIONAL: Appointment of Suzanne Koenig as PCO OK'd CITY MASSAGE: Unsecureds to Get 24 Cents on Dollar in Plan COMPASS COFFEE: Closes Key Locations as Bankruptcy Filing Looms CORVIAS CAMPUS: Court Confirms Chapter 11 Plan of Liquidation COSAMIA LLC: Case Summary & 20 Largest Unsecured Creditors CTL-AEROSPACE: To Sell Polymer Business to DK CTL DACO FIRE: To Sell Lubbock County Property to WGD Enterprises DACO FIRE: To Sell Tarrant County Property to Super Vacuum DATABASED SOLUTIONS: Unsecureds to Split $150K over 3 Years DAYTONA THUNDER: Gets Interim OK to Use Cash Collateral DENTALHUB OF WYLIE: Seeks Chapter 11 Bankruptcy in Texas DEQSER LLC: Seeks Addt'l $2MM DIP Loan From CSV DYNACQ HEALTHCARE: Seeks to Sell Hospital Assets at Auction E GLUCK: U.S. Trustee Appoints Creditors' Committee ELETSON HOLDINGS: Sues Reed Smith, Former Execs Over Sabotage ERC MANUFACTURING: Court OKs Truck Sale to Sussex Construction ESCAMBIA OPERATING: Unsecureds Will Get 1% to 16% in Trustee's Plan FARMFAN LLC: To Employ Bernstein-Burkley P.C. as Counsel FIRST BRANDS: Trade Financier Seeks Stop of Cash Use FLEXSHOPPER INC: Case Summary & 30 Largest Unsecured Creditors FLEXSHOPPER INC: Seeks Chapter 11 Bankruptcy After Firing CEO FLIPCAUSE INC: Case Summary & 20 Largest Unsecured Creditors FORTUNE CIRCLE: Gets OK to Use Cash Collateral Thru Jan. 31 FTX TRADING: Gets OK to Bar Alameda Former Exec from Director Roles GALOSI LLC: Seeks Chapter 11 Bankruptcy in Texas GENERATION HEALTHCARE: Gets Interim OK to Use Cash Collateral GENESIS HEALTHCARE: No Resident Care Concern, 2nd PCO Report Says GENESIS HEALTHCARE: Quality of Care Maintained, 2nd PCO Report Says GIBSON INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative GOLD CITY: U.S. Trustee Appoints Melanie McNeil as PCO GRAND CANYON UNIVERSITY: Moody's Alters Ratings Outlook to Stable H5 TRANSPORT: Claims to be Paid from Continued Operations HARDING BELL: Available Cash & Continued Operation to Fund Plan INNERGEX RENEWABLE: Fitch Withdraws 'BB+' LongTerm IDR IROBOT CORP: Unsecured Creditors Unimpaired in Prepackaged Plan JACKS DONUTS: Court OKs Donut Business Sale to Raintree County JACKSON HOSPITAL: PCO Reports No Staffing Shortages JJTA23 REAL: Gets Interim OK to Use Cash Collateral JJTA23 REAL: Gets Interim OK to Use Cash Collateral Until Jan. 5 JUS BROADCASTING: Court Extends Cash Collateral Access to Feb. 13 KODIAK GAS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable KOSMOS ENERGY: Fitch Lowers IDR to CCC+, Off Watch Negative LAKESHORE LEARNING: Moody's Cuts CFR to Caa1, Outlook Stable LDM LLC: Gets Interim OK to Use Cash Collateral Until Jan. 9 LEISURE INVESTMENTS: Transfer of Animals to Clearwater Marine OK'd LEXARIA BIOSCIENCE: Raises $3.5MM in Direct Offering and Warrants LMD HOLDINGS: U.S. Trustee Unable to Appoint Committee LORDON ENTERPRISES: Court OKs Deal on Cash Collateral Access M.K. WEEDEN: Gets Interim OK to Use Cash Collateral Until Feb. 6 MAMMOTH INC: Causes of Action & Asset Sale Proceeds to Fund Plan MARCEL CONTRABAND: Amends Unsecured Claims Pay Details MARELLI AUTOMOTIVE: Seeks Court OK for $32.5MM Executive Bonuses MCCALLSON TAX: U.S. Trustee Unable to Appoint Committee MEDICAL MANAGEMENT: U.S. Trustee Appoints Melanie McNeil as PCO METHANEX CORP: Fitch Affirms 'BB+' IDR, Outlook Stable MIM LANDSCAPE: U.S. Trustee Unable to Appoint Committee MOSAIC MENTAL: Gets Interim OK to Use Cash Collateral MOUNTAIN REGIONAL: Case Summary & 20 Largest Unsecured Creditors MRES HOLDINGS: Case Summary & Six Unsecured Creditors NORTH COUNTRY: Case Summary & 20 Largest Unsecured Creditors NORTHEAST GROCERY: Fitch Affirms B+ IDR & Alters Outlook to Stable NORTHEAST OHIO: Co., Lender Ask Court to Pause Receivership OAK RIVER HEALTHCARE: Seeks Chapter 7 Bankruptcy in Texas PACER PRINT: Court Extends Cash Collateral Access to July 4 PALOMAR HEALTH: Fitch Affirms B- IDR, Outlook Negative PARKERVILLE LP: Seeks Chapter 11 Bankruptcy in Texas PATRON WESTERN: Seeks Chapter 11 Bankruptcy in Texas PINT & BEAN: Gets Interim OK to Use Cash Collateral PLAINS ALL: Fitch Affirms 'BB+' Rating on Preferred Equity POLAR POWER: Six Key Proposals Approved at Annual Meeting POSH QUARTERS: To Sell Jacksonville Beach Property to J. & S. Fyfe RAZAGHI DEVELOPMENT: Case Summary & 10 Unsecured Creditors RAZZOO'S INC: Court OKs Ch. 11 Sale, 11 Locations to Stay Open REALTRUCK GROUP: Moody's Cuts CFR to 'Caa2', Outlook Stable RED LOBSTER: High Rents Force Executive Cuts During Turnaround RED ROCK: Claims to be Paid from Income & Property Sale/Refinance REGIONAL WEST: Fitch Cuts LongTerm IDR to 'CCC' REKOR SYSTEMS: Closes $14MM Underwritten Registered Direct Offering REYNOLDS CRAFT: Hires Sader Law Firm as Legal Counsel REYNOLDS CRAFT: Seeks to Hire NWA Real Estate as Broker ROADRUNNER SCOOTERS: Court OKs Deal on Cash Collateral Access SAKS GLOBAL: Weighs Chapter 11 Filing as Debt Payment Looms SAVI CONSTRUCTION: Gets OK to Hire Young Wooldridge as Counsel SEQUOIA GROVE: Claims to be Paid from Income & Sale Proceeds SK MOHAWK: Fitch Cuts IDR to 'RD' on Missed Interest Payment SMOKE RING: Case Summary & 20 Largest Unsecured Creditors SOUTHERN TREE: U.S. Trustee Appoints Creditors' Committee SPIRIT AVIATION: Amends DIP Credit Agreement for $100MM Third Draw SPOKE-N-SPORT: Case Summary & 20 Largest Unsecured Creditors ST. AUGUSTINE FOOT: Gets Interim OK to Use Cash Collateral STEINMETZ PLUMBING: Seeks Subchapter V Bankruptcy in Texas STEPHAN CO: U.S. Trustee Appoints Asbestos Claimants' Committee SUPREME PLUMBING: Gets Interim OK to Use Cash Collateral SYNERGY 768: Voluntary Chapter 11 Case Summary TEDDER INDUSTRIES: Gets Interim OK to Use Cash Collateral TELEFLEX INC: Moody's Alters Outlook on Ba1 CFR to Stable TELLICO RENTALS: To Sell Tellico Plains Asset to D. & J. DeWalt THERAPEUTICS MD: Five Key Proposals Approved at Annual Meeting TORRID LLC: Moody's Lowers CFR to Caa1 & Alters Outlook to Stable TP BRANDS: U.S. Trustee Unable to Appoint Committee TRICOLOR AUTO: CEO Took in $30MM Prepetition, Suit Alleges TRIPLE-G-GUNITE: Seeks Cash Collateral Access Until June 2026 TUNGSTEN CAYCO: Fitch Affirms B- LongTerm IDR, Outlook Negative UNITED WHOLESALE: Moody's Affirms 'Ba3' CFR, Outlook Stable UNIVERSAL DESIGN: Jacksonville Property Sale to P. Chigurupati OK'd URBAN ONE: Moody's Affirms 'Caa2' CFR & Alters Outlook to Stable US MAGNESIUM: Lithium Carbonate Assets Sale to Glencore OK'd VALYRIAN MACHINE: Unsecureds to Get Share of Income for 60 Months VERSACE DOMINICAN: Case Summary & 20 Largest Unsecured Creditors VILLAGE ROADSHOW: Amends Derivative Right Sale to Alcon Media Group VIVAKOR INC: Issues 15.4MM Shares on Note Conversions VIVAKOR INC: Receives Nasdaq Notice on October Equity Issuances WALKER EDISON: Court Confirms Chapter 11 Plan of Liquidation WARREN'S READY-MIX: Section 341(a) Meeting of Creditors on Jan. 14 WATER ENERGY: To Sell Texas Properties to 4 Arrows Investments WOK HOLDINGS: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative WORKHORSE GROUP: Motive GM Holdings Owns 62.8% Equity Stake XEROX CORP: Pursues IP-Backed Debt Financing ZYNEX INC: Enters Chapter 11 With Restructuring Support Agreement [] BOOK REVIEW: Bendix-Martin Marietta Takeover War [] December 2025 Sees Surge in Healthcare Bankruptcies ********* 100 MCKNIGHT: Case Summary & Nine Unsecured Creditors ----------------------------------------------------- Debtor: 100 McKnight LLC 3930 N. Pine Grove, No. 602 Chicago, IL 60613 Business Description: 100 McKnight LLC is a single-asset real estate company that owns and manages its primary property at 120 McKnight Street in Normal, Illinois. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court Northern District of Illinois Case No.: 25-19477 Judge: Hon. Jacqueline P Cox Debtor's Counsel: Jeffrey Paulsen, Esq. PAULSEN & HOLTSCHLAG LLC 1245 S Michigan #115 Chicago, IL 60605 E-mail: jpaulsen@ph-firm.com Estimated Assets: $10 million to $50 million Estimated Liabilities: $10 million to $50 million The petition was signed by Nicholas Brinker as manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/A2SO5SA/100_McKnight_LLC__ilnbke-25-19477__0001.0.pdf?mcid=tGE4TAMA List of Debtor's Nine Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ameren Corp. Electricity $25,532 One Ameren Plaza 1901 Chouteau Ave. Saint Louis, MO 63103 2. American Multi-Cinema Inc. Parking Lot $19,650 Attn. Lease Administration Lease 11500 Ash St. Leawood, KS 66211 3. Budd Street LLC Office Rent $6,120 1590 W. Algonquin Rd., #223 Hoffman Estates, IL 60192 4. F.E. Moran Fire Protection $24,793 2265 Carlson Dr. Northbrook, IL 60062 5. Golan Christie Taglia LLP Legal Services $0 Attn. Brianna Golan 70 W. Madison, Ste. 1500 Chicago, IL 60602 6. Metronet Internet $3,515 3701 Communications Way Evansville, IN 47715 7. Nicor Gas Natural Gas $7,784 1844 Ferry Rd. Naperville, IL 60563-9662 8. Sherman's Place Inc. Furniture $10,674 1203 E. Marietta Ave. Peoria Heights, IL 61616 9. Vernon L. Goedeke Company Equipment Rental $22,819 8000 Hall St., Bldg. 6 Saint Louis, MO 63147 1291 BRITAIN: Claims to be Paid from Asset Sale Proceeds -------------------------------------------------------- 1291 Britain Dr PCPRE LLC and 215 Paper Mill Rd PCPRE LLC filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Disclosure Statement to accompany Joint Plan of Liquidation dated December 15, 2025. 215 Paper Mill Rd is a Florida limited liability company that owns and operates an 82-unit apartment complex known as The Carolina, located in Gwinnet County, Georgia. In 2020, 215 Paper Mill Rd purchased The Carolina property and took out a loan of $6,960,000 (the "Paper Mill Loan"), secured by The Carolina property, which was then assigned to Federal National Mortgage Association ("Fannie Mae"). 1291 Britain Dr is a Florida limited liability company that owns and operates a 68-unit apartment complex known as Britain Village, located in Gwinnet County, Georgia. In 2020, 1291 Britain Dr purchased the Britain Village property and took out a loan of $6,160,000 (the "Britain Village Loan"), secured by the Britain Village property, which was then assigned to Federal National Mortgage Association ("Fannie Mae"). In March of 2025, Fannie Mae sent notices to each of the Debtors alleging that they were in defaults under the loans due to, among other things, allegedly failing to make certain repairs required by Fannie Mae. Fannie Mae then accelerated each of the loans and, on or about April 1, 2025, filed actions in the Superior Court of Gwinnet County, Georgia seeking the appointment of receivers for each of the Debtors and injunctive relief. Each of the Debtors subsequently filed their Chapter 11 cases on the Petition Date in order to gain time to either refinance or sell their respective properties. Throughout these Chapter 11 Cases, the Debtors have been in negotiations with various parties regarding a potential sale of their properties or a refinance of the Fannie Mae loans. The Debtors have since determined that the best and quickest process to move forward is to sell their properties. The Debtors are confident that a sale of their properties will result in sufficient proceeds to pay all allowed claims as set forth in the Plan. Both Debtors have received indications of interest for the purchase of substantially all their assets at a purchase prices sufficient to pay all of their secure debt in full and to make a substantial distribution to general unsecured creditors. The Debtors have established December 16, 2025 as the deadline for submitting indications of interest. They each intend to select buyers and enter into definitive asset purchase agreements no later than December 31, 2025. Such asset purchase agreements are expected to provide for a 30-day due diligence period following which the earnest money deposits will become nonrefundable, with the closing anticipated to occur 30 to 60 days after expiration of the due diligence period. Class 4A consists of General Unsecured Claims against 215 Paper Mill Rd. Paid in full, without postpetition interest, within ninety days after the Effective Date or a soon as reasonably practicable thereafter. The allowed unsecured claims total $175,000. This Class will receive a distribution of 100% of their allowed claims without interest. Class 4B consists of General Unsecured Claims against 1291 Britain Dr. Paid in full, without interest, within ninety days after the Effective Date or as soon as reasonably practicable thereafter. The allowed unsecured claims total $341,000. This Class will receive a distribution of 100% of allowed amount, excluding interest. The Debtors shall each sell substantially all of their assets pursuant to an Asset Purchase Agreement substantially in the form of Exhibits 1A (Britain Village) and 1B (The Carolina) which shall be filed as a plan supplement no later than five days prior to the hearing on the Disclosure Statement. The aggregate Purchase Price under each Asset Purchase Agreement shall be sufficient to pay all Allowed Claims in Classes 1A through 3A or 1B through 3B, as applicable and to make a distribution to Holders of Allowed Claims in Classes 4A and 4B, as applicable. A full-text copy of the Disclosure Statement dated December 15, 2025 is available at https://urlcurt.com/u?l=azdyc0 from PacerMonitor.com at no charge. Counsel for the Debtors: J. Hayden Kepner, Jr., Esq. Ashley R. Ray, Esq. Scroggins, Williamson & Ray, P.C. 4401 Northside Parkway Suite 230 Atlanta, GA 30327 Tel: (404) 893-3880 Fax: (404) 893-3886 About 1291 Britain Dr PCPRE 1291 Britain Dr PCPRE, LLC, operating as Britain Village Apartments, is a residential complex located at 1291 Britain Drive in Lawrenceville, Ga. The property offers two-and three-bedroom units with standard amenities and is managed by Premier Living US. 1291 Britain Dr PCPRE sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-54940) on May 5, 2025. In its petition, the Debtor reported estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Debtor is represented by Ashley Reynolds Ray, Esq., at Scroggins, Williamson & Ray, P.C. 30 EAST 40TH: Co-Executors Seeks Chapter 11 Trustee Appointment --------------------------------------------------------------- Madeleine Berley, as Co-Executor of the Estate of Arnold Penner and Andrew Albstein, as Co-Executor of the Estate of Arnold Penner ("Moving Parties"), asked the U.S. Bankruptcy Court for the Southern District of New York to appoint a Chapter 11 Trustee for 30 East 40th, L.L.C. In a court filing, the Moving Parties raised the need to appoint an independent trustee to manage the case, saying the Petition was not authorized under the Debtor's Operating Agreement, bears the indicia of subjective bad faith, and are using the bankruptcy case to benefit themselves. The Moving Parties, as the representatives of the Penner Estate, hold the largest membership interest in the Debtor, 41.04%. The Moving Parties are notably absent from the document attached to the Petition purportedly authorizing its filing and entitled, "Unanimous Written Consent of a Majority of Members of 30 East 40th, L.L.C." (the "Written Consent"). The Objecting Parties had no notice that a chapter 11 petition for the Debtor was contemplated and were not asked to approve it. The Moving Parties cited that this Motion is premised upon the lack of authorization for the filing of the Petition, the indicia of subjective bad faith in such filing, and management's conflict of interest that precludes the exercise of their fiduciary duties. Starting with the third ground, it is important to bear in mind that management of a debtor in possession has the same fiduciary duties as a trustee. The Moving Parties claimed that the conflicts of management with regard to the Lease Motion and the breach of fiduciary duty claims asserted in the state court complaint by themselves, establish cause for the appointment of a chapter 11 trustee. The other two grounds on which this Motion is based underscore the need for such relief. The Moving Parties noted that the lack of corporate authority to file a bankruptcy petition is an independent ground for dismissal. Nevertheless, management's unauthorized filing of the Petition resulted in an actual default to Apple Bank, which creates a genuine need for rehabilitation that did not exist prior to the filing. Therefore, the Moving Parties are not seeking dismissal. But management should not be excused from taking this unauthorized and detrimental step. In the present case, as in Kingston Square Associates, an unauthorized filing was orchestrated by management with substantial indicia of subjective bad faith. With the demonstration that management is hopelessly conflicted, the case for the appointment of a chapter 11 trustee is compelling. The Motion to do so must be granted. A copy of the motion is available for free at https://urlcurt.com/u?l=pHVALo from PacerMonitor.com. Co-Counsel for Madeleine Berley, as Co-Executor of the Estate of Arnold Penner: JUDD BURSTEIN, P.C. Judd Burstein, Esq. 825 Third Avenue, 21st Floor New York, New York 10022 Telephone: 212-974-2400 Facsimile: 212-974-2944 Co-Counsel for Madeleine Berley, as Co-Executor of the Estate of Arnold Penner and Counsel for Andrew Albstein as Co-Executor of the Estate of Arnold Penner: BECKER, GLYNN, MUFFLY, CHASSIN & HOSINSKI LLP Alec P. Ostrow, Esq. 299 Park Avenue, 16th Floor New York, New York 10171 Telephone: 212-888-3033 Facsimile: 212-888-0255 About 30 East 40th, L.L.C. 30 East 40th L.L.C. is a single asset real estate company. 30 East 40th L.L.C. filed for relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12696) on December 2, 2025. In its petition, the Debtor lists estimated assets between $10 million and $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Michael E. Wiles handles the case. The Debtor is represented by Mark A. Frankel, Esq. of Backenroth Frankel & Krinsky, LLP. 7481 CAMPO: U.S. Trustee Unable to Appoint Committee ---------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of 7481 Campo Florido, LLC, according to court dockets. About 7481 Campo Florido LLC 7481 Campo Florido LLC is a single asset real estate company. 7481 Campo Florido sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla., Case No. 25-23958) on November 24, 2025. In its petition, the Debtor listed between $100,001 and $500,000 in assets and between $500,001 and $1 million in liabilities. Honorable Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Eric D. Yankwitt, Esq. ABBA MEENA: Seeks Chapter 7 Bankruptcy in Texas ----------------------------------------------- On December 16, 2025, Abba Meena LLC filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About Abba Meena LLC Abba Meena LLC is a limited liability company. Abba Meena LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-44906) on December 16, 2025. In its petition, the debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $100,001 to $1 million. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The debtor is represented by Guy H. Holman, Esq., of Guy Harvey Holman, PLLC. AGO 3 LOGISTICS: Seeks Chapter 7 Bankruptcy in Texas ---------------------------------------------------- AGO 3 Logistics, LLC, filed for Chapter 7 bankruptcy protection on December 12, 2025, in the U.S. Bankruptcy Court for the Western District of Texas. According to the filing, the company reports debts totaling between $1 million and $10 million, owed to 1 to 49 creditors. About AGO 3 Logistics, LLC AGO 3 Logistics, LLC is a logistics and transportation company that provides freight and delivery services. The company’s operations generally include the coordination and movement of goods, supply chain support, and related logistics services for commercial clients. The company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-31624) on December 12, 2025. Its bankruptcy petition reflects estimated assets of $0 to $100,000 and liabilities in the range of $1 million to $10 million. Honorable Bankruptcy Judge Christopher G. Bradley is overseeing the proceedings. AGO 3 Logistics, LLC is represented by Carlos A. Miranda, Esq., of Miranda & Maldonado, P.C. AIR INDUSTRIES: Webster Bank Waives Defaults, Extends Loan to March ------------------------------------------------------------------- Air Industries Group disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that on December 15, 2025, it entered into a Tenth Amendment to Loan and Security Agreement with Webster Bank. In the Tenth Amendment, Webster Bank waived the defaults caused by the failure to achieve the required fixed charge coverage ratio for the fiscal quarter ended June 30, 2025, and for exceeding the permitted amount of capital expenditures for the fiscal year ending December 31, 2025. In addition to the waivers, the Tenth Amendment extended the maturity date of the revolving credit and term loans under the Loan and Security Agreement to March 31, 2026 and amended certain financial covenants. A full-text copy of the Tenth Amendment is available at https://tinyurl.com/4udn5pz5 About Air Industries Air Industries Group, headquartered in Bay Shore, New York, manufactures precision components and assemblies for the aerospace and defense industry, supplying parts such as landing gear, flight controls, and engine mounts for military and commercial aircraft as well as ground turbines. Its products are used in programs including the F-18 Hornet, E-2 Hawkeye, UH-60 Black Hawk, F-35 Lightning II, F-15 Eagle, and Airbus A220, with customers spanning U.S. and international governments and global airlines. The Company operates two manufacturing centers in the U.S. In its audit report dated April 15, 2025, Marcum LLP included a "going concern" qualification noting that the Current Credit Facility expires on Dec. 30, 2025. In addition, the Company is required to maintain a collection account with its lender into which substantially all the Company's cash receipts are remitted. If the Company's lender were to cease lending and keep the funds remitted to the collection account, the Company would lack the funds to continue its operations. The Current Credit Facility expiration date and the rights granted to the lender, combined with the reasonable possibility that the Company might fail to meet covenants in the future, raise substantial doubt about its ability to continue as a going concern. As of June 30, 2025, the Company had $50.38 million in total assets, $35.11 million in total liabilities, and $15.27 million in total stockholders' equity. The Company said it remains focused on its business but may seek to raise additional capital or borrow funds on terms it considers favorable. It noted that issuing equity or convertible debt, raising interest rates on current borrowings, or offering equity to lenders in exchange for extending debt could increase interest costs and dilute existing shareholders. In addition, the Company said refinancing could require more restrictive covenants, while a loan default could lead to actions that might force it to seek court protection, and warned that financing may not be available on acceptable terms or at all. AKTIVATE INC: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Aktivate, Inc. d/b/a FamX 110-02 68 Drive Forest Hills, NY 11375 Business Description: Aktivate, Inc., doing business as FamX, provides a software-as-a-service platform for managing scholastic sports and student activities for K-12 school athletic departments. The New York-based company's platform supports athlete registration, scheduling, eligibility tracking, communication and related administrative functions for schools and districts across the United States. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Eastern District of New York Case No.: 25-46069 Judge: Hon. Elizabeth S. Stong Debtor's Counsel: Alan L. Braunstein, Esq. RIEMER & BRAUNSTEIN LLP Times Square Tower, Suite 2506 Seven Times Square New York, NY 10036 Tel: (617) 880-3516 E-mail: abraunstein@riemerlaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Yechezkel Kutscher as CEO. 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/2VRFO6Q/Aktivate_Inc__nyebke-25-46069__0001.0.pdf?mcid=tGE4TAMA ALACHUA GOVERNMENT: Gets Court OK to Extend DIP Maturity Date ------------------------------------------------------------- Alachua Government Services, Inc. got the green light from the U.S. Bankruptcy Court for the District of Delaware to amend its debtor-in-possession term loan facility. The amendment to the DIP facility would extend the maturity date and require payment of an extension fee, while leaving all other terms of the financing unchanged. Alachua filed its Chapter 11 case on July 6. Earlier in the case, the court approved a roughly $17 million DIP facility, first on an interim basis and later on a final basis, allowing the Debtor to borrow funds secured by senior liens and entitled to superpriority administrative expense status. Under the original DIP agreement, the maturity date was set to occur upon the earliest of December 31 or various triggering events, including plan effectiveness, default, dismissal or conversion of the case, and a sale of substantially all assets of the Debtor. Since the petition date, the Debtor sold its real and personal property in Alachua, Florida, for $11.5 million and has been working to transition remaining programs and assets. Its primary remaining assets are royalty interests and related intellectual property tied to Vero cell lines used in the development of a smallpox vaccine under a license agreement with Emergent BioSolutions, Inc. These royalty assets have been actively marketed since July, with the assistance of Jefferies LLC, and the court has approved formal bidding procedures and a detailed sale timeline extending into January 2026. Using proceeds from the Florida asset sale and royalty income, the Debtor has repaid a substantial portion of the DIP facility, leaving an outstanding balance of approximately $3.48 million as of December 11. The Debtor asserts, however, that full repayment of the DIP loan by December 31 would leave it without sufficient liquidity to continue administering the case and to complete the royalty asset sale process. Absent an extension, the Debtor risks a default under the DIP facility or a prematurely truncated sale process that could materially reduce recoveries for stakeholders. To address this risk, the Debtor negotiated at arm's length with the lender, JMB Capital Partners Lending, LLC, to amend the DIP agreement to extend the maturity date to February 28, 2026, subject to several conditions, including payment of a $170,000 cash extension fee upon the amendment's effective date and the Debtor's commitment to designate a stalking horse bidder for the royalty assets. The Debtor believes the DIP amendment is a reasonable and good-faith exercise of sound business judgment. It contends that the extension fee is justified given that the DIP lender is the only viable source of post-petition financing and would not agree to an extension without compensation. A copy of the order is available at https://is.gd/p7i7U1 from PacerMonitor.com. About Alachua Government Services Inc. Alachua Government Services, Inc. is a pharmaceutical and medicine manufacturing company formerly known as Ology Bioservices. Based in Alachua, Florida, Alachua operates in the pharmaceutical manufacturing sector. Alachua sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11289) on July 6, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Judge J. Kate Stickles oversees the case. Richards, Layton & Finger, P.A. is Debtor's legal counsel. ALGORHYTHM HOLDINGS: Streeterville Holds 9.99% Equity Stake ----------------------------------------------------------- Streeterville Capital LLC, Streeterville Management LLC, and John M. Fife, disclosed in a Schedule 13G filed with the U.S. Securities and Exchange Commission that as of December 16, 2025, they beneficially own 271,905 shares of common stock (directly owned by Streeterville Capital LLC and indirectly by the other reporting persons, subject to a contractual 9.99% ownership cap under pre-paid purchase agreements that would otherwise allow for greater ownership) of Algorhythm Holdings, Inc.'s common stock, $0.01 par value per share, representing 9.99% of the 2,721,778 shares outstanding (as reported in the Company's 10-Q filed on November 19, 2025). Streeterville Capital LLC may be reached through: John Fife, President Streeterville Management LLC 300 East Randolph Street, Suite 40.150 Chicago, IL 60601 Tel: 312-297-7000 A full-text copy of Streeterville Capital's SEC report is available at: https://tinyurl.com/mpvvr7ek About Algorhythm Holdings Algorhythm Holdings, Inc., fka The Singing Machine Company, Inc. -- http://www.singingmachine.com/-- is a holding company for an AI enabled software logistics business operated through its SemiCab Holding subsidiary and a home karaoke consumer products company that designs and distributes karaoke products globally to retailers and ecommerce partners through the Singing Machine subsidiary. As of September 30, 2025, the Company had $10,845,000 in total assets, $10,745,000 in total liabilities, and a total stockholders' equity of $100,000. Philadelphia, Penn.-based Marcum LLP, the Company's auditor since 2023, issued a "going concern" qualification in its report dated April 15, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred 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. AMERICAN PUBLIC: Moody's Upgrades CFR to B1, Outlook Stable ----------------------------------------------------------- Moody's Ratings upgraded American Public Education, Inc.'s ("APEI" or "the company") corporate family rating to B1 from B2 and its probability of default rating to B1-PD from B2-PD. At the same time, Moody's upgraded the company's senior secured credit facility rating, including a revolver and a term loan to B1 from B2 and the company's speculative grade liquidity rating (SGL) to SGL-1 from SGL-2. The outlook is stable. The CFR upgrade to B1 recognizes APEI's sustained revenue growth, margin expansion and stronger cash generation, led by accelerating nursing enrollments at Rasmussen and Hondros and solid military affiliated demand at APUS. Despite a short term Q4 headwind from the federal shutdown's Tuition Assistance (TA) processing, Moody's expects the company to enter next year with a more flexible capital structure and solid enrollment momentum. Moody's believes APEI's credit profile will continue to strengthen in 2026 and project the company will sustain organic revenue and earnings growth in the mid-to-high single digits over the next 12 to 18 months, while maintaining conservative financial strategies and strong liquidity. Given the complex and evolving regulatory environment for US for-profit education, maintaining conservative credit metrics, strong liquidity, and disciplined capital allocation remains a key credit consideration for APEI. Moody's projects that the company will operate with a debt/EBITDA between 1.5x-2.5x (based on Moody's adjustments) and generate annual free cash flow in excess of $50 million over the next 12 to 18 months. The SGL change to SGL-1 (very good) from SGL-2 (good) reflects APEI's improvement in liquidity driven by higher operating cash flow, increased unrestricted cash balances, and strategic actions to simplify the balance sheet. The company's annual free cash flow more than doubled over the past year, increasing to around $56 million as of September 30, 2025 LTM from about $22 million in 2024. The company redeemed all outstanding preferred stock for $43.2 million, eliminating annual dividend payments of approximately $6 million, and sold off certain non-core assets. Finally, the Department of Education removed restrictions on a $25.4 million letter of credit related to the Rasmussen acquisition, making that cash unrestricted. RATINGS RATIONALE APEI's B1 CFR reflects the company's established presence within the for-profit, post-secondary education market, with a primary focus on serving active-duty military personnel, veterans and their families, and nursing education. Following years of integration and turnaround efforts, APEI has restructured its operations into two newly branded divisions: APUS Global and RU Health Plus, thereby positioning itself for future growth opportunities. In 2025, APEI delivered online instruction to nearly 89,000 students through APUS Global and enrolled approximately 20,000 students across its two nursing-focused institutions. The company schools address the needs of students pursuing career in critical sectors, both of which benefit from robust, long-term demand drivers – namely, ongoing defense educational requirements and a widespread shortage of nurses nationwide. Moody's anticipates APEI will maintain strong operational momentum, including sustaining solid enrollment growth and enhancing profitability over the next 12 to 18 months. Moody's expects the company will manage its capital structure prudently, balancing between organic growth initiatives and strategic acquisitions, all while sustaining very good liquidity and conservative credit metrics. APEI's rating also reflects the company's vulnerability to the regulatory environment of for-profit higher education businesses and significant reliance on Title IV funding, Tuition Assistance and Veterans Affairs programs, which may face budgetary pressures. Government policy shifts could affect the institution's funding, accreditation, and student recruitment, while negative publicity about educational quality or student debt levels could impact enrollments and credit standing. If legal and regulatory challenges arise and are not resolved, they may present increased risk of operational deterioration. The rating also reflects the company's moderate scale, earnings concentration, and low EBITDA margin. The upgrade of APEI's senior secured credit facility rating (revolver and term loan) to B1 from B2 reflects both the PDR of B1-PD and the loss given default assessment of LGD3. As there is no other meaningful debt in the capital structure, the facility is rated in line with the B1 CFR. The SGL-1 rating reflects Moody's expectations that APEI will maintain very good liquidity over the next 12 to 15 months. Sources of liquidity consist of approximately $193 million of balance sheet cash as of September 30, 2025, Moody's expectations for annual free cash flow of around $55 million and full access to the $20 million revolving credit facility due September 2026. APEI's credit facility contains a total net leverage ratio covenant that cannot exceed 2.0x. As of September 30, 2025, the company was in compliance with all debt covenants. Moody's expects the company to maintain ample cushion under its financial covenant. The stable outlook reflects Moody's expectations that APEI will sustain revenue and EBITDA growth in the mid-to-high single digit percentages over the next 12 to 18 months, maintain conservative credit metrics and strong liquidity. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if APEI meaningfully increases operating scale and diversification, maintains strong student enrollment growth, and substantially improves profitability. Quantitatively, the ratings can be upgraded if the company's debt/EBITDA (based on Moody's adjustments) is sustained below 2x and EBITDA margin (based on Moody's adjustments) is above 15%. The ratings could be downgraded if the company experiences much weaker than expected enrollment, profitability declines, or if free cash flow materially deteriorates. Resumption of more aggressive financial strategies, such as pursuing large debt funded acquisitions or share repurchase activity, that lead to debt/EBITDA (based on Moody's adjustments) sustained above 3x, other than on a temporary basis, may also result in downgrade. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. APEI's B1 CFR rating is two notches below the scorecard-indicated outcome of Ba2. The actual rating places greater emphasis on the company's heavy reliance on Title IV funding, heightened regulatory and legal risks, and its revenue concentration. Headquartered in Charles Town, WV, American Public Education, Inc. (NASDAQ: APEI) is a for-profit provider of post-secondary educational services and operates at 28 campuses across nine states, and online. Moody's expects the company to generate annual revenue in excess of $675 million in 2026. ANNALEE DOLLS: Feb. 3 Auction for Doll Business Assets ------------------------------------------------------ The U.S. Bankruptcy Court for the District of New Hampshire has permitted Annalee Dolls, LLC, to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Subject Assets consist of certain personal property, primarily general intangibles (other than payment intangibles), business equipment and inventory. Debtor will retain its cash on hand, payment intangibles, chapter 5 claims, equity in subsidiaries and real estate. (Excluded Property). On information and belief, Customers Bank values the Debtor's real estate alone at approximately $2,110,000 on a fair market value basis. Although Debtor believes the fair market value of Debtor's real estate to be approximately $1,550,000, the Purchased Assets represent less than substantially all of the property of the estate. The Court has authorized the Debtor to sell the Property at Auction. The United States Trustee reserves the right to object to the payment of the Breakup Fee and to raise any other substantive issues with regard to the sale at the time of the Sale Hearing. All parties' rights to object to the Sale itself are preserved. The Auction, if Debtor shall receive a Qualified Bid on or before January 30, 2026 at 4:00 p.m., shall take place on February 3, 2026 at 10:00 a.m. (prevailing Eastern Time), or such later day and or other place as may be set pursuant to the Sale Process and Terms. The Auction shall be conducted by Debtor through rounds of written bids by Qualified Bidders. Debtor may permit bidders to participate remotely subject to all of the other terms. About Annalee Dolls LLC Annalee Dolls, LLC is an American company known for its handcrafted felt dolls that embody holiday themes and whimsical charm. Founded in 1934, the business has become a staple of collectible Americana, with its headquarters and flagship store located in Meredith, New Hampshire. The company continues to attract visitors and collectors with its nostalgic products and scenic gift shop near Lake Winnipesaukee. Annalee Dolls sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10232) on April 11, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Kimberly Bacher handles the case. The Debtor is represented by William S. Gannon, Esq., at William S. Gannon, PLLC. ANTHOLOGY INC: Unsecured Creditors to Get 0% in Joint Plan ---------------------------------------------------------- Anthology Inc. and affiliates submitted a First Amended Disclosure Statement describing First Amended Joint Chapter 11 Plan dated December 14, 2025. The Plan contemplates certain Sale Transactions to be consummated pursuant to one or more Sale Order(s), pursuant to section 363 of the Bankruptcy Code and in accordance with the Bidding Procedures. The Plan also provides for a reorganization transaction for the Debtors' Remaining Assets, which will be effectuated through the Plan, and through which Holders of Prepetition Superpriority First Out Claims and Prepetition Superpriority Second Out Claims will receive one hundred percent of the New Common Equity Interests in the Reorganized Debtors (subject to dilution on account of the New Management Incentive Plan). The Plan further provides that the reorganized business will be funded by an Equity Rights Offering pursuant to which the Reorganized Debtors will issue New Preferred Equity Interests to make distributions pursuant to the Plan and fund the Reorganized Debtors' working capital and general corporate purposes. Upon emergence, the Reorganized Debtors will have at least $25 million of cash on its balance sheet and no funded debt. The Plan concurrently permits the Debtors to receive and evaluate offers for an Acceptable Alternative Transaction for the Debtors' Remaining Assets to the extent a higher or otherwise better offer for the Remaining Assets emerges. The Bidding Procedures contemplate two Sale Transactions, each in accordance with the respective Sale Order: (a) the sale of the Enterprise Operations Assets to Ellucian Company LLC ("Ellucian") pursuant to a certain purchase agreement (the "Ellucian Stalking Horse Agreement") and (ii) the sale of the Lifecycle Engagement Assets and the Student Success & Other Assets to Encoura LE LLC ("Encoura," and, together with Ellucian, the "Stalking Horse Bidders") pursuant to a certain purchase agreement (the “Encoura Stalking Horse Agreement," and, together with the Ellucian Stalking Horse Agreement, the "Stalking Horse Agreements," and the Bids contained therein, the "Stalking Horse Bids"). The Debtors and the Stalking Horse Purchasers or other purchaser(s), as applicable, shall be authorized to take all actions, if any, as may be deemed necessary or appropriate in furtherance of the Sale Transactions pursuant to the terms of the applicable Stalking Horse Purchase Agreement or other Purchase Agreement, as applicable, Sale Order, and Plan. The treatment of Executory Contracts and Unexpired Leases under the Plan is discussed in detail in Article IX of this Disclosure Statement. Executory Contracts and Unexpired Leases that are not rejected are deemed to be assumed or were assumed and assigned in connection with the Sale Transactions. Any monetary defaults under an Executory Contract or Unexpired Lease to be assumed by the Debtors as set forth in Article V.A of the Plan and as reflected on the Cure Notice, shall be satisfied, pursuant to section 365(b)(1) of the Bankruptcy Code, by payment of such Cures in Cash on the Effective Date, or as soon as reasonably practicable thereafter, subject to the limitations described in Article IX.C herein and set forth in Article V.C of the Plan, or on such other terms as the parties to such Executory Contracts or Unexpired Leases may otherwise agree. If a contract counterparty has not received a Cure Notice by the Plan Supplement Filing Deadline, the Debtors estimate that no monetary default exists under the relevant Executory Contract or Unexpired Lease. Any counterparty who disagrees with such determination should contact counsel to the Debtors at: (a) Kirkland & Ellis LLP, 333 West Wolf Point Plaza, Chicago, Illinois 60654, Attn.: Chad J. Husnick, P.C. (chad.husnick@kirkland.com) and Charles B. Sterrett (charles.sterrett@kirkland.com) and 601 Lexington Avenue, New York, New York 10022, Attn.: Melissa Mertz (melissa.mertz@kirkland.com) or (b) Haynes and Boone, LLP, 1221 McKinney Street, Suite 4000, Houston, Texas 77010, Attn.: Charles A. Beckham, Jr. (charles.beckham@haynesboone.com), Arsalan Muhammad (arsalan.muhammad@haynesboone.com), and Kourtney Lyda (kourtney.lyda@haynesboone.com). Class 8 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim agrees to less favorable treatment, on or after the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive its Pro Rata share of Distributable Cash, if any, in accordance with the Waterfall Recovery. In the event that there is no such Distributable Cash available for distribution to the Holders of Allowed General Unsecured Claims pursuant to the Waterfall Recovery, Allowed General Unsecured Claims shall be discharged and released, and each Holder of a General Unsecured Claim shall not receive or retain any distribution, property, or other value on account of such General Unsecured Claim. The allowed unsecured claims total $20.83 million. Class will receive a distribution of 0% of their allowed claims. The Wind-Down Debtors will fund distributions under the Plan with (a) Cash on hand on the Effective Date and (b) the revenues and proceeds of all assets of the Debtors, including the Net Sale Proceeds and proceeds from all Causes of Action not expressly waived, relinquished, exculpated, released, compromised, or settled in the Plan or a Final Order, or sold pursuant to any Purchase Agreement, in accordance with section 363 or 1123(b) of the Bankruptcy Code. A full-text copy of the First Amended Disclosure Statement dated December 14, 2025 is available at https://urlcurt.com/u?l=Z4vazE from Stretto Inc., claims agent. Co-Counsel to the Debtors: Charles A. Beckham, Jr., Esq. Arsalan Muhammad, Esq. Kourtney Lyda, Esq. Re'Necia Sherald, Esq. HAYNES AND BOONE, LLP 1221 McKinney Street, Suite 4000 Houston Texas 77010 Tel: (713) 547-2000 Fax: (713) 547-2600 Email: charles.beckham@haynesboone.com arsalan.muhammad@haynesboone.com kourtney.lyda@haynesboone.com renecia.sherald@haynesboone.com AND Charles M. Jones II, Esq. 2801 North Harwood Street, Suite 2300 Dallas, TX 75201 Tel: (214) 651-5000 Fax: (214) 651-5940 Email: charlie.jones@haynesboone.com Co-Counsel to the Debtors: Chad J. Husnick, P.C. Charles B. Sterrett, Esq. KIRKLAND & ELLIS LLP KIRKLAND & ELLIS INTERNATIONAL LLP 333 West Wolf Point Plaza Chicago, Illinois 60654 Tel: (312) 862-2000 Fax: (312) 862-2200 Email: chad.husnick@kirkland.com charles.sterrett@kirkland.com AND Melissa Mertz, Esq. 601 Lexington Avenue New York, New York 10022 Tel: (212) 446-4800 Fax: (212) 446-4900 Email: melissa.mertz@kirkland.com About Anthology Inc. Anthology Inc., headquartered in Boca Raton, Florida, provides education technology software and cloud-based services to higher- education institutions, governments, and businesses in more than 80 countries. Formed through the consolidation of Campus Management Corp., Campus Labs Inc., and iModules Software Inc., the Company offers platforms for teaching and learning, student information and enterprise planning, customer relationship management, and student success, along with tools for admissions, enrollment management, alumni engagement, and institutional effectiveness. It employs about 1,550 people in the United States and reported revenue of about $450 million in fiscal 2025. Anthology sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex.) on September 29, 2025. In the petitions signed by Heath C. Gray as chief restructuring officer, the Debtors disclose an estimated assets (on a consolidated basis) of $1 billion to $10 billion and estimated liabilities (on a consolidated basis) of $1 billion to $10 billion. The other affiliates are Blackboard Campuswide of Texas, Inc., OrgSync, Inc., Admissions US, LLC, Blackboard LLC, Blackboard Holdings, LLC, Blackboard Super Holdco, LLC, Edcentric Holdings, LLC, Astra Acquisition Corp., Astra Intermediate Holding Corp., Campus Management Acquisition Corp., Academic Management Systems, LLC, Edcentric Midco, Inc., Edcentric, Inc., Anthology Inc. of Missouri, Anthology Inc. of NY, ApplyYourself, Inc., AY Software Services, Inc., BB Acquisition Corp., BB Management LLC, Blackboard Collaborate Inc., Blackboard Student Services Inc., Blackboard Tennessee LLC, Higher One Real Estate SP, LLC, MyEdu Corporation, Blackboard International LLC, and Perceptis, LLC. Judge Alfredo R. Perez presides over the case. The Debtors' Local Bankruptcy & Conflicts Counsel is Charles A. Beckham, Jr., Esq., Arsalan Muhammad, Esq., Kourtney Lyda, Esq., and Re'Necia Sherald, Esq., at HAYNES AND BOONE, LLP, in Houston Texas; and Charles M. Jones II, Esq., at HAYNES AND BOONE, LLP, in Dallas, Texas. The Debtors' Bankruptcy Counsel is Chad J. Husnick, P.C., and Charles B. Sterrett, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in Chicago, Illinois; and Melissa Mertz, Esq., at KIRKLAND & ELLIS LLP and KIRKLAND & ELLIS INTERNATIONAL LLP, in New York. The Debtors' Investments Banker is PJT PARTNERS LP. The Debtors' Restructuring Advisor is FTI CONSULTING, INC. The Debtors' Claims & Noticing Agent STRETTO INC. ASHLEY STEWART: Court Dismisses Chapter 11 Case ----------------------------------------------- Rick Archer of Law360 reports that a New Jersey bankruptcy judge on Tuesday, December 23, 2025, dismissed the Chapter 11 case of plus-size clothing retailer Ashley Stewart, ruling that the filing lacked proper corporate authorization. The court found the petition was approved by board members who had been appointed in violation of a prior state court order. The judge said the improper board composition undermined the company's authority to seek bankruptcy protection, leaving the court without jurisdiction to proceed. As a result, the Chapter 11 case was dismissed without reaching the merits of the retailer's restructuring efforts. About Ashley Stewart Holdings The Ashley Stewart name is synonymous with offering women who wear sizes 12 and up well-made fashionable clothes at affordable prices. Ashley Stewart Holdings Inc. and affiliates New Ashley Stewart Inc., AS IP Holdings Inc. and NAS Gift LLC filed Chapter 11 petitions in Newark, New Jersey (Bankr. D.N.J. Case Nos. 14-14383 to 14-14386) on March 10, 2014. Michael A. Abate signed the petitions as senior vice president finance/treasurer. Ashley Stewart Holdings estimated assets and liabilities of at least $10 million. The Hon. Michael B. Kaplan oversees the case. Curtis, Mallet-Prevost, Colt & Mosle LLP serves as the Debtors' general counsel. Cole, Schotz, Meisel, Forman & Leonard, P.A., is the Debtors' local counsel. PricewaterhouseCoopers LLP acts as the Debtors' financial advisor. Prime Clerk LLC serves as the Debtors' claims and noticing agent. The U.S. Trustee for Region 3 formed a five-member panel to act as the official committee of unsecured creditors in the Debtors' cases. Counsel to the Committee is Pachulski Stang Ziehl & Jones LLP. GlassRatner Advisory & Capital Group, LLC, acts as financial advisor to the Committee. Ashley Stewart has obtained authority to conduct store closing sales at 27 locations around the United States in accordance with a consulting agreement with Gordon Brothers Retail Partners, LLC. ASN INVESTMENTS: Court Denies Bid to Use Cash Collateral -------------------------------------------------------- ASN Investments, LLC failed to win approval from the U.S. Bankruptcy Court for the Eastern District of Pennsylvania to use cash collateral to fund its operations. The court denied the Debtor's motion to use cash collateral, finding that the Debtor failed to provide clear evidence of the amount and proposed use, preventing the court from assessing the adequacy of protection for secured creditors. ASN is a Pennsylvania corporation that owns and rents residential properties in Philadelphia, including properties at 2348 and 2352 N. 29th Street, which are subject to first-position liens held by CM2841 Investors, LLC, and a property at 2350 N. 29th Street, on which CM2841 holds a second lien. Rents from the properties constitute cash collateral. The Debtor said rental income is currently limited, with only one unit expected to be rented as of January 2026 and disclosed limited ancillary income from a one-time event held by an affiliated entity, Elevated Experience, LLC, for which corrective lease arrangements have since been prepared. About ASN Investment Group LLC ASN Investment Group, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Pa. Case No. 25-14054) on October 6, 2025, with up to $50,000 in assets and liabilities. Judge Derek J. Baker presides over the case. Maggie S. Soboleski, Esq., represents the Debtor as legal counsel. AVALON MOBILE: Fine-Tunes Plan Documents ---------------------------------------- Avalon Mobile Home Park Partnership LLLP submitted a Disclosure Statement to accompany Amended Plan of Reorganization dated December 15, 2025. The Plan constitutes a chapter 11 reorganization plan for the Debtor. The Plan provides for payments to creditors from both cash on hand as of the Effective Date and any recovery from a claim against the Debtor's prior insurance carrier. Following the denial of the writ of certiorari, the Debtor and its counsel entered into a series of negotiations with Ms. Ramirez and her counsel seeking to satisfy her Claim against the Debtor. These negotiations resulted in the Ramirez Settlement Agreement. During the course of their negotiations, the Debtor and Ms. Ramirez agreed that the value of the Debtor's property would be considered $4.5 million for settlement purposes, which is the assessed value of such property in the tax records of Clayton County, Georgia. The parties agreed that if the Bad Faith Claim results un a recovery, before attorneys' fees of $4.5 million or more, and the Reorganized Debtor pays the net proceeds of that recovery, to Ramirez, the Ramirez Claim will be considered satisfied in full. If the Bad Faith Claim results in a recovery of less than $4.5 million, or no recovery at all, then the Reorganized Debtor will be required to pay the difference between the recovered amount and $4.5 million to Ramirez in order to satisfy the Ramirez Claim in full. If the Reorganized Debtor is unable or unwilling to do so, Ramirez will be permitted to foreclose on the Debtor's property and retain any resulting proceeds so that her aggregate recovery totals $4.5 million in order for the Ramirez Claim to be considered satisfied in full. In addition, while the Bad Faith Claim is pending, the Reorganized Debtor will pay Ramirez $15,000 per month for up to two years, or all of which may be returned to the Reorganized Debtor depending on the amount of any recovery on the Bad Faith Claim. Under the Plan, all non-Ramirez creditors will be paid in full on or as soon as practical after the effective date. The Reorganized Debtor will make an initial distribution to Ms. Ramirez towards her allowed claim, and pursue the Bad Faith Claim against Auto-Owners. The Reorganized Debtor will also pay Ms. Ramirez $15,000 per month for up to two years while the Bad Faith Claim is pending. Class 3 consists of Allowed General Unsecured Claims. The Reorganized Debtor will pay all Allowed General Unsecured Claims in Cash in full on the Effective Date or as soon thereafter as is reasonably practicable. Class 3 is Unimpaired by the Plan. Holders of Class 3 Claims are not entitled to vote to accept or reject the Plan. The allowed unsecured claims total $15,000.00. This Class will receive a distribution of 100% of their allowed claims. Class 4 consists of Ramirez Claim. The Allowed Ramirez Claim shall be satisfied pursuant to the terms of the Ramirez Settlement Agreement. Class 5 consists of Equity Interests. As of the Effective Date all Equity Interests in the Debtor shall retain their Interests in the Reorganized Debtor to the same extent that they held Interests in the Debtor. Payments to Holders of Allowed Claims shall be paid either from (a) Cash held by the Reorganized Debtor on and after Effective Date, or (b) proceeds generated from the Bad Faith Claim and/or the Malpractice Claim. A full-text copy of the Disclosure Statement dated December 15, 2025 is available at https://urlcurt.com/u?l=87t6XH from PacerMonitor.com at no charge. Counsel for the Debtor: J. Robert Williamson, Esq. J. Hayden Kepner, Jr., Esq. SCROGGINS & WILLIAMSON, P.C. 4401 Northside Parkway, Suite 450 Atlanta, GA 30327 Tel: (404) 893-3880 Email: aray@swlawfirm.com About Avalon Mobile Home Park Partnership Avalon Mobile is primarily engaged in renting and leasing real estate properties. Avalon Mobile Home Park Partnership LLLP filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 23-60521) on Oct. 25, 2023. The petition was signed by Kathryn C. Taylor as general partner. At the time of filing, the Debtor estimated $1 million to $10 million in assets and $10 million to $50 million in liabilities. Judge Barbara Ellis-Monro presides over the case. J. Robert Williamson, at Scroggins & Williamson, P.C., is the Debtor's counsel. BIOMERICA INC: Six Key Proposals Approved at Annual Meeting ----------------------------------------------------------- Biomerica, Inc. held its 2025 Annual Meeting of Stockholders. As of October 15, 2025, the record date for the 2025 Annual Meeting, the Company had 2,947,966 shares of common stock outstanding and entitled to vote, of which 1,554,917 shares of common stock were present in person or represented by proxy and entitled to vote at the 2025 Annual Meeting. The final voting results for each proposal submitted to stockholders at the 2025 Annual Meeting are: Proposal No. 1: The Company's stockholders elected each of the five nominees named to serve on the Company's Board of Directors until the next annual meeting of stockholders of the Company and until his or her successor has been elected and qualified or until his or her earlier resignation, death or removal. 1. Zackary Irani * Votes For: 428,961 * Votes Withheld: 76,998 * Broker Non-Votes: 1,048,958 2. Allen Barbieri * Votes For: 381,206 * Votes Withheld: 124,753 * Broker Non-Votes: 1,048,958 3. Eric Bing Chin, CPA * Votes For: 388,403 * Votes Withheld: 117,556 * Broker Non-Votes: 1,048,958 4. Gary Huff * Votes For: 422,680 * Votes Withheld: 83,279 * Broker Non-Votes: 1,048,958 5. David Moatazedi * Votes For: 361,240 * Votes Withheld: 144,719 * Broker Non-Votes: 1,048,958 Proposal No. 2: The Company's stockholders approved, on a non-binding advisory basis, the compensation paid to its named executive officers. * Votes For: 411,157 * Votes Against: 87,344 * Votes Abstaining: 7,458 * Broker Non-Votes: 1,048,958 Proposal No. 3: The Company's stockholders ratified the selection of Haskell & White LLP as the Company's independent registered public accounting firm for the fiscal year ending May 31, 2026. * Votes For: 1,472,716 * Votes Against: 73,443 * Votes Abstaining: 8,758 * Broker Non-Votes: -- Proposal No. 4: The Company's stockholders approved the amendment to the Company's 2024 Stock Incentive Plan to increase the number of shares of common stock authorized for issuance under the 2024 Stock Incentive Plan by 200,000 shares. * Votes For: 371,339 * Votes Against: 131,430 * Votes Abstaining: 3,190 * Broker Non-Votes: 1,048,958 Proposal No. 5: The Company's stockholders approved the amendment to the Company's Amended and Restated Certificate of Incorporation to authorize the Board, at their discretion, to effect an increase in the number of authorized shares of the Company's common stock from 25,000,000 to 300,000,000. * Votes For: 1,028,102 * Votes Against: 513,650 * Votes Abstaining: 13,165 * Broker Non-Votes: -- Proposal No. 6: The Company's stockholders approved an adjournment of the Annual Meeting, if necessary or appropriate, including to establish a quorum. * Votes For: 1,349,014 * Votes Against: 187,592 * Votes Abstaining: 18,311 * Broker Non-Votes: -- About Biomerica, Inc. Headquartered in Irvine, Calif., Biomerica, Inc. is a global biomedical technology Company that develops, patents, manufactures and markets advanced diagnostic and therapeutic products. The Company's diagnostic test kits are utilized in the analysis of blood, urine, nasal, or fecal samples for the diagnosis of various diseases, food intolerances, and other medical conditions. These kits also measure levels of specific hormones, antibodies, antigens, and other substances, which may exist in the human body at extremely low concentrations. The Company's products are designed to enhance health and well-being while reducing overall healthcare costs. Irvine, Calif.-based Haskell & White LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated Aug. 29, 2025, attached to the Company's Annual Report on Form 10-K for the fiscal year ended May. 31, 2025, citing that the Company has experienced recurring losses and negative cash flows from operations and has an accumulated deficit and limited liquid resources. These matters raise substantial doubt about the Company's ability to continue as a going concern. As of August 31, 2025, the Company had $6.85 million in total assets, $1.70 million in total liabilities, and a total stockholders' equity of $5.16 million. BIOXCEL THERAPEUTICS: Five Key Proposals Approved at Annual Meeting ------------------------------------------------------------------- BioXcel Therapeutics, Inc. held its annual meeting of stockholders on December 12, 2025. At the Annual Meeting, a total of 9,726,849 shares of common stock were present in person or represented by proxy at the meeting, representing approximately 44.68% of the Company's outstanding common stock as of the October 31, 2025 record date. The proposals considered and voted upon at the meeting, each of which was described in the Company's definitive Proxy Statement on Schedule 14A filed with the Securities and Exchange Commission on November 12, 2025, received the voting results: Proposal 1: Election of three Class I directors for a term of office expiring on the date of the annual meeting of stockholders in 2028 and until their respective successors have been duly elected and qualified. 1. June Bray * Votes For: 1,735,749 * Votes Withheld: 322,163 * Broker Non-Votes: 7,668,937 2. Sandeep Laumas, M.D. * Votes For: 1,474,122 * Votes Withheld: 583,790 * Broker Non-Votes: 7,668,937 3. David Mack * Votes For: 1,840,490 * Votes Withheld: 217,422 * Broker Non-Votes: 7,668,937 Proposal 2: Ratification of the appointment of Ernst & Young LLP as the Company's independent registered public accounting firm for the year ending December 31, 2025. * Votes FOR: 9,478,711 * Votes AGAINST: 202,558 * Votes ABSTAINED: 45,580 * Broker Non-Votes: 0 Proposal 3: Approval, on an advisory (non-binding) basis, of the compensation of our named executive officers. * Votes FOR: 1,616,305 * Votes AGAINST: 394,890 * Votes ABSTAINED: 46,717 * Broker Non-Votes: 7,668,937 Proposal 4: Approval of an amendment to our Amended and Restated Certificate of Incorporation, as amended to effect, within 12 months following the date of stockholder approval and solely if the Board determines it is necessary and advisable to regain compliance with the minimum bid price requirements of the Nasdaq Capital Market, a reverse stock split at a ratio of not less than 1-for-2 and not greater than 1-for-20, with the exact ratio to be set within that range by the Board. * Votes FOR: 7,557,091 * Votes AGAINST: 2,116,237 * Votes ABSTAINED: 53,521 * Broker Non-Votes: 0 Proposal 5: Authorization of one or more adjournments of the Annual Meeting to solicit additional proxies in the event there are insufficient votes to approve Proposal 4. * Votes FOR: 8,137,303 * Votes AGAINST: 1,508,591 * Votes ABSTAINED: 80,955 * Broker Non-Votes: 0 Based on the results, the three director nominees were elected, and Proposals 2, 3, 4 and 5 were approved, and adjournment of the Annual Meeting was not necessary or appropriate because there were sufficient votes in favor of Proposal 4. About BioXcel Therapeutics Headquartered in New Haven, Conn., BioXcel Therapeutics, Inc., is a biopharmaceutical Company utilizing artificial intelligence to develop transformative medicines in neuroscience and, through the Company's wholly owned subsidiary, OnkosXcel Therapeutics LLC, immuno-oncology. The Company is focused on utilizing cutting-edge technology and innovative research to develop high-value therapeutics aimed at transforming patients' lives. The Company employs various AI platforms to reduce therapeutic development costs and potentially accelerate development timelines. Stamford, Conn.-based Ernst & Young LLP, the Company's auditor since 2021, issued a "going concern" qualification in its report dated March 28, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has suffered recurring losses from operations, has used significant cash in operations and has stated that substantial doubt exists about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $44.8 million in total assets, $133.7 million in total liabilities, and $88.9 million in total stockholders' deficit. BLUE DUCK: Court Confirms First Amended Subchapter V Plan --------------------------------------------------------- The United States Bankruptcy Court for the Northern District of Texas confirmed the First Amended Small Business Debtor's Plan of Blue Duck Energy MVR, LLC. The Court finds that the Debtor has met its burden of proving the elements of Sec. 1191 and the applicable elements of Sec. 1129 of the Bankruptcy Code and that the Plan complies with all relevant Bankruptcy Code provisions, including Subchapter V and the applicable subsections of Secs. 1122, 1123, 1126 and 1129 of the Bankruptcy Code. As reported by the Troubled Company Reporter on Sept. 11, 2025, Blue Duck Energy MVR, LLC filed with the U.S. Bankruptcy Court for the Northern District of Texas a Plan of Reorganization for Small Business dated September 2, 2025. The Debtor owns working interests in oil and gas wells in West Texas. Through a contract operator, the Debtor operates certain of those wells, and third-party operators operate the others. The Debtor also owns an interest in a natural gas gathering system, which a third party also operates. Either the Debtor will sell its assets, or if not then these operations generate net revenue sufficient to carry out the terms of this Plan. On December 28, 2021, the Debtor was established pursuant to a Company Agreement -- MVR Company Agreement -- was signed by its initial member, Blue Duck Energy, Ltd. The Debtor is the operating subsidiary of Blue Duck. The majority of Blue Duck's assets are held at the Debtor's level. The Debtor continues to conduct, through its contract operator and other service providers, maintenance, repair, management, and operations of certain oil and gas wells in West Texas, mostly in Roberts County, Texas. The Plan proposes to reorganize the Debtor. The Debtor proposes either to sell substantially all of its assets or to restructure the claim of its sole secured creditor and to repay its obligations to such creditor over a period of five years at the prepetition contract rate of interest. The Debtor proposes to repay its unsecured creditors in full over a period of six months or upon the sale of its assets, whichever occurs first. Class 2 consists of Unsecured Trade Claims. Allowed unsecured trade claims will be paid in full, with interest at the prime rate in effect on the Effective Date, in six equal monthly installment payments starting on the first day of the first full month following the Effective Date. In the event of a sale of substantially all the Debtor's assets, allowed unsecured claims will be paid in full from any sale proceeds remaining after the satisfaction of claims in senior classes. This Class is impaired. Class 3 consists of General Unsecured Claims. Allowed general unsecured claims will be paid in full, with interest at the prime rate in effect on the Effective Date, in sixty equal monthly installment payments starting on the first day of the first full month following the Effective Date. This Class is impaired. Blue Duck shall retain its Equity Interests in the Debtor; provided, however, that only Jason Rae in his capacity as chapter 11 trustee of Blue Duck shall have authority to exercise control over such Equity Interests unless and until the Bankruptcy Court orders otherwise. Payments required to be made under this Plan will be funded by cash on hand and revenue generated by the Debtor's continued business operations. The Debtor also reserves the right to sell all or any portion of its assets following confirmation of this Plan. The Debtor may, but shall not be required to, seek Court approval of any such sale under Section 363 of the Bankruptcy Code. A full-text copy of the Plan of Reorganization dated September 2, 2025 is available at https://urlcurt.com/u?l=JKahRg from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas D. Berghman, Esq. Julian P. Vasek, Esq. James K. â€œKyleâ€ Jaksa, Esq. Munsch Hardt Kopf & Harr, P.C. 500 N. Akard St., Ste. 4000 Dallas, TX 75201 Telephone: (214) 855-7500 Email: tberghman@munsch.com E-mail: jvasek@munsch.com E-mail: kjaksa@munsch.com A copy of the Court's Order dated December 11, 2025, is available at https://urlcurt.com/u?l=TyCHSc from PacerMonitor.com. About Blue Duck Energy MVR Blue Duck Energy MVR, LLC operates in the oil and gas extraction industry in Texas. Blue Duck Energy MVR sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-20131) on June 2, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. The Debtor tapped Thomas D. Berghman, Esq., at Munsch Hardt Kopf & Harr, PC as counsel and Lain, Faulkner & Co. PC as financial advisors. BUCKINGHAM SENIOR: U.S. Trustee Appoints Susan Goodman as PCO ------------------------------------------------------------- Lisa Lambert, U.S. Trustee for Region 6, appointed Susan Goodman as patient care ombudsman for Buckingham Senior Living Community, Inc. The appointment was made pursuant to the order from the U.S. Bankruptcy Court for the Northern District of Texas on December 16. Section 333 of the Bankruptcy Code directs that a patient care ombudsman be appointed if a debtor is a health care business unless the court finds that the appointment of such ombudsman is not necessary for the protection of patients. The ombudsman is responsible for monitoring the quality of patient care and representing the interest of patients of the healthcare debtor. Ms. Lambert disclosed in a court filing that she is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The ombudsman may be reached at: Susan N. Goodman Pivot Health Law P.O. Box 69734 Oro Valley, AZ 85737 Phone: 520-744-7061 Email: sgoodman@pivothealthaz.com About Buckingham Senior Living Community Buckingham Senior Living Community, Inc., doing business as The Buckingham, operates a not-for-profit continuing care retirement community (CCRC) in Houston, Texas, offering independent living, assisted living, memory care, skilled nursing, rehabilitation, and respite care. The community spans 23 acres near the Memorial neighborhood and features walking trails, courtyards, gardens, 24-hour security, dining, wellness programs, and other amenities designed to support resident lifestyle and relationships. Established over 20 years ago, The Buckingham provides comprehensive senior living services, allowing residents to transition across care levels as needs evolve. Buckingham Senior Living Community filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-80595) on Nov. 17, 2025, listing up to $500 million in both assets and liabilities. Judge Michelle V. Larson presides over the case. The Debtor tapped McDermott Will and Schulte LLP as counsel; Implex Advisors, LLC as financial advisor; and Raymond James & Associates, Inc. as investment banker. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation, and administrative agent. BUTTE PROPERTY: Hires Zink & Lenzi as Bankruptcy Counsel -------------------------------------------------------- Butte Property Investment LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of California to employ attorney J.D. Zink of Zink & Lenzi to serve as general bankruptcy counsel. Mr. Zink will provide these services: (a) give the Debtor and Debtor-in-Possession legal advice with respect to its powers and duties in these proceedings; (b) prepare on behalf of the Debtor and Debtor-in-Possession the necessary applications, answers, orders, reports, and other legal papers; (c) perform all other legal services for the Debtor and Debtor-in-Possession which may be necessary herein; and (d) represent the Debtor in these Chapter 11 proceedings and related matters as authorized by the Court. According to court filings, Mr. Zink has no actual conflict with the estate or creditors and is a disinterested person within the meaning of the Bankruptcy Code. The firm can be reached at: J.D. Zink, Esq. ZINK & LENZI 250 Vallombrosa Avenue, Suite 175 Chico, CA 95926 Telephone: (530) 895-1234 Facsimile: (530) 895-1254 About Butte Property Investment LLC Butte Property Investment LLC is a single asset real estate company. Butte Property Investment LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26079) on October 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100,001 and $1 million each. Honorable Bankruptcy Judge Christopher D. Jaime handles the case. The Debtor is represented by Joseph Dell Zink, Esq. of Zink & Lenzi. CALIFORNIA PIZZA: Names New CEO, Secures Buyout Agreement --------------------------------------------------------- Abigail Summerville of Reuters reports that California Pizza Kitchen (CPK) has reached a buyout agreement with an investor group led by Consortium Brand Partners, marking a new chapter for the restaurant chain. The deal comes five years after CPK emerged from a Chapter 11 bankruptcy during the pandemic. As part of the transition, Jon Weber, CEO of Convive Brands, will lead CPK's restaurant division, while Michael Beacham, the current president of CPK, will oversee its consumer packaged goods business. The leadership changes aim to guide the company through its next phase of growth, according to report. The transaction includes investors such as billionaire Todd Boehly's Eldridge Industries, Bain Capital's credit arm, and Aurify Brands. Although terms were not disclosed, the deal is expected to close later this month. CPK, founded 40 years ago in Beverly Hills with over 120 locations worldwide, plans to expand domestically and internationally under the new ownership, the report states. About California Pizza Kitchen California Pizza Kitchen, Inc. -- http://www.cpk.com/-- is a casual dining restaurant chain that specializes in California-style pizza. Since opening its doors in Beverly Hills in 1985, CPK has grown from a single location to more than 200 restaurants worldwide. CPK's traditional dine-in locations are full-service restaurants that serve pizza, salads, pastas and other California-inspired fare, alongside a curated selection of wines and a menu of handcrafted cocktails and craft beers. Though the Company's dine-in restaurants are the primary way the Company serves its customers, CPK also has a number of "off-premises" services and licensing agreements that allow customers to get their favorite CPK dishes on the go. California Pizza Kitchen, Inc., filed a Chapter 11 petition (Bankr. S.D. Tex. Case No. 20-33752) on July 29, 2020. The Hon. Marvin Isgur oversees the case. At the time of filing, the Debtors have $100 million to $500 million estimated assets and $500 million to $1 billion estimated liabilities. Kirkland & Ellis is serving as legal counsel to CPK, Guggenheim Securities, LLC is serving as its financial advisor and investment banker, and Alvarez & Marsal, Inc., as restructuring advisor. Gibson, Dunn & Crutcher LLP is acting as legal counsel for the group of first lien lenders and FTI Consulting, Inc. is acting as its financial advisor. Prime Clerk is the claims agent. * * * California Pizza Kitchen in November 2020 emerged from Chapter 11 bankruptcy protection with $220 million less in debt and no lending obligations coming due in the near term. CAMP LOUEMMA: Seeks to Sell Sussex Properties at Auction -------------------------------------------------------- Camp Louemma Lane Inc. and its affiliates, seek permission from the U.S. Bankruptcy Court for the District of New Jersey to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is the owner of certain real properties located at 43 Louemma Lane, Sussex, New Jersey, 07461 (Camp Property) and 11 Louemma Lane Sussex, New Jersey 07461 (Louemma Property). The Camp Property consists of approximately 150 acres and is currently improved with a recreational summer camp facility. There are forty-four main buildings located on the Camp Property and a large private lake with a dock, 6,930 sq. ft. pavilion, inground pool with slides, three tennis courts, a sand volleyball court, two basketball courts, soccer and baseball fields, a climbing tower and a large playground area. The Louemma Property consists of a small structure on land nearby. The lienholder of the Property is L&L Capital Partners LLC. The Debtor retains eRealty Advisors, Inc. as real estate broker. The salient provisions of bidding procedures are: -- Bid Deadline: March 23, 2026 at 4:00 pm ET. -- Auction: The Auction will be held at the offices of Debtor's counsel, A.Y. Strauss LLC, 290 West Mount Pleasant Avenue, Suite 3260, Livingston, New Jersey 07039 on March 24, 2026 at 11:00 am (ET). -- Additional Deposit: Within three business days after the Auction increase the Deposit as necessary to an amount equal to 20% of its final bid at the Auction. -- Broker's Fee: Five percent. -- Buyer's Premium: Five percent About Camp Louemma Lane Inc. Camp Louemma Lane Inc. is a nonprofit organization that operated a co-ed overnight summer camp for children in Sussex, New Jersey. The camp emphasized group living and daily activities designed to promote personal growth and learning. Camp Louemma Lane Inc. 29ought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 25-15658) on May 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Judge Mark Edward Hall handles the case. The Debtors are represented by Eric H. Horn, Esq. and Deanna Olivero, Esq., at A.Y. Strauss, LLC. L&L Capital Partners LLC, as lender, is represented by Clifford A. Katz, Esq., at Goetz Platzer, LLP, in New York. CCH JOHN EAGAN I: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- CCH John Eagan I Partners, LLC and John Eagan II Partners, LLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Florida, West Palm Beach Division, to use cash collateral. The court issued an interim order authorizing the Debtors to use cash collateral through January 22, 2026, to pay operating expenses in accordance with their budget. With the receiver's consent, the Debtors may exceed individual budget line items by up to 10% or exceed individual items by more than 10% so long as total overages do not exceed 10% in the aggregate. The Debtor projects total operational expenses of $159,262 and $48,524 for January and February 2026, respectively. As adequate protection, Lending Group US, LLC, Bridgeview Funding, LLC and the Housing Authority of the City of Atlanta, Georgia, will be granted post-petition replacement liens on some of the Debtors' assets, to the same extent and priority as their pre-bankruptcy liens. These replacement liens do not apply to avoidance actions or assets not subject to pre-bankruptcy liens. The next hearing is scheduled for January 22, 2026. The interim order is available at https://is.gd/OdSptT from PacerMonitor.com. The Debtors own and operate the Magnolia Park Apartments in Atlanta, Georgia, a large, integrated residential complex consisting of two phases that share common amenities and infrastructure. Phase I, owned by CCH I, contains 220 units, while Phase II, owned by CCH II, contains 180 units, with the combined property valued at more than $49 million. The Debtors identify Lending Group US and Bridgeview Funding as first-priority mortgage lenders on Phases I and II, respectively, and the Housing Authority of the City of Atlanta as a second-priority mortgage holder on both phases. The bankruptcy filings were triggered by a dispute with the Housing Authority over an alleged breach of a settlement agreement, which led to the appointment of a state-court receiver—a move opposed by the senior lenders. The Debtors commenced their Chapter 11 cases to regain control of the property, restructure their finances, complete deferred repairs and maintenance, and pursue long-term redevelopment of the apartment complex. About CCH John Eagan I Homes, L.P. CCH John Eagan I Homes, L.P. is a limited partnership specializing in real estate holdings, focused on property ownership and development activities. CCH John Eagan I Homes, L.P. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-24569) on December 10, 2025. In its petition, the debtor reports estimated assets ranging from $10 million to $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Mindy A. Mora is overseeing the case. The debtor is represented by Philip J. Landau, Esq. of Landau Law, PLLC. CD GREENE: Voluntary Chapter 11 Case Summary -------------------------------------------- Debtor: CD Greene Inc. 32 East 57th Street, 11th Floor New York, NY 10022 Business Description: CD Greene Inc. designs and retails women's apparel, including cocktail, evening, and bridal collections. The Company operates from New York, New York, in the apparel design and retail industry. Chapter 11 Petition Date: December 21, 2025 Court: United States Bankruptcy Court Southern District of New York Case No.: 25-12853 Judge: Hon. John P. Mastando III Debtor's Counsel: Charles Wolofsky, Esq. WOLOFSKY PLLC 825 Third Avenue, 21st Floor New York, NY 10022 Tel: 212-324-2972 E-mail: charles.wolofsky@wololaw.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by Charles Greene as president. 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/AJHNTUY/CD_Greene_Inc__nysbke-25-12853__0001.0.pdf?mcid=tGE4TAMA CENTER FOR EMOTIONAL: Appointment of Suzanne Koenig as PCO OK'd --------------------------------------------------------------- Judge Pamela McAfee of the U.S. Bankruptcy Court for the Eastern District of North Carolina approved the appointment of Suzanne Koenig as patient care ombudsman for Center for Emotional Health, PC. On December 9, the Bankruptcy Administrator ("BA") filed the Report recommending that the court appoint a patient care ombudsman pursuant to Section 333(b) of the Bankruptcy Code. The BA further recommended that Suzanne Koenig at SAK Management Services, LLC, be appointed to serve as the patient care ombudsman. In addition, the BA recommended that the report be posted at each facility and available on the court's website. To ensure payment of the patient care ombudsman and other priority administrative expenses, the Debtor has agreed to request within subsequent cash collateral budgets authority to set aside $15,000.00 monthly for payment of costs associated with the PCO's activities. The court agrees with the BA's recommendations. The BA has filed the affidavit of Ms. Koenig in compliance with Fed. R. Bankr. P. 2007.2. The court agrees that the appointment of a patient care ombudsman is appropriate, and that Ms. Koenig is qualified to serve in that role. A copy of the appointment order is available for free at https://urlcurt.com/u?l=4Uy7z5 from PacerMonitor.com. About Center for Emotional Health PC Center for Emotional Health, PC provides outpatient mental health services, including therapy for children and adults, counseling, and medication management, operating from Salisbury, North Carolina. The practice offers treatment for substance-use disorders and specialized programs for veterans, serving patients through a combination of individual and group sessions. It is classified within the healthcare industry, specifically in behavioral and mental health services. Center for Emotional Health sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.C. Case No. 25-04478) on November 10, 2025, listing between $1 million and $10 million in assets and liabilities. Jonathan Stoudmire, president of Center for Emotional Health, signed the petition. Judge Pamela W. McAfee oversees the case. Philip M. Sasser, Esq., at Sasser Law Firm represents the Debtor as bankruptcy counsel. CITY MASSAGE: Unsecureds to Get 24 Cents on Dollar in Plan ---------------------------------------------------------- City Massage, LLC filed with the U.S. Bankruptcy Court for the Southern District of Florida a Plan of Reorganization for Small Business dated December 15, 2025. The Debtor is a Florida limited liability company. Since 2004, the Debtor has been in the business of providing day spa services, including massages, facials and body treatments, in five spas located at hotels in South Beach and the Brickell Avenue area. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of approximately $202,000.00 over the three-year period of the Plan. The final Plan payment is expected to be paid in February 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations. There is one class of non-priority unsecured creditors which currently contains 11 creditors, many of which have claims that will be subject to objection by the Debtor. Current unsecured claims reflected either in Debtor's schedules or in filed proofs of claim total approximately $926,000. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 24 cents on the dollar. The Plan also provides for the payment of administrative and priority claims. Class 2 consists of Non-priority unsecured creditors. Class 2 creditors holding allowed non-priority unsecured claims will be paid in cash on a pro rata basis with other creditors in this class in quarterly payments from disposable income, with such payments to commence upon the later of: (i) the completion of payment of administrative expense claims, priority tax claims and the Class 1 secured claim; or (ii) the date on which such claims are allowed by final non-appealable orders. Current unsecured claims reflected either in Debtor's schedules or in filed proofs of claim total approximately $926,000. This Class is impaired. Class 3, the equity interests of the equity security holder, will be retained by Marizza Contreras upon Confirmation. The Debtor will apply its disposable income to make payments under the Plan on a quarterly basis for a three-year period, which will begin on the date the first payment is due under the Plan. The first payment under the Plan shall be made three months after the Effective Date, and shall be comprised of the Debtor's disposable income over the preceding three months. Additional quarterly payments of the Debtor's disposable income over each preceding three-month period will be made thereafter until 12 total distributions have been made. The Reorganized Debtor will continue to be operated by its sole owner and principal, Marizza Contreras. A full-text copy of the Plan of Reorganization dated December 15, 2025 is available at https://urlcurt.com/u?l=fhjzCO from PacerMonitor.com at no charge. Counsel to the Debtor: Tamara D. McKeown, Esq. AARONSON SCHANTZ BEILEY P.A. One Biscayne Tower, Suite 3450 2 South Biscayne Boulevard Miami, FL 33131 Telephone: (786) 594-3000 Facsimile: (305) 579-9073 E-mail: tmckeown@aspalaw.com About City Massage City Massage, LLC is a Florida limited liability company. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-20791) on September 16, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. Judge Corali Lopez-Castro presides over the case. Tamara D. McKeown, Esq., represents the Debtor as legal counsel. COMPASS COFFEE: Closes Key Locations as Bankruptcy Filing Looms --------------------------------------------------------------- Kirk O'Neil of The Street reports that struggling coffee chain Compass Coffee has agreed to vacate its Washington, D.C., roastery and warned in court filings that it could file for bankruptcy protection by 2025's end. The developments mark a significant setback for the regional Starbucks rival amid escalating lease disputes. Compass Coffee will relinquish its roastery at 1401 Okie Street nearly three months after a D.C. Superior Court judge ordered the company to resume rent payments while litigation with its landlord continued, according to the Washington Business Journal. Court documents show the tenant has not paid rent since January 2025, the report states. The company's landlord, American Armed Forces Mutual Aid Association, secured a court order in September 2025 requiring an initial payment of more than $113,000 and monthly rent payments exceeding $116,000 beginning October 1, 2025. The landlord alleges Compass Coffee now owes more than $744,000 in unpaid rent and associated charges, the report states. In addition, Compass Coffee faces a separate lawsuit from former landlord Douglas Development Corp., which claims the company owes more than $300,000 in back rent. Founded in 2014, Compass Coffee operates approximately 25 locations across Washington, D.C., Virginia, and Maryland, and has warned it may turn to bankruptcy if lease negotiations fail, according to report. About Compass Coffee Compass Coffee is a Washington, D.C.–based coffee roaster and café chain founded in 2014 by former U.S. Marines Michael Haft and Harrison Suarez. The company focuses on specialty coffee, emphasizing in-house roasting, ethical sourcing, and community-driven branding. CORVIAS CAMPUS: Court Confirms Chapter 11 Plan of Liquidation ------------------------------------------------------------- Judge Laurie Selber Silverstein of the United States Bankruptcy Court for the District of Delaware confirmed the Combined Disclosure Statement and Chapter 11 Plan of Liquidation of Corvias Campus Living - USG, LLC. The Disclosure Statement contains extensive material information regarding the Debtor so that parties entitled to vote on the Plan could make informed decisions regarding the Plan. The Disclosure Statement contains "adequate information" (as such term is defined in section 1125(a) of the Bankruptcy Code and used in section 1126(b)(2) of the Bankruptcy Code) with respect to the Debtor, the Plan, and the transactions contemplated therein. The Disclosure Statement is approved on a final basis pursuant to section 1125 of the Bankruptcy Code as containing adequate information, and sufficient information of a kind necessary to satisfy the disclosure requirements of any applicable non-bankruptcy laws, rules, and regulations. All objections to approval of the Disclosure Statement not otherwise withdrawn, resolved, or otherwise disposed of at the Confirmation Hearing or in this Confirmation Order are overruled and denied on the merits. As reported by the Troubled Company Reporter on Oct. 20, 2025, Corvias Campus Living - USG, LLC filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Plan of Liquidation dated October 8, 2025. The Debtor is a member-managed, single purpose entity that was formed in Delaware. CCL - USG's sole member is Corvias, LLC. The sole member of Corvias, LLC is Corvias Group, LLC. CCL - USG, under the Project Lease Documents, leases and manages approximately 10,000 student beds totaling over 3 million square feet of living space on the USG Campuses as a public-private partnership (the "P3") with the The Board of Regents for the University System of Georgia (the "BOR"), involving the lease, design, construction, management, operation, maintenance, repair and replacement of certain student housing resources on the USG Campuses. Following the successful outcome of the mediation and the execution of the Term Sheet, the Debtor continued to focus on operating the USG Student Housing Program in the ordinary course and maintaining relationships with trade creditors. Simultaneously, the Debtor began working hand in hand with the BOR on implementing the transactions contemplated by the Term Sheet, including drafting the Asset Purchase Agreement, Transition Services Agreement, and the Combined Disclosure Statement and Plan. Further, the Debtor worked closely with the Noteholder Group and other key stakeholders to negotiate the Effective Date Budget to fund the chapter 11 case through the Effective Date, consistent with the Term Sheet. After several weeks of negotiations, the Debtor, the BOR, the Consenting Noteholders and the Corvias Parties reached agreement on the material terms of this Plan, which include the Sale to the BOR of the Projects and related assets free and clear of liens, claims, encumbrances and other interests in January 2026, following completion of the Fall 2025 semester, with (i) the Sale Proceeds, less $3,000,000 for the Debtor's Estate, (ii) additional Available Cash on Hand being distributed to the Noteholders and (iii) mutual releases. Over the coming months, the Debtor, the BOR and campus representatives will work to ensure that operations remain unchanged through year-end, followed by a seamless management transition back to the BOR. In addition, the Combined Disclosure Statement and Plan provides for the treatment of Claims and Interests of the Debtor's creditors and stakeholders. The Debtor believes the Plan represents the best outcome for all creditors and parties in interest. Class 4 consists of General Unsecured Claims. Except to the extent that the Holder of an Allowed Claim in Class 4 agrees to less favorable treatment (or such other treatment which the Debtor or the Post Effective Date Debtor, as applicable, and the Holder of such Allowed Class 4 Claim have agreed upon in writing), each Holder of an Allowed Claim in Class 4 shall receive in full and final satisfaction, settlement, and release of and in exchange for its Allowed Class 4 Claim, its Pro Rata share of the GUC Recovery. For the avoidance of doubt, the Collateral Agent and Noteholders shall not receive any portion of the GUC Recovery. On the Effective Date, the Debtor shall consummate the sale and transfer of the Transferred Assets to the BOR, and, in exchange the BOR shall remit payment of the Sale Proceeds in accordance with the terms of the Asset Purchase Agreement and this Plan. To effectuate the transfer to the BOR of ownership and control of the Projects pursuant to this Plan the Project Lease Documents will be rejected and terminated as of the Effective Date. In addition, the BOR shall retain and be paid its BOR Administrative Claim and BOR Utility Payment, and waive and release all other claims, including default interest, late fees, attorneys' fees, rejection damages claims, and claims pursuant to 503(b)(3)(D) against the Debtor and its Estate. On the Effective Date, the BOR shall pay the Sale Proceeds as follows (1) $205,000,000 on behalf of the Debtor directly to the Collateral Agent, for itself and for the benefit of the Noteholders and (2) $3,500,000 to the Debtor as Additional Effective Date Cash less the BOR Utility Payment. On the Effective Date, $3,000,000 of the Additional Effective Date Cash, less the BOR Utility Payment, will be deposited into an unencumbered account to be held as Estate Funds and will be available to pay (a) Holders of Allowed Claims (not including the Noteholders, Collateral Agent, or Noteholder Claims) and (b) Post-Effective Date Debtor Expenses. A full-text copy of the Combined Disclosure Statement and Plan dated October 8, 2025 is available at https://urlcurt.com/u?l=oDBzH3 from PacerMonitor.com at no charge. The Debtor's Counsel: Derek C. Abbott, Esq. Matthew O. Talmo, Esq. Tamara K. Mann, Esq. Brenna A. Dolphin, Esq. Brianna N.V. Turner, Esq. MORRIS NICHOLS ARSHT & TUNNELL, LLP 1201 North Market Street #1600 Wilmington, DE 19081 Tel: (302) 658-9200 Fax: (302) 658-3989 Email: dabbott@morrisnichols.com mtalmo@morrisnichols.com tmann@morrisnichols.com bdolphin@morrisnichols.com bturner@morrisnichols.com The classification of Claims and Interests under the Plan is proper under the Bankruptcy Code. In addition to Administrative Claims, Professional Fee Claims, and Tax Claims, which need not be classified, the Plan designates six Classes of Claims and Interests. The Claims or Interests placed in each Class are substantially similar to other Claims or Interests, as the case may be, in each such Class. Valid business, factual, and legal reasons exist for separately classifying the various Classes of Claims and Interests created under the Plan, and such Classes do not unfairly discriminate between Holders of Claims and Interests. Thus, the Plan satisfies sections 1122 and 1123(a)(1) of the Bankruptcy Code. The Plan, including the provisions governing the Post-Effective Date Debtor, provides adequate and proper means for the Plan's implementation. Pursuant to section 1123(a)(5)(D) of the Bankruptcy Code and as described in Sections 9.2 and 9.3 of the Plan, on the Effective Date, the Debtor will sell the Transferred Assets free and clear of all claims, Encumbrances, and other interests to the BOR, and, in exchange, the BOR shall remit payment of the Sale Proceeds in accordance with the terms of the Asset Purchase Agreement and the Plan. The Sale is intended (i) to effectuate the functional equivalent of a foreclosure and (ii) to be treated as an exchange of property subject to nonrecourse indebtedness for federal and applicable state and local tax purposes. Thus, section 1123(a)(5) of the Bankruptcy Code is satisfied. The Plan's provisions are appropriate, in the best interests of the Debtor and its Estate, and consistent with the applicable provisions of the Bankruptcy Code and Bankruptcy Rules. The Plan, as and to the extent modified by this Confirmation Order, is approved and confirmed pursuant to section 1129 of the Bankruptcy Code. All objections to confirmation of the Plan not otherwise withdrawn, resolved, or otherwise disposed of at the Confirmation Hearing or in this Confirmation Order are overruled and denied on the merits. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated December 11, 2025, is available at https://urlcurt.com/u?l=SXXqPP from PacerMonitor.com. About Corvias Campus Living - USG, LLC Corvias Campus Living is a campus housing operator that manages student living facilities for universities within the University System of Georgia. Corvias Campus Living sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11214) on June 25, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $500 million and $1 billion. The Debtor is represented by Morris, Nichols, Arsht & Tunnell as counsel and Holland & Knight LLP as special corporate counsel. CohnReznick LLP served as financial advisor; and Donlin, Recano & Company LLC as claims and noticing agent and administrative advisor. Eversheds Sutherland (US) LLP and Potter Anderson & Corroon LLP represent an ad hoc noteholder group. COSAMIA LLC: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------- Debtor: Cosamia LLC 2432 Kennoway CT Ocoee, FL 34761 Chapter 11 Petition Date: December 18, 2025 Court: United States Bankruptcy Court Middle District of Florida Case No.: 25-08239 Judge: Hon. Lori V Vaughan Debtor's Counsel: Daniel A. Velasquez, Esq. LATHAM LUNA EDEN & BEAUDINE LLP 201 S. Orange Avenue Suite 1400 Orlando, FL 32801 Tel: (407) 481-5800 Fax: (407) 481-5801 Email: dvelasquez@lathamluna.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Derek Williams as president/manager. A full-text copy of the petition, which includes a list of the Debtor's 20 largest unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/Y6CTXAY/Cosamia_LLC__flmbke-25-08239__0001.0.pdf?mcid=tGE4TAMA CTL-AEROSPACE: To Sell Polymer Business to DK CTL ------------------------------------------------- CTL-Aerospace, Inc., seeks approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Western Division at Cincinnati, to sell substantially all Assets, including equipment, inventory, intellectual property, and certain executory contracts and unexpired leases, free and clear of liens, claims, interests, and encumbrances. The Debtor signed a Stalking Horse Agreement which provides the sale of the Assets to DK CTL Aerospace Opco LLC, as designee of DKOF VI Trading Subsidiary LP (the Debtor's primary prepetition and postpetition secured lender) and Stalking Horse Buyer. The Stalking Horse Agreement includes certain bid protections, including a breakup fee, which were the necessary inducement for the Stalking Horse Buyer's participation in the sale process. The Sale Transaction shall proceed in accordance with the following schedule as established by the Amended Scheduling Order and the Extension Notice, as may be further extended in accordance with the Auction Orders: a. The Stalking Horse Bidder was designated and the Stalking Horse Agreement filed on December 22, 2025; b. The deadline for Stalking Horse Designation Objections is December 30, 2025, at 4:00 PM; c. The hearing on such objections is January 5, 2026, at 10:00 AM; d. Qualified Bids must be submitted by the Bid Deadline on January 9, 2026, at 4:00 PM; e. The Auction, if necessary, will be held on January 13, 2026, at 9:00 AM (CT); f. The Global Sale Objection Deadline is January 15, 2026, at 4:00 PM; and g. The Sale Hearing is scheduled for January 20, 2026, at 10:00 AM. About CTL-Aerospace Inc. CTL-Aerospace, Inc. is a family-owned composites manufacturer based in West Chester, Ohio, specializing in advanced fiber-reinforced polymer structures and component repair and overhaul. Founded in 1946, the Company operates as a full-service NADCAP- and AS9100D-certified facility supplying the U.S. government and major aerospace firms. Its products serve aerospace and industrial markets, leveraging its location in the Cincinnati aerospace corridor for cost and supply chain advantages. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September 8, 2025. In the petition signed by Scott Crislip, president and COO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Beth A. Buchanan oversees the case. Patricia Friesinger, Esq., at Coolidge Wall Co., L.P.A., represents the Debtor as legal counsel. DKOF VI Trading Subsidiary LP, as DIP lender, is represented by Cozen O'Connor. DACO FIRE: To Sell Lubbock County Property to WGD Enterprises ------------------------------------------------------------- Daco Fire Equipment Inc. seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Lubbock Division, to sell real property in Lubbock County, Texas together with certain contracts and personal property to WGD Enterprises LC free and clear of liens, claims, interests, and encumbrances. The Debtor has three main business segments. The Debtor is a dealer and authorized repair and service facility for Rosenbauer fire trucks. The Debtor also sells smaller firetrucks known as brush trucks and performs service and repair work for all types of fire trucks. Although the Debtor does service and repair work in both locations, the Rosenbauer repair and service work is predominately done in Ft. Worth. The present motion concerns the Rosenbauer assets. The Debtor previously proposed a plan which was withdrawn because it was not feasible. The Debtor participated in mediation with the Subchapter V Trustee, the IRS and Steve Davis. The mediation was not successful. As a result, the Debtor has determined that selling its assets as a going concern is the best way to maximize value for creditors. The proposed purchaser is WGD Enterprises, L.C. The purchaser is owned by the Debtor's equity holders, Garrett and Wesley Dobmeier. In the exercise of the Debtor's business judgment, it was determined that a sale to a party familiar with the Debtor's business would maximize value. The Debtor previously sought to negotiate a sale of these assets to Super Vacuum, the purchaser of the Debtor's Rosenbauer-related assets. However, it was unable to do so. The proposed sale is based on a combination of the amount of financing that the Debtor's principals could obtain and the value of the assets. The purchase price under the sales contract is $940,000.00. The assets to be sold are: Real property located in Lubbock County Contracts and work in process Thirteen vehicles and trailers. The Lubbock County real property has been valued by the Debtor at $420,000 and $510,000. The current tax appraisals value for these properties equal $623,362. The property being sold also includes thirteen trailers and vehicles valued by the Debtor at $73,000. Thus, the total value of the property being sold is between $696,362-$1,003,000 depending on whether the scheduled value or the ad valorem tax value is utilized. The following creditors hold liens against the assets being sold: a. Lubbock County $22,936.26 b. Lone Star State Bank (now known as Prosperity Bank) $3,080,453.61 c. Steve Davis $1,078,067.64 d.IRS $337,677.23 Under Texas law, the ad valorem tax claims have first priority. The Debtor believes that Prosperity Bank has the first contractual lien. It has a subordination agreement with Steve Davis. The Prosperity Bank debt should be satisfied from the sale of the Debtor's Tarrant County assets. The Debtor seeks to sell the assets free and clear of liens. The Debtor proposes to pay the liens of the taxing authorities and any remaining balance to Prosperity Bank at closing with the liens of Steve Davis and the IRS attaching to the remaining proceeds. The Debtor may sell the assets free and clear of the lien of Steve Davis because his lien is subject to bona fide dispute. Mr. Davis committed fraud when he sold the Debtor's assets without disclosing substantial unpaid taxes. The Debtor has sued Mr. Davis for fraud. The Debtor has proposed a second sale of its assets which it is requesting be heard at the same time as this motion. The proceeds from that sale will be sufficient to satisfy the lien of Prosperity Bank. The proposed sale is in the best interest of the estate because it will provide a fund which can satisfy the liens of Steve Davis and the IRS as their interests may be proven to be. About DACO Fire Equipment DACO Fire Equipment, Inc. manufactures and repairs fire trucks throughout Texas and Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-50087) on April 24, 2024. In the petition signed by Wesley Dobmeier, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert L. Jones oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC is the Debtor's legal counsel. DACO FIRE: To Sell Tarrant County Property to Super Vacuum ---------------------------------------------------------- Daco Fire Equipment Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas Lubbock Division, to sell real property in Tarrant County, Texas together with certain contracts and personal property to Super Vacuum Manufacturing Co., Inc. for $3,188,823.32 subject to certain adjustments. The sale will include all assets related to the Debtor's sale of Rosenbauer fire trucks. The Debtor has three main business segments. The Debtor is a dealer and authorized repair and service facility for Rosenbauer fire trucks. The Debtor also sells smaller firetrucks known as brush trucks and performs service and repair work for all types of fire trucks. Although the Debtor does service and repair work in both locations, the Rosenbauer repair and service work is predominately done in Ft. Worth. The present motion concerns the Rosenbauer assets. The Debtor previously proposed a plan which was withdrawn because it was not feasible. The Debtor participated in mediation with the Subchapter V Trustee, the IRS and Steve Davis. The mediation was not successful. As a result the Debtor has determined that selling its assets as a going concern is the best way to maximize value for creditors. The proposed purchaser is Super Vacuum Manufacturing Co., Inc. or its assignee 287 Fire, LLC. The purchaser is a third party not affiliated with the Debtor or its owners. It is an existing Rosenbauer dealer. The proposed sale has been extensively negotiated with Super Vacuum Manufacturing Co., Inc. in cooperation with Rosenbauer. The Debtor has not engaged a broker to market its assets. It is the Debtor's business judgment that there are a limited number of purchasers who would be able to operate a Rosenbauer dealership and that direct negotiations with a qualified purchaser would be more productive than engaging a broker. The purchase price under the sales contract is $3,188,823,32. There is a provision in the contract to adjust the purchase price for work in process. The assets to be sold are: Real property located in Tarrant County Assignable leases and service or maintenance contracts Sales and service vehicles, shop equipment and select parts inventory. The Tarrant County real property has been valued by the Debtor at $1,995,000. The current tax appraisal value for this property is $1,304,320. The is a detailed inventory being sold which is valued by the Debtor at $206,834.78. There are nine vehicles valued by the Debtor at $194,300.00. The sale also includes shop equipment valued at $187,511.10 and office equipment valued at $20,000. The total value for the sale assets is $2,603,645.38. The Debtor believes that it is receiving fair market value for the individual assets plus a premium for sale of the going business. The following creditors hold liens against the assets being sold: a. Tarrant County $33,039.48 b. Lubbock County $13,908.76 (personal property only) c. Lone Star State Bank (now known as Prosperity Bank) $3,080,453.61 d. Steve Davis $1,078,067.64 e. IRS $337,677.23 Under Texas law, the ad valorem tax claims have first priority. The Debtor believes that Prosperity Bank has the first contractual lien. It has a subordination agreement with Steve Davis. The IRS did not file a lien in Tarrant County. As a result, the Debtor believes that the IRS is not perfected as to the Tarrant County assets. The Debtor seeks to sell the assets free and clear of liens. The Debtor proposes to pay the liens of the taxing authorities and Prosperity Bank at closing with the liens of Steve Davis and the IRS attaching to the remaining proceeds. The Debtor may sell the assets free and clear of the lien of Steve Davis because his lien is subject to bona fide dispute. Mr. Davis committed fraud when he sold the Debtor's assets without disclosing substantial unpaid taxes. The Debtor has sued Mr. Davis for fraud. The proposed sale is in the best interest of the estate because it will satisfy the claims of Prosperity Bank and the ad valorem taxing authorities. If the Debtor's case were liquidated, Prosperity Bank could potentially foreclose upon all of the property represented by the two sales. About DACO Fire Equipment DACO Fire Equipment, Inc. manufactures and repairs fire trucks throughout Texas and Oklahoma. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 24-50087) on April 24, 2024. In the petition signed by Wesley Dobmeier, president, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Robert L. Jones oversees the case. Stephen W. Sather, Esq., at Barron & Newburger, PC is the Debtor's legal counsel. DATABASED SOLUTIONS: Unsecureds to Split $150K over 3 Years ----------------------------------------------------------- Databased Solutions Inc. d/b/a DBSI filed with the U.S. Bankruptcy Court for the District of New Jersey a Plan of Reorganization for Small Business dated December 15, 2025. The Debtor is a New Jersey S-Corporation formed in 1995 and headquartered at 1200 Route 22 East, Suite 2000, Bridgewater, New Jersey. DBSI is a longstanding engineering and technical staffing firm that has operated for more than twenty-five years, providing specialized workforce solutions for industry leaders across multiple sectors, including automotive, medical devices, aerospace, semiconductors, manufacturing, healthcare, and transportation. The current Chapter 11 filing was precipitated primarily by declining margins in certain staffing segments, extended periods between payroll and collections, and increased pressure from subcontractor vendors seeking payment on aged invoices. Despite these challenges, DBSI maintains long-standing relationships with its customers and subcontractors and is confident that restructuring will stabilize operations and enable long-term performance. The Debtor proposes a Subchapter V Plan of Reorganization to satisfy creditor claims primarily through the sale of certain investment assets and application of net sale proceeds. This Plan of Reorganization provides for the continuation of the Debtor's operations as a going concern under a transformed business model centered on high-margin permanent recruiting services. The Plan is funded entirely from the Debtor's postconfirmation cash flow and does not require new financing or capital contributions. The Plan provides meaningful recoveries to creditors, preserves the Debtor's client relationships and technical recruiting infrastructure, and avoids the materially lower recoveries that would result from a Chapter 7 liquidation. Under the Plan, all Administrative and Priority Claims will be paid in full, the Debtor will continue its relationship with Gulf Coast Bank & Trust Company under the terms of the existing factoring agreement, JPMorgan Chase Bank, N.A. will receive payment of its fully secured claim over an extended term at an agreed interest rate, and holders of General Unsecured Claims will share in a fixed distribution of $150,000, payable over a three year period beginning on December 31, 2026 (subject to confirmation of plan), with the final payment to be made on or before December 31, 2028. The Debtor's sole equity holder will retain his equity interests, and his insider claim will receive no distribution under the Plan. Class 3 consists of all Allowed General Unsecured Claims, including (i) trade creditors, vendors, subcontractors, credit card issuers, and professional service providers; (ii) scheduled unsecured creditors who did not file proofs of claim; and (iii) any other unsecured claim not separately classified. Class 3 is Impaired. Holders of Claims in this Class are entitled to vote on the Plan. The Debtor shall pay an aggregate of $150,000 (or other fixed dividend as may be approved) (the "Class 3 Distribution Amount"), to be distributed pro rata to the holders of Allowed Class 3 Claims over three years from the Effective Date per the following schedule: Year 1 $30,000 (Payable on 12/31/2026) Year 2 $60,000 (Quarterly beg. 3/31/2027) Year 3 $75,000 (Quarterly beg. 3/31/2028) Payments shall be made quarterly after December 31, 2026, unless otherwise authorized by the Court. No interest shall accrue on Class 3 Claims unless required under Section 506(b) of the Bankruptcy Code (not applicable) or unless expressly provided herein. Class 4 consists of Equity Interest Holder Sunil Choudhary, 100%. Holders of equity interests shall retain their ownership interests subject to the terms of the Plan. No distributions shall be made on account of equity interests under the Plan. Pursuant to Section 1126(f) of the Bankruptcy Code, the holder of Class 4 equity interests is deemed to accept the Plan and is not entitled to vote on the Plan. The Plan shall be implemented through the Debtor's continued operation as a going concern following the Effective Date, together with the cash generated from the Debtor's reorganized business model. The Debtor's financial projections which cover the three-year period from January 1, 2026, through December 31, 2026, demonstrate that the Debtor can satisfy its obligations under the Plan using these income sources. Funding for the Plan shall come from the Debtor's future operating income as reflected in the Debtor's Cash Projections, which demonstrate sufficient net income to meet all obligations under the Plan while maintaining adequate liquidity for ongoing operations. A full-text copy of the Plan of Reorganization dated December 15, 2025 is available at https://urlcurt.com/u?l=OmsITG from PacerMonitor.com at no charge. Counsel to the Debtor: Justin M. Gillman, Esq. GILLMAN CAPONE LLC 770 Amboy Avenue Edison, NJ 08837 Tel: (732) 661-1664 Fax: (732) 661-1707 Email: ecf@gillmancapone.com About Databased Solutions Inc. Databased Solutions, Inc., doing business as DBSI Services, provides engineering and technical staffing solutions across multiple industries in the United States. Headquartered in New Jersey, Databased Solutions offers direct hires, contract hires, and temp-to-hire services for sectors including automotive, aerospace, semiconductors, medical devices, transportation, and health technology. Founded in 1995 as a privately owned corporation, Databased Solutions conducts technical and behavioral screening, background checks, and recruitment processes to meet the staffing needs of its clients. Databased Solutions filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-19625) on September 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Ila Choudhary, president of Databased Solutions, signed the petition. Justin M. Gillman, Esq., at Gillman Capone, LLC represents the Debtor as legal counsel. DAYTONA THUNDER: Gets Interim OK to Use Cash Collateral ------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Orlando Division entered a preliminary order granting Daytona Thunder, LLC interim authority to use cash collateral through January 15, 2026. The Debtor may use cash collateral to pay court-authorized amounts, including U.S. Trustee quarterly fees, and ordinary, necessary operating expenses set forth in an approved budget, with flexibility of up to 10% per line item. Additional expenditures may be made with written creditor approval, which cannot be unreasonably withheld, and the debtor may seek prompt court review of any disputed expenses. The Debtor projects total monthly operational expenses of $3,300. Secured creditors are granted post-petition replacement liens on cash collateral, preserving the same validity, priority, and extent as their prepetition liens without further documentation. The debtor is required to comply with all statutory duties of a debtor-in-possession and maintain required insurance coverage in accordance with loan and security documents. A further preliminary hearing scheduled for January 15, 2026. About Daytona Thunder, LLC Daytona Thunder, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07885) on December 11, 2025, with $1,000,001 to $10 million in both assets and laibilities. Judge Hon. Grace E Robson oversees the case. The Debtor is represented by: Jeffrey Ainsworth Bransonlaw PLLC Tel: 407-894-6834 Email: jeff@bransonlaw.com DENTALHUB OF WYLIE: Seeks Chapter 11 Bankruptcy in Texas -------------------------------------------------------- On December 17, 2025, DentalHub of Wylie PLLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Eastern District of Texas. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About DentalHub of Wylie PLLC DentalHub of Wylie PLLC is a private professional limited liability company operating in the United States. DentalHub of Wylie PLLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-43819) on December 17, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1 million. The debtor is represented by Kurt S. Elieson, Esq. DEQSER LLC: Seeks Addt'l $2MM DIP Loan From CSV ----------------------------------------------- DEQSER LLC and affiliates ask the U.S. Bankruptcy Court for the District of Delaware for authority to obtain additional post-petition financing. The Debtors seek to amend their existing debtor-in-possession financing arrangements and obtain additional postpetition funding to support their ongoing Chapter 11 reorganization. Early in the cases, the Debtors sought and obtained interim and later final approval of a DIP financing facility with CSV Capital Partners LLC, following multiple hearings, objections, and negotiations with secured creditors and other parties in interest. Through a series of interim orders and amendments, the court ultimately approved a DIP facility with borrowing capacity increased incrementally from an initial $1 million draw to a maximum of $2.5 million under a final order entered on August 6, 2025. The approved DIP facility is nearly fully drawn, and the Debtors assert that, despite having significant enterprise value, they lack sufficient liquidity to continue operating at full capacity and to complete their reorganization without additional financing. The Debtors explain that the original DIP facility was sized based on an anticipated shorter Chapter 11 timeline that did not materialize due to unforeseen operational disruptions. In particular, Kannegiesser North America Inc., the sole source of proprietary parts and service for the Debtors' specialized laundry equipment, abruptly ceased shipping parts and providing service in May 2025. This action severely impaired the Debtors' ability to refurbish and optimize their equipment, a central component of their business plan to increase processing volume, attract more customers, and restore profitability. Although a settlement with Kannegiesser was eventually approved in June 2025, the interruption caused significant delays, increased costs, and prevented the debtors from achieving anticipated operational improvements while fixed expenses such as rent, payroll, and insurance continued to accrue. The Debtor further states that Kannegiesser's conduct had lasting ripple effects, forcing the Debtors to extend their reorganization timeline and incur higher administrative and operating expenses than originally contemplated. As a result, the Debtors and their DIP lender negotiated, at arm's length, a first amendment to the existing DIP term sheet to increase the total DIP commitment by up to $2 million in new money loans, increase the interest and fees applicable to the additional loans, and make certain technical modifications to the existing terms. The Debtors contend that these amended terms reflect market conditions, particularly given the heightened risk of the loan, the lack of alternative financing sources, and the fact that no third-party lenders were willing to refinance or expand the existing DIP facility. A copy of the motion is available at https://urlcurt.com/u?l=xGbWbZ from PacerMonitor.com. About Deqser LLC Deqser LLC is a business entity associated with Cooperative Laundry, a commercial laundry service based in Kearny, New Jersey. Operating from a state-of-the-art facility, the company supports the hospitality industry with advanced, eco-efficient laundry solutions. Deqser sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Case No. 25-10687) on April 10, 2025. The Debtor reported estimated assets and estimated liabilities of $1 million to $10 million. The Hon. Craig T Goldblatt presides over the case. The Debtor's general bankruptcy counsel is Mayerson & Hartheimer, PLLC and its local bankruptcy counsel is Gellert Seitz Busenkell & Brown, LLC. DYNACQ HEALTHCARE: Seeks to Sell Hospital Assets at Auction ----------------------------------------------------------- Dynacq Healthcare, Inc., and its affiliates seek permission from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. Dynacq, founded in 1992, is a holding company that through its subsidiaries owns and manages one general acute care hospital that principally provides specialized surgeries and acute care. The Debtors' hospital, Surgery Specialty Hospitals of America—Southeast Houston Campus in Pasadena, Texas, near Houston, includes operating rooms, pre- and post-operative space, intensive care units, nursing units and diagnostic facilities, as well as adjacent medical office buildings. Except for emergency room patients, surgeries at Dynacq's facilities are typically pre-certified or pre-authorized by insurance carriers. The bulk of the surgeries are either covered by workers' compensation insurance or by commercial insurers on an out-of-network health plan basis. The Debtors participate in a small number of managed care contracts. The Debtors also hold a valid physician-owned hospital license. The POH license is one of approximately 250 remaining in the country and permits physician practices/specialty groups to refer surgeries internally instead of partnering with a hospital, thereby increasing profitability. The Pasadena Facility has eight operating rooms and 37 hospital beds. During its peak, the Pasadena Facility generated over $138 million in gross revenue. In more recent years, the Hospital generated gross revenues of over $100 million. The Debtors' assets primarily consist of the Pasadena Facility, the underlying real estate (building and land), the medical and office equipment in the Pasadena Facility, and the POH (collectively, the Asset). Pursuant to the Interim DIP Order, the Debtors were authorized to obtain secured postpetition financing in a principal amount up to $5,000,000 from Caliburn Capital, LLC, as DIP Lender in these Chapter 11 Cases. Of at amount, an initial draw of $2,000,000 was made available to the Debtors upon entry of the Interim DIP Order. The Debtors request that they be authorized, but not directed, to select a bidder to act as a stalking horse and to enter into an asset purchase agreement with such Stalking Horse Purchaser for the Sale of the Assets. Having the flexibility to designate a Stalking Horse Purchaser and provide Bid Protections will provide the Debtors with the ability to maximize the value of the Assets while maintaining a timely and efficient marketing process. The Bidding Procedures contemplate the following schedule, subject to Court approval and modification as necessary, in connection with consummating the Sale Transaction(s) for the Debtors' Assets: -- Stalking Horse Designation Deadline: January 31, 2026 -- Stalking Horse Objection Deadline: Five days after the Debtors file a Stalking Horse Selection Notice -- Sale Objection Deadline: January 31, 2026, at 5:00 p.m. (prevailing Central Time) -- Bid Deadline: February 10, 2026, at 5:00 p.m. (prevailing Central Time) -- Auction Date: February 18, 2026, at 10:00 a.m. (prevailing Central Time) -- Auction Objection Deadline: February 23, 2026, at 5:00 p.m. (prevailing Central Time) -- Sale Hearing Date: Subject to Court availability and approval of the Sale Hearing date in the Bidding Procedures Order, the Debtors will seek to schedule a Sale Hearing on or about March 9, 2026. The Debtors submit that the Bidding Procedures attached to the proposed Bidding Procedures Order will afford interested parties a reasonable opportunity to evaluate whether to submit a bid for the Assets. To facilitate and effectuate the Sale(s) of any Purchased Assets, the Debtors will be required to assume and assign to a Stalking Horse Purchaser or other Winning Bidder certain Assigned Contracts and Assigned Leases. The Debtors submit that the Cure Notice to be provided and the method of service proposed herein constitutes good, proper and adequate notice of potential assumption and assignment of the Debtors' executory contracts and unexpired leases and designation of Assigned Contracts, Assigned Leases, and Cure Amounts. If one or more Stalking Horse Purchasers are ultimately selected for any of the Assets, the Debtors respectfully submit that any Bid Protections set forth in a Stalking Horse Agreement will be designed to maximize value in a competitive bidding process and should be approved as fair and reasonable under the circumstances of the Chapter 11 Cases. The Debtors further believe the proposed Bid Protections would confer actual benefits upon their bankruptcy estates in the event a Stalking Horse Purchaser is ultimately selected because they are reasonably calculated to incentivize a potential Stalking Horse Purchaser to set the bidding "floor" and induce competitive bidding that may produce higher and better offers for the Purchased Assets. About Dynacq Healthcare, Inc. Dynacq Healthcare, Inc. and its affiliates own and operate a general acute care hospital in Pasadena, Texas, that focuses on specialized surgical services and maintains eight operating rooms along with 37 hospital beds. Dynacq Healthcare, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90798) on December 8, 2025, listing $10 million to $50 million in assets and $10 million to $50 million in liabilities. The petitions were signed by Eric Chan as authorized signatory. Dominique Ashley Douglas, Esq. at Dykema Gossett serves as the Debtor's counsel. E GLUCK: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------- The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 case of E. Gluck Corporation. The committee members are: 1. W&Y (ASIA) Co. Ltd. Unit A, 6/F, Chinabest International Center, No. 8 Kwai On Rd., Kwai Chung, N.T. Hong Kong Attn: Eiman Tin Tel: 852-2423 8826 Fax: 852-2307 0963 Eimantin@wnyhk.com No. 1 Jianliang Rd., Daping, Tangxia Town Dongguan City, China Attn: C.Y. Hsu1 Tel: 86-769 8113 5888 Fax: 86-769 8113 1239 cyhsu@dg-dxg.com.cn 2. Great Progress H.K. (Holdings) Limited Flat A, 3rd Fl, Kam Shing Industrial Building 1-11 Kwai Wing Rd., Kwai Chung, N.T. Hong Kong Attn: Wai-Chu Yeung Tel: 852 2610 2022 Gro@netvigator.com 3. Bridgestone Watch Limited Room 2004, Nanyang Plaza, 57 Hung To Rd., Kwun Tong, H.K. Attn: Lin Chi Jui Tel: 852 9270 8600 / 852 6188 3969 / 852 2341 8258 chi@sutechk.com nay@sutechk.com alice@sutechk.com 4. Yi Feng Watch Co. Ltd. 4A, 1-7 WAH, SINH ST. KWAI CHONG NT, HK Attn: Timothy Tse 852 2111 3566 angeltang@yifengwatch.com 5. Youngs Watch Company Limited Unit 1-4, 10/F, Texwood Plaza, 6 How Ming St. Kwun Tong, Kowloon, Hong Kong Attn: Lai Ricky Siu Ming 852 3160 9387 ricklai@youngsterna.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About E. Gluck Corporation E. Gluck Corporation -- https://egluck.com/ -- is an American watch manufacturer headquartered in Little Neck, New York. E. Gluck sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Case No. 25-12683) on December 1, 2025, listing between $10 million and $50 million in assets and liabilities. Judge Martin Glenn presides over the case. Alan D. Halperin at Halperin Battaglia Benzija, LLP, represents the Debtor as legal counsel. Israel Discount Bank of New York, as DIP lender, is represented by: Jonathan N. Helfat, Esq. Matthew Breen, Esq. OTTERBOURG P.C. 230 Park Avenue New York, NY 10169 Tel: (212) 661-9100 jhelfat@otterbourg.com mbreen@otterbourg.com ELETSON HOLDINGS: Sues Reed Smith, Former Execs Over Sabotage ------------------------------------------------------------- Alex Wolf of Bloomberg Law reports that international gas shipping company Eletson Holdings Inc. accused Reed Smith LLP of conspiring with former company insiders to derail a court-approved restructuring, alleging the conduct violated multiple criminal statutes. The claims were laid out in an amended complaint filed Tuesday in the U.S. Bankruptcy Court for the Southern District of New York. According to the filing, Reed Smith and partner Louis Solomon allegedly assisted former Eletson officers and directors in bypassing governing contracts and federal law to retain control of the company's vessel fleet. The suit claims the actions amounted to an effort to sabotage Eletson’s confirmed Chapter 11 reorganization through concealed evidence and falsified court filings. About Eletson Holdings Eletson Holdings Inc. is a family-owned international shipping company, which touts itself as having a global presence with headquarters in Piraeus, Greece as well as offices in Stamford, Connecticut, and London. At one time, Eletson claimed to own and operate one of the world's largest fleets of medium and long-range product tankers and boasted a fleet consisting of 17 double hull tankers with a combined capacity of 1,366,497 dwt, 5 LPG/NH3 carriers with a combined capacity of 174,730 cbm and 9 LEG carriers with capacity of 108,000 cbm. Eletson Holdings, a Liberian company, is Eletson's ultimate parent company and is the direct parent and owner of 100% of the equity interests in the two other debtors, Eletson Finance (US) LLC, and Agathonissos Finance LLC. Eletson and its two affiliates were subject to involuntary Chapter 7 bankruptcy petitions (Bankr. S.D.N.Y. Case No. 23-10322) filed on March 7, 2023 by creditors Pach Shemen LLC, VR Global Partners,L.P. and Alpine Partners (BVI), L.P. The petitioning creditors are represented by Kyle J. Ortiz, Esq., at Togut, Segal & Segal, LLP. On Sept. 25, 2023, the Chapter 7 cases were converted to Chapter 11 cases. The Honorable John P. Mastando, III is the case judge. Lawyers at Reed Smith represent the Debtors as bankruptcy counsel. Riveron RTS served as the Debtors' Domestic Financial Advisor; Harold Furchtgott-Roth as Economic Expert; and Kurtzman Carson as Voting Agent. The U.S. Trustee for Region 2 appointed an official committee of unsecured creditors. The committee tapped Dechert, LLP as its legal counsel and FTI Consulting as the Committee's financial advisors. ERC MANUFACTURING: Court OKs Truck Sale to Sussex Construction -------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Montana has permitted MK Weeden Construction Inc. (MKW) and its affiliates, M.K. WEEDEN (MKE) and WMK Holding LLC (WMK), to sell truck, free and clear of liens, claims, interests, and encumbrances. The Debtors own certain equipment including a 2002 MT31X Moxy Art Truck. The Court has authorized the Debtor to sell the 2002 MT31X Moxy Art. Truck to Sussex Construction for a purchase price of $45,000.00. The Court finds it is necessary to approve the sale to avoid immediate and irreparable harm to the Debtor's estate. It is furthered ordered that all liens on the Moxy Truck shall attach to the proceeds of the sale in the same order, priority and validity as liens held in the Moxy Truck. The proceeds shall be held in MKE's bank account pending further order of the Court. About MK Weeden Construction, Inc. MK Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. MK Weeden Construction, MK Equipment Co. LLC, and WMK Holding LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.Mon.) on December 11, 2025. In the petitions signed by Monte K. Weeden as president and manager, M.K. Weeden discloses total assets of $27,956,847 and total liabilities of $23,678,668, MK Equipment's total asset $10,781,882 and total liabilities of $19,960,273 and WMK Holding's total assets of $6,775,000 and total liabilities of $23,812,640. Judge Benjamin P. Hursh presides over the case. Seamus B. McCulloch at Christian, Samson, & Baskett, PLLC, represents the Debtors as legal counsel. ESCAMBIA OPERATING: Unsecureds Will Get 1% to 16% in Trustee's Plan ------------------------------------------------------------------- Drew McManigle, the Trustee for Escambia Operating Company, LLC and affiliates, filed with the U.S. Bankruptcy Court for the Southern District of Mississippi a Joint Disclosure Statement for Joint Plan of Liquidation dated December 15, 2025. BDE is a Mississippi corporation which serves as a holding company for EOC and EAC and owns 100% of the membership in those companies. The sole owner of BDE is Thomas Swarek, who organized the company in 2021 for the sole purpose of holding ownership of EOC and EAC. EOC and EAC are limited liability companies chartered in Delaware in 2006. Both entities were acquired by BDE effective January 1, 2021. Upon BDE acquiring EAC and EOC, Swarek was the original manager of both EAC and EOC. EAC and EOC were debtors in possession until the appointment of the Trustee was approved on October 25, 2025. EOC operated twelve operational wells in the Big Escambia Creek Field ("BEC Field") in Escambia County, Alabama and two processing plants/refineries (the "Gas Processing Facilities"), one in Flomaton, Alabama and the other in Atmore, Alabama.19 EAC was a majority working interest owner in the BEC Field. The Trustee filed an Emergency Motion Of Trustee for Entry of an Order (I) Pursuant to Sections 327(a) and 328(a) of the Bankruptcy Code Authorizing the Employment and Retention of Energynet.com, LLC as Oil and Gas Auctioneer; (II) Establishing Sale Notice Procedures; (III) Approving a Sale of Substantially All Assets Free and Clear of Liens, Claims, Encumbrances, and Other Interests; (IV) Scheduling a Sale Hearing; and (V) Granting Related Relief seeking to establish an auction for the assets through EnergyNet. Following Court approval for EnergyNet to conduct the auction, the Trustee selected SEP Escambia, LLC ("SEP") as the successful bidder. The sale to SEP closed on the June 5, 2025 (the "Sale Date"), and yielded the net sum of $2,887,500.00. On June 16, 2025, the AOGB approved SEP as the new operator of the Assets transferred by the Sale Order. However, Swarek filed two subsequent pleadings seeking to set aside the SEP Orders. The Court denied both motions. The Plan proposes to substantively consolidate the Escambia Debtors and treat all their Assets and Liabilities together. Substantially all Assets of the Escambia Debtors have been liquidated. The Plan provides that the Omitted Wellbore Assets will be conveyed on or before the Effective Date to SEP Escambia, LLC, free and clear of liens pursuant to sections 363 and 1123 of the Bankruptcy Code and all remaining Assets of the Escambia Debtors will be conveyed to the Liquidation Trust, which in turn will make distributions to Holders of Allowed Claims under the terms of the Plan as confirmed by the Bankruptcy Court. The Plan also seeks approval of the 9019 Motion and the settlement of the disputes between the Affiliated Debtors and the Escambia Debtors. Class 4 consists of Allowed General Unsecured Claims. Holders of Allowed General Unsecured Claims shall receive Series D interests in the Liquidation Trust. Pursuant to the Liquidation Trust Agreement, holders of Series D interests shall be paid according to the Sharing Protocol after: (i) the Holders of Series A interests receive the treatment provided in Section 1129(b)(2)(A)(i) of the Bankruptcy Code, (ii) the Holders of Series B interests are paid in full, and (iii) the Holders of Series C interests are paid in full, then the Holders of Series D interests will be paid in accordance with the Sharing Protocol until such Claims are paid in full. Allowed Class 4 Claims are impaired. This Class will receive a distribution of 1% to 16% of their allowed claims. On or prior to the Effective Date, the Liquidation Trust shall be established in accordance with the Liquidation Trust Agreement for the purpose of liquidating the Liquidation Trust Assets, resolving all Disputed Claims, making all distributions to Holders of Allowed Claims in accordance with the terms of the Plan and otherwise implementing the Plan. Except as otherwise provided in the Plan or the Confirmation Order, on the Effective Date, the Trustee shall transfer the Liquidation Trust Assets to the Liquidation Trust, and all such assets shall vest in the Liquidation Trust on such date, to be administered by the Liquidation Trustee in accordance with the Plan and the Liquidation Trust Agreement. Except as set forth in Article IV.F of the Plan or otherwise in the Plan, the Liquidation Trust Assets shall be transferred to the Liquidation Trust free and clear of all Claims, Liens, and Interests (including equity Interests) to the fullest extent provided by sections 363, 1123, and 1141 of the Bankruptcy Code. A full-text copy of the Joint Disclosure Statement dated December 15, 2025 is available at https://urlcurt.com/u?l=52mabS from PacerMonitor.com at no charge. Counsel for Drew McManigle, the Duly Appointed Chapter 11 Trustee: Jeffrey R. Barber, Esq. Kristina M. Johnson, Esq. JONES WALKER LLP 3100 North State Street, Suite 300 Jackson, Mississippi 39205 Tel: 601-949-4765 Fax: 601-949-4804 Email: jbarber@joneswalker.com kjohnson@joneswalker.com Joseph E. Bain, Esq. Olivia K. Greenberg, Esq. Elizabeth W. De Leon, Esq. JONES WALKER LLP 811 Main Street, Suite 2900 Houston, Texas 77002 Tel: 713-437-1800 Fax: 713-437-1810 Email: jbain@joneswalker.com ogreenberg@joneswalker.com edeleon@joneswalker.com About Escambia Operating Company Escambia Operating Company, LLC and its affiliates, Escambia Asset Company, LLC and Blue Diamond Energy, Inc., filed Chapter 11 petitions (Bankr. S.D. Miss. Lead Case No.23-50491) on April 2, 2023, with $10 million to $50 million in both assets and liabilities. Judge Jamie A. Wilson oversees the cases. The Debtors tapped Patrick A. Sheehan, Esq., and Steve Wright Mullins, Esq., as bankruptcy attorneys. Drew McManigle, the Chapter 11 trustee appointed in the Debtors' cases, tapped Jones Walker, LLP as bankruptcy counsel; MACCO Restructuring Group, LLC as financial advisor; M P Boots Petroleum Engineering Services, LLC as valuation advisor; and Matthews, Cutrer and Lindsay, PA as accountant. FARMFAN LLC: To Employ Bernstein-Burkley P.C. as Counsel -------------------------------------------------------- FarmFan, LLC d/b/a Harvie seeks approval from the U.S. Bankruptcy Court for the Western District of Pennsylvania to employ Bernstein-Burkley, P.C. to serve as counsel. Bernstein-Burkley, P.C. will provide these services: (a) providing the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the continued operation of its business and management of its property; (b) preparing on behalf of the Debtor, as debtor-in-possession, necessary motions, applications, answers, proposed orders, reports and other legal papers; and (c) performing all other legal services for the Debtor as debtor-in-possession which may be necessary herein. The firm will be paid at these hourly rates: Attorneys Arthur W. Zamosky $415 Brent J. Lemon $375 David W. Ross $600 Gus Kallegaris $545 Gwenyth A. Ortman $260 Harry W. Greenfield $600 Heather A. Brooks $300 James M. Berent $375 Jeffrey A. Panahel $450 Jeffrey C. Toole $425 John D. Pizzo $375 John J. Richardson $455 Keri P. Ebeck $395 Kevin J. Cummings $360 Kirk B. Burkley $600 Kit F. Pettit $425 Lara S. Martin $375 Madison L. Miranda $295 Matthew J. Malcho $445 Matthew J. McClelland $375 Mary A. Shahverdian $295 Mason S. Shelton $315 Robert S. Bernstein $650 Robert M. Stefancin $475 Seth Goletz $260 Shawn P. McClure $425 Stuart C. Gaul $445 Non-Attorney Professionals Christina Wirick $200 Tammy A. Malia $195 Ruth C. Neidemeyer $190 Erin Jones $190 Brian Temple $180 Andrew Episcopo $155 Lisa Young $155 Katherine Zeli $170 Rebecca Browne $170 Monique Patzer $170 Jennifer Morris $170 Allison Gilbert $180 James Stoltenberg $155 To the best of the Debtor's knowledge, Bernstein-Burkley, P.C. has no interests adverse to the Debtor or the estate and is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Mason S. Shelton, Esq. BERNSTEIN-BURKLEY, P.C. 601 Grant Street, 9th Floor Pittsburgh, PA 15219 Telephone: (412) 456-8126 Facsimile: (412) 456-8135 E-mail: mshelton@bernsteinlaw.com About FarmFan LLC FarmFan LLC, doing business as Harvie, provides an online platform that connects consumers with local farms for customizable farm-share subscriptions and grocery delivery services. FarmFan LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-22021) on August 1, 2025. In its petition, the Debtor reports estimated assets between $100,000 and $500,000 and estimated liabilities between $1 million and $10 million. Honorable Judge Jeffery A. Deller handles the case. The Debtor is represented by Mason S. Shelton, Esq. at BERNSTEIN-BURKLEY, P.C. FIRST BRANDS: Trade Financier Seeks Stop of Cash Use ---------------------------------------------------- Jonathan Randles of Bloomberg Law reports that First Brands Group's access to cash collateral is being challenged by a key trade finance lender, which claims the value of certain pledged assets has declined below required levels. The lender warned that continued use of the cash should be halted absent corrective steps. Evolution Credit Partners, a Boston-based firm, told a Texas bankruptcy judge on Tuesday, December 23, 2025, that First Brands should lose the right to tap specific cash collateral unless it remedies the alleged shortfall. The funds have played a central role in supporting the auto parts supplier since it filed for Chapter 11. According to court papers, Evolution said inventory stored at facilities in California and Illinois no longer meets agreed valuation thresholds. The lender argues the decline undermines its collateral position and warrants restrictions on further use of the cash. About First Brands Group, LLC Rochester Hills, Mich.-based First Brands Group, LLC is a global supplier of aftermarket automotive parts. On September 24, 2025, the Company's non-operational special purpose entities, Global Assets LLC, Global Lease Assets Holdings, LLC, Carnaby Capital Holdings, LLC, Broad Street Financial Holdings, LLC, Broad Street Financial, LLC, Carnaby Inventory II, LLC, Carnaby Inventory Holdings II, LLC, Carnaby Inventory III, LLC, Carnaby Inventory Holdings III, LLC, Patterson Inventory, LLC, Patterson Inventory Holdings, LLC, Starlight Inventory I, LLC and Starlight Inventory Holdings I, LLC each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. Commencing on September 28, 2025, First Brands Group, LLC and 98 affiliated debtors each filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the Southern District of Texas. In its petition, First Brands Group listed $1 billion to $10 billion in estimated assets and $10 billion to $50 billion in estimated liabilities. The cases are pending before the Hon. Christopher M. Lopez, and are jointly administered under Case No. 25-90399, and consolidated for procedural purposes only. The Debtors tapped Weil, Gotshal and Manges, LLP as legal counsel; Lazard Freres & Co. as investment banker; Alvarez & Marsal North America, LLC as financial advisor; and C Street Advisory Group as strategic communications advisor. Kroll Restructuring Administration, LLC is the Debtors' claims, noticing and solicitation agent. Gibson, Dunn & Crutcher, LLP and Evercore serve as the Ad Hoc Group of Lenders' legal counsel and investment banker, respectively. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. FLEXSHOPPER INC: Case Summary & 30 Largest Unsecured Creditors -------------------------------------------------------------- Eight affiliates that concurrently filed voluntary petitions for relief under Chapter 11 under the Bankruptcy Code: Debtor Case No. ------ -------- FlexShopper, Inc. (Lead Debtor) 25-12254 901 Yamato Road Suite 260 Boca Raton FL 33431 FlexShopper, LLC 25-12255 FlexLending, LLC 25-12256 Flex Revolution, LLC 25-12257 FlexRetail, LLC 25-12258 Flex TX, LLC 25-12259 Flex TX Funding, LLC 25-12260 Flex TX Cab, LLC 25-12261 Business Description: FlexShopper, Inc. provides consumer financing services focused on lease-to-own and lending products, enabling consumers to obtain durable goods such as electronics and home furnishings through its e-commerce marketplace. The Company operates as an intermediary by approving consumers through a proprietary underwriting model, purchasing goods from merchant and other supply partners, and leasing them to end users, while also offering consumer loan products through affiliated platforms and third-party arrangements. Chapter 11 Petition Date: December 22, 2025 Court: United States Bankruptcy Court District of Delaware Judge: Hon. Laurie Selber Silverstein Debtors' Bankruptcy Counsel: Robert J. Dehney Sr., Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 North Market Street 16th Floor Wilmington DE 19801 Tel: (302) 658-9200 Email: rdehney@morrisnichols.com Debtors' Financial Advisor: GLASSRATNER ADVISORY & CAPITAL GROUP, LLC Debtors' Investment Banker: TWO ROADS ADVISORS LLC Debtors' Claims, Administrative & Solicitation Agent: EPIQ CORPORATE RESTRUCTURING, LLC FlexShopper, Inc.'s Estimated Assets: $500,000 to $1 million FlexShopper, Inc.'s Estimated Liabilities: $0 to $50,000 FlexShopper, LLC'S Estimated Assets: $50 million to $100 million FlexShopper, LLC's Estimated Liabilities: $100 million to $500 million The petitions were signed by Matthew Doheny as chief restructuring officer. A full-text copy of the Lead Debtor's petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/MORPSHQ/FlexShopper_Inc__debke-25-12254__0001.0.pdf?mcid=tGE4TAMA Consolidated List of Debtors' 30 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Powerscourt Investments 50, LP Guaranty $161,719,712 c/o Mayer Brown LLP 71 South Wacker Drive, Chicago, Illinois 60606 Attn: Sean T. Scott, Esq. Email: STScott@mayerbrown.com Joshua R. Gross Email: JGross@mayerbrown.com Phone: (312) 782-0600 2. Alvarez & Marsal $1,364,789 Disputes and Investigations, LLC 3. Kasowitz LLP $322,153 1633 Broadway New York, New York 10019 Attn: Barry Rutcofsky Email: BRutcofsky@kasowitz.com Phone: (212) 506-1984 4. Lexisnexis Risk Management $314,640 5. Best Buy $291,436 6. Mavis $287,320 7. Monro $228,854 8. PayPossible Inc $223,778 9. Apollo Sales Group LLC $181,369 10. Sitecore USA inc $168,185 11. TrueML Products $133,746 12. World Connection $111,008 13. Olshan $110,358 14. Renn Labs LLC $102,326 15. Google LLC $93,805 16. Benefit Marketing Solutions $72,159 17. AFCO $69,370 18. Terrace $68,456 19. GigaCloud Technology $62,262 20. MNTN $60,570 21. Logicbroker $56,250 22. Tire Agent $48,975 23. Experian $46,763 24. Marqeta, Inc. $45,103 25. Troutman Pepper $44,942 Hamilton Sanders LLP 26. Amazon Web Services $44,630 27. Workiva $44,625 28. BloomReach, Inc $41,812 29. Connect Distributors $37,544 30. Katz Baskies & Wolf PLLC $30,000 FLEXSHOPPER INC: Seeks Chapter 11 Bankruptcy After Firing CEO ------------------------------------------------------------- Jonathan Randles of Bloomberg Law reports that lease-to-own financing provider FlexShopper Inc. has filed for bankruptcy following the termination of its chief executive officer after an internal probe uncovered fraudulent loan documents. The company offers lease-to-own financing for appliances, electronics, and other consumer products. On Monday, December 22, 2025, the Boca Raton, Florida-based firm filed in Delaware, noting it has a stalking-horse offer from an affiliate of fellow lease-to-own provider Snap Finance. The arrangement allows for higher bids to be considered during a subsequent bankruptcy auction. About FlexShopper Inc. FlexShopper Inc. is a a publicly traded lease-to-own financing company for appliances, electronics, and other consumer goods. FlexShopper Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12254) on December 22, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities up to $50,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Robert J. Dehney, Esq. and Sophie Rogers Churchill, Esq. of Morris, Nichols, Arsht & Tunnell. FLIPCAUSE INC: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Flipcause, Inc. 101 Broadway, Fl 3 Oakland, CA 94607 Business Description: Flipcause, Inc., incorporated in 2012, operates a subscription-based software-as-a- service platform that provides nonprofit organizations across the United States with online fundraising, payment processing, and administrative tools. The Company's platform offers services including website management, event ticketing, fundraising campaigns, text-to-give functionality, and online storefronts, generating revenue through subscription fees and transaction- based processing fees. Flipcause supports thousands of nonprofit clients by enabling them to engage donors and manage fundraising operations without directly handling payment processing or compliance requirements. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of Delaware Case No.: 25-12246 Judge: Hon. Thomas M Horan Debtor's Counsel: Ronald S. Gellert, Esq. GELLERT SEITZ BUSENKELL & BROWN, LLC 1201 N. Orange Street Suite 300 Wilmington, DE 19801 Tel: (302) 425-5806 E-mail: rgellert@gsbblaw.com Debtor's Investment Banker: SC&H GROUP, INC. Debtor's Claims & Noticing Agent: EPIQ CORPORATE RESTRUCTURING, LLC Total Assets: $20,228,513 Total Liabilities: $30,527,260 The petition was signed by Emerson Rayvn as executive chairman. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/BGOD5MQ/Flipcause_Inc__debke-25-12246__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Sweet Relief Musicians Fund $1,200,928 2650 E. Imperial Hwy Ste 208 Brea, CA 92821 Email: info@sweetrelief.org 2. Loveland Foundation $701,231 320 7th Avenue #263 Brooklyn, NY 11215 Email: development@thelovelandfoundation.org 3. Pejman Taeiteh $500,000 Email: taeipj@gmail.com 4. Michael D. Apgar $500,000 538 5th Ave E Kalispell, MT 59901 Email: mike@apgars.org 5. Michael D. Apgar Trust $500,000 538 5th Ave E Kalispell, MT 59901 Email: mike@apgars.org 6. 805undocufund $352,500 1010 N H Street #40 Lompoc, CA 93436 Email: phernandez@805undocufund.org 7. Mark & Christina $250,000 Jackson Family Revocable Trust 10947 E. Mountain Spring Rd. Scottsdale, AZ 85255 Email: chrisj6502@icloud.com 8. Mark R. Jackson $250,000 10947 E. Mountain Spring Rd. Scottsdale, AZ 85255 Email: mark6502@icloud.com 9. Enduro Development $250,000 3103 Hidden Wood Dr. Sandy, UT 84092 Email: jeff.richards@cbre.com 10. Miss Texas Scholarship Organization $237,890 951 Greenside Drive, Suite 7108 Richardson, TX 75080 Email: janm@misstexas.org 11. Firmage Investments $200,000 7 Bentwood Lane Sandy, UT 84092 Email: mfirmage@horizonpartners.com 12. Second Harvest Food $172,457 Bank of San Joaquin & Stanislaus 1220 Vanderbilt Cir Manteca, CA 95337 Email: jvaughan@secondharvest.org 13. Safety Compass $147,512 PO Box 1293 Silverton, OR 97381 Email: esther@safetycompass.org 14. SBA EIDL Loan $140,531 14925 Kingsport Rd Ft. Worth, TX 76155 15. The Ellington Fund $140,180 3500 R Street NW Washington, DC 20007 Email: ljackson@ellingtonarts.org 16. Three Little Pitties Rescue $138,358 509 Rustic Lane Friendswood, TX 77546 Email: jenelle@threelittlepittiesrescue.org 17. The Michelle O'Neill $131,510 Foundation Inc. PO Box 478 Long Beach, NY 11561 Email: nivvycaryl@gmail.com 18. Ondeck $129,446 4201 Wilson Blvd, Suite 110-209 Arlington, VA 22203 Email: support@ondeck.com 19. CityLax Inc. $127,219 65 W 89th St New York, NY 10024 Email: hadleymongellcitylax@gmail.com 20. Golub Family Foundation $118,494 625 N. Michigan Ave Chicago, IL 60611 Email: marketing@goco.com FORTUNE CIRCLE: Gets OK to Use Cash Collateral Thru Jan. 31 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Northern District of Illinois, Eastern Division, entered a second order authorizing Fortune Circle, LLC to use cash collateral. The debtor may use cash collateral through January 31, 2026, solely to pay actual, ordinary, and necessary operating expenses outlined in an approved budget. The debtor is permitted to exceed budgeted amounts by up to 110%, measured weekly, either by individual line item or in the aggregate, subject to consent from Rapid Finance, which may not be unreasonably withheld. To protect Rapid Finance's interests, the court granted the secured creditor an adequate protection lien on post-petition collateral of the same type and priority as its prepetition collateral. This lien automatically attaches without the need for additional filings and is intended to cover any diminution in value caused by the debtor’s use of cash collateral. A continued hearing on the debtor's use of cash collateral is scheduled for January 27. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/N2REO from PacerMonitor.com. About Fortune Circle LLC Fortune Circle, LLC is a real estate company whose primary asset is a hotel property at 239 St. Robert Boulevard in Saint Robert, Missouri. Fortune Circle sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-17508) on November 12, 2025, listing up to $10 million in both assets and liabilities. Syed Hussain, sole member, signed the petition. Judge Timothy A. Barnes oversees the case. William Factor, Esq., at The Law Office of William J. Factor, Ltd., represents the Debtor as bankruptcy counsel. FTX TRADING: Gets OK to Bar Alameda Former Exec from Director Roles ------------------------------------------------------------------- Gillian R. Brassil of Bloomberg Law reports that three former executives of FTX and Alameda Research will face temporary bans from serving as corporate officers or directors after a federal court approved their settlements with the U.S. Securities and Exchange Commission. Under the judgments signed by U.S. District Judge P. Kevin Castel, former Alameda CEO Caroline Ellison agreed to a 10-year prohibition on overseeing companies with certain securities, while former FTX chief technology officer Gary Wang and co-lead engineer Nishad Singh each accepted eight-year bans, the report cites. About FTX Trading Ltd. FTX is the world's second-largest cryptocurrency firm. FTX is a cryptocurrency exchange built by traders, for traders. FTX offers innovative products including industry-first derivatives, options, volatility products and leveraged tokens. Then CEO and co-founder Sam Bankman-Fried said Nov. 10, 2022, that FTX paused customer withdrawals after it was hit with roughly $5 billion worth of withdrawal requests. Faced with liquidity issues, FTX on Nov. 9 struck a deal to sell itself to its giant rival Binance, but Binance walked away from the deal amid reports on FTX regarding mishandled customer funds and alleged US agency investigations. At 4:30 a.m. on Nov. 11, Bankman-Fried ultimately agreed to step aside, and restructuring vet John J. Ray III was quickly named new CEO. FTX Trading Ltd (d/b/a FTX.com), West Realm Shires Services Inc. (d/b/a FTX US), Alameda Research Ltd. and certain affiliated companies then commenced Chapter 11 proceedings (Bankr. D. Del. Lead Case No. 22-11068) on an emergency basis on Nov. 11, 2022. Additional entities sought Chapter 11 protection on Nov. 14, 2022. FTX Trading and its affiliates each listed $10 billion to $50 million in assets and liabilities, making FTX the biggest bankruptcy filer in the US this year. According to Reuters, SBF shared a document with investors on Nov. 10 showing FTX had $13.86 billion in liabilities and $14.6 billion in assets. However, only $900 million of those assets were liquid, leading to the cash crunch that ended with the company filing for bankruptcy. The Hon. John T. Dorsey is the case judge. The Debtors tapped Sullivan & Cromwell, LLP as bankruptcy counsel; Landis Rath & Cobb, LLP as local counsel; and Alvarez & Marsal North America, LLC as financial advisor. Kroll is the claims agent, maintaining the page https://cases.ra.kroll.com/FTX/Home-Index The official committee of unsecured creditors tapped Paul Hastings as bankruptcy counsel; Young Conaway Stargatt & Taylor, LLP as Delaware and conflicts counsel; FTI Consulting, Inc. as financial advisor; and Jefferies, LLC as investment banker. Montgomery McCracken Walker & Rhoads LLP, led by partners Gregory T. Donilon, Edward L. Schnitzer, and David M. Banker, is representing Sam Bankman-Fried in the Chapter 11 cases. White collar crime specialist Mark S. Cohen has reportedly been hired to represent SBF in litigation. Lawyers at Paul Weiss previously represented SBF but later renounced representing the entrepreneur due to a conflict of interest. GALOSI LLC: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------ On December 16, 2025, Galosi LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About Galosi LLC Galosi LLC is a limited liability company. Galosi LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-44908) on December 16, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1 million. The case is assigned to U.S. Bankruptcy Judge Edward L. Morris. The debtor is represented by Robert Thomas DeMarco, Esq. GENERATION HEALTHCARE: Gets Interim OK to Use Cash Collateral ------------------------------------------------------------- Generation Healthcare Inc. and its affiliates received interim approval from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to use cash collateral to fund operations. The court authorized the Debtors to use cash collateral in accordance with their budget from December 16 to January 12, 2026, or until a final cash collateral order is entered. As adequate protection, secured creditors will be granted post-petition replacement liens, with the same amount, priority and extent as their pre-bankruptcy liens. Events of default under the interim order include conversion or dismissal of the Debtors' Chapter cases and appointment of a trustee, which would automatically terminate a Debtor's right to use cash collateral. A final hearing is scheduled for January 12, 2026. If no objection is filed by January 5, the court may enter a final cash collateral order without further hearing. The interim order is available at https://is.gd/pGyOV9 from PacerMonitor.com. The Debtors' cash collateral consists primarily of bank deposits and accounts receivable, which the Debtors intend to use to fund payroll, taxes, operating expenses, or case administration costs. The Debtors operate home health care and hospice services in central and southwestern Ohio, employing approximately 50 staff. Generation Healthcare functions as the administrative entity, while Generation Home Health and Generation Hospice generate operating revenue. Although the Debtors experienced long-term growth earlier in their history, 2025 proved destabilizing due to a rapid expansion from one office to three locations, rising expenses, disputed lease obligations, and reliance on merchant cash advance financing. Cash-flow pressures ultimately forced the bankruptcy filings. As part of restructuring efforts, the Debtors plan to close their Newark office and focus operations in Westerville and Cincinnati, which they believe offer stronger markets and improved profitability. The Debtors own no real property or vehicles and hold relatively modest assets, primarily accounts receivable and minimal cash balances. Generation Healthcare itself has only nominal assets and no believed perfected liens, while Generation Home Health and Generation Hospice hold accounts receivable and cash that may constitute cash collateral. Several lenders including Fora Financial, Fox Funding, EBF Holdings, Oakwood Funding, Funding Metrics, and On Deck may assert security interests, though the Debtors expressly reserve all rights to challenge the validity, priority, and perfection of those claims, noting that some lenders may not have filed UCC financing statements. About Generation Healthcare Inc. Generation Healthcare Inc., based in Westerville, Ohio, provides home health and hospice services, including skilled nursing, therapy, and medical support for patients in their homes. The Company operates primarily in Ohio and offers care for individuals requiring medical and supportive services outside of hospital settings, with hospice services encompassing palliative and end-of-life care. Generation Healthcare sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55396) on December 8, 2025. In its petition, the Debtor reports estimated assets between $0-$100,000 and estimated liabilities between $1 million-$10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by David M. Whittaker, Esq. of Allen Stovall Neuman & Ashton LLP. GENESIS HEALTHCARE: No Resident Care Concern, 2nd PCO Report Says ----------------------------------------------------------------- Melanie Cyganowski, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her second report regarding the quality of resident care provided at the facilities operated by Genesis Healthcare, Inc. and affiliates in Massachusetts, Maine, New Hampshire, New Jersey, Rhode Island, and Vermont. In the report which covers the period October 15 to December 15, the PCO conducted both in-person and videoconference site visits with additional Facilities. In-person visits were conducted at each of the Debtors' Facilities in Vermont, and videoconference visits were conducted with Facility administrators in New Jersey, New Hampshire, and Rhode Island. The PCO noted that the bankruptcy cases do not appear to have adversely impacted staffing at the facilities visited during the Second Reporting Period. Administrators did not report any changes in staffing levels caused by these Cases, nor any adverse impact on the ability to recruit new staff. Many of the Facilities visited appeared to be actively hiring new staff with an eye to improving patient care and satisfaction, changing Facility work culture, and improving efficiency. The PCO cited that the facilities visited during the second reporting period were generally clean and well maintained. The floors and hallways were generally clear of obstructions, debris, or liquids. The kitchens were observed in orderly condition, the laundry rooms were functional, and the medicine carts and supply closets were well stocked. The buildings and grounds were all generally in good condition and well-maintained, with most structural features of the facilities, ventilation, windows, points of ingress and egress, elevators, walkways, and the like, in adequate working order at the time of visits. In addition, hallways observed were free of obstructions and floors were generally clear of debris and liquids or were otherwise promptly cleared. The kitchens were observed in orderly condition. The laundry rooms were functional and in use during many of the facility tours and the medicine carts and supply closets were well stocked. Ms. Cyganowski explained that Genesis provided information detailing patient complaints over the last two years. Based on those records, and on discussions with administrators, there was no apparent increase in the number of patient complaints submitted to the facilities. Nor did the administrators indicate any change in the nature of complaints made by residents or their families. Administrators uniformly explained that procedures for addressing complaints had not changed or broken down since the petition date. During the Second Reporting Period, at least with respect to the Facilities visited to date, the PCO found that the Cases had not adversely impacted patient care. The Facilities were largely operating normally in the midst of the bankruptcy, if not in the process of making improvements. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=zNfJO8 from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Melanie Cyganowski Otterbourg, PC 230 Park Avenue New York, NY 10169-0075 Tel: 212-661-9100 Email: mcyganowski@otterbourg.com About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Proskauer Rose, LLP and Stinson, LLP as legal counsel, FTI Consulting, Inc. as financial advisor and Houlihan Lokey Capital, Inc. as investment banker. Melanie Cyganowski, Susan Goodman and Suzanne Koenig are the patient care ombudsmen appointed in the cases. Ms. Cyganowski and Ms. Goodman are represented by the law firms of Otterbourg, P.C. and Kane Russell Coleman Logan, PC, respectively. Greenberg Traurig, LLP and SAK Management Services, LLC serve as Ms. Koenig's legal counsel and medical operations advisor, respectively. Counsel to Welltower: John T. Cox III, Esq. Gibson, Dunn & Crutcher LLP 2001 Ross Avenue, Suite 2100 Dallas, TX 75201 tcox@gibsondunn.com - and - Jeffrey C. Krause, Esq. Michael G. Farag, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 jkrause@gibsondunn.com mfarag@gibsondunn.com Counsel to Omega: Robert J. Lemons, Esq. Goodwin Proctor LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 rlemons@goodwinlaw.com - and - Leighton Aiken, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 laiken@fbfk.law Counsel to the Debtors' Prepetition ABL Secured Parties: Kenneth J. Ottaviano, Esq. Blank Rome LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 ken.ottaviano@blankrome.com Counsel to the Debtors' DIP Lenders: James Muenker, Esq. DLA Piper LLP 1900 N. Pearl St., Suite 2200 Dallas, TX 75201 james.muenker@us.dlapiper.com GENESIS HEALTHCARE: Quality of Care Maintained, 2nd PCO Report Says ------------------------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Northern District of Texas her second report regarding the quality of resident care provided at facilities operated by Genesis Healthcare, Inc. and affiliates in Alabama, Delaware, Maryland, North Carolina, Tennessee, Virginia, and Pennsylvania. In the report which covers the period October 15 to December 15, the PCO developed a standardized methodology to ensure consistency in reporting among the ombudsman's representatives visiting each location due to the number of facilities she has overseen. During each visit, whether in person or virtually, the ombudsman or her representative met with the concerned facility's leadership team, conducted a tour of each facility and its buildings, and interviewed key professional staff and residents where possible. The ombudsman observed that Magnolia Ridge provides good care to its residents, with sufficient supplies and food items to meet residents' needs, and the facility was staffed appropriately. Despite this period of uncertainty, staff remains dedicated to each other and their residents, and staff is working hard to ensure that the residents' health and safety is maintained. Residents reported being satisfied with care, activities, and meals. Importantly, no residents reported abuse or neglect. The ombudsman personally spoke with the resident who was the subject of an immediate jeopardy citation, and the resident confirmed that they were not harmed. During observations, residents' rights were maintained. Ms. Koenig did not observe any staffing issues that put residents in immediate danger or jeopardized their care, although recruitment across the facilities has proved challenging. The healthcare providers are actively recruiting and filling vacant shifts with agency staff and per diems and offering signing bonuses for certain direct care positions. The healthcare providers' staff generally demonstrated a strong commitment to quality care and safety. The Ombudsman observed significant improvement in the dietary departments that required attention during the last reporting period. With minor exceptions, the kitchens across the Facilities were clean and organized, temperature logs were current, and food items were stored and dated appropriately. Residents, who were interviewed, generally expressed satisfaction with the quality and choice of meals. The ombudsman noted that she did not find any concerns related to the adequacy of supplies, such as food, drugs, and medical supplies, among other necessary items. Based on the ombudsman's observations during each of the visits, the supply rooms appeared to be stocked with enough supplies and equipment to provide safe resident care. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=XLLg9A from Epiq Corporate Restructuring, LLC, claims agent. The ombudsman may be reached at: Suzanne Koenig, CEO SAK Healthcare 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Email: skoenig@sakhealthcare.com About Genesis Healthcare Genesis Healthcare, Inc. (OTC Expert Market: GENN) is a holding company with subsidiaries that, on a combined basis, comprise one of the nation's largest post-acute care providers with nearly 200 skilled nursing centers and senior living communities in 17 states nationwide. Genesis subsidiaries also supply rehabilitation therapy to approximately 1,500 locations in 43 states and the District of Columbia. On July 9, 2025, Genesis Healthcare, Inc. and 298 of its affiliates and subsidiaries each filed voluntary petitions in Dallas, Texas, seeking relief under chapter 11 of the United States Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-80185). The Debtors listed at least $1 billion in assets and liabilities as of the bankruptcy filing. As of the Petition Date, the Debtors had secured debt of $708.5 million and unsecured obligations totaling $1.568 billion. The Debtors tapped McDermott Will & Emery LLP as bankruptcy counsel, and Jefferies, LLC, as investment banker. Ankura Consulting Group, LLC, provides the services of senior managing directors Russell A. Perry and Louis E. Robichaux IV as CRO of the Debtors. Epiq Corporate Restructuring, LLC, is the claims agent. The U.S. Trustee for Region 6 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Proskauer Rose, LLP and Stinson, LLP as legal counsel, FTI Consulting, Inc. as financial advisor and Houlihan Lokey Capital, Inc. as investment banker. Melanie Cyganowski, Susan Goodman and Suzanne Koenig are the patient care ombudsmen appointed in the cases. Ms. Cyganowski and Ms. Goodman are represented by the law firms of Otterbourg, P.C. and Kane Russell Coleman Logan, PC, respectively. Greenberg Traurig, LLP and SAK Management Services, LLC serve as Ms. Koenig's legal counsel and medical operations advisor, respectively. Counsel to Welltower: John T. Cox III, Esq. Gibson, Dunn & Crutcher LLP 2001 Ross Avenue, Suite 2100 Dallas, TX 75201 tcox@gibsondunn.com - and - Jeffrey C. Krause, Esq. Michael G. Farag, Esq. Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 jkrause@gibsondunn.com mfarag@gibsondunn.com Counsel to Omega: Robert J. Lemons, Esq. Goodwin Proctor LLP The New York Times Building 620 Eighth Avenue New York, NY 10018 rlemons@goodwinlaw.com - and - Leighton Aiken, Esq. Ferguson Braswell Fraser Kubasta PC 2500 Dallas Parkway, Suite 600 Plano, TX 75093 laiken@fbfk.law Counsel to the Debtors' Prepetition ABL Secured Parties: Kenneth J. Ottaviano, Esq. Blank Rome LLP 444 West Lake Street, Suite 1650 Chicago, IL 60606 ken.ottaviano@blankrome.com Counsel to the Debtors' DIP Lenders: James Muenker, Esq. DLA Piper LLP 1900 N. Pearl St., Suite 2200 Dallas, TX 75201 james.muenker@us.dlapiper.com GIBSON INC: Moody's Affirms 'B3' CFR & Alters Outlook to Negative ----------------------------------------------------------------- Moody's Ratings affirmed Gibson, Inc.'s B3 Corporate Family Rating, B3-PD Probability of Default Rating and Caa1 senior secured first lien term loan due August 2028 rating. The outlook was changed to negative from stable. The outlook change to negative reflects Gibson's persistent demand risk in the discretionary musical instrument sector, which remains highly sensitive to consumer spending and macroeconomic conditions. Over the past year, industry volumes have declined in the low single digit range, and Gibson's own net sales for the year to date period through September 2025 declined 4% compared to the prior year. Margin pressure has also intensified due to higher than anticipated tariff exposure, particularly affecting the company's Epiphone brand. There is heightened risk of further margin erosion if industry demand does not recover or tariffs increase. Additionally, the shift toward pre-owned instruments and fewer entry-level buyers could further pressure volumes. The company's leverage remains elevated with debt-to-EBITDA projected around 7x for fiscal year 2026 (ending March 31, 2026). Liquidity, while still sufficient for near-term needs, has weakened, with cash balance at year-end projected to be $40 to $42 million, free cash flow projected around the $5 to $10 million range, and elevated working capital outflows. The affirmation of the B3 CFR reflects Gibson's continued benefit from strong brand recognition, a leading position in the premium guitar market, and resilient earnings supported by a strategic focus on higher-end products and operational efficiencies. Despite the challenging environment, Gibson's direct-to-consumer (DTC) and e-commerce channels have shown robust growth, with DTC sales up low to mid 20% year-over-year. The launch of a Shopify-based platform in August 2025 has improved online engagement and conversion rates, helping to offset pressure from the independent dealer channel. Gibson's market share in the $1,000–$2,000 price segment has doubled compared to two years ago, driven by new product launches and targeted marketing. The company's liquidity position, while weaker than last year, remains good. As of September 30, 2025, Gibson reported $37 million in cash, $58 million in undrawn revolver availability, and no near-term debt maturities until September 2027. The company continues to focus on inventory normalization, tighter cost controls, and optimizing the direct-to-consumer channel which should help modestly improve earnings over the next 12 months. RATINGS RATIONALE Gibson's B3 CFR reflects the company's established brand, competitive position in the niche guitar market, and reputation for quality, product innovation, and geographic reach. The company's customer base, which includes both music enthusiasts and professional artists, has historically demonstrated resilience through economic cycles. Nevertheless, the discretionary nature of musical instrument purchases means that demand is highly sensitive to changes in consumer spending, inflationary pressures, and broader economic slowdowns. Should the consumer environment weaken further, there is a risk that customers may defer higher-priced purchases. Additional credit constraints include Gibson's high financial leverage, relatively small scale compared to sector peers, a narrow product portfolio, and customer concentration. Gibson's recent financial performance has faced renewed challenges. Net sales declined to $400.7 million, a 4.3% decrease year-over-year, reflecting softer market demand and a reduction in first-time buyers of entry-level instruments. Profitability weakened primarily due to lower volumes, ongoing inflationary input costs, and a less favorable sales mix. Debt-to-EBITDA rose to 7.1x, up from 5.3x at March 2025, as a result of both lower earnings and sustained high leverage. Free cash flow generation also weakened, with $4.3 million reported for the last twelve months, compared to $22.1 million in the prior year. To address these pressures, Gibson is implementing several mitigating measures. The company is maintaining its focus on higher-end guitars, where demand has proven more resilient than in the broader market. Efforts to normalize inventory levels are ongoing, although working capital is expected to be a slight use of cash in fiscal 2026. Operational efficiency programs are being pursued to reduce costs and support margins, alongside disciplined management of discretionary spending and capital expenditures. Liquidity remains good, underpinned by an undrawn $75 million ABL revolver (subject to borrowing base limitations), positive free cash expectations of at least $10 million over the next twelve months, and a cash balance of $36.7 million as of September 2025. Moody's anticipates that Gibson's operating environment will remain challenging over the next 12-18 months, with industry demand likely to stay subdued until there is greater clarity on consumer sentiment and the impact of tariffs. Moody's expects only modest earnings improvement, with profitability remaining pressured during this period, and leverage to stay elevated around 7x. Free cash flow is anticipated to be lower than in 2025, reflecting ongoing working capital needs and margin pressures. The risk of renewed margin erosion persists until industry demand recovers more meaningfully. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The negative outlook reflects Moody's expectations that Gibson will continue to face margin pressure and subdued earnings due to weak consumer demand and ongoing industry headwinds over the next 12 months. Elevated leverage and weaker free cash flow limit the company's financial flexibility and increase vulnerability to further demand shocks. Without a meaningful recovery in industry conditions, Gibson's credit metrics are likely to remain strained. The ratings could be upgraded if Gibson demonstrates the ability to generate organic revenue growth and generates consistent and comfortably positive free cash flow, maintains good liquidity, and sustains debt-to-EBITDA leverage below 6x. An upgrade would also require confidence that consumer demand for Gibson's products will improve, and that the industry slowdown has stabilized. The ratings could be downgraded if earnings decline due to lower volumes or product prices, deterioration in market share or costs increase. Negative free cash flow, a deterioration in liquidity such as through increased revolver reliance, or a more aggressive financial policy could also lead to a downgrade. The principal methodology used in these ratings was Consumer Durables published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. GOLD CITY: U.S. Trustee Appoints Melanie McNeil as PCO ------------------------------------------------------ Guy Van Baalen, the Acting U.S. Trustee for Region 21, appointed Melanie McNeil as patient care ombudsman for Gold City Health & Rehab, LLC. To the best of her knowledge, Ms. McNeil has no connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee, except as set forth in her verified statement. The ombudsman may be reached at: Melanie S. McNeil, Esq. State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman Georgia Department of Human Services 47 Trinity Avenue, S.W. Room 1136 Atlanta, GA 30334 Melanie.McNeil@osltco.ga.gov About Gold City Health & Rehab LLC Gold City Health & Rehab, LLC operates a skilled nursing facility providing short- term rehabilitation and long-term nursing care services, serving patients requiring post-acute and custodial care. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-52006) on December 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Michael E. Winget, Sr., manager, signed the petition. Wesley J. Boyer, Esq. at BOYER TERRY LLC represents the Debtor as legal counsel. GRAND CANYON UNIVERSITY: Moody's Alters Ratings Outlook to Stable ----------------------------------------------------------------- Moody's Ratings has revised the outlook on Grand Canyon University, AZ to stable from negative. At the same time, Moody's have affirmed the university's Ba1 issuer and revenue bonds ratings. For fiscal 2025, the university recorded total outstanding debt of $1.3 billion. The outlook revision to stable incorporates reduced litigation and regulatory risks as well as measured gains in unrestricted liquidity during fiscal year 2025 (ending June 30). In early December 2025, the US Department of Education formally recognized the university's status as a nonprofit organization, which will aid in access to private scholarships and reduce legal and compliance expenses. In addition, the IRS reaffirmed its 501(c)(3) tax-exempt status in 2025 and the Department of Education rescinded a $38 million fine in a case with no findings or penalties. In August 2025, the Federal Trade Commission voted to dismiss its lawsuit against Grand Canyon Education, the university's primary service provider. RATINGS RATIONALE Grand Canyon University's Ba1 issuer rating acknowledges its substantial scale and broad academic program diversity. Effective enrollment management in online and on-campus segments will provide the university with the ability to invest in new programs and facilities while generating adequate debt service coverage. While the relationship between GCU and Grand Canyon Education (GCE), including elements codified in the Master Services Agreement (MSA), has demonstrated itself as high functioning and supportive of revenue growth, the longer term nature of the MSA and various exit payment provisions constrains the credit quality of the university. The MSA provisions include a 60% revenue share for almost all of GCU's revenue in exchange for various services GCE provides. Unrestricted liquidity, while improved, is below peers and ended fiscal 2025 at 93 monthly days cash on hand. The Ba1 rating on the taxable revenue bonds incorporates the broad pledge of the university and its issuer rating. The Series 2021B and 2024 bonds are enhanced by a pledge of gross revenues and a first lien mortgage on the core campus. RATING OUTLOOK The stable outlook incorporates expectations that the university will maintain healthy headroom over its 55 Days Cash on Hand and Debt Service Coverage Ratio financial covenants. Even as leadership slows the pace of campus capital investment, gains in unrestricted liquidity will be measured by GCU's growing scale of operations and debt service. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Marked gains in unrestricted liquidity and total cash and investments with total cash and investments to operating expenses moving to above 0.5x -- Ongoing enrollment and revenue growth -- Moderation in financial leverage with limited reliance on bank debt FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Decline in operating performance including reduction in debt service coverage to below 1.3x -- Decline in enrollment or increased regulatory scrutiny -- Reduction in unrestricted liquidity especially if combined with weaker debt service coverage -- Substantial increase in total debt especially if accompanied by collateralization of cash and investments PROFILE Grand Canyon University is a large, Christian university based in Phoenix, Arizona. Founded in 1949, the university has had nonprofit status for the majority of its years, but was reorganized as a for-profit university between 2004 and 2018. As of Fall 2025 the university enrolled roughly 125,000 headcount students across on campus, online and hybrid modes. Operating revenue was $1.6 billion in fiscal 2025 with 97% reliance on tuition and auxiliary revenue. The university has made substantial investments in student life including intercollegiate athletics. The university is a Division I member of the Mountain West Conference. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. H5 TRANSPORT: Claims to be Paid from Continued Operations --------------------------------------------------------- H5 Transport LLC, filed with the U.S. Bankruptcy Court for the District of North Dakota a Subchapter V Plan of Reorganization dated December 15, 2025. H5 Transport is a North Dakota limited liability company formed in 2018 to operate a regional and over-the-road freight transportation business. The Debtor maintains its principal place of business in Oakes, North Dakota. Since the Petition Date, the Debtor has continued to operate as a debtor-in-possession, obtained authority to continue its factoring arrangement, and preserved operations while formulating this Plan of Reorganization. The Debtor believes that confirmation of this Plan will allow it to adjust its capital structure, stabilize cash flow, and maximize recoveries for its creditors while preserving going-concern value and employment. The Debtor entered bankruptcy with assets valued at $315,951.00 and liabilities totaling $2,029,764.10. Substantially all of the Debtor's assets—including cash, accounts receivable, vehicles and trailers, and certain funds held in trust, serve as collateral for one or more secured creditors. In a Chapter 7 liquidation, there would be little to no funds available for distribution to unsecured creditors. Absent a negotiated carve-out, it is unclear whether a Chapter 7 trustee would have an economic incentive to liquidate assets solely for the benefit of secured creditors. In addition, the liquidation of any such de minimis asset, if any exist, would likely require a Chapter 7 trustee to incur legal fees and other administrative costs, along with a statutory commission for the trustee's services. These expenses would further reduce or eliminate any potential recovery available to unsecured creditors. By contrast, the Plan proposes to pay unsecured creditors, including any allowed priority and administrative claims, an aggregate of $201,756.69, a sum that substantially exceeds what those creditors would receive in a Chapter 7 liquidation. To confirm the Plan, the Court must find that all creditors and equity interest holders who do not accept the Plan will receive at least as much under the Plan as they would in a Chapter 7 liquidation. The Debtor entered bankruptcy with assets valued at $315,951.00 and liabilities totaling $2,029,764.10. Substantially all of the Debtor's assets, including cash, accounts receivable, vehicles and trailers, and certain funds held in trust, serve as collateral for one or more secured creditors. This Plan under chapter 11 of Title 11 of the United States Code proposes to pay creditors of the Debtor from the general cash flow of the Debtor. Class 4 consists of all allowed nonpriority unsecured claims, including the unsecured portion of the claim of Starion Bank. The Debtor will continue operating its commercial freight transportation business to generate the revenue necessary to implement this Plan. Since the Petition Date, the Debtor has reduced overhead, streamlined its fleet, and focused operations on lanes and contracts that yield more stable and predictable income. While industry conditions remain competitive, H5 Transport believes the projected Plan payments are feasible and is committed to performing as required to achieve the "fresh start" contemplated by the bankruptcy process. A full-text copy of the Subchapter V Plan dated December 15, 2025 is available at https://urlcurt.com/u?l=KTBWhS from PacerMonitor.com at no charge. Counsel for the Debtor: Christianna A. Cathcart, Esq. THE DAKOTA BANKRUPTCY FIRM 1630 1st Avenue N Suite B PMB 24 Fargo, North Dakota 58102-4246 Email: christianna@dakotabankruptcy.com About H5 Transport LLC H5 Transport LLC, founded in 2018 and based in Oakes, North Dakota with a satellite office in Bradenton, Florida, provides transportation and logistics services specializing in dry van and refrigerated freight. The veteran-led Company offers full truckload and less-than-truckload shipping, regional and long-haul coverage, and custom logistics support including dispatch, driver management, and billing solutions. H5 Transport serves shippers, small fleets, and independent owner-operators across the United States, with core lanes in the Midwest and expanding routes nationwide. H5 Transport filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.D. Case No. 25-30409) on September 15, 2025. In its petition, the Debtor reported total assets of $270,951 and total liabilities of $2,029,269. Honorable Bankruptcy Judge Shon Hastings handles the case. The Debtor tapped Christianna A. Cathcart, Esq., at The Dakota Bankruptcy Firm as counsel and Ptacek Financial Services, PC as accountant. HARDING BELL: Available Cash & Continued Operation to Fund Plan --------------------------------------------------------------- Harding Bell International, Inc., filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Chapter 11 Plan dated December 15, 2025. The Debtor is a certified public accounting firm engaged primarily in tax preparation and accounting services. Matthew Bell is the Debtor’s majority shareholder and President. The Debtor operates from physical office spaces rented in the State of Florida, although many of Debtor's employees work on a fully remote or hybrid basis. Debtor's principal office is located at 113 Pontotoc Plaza, Auburndale, Florida 33823. The Debtor's main reasons for seeking bankruptcy relief generally might be classified as "growing pains". A recently acquired practice incurred a number of losses for the Debtor for multiple reasons: (i) the acquisition closed in the middle of tax season when revenues due were lean; (ii) five of the six staff members left the practice within nine months of closing; and (iii) the clients were underbilled and had become accustomed to discounted services, paying late, and paying on credit terms. The Debtor believes that there is minimal risk to creditors as to the completion of the Plan. All payments as provided for in the Plan shall be paid by Debtor's Cash on hand as of the Effective date, and future net revenue. Effective Date payments will be made to the IRS, the Committee, and the Secured Lenders, which amounts have been finalized and agreed upon through negotiation. Debtor will assume any remaining obligations under restructured or existing loan terms, ensuring stability of post-confirmation operations. Because the Plan is primarily cash-funded and does not depend on speculative financing or external contributions, Debtor submits that the proposed payment structure is feasible within the meaning of Section 1129(a)(11) of the Bankruptcy Code. Debtor's ongoing operations are expected to remain stable post-confirmation, with adequate liquidity to support all required payments and continued compliance with tax and reporting obligations. Class 3 consists of all the Allowed General Unsecured Claims of the Debtor. As reflected in the list of general unsecured creditors, the Debtor estimates the aggregate amount of Allowed Class 3 Claims is approximately $4,516,168.77. If the Debtor's Plan is confirmed, each holder of an allowed general unsecured claim against the Debtor will receive payment in full. The projections reflect agreed upon lump sum payments to the Class 3 creditors at various points during the life of the Plan, which shall be distributed pro rata amongst each holder of an Allowed Class 3 Claim. These payments shall be in full satisfaction, settlement, release and extinguishment of their respective Allowed Claims. The Debtor may prepay any or all of the distributions described herein with no prepayment penalty. In the event that the Debtor exceeds its projections, payments to the Class 3 Claimants shall increase at the same rate, so as to effectuate an earlier payoff. Additionally, as described in the Disclosure Statement and herein any recoveries pursuant to avoidance actions assigned to the Committee or other litigation claims pursued by the Debtor shall be distributed for the benefit of the Class 3 Claimants, and shall serve to otherwise reduce amounts paid by the Debtor under the Plan, so long as Class 3 Claimants are paid in full. The Class 3 Claims are impaired. Class 4 consists of the Equity Interests of the Debtor in assets of its Estate, which are retained under the Plan. All property of the Estate shall re-vest in the Reorganized Debtor, and all interests of equity holders shall remain as they exist of the filing of this Disclosure Statement. Payments to Matthew Bell shall be limited to the gross amount of $11,377.00 monthly and payment of Matthew Bell's health insurance premium in the amount of $1,527.00 monthly (or such other payment as charged by the Debtor's health insurance provider) during the term of the Plan. The Debtor believes there is minimal risk to the creditors if the Plan is confirmed, as the proceeds from Debtor's cash on hand and/or future net revenue from the continued operation of Debtor's business are sufficient to service the restructured debt. A full-text copy of the Disclosure Statement dated December 15, 2025 is available at https://urlcurt.com/u?l=5a9RTF from PacerMonitor.com at no charge. Harding Bell International, Inc. is represented by: Aaron A. Wernick, Esq. Wernick Law, PLLC 2255 Glades Road, Suite 324A Boca Raton, FL 33431 Telephone: (561) 961-0922 Email: awernick@wernicklaw.com About Harding Bell International Inc. Harding Bell International, Inc., is a certified public accounting firm based in Central Florida that provides tax preparation, business support, and FIRPTA services to U.S. and international clients. The firm serves over 9,000 clients across 22 U.S. states and more than 170 countries, with a focus on real estate investment and cross-border tax matters. Founded in 2000, it operates six offices in the region. Harding Bell International sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-04912) on July 17, 2025. In its petition, the Debtor reported total assets of $3,826,150 and total liabilities of $6,221,386. Judge Roberta A. Colton handles the case. Aaron A. Wernick, Esq., at Wernick Law, PLLC, is the Debtor's legal counsel. SouthState Bank, as secured creditor, is represented by: Christian P. George, Esq. Akerman LLP 50 North Laura Street, Suite 3100 Jacksonville, FL 32202 Phone: (904) 798-3700 Fax: (904) 798-3730 christian.george@akerman.com Cogent Bank, as secured creditor, is represented by: Bradley M. Saxton, Esq. Winderweedle, Haines, Ward & Woodman, P.A. 329 North Park Avenue, 2nd Floor P.O. Box 880 Winter Park, FL 32790-0880 Phone: (407) 423-4246 Fax: (407) 645-3728 Bsaxton@whww.com INNERGEX RENEWABLE: Fitch Withdraws 'BB+' LongTerm IDR ------------------------------------------------------ Fitch Ratings has withdrawn Innergex Renewable Energy Inc.'s Long-Term Issuer Default Rating (IDR) at 'BB+' with a Stable Outlook. Fitch withdrew the IDR for commercial reasons. Key Rating Drivers Key rating drivers do not apply as the ratings have been withdrawn. RATING SENSITIVITIES Rating sensitivities do not apply as the ratings have been withdrawn. Issuer Profile Innergex Renewable Energy, Inc. is a Canada-based renewable energy company that owns and operates a diversified portfolio of contracted renewable assets across Canada, the U.S., Chile and France. IROBOT CORP: Unsecured Creditors Unimpaired in Prepackaged Plan --------------------------------------------------------------- iRobot Corp. and affiliates filed with the U.S. Bankruptcy Court for the District of Delaware a Disclosure Statement for Joint Prepackaged Chapter 11 Plan dated December 14, 2025. The Company is a leading consumer robotics company that designs and builds robots with a focus in intelligent home innovations, became the "go-to" company for robotic vacuums with its flagship product, the Roomba(R) vacuuming robot. In early 2025, the Company's board of directors (the "Board") initiated a review of strategic alternatives, including, but not limited to, exploring a potential sale or strategic transaction and refinancing its outstanding first lien secured debt. As part of that process, the Board appointed an independent director, Mr. Neal Goldman, and established the Strategic Process Transaction Committee of the Board. Shortly thereafter, the Company launched a comprehensive marketing process for its business and, ultimately, entered into exclusive negotiations with a potential purchaser. However, in October 2025, the potential purchaser withdrew from the sale process. Santrum Hong Kong Co., Limited ("Picea HK" and, together with Picea Robotics, "Picea"), a wholly owned subsidiary of Picea Robotics, purchased and assumed all of the outstanding First Lien Term Loans on November 24, 2025, pursuant to an Assignment and Assumption Agreement (such agreement, the "Assignment"). The purchase price for the Assignment was below the low-end of the Debtors' liquidation value.4 After several weeks of extensive, arm's-length and good faith negotiations prior to the Petition Date, the Debtors and Picea, in turn, entered into a Restructuring Support Agreement (the "RSA") dated as of December 14, 2025, to implement a consensual, comprehensive prepackaged restructuring transaction, the terms of which are memorialized in the Plan. By virtue of the Assignment, Picea HK holds all First Lien Term Loans, the only secured funded debt against the Company, in addition to substantial General Unsecured Claims. Picea HK is the only impaired creditor entitled to vote on the Plan. Under the terms of the RSA and the Plan, Picea HK will equitize its First Lien Term Loans into 95% of the equity interests in the Company upon its emergence from chapter 11, and, in full and final satisfaction of Picea HK's approximately $74 million General Unsecured Claims against the Company arising under the Picea Supply Agreement (the "Picea HK Supply Agreement Claims"), Picea HK will own 5% of the equity interests in the Company upon its emergence from chapter 11, resulting in the Company becoming wholly owned by Picea HK upon the effective date of the Plan. Critically, the Plan will, among other things, allow all other General Unsecured creditors to be paid in full or otherwise remain unimpaired unless otherwise agreed to with relevant parties, will not impact the Debtors' customers or contract counterparties, and positions the Company upon emergence to execute on its business plan. The key terms of the Plan are as follows: * the equitization of all Allowed First Lien Claims and all Picea HK Supply Agreement Claims; * the Debtors entry into the New Picea Supply Agreement; * Allowed General Unsecured Claims will be Unimpaired under the Plan and treated in the ordinary course; and * the cancellation of all Existing Equity Interests on the Effective Date. Through the Restructuring Transactions, the Debtors expect to emerge from these Chapter 11 Cases with no funded debt and the necessary liquidity to execute on their business plan, which will position the Reorganized Debtors for future success in the fast-evolving market in which they operate. The Debtors believe that the Restructuring Transactions will maximize the value of their business and allow them to capitalize on near-term opportunities in a highly competitive and consolidating industry, ahead of key seasonal sales windows. Class 5 consists of General Unsecured Claims. Except to the extent that a Holder of an Allowed General Unsecured Claim and the Debtors agrees to a less favorable treatment on account of such Claim or such Claim has been paid or Disallowed by Final Order prior to the Effective Date, on and after the Effective Date, each Allowed General Unsecured Claim shall be Unimpaired and the Reorganized Debtors shall continue to pay or treat each Allowed General Unsecured Claim in the ordinary course of business, subject to (including under the Bankruptcy Code) all claims, defenses, disputes, or Causes of Action the Debtors and Reorganized Debtors may have with respect to such Claims, including as provided in Article IV.O of the Plan; provided, that Allowed Lease Rejection Claims shall be paid in full on the Effective Date or as soon as reasonably practicable thereafter. This Class is unimpaired. On the Effective Date, each Holder of an Existing Equity Interest (including all related 510(b) Claims13) shall have its Existing Equity Interest cancelled, released, and extinguished without any distribution. From and after the Effective Date, the Reorganized Debtors, subject to any applicable limitations set forth in any post Effective Date agreement, shall have the right and authority without further Order of the Bankruptcy Court to raise additional capital and obtain additional financing, subject to the New Organizational Documents, as the New Board deems appropriate. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with Cash on hand and Cash received on and after the Effective Date from operations in the ordinary course of business or otherwise. A full-text copy of the Disclosure Statement dated December 14, 2025 is available at https://urlcurt.com/u?l=XppoAt from PacerMonitor.com at no charge. Proposed Counsel to the Debtors: Andrew L. Magaziner, Esq. Sean T. Greecher, Esq. Shella Borovinskaya, Esq. Kristin L. Cardoza, Esq. YOUNG CONAWAY STARGATT & TAYLOR, LLP Rodney Square 1000 North King Street Wilmington, Delaware 19801 Tel: (302) 571-6600 Fax: (302) 571-1253 Email: amagaziner@ycst.com sgreecher@ycst.com sborovinskaya@ycst.com kcardoza@ycst.com AND Paul M. Basta, Esq. Alice Belisle Eaton, Esq. John T. Weber, Esq. PAUL, WEISS, RIFKIND, WHARTON & GARRISON LLP 1285 Avenue of the Americas New York, New York 10019 Tel: (212) 373-3000 Fax: (212) 757-3990 Email: pbasta@paulweiss.com aeaton@paulweiss.com jweber@paulweiss.com About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on Dec. 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The case is overseen by Honorable Judge Brendan Linehan Shannon. The Debtor is represented byPaul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. JACKS DONUTS: Court OKs Donut Business Sale to Raintree County -------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Indiana, Indianapolis Division, has granted Jacks Donuts of Indiana Commissary LLC, d/b/a Jack Donuts and its affiliates, KCL Group LLC, and Marcum Industries, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtors are Indiana limited liability companies solely in the business of owning and operating a donut commissary, shop, and sales organization. Jacks was founded in 1961 by Jack Marcum with a single shop in New Castle, Indiana. Jacks developed a strong brand and Jacks grandson, Lee Marcum, grew it to 28 stores in Indiana, four in Florida and one in Utah. To maintain donut consistency and accelerate growth, Lee built a 28,736 square foot commissary. To do so, Jacks took out a $2.9 million SBA loan and a $0.5 million Line of Credit, both from Old National Bank. The Court has authorized the Debtor to sell the substantially all of the assets of the Debtors (Jacks Assets) to Raintree County Baking LLC, a Delaware limited liability company (Buying Group). The Jacks Assets may be transferred to the Buying Group free and clear of all Interests, with such Interests to attach to the Proceeds in the same order, priority and validity that presently exists. The Jacks Assets are conveyed "as is", "where is", and "with all faults". The Order shall be accepted for recordation on or after the closing date as conclusive evidence of the free and clear, unencumbered transfer of title to the Jack Assets to the Buying Group. The Order is final and enforceable upon entry. About Jacks Donuts of Indiana Commissary LLC Jacks Donuts Jack's Donuts of Indiana Commissary LLC 0perates a food production and distribution facility in New Castle, Indiana, serving as the central commissary for Jack's Donuts franchise locations. The Company manufactures and supplies doughnuts and related baked goods to retail stores across Indiana and neighboring states. It functions as part of the Jack's Donuts franchise network, supporting consistency in product quality and distribution efficiency for its affiliated outlets. Jack's Donuts ought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.Ind. Case No.: 25-06610) on October 29, 2025. In a petition signed by Aaron Lowhorn as manager, the Debtor discloses total assets of $1,429,958 and total liabilities of $14,191,389. Judge: Hon. Jeffrey J. Graham presides over the case. Jeffrey M. Hester at Hester Baker Krebs LLC, represents the Debtor as legal counsel. JACKSON HOSPITAL: PCO Reports No Staffing Shortages --------------------------------------------------- Suzanne Koenig, the patient care ombudsman, filed with the U.S. Bankruptcy Court for the Middle District of Alabama her fifth report regarding the quality of patient care provided by Jackson Hospital & Clinic, Inc. and affiliates. In the report which covers the period October 17 to December 18, the ombudsman representatives met with the chief operating officer and the chief nursing officer during the unannounced visit to Jackson Hospital. The PCO representative attended the daily bed huddle, which is led by the nursing supervisor. Nursing leaders from all departments attend and report on census, expected admissions, and anticipated discharges. The PCO representative observed that the kitchen was clean and organized. The chef reported that staffing has been adequate but sometimes challenging due to sick calls related to flu and cold season. Staff were busy preparing meals for approximately 140 patients. Tray line food temperatures were measured and found to be within expected temperature ranges to meet regulatory food and safety guidelines. During the visit, the 3 East/Patient Care Unit (PCU) had 16 patients. The PCO representative noted that the nurse caring for the patient reported that she has adequate supplies, equipment, staffing support, medications, linen, and resources to care for patients in the unit. The medication room was clean and organized. The clean utility room, dirty utility room, and linen supply cart were clean and organized. Emergency equipment was present and preventive maintenance for clinical equipment was up to date. At the time of visit at 4 West Med Surg/Bariatric Unit, census was 18. During a patient interview, the patient reported that she received very prompt care in the Emergency Department. She said the staff are respectful and responsive, and they have explained the current plan of care. The ombudsman noted that the 6 East/Surgical Unit was clean, and corridors were clutter free. Emergency equipment and code carts were present, and daily checks were complete, with no missing entries. The supply room was clean and organized, and there were ample supplies stocked. The soiled utility was clean; however, a bag of pillows was stored on the floor. Ms. Koenig did not observe any significant concerns during this report period. A copy of the ombudsman report is available for free at https://urlcurt.com/u?l=6UOy7L from PacerMonitor.com. The PCO can be reached at: Suzanne Koenig SAK Healthcare 300 Saunders Road, Suite 300 Riverwoods, IL 60015 Phone: 847-446-8400 Fax: 847-446-8432 skoenig@sakhealthcare.com About Jackson Hospital & Clinic Inc. Jackson Hospital & Clinic, Inc. is a non-membership, non-profit corporation based in Alabama. JHC is the direct or indirect parent company of JHC Pharmacy, LLC, an Alabama limited liability company that provides pharmacy services to JHC patients. JHC owns 100% of JHC Pharmacy. Additionally, JHC is a direct or indirect parent company of certain other entities that have not filed for bankruptcy. JHC operates a 344-bed healthcare facility in Montgomery, Ala., with a rich history dating back to 1894. Since its official opening in 1946, JHC has grown into one of the largest hospitals in Alabama, offering specialized services in cardiac care, cancer treatment, neurosciences, orthopedics, women's care, and emergency services. JHC's service area includes 16 counties across central Alabama. JHC and JHC Pharmacy filed Chapter 11 petitions (Bankr. M.D. Ala. Lead Case No. 25-30256) on February 4, 2025. In its petition, JHC reported between $100 million and $500 million in both assets and liabilities. Judge Christopher L. Hawkins handles the cases. The Debtors are represented by Derek F. Meek, Esq. at Burr & Forman, LLP. Suzanne Koenig serves as patient care ombudsman. JJTA23 REAL: Gets Interim OK to Use Cash Collateral --------------------------------------------------- The United States Bankruptcy Court for the Middle District of Florida, Jacksonville Division, entered an interim order granting JJTA23 Real Properties LLC to use cash collateral through January 5, 2026. The Debtor is authorized to use cash collateral only for narrowly defined purposes related to emergency health and safety issues affecting tenants or the public. Permitted uses include utilities, true emergencies, and necessary labor directly related to addressing those emergencies. Any additional use requires express written approval from Fannie Mae, the senior secured creditor, and the order expressly prohibits payment of any management fees to Jarek Tadla or Peoples Choice Management, LLC during the interim period. The order imposes strict budgetary and reporting requirements. Before the continued hearing, the Debtor must file an amended budget segregated by property and a detailed habitability improvement plan with cost breakdowns and proposed vendors. The Debtor must also provide Fannie Mae with current rent rolls, accounts receivable and delinquency reports, and accounts payable aging reports for both properties, while continuing to fulfill all debtor-in-possession duties and maintaining required insurance. As adequate protection, the Court granted the senior secured creditor and junior interest holders replacement liens on post-petition cash collateral with the same validity and priority as any prepetition liens, without additional filings. The order is entered without prejudice to future modifications, lien challenges, or committee rights, and the Court retained jurisdiction to enforce its terms. A continued preliminary hearing on the continued use of cash collateral is scheduled for January 5, 2026. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/ArljA from PacerMonitor.com. About JJTA23 Real Properties LLC JJTA23 Real Properties LLC is a Florida-registered LLC engaged in real estate operations, including property acquisition, rental management, and tenant services. The company aims to deliver well-managed and profitable real estate solutions to residential and commercial clients alike. JJTA23 Real Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04383) on November 25, 2025. In its petition, the Debtor reports estimated assets of $10 millionâ€“$50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq. of BransonLaw PLLC. JJTA23 REAL: Gets Interim OK to Use Cash Collateral Until Jan. 5 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division entered a second interim order granting JJTA23 Real Properties LLC authority to use cash collateral through January 5, 2026. The Debtor is authorized to use cash collateral only for limited purposes, primarily to address emergency health and safety issues affecting tenants or the public, including utilities, true emergencies, and necessary labor directly related to those emergencies. Additional uses of cash collateral are permitted only with the express written approval of Fannie Mae, the senior secured creditor. The order expressly prohibits payment of any management fees to Jarek Tadla or Peoples Choice Management, LLC during the interim period. The court imposed enhanced budgeting and reporting requirements. Before the next hearing, the debtor must file an amended, property-by-property budget and a detailed improvement plan to ensure habitability, including contractor scopes and cost estimates. The debtor must also provide rent rolls, accounts receivable (with aging), and accounts payable reports for both properties. Fannie Mae and other secured interests receive post-petition replacement liens with the same validity and priority as prepetition liens, along with access to records and premises and continued insurance coverage. The order is entered without prejudice to future disputes over liens, adequate protection, or management fees. A continued preliminary hearing is scheduled for January 5, 2026. About JJTA23 Real Properties LLC JJTA23 Real Properties LLC is a Florida-registered LLC engaged in real estate operations, including property acquisition, rental management, and tenant services. The company aims to deliver well-managed and profitable real estate solutions to residential and commercial clients alike. JJTA23 Real Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla., Case No. 25-04383) on November 25, 2025. In its petition, the Debtor reports estimated assets of $10 millionâ€“$50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Jason A. Burgess handles the case. The Debtor is represented by Jeffrey Ainsworth, Esq. of BransonLaw PLLC. JUS BROADCASTING: Court Extends Cash Collateral Access to Feb. 13 ----------------------------------------------------------------- Jus Broadcasting Corporation and its affiliates received another extension from the U.S. Bankruptcy Court for the Eastern District of New York to use cash collateral. The court's fifth interim order authorized Jus Broadcasting, Jus Punjabi LLC, and Jus One Corp., to use cash collateral from November 7 to February 13, 2026 to fund operations in accordance with a court-approved budget. During the interim period, secured creditors JPMorgan Chase Bank and CESC-COVID EIDL Service Center will receive $4,000 per month and $3,500 per month, respectively, as adequate protection for the Debtors' use of their cash collateral. The next hearing is scheduled for February 11, 2026. The Debtors' cash collateral includes assets in which JPMorgan and CESC-COVID EIDL Service Center have liens or security interests. Jus Broadcasting entered into a secured line of credit borrowing with JPMorgan in 2020, and a $2 million loan agreement with CESC-COVID EIDL Service Center in 2021. A copy of the Debtor's budget is available at https://shorturl.at/fBM3y from PacerMonitor.com. About Jus Broadcasting Corp Jus Broadcasting Corp sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. N.Y. Case No. 1-24-45180-jmm) on December 11, 2024. In the petition signed by Penny K, Sandthu, president and sole principal, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Leo Fox, Esq., at Law Office of Leo Fox, Esq., is the Debtor's bankruptcy counsel. JPMorgan Chase Bank N.A., as secured creditor, is represented by: A. Albert Buonamici, Esq. Buonamici & LaRaus, LLP. 222 Bloomingdale Road Suite 301 White Plains, NY 10605 (914) 288-9200 KODIAK GAS: Fitch Affirms 'BB' LongTerm IDR, Outlook Stable ----------------------------------------------------------- Fitch Ratings affirmed Kodiak Gas Services' (Kodiak) Long-Term Issuer Default Rating (IDR) at 'BB', Senior Unsecured rating at 'BB' with a Recovery Rating of RR4, and ABL facility at 'BBB-/RR1'. The Outlook is Stable. Kodiak's ratings reflect its stable cash flows supported by fixed-fee, take-or-pay contracts, relatively low leverage, and customer diversification, with some geographic concentration within the Permian Basin. The company's weighted-average remaining contract life is relatively short compared with higher-rated midstream issuers; however, Fitch recognizes that Kodiak has long-standing customer relationships. The Stable Outlook reflects expectations for continued high utilization rates on Kodiak's assets, driven by strong underlying fundamentals supporting the compression industry, including an expected approximate doubling of U.S. liquefied natural gas (LNG) export capacity by the end of the decade and increasing power demand, leading to an increase in natural gas production. Key Rating Drivers Strong Industry Fundamentals: Several structural tailwinds supporting the compression industry, notably, the construction of multiple new North American LNG export facilities. Fitch expects U.S. LNG production to approximately double by 2030. These incremental LNG projects will require large amounts of natural gas, with contracted terms typically around 20 years. This will directly benefit Kodiak, as its core operating areas are two regions (the Permian and Eagle Ford) in close proximity to LNG export facilities on the Gulf Coast. In the compressor market, lead times for new compressors continue to exceed nine months, and for larger units, more than 12 months, as strong demand persists. Given the lead times for compression, most in-service compressors serve traditional gas demand drivers. Contract compression has not yet substantially realized the benefits of newly increased data center demand, a new tailwind in the contract compressor space. Concentrations Offset by Quality: Kodiak maintains strong customer diversity. As of Nov. 22, 2025, approximately 50% of Kodiak's revenue came from its 10 largest customers, with one customer making up approximately 14% of revenue. Its top customers are investment-grade entities, and over 60% of revenue comes from investment-grade counterparties. Approximately 70% of Kodiak's horsepower (HP) is located in the Permian Basin, about 13% in the Eagle Ford, and the remainder is distributed across other U.S. regions. This concentration in the Permian introduces geographic concentration risk to Kodiak's credit profile. However, these risks are mitigated in part by Fitch's view of the Permian as a tier-one U.S. basin. The Permian has sustained relatively stable production through commodity stress cycles, and rising gas-oil ratios (GOR) in the basin further support utilization, which Fitch views as a credit positive. Low Relative Leverage: Fitch expects leverage to remain roughly flat over the forecast period, having declined from 4.6x in 2024 to an estimated 3.8x on an LTM basis. Kodiak has a leverage target of 3.0x-3.5x and plans to reduce leverage to this range. Achieving this target would, in Fitch's view, strengthen Kodiak's position within its rating category. Fitch calculates leverage on an LTM basis, while Kodiak calculates leverage on a last-quarter annualized basis. Cash Flow and Contract Stability: Virtually all of Kodiak's EBITDA comes from fixed-fee, take-or-pay contracts with no volumetric or direct commodity price exposure. Additionally, Kodiak has a strong history of high utilization rates on its assets, achieving greater-than-94% utilization since 2019 and currently maintaining a utilization rate of 97.6%, which is very near full utilization. Currently, 14% of contracts are on a month-to-month basis. That figure is expected to fluctuate seasonally and rise before the bulk of recontracting occurs. Kodiak maintains a weighted-average remaining contract life of about 20 months. Dominant Market Position: Kodiak is the second largest of the "big three" contract compression companies and is expected to generate over $700 million of EBITDA, which is consistent with a higher rating category. The contract compression space benefits from concentrated market share, as companies are able to pass on cost increases to customers without affecting their margins. Kodiak continues to focus on providing larger compressor units (greater than 1,000 HP) to customers and maintains the largest revenue-generating horsepower per revenue-generating compression unit at 965 HP. Fitch generally views this strategy as a positive as larger units are "stickier" as they are harder to move, in higher demand, serve larger midstream applications, and customers pay install and uninstall costs. Peer Analysis Kodiak's closest peers within Fitch's midstream coverage are USA Compression Partners, LP (USAC; BB/Stable) and Archrock, Inc. (Archrock; BB/Stable). All three companies are large-HP-focused natural gas compression service providers operating in the U.S., almost exclusively under fixed-fee, take-or-pay contracts. The companies are also similar in size, with around $500 million to $700 million in EBITDA consistent with a higher rating. They also share similar levels of counterparty diversity and quality. Kodiak has more geographic concentration, deriving about 85% of revenue from two regions, versus approximately two-thirds of revenue for USAC and Archrock's top two regions. The companies differ in their approach to growth. Kodiak is the youngest of the three but has quickly grown the fleet organically and through acquisitions. USAC takes a more conservative approach to growth, as shown by disciplined growth plans for 2025 and acquisitions funded largely with equity. Archrock takes a slightly more aggressive approach than USAC but still exercises greater capital discipline across cycles. The three companies' exposure to month-to-month contracts also differs, which in turn affects the weighted-average remaining contract term. At Sept. 30, 2025, 14% of Kodiak's contracts were month-to-month, USAC's contracts were in the low teens, and Archrock's exposure was significantly higher than both. While these numbers fluctuate with market and issuer dynamics, Kodiak and USAC typically have lower exposure to month-to-month revenue, resulting in less potential revenue volatility than Archrock. Fitch expects Kodiak's Fitch-adjusted leverage to decline from 4.6x in 2024 to 3.9x in 2025 and remain strong for its rating category over the forecast period. Kodiak has a publicly stated leverage target of 3.5x. After 2024 leverage of 4.5x, USAC's leverage is expected to decline over the forecast period and remain strong for the rating category, and Archrock's leverage is expected to stay in line with its publicly stated leverage target of 3.0x-3.5x. Kodiak faces slightly higher business risk due to its higher geographic concentration and more aggressive growth strategy. This is offset by Fitch's constructive view of the Permian Basin, Kodiak's lower exposure to month-to-month contracts, and its lower expected leverage. Consequently, Fitch rates Kodiak, USAC and Archrock at the same IDR level. Fitch's Key Rating-Case Assumptions -- Oil and gas production consistent with commodity prices in the Fitch Price Deck; -- Utilization rates soften towards the later end of forecast period; -- Interest rate hedging policy remains in place over the forecast period; -- Dividends and capex grow as per the company's publicly announced policy; -- Base interest rate applicable to the ABL reflects the Fitch Global Economic Outlook. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- EBITDA leverage expected to be at or above 4.5x on a sustained basis; -- An acquisition or organic growth strategy that significantly increases business risk. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Actual and expected EBITDA leverage sustained at or below 3.5x. Liquidity and Debt Structure As of Sept. 30, 2025, Kodiak had about $1 million in cash on its balance sheet and approximately $1.5 billion of availability on its $2.0 billion asset-based loan (ABL) facility due September 2030. Kodiak has refinanced a substantial portion of its ABL using new senior unsecured debt, reducing its floating rate exposure. Kodiak's nearest debt maturity is the $750 million senior unsecured notes due 2029. Financial covenants require Kodiak to maintain a minimum interest coverage ratio of 2.5x, a maximum leverage ratio of 5.25x, and a secured leverage ratio of 3.25x. As of Sept. 30, 2025, Kodiak was in compliance with these covenants. Fitch expects Kodiak to remain in compliance with its financial covenants over the forecast period. Kodiak has a financial policy of maintaining 80% of its debt at a fixed rate, including fixed-rate instruments. This policy helps mitigate floating-rate exposure, and Fitch expects the policy to remain in place over the forecast period. Issuer Profile Kodiak Gas Services, LLC provides compression services to upstream and midstream companies in the U.S. RATINGS ACTION Rating Prior ------ ----- Kodiak Gas Services, LLC LT IDR BB Affirmed BB senior unsecured LT BB Affirmed RR4 BB senior secured LT BBB- Affirmed RR1 BBB- KOSMOS ENERGY: Fitch Lowers IDR to CCC+, Off Watch Negative ----------------------------------------------------------- Fitch Ratings has downgraded Kosmos Energy Ltd.'s Long-Term Issuer Default Rating (IDR) and senior unsecured ratings to 'CCC+' from 'B-' and removed them from Rating Watch Negative (RWN). The Recovery Rating is 'RR4'. The downgrade reflects increasing risk that Kosmos is unlikely to meet its financial covenants under the reserve-based lending (RBL) facility in its March 2026 test. Failure to meet financial covenants under the RBL facility constitutes an event of default. Fitch said, "We cannot fully rule out lender acceleration even though we consider it to be unlikely. We also believe refinancing risk is still significant for Kosmos despite its recently signed secured debt funding." Key Rating Drivers Additional Funding Secured: Kosmos signed a senior secured term loan facility with Shell Trading (US) Company in 3Q25 for up to USD250 million. It has used USD150 million to partially redeem its 2026 unsecured notes in early October and plans to repay the remaining USD100 million of those notes in 1Q26 with the undrawn portion. The company is also evaluating additional secured debt funding options to proactively address upcoming maturities. RBL Redetermination Completed: In 3Q25, Kosmos completed the semi-annual redetermination of its RBL, confirming a borrowing base above the USD1.35 billion facility size. The company also successfully completed the liquidity test for the 2027 unsecured notes, conducted alongside the RBL redetermination. Successful completion of the RBL redetermination is positive for Kosmos's financial profile. March 2026 Test Risk: Kosmos is unlikely to meet its net debt/EBITDAX covenant under the RBL agreement in the March 2026 test, despite it having been temporarily loosened through a waiver to 4.25x from 3.5x. The ratio amounted to 4.6x as of end-September 2025 based on last 12 months EBITDAX. Failure to meet the covenant or secure a waiver would severely affect Kosmos's liquidity and lead to a negative rating action. Fitch said, "We do not expect a breach to result in RBL lenders accelerating loan repayment, and would expect the covenant to be renegotiated, but we cannot fully rule the prospect of lenders not granting a waiver." High Refinancing Risk: Fitch said, "We believe the overall refinancing risk is significant, due to Kosmos's weaker financial performance and the risk to oil prices in 2026 stemming from an oversupplied oil market. This is despite Kosmos having secured funding for 2026 debt maturities and currently evaluating options to refinance 2027 maturities." Liquidity Remains a Constraint: Despite completing the 3Q25 RBL redetermination and securing USD250 million of senior secured funding from Shell Trading (US) Company, liquidity headroom is still tight. Kosmos's cash balance of USD64 million at end-September 2025, together with availability under the RBL and the Shell facility, covered short-term debt, but upcoming covenant pressure and refinancing needs keep liquidity risk elevated. Gradual Improvement in Profitability: Fitch said, "We assume that part of Kosmos's cost increase in 1H25 is structural despite expected cost improvements. Kosmos reported a still weak EBITDAX of USD154 million compared with USD149 million a quarter earlier with little changes in oil prices (USD66/bbl in 2Q versus USD67/bbl in 3Q). This was despite oil and gas production costs having decreased to USD28 per barrel of oil equivalent (boe) in 3Q25 from USD36/boe in 2Q25. Fitch said, "We project only a gradual improvement in Kosmos's profitability under our oil and gas price assumptions, even though the company plans to reduce operating costs at Greater Tortue Ahmeyim (GTA) LNG project further and that GTA has reached its full nameplate capacity." Higher Leverage: Weaker profitability and cash flow generation results in higher than expected leverage metrics. We now expect EBITDA net leverage to peak at 4.9x in 2025 compared to 4.3x as per our previous forecasts. Fitch said, "While we expect a gradual decrease in the leverage metrics, this is still conditional on operational improvements required to decrease operating costs as well as oil prices, which we assume to average USD63/bbl in 2026 and 2027 as per our oil price deck." Oil Market Fundamentals Moderating: Fitch has trimmed down its 2025-2027 oil price assumptions, reflecting moderating market fundamentals driven by a large oversupply. Fitch expects production growth to substantially exceed demand increases, with global supply expanding by 3.1 mmbpd in 2025 and 2.5 mmbpd in 2026 (based on International Energy Agency forecasts), led by non-OPEC+ and OPEC+ producers. Fitch forecasts demand growth at only 0.8 mmbpd in 2025 and 2026, constrained by slower economic growth, petrochemicals downturn and energy transition. Peer Analysis Energean Plc (BB-/Stable) is rated higher than Kosmos due to its stronger liquidity and credit metrics, significantly higher projected production (peaking at 150,000-160,000boe/d in 2025 following divestments) and reserves, and a large share of contracted sales under long-term take-or-pay agreements that provide more visibility to its cash flows. Seplat Energy Plc's (B/Stable) production should significantly increase following its acquisition of Mobil Producing Nigeria Unlimited and will exceed that of Kosmos. However, Seplat's rating is constrained by Nigeria's 'B' Country Ceiling due to concentration of its assets and export revenues in the country. Fitch's Key Rating-Case Assumptions - Brent crude oil prices of USD69/bbl in 2025, USD63/bbl in 2026-2027 and USD60/bbl in 2028 - Henry hub prices of USD3.5/thousand cubic feet (mcf) in 2025- 2026, USD3/mcf in 2027 and USD2.75/mcf in 2028 - Production marginally decreasing to around 66kboe/d in 2025 (compared with 2024), increasing to 76kboe/d in 2026 and to around 80kboe/d in 2027-2028 - Capex totaling USD340 million-375 million in 2025-2028 - No common dividends, in line with Kosmos's long-term leverage target Recovery Analysis Fitch's recovery analysis is based on a going-concern (GC) approach, which implies that Kosmos will be reorganised rather than liquidated in a bankruptcy. The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganisation EBITDA level on which Fitch bases the enterprise valuation. Kosmos' GC EBITDA of USD620 million, which includes the company's full consolidation scope, reflects Fitch's assumption of operational underperformance and a fall in oil prices, followed by a moderate recovery. Fitch used a distressed enterprise valuation multiple of 4.0x, which reflects Kosmos' moderate size with some growth prospects, and the company's exposure to country risk. Kosmos' senior unsecured notes are subordinated to its USD1.35 billion RBL. After deducting 10% for administrative claims, Fitch's analysis generated a waterfall-generated recovery computation for Kosmos' senior unsecured notes in the 'RR4' band, indicating a 'CCC+' instrument rating. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade - Failure to secure waiver to the debt cover covenant under the RBL - Inability to refinance upcoming maturities Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade - Improved liquidity profile on a sustainable basis and ability to meet financial covenants - EBITDA net leverage below 4.0x on a sustained basis Liquidity and Debt Structure Cash balance at end-September 2025 amounted to USD64 million against short-term debt of USD250 million. The company has USD225 million availability under the RBL and USD250 million availability under the Shell facility. In October, Kosmos used proceeds of the first tranche under the Shell secured loan to complete the partial redemption of USD150 million principal under the notes maturing in April 2026. Issuer Profile Kosmos is a medium-sized, full-cycle deep-water independent oil and gas exploration and production company. LAKESHORE LEARNING: Moody's Cuts CFR to Caa1, Outlook Stable ------------------------------------------------------------ Moody's Ratings downgraded Lakeshore Learning Materials, LLC's (Lakeshore Learning) ratings including the Corporate Family Rating to Caa1 from B3, the Probability of Default Rating to Caa1-PD from B3-PD, and the senior secured first lien term loan rating to Caa1 from B3. The outlook has been revised to stable from negative. The downgrade reflects continued earnings pressure and elevated leverage driven by soft school district spending and challenges implementing multiple strategic investments, on top of the headwind from the expiration of Elementary and Secondary School Emergency Relief (ESSER) stimulus funding that is resulting in lower order volumes. The company is taking steps to resolve the operating challenges with the ERP rollout and new distribution center in Utah, but effective execution will be key to stabilizing operations over the next 12–18 months. The lower order volumes and higher sourcing costs from tariffs add to the execution risks. Lower earnings are leading to free cash flow deficits and higher revolver borrowings that raise leverage and weaken liquidity. The stable outlook reflects Moody's expectations that Lakeshore Learning will maintain adequate liquidity to support its turnaround initiative and that the company's efforts to reduce costs and improve order efficiency will stabilize earnings in 2026. Lakeshore is expected to focus on optimizing its asset footprint and maintaining liquidity through disciplined working capital management and its upsized ABL facility. Moody's projects a return to growth in 2027, supported by anticipated improvements in school spending. Gross margin and EBITDA was pressured in 2025 by challenges associated with Lakeshore's transitional phase amid a difficult market environment. The implementation of a new ERP system created elevated shipping costs and operational inefficiencies during the transition, though most integration issues have now been resolved. Further, the opening of a new distribution center in Utah in March 2025, designed to improve efficiency and reduce labor costs over time, involved some additional complexity and ramp-up costs. Similarly, the closure of the California distribution center in late 2025 resulted in elevated costs as part of Lakeshore's broader effort to optimize its asset footprint. Free cash flow will be negative in 2025 and Moody's projects will be near break-even in 2026 as the company works down inventory built to support customer fulfillment during the ERP implementation and opening of the Utah facility. The business remains highly seasonal, with revolver utilization peaking in the second quarter ahead of the new school year. RATINGS RATIONALE The Caa1 CFR reflects Lakeshore Learning's exposure to cyclical demand, high leverage, and ongoing operating challenges related to a new ERP implementation, opening of a new distribution facility in Utah, current weakness in school district spending and higher sourcing costs due to tariffs. Lakeshore Learning is implementing actions to address the operating challenges to stabilize earnings and position the company for growth. However, the expiration of ESSER funds and lower order volumes add to the execution challenges. Significant cash investments in a new ERP system and a Utah distribution center are largely complete and expected to deliver operational efficiencies. US tariffs remain a key risk as new inventory is procured at higher rates, though near-term impacts were partially offset by existing inventory. To mitigate these pressures, Lakeshore Learning is focused on strengthening customer relationships and driving incremental sales from existing customers. Moody's projects debt-to-EBITDA leverage will remain elevated around 9x in 2025 and above 7.0x in 2026 on a Moody's-adjusted basis. This sustained high leverage is driven by decreased order volumes, higher trade tariffs, and cost inefficiencies. Significant capital expenditures in 2023 and 2024 for the ERP system implementation and the new Utah distribution facility contributed to negative free cash flow. These projects have largely concluded by late 2025, and Moody's projects free cash flow will be closer to break even in 2026 as efficiencies improve and major capital projects conclude. Lakeshore Learning's credit profile benefits from a well-established distribution network and strong, long-standing relationships with school districts across the US, which facilitate broad market access and recurring demand. The company's diversified and high-quality product portfolio, focused on early childhood and elementary school education, provides a competitive edge and positions Lakeshore as a preferred partner for educational institutions. An excellent brand reputation within the education sector further reinforces market position and fosters customer loyalty. In addition, the early-2025 upsize and extension of the revolving credit facility through 2030 enhances financial flexibility, supporting the company's ability to navigate periods of operational or market stress. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Lakeshore demonstrates organic revenue and earnings growth, generates consistent and comfortably positive free cash flow, maintains good liquidity and reduces leverage. An upgrade would also require confidence that the company is successful in replacing volume driven by ESSER funds through initiatives such as taking market share and expansion of its product portfolio to support its balance sheet and debt service requirements. The ratings could be downgraded if earnings do not improve due to lower volumes or product prices, deterioration in market share or an inability to improve operating efficiency with the new ERP system and distribution network. Continued negative free cash flow, a deterioration in liquidity such as through increased revolver reliance, or more aggressive financial policy could also lead to a downgrade. PRINCIPAL METHODOLOGY The principal methodology used in these ratings was Consumer Durables published in December 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. COMPANY PROFILE Lakeshore Learning Materials, LLC (founded in 1954 and headquartered in Carson, CA) is a developer, distributor, and retailer of educational products and classroom furniture primarily serving the early childhood education and elementary school markets. Lakeshore sells its products through mail order catalogs, e-commerce, a sales force, and retail stores. The company operated 60 retail stores throughout 30 states in the United States (as of March 2025) and has distribution facilities located in Midway, KY and Garland, Utah. Following a leveraged buyout (LBO) in September 2021, the company is majority owned by private equity firm Leonard Green & Partners, L.P. with the founding Kaplan family retaining minority ownership. Lakeshore generated approximately $775 million of net sales as of the last 12 months ended September 30, 2025. LDM LLC: Gets Interim OK to Use Cash Collateral Until Jan. 9 ------------------------------------------------------------ LDM, LLC got the green light from the U.S. Bankruptcy Court for the Eastern District of Michigan, Southern Division, to use cash collateral. The court issued an interim order authorizing the Debtor to use up to $350,248 in cash collateral from December 11 to January 9, 2026, to pay operating expenses in accordance with its budget, plus a 10% variance. As adequate protection, Citizens Bank, N.A. and any other secured creditors that may claim an interest in the cash collateral will be granted replacement liens on post-petition assets similar to their pre-bankruptcy collateral. In addition, Citizens Bank will receive a monthly payment of $8,250. The court also authorized LDM to segregate in a debtor-in-possession account up to $1,000 per month for the payment of anticipated professional fees. The replacement liens do not apply to these funds. A final hearing will be held on January 8 if an objection is filed by the January 5 deadline. The interim order is available at https://is.gd/jYEsWx from PacerMonitor.com. LDM, which operates a long-standing cold-metal stamping business, filed for bankruptcy to preserve its going-concern value, continue operations, stop costly state-court litigation with a former sales representative, and manage any resulting unliquidated claim without business disruption. The Debtor's cash collateral consists of minimal cash on hand, modest bank account balances, and approximately $1.14 million in accounts receivable. Access to this cash collateral is essential to fund post-petition operations, pay ordinary expenses, and avoid immediate and irreparable harm, including potential shutdown and loss of customer relationships. The Debtor entered into a line of credit with Citizens Bank in 2024, which is secured by a perfected lien on all assets. Citizens Bank is owed approximately $1.1 million and is oversecured based on estimated total assets of $5.6 million, although the loan extension expires December 31, 2025. About LDM LLC LDM, LLC, doing business as United Metal Products, manufactures metal stampings and fabricated components from its facility at 8101 Lyndon Avenue in Detroit, Michigan. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-52563) on December 11, 2025. In the petition signed by Leonard MacEachern, CEO, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Maria L. Oxholm oversees the case. Mark H. Shapiro, Esq., at Steinberg Shapiro & Clark, represents the Debtor as legal counsel. LEISURE INVESTMENTS: Transfer of Animals to Clearwater Marine OK'd ------------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware has granted Leisure Investment Holdings LLC and its affiliates to transfer certain animals, free and clear of liens, claims, interests, and encumbrances. The Debtors and their affiliates operate more than 30 attractions -- dolphin habitats, marinas and water, theme, and adventure parks -- in eight countries across three continents, with primary operations in Mexico, the United States, and the Caribbean, including Jamaica, Cayman Islands, Dominican Republic and St. Kitts. The Company also has locations in Italy and Argentina. The Company's parks are home to approximately 2,400 animals from more than 80 species of marine life, including hundreds of marine mammals (such as dolphins, sea lions, manatees and seals), birds, and reptiles. As of 2023, the Company's marine mammal family included approximately 295 dolphins, 51 sea lions, 18 manatees and 18 seals. The Court found that due, proper, timely, adequate, and sufficient notice of the Second Misc. Asset Transfer Notice, the Transfers, and all deadlines related thereto, has been provided to all interested parties and entities in accordance with the Bankruptcy Code, the Bankruptcy Rules, the Local Rules, and the Miscellaneous Asset Sale Procedures Order. The Debtors have demonstrated compelling circumstances and a good, sufficient, and sound business purpose and justification for entering into the Transfer Agreements. The Debtors have adequately marketed their assets, including the Transferred Animals, and such sale and marketing process was conducted in a non-collusive, fair, and good-faith manner. The Debtors have afforded interested parties a full and fair opportunity to participate in the sale process for the Transferred Animals and to make higher or otherwise better offers. The Debtors and Clearwater Marine Aquarium, a 501(c)(3)-qualified non-profit organization (Transferee), and their respective counsel and other advisors, have not engaged in any conduct that would cause or permit the Transfer Agreements or the consummation of the Transfers to be avoided, or costs or damages to be imposed. The Transferees are obtaining ownership of the Transferred Animals in good faith and for fair and reasonable consideration, and none of the Transferees is an "insider" of any Debtor. None of the Transferees are a "successor" to, a mere continuation of, or an alter ego of the Debtors or their estates. The transfer of the Transferred Animals to the Transferees will be a legal, valid, and effective transfer of the Transferred Animals, and will vest each Transferee with all right, title, and interest of the Debtors to the Transferred Animal free and clear, to the fullest extent permitted by law. Each Transfer Agreement is a valid and binding contract between the Debtors and the applicable Transferee. The Transfers and the transactions contemplated thereby are approved. The Debtors and the Transferees are authorized to effectuate the terms of the Transfer Agreements and the transactions contemplated. The transfer of the Transferred Animals to the Transferees in accordance with the terms of the Transfer Agreements will be a legal, valid, enforceable, and effective transfer of the Transferred Animals and will vest the Transferees, as applicable, with all legal, equitable, and beneficial right, title, and interest of the Debtors to the Transferred Animals free and clear of all Interests of any kind or nature whatsoever, including, without limitation, rights or claims based on any Successor or Other Liabilities. A copy of the transfer agreement can be found at https://urlcurt.com/u?l=uQleAm About Leisure Investments Holdings Leisure Investments Holdings LLC and affiliates are operating under the name "The Dolphin Company," manage over 30 attractions, including dolphin habitats, marinas, water parks, and adventure parks, located in eight countries across three continents. Their primary operations are based in Mexico, the United States, and the Caribbean, with locations in Jamaica, the Cayman Islands, the Dominican Republic, and St. Kitts. These attractions are home to approximately 2,400 animals from more than 80 species of marine life, including a variety of marine mammals such as dolphins, sea lions, manatees, and seals, as well as birds and reptiles. As of 2023, the marine mammal population at the Debtors' parks includes roughly 295 dolphins, 51 sea lions, 18 manatees, and 18 seals. Leisure Investments Holdings LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case 25-10606) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtors tapped Robert S. Brady, Esq., Sean T. Greecher, Esq., Allison S. Mielke, Esq., and Jared W. Kochenash, Esq. as counsels. The Debtors' restructuring advisor is RIVERON MANAGEMENT SERVICES, LLC. The Debtors' Claims & Noticing Agent is KURTZMAN CARSON CONSULTANTS, LLC d/b/a VERITA GLOBAL. LEXARIA BIOSCIENCE: Raises $3.5MM in Direct Offering and Warrants ----------------------------------------------------------------- Lexaria Bioscience Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, entered into a Securities Purchase Agreement with certain institutional investors, pursuant to which the Company issued and sold to the investors: (i) in a registered direct offering, 2,661,600 shares of Common Stock, par value $0.001 per share of the Company at a price of $1.315 per share, and (ii) in a concurrent private placement, 2,661,600 common stock purchase warrants, exercisable for an aggregate of up to 2,661,600 shares of Common Stock, at an exercise price of $1.19 per share of Common Stock. The Shares were offered by the Company pursuant to the Company's shelf registration statement on Form S-3 (File 333-284407), initially filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended, on January 22, 2025, and declared effective on January 30, 2025 and a related prospectus supplement, dated December 14, 2025. The Purchase Agreement contains customary representations, warranties and agreements by the Company, customary conditions to closing, indemnification obligations of the Company, including for liabilities arising under the Securities Act, other obligations of the parties and termination provisions. The representations, warranties and covenants contained in the Purchase Agreement were made only for the purposes of such agreement and as of the specific dates, were solely for the benefit of the parties to such agreement and may be subject to limitations agreed upon by the contracting parties. The Private Placement Warrants (and the shares of Common Stock issuable upon the exercise of the Private Placement Warrants) were not registered under the Securities Act, and were offered pursuant to an exemption from the registration requirements of the Securities Act provided under Section 4(a)(2) of the Securities Act and/or Rule 506 of Regulation D promulgated under the Securities Act. The Private Placement Warrants are exercisable upon issuance and will expire on the fifth anniversary of the effective date of the registration statement filed by the Company registering the resale of the shares of Common Stock underlying the Private Placement Warrants, and in certain circumstances may be exercised on a cashless basis. If the Company fails for any reason to deliver shares of Common Stock upon the valid exercise of the Private Placement Warrants, subject to its receipt of a valid exercise notice and the aggregate exercise price, by the time period set forth in the Private Placement Warrants, the Company is required to pay the applicable holder, cash, as liquidated damages as set forth in the Private Placement Warrants. The Private Placement Warrants also include customary buy-in rights in the event it fails to deliver shares of Common Stock upon exercise thereof within the time periods set forth in the Private Placement Warrants. Under the terms of the Private Placement Warrants, a holder will not be entitled to exercise any portion of any such Private Placement Warrant, if, upon giving effect to such exercise, the aggregate number of shares of Common Stock beneficially owned by the holder (together with its affiliates, any other persons acting as a group together with the holder or any of the holder's affiliates, and any other persons whose beneficial ownership of Common Stock upon would or could be aggregated with the holder's for purposes of Section 13(d) or Section 16 of the Securities Exchange Act of 1934, as amended) would exceed for the Private Placement Warrants, 4.99% of the number of shares of Common Stock outstanding immediately after giving effect to the exercise, as such percentage ownership is determined in accordance with the terms of such Private Placement Warrant, which percentage may be increased at the holder's election upon 61 days' notice to the Company subject to the terms of such Private Placement Warrants, provided that such percentage may in no event exceed 9.99%. On December 16, 2025, the Company closed the registered direct offering and the private placement offering, raising gross proceeds of approximately $3.5 million before deducting placement agent fees and other offering expenses payable by the Company. The Company intends to use the net proceeds from the Offering for working capital and other general corporate purposes. Pursuant to the terms of the Purchase Agreement, the Company is required within 15 days of the date of the Purchase Agreement, to file a registration statement on Form S-1 or other appropriate form if the Company is not then Form S-1 eligible registering the resale of the shares of Common Stock issued and issuable upon the exercise of the Private Placement Warrants. The Company is required to use commercially reasonable efforts to cause such Registration Statement to become effective within 45 days of the Closing Date of the Offering (or within 75 days following the Closing Date of the Offering in case of "full review" of the Registration Statement by the SEC), and to keep the Registration Statement effective at all times until no investor owns any Private Placement Warrants or shares issuable upon exercise thereof. Pursuant to the terms of the Purchase Agreement, and for a period of 30 days thereafter, subject to certain exceptions, the Company may not issue, enter into any agreement to issue or announce the issuance or proposed issuance of any shares of Common Stock upon or common stock equivalents, or file any registration statement or any amendment or supplement thereto, other than a prospectus supplement for the Offering, the Registration Statement for the registration of the shares of Common Stock issued and issuable upon the exercise of the Private Placement Warrants. In connection with the Offering, on August 12, 2025, the Company entered into an engagement agreement with H.C. Wainwright & Co., LLC. Pursuant to the terms of the Engagement Agreement, the Company agreed to pay the Placement Agent a cash fee equal to 7.0% of the gross proceeds of the Offering and to issue to the Placement Agent, or its designees, 93,156 common stock warrants of the Company to purchase up to 93,156 shares of Common Stock, which is equal to 3.5% of the aggregate number of Shares issued and sold on the Closing Date. The Placement Agent Warrants expire five years from the commencement of sales of the Offering and have an exercise price of $1.6438 per share of Common Stock. In addition, the Company will reimburse the Placement Agent for non-accountable expense allowances of $20,000, accountable legal expenses, other out-of-pocket legal expenses incurred in connection with the Offering in the amount of up to $50,000 and $15,950 for clearing fees. Neither of the Placement Agent Warrants nor the shares of Common Stock issuable upon the exercise of the Placement Agent Warrants are registered under the Securities Act. The Placement Agent Warrants and the Placement Agent Warrant Shares were issued in reliance on the exemptions from registration provided by Section 4(a)(2) under the Securities Act. Full-text copies of the Private Placement Warrants, the Placement Agent Warrants and the Purchase Agreement are available at as https://tinyurl.com/y67jecm6, https://tinyurl.com/y8csfhky, and https://tinyurl.com/yck75f8e, respectively. Sichenzia Ross Ference Carmel, LLP, securities counsel to the Company, delivered an opinion as to the validity of the Shares, a copy of which is available at https://tinyurl.com/3v2znr8s About Lexaria Headquartered in Kelowna, BC, Canada, Lexaria Bioscience Corp. -- http://www.lexariabioscience.com/-- is a biotechnology company pursuing the enhancement of the bioavailability of a diverse and broad range of active pharmaceutical ingredients using its proprietary DehydraTECH drug delivery technology. The Company currently focuses on the investigation of the incorporation of its DehydraTECH drug delivery technology with GLP-1 and GIP drugs to enhance absorption and reduce adverse events. Houston, Texas-based MaloneBailey, LLP, the Company's auditor since 2022, issued a "going concern" qualification in its report dated November 26, 2025, attached to the Company's Annual Report on Form 10-K for the year ended August 31, 2025, citing that the Company has suffered recurring losses from operations that raise substantial doubt about its ability to continue as a going concern. As of August 31, 2025, the Company had $4.2 million in total assets, $1.6 million in total liabilities, and $2.6 million in total stockholders' equity. LMD HOLDINGS: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------ The U.S. Trustee for Region 9 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of LMD Holdings, LLC. About LMD Holdings LLC LMD Holdings LLC operates Luca Mariano Distillery, a beverage manufacturer located at 128 Letton Drive in Danville, Kentucky. LMD Holdings sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-47214) on July 17, 2025. In its petition, the Debtor reported between $1 million to $10 million in assets and liabilities. Honorable Bankruptcy Judge Paul R. Hage handles the case. The Debtor is represented by Robert Bassel, Esq., at Robert N. Bassel. LORDON ENTERPRISES: Court OKs Deal on Cash Collateral Access ------------------------------------------------------------ The U.S. Bankruptcy Court for the Central District of California, Los Angeles Division, approved a stipulation authorizing Lordon Enterprises, Inc. to use the cash collateral of its secured creditors. Under the stipulation, the Debtor is authorized to use the cash collateral of Golf Projects Lindero, Inc., and Sunwest Bank through January 19, 2026, solely to pay ordinary business expenses in accordance with its budget. Sunwest is required to release any funds that were previously frozen or withheld due to GPL's levy and transfer them to the Debtor's debtor-in-possession accounts at California Bank of Commerce. These released funds remain subject to the stipulation and any court order approving cash-collateral use, and Sunwest is expressly prohibited from offsetting them against pre-petition overdrafts or other pre-petition obligations, although Sunwest's perfected security interest is preserved pending further court determination. As adequate protection, the stipulation grants GPL and Sunwest replacement liens on post-petition assets of the same type, extent, and priority as their alleged pre-petition interests, limited to the amount of any actual decrease in value. These replacement liens expressly exclude avoidance actions and their proceeds. In addition, to the extent replacement liens prove insufficient, GPL and Sunwest will be granted a superpriority administrative expense claim under section 507(b), subordinate only to U.S. Trustee fees and surviving conversion or appointment of a trustee, but likewise not payable from or secured by avoidance actions. The stipulation is available at https://urlcurt.com/u?l=1pKD5r from PacerMonitor.com. Lordon Enterprises filed for Chapter 11 relief on November 3 following extensive pre-petition litigation in which GPL obtained a default judgment exceeding $14 million and subsequently levied on the Debtor's deposit accounts held at Sunwest. GPL asserts that this levy created an execution lien in the deposited funds, while Sunwest claims a perfected security interest in the same accounts under its deposit agreement and applicable provisions of the California Commercial Code. The Debtor disputes GPL's execution lien, contending it constitutes an avoidable preference under section 547 of the Bankruptcy Code, and reserves all rights to challenge both GPL's and Sunwest's asserted interests. About Lordon Enterprises Inc. Lordon Enterprises, Inc. provides specialized services to the real estate industry, including property management, appraisal, listing, escrow, and consulting services. Lordon Enterprises sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-19832) on November 3, 2025. In the petition signed by Donald J. Melching, chief executive officer, the Debtor disclosed up to $1 million in assets and up to $50 million in liabilities. Judge Barry Russell oversees the case. Misty Perry Isaacson, Esq., at Salvato Boufadel, LLP represents the Debtor as counsel. Sunwest Bank is represented by: Robert S. McWhorter, Esq. Buchalter A Professional Corporation 500 Capitol Mall, Suite 1900 Sacramento, CA 95814 Tel: (916) 945-5170 Facsimile: (916) 930-0151 rmcwhorter@buchalter.com Golf Projects Lindero, Inc is represented by: Steven T. Gubner, Esq. Jessica Bagdanov, Esq. BG Law, LLP 21650 Oxnard Street, Suite 500 Woodland Hills, CA 91367 Telephone: (818) 827-9000 Fax: (818) 827-9099 sgubner@bg.law jbagdanov@bg.law M.K. WEEDEN: Gets Interim OK to Use Cash Collateral Until Feb. 6 ---------------------------------------------------------------- M.K. Weeden Construction, Inc. received interim approval from the U.S. Bankruptcy Court for the District of Montana to use cash collateral. The court issued an interim order authorizing the Debtor to use up to $90,000 of its cash on hand for the period from December 11 to February 6, 2026. Funds must be used solely for operating costs and expenses set forth in the approved budget. As adequate protection, any secured creditor later determined to hold a pre-bankruptcy lien on the Debtor's cash will be granted a replacement lien on the Debtor's accounts receivable, with the same validity and priority as its pre-bankruptcy lien. A final hearing is scheduled for February 6, 2026. A copy of the interim order and the Debtor's budget is available at https://is.gd/4uFeY5 and https://shorturl.at/JwKs7 from PacerMonitor.com. M.K. Weeden Construction and its affiliates, MK Equipment Co. LLC and WMK Holding LLC, filed Chapter 11 petitions on December 11 and are operating as an integrated group, with M.K. Weeden Construction serving as the operating construction and excavation company and the other entities holding equipment leased for use in operations. M.K. Weeden Construction identifies First Bank of Montana as the only creditor with a perfected security interest in cash collateral, based on broad liens securing operating and term loans totaling approximately $10.97 million as of the petition date. Other creditors hold junior or disputed liens limited to specific equipment and not to cash collateral. First Bank of Montana, as secured creditor, is represented by: Morgan Hoyt, Esq. Moulton Bellingham PC 27 North 27th Street, Suite 1900 P.O. Box 2559 Billings, MT 59103-2559 Telephone: (406) 248-7731 Morgan.Hoyt@moultonbellingham.com About M.K. Weeden Construction Inc. M.K. Weeden Construction, Inc., based in Lewistown, Montana, is an earthmoving and heavy civil construction contractor operating throughout Montana, Wyoming, and the western United States. Founded in 1991 and incorporated in 1994, the Company has grown to approximately 150 employees and over 200 pieces of equipment. It provides large-scale excavation and earthmoving services, leveraging advanced construction technology to support efficiency and project quality. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mont. Case No. 25-40100) on December 11, 2025. In the petition signed by Monte K. Weeden, president and manager, the Debtor disclosed $27,956,847 in total assets and $23,678,668 in total liabilities. Judge Benjamin P. Hursh oversees the case. Laurie Thornton, Esq., at DBS LAW, represents the Debtor as legal counsel. MAMMOTH INC: Causes of Action & Asset Sale Proceeds to Fund Plan ---------------------------------------------------------------- Mammoth, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Indiana a Small Business Plan of Liquidation under Subchapter V dated December 15, 2025. The Debtor is a national, commercial construction management firm and general contractor with a primary focus on auto-industry specific construction of car washes, oil changes, quick lubes, gas stations, convenience stores, auto dealerships, tire shops, and service centers. Mammoth was dealt a significant blow in June 2025 when one of its customers discontinued payments and breached numerous contracts. In July 2025, Mammoth had another significant contract cancelled by a carwash developer, further escalating Mammoth's financial struggles. In all, Mammoth has seen more than $11,000,000.00 in awarded projects delayed, terminated, or cancelled since June 2025. These setbacks made it impossible for Mammoth to continue to carry the large team that had been assembled over the last several years to execute the company's largest projected revenue year as projected, which was expected to double revenues from 2024. The combination of the significant debt burden from nonpayment and losses from poorly performing contracts culminated in this Bankruptcy Case. After reviewing the operations and Assets of Debtor, Debtor entered into the Bankruptcy Case in order to complete several outstanding projects that were profitable while terminating and otherwise working to wind down its business. Consistent with the approval for Debtor to use Cash Collateral as set forth in the Final Cash Collateral Order, Debtor has completed its outstanding projects and turned toward liquidating its Assets. To that end, Debtor has engaged Website Brokers LLC as the Broker to market and sell its remaining Assets as set forth more specifically in Article VI of this Plan. In its operations, Debtor uses a proprietary process, employs industry specialists, generates a high volume of inbound constructions leads, has a diversified revenue stream across different markets, and has national brand recognition with exclusive intellectual property along with licenses to work in 36 states and intellectual property that includes a registered trademark, branding, and a website (collectively, the "Intangible Assets"), all of which will be marketed and sold by the Broker. The Net Sale Proceeds of the sale of the Assets by the Broker will be used to pay claims in the order or priority set forth in this Plan and consistent with the Bankruptcy Code. Class 3 shall consist of all other claims asserted against Debtor that are not secured by Assets of the Debtor with a value in excess of the SBA Claim and the 3Rivers Claim and are not entitled to priority treatment under section 507(a) of the Bankruptcy Code. Mammoth estimates that the aggregate unsecured claims are approximately $5,200,000.00. All Allowed Unsecured Claims shall receive a pro rata distribution from: 1) the Net Sale Proceeds the later of the Closing Date or the date on which the Unsecured Claim becomes an allowed Unsecured Claim, or as soon thereafter as practicable; provided, however, that the Unsecured Claims shall only be entitled to receive the remaining Net Sale Proceeds of the Asset Sale after the SBA Claim and the 3Rivers Claim are paid in full; and 2) any proceeds from Debtor's Causes of Action; provided, however, that the Unsecured Claims shall only be entitled to receive any proceeds from Debtor's Causes of Action after the 3Rivers Claim is paid in full. Class 3 is impaired. Class 4 shall consist of the equity interest of Jason Lee Marlow and Joseph T. Gaw III in Mammoth. The current equity interest holders shall maintain their interest in the Liquidating Debtor. The distribution made under the Plan shall be funded by the following: 1) a sale of substantially all of Debtor's Assets; 2) any remaining Cash Collateral after all Administrative Expenses, including without limitation, the Carveout provided by the Final Cash Collateral Order, and all amounts in the Budget or Extended Budget have been paid; and 3) proceeds from any Causes of Action. A full-text copy of the Liquidating Plan dated December 15, 2025 is available at https://urlcurt.com/u?l=Hf3puK from PacerMonitor.com at no charge. Counsel for the Debtor: Sarah L. Fowler, Esq. BLACKWELL, BURKE, FOWLER & ROSSOW, P.C. 101 W. Ohio St., Suite 1700 Indianapolis, IN 46204 Telephone: (317) 533-7869 Facsimile: (317) 634-2501 E-mail: sfowler@bbfr.law About Mammoth Inc. Mammoth, Inc., doing business as Mammoth Construction, provides general contracting and construction management services from its base in Anderson, Indiana. The Company focuses on projects for the automotive industry, including car washes, dealerships, service centers, gas stations, and tire shops, while also undertaking commercial renovations and build-outs. Mammoth filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05558) on September 15, 2025, with $7,427,011 in assets and $2,063,375 in liabilities. Jason L. Marlow, CEO, signed the petition. Judge Jeffrey J. Graham presides over the case. Sarah L. Fowler, Esq., at Blackwell, Burke, Fowler and Rossow, P.C. represents the Debtor as legal counsel. MARCEL CONTRABAND: Amends Unsecured Claims Pay Details ------------------------------------------------------ Marcel Contraband Pointe, LLC submitted a First Amended Disclosure Statement describing First Amended Plan of Liquidation dated December 15, 2025. The Plan provides for a court-supervised liquidation of substantially all of the Debtor's assets through a competitive auction process, with First Federal Bank of Louisiana serving as stalking horse bidder. The Debtor will sell substantially all of its assets, consisting primarily of real property located in Calcasieu Parish, Louisiana (the "Property"), through a competitive bidding process supervised by the Court. First Federal has agreed to serve as the stalking horse bidder with an initial bid of $15,000,000.00, subject to higher and better qualified bids. Current equity holders will contribute funds equal to 10% of the total Allowed Class 3 claims held by Opt-In Creditors who elect to participate in the Settlement Fund. The Settlement Fund will be available for distribution to Class 3 creditors who affirmatively elect to participate by signing releases of claims against guarantors, equity holders, and affiliates of the Debtor (collectively, the "Released Parties"). The Settlement Fund is subject to a Minimum Participation Threshold requiring that Opt-In Creditors holding at least seventy percent of the total dollar amount of Allowed Class 3 supplier and subcontractor claims affirmatively elect to participate. Confirmation occurs first, then opt‐in elections occur: The Plan will be confirmed (including, if necessary, under Section 1129(b) cramdown provisions) before opt-in elections are solicited. The Minimum Participation Threshold determination occurs after the Effective Date. If the threshold is not met, the Settlement Fund Contribution will not be made, but the Plan will remain in effect and distributions from estate assets will proceed as provided in the Plan. Class 3 consists of all General Unsecured Claims. Based on a review of recorded liens, filed proofs of claim, and the Debtor's schedules, the Debtor estimates that total Allowed Class 3 General Unsecured Claims will be approximately $2,952,000.00. A substantial portion of Class 3 Claims consist of Supplier/Subcontractor Claims related to the development and construction of improvements on the Property. Holders of Allowed Class 3 General Unsecured Claims shall have the option to receive distributions through one of two mutually exclusive alternatives: * Option A: Settlement Fund Distributions with Third-Party Releases (Opt-In Creditors). Class 3 creditors who affirmatively elect to become Opt-In Creditors by executing and timely returning the Opt-In Election Form and Release shall receive their Pro Rata share of distributions from the Settlement Fund as provided in Article VI of the Plan and shall grant the Third-Party Releases set forth in the Plan. Distributions from the Settlement Fund are conditioned upon Opt-In Creditors holding at least seventy percent of the total dollar amount of Allowed Class 3 supplier and subcontractor claims affirmatively electing to participate. If this threshold is not met, no Settlement Fund distributions will be made to any creditors, but the Plan will remain in effect. * Option B: Non-Settlement Fund Distributions (Non-Opt-In Creditors). Class 3 creditors who do not elect to become Opt-In Creditors (either by affirmatively declining or by failing to timely return the Opt-In Election Form and Release) shall receive their Pro Rata share of any funds remaining available for distribution to Class 3 General Unsecured Claims after: -- payment in full of all Allowed Administrative Claims, Priority Tax Claims, and Priority Claims; -- satisfaction of Allowed Class 1 Secured Claims from the net proceeds of the Plan Sale (subject to the Administrative Expense Carve-Out); -- satisfaction of any Allowed Class 2 Secured Claims; and -- funding of the Settlement Fund for distribution to Opt-In Creditors. The Plan incorporates a Settlement Fund structure designed to facilitate consensual resolution of Supplier/Subcontractor Claims through negotiated settlements funded by contributions from current equity holders and potentially other affiliates. The Court will conduct a hearing to consider confirmation of the Plan (the "Confirmation Hearing") on February 4, 2026, at 10:30 a.m. A full-text copy of the First Amended Disclosure Statement dated December 15, 2025 is available at https://urlcurt.com/u?l=HLvykR from PacerMonitor.com at no charge. The Debtor's Counsel: Bradley L. Drell, Esq. GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC Post Office Box 6118 Alexandria LA 71307-6118 E-mail: bdrell@goldweems.com About Marcel Contraband Pointe LLC Marcel Contraband Pointe, LLC owns a single property of land in Contraband Pointe, Calcasieu Parish, Louisiana, valued at $17.88 million. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-20568) on November 7, 2025, with $17,880,860 in assets and $21,618,253 in liabilities. Vernon M. Veldekens, president, signed the petition. Judge John W. Kolwe presides over the case. Bradley L. Drell, at GOLD, WEEMS, BRUSER, SUES & RUNDELL, A PLC, is the Debtor's legal counsel. MARELLI AUTOMOTIVE: Seeks Court OK for $32.5MM Executive Bonuses ---------------------------------------------------------------- James Nani of Bloomberg Law reports that auto parts maker Marelli Automotive Lighting USA LLC is asking a bankruptcy judge to approve up to $32.5 million in incentive bonuses for senior executives next year. The proposal would allow the company to pay performance-based bonuses to 12 executives if certain benchmarks are met, according to a December 19, 2025 filing in the U.S. Bankruptcy Court for the District of Delaware. The Saitama, Japan-based company is also seeking approval to award up to $87.3 million in bonuses to retain roughly 13,400 non-insider employees. Marelli said the incentive programs are intended to stabilize operations and retain key personnel during its restructuring, the report states. About Marelli Automotive Lighting USA Marelli Automotive Lighting USA, LLC is a global automotive parts supplier based in Saitama, Japan. The company designs and manufactures advanced technologies for leading automakers, including lighting systems, electronic components, software solutions, and interior products. Operating in 24 countries with a workforce of over 46,000, Marelli also collaborates with motorsports teams and industry partners on high-performance component development. Marelli and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-11034) on June 11. 2025. In its petition, Marelli reported between $1 billion and $10 billion in assets and liabilities. Judge Craig T. Goldblatt handles the cases. The Debtors are represented by Kirkland & Ellis LLP, Kirkland & Ellis International LLP, and Pachulski Stang Ziehl & Jones LLP. Alvarez & Marsal North America, LLC is the Debtors' restructuring advisor. PJT Partners Inc. is the Debtors' investment banker. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' notice and claims agent. The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Paul Hastings, LLP and Morris James, LLP as legal counsel and FTI Consulting, Inc. as its financial advisor. MCCALLSON TAX: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 20 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of McCallson Tax & Accounting, LLC. About McCallson Tax & Accounting LLC McCallson Tax & Accounting, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Kan. Case No. 25-21728) on November 24, 2025. In the petition signed by Lori McCallson, member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Dale L. Somers oversees the case. Colin N. Gotham, Esq., at Evans & Mullinix, P.A., represents the Debtor as legal counsel. MEDICAL MANAGEMENT: U.S. Trustee Appoints Melanie McNeil as PCO --------------------------------------------------------------- Guy Van Baalen, the Acting U.S. Trustee for Region 21, appointed Melanie McNeil as patient care ombudsman for Medical Management Health and Rehab Center, LLC. To the best of her knowledge, Ms. McNeil has no connections with the Debtor, creditors, any other parties in interest, their respective attorneys and accountants, the U.S. Trustee, and persons employed in the Office of the U.S. Trustee, except as set forth in her verified statement. The ombudsman may be reached at: Melanie S. McNeil, Esq. State Long-Term Care Ombudsman Office of the State Long-Term Care Ombudsman Georgia Department of Human Services 47 Trinity Avenue, S.W. Room 1136 Atlanta, GA 30334 Melanie.McNeil@osltco.ga.gov About Medical Management Health and Rehab Center Medical Management Health and Rehab Center, LLC, registered in Bolingbroke, Georgia, operates a skilled nursing facility in Macon, Georgia, providing long-term care, short-term rehabilitation, and skilled nursing services. The Company is Medicare and Medicaid certified and maintains approximately 100 licensed beds. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-52007) on December 15, 2025, with $500,000 to $1 million in assets and $1 million to $10 million in liabilities. Michael E. Winget, Sr., manager, signed the petition. Wesley J. Boyer, Esq. at BOYER TERRY LLC represents the Debtor as legal counsel. METHANEX CORP: Fitch Affirms 'BB+' IDR, Outlook Stable ------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Ratings of Methanex Corporation and Methanex US Operations Inc. (collectively, Methanex) at 'BB+'. Fitch has also affirmed Methanex's senior unsecured rating at 'BB+' with a Recovery Rating of 'RR4'. The Rating Outlook is Stable. The ratings reflect Methanex's position as one of the largest global suppliers of methanol, with a global distribution network and around 10.7 million metric tonnes (MT) of nameplate methanol and ammonia production capacity. The ratings also reflect its low-cost production, solid historical FCF and balanced capital allocation. Leverage is somewhat elevated following Methanex's purchase of OCI N.V.'s methanol assets. Fitch expects the company will prioritize debt reduction, with leverage returning to sensitivities by 2027. The rating also incorporates the volatility of methanol prices and the cost of maintaining shipping and storage facilities. The Stable Outlook reflects a stable demand environment, with realized prices sufficient to support debt reduction. Key Rating Drivers Temporarily Elevated Leverage: Fitch expects Methanex's EBITDA leverage will temporarily exceed the 3.5x downgrade threshold following the close of the OCI acquisition. Fitch believes Methanex can manage this leverage in a mid-cycle price environment and will focus on debt reduction post-acquisition. The company has a track record of debt reduction, including repayment of its $300 million unsecured tranche in December 2024 and a $125 million paydown of its term loans through September 2025. FCF Generation: Methanex consistently generates positive FCF across various price cycles. Fitch believes the company's low-cost production and management's past willingness to reduce dividends in difficult operating environments support its FCF profile. Fitch expects Methanex's capex needs will stay closer to maintenance levels, as no material expansion projects are currently underway, thereby underpinning solid FCF and additional capacity for debt repayment. Gas Supply Supports Low-Cost Production: Methanex primarily relies on natural gas as its main feedstock and largest expense. The company's North American plants benefit from access to low cost, abundant, well-hedged gas. The OCI acquisition further enhances this cost profile. Methanex's plants outside North America have credit-friendly contract structures that include a low initial fixed gas price, and a variable component shared between Methanex and the gas supplier as methanol prices rise or fall. This countercyclical structure lowers the company's costs during down-cycles. Added Scale and Diversification: The recently closed OCI acquisition provides additional methanol production capacity and increased access to low-cost, reliable North American natural gas feedstock, substantially reducing intermittent supply risk in other regions. The acquisition increases production capacity by around 20% and leverages Methanex's existing logistics and marketing network, further supporting those efforts. It also introduces ammonia production and exposure to agricultural and industrial end-uses. Supportive Demand: Methanol demand is increasingly driven by energy applications, including MTO plants, gasoline blendstocks (MTBE), vehicle fuel in China, bunker fuel substitutes, and industrial boiler fuel. Growing interest in maritime fuel from new dual fuel vessel orders and retrofits further supports demand, mitigating some methanol price volatility, tied to natural gas and oil prices. Peer Analysis Methanex exhibits higher cash flow volatility compared to peers such as Celanese Corp (BB+/Negative), Olin Corporation (BBB-/Stable) and Solstice Advanced Materials, LLC (BB+/Positive). Its concentration in methanol makes it less diversified than those peers as well. By contrast, Methanex has greater scale and less volatility than Consolidated Energy Limited (CEL; B+/Stable), due to its smaller relative presence in gas-challenged Trinidad and greater relative North America operating focus. Both Methanex and CEL have pursued expansion opportunities. Methanex completed its G3 plant expansion and acquiring methanol and ammonia assets from OCI, while CEL acquired a majority stake in Oman Methanol Company. Methanex's year-end (YE) 2024 EBITDA leverage of 3.7x compares favorably to peer CEL's. Fitch anticipates that Methanex's leverage will decline to about 3.1x at YE 2027 as the company pays down debt and methanol prices are forecast at a midcycle $350/MT. In contrast, Fitch expects CEL's EBITDA leverage to improve but remain elevated through 2027. Fitch’s Key Rating-Case Assumptions -- Methanol prices of about $350/MT beginning in 2026 and over the forecast period; -- Fitch does not anticipate any major capacity expansions over the forecast period, and capex is largely at maintenance levels; -- Dividends remain largely stable; -- Fitch assumes Methanex uses FCF for debt reduction until gross leverage approaches 3x; the company applies FCF to both additional debt reduction and share repurchases in a balanced manner thereafter. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Mid-cycle EBITDA leverage durably above 3.5x; -- Heightened acquisition activity that is largely debt-financed; -- Structurally lower methanol prices, potentially caused by industry overexpansion and/or weaker than forecast demand; -- Change in capital allocation that prioritizes shareholder returns over debt reduction. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Mid-cycle EBITDA leverage sustained below 2.5x; -- Additional product diversification, potentially from further exposure to ammonia. Liquidity and Debt Structure As of Q3 2025, Methanex had $413 million in cash and full access to its $600 million revolving credit facilities. Fitch expects Methanex will continue to pay down its term debt over the next several years. The company's term loans mature in 2028 and 2029, respectively and Methanex has begun prepaying the related principal outstanding. In addition to its term loan maturities, Methanex has two bond tranches that mature in 2027 and 2029, respectively. Fitch expects that Methanex will be able to refinance these notes ahead of their stated maturities. Issuer Profile Methanex is the world's largest methanol supplier, with 10.7 million metric tons of nameplate methanol and ammonia production capacity across New Zealand, the U.S., Trinidad, Egypt, Canada, and Chile. It benefits from cheap/stranded natural gas feedstocks and advantageous contract structures. RATINGS ACTION Rating Prior ------ ----- Methanex Corp. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ Methanex US Operations Inc. LT IDR BB+ Affirmed BB+ senior unsecured LT BB+ Affirmed RR4 BB+ MIM LANDSCAPE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 10 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of MIM Landscape Division, LLC. About MIM Landscape Division LLC MIM Landscape Division, LLC, doing business as McCammons Irish Market, LLC, operates garden-center and landscape service locations in Greenwood and Brownsburg where it provides landscape services including tree installation. The company sells plants, trees, shrubs, and a range of gardening products to retail and project-based customers. MIM Landscape Division sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-07218) on November 24, 2025, listing between $1 million and $10 million in assets and liabilities. Garold Ward, chief executive officer of MIM Landscape Division, signed the petition. Judge Andrea K. McCord oversees the case. Preeti (Nita) Gupta, Esq., at the Law Office of Nita Gupta, represents the Debtor as legal counsel. MOSAIC MENTAL: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Mosaic Mental Health, PLLC received interim approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral. The court authorized the Debtor to use cash collateral, including ordinary-course revenues, through January 23, 2026, strictly in accordance with its budget. The order allows payment of budgeted expenses due before the final hearing. The Debtor's 30-day budget projects total operational expenses of $79,427.98. As adequate protection, secured creditors with interest in the cash collateral will be granted replacement liens on cash collateral and post-petition acquired property, maintaining the same priority held as of the petition date. These replacement liens do not apply to Chapter 5 causes of action. The order includes a carveout subordinating secured creditors' liens to payment of certain administrative expenses, including court fees, U.S. Trustee fees, trustee expenses up to $15,000, and approved fees of the Subchapter V trustee and the Debtor's counsel. The Debtor's banks, including PNC Bank, were authorized to continue ordinary-course banking functions, honor certain pre-petition transactions, and rely on the Debtor's representations without liability. The authorization to use cash collateral will automatically terminate upon dismissal or conversion of the Debtor's Chapter 11 case, appointment of a trustee, expiration of the interim period, or material breach of the budget. A final hearing is scheduled for January 23, 2026. The Debtor was formed in 2021 and operates a multi-state outpatient psychiatric and counseling practice. The Debtor identifies several creditors asserting security interests in the Debtor's cash and accounts based on UCC filings with the Texas Secretary of State. Secured Lender Solutions/Fintegra is listed as the first-priority secured creditor, holding a blanket lien on all assets and a disputed secured claim of approximately $62,000, which the Debtor acknowledges is fully secured given the scheduled asset value of $67,089. CFG Merchant Solutions is listed as a second-priority secured creditor with a disputed claim of approximately $98,000, secured only up to about $5,089, with the balance undersecured. A third alleged secured creditor filed a blanket lien anonymously through an agent, and its identity remains unknown at this stage. About Mosaic Mental Health, PLLC Mosaic Mental Health, PLLC operates a multi-state outpatient psychiatric and counseling practice. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37534) on December 11, 2025. In the petition signed by Elizabeth Macshadiya, owner, the Debtor disclosed up to $100,000 in assets and up to $500,000 in liabilities. Judge Eduardo V. Rodriguez oversees the case. Robert C Lane, Esq., at The Lane Law Firm, represents the Debtor as legal counsel. MOUNTAIN REGIONAL: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Mountain Regional Equipment Solutions LLC f/d/b/a Mountain Regional Equipment Solutions, Inc. d/b/a MRES Hawk Supply 3255 W 500 S Salt Lake City, UT 84104 Business Description: Mountain Regional Equipment Solutions LLC supplies and services automated lubrication systems, safety systems, and maintenance products used in heavy mobile equipment and industrial machinery. The Company serves customers across construction, mining, transportation, agriculture, and industrial markets, with operations based in Salt Lake City, Utah. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-27678 Debtor's Counsel: Jeffrey L. Trousdale, Esq. COHNE KINGHORN, P.C. 111 E. Broadway, 11th Floor Salt Lake City, UT 84111 Tel: 801-363-4300 E-mail: jtrousdale@ck.law AND JONES & WALDEN, LLC Estimated Assets: $1 million to $10 million Estimated Liabilities: $10 million to $50 million The petition was signed by Todd Miceli as manager. A copy of the Debtor's list of 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7MUHYNY/Mountain_Regional_Equipment_Solutions__utbke-25-27678__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/7DNAUBI/Mountain_Regional_Equipment_Solutions__utbke-25-27678__0001.0.pdf?mcid=tGE4TAMA MRES HOLDINGS: Case Summary & Six Unsecured Creditors ----------------------------------------------------- Debtor: MRES Holdings, LLC FDBA MRES Holdings, Inc. 3255 W 500 S Salt Lake City, UT 84104 Business Description: MRES Holdings, LLC supplies automated lubrication systems, safety systems, and maintenance products used in heavy mobile equipment operations. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of Utah Case No.: 25-27680 Debtor's Counsel: Jeffrey L. Trousdale, Esq. COHNE KINGHORN, P.C. 111 E. Broadway, 11th Floor Salt Lake City, UT 84111 Tel: 801-363-4300 E-mail: jtrousdale@ck.law AND JONES & WALDEN LLC Estimated Assets: $50,000 to $100,000 Estimated Liabilities: $10 million to $10 million The petition was signed by Todd Miceli as manager. A copy of the Debtor's six unsecured creditors is available for free at PacerMonitor at: https://www.pacermonitor.com/view/2AUHBDI/MRES_Holdings_LLC__utbke-25-27680__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2GLNGBI/MRES_Holdings_LLC__utbke-25-27680__0001.0.pdf?mcid=tGE4TAMA NORTH COUNTRY: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: North Country Healthcare, Inc. 2920 N. 4th Street Flagstaff, AZ 86004 Business Description: North Country HealthCare is a federally qualified community health center that provides comprehensive primary and preventive healthcare services, including medical, dental, behavioral health, and specialty care, to patients across Northern Arizona. The organization operates clinics in 11 communities along the I-40 corridor and surrounding rural and underserved areas, offering services such as family medicine, pediatrics, obstetrics and gynecology, telemedicine, and health screenings. Founded in 1991 as the Flagstaff Community Free Clinic, it has since expanded into the region's primary community health center and also supports education and clinical training for healthcare students. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-12293 Judge: Hon. Daniel P. Collins Debtor's Counsel: Philip J. Giles, Esq. ALLEN, JONES & GILES, PLC 1850 N. Central Avenue, Suite 1025 Phoenix, AZ 85004 Tel: 602-256-6000 Fax: 602-252-4712 E-mail: pgiles@bkfirmaz.com Total Assets: $49,125,570 Total Liabilities: $19,223,852 The petition was signed by Anne Newland as CEO. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/UE73HMQ/NORTH_COUNTRY_HEALTHCARE_INC__azbke-25-12293__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 20 Largest Unsecured Creditors: Entity Nature of Claim Claim Amount 1. National Alliance Self-Insurance $1,500,000 1628 Browning Road Claims Columbia, SC 29226 2. McKesson Medical-Surgical Inc. Vendor Debt $1,494,940 P.O. Box 51020 Los Angeles, CA 90051-5320 3. Ascend Management Inc. Vendor Debt $509,000 P.O. Box 8181 Carol Stream, IL 60197-8181 4. AB Staffing Solutions Vendor Debt $357,741 3451 S. Mercy Road, Suite 102 Gilbert, AZ 85297 5. VVC Holding LLC Vendor Debt $325,082 P.O. Box 840952 Dallas, TX 75284-0952 6. Life Insurance Vendor Debt $202,415 Company of North America P.O. Box 782447 Philadelphia, PA 19178-2447 7. True North ITG, Inc. Vendor Debt $189,629 16504 9th Avenue SE, Suite 203 Bothell, WA 98012 8. Sanofi Pasteur, Inc. Vendor Debt $164,339 12458 Collections Center Drive Chicago, IL 60693 9. ASD Healthcare Vendor Debt $163,152 Amerisource Bergen P.O. Box 100741 Pasadena, CA 91189-0741 10. JPMorgan Chase Bank NA Credit Card $157,427 P.O. Box 15918 Mail Suite DE11-1404 Wilmington, DE 19850 11. Patterson Dental Vendor Debt $149,128 Supply, Inc. P.O. Box 732865 Dallas, TX 75373 12. All Medical Personnel Vendor Debt $138,812 P.O. Box 931896 Atlanta, GA 31196-3189 13. Cardinal Health Vendor Debt $124,664 7000 Cardinal Place Dublin, OH 43017 14. Priority Healthcare Dist Vendor Debt $104,291 dba CuraScript SD P.O. Box 978510 Dallas, TX 75397-8510 15. Nuvem Vendor Debt $98,504 P.O. Box 8067 Carol Stream, IL 60197-8067 16. Entisys360 Vendor Debt $85,375 P.O. Box 889426 Los Angeles, CA 90088-9426 17. The Vitality Group LLC Vendor Debt $80,190 062278 Collections Center Drive Chicago, IL 60693-0622 18. Mountain Fresh Cleaning Vendor Debt $77,905 3249 W. Lois Lane Flagstaff, AZ 86001 19. Proper Connections Vendor Debt $75,000 P.O. Box 888 Pine Plains, NY 12567 20. ENA Healthcare Vendor Debt $57,732 Services, LLC P.O. Box 201431 Dallas, TX 75320-1431 NORTHEAST GROCERY: Fitch Affirms B+ IDR & Alters Outlook to Stable ------------------------------------------------------------------ Fitch Ratings has affirmed the Long-Term Issuer Default Rating (IDR) for Northeast Grocery, Inc. and its subsidiaries, The Golub Corporation and Tops Market Corporation at 'B+'. Fitch also affirmed the company's ABL and secured term loan at 'BB+' with a Recovery Rating (RR) of 'RR1'. The Rating Outlook has been revised to Stable from Negative. Northeast Grocery's ratings reflect its moderate scale. However, despite good market share in key markets, the company's size leaves it somewhat vulnerable to increased competition from national-scale players. These factors are mitigated by the company's good local positioning and merger-driven synergies, which support EBITDA. The Outlook revision reflects the company's stabilizing results in recent quarters, including positive sales growth, stable to improving EBITDA, and positive FCF. Fitch expects modest growth in sales and EBITDA from current levels over time, yielding positive FCF and EBITDAR leverage below 4.5x. Key Rating Drivers Stabilizing Results: Northeast Grocery's EBITDA has recently stabilized, with LTM 2Q25 (ending Oct. 11, 2025) EBITDA close to $240 million following a decline to about $225 million in the LTM 2Q24 from about $290 million in 2022 (the fiscal year ending April 2023). The company has implemented initiatives to improve both topline and margins as part of its strategy to combat industry competitors and relieve cost pressures in key areas like product inflation and labor. The company's modestly positive sales and margin trends in recent quarters suggest some success in execution of these initiatives. Northeast Grocery's improving EBITDA supports Fitch's forecast of FCF in the $80 million to $100 million range after capex near $80 million. Positive FCF allows the company to continue business reinvestment while repaying debt, including about $40 million of annual amortization. Small Scale: Northeast Grocery's rating is constrained by its moderate size, with around 275 stores and $6.7 billion in revenue across six states, primarily New York. This compares to U.S. grocery revenue close to $250 billion for direct competitors, Walmart, Inc. (AA/Stable) excluding Sam's Club, and around $60 billion for Ahold Delhaize N.V. The company is also significantly smaller than national peers such as The Kroger Company, with nearly $150 billion in revenue, and Albertsons Companies, with over $75 billion in revenue, although neither of these companies materially compete directly with Northeast Grocery. Food retailers with meaningful scale have better negotiating positions with inventory suppliers and other vendors and more capital to invest in market-share-driving initiatives like healthy and updated physical infrastructure, robust omnichannel models, and marketing. Northeast Grocery's predecessor entity underwent a bankruptcy in 2018, citing scale disadvantages relative to larger players for sourcing desired merchandise and vendor pricing. Northeast Grocery's geographically concentrated position also leaves it vulnerable to regional activity, including economic swings or weather events. Good Local Market Positioning: Despite its smaller scale, Northeast Grocery has good local market positions, which Fitch views as a credit positive. Its Tops Markets, Price Chopper and Market 32 banners have fortified their leading local positions with a good mix of national and private brands, reasonable pricing and digital investments. On a pro forma basis, the company's efforts led to stable, albeit stagnant, revenue of around $5.9 billion for the three years prior to the pandemic, accelerating to $6.7 billion in 2022 due to consumer behavior shifts and inflation. The company's execution has also led to good customer stickiness, with loyalty program members generating over 80% of sales. Limited Local Market Entry: Northeast Grocery has paradoxically benefited from the challenges of market entry in the Northeast region, which has somewhat limited new competition and kept it relatively fragmented. While the company competes with Walmart, Ahold banners, and strong regional grocers like Wegmans Food Markets, Inc., it has thus far avoided significant direct competition from Kroger and Albertsons, which have focused their expansion and M&A activity elsewhere. However, the company's top-line challenges in 2024 underscore the highly competitive nature of the grocery market. Leverage Around High-3.0x: The company's EBITDAR leverage was in the 4.0x-4.1x range over the past two years, with debt repayment somewhat offsetting EBITDA declines. Fitch projects EBITDAR leverage in the high-3x range beginning in 2025, given some EBITDA growth and modest debt repayment. Fitch projects EBITDAR fixed-charge coverage in the high-1x range. The company is targeting gross leverage at or below 2.0x, which roughly equates to Fitch-defined EBITDAR leverage in the mid-3x. While Fitch views this target as aspirational in the near term, the company has reasonable rating headroom. Parent-Subsidiary Linkage: Fitch's analysis includes a strong subsidiary/weak parent approach between the parent, Northeast Grocery, and its two subsidiaries, Tops Market Corporation (B+/Stable) and The Golub Corporation (B+/Stable), both of which have been affirmed at 'B+' with Outlooks revised to Stable from Negative. Fitch assesses the quality of the overall linkage as high, which results in an equalization of IDRs across the capital structure; consequently, the subsidiaries are rated in line with the parent. Peer Analysis Northeast Grocery's 'B+' rating reflects the company's modest scale and footprint relative to peers, somewhat offset by its good local market share positions and synergy benefits from the recent merger of the Tops and Price Chopper/Market 32 banners. The rating assumes EBITDAR leverage trends below 4.5x. Northeast Grocery's rating compares to its highly rated food retail peers, Walmart and Target Corporation (Target; A/Negative), which have meaningfully larger scale; national —and in Walmart's case, international— presence; strong relationships with counterparties like product manufacturers; and the ability to invest billions of dollars in capital into revenue-driving initiatives across physical and digital platforms. Ratings for these food retail leaders incorporate expectations of EBITDAR leverage well below that of Northeast Grocery, in the low-2x range for Walmart and close to 2x for Target. Other Fitch-rated retailers in the 'B' category include Wayfair Inc. (B/Positive). Wayfair competes in the discretionary furniture and home furnishings markets, which are susceptible to greater economic swings than Northeast Grocery's market segment. Wayfair is successfully capitalizing on consumer spending habits, which increasingly favor the online channel. From a rating standpoint, this is offset by Wayfair's leverage profile, which is higher than that of Northeast Grocery. Fitch’s Key Rating-Case Assumptions -- Revenue for 2025 (ending April 2026) of approximately $6.8 billion, modestly above its $6.7 billion in 2024, largely due to product inflation. The company's topline has been somewhat erratic in recent years, given significant product inflation and consumer traffic shifts to lower-cost providers. Beginning in 2026, revenue could grow by 1% to 2% annually, assuming modest growth in the underlying food retail segment and flattish store count at around 275 stores; -- EBITDA in 2025 in the $245 million range, around 10% above 2024 results, albeit about 15% below the 2022 peak. EBITDA in 2025 should benefit from improving topline momentum and efforts to reduce costs, including ongoing synergy achievements following the Price Chopper/Tops merger. Fitch expects modest EBITDA growth in 2026, tracking with revenue expansion. Margins, which have declined to the mid-3% range from the low-4% range in 2022, could stabilize around 3.7%; -- FCF, which improved to about $45 million in 2024 from essentially breakeven in 2023 despite some EBITDA contraction, could improve further to the $80 million to $100 million range annually beginning 2025. The projected improvement is the result of improving EBITDA, lower restructuring expenses and reduced working capital swings. Fitch projects the company will use FCF to support required term loan amortization of about $40 million annually and business reinvestment; -- EBITDAR leverage was 4.1x in 2024 and Fitch projects a downtick in 2025 to about 3.8x given EBITDA improvement and some debt repayment. EBITDAR leverage could modestly decline beginning in 2026 assuming some EBITDA growth and required term loan amortization. EBITDAR fixed-charge coverage could trend in the 1.8x to 2.0x range; -- Northeast Grocery's ABL and term loan have variable rate structures. Fitch assumes 3.5% to 4.5% SOFR base rates over the forecast horizon, given the higher interest rate environment. Recovery Analysis Fitch's recovery analysis assumes Northeast Grocery is maximized as a going concern in a post-default scenario, with a going-concern valuation of approximately $1 billion, compared with around $600 million in value from a liquidation of assets. Fitch's going-concern value is derived from a projected EBITDA of around $200 million. The scenario incorporates revenue of approximately $5.4 billion, about 20% below the company's current revenue run rate, assuming the closing of around 25 lower-revenue stores and a sales decline of around 10% at the remaining base. EBITDA margins could trend around 3.7% in a recovery scenario, similar to Fitch's forecast. A going-concern multiple of 4.5x was selected, at the lower end of the 4.0x to 8.0x range observed for North American corporates and the 4.0x to 6.0x observed for North American retailers, given traditionally lower exit multiples achieved in the food retail space. For example, Tops Market exited its 2018 bankruptcy at an approximately 4.2x multiple. Fitch's projected multiple of 4.5x is slightly higher given the company's greater scale following the 2021 merger with Price Chopper/Market 32, and better EBITDA and FCF conversion following cost synergy achievement. The approximately $800 million in value available to service debt, after deducting 10% for administrative claims, yields full recovery for the $345 million ABL, which is limited by a borrowing base including eligible inventory, pharmaceutical prescription files and receivables. It is assumed to be 70% drawn at default, along with the $25 million FILO tranche, which is assumed to be fully drawn. The ABL, which is co-borrowed by The Golub Corporation and Tops Market Corporation, is therefore affirmed at 'BB+'/'RR1'. The $488 million of senior secured term loan, which has a second lien on ABL collateral and a first lien on Northeast Grocery's remaining assets, is expected to have outstanding recovery prospects and is therefore affirmed at 'BB+'/'RR1'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- A downgrade could result from total EBITDAR leverage sustained above 4.5x and/or EBITDAR Fixed Charge Coverage sustained close to 1.5x on lower-than-expected operating results or debt-financed shareholder-friendly activity; -- Breakeven FCF would also be a rating concern. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Upward rating action is constrained by Northeast Grocery's EBITDA scale and its geographical concentration in a highly competitive region; -- An upgrade could result from significant expansion leading to EBITDA close to $500 million or EBITDAR near $750 million, while maintaining EBITDAR leverage below 4.0x. Liquidity and Debt Structure As of Oct.11, 2025, Northeast Grocery had $41 million of cash and equivalents and $152 million of availability on its $370 million ABL revolving credit facility, including the $25 million FILO tranche, due July 2030. This is after accounting for the $138 million outstanding balance on the revolving credit facility, the full $25 million outstanding on the FILO tranche and $32 million of LC outstanding. Availability on the ABL revolving credit facility is based on a borrowing base whose collateral includes certain inventory, receivables and pharmaceutical prescription files. Aside from the ABL, as of Oct. 11, 2025, the company's debt consisted of its $488 million senior secured term loan due December 2028. The term loan has a second priority on ABL collateral and a first lien on remaining assets. Term loan amortization is approximately $40 million annually. Issuer Profile Northeast Grocery, Inc. operates approximately 275 grocery-focused stores, primarily in New York state, under the Tops, Price Chopper, and Market 32 brands. The company generates approximately $6.7 billion in revenue and holds leading shares in most of its primary local markets. NORTHEAST OHIO: Co., Lender Ask Court to Pause Receivership ----------------------------------------------------------- Signal Cleveland reports that efforts are underway to reach a settlement between a nonprofit operating community health center on Cleveland's East Side and a lender that pushed for court-appointed oversight of Northeast Ohio Neighborhood Health Services Inc. The legal battle began this spring when All Pro Capital sued NEON in federal court, claiming the nonprofit defaulted on an $11 million loan. The lender alleged NEON owed at least $8.8 million and had failed to make payments for seven months, according to report. U.S. District Judge Christopher Boyko appointed John K. Lane of Inglewood Associates as receiver in November, prompting NEON to seek a pause while it explored new financing options. The nonprofit argued a receivership would disrupt patient care, but its appeal was denied. This week, however, both sides asked the court to delay placing the receiver in charge as negotiations continue, a request the judge granted with conditions allowing All Pro Capital to revisit the issue, the report states. About Northeast Ohio Neighborhood Health Services(NEON) Northeast Ohio Neighborhood Health Services, commonly known as NEON, is a nonprofit that offers medical services to patients regardless of their ability to pay. The receivership stems from NEON's default on an $11 million loan issued by All Pro Capital, which sued earlier in 2025 after alleging the nonprofit failed to meet its repayment obligations. Judge Christopher Boyko ruled that NEON's outstanding debt and lack of a repayment plan outweighed concerns about community impact. He also cited NEON's prior consent to receivership in its loan agreement and noted a recent filing from the Ohio Attorney General accusing the nonprofit of withholding business records. The court appointed John Lane of Inglewood Associates as receiver. OAK RIVER HEALTHCARE: Seeks Chapter 7 Bankruptcy in Texas --------------------------------------------------------- On December 16, 2025, Oak River Healthcare Services Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between one and 49 creditors. About Oak River Healthcare Services Inc. Oak River Healthcare Services Inc. is a privately held healthcare services company operating in the United States. Oak River Healthcare Services Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-60112) on December 16, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1 million. The case is handled by Honorable Bankruptcy Judge Christopher M. Lopez. The debtor is represented by Jerome A. Brown, Esq., of The Brown Law Firm. PACER PRINT: Court Extends Cash Collateral Access to July 4 ----------------------------------------------------------- The U.S. Bankruptcy Court for the Central District of California, Northern Division, granted Pacer Print another extension to use cash collateral. The court authorized Pacer Print to use cash collateral during the interim period from January 4, 2026 through July 4, 2026, in accordance with a weekly operating budget covering January 2026 through early July 2026, with variances of 15% for expenses over $2,000 and 20% for expenses under $2,000. Secured creditors, including the U.S. Small Business Administration (SBA) as senior lienholder, are granted adequate protection, including automatically perfected replacement liens with the same validity and priority as prepetition liens. As further protection, SBA will receive a monthly payment of $1,213 beginning in January 2025. A continued hearing on cash collateral use is scheduled for June 17, 2026. About Pacer Print Pacer Print, a company in Simi Valley, Calif., provides custom packaging and commercial printing services. Pacer Print filed Chapter 11 petition (Bankr. C.D. Calif. Case No. 25-10187) on February 18, 2025, with up to $10 million in both assets and liabilities. Peter Varady, managing agent, signed the petition. Judge Ronald A. Clifford III oversees the case. Steven R. Fox, Esq., at the Fox Law Corporation, Inc., represents the Debtor as bankruptcy counsel. PALOMAR HEALTH: Fitch Affirms B- IDR, Outlook Negative ------------------------------------------------------ Fitch Ratings has affirmed the following outstanding bonds issued by Palomar Health, CA at 'B-': -- Series 2016 and 2017 refunding revenue bonds; -- Series 2007A, 2009A, 2010A general obligation (GO) bonds; -- Series 2017 and 2021 issued by California Municipal Finance Authority on behalf of Palomar Health, and 2022 (taxable), 2022 COPs. Fitch has also affirmed Palomar's Issuer Default Rating (IDR) at 'B-' and series 2016A & B unlimited tax GO (ULTGO) bonds at 'BB+'. The Rating Outlook has remains Negative on all series of debt. RATINGS ACTION Rating Prior ------ ----- Palomar Health (CA) LT IDR B- Affirmed B- Palomar Health (CA)/ General Obligation - Unlimited Tax - Dedicated Tax/1 LT LT BB+ Affirmed BB+ Palomar Health (CA)/ General Obligation - Unlimited Tax/1 LT LT B- Affirmed B- Palomar Health (CA)/ General Revenues/1LT LT B- Affirmed B- The 'B-' rating primarily reflects the approval to form a Joint Powers Authority (JPA) between Palomar Health and the University of California San Diego Health (UCSDH). Fitch expects the JPA to provide immediate and long-term financial resources to Palomar, a stabilizing presence, and eventually expand services in Palomar's catchment area. With JPA the approval, UCSDH has committed to extend approximately $90 million (in the form of a line of credit and potentially forgivable loans to Palomar), which should support the organization's very weak unrestricted liquidity position. Palomar plans to use the funds in part to pay pending debt service obligations and intergovernmental transfers (IGT) payments in 2025. Fitch recognizes the JPA still requires final approvals, but views the significant interim steps favorably and as contributing factors supporting affirmation at 'B-'. If final approvals are granted over the next several months, Fitch expects further synergies between the organizations, a credit positive. Potential synergies include creating a comprehensive cancer center, building out shelled space at Palomar's Escondido campus, developing and expanding service lines, and eventually updating Palomar's electronic medical record platform. As of June 30, 2025 (audited), Palomar recorded a large loss from operations of approximately $171.3 million, which resulted in a negative 17.3% operating margin, but positive 0.9% operating EBITDA margin, including tax-supported revenues and expenses. While the organization's financial performance is still viewed as very weak, Fitch notes operations have started to improve since fiscal 2024's low point (operating margin of negative 20.9% and negative operating EBITDA margin of 3.2%). Palomar's liquidity position remains a primary credit concern and fell further from fiscal 2024's balance to approximately $51.1 million in unrestricted cash and investments in fiscal 2025, down from approximately $85.2 million in 2024. This resulted in a lower 19 days cash on hand, as reported by Palomar, down from 31 days at FYE. Fitch views Palomar's liquidity position as very low and as an asymmetric risk to the organization. The district's debt burden remains very high and debt service coverage for the year-end period was approximately negative 0.5x. The affirmation of Palomar's ULTGO bonds at 'BB+' reflects Fitch's assessment that the pledged revenues for repayment of these bonds meet the definition of "pledged special revenues" under the U.S. Bankruptcy Code. As such, the bond's security protections warrant a rating of up to five notches higher than the district's IDR. The series 2007A, 2009A and 2010A GO bonds do not have the same special revenue pledge. Palomar remains in a one-year period with creditors that expires in January 2026. Management expects to extend its agreement with bondholders and reports it is tracking to plan on its financial turnaround, with an expectation to meet debt service coverage covenants in fiscal 2026. The Negative Outlook reflects the persistent and severe challenges Palomar confronts as management navigates significant financial stress. Fitch may consider revising the Outlook to Stable over the next 12-24 months if management succeeds with its strategic and operational priorities, which ultimately demonstrates improved and sustained operating performance and unrestricted balance sheet resources. Palomar's credit strengths include the district's sizable market position and new positive relationship with UCSDH, good historical capital investment in plant, and diverse tax base. The unlimited nature of the tax levy offsets potential risk regarding tax base volatility. SECURITY The revenue bonds are secured by a gross revenue pledge (excludes restricted property tax revenues) of the obligated group (OG). The OG consists of PH's acute care facilities, Palomar Health Medical Group (PHMG) and other healthcare-related entities. The GO bonds are secured by unlimited ad valorem taxes (ULT) levied on all taxable property within the district. KEY RATING DRIVERS Revenue Defensibility - 'b' Weaker Historical Market Position; High Governmental Payor Mix Palomar's weak revenue defensibility reflects the organization's dampened historical patient utilization trends and higher governmental payor mix with Medicare, Medi-Cal and self-pay payors comprising around 78% of total gross revenues. Fitch views the organization's overall volume mix, which is now comprised of more governmental payors, as one factor that has negatively impacted the organization's historical financial performance. Palomar's primary competitors are Scripps Health, Sharp HealthCare, and Kaiser Permanente. The district's market share has declined over the last several years, while competitors' market positions have remained stable or improved, which has been a credit concern. However, the recently announced JPA partnership with University of California San Diego Health should be a stabilizing force for the organization, potentially yielding positive results over the longer term. Fitch views Palomar's healthcare services as essential to North San Diego County, as the district maintains the only trauma center, NICU and inpatient behavioral health unit within the county boundaries. The district serves the communities within an 800-square-mile area, with its trauma center covering more than 2,200 square miles of South Riverside and North San Diego counties. Operating Risk - 'b' Weak & Challenged Financial Performance; Beginnings of Improvement The weak operating risk assessment reflects the Palomar's severely challenged financial performance. As of June 30, 2025 (fiscal year-end), Palomar recorded a significant loss in income from operations of approximately $171.3 million, which resulted in a negative 17.3% operating margin, but positive 0.9% operating EBITDA margin, including tax-supported revenues and expenses. Through fiscal 2026 (three-months interim), performance has continued to improve, although still weak, with the organization posting a negative 7.5% operating margin and positive 8.1% operating EBITDA margin. Palomar's financial turnaround plan, largely in place, has already implemented approximately $151 million of various improvements with a total achievable goal of approximately $236 million in targets over time. Improvements to both revenue and expenses have included curtailing expenses through program closures, supply chain restructuring, executing purchased service department and contract savings, patient care service lines enhancements, improvements to productivity, and reducing headcount. Historical net capex has been satisfactory and average age of plant is good at 7.7 years. The district's facilities are largely seismically compliant. Fitch analysts have toured the main facility in Escondido in 2023 and found the campus as up to date. Financial Profile - 'b' High Leverage Position; Very Thin Unrestricted Balance Sheet Resources Palomar's weaker financial profile reflects its leveraged debt position and low unrestricted balance sheet resources. In fiscal 2025, Palomar had approximately $51.1 million of unrestricted cash and investments (UCI), which was down from $85.2 million of unrestricted cash and investments in 2024. However, with the JPA agreement, Palomar will receive about $90 million, which will primarily be used to support pending debt service obligations and the organization's intergovernmental transfers (IGT) payments through 2025. Upon receipt of IGT revenues, which is anticipated in the early 2026, Fitch anticipates days cash on hand to improve, which would be meaningful for Palomar, although still very low comparable to other Fitch's rated entities. Fitch's forward-looking analysis shows the district's financial profile metrics remaining challenged for the medium term, but improving as the financial turnaround plan takes hold. Fitch expects improvements to deliver positive results, rebuild the organization's liquidity, and stabilize operations over the medium term. Dedicated Tax Key Rating Drivers The ULTGO bond rating is based on a dedicated tax analysis that considers the strength and growth prospects of the tax base and the bonds' legal structure. The bonds' structural elements and security features are sufficiently strong to warrant a rating up to five notches above the district's IDR. The economic resource base supporting the GO debt is diverse, growing at a healthy pace and has been very stable through the recent pandemic-related downturn. The unlimited nature of the tax levy offsets any concern about tax base volatility. Asymmetric Additional Risk Considerations Fitch views Palomar's liquidity position as an asymmetric risk to the organization and is a primary credit concern. At Sept. 30, 2025 (three-months unaudited; fiscal 2026), it had around $31 million in unrestricted cash and investments, which translated into a very low 11.3 days cash on hand (as reported by Palomar). However, upon receipt of IGT revenues, which is anticipated in the early portion of calendar-year 2026, Fitch anticipates days cash on hand to improve, which would be meaningful for Palomar (albeit still very low relatively when compared against Fitch's rated entities). RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- If Palomar is unable to significantly improve operations that further pressures the organization's already thin liquidity position and metrics, which would result in delinquency in paying vendors and inability to service other key obligations; -- If management believes the organization will not be able to achieve its financial turnaround plan, which would mean defaulting on payments becomes a real possibility; -- If for any unexpected reason the JPA agreement with the University of California is not successfully finalized, which would put a potential further drain on an already very limited resource base; -- If Palomar cannot extend its forbearance agreement or reach a resolution with bondholders (as anticipated by Fitch), the agency would view this as an immediate rating concern and take negative rating action. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- If operating performance significantly improves and Palomar is able to demonstrate some operating stability, which would support unrestricted balance sheet resource stabilization and material growth. -- If Palomar is able to successfully finalize and execute a broader strategic plan that quickly changes and enhances the organization's financial position such that liquidity improves beyond anticipated levels (approximately 30-35 days cash on hand). PROFILE Palomar Health is California's largest public healthcare district. It is the largest trauma district in the state, covering 800 square miles in northern San Diego County. The district owns and operates two hospitals in northern San Diego County: the 286-bed Palomar Medical Center Escondido (PMCE, opened in August 2012) and the 95-bed Palomar Medical Center Poway (PMCP, opened in 1977). Palomar also owns and operates The Villas at Poway, a 129-bed skilled nursing facility adjacent to PMCP. Fiscal 2025 (June 30 YE; audited) total revenue was approximately $990 million, which included approximately $24.4 million of unrestricted property tax revenues to support operations and $47.8 million of restricted property tax revenues for debt service payments on the GO bonds. PARKERVILLE LP: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On December 15, 2025, Parkerville, LP, commenced a voluntary Chapter 11 bankruptcy case in the U.S. Bankruptcy Court for the Northern District of Texas. Court filings indicate the company owes between $1 million and $10 million to roughly 1 to 49 creditors. About Parkerville, LP Parkerville, LP is a real estate holding company focused on the ownership and management of property assets. Parkerville, LP filed for Chapter 11 protection under the U.S. Bankruptcy Code (Bankr. Case No. 25-44890) on December 15, 2025. The petition lists assets valued between $1 million and $10 million, with liabilities in the same range. The case is overseen by Honorable Bankruptcy Judge Mark X. Mullin. The debtor is represented by Joyce W. Lindauer, Esq., of Joyce W. Lindauer Attorney, PLLC. PATRON WESTERN: Seeks Chapter 11 Bankruptcy in Texas ---------------------------------------------------- On December 15, 2025, Patron Western Wear LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Texas. According to court filings, the debtor reports between $100,001 and $1 million in debt owed to between 1 and 49 creditors. About Patron Western Wear LLC Patron Western Wear LLC is a western wear apparel company engaged in the sale of clothing, footwear, and accessories associated with western and ranch-style fashion. Patron Western Wear LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-44892) on December 15, 2025. In its petition, the debtor reported estimated assets ranging from $100,001 to $1 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Mark X. Mullin handles the case. The debtor is represented by Robert Thomas DeMarco, Esq. PINT & BEAN: Gets Interim OK to Use Cash Collateral --------------------------------------------------- Ping & Bean Cafe & Taproom, LLC got the green light from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to use cash collateral. At the recent hearing, the court authorized the Debtor's interim use of cash collateral and set a final hearing for January 15, 2026. Ping & Bean operates a restaurant and bar, offering craft beers, growlers, crawlers, and specialty pizzas. Access to cash collateral would allow the Debtor to fund operations in accordance with a court-approved operating budget, which includes payments to the U.S. Small Business Administration, the secured creditor. As adequate protection, the Debtor offers to grant the SBA replacement liens, matching its pre-bankruptcy priority. About Ping & Bean Cafe & Taproom LLC Ping & Bean Cafe & Taproom, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52976-cag) on December 9, 2025. In the petition signed by Joseph O'Hare, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Craig A. Gargotta oversees the case. Paul Steven Hacker, Esq., at Hacker Law Firm, PLLC, represents the Debtor as legal counsel. PLAINS ALL: Fitch Affirms 'BB+' Rating on Preferred Equity ---------------------------------------------------------- Fitch Ratings has affirmed Plains All American, L.P.'s (Plains) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB'. Fitch has also affirmed the Short-Term IDR and commercial paper (CP) rating at 'F2'. The Preferred Equity ratings are affirmed at 'BB+'. The Rating Outlook is Stable. Plains' ratings are based on leverage, execution and a measured approach to growth. Key risks include volume risk associated with acreage-dedication systems and contract renewal risk for pipelines with minimum volume commitments in the out years. The Stable Outlook reflects Fitch's expectation of stable organic volumes in Plains' largest region and that the company will pay down a portion of the debt associated with the recent acquisitions, such that leverage is sustained below 4.0x. Key Rating Drivers Large Scale: Plains' ratings reflect benefits from operations across major U.S. and Canadian crude production areas. The company also benefits from its presence in substantially all of the inland and coastal crude oil terminals and interchanges. The company will divest its sizable NGL processing (and ancillary services) business in Canada. At the same time, Plains' acquisition of the EPIC pipeline offers further opportunities for growth in its crude transportation business. Plains' largest footprint is located in the Permian Basin. Assets span the full crude oil midstream value chain for all regions in which it operates, providing competitive advantages and an ability to capture incremental revenue for midstream services across its system. Plains has been a long-time operator in the crude midstream space, with long-term relationships with most of its customer base. Stable Volumes Expected: Fitch expects flat volumes in 2026 from weaker expected oil prices under Fitch's current price deck. However, Plains' major area of operations in the prolific Permian Basin and its diverse asset base position it well for volume stability. Midstream companies typically commit capex at least 10 months before new wells are planned, and the prior era of aggressive growth plans led to periodic busts that hurt midstream companies. Steady growth supports credit quality, and Plains' oil-volume performance through Sept. 30, 2025 demonstrates this benefit. Leverage: Plains' net leverage target is 3.25x to 3.75x (Plains' and Fitch's calculations are materially similar, except for gross debt and debt net of cash). The Fitch price deck indicates that oil prices will face a mild decline in 2026-2027, compared with the 2024-2025 forecast. Despite this, Plains is solidly positioned in the 'BBB' category. Fitch forecasts EBITDA leverage at 4.3x at YE 2025, improving to about 3.6x at YE 2026. Optimization: Fitch forecasts that total capex will rise in 2025 and 2026, but only moderately higher than the 2024 levels. At run-rate capex, Plains produces significant free cash flow (FCF). Fitch expects discrete capital investments in 2026 to share the characteristics of 2022-2024: projects that are generally quick to complete. Many will be bolt-on projects intended to optimize Plains network. EPIC Acquisition: Fitch assesses the EPIC pipeline acquisition as beneficial to the business, providing stronger opportunities in the growing market for transporting crude from the Permian basin to Corpus Christi. Following the sale of most of its NGL business, the company will shift toward a crude-oil pure-play, consistent with its current strategy. Peer Analysis Plains' strategically located assets connect to most critical U.S. crude demand centers and span all major U.S. oil production basins, with a strong Permian focus. Plains' ratings reflect the size, scale and diversity of its asset base. Like Plains, South Bow Corporation (BBB-/Stable) focuses on oil. It has a smaller geographic footprint and a less diverse mix of midstream services. However, South Bow benefits from a very high percentage of take-or-pay contracts covering its forecast EBITDA. Fitch rates Plains one notch higher than South Bow, reflecting its much lower leverage, partially offset by South Bow's stronger contract-based revenue assurance. Fitch's Key Rating-Case Assumptions -- Fitch's oil price deck: For the near-term forecast of the NGL segment's small share of unhedged, commodity-price-driven EBITDA, Fitch uses forward strip prices for Mont Belvieu propane; -- Crude oil volumes for Plains' gathering assets are flat over the next two years; -- Growth investments reflect management's stated intent to apply disciplined evaluation of growth opportunities; -- Company uses a portion of the available cash to pay down debt; -- Distribution grows materially over the forecast period; -- Fitch Global Economic Outlook regarding interest rates. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- EBITDA leverage sustained above 4.0x; -- A large acquisition that increases overall business risk or lacks balanced financing across debt, hybrids and common units; -- A change in the company's recent policy regarding dividend increases and common unit repurchases. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- EBITDA leverage sustained below 3.0x; -- Although not expected, a significant increase in volumes covered by long-term minimum volume commitments or long-term storage rental payments. Liquidity and Debt Structure As of Sept. 30, 2025, Plains had over $3.7 billion of available liquidity. Total cash on the balance sheet was $1.18 billion. The partnership's secured and unsecured bank facilities had approximately $2.7 billion of combined availability, with a total of $70 million in letters of credit outstanding, which Fitch regards as reductions to bank facility availability. The company utilized $1.0 billion of cash to redeem its 4.65% senior notes in October 2025 and borrowed approximately $1.8 billion to finance the EPIC transaction in November 2025. The maturity of the senior secured hedged inventory facility and the senior unsecured revolving credit facility are in August 2027 and August 2029, respectively. Fitch expects Plains to repay its next $750 million senior note maturity due December 2026. Issuer Profile Plains is a crude oil-focused midstream company. Summary of Financial Adjustments With respect to unconsolidated affiliates, Fitch calculates midstream energy companies' EBITDA using cash distributions from those affiliates, rather than equity in earnings of those affiliates. Fitch classifies Plains' two preferred securities as having 50% equity content, in line with its criteria document Corporate Hybrids Treatment and Notching Criteria. RATINGS ACTION Rating Prior ------ ----- Plains All American Pipeline L.P. LT IDR BBB Affirmed BBB ST IDR F2 Affirmed F2 senior unsecured LT BBB Affirmed BBB preferred LT BB+ Affirmed BB+ senior unsecured ST F2 Affirmed F2 POLAR POWER: Six Key Proposals Approved at Annual Meeting --------------------------------------------------------- Polar Power, Inc. held its Annual Meeting and the following proposals were approved at the Annual Meeting by the votes indicated: Proposal One: To elect four directors to serve on the Company's Board of Directors until the next annual meeting of stockholders and/or until their successors are duly elected and qualified. The following nominees were elected by the votes indicated to serve as directors until the next annual meeting of stockholders and/or until their successors are duly elected and qualified: 1. Arthur D. Sams * Total Votes for Director: 895,386 * Total Votes Withheld from Director: 8,206 * Total Broker Non-Votes: 643,388 2. Keith Albrecht * Total Votes for Director: 886,197 * Total Votes Withheld from Director: 17,395 * Total Broker Non-Votes: 643,388 3. Michael Field * Total Votes for Director: 895,517 * Total Votes Withheld from Director: 8,075 * Total Broker Non-Votes: 643,388 4. Katherine Koster * Total Votes for Director: 895,509 * Total Votes Withheld from Director: 8,083 * Total Broker Non-Votes: 643,388 Proposal Two: To ratify the appointment of Weinberg & Company, P.A., as the Company's independent registered public accounting firm for the year ending December 31, 2025. * For: 1,510,401 * Against: 33,093 * Abstain: 3,486 * Broker Non-Votes: N/A Proposal Three: To approve the Polar Power, Inc. 2026 Equity Incentive Plan. * For: 862,506 * Against: 40,576 * Abstain: 508 * Broker Non-Votes: 643,390 A copy of the 2026 Plan is available at https://tinyurl.com/2uxjaje8 Proposal Four: To conduct a non-binding advisory vote to approve the compensation paid to the Company's named executive officers. * For: 864,824 * Against: 35,672 * Abstain: 3,094 * Broker Non-Votes: 643,389 Proposal Five: To conduct a non-binding advisory vote to determine the frequency of the non-binding advisory vote on executive compensation. 1. One-Year Votes: 837,781 2. Two-Year Votes: 23,363 3. Three-Year Votes: 9,938 4. Abstentions: 32,508 5. Broker Non-Votes: 643,390 Proposal Six: To approve a proposal to grant discretionary authority to the Chairman of the Annual Meeting to adjourn the Annual Meeting, if necessary, to solicit additional proxies in the event that there are not sufficient votes at the time of the Annual Meeting to approve Proposal Three. * For: 885,702 * Against: 17,039 * Abstain: 850 * Broker Non-Votes: 643,389 Consistent with the stockholder voting results, the Board of Directors has determined that the say-on-pay vote will be conducted annually, until the next stockholder vote on say-on-pay frequency, which vote will occur no later than the Company's 2026 annual meeting of stockholders. About Polar Power, Inc. Headquartered in Gardena, California, Polar Power, Inc. --http://www.polarpower.com-- designs, manufactures, and sells DC power generators, renewable energy and cooling systems for applications primarily in the telecommunications market and, to a lesser extent, in other markets, including military, electric vehicle charging, marine and industrial. The Company is continuously diversifying its customer base and are selling its products into non-telecommunication markets and applications at an increasing rate. In its report dated March 31, 2025, the Company's auditor Weinberg & Company, P.A., issued a "going concern" qualification citing that during the year ended Dec. 31, 2024, the Company incurred a net loss and incurred negative operating cash flows. These conditions raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $12.3 million in total assets, $9.4 million in total liabilities, and $2.9 million in total stockholders' equity. POSH QUARTERS: To Sell Jacksonville Beach Property to J. & S. Fyfe ------------------------------------------------------------------ Posh Quarters LLC seeks permission from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 624 N 6th Ave Jacksonville Beach, FL 32250. The Debtor filed a voluntary petition for relief under Subchapter V, Chapter 11 of the U.S. Bankruptcy Code. Aaron Cohen was appointed as the Subchapter V Trustee in the case. The Debtor is a Florida corporation, wholly owned and managed by Lisa Mitchell-Adams. Mrs. Mitchell-Adams formed the Debtor on September 12, 2022. Mrs. Mitchell-Adams had planned for the Debtor to operate a residential rental and sale business. The Debtor has operated the business since 2022 and purchased the 624 N 6TH AVE Property in August of 2023. The Debtor obtained several secured loans, as well as other unsecured debt over the course of the business operations for the past three years. The Debtor filed its Chapter 11 petition as a result of the inability to continue to service the debt related to the above obligations. On December 12, 2025, the Debtor entered into a Purchase and Sale Agreement with James Fyfe and Sarah Elizabeth Fyfe to sell the 624 N 6TH AVE Property in the gross sales price of $440,000.00. The property was scheduled to close on December 20, 2025. However the property closing was delayed and the Debtor was forced to file this motion due to the inability to obtain consent from the lender in a timely manner. The Purchaser has indicated that they are still willing to purchase the property despite the delay. Upon information and belief, the current lien balances on the real property total approximately $425,916.17 as estimated by the Debtor. The Debtor will incur $22,000.00 in realtor fees to close the transaction. With the closing costs associated with the sale of the property the debtor expects that there will be a small shortfall on the amount required to pay the lien in full. The Debtor has determined that a sale of the assets of the company assets would result in an efficient and cost-effective manner of disposing of the estate's interest in the assets, while simultaneously creating a benefit to the bankruptcy estate and customers of the Debtor. The Purchaser is an uninterested third-party and does not have any relationship with the Debtor or any estate professionals. About Posh Quarters Posh Quarters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-02748) on August 8, 2025, with $1,178,812 in assets and $1,639,809 in liabilities. Lisa Adams, manager, signed the petition. Judge Jason A. Burgess presides over the case. Bryan K. Mickler, Esq., at the Law Offices of Mickler & Mickler, LLP represents the Debtor as bankruptcy counsel. RAZAGHI DEVELOPMENT: Case Summary & 10 Unsecured Creditors ---------------------------------------------------------- Debtor: Razaghi Development Company, LLC DBA Razaghi Healthcare 13835 North Tatum Boulevard #9-221 Phoenix, AZ 85032 Business Description: Razaghi Development Company, doing business as Razaghi Healthcare, provides consulting, development, and operational services to Native Nations, specializing in the creation and management of healthcare systems. The Company offers expertise in P.L. 93-638 Indian Self-Determination contracting, healthcare facility planning, design and construction management, medical equipment procurement, licensing, accreditation preparation, and capital financing. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of Arizona Case No.: 25-12300 Debtor's Counsel: Mark J. Giunta, Esq. LAW OFFICE OF MARK J. GIUNTA 531 East Thomas Road Suite 200 Phoenix, AZ 85012 Tel: 602-307-0837 Fax: 602-307-0838 E-mail: markgiunta@giuntalaw.com Total Assets: $26,749,853 Total Liabilities: $94,060,479 The petition was signed by Ahmad R. Razaghi as CEO, member and manager. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/QNKQOIQ/RAZAGHI_DEVELOPMENT_COMPANY_LLC__azbke-25-12300__0001.0.pdf?mcid=tGE4TAMA List of Debtor's 10 Unsecured Creditors: Entity Nature of Claim Claim Amount 1. Ahmad R. Razaghi Line of Credit $12,411,090 4287 Bella Cascada Street Las Vegas, NV 89135 2. Ahmad R. Razaghi Note/Loan $62,500 4287 Bella Cascada Street Las Vegas, NV 89135 3. Allen Billings Litigation $25,071 1076 Carol Lane Service Fees Apt 74 Lafayette, CA 94549 4. Coppersmith $2,300 Brockelman, PLC 2800 North Central Avenue Suite 1900 Phoenix, AZ 85004 5. Fisher Phillips Litigation $126,898 P.O. Box 840703 Service Fees Los Angeles, CA 90084 6. McGee Advisory Litigation $315 47 Yadkin Road Service Fees Fletcher, NC 28732 7. Navajo Health Pending $81,415,806 Foundation Lawsuit c/o Dickinson Wright, Amanda Newman 1850 N Central Avenue Ste 1400 Phoenix, AZ 85004 8. Sandline Discovery LLC Litigation $8,887 105 North Virgina Avenue Service Fees #302 Falls Church, VA 22046 9. Sandline Discovery LLC Litigation $4,112 105 North Virgina Avenue Service Fees #302 Falls Church, VA 22046 10. Sandline Discovery LLC $3,500 105 North Virgina Avenue #302 Falls Church, VA 22046 RAZZOO'S INC: Court OKs Ch. 11 Sale, 11 Locations to Stay Open -------------------------------------------------------------- Ben Zigterman of Law360 reports that a Texas bankruptcy judge approved the $18 million sale of Cajun chain Razzoo's Inc.'s assets to a subsidiary of a Dallas-based restaurant developer, clearing the way for the buyer to take over a portion of the struggling brand. The purchaser said it intends to continue operating 11 of Razzoo's 20 remaining restaurant locations. The court-approved transaction was presented as the best available outcome for the debtor's estate, preserving jobs and maximizing value for creditors. The sale allows Razzoo's to wind down its Chapter 11 case while maintaining a reduced operational footprint under new ownership, the report states. About Razzoo's Inc. Razzoo's, Inc. operates a chain of casual dining restaurants that specialize in Cajun-inspired cuisine and Louisiana-style dishes across Texas, North Carolina, and Oklahoma. Founded in 1991 in Dallas, Texas, the Company has expanded to multiple locations offering a menu that includes seafood, fried specialties, and traditional Cajun items such as boudin balls, Rat Toes, and alligator tail. The restaurants are known for combining bold bayou flavors with a lively atmosphere that reflects Cajun culture and tradition. Razzoo's, Inc. and Razzoo's Holdings, Inc. filed their voluntary petitions for Chapter 11 protection (Bankr. S.D. Tex. Lead Case No. 25-90522) on Sept. 30, 2025, listing as much as 10 million to $50 million in both assets and liabilities. Philip Parsons, chief executive officer, signed the petitions. The case is jointly administered in Case No. 25-90522. Judge Alfredo R. Perez oversees the case. The Debtors tapped Okin Adams Bartlett Curry LLP as counsel; Stout Capital, LLC as investment banker; and Stout Risius Ross, LLC as financial advisor. Donlin, Recano & Company, LLC is the Debtors' claims and noticing agent. REALTRUCK GROUP: Moody's Cuts CFR to 'Caa2', Outlook Stable ----------------------------------------------------------- Moody's Ratings downgraded RealTruck Group, Inc.'s (RealTruck) corporate family rating to Caa2 from B3 and the probability of default rating to Caa2-PD from B3-PD. Moody's downgraded the senior secured bank credit facility ratings to Caa1 from B2 and the senior unsecured rating to Ca from Caa2. The outlook was changed to stable from negative. The rating downgrades reflect Moody's expectations that the company will continue to operate with an unsustainable capital structure, low interest coverage, and weak liquidity attributed to ongoing negative free cash flow. The downgrades also reflects rising concerns related to the need to timely address the springing maturity of the asset-based revolving credit facility of 91 days prior to the maturity of the $2.3 billion senior secured first lien term loan in January 2028. Governance was a key consideration in this rating action. Governance factors including aggressive financial strategies and risk management practices which contributed to weak liquidity and high financial leverage. The credit impact score was revised to CIS-5 from CIS-4 to reflect these risks. The CIS-5 indicates that the rating is lower than it would have been if ESG risk exposures did not exist and that the negative impact is more pronounced than for issuers scored CIS-4. The outlook change to stable reflects Moody's expectations for revenue growth and modest margin expansion from pricing actions and efforts to contain costs and reduce manufacturing expenses. These factors are expected to lead to modest leverage reduction, although debt/EBITDA is expected to remain high. RATINGS RATIONALE RealTruck's ratings reflect the company's very high leverage, weak credit metrics and negative free cash flow. RealTruck has good product diversification and brand recognition as a specialty provider in the light vehicle aftermarket segment. The acquisition of VAI in March 2025 diversifies RealTruck's sales by vehicle brand while expanding the company's portfolio of truck accessories. Moody's expects debt/EBITDA to decline yet remain high, over 10x at the end of 2026. Moody's forecasts low single digit revenue growth in 2026 and expanded EBITDA margin versus 2025 due to efforts to contain costs and reduce manufacturing expenses. Free cash flow is expected to remain negative due to the very high interest expense burden associated with the company's debt balance and capex requirements. The large debt load and significant annual interest expense limit the company's ability to absorb operational missteps or ineffective execution. RealTruck's weak liquidity is driven by Moody's expectations for negative free cash flow, resulting in heavy reliance on the unrated $250 million asset-based lending (ABL) facility. The gross availability of the ABL is lower than the commitment. In addition, the ABL's stated maturity date is February 2030, however, the ABL has springing maturity of 91 days prior to the maturity of the senior secured first lien term loan in January 2028. The facility is subject to a springing fixed charge covenant when availability falls below a specific threshold. The term loan does not have financial maintenance covenants. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if RealTruck fails to improve liquidity, including if the company is unable to generate positive free cash flow, or if the capital structure becomes untenable. A downgrade could also occur if Moody's expects the probability of a debt restructuring increases or Moody's estimates of recovery rates decreases. The ratings could be upgraded if RealTruck materially improves its liquidity and operating performance. In addition, a trajectory of meaningfully reducing debt-to-EBITDA and adequately covering interest expense could support an upgrade. The principal methodology used in these ratings was Automotive Suppliers published in November 2025. RealTruck's Caa2 CFR is two notches below the B3 scorecard indicated outcome based on the trailing twelve months ended September 30, 2025. The CFR reflects Moody's expectations for very high financial leverage, weak liquidity and upcoming debt maturities. RealTruck Group, Inc. is a vertically integrated manufacturer of branded aftermarket accessories for trucks, Jeeps, sport utility vehicles, crossover utility vehicles and vans with manufacturing operations in the US, Canada, Denmark, Mexico and Thailand and sales in 100+ countries. Products include hard and soft truck bed covers, truck caps, bed liners, floor liners, steps, suspension kits, Jeep parts and off-road accessories. Revenue for the twelve months ended September 30, 2025 was approximately $1.6 billion. RED LOBSTER: High Rents Force Executive Cuts During Turnaround -------------------------------------------------------------- Eliza Ronalds-Hannon of Bloomberg News reports that Red Lobster is cutting executive and corporate roles while working to renegotiate burdensome leases that have complicated its efforts to return to consistent profitability after bankruptcy, according to people familiar with the matter. Dozens of poorly performing locations continue to drag on results, which remain largely unchanged from where the company stood before its bankruptcy filing last year, the people said. The company confirmed that about 10% of its corporate workforce has been eliminated, along with roughly 200 positions at the restaurant level, the report states. About Red Lobster Restaurants Red Lobster Hospitality, LLC is an American casual dining restaurant chain headquartered in Orlando, Florida. The company has operations across most of the United States (including Puerto Rico and Guam) and Canada, as well as in China, Ecuador, Hong Kong, Japan, Malaysia, Mexico, Philippines, Turkey and the United Arab Emirates; as of June 23, 2020, the company had 719 locations worldwide. RED ROCK: Claims to be Paid from Income & Property Sale/Refinance ----------------------------------------------------------------- Red Rock Mega Storage LLC filed with the U.S. Bankruptcy Court for the District of Nevada a Disclosure Statement describing Chapter 11 Plan dated December 15, 2025. The Debtor was organized as a Nevada limited liability company on October 10, 2017, for the purpose of acquiring and developing the Property as a self-storage facility to be known as Red Rock Mega Storage. The Debtor owns a partially constructed self-storage development in Reno, Nevada, named Red Rock Mega Storage, which is situated on two separate lots: (1) 8803 Red Rock Road, Reno, NV (defined as "Lot 1"); and 8805 Red Rock Road, Reno, NV (defined as "Lot 2" and, together with Lot 1 as the "Property"). The Debtor has commissioned an appraisal of the Property, but Debtor believes the Property is worth approximately $23,000,000 as is. RFT obtained the RFT Appraisal, which values the Property as is at $15,750,000. Debtor's valuation is supported by an offer it received in March of 2025 for cash in the amount of $15,196,926, plus 35% of the membership interest in the entity acquiring the property, which values Debtor's property at approximately $23,000,000. Debtor has also identified sales of lesser storage facilities in the Reno area that sold for $220.00 per square foot. The total value of the Red Rock Mega Storage Facility after completion of the additional 66,515 square feet (Buildings G, H, J and K) is estimated to be between $38,450,825, based a value of $205/sq ft, and $41,264,300, based on $220/sq ft. Applying a rental rate of $1.08 per square foot, Debtor's 187,565 square feet of storage space upon completion will produce monthly rental income of approximately $202,570 per month. Using a cap rate of 5.5% and projected annual NOI of $2,044,735 calculates to a value of $37,177,000. Class 5 consists of General Unsecured Creditors. The claims of the Allowed Class 5 General Unsecured Creditors are impaired and shall, on or before the three-year anniversary of the Effective Date, receive a pro rata share of all funds remaining after the payment of priority and secured claims, up to the amount of each Allowed Class 5 Claim, with interest fixed at 8.0% per annum. Class 6 consists of Equity Interest Holders. Equity interest holders shall receive all funds available, if any, after payment of the Allowed Class 5 Claims in full, which shall be disbursed to equity holders in accordance with Debtor's Operating Agreement. Class 6 equity holders shall receive no distributors on account of their equity interests unless and until the Allowed Class 5 Claims are paid in full. The Plan will be funded through debtor in possession financing, which shall be used to construct the remaining 8-buildings on Debtor's Property, income from operations, pursuit of litigation claims and the sale or refinance of the Property on or before the 3-year anniversary of the Effective Date of this Plan. The Debtor will seek approval of DIP loans for a base amount of $10,700,000 for construction, plus 1-year interest reserve at 12% and loan origination fees of 3%. The DIP Loan will be taken out it multiple draws tracking the construction of the remaining buildings. Debtor's initial draw from the DIP Loan will be to construct Buildings D, E, F and L and will be in the amount of $3,910,000, which shall be used as follows: (1) construction costs at $3,400,000; (2) interest reserve at $408,000; (3) loan origination fee of $102,000. The Debtor is currently investing potential litigation claims against RFT and will pursue those claims if Debtor's investigation determines they are viable. Debtor's investigation includes potential lender liability claims arising from RFT's exercise of substantial control over the Debtor's operations and construction and a loan to own scheme. RFT knew Debtor was under-capitalized and indicated it would make further loans to allow Debtor to complete construction. On or before the three-year anniversary of the Effective Date, Debtor will either sell or refinance the Property. Debtor projects the value of the Property at that time will exceed $40,000,000. At a traditional commercial loan-to-value of 80%, a refinance would provide approximately $32,000,000 to pay debts under the Plan. A full-text copy of the Disclosure Statement dated December 15, 2025 is available at https://urlcurt.com/u?l=DXIs99 from PacerMonitor.com at no charge. The Debtor's Counsel: Kevin A. Darby, Esq. DARBY LAW PRACTICE 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Tel: 775-322-1237 Fax: 775-996-7290 E-mail: kevin@darbylawpractice.com About Red Rock Mega Storage Red Rock Mega Storage, LLC operates a storage facility offering a range of unit sizes, including climate-controlled spaces and enclosed units for RV and boat storage. It serves customers in Reno, Nevada, with 24/7 access and on-site amenities. Red Rock Mega Storage sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-50549) on June 17, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Hilary L. Barnes oversees the case. Kevin A. Darby, Esq., at Darby Law Practice, Ltd., is the Debtor's bankruptcy counsel. Rodney Family Trust, as lender, is represented by Amy N. Tirre, Esq. at Law Offices of Amy N. Tirre, A Professional Corporation. REGIONAL WEST: Fitch Cuts LongTerm IDR to 'CCC' ----------------------------------------------- Fitch Ratings has downgraded Regional West Health Services and Affiliates, NE's (RWHS) Long-Term Issuer Default Rating (IDR) to 'CCC' from 'B-'. Fitch has also downgraded the series 2016A bonds issued through Hospital Authority No. 1 of Scotts Bluff County, NE on behalf of RWHS to 'CCC' from 'B-'. Fitch has removed the ratings from Rating Watch Negative. Fitch does not typically assign Rating Outlooks to 'CCC' category ratings. RATINGS ACTION Rating Prior ------ ----- Regional West Health Services and Affiliates (NE) LT IDR CCC Downgrade B- Regional West Health Services and Affiliates (NE) /General Revenues/ 1 LT LT CCC Downgrade B- The two-notch downgrade to 'CCC' from 'B-' reflects RWHS's persistent operating challenges that led to continued negative cash flow generation in FY25. Management is aggressively implementing turnaround strategies; however, RWHS remains strained as the organization navigates reducing reliance on high-cost agency labor. Through the first nine months of FY25, RWHS generated a very weak operating EBITDA margin of negative 4.9%, even with some revenue enhancement from Nebraska's Medicaid Directed Payments Program. Although funds have been approved for 2025 and the program has been legislatively approved through 2027, Fitch views the success of RWHS's turnaround efforts as crucial given the temporary nature of the directed payment program and expected funding cuts over the longer-term from the 2025 federal tax and spending bill. The 'CCC' rating also reflects RWHS's very weak liquidity position, with only 14.0 days cash on hand (DCOH) as of Sept. 30, 2025 per Fitch's calculation. Fitch considers RWHS's liquidity position to be a primary credit risk and an asymmetric risk to the organization. SECURITY The bonds are secured by a pledge of gross revenues and a mortgage lien from the obligated group (OG), which includes only Regional West Medical Center. Non-obligated RWHS entities have exerted operational strain the last three years, resulting in negative consolidated operating EBITDA margins. KEY RATING DRIVERS Revenue Defensibility - 'bbb' Dominant Market Position; Weak Service Area RWHS maintains a midrange payor mix, with combined Medicaid and self-pay revenues accounting for less than 25% of gross revenues. The organization's revenue generation was enhanced in FY25 by CMS approval of the Nebraska Medicaid Directed Payment Program, which provides significant Medicaid funding contingent on meeting quality measures. RWHS's service area has weak demographic characteristics, including a declining population, median household income and poverty levels, which are unfavorable compared to state and national averages. However, RWHS is the largest provider within 150 miles, and no other hospital in its primary, secondary, or tertiary service areas has more than 25 licensed beds. Fitch believes RWHS's strategic location, comprehensive services, and position as a regional referral center in western Nebraska supports its midrange revenue defensibility. The health system's recent expansion efforts, including adding over 20 new providers in 2024 and 11 new providers in YTD 2025, also aims to bolster patient volumes, particularly in oncology and cardiac services. Operating Risk - 'b' Negative Cash Flow Generation; Turnaround Efforts Underway In FY 2024, RWHS's operating EBITDA was negative 7.2% and EBITDA was negative 6.4%, per Fitch calculations. The deterioration in core operating and balance sheet metrics stemmed from the organization's electronic medical record (EMR) EPIC conversion in October 2024, which compounded ongoing profitability challenges. In the spring of 2025 RWHS initiated operational turnaround efforts focused on optimizing the revenue cycle and reducing expenses. Management has struggled with cost containment due to heightened traveler cost and challenges to recruit due to competitive wage pressures. While Fitch still views RWHS's operating performance as very weak, operations have begun to demonstrate modest improvement through the first nine months of the fiscal year, with an operating EBITDA of negative 4.2% and EBITDA of negative 3.7% as of Sept. 30, 2025. Management reports RWHS is beginning to benefit from EPIC's enhanced revenue cycle in addition to a reduction in agency labor, which was partially achieved through reduction of operational beds. Management is targeting to achieve positive operating cash flow generation in fiscal 2026 through support from Nebraska's Medicaid Directed Payment Program and additional cost savings including the roll off of the current Cerner, use of group purchasing, renegotiated vendor contracts and ongoing recruitment efforts. However further cost savings efforts will be required in order for RWHS to have breakeven core operating metrics without relying on support from Nebraska Medicaid Directed Payment Program funds. RWHS's capital expenditures have been light, averaging 38% of depreciation over the last five fiscal years. Spending has increased recently, with investments in medical equipment and facilities, including a new orthopedic surgery robot and interventional radiology suite that support RWHS's strategic growth objectives. Fitch expects capital spending to remain below depreciation, allowing RWHS to stabilize its balance sheet while investing in services expected to generate additional revenue, such as a renovation of the PET/CT exam area and the purchase of a new radiation therapy machine. RWHS had an elevated average age of plant at 28 years at FYE 2024. Financial Profile - 'b' Deterioration of Balance Sheet As of Sept. 30, 2025 RWHS's financial metrics remain very weak, with cash-to-adjusted debt of 20.3% and 14.0 DCOH, as calculated by Fitch. This does not include $4.6 million in board designated funds for capital improvement. Management expects RWHS to end fiscal 2025 with between 12-14 DCOH. This results in an asymmetric risk consideration for the financial profile as it falls below Fitch's 75 DCOH threshold. RWHS's bonds do not have a DCOH covenant. Fitch's base case assumes that with the benefit of directed payment program and continued cost containment efforts, RWHS could potentially achieve a 2.4% operating EBITDA margin and maintain 14 DCOH in FY26. If additional cost containment efforts yield additional savings in 2027, RWHS could begin to see marginal balance sheet accretion in 2027. Management reports that RWHS has received $10.6 million from the Nebraska Medicaid Direct Payments Program for 2024. CMS also approved funds for 2025, which RWHS expects to receive on a quarterly basis in 2026. Timely receipt of payments related to this program are crucial given the organization's negative flow generation and lack of balance sheet resources. Financial turnaround and EMR improvement efforts are underway, but the balance sheet remains very thin, and a very limited margin of safety remains. Capacity for continued payment is vulnerable to deterioration in RWHS's business and economic environment. Asymmetric Additional Risk Considerations RWHS has an asymmetric risk consideration for financial profile given DCOH is below the 75-day threshold outlined by Fitch. Although not an asymmetric risk, RWHS has had a considerate amount of turnover among the senior leadership team since 2022. In February 2025 Ned Resch was appointed the new President and CEO, and in May 2025, Andrew Shea was hired as RWHS's new interim CFO. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Further balance sheet dilution, such that days cash on hand is sustained below 20 days cash on hand; -- Failure to improve and sustain positive operating EBITDA margin in the next year. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- RWHS would need to significantly improve and sustain its core operating metrics to levels that result in balance sheet accretion. PROFILE RWHS is a non-profit corporation organized as a parent company for affiliated non-profit health care organizations. The OG consists solely of Regional West Medical Center (RWMC), an acute care general hospital in Scottsbluff, NE. RWMC is licensed to operate 188 acute care beds and is a regional referral center. RWHS's other affiliated entities that are not part of the OG include: Regional West Physicians Clinic, Regional West Foundation, Regional West Village, and Regional Care. Fitch's analysis is based on the consolidated entity. REKOR SYSTEMS: Closes $14MM Underwritten Registered Direct Offering ------------------------------------------------------------------- Rekor Systems, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into an underwriting agreement with William Blair & Company, L.L.C., as representative of the several underwriters named therein, relating to an underwritten registered direct offering to a single institutional investor of 8,571,428 units, with each Unit consisting of: (i) one share of the Company's common stock, par value $0.0001 per share, and (ii) one warrant to purchase one share of Common Stock. The shares of Common Stock and Warrants comprising the Units are immediately separable and were issued separately. The public offering price for each Unit is $1.75. Each Warrant has an exercise price of $2.40 per share of Common Stock, is immediately exercisable upon issuance, and will expire seven years from the date of issuance. The Underwriting Agreement contains representations, warranties and covenants made by the Company that are customary for transactions of this type. Under the terms of the Underwriting Agreement, the Company has agreed to indemnify the underwriters against certain liabilities, including liabilities under the Securities Act of 1933, as amended. In addition, pursuant to the terms of the Underwriting Agreement, the Company and its executive officers and directors and their affiliates have entered into agreements providing that each of these persons and entities may not, without the prior written approval of the underwriters, subject to limited exceptions, offer, sell, transfer or otherwise dispose of the Company's securities for a period of 90 days following the date (December 13, 2025) of the Underwriting Agreement. William Blair & Company, L.L.C. may be reached through: Steve Maletzky, Head of Capital Markets William Blair & Company, L.L.C. 150 North Riverside Plaza Chicago, Illinois 60606 A full text copy of the Underwriting Agreement is available at https://tinyurl.com/32t9cxp2 Form of Warrant: The Warrants are exercisable, in whole or in part, at any time before 5:00 p.m., New York City time, on December 16, 2032 (seven years from the date of issuance). The Warrants have an initial exercise price of $2.40 per share of Common Stock, subject to adjustment. A holder of Warrants may not exercise any portion of a Warrant to the extent that the holder, together with its affiliates and any other persons acting as a group, would beneficially own in excess of 9.99% of the outstanding shares of Common Stock immediately after exercise, as such percentage ownership is determined in accordance with the terms of the Warrants. The exercise price and the number of shares of Common Stock issuable upon exercise of the Warrants are subject to adjustment upon the occurrence of specific events, including stock dividends, stock splits, combinations and reclassifications of the Common Stock. If, at the time a holder exercises Warrants, there is no effective registration statement registering the issuance of the shares of Common Stock underlying the Warrants, or the prospectus contained therein is not available for such issuance, then the holder may elect to exercise the Warrants on a cashless basis, in which case the holder would receive upon such exercise the net number of shares of Common Stock determined according to a formula set forth in the Warrants. Notwithstanding the foregoing, on the expiration date, any unexercised Warrants will be automatically exercised via cashless exercise, subject to the beneficial ownership limitations described above. In the event of a fundamental transaction, as described in the Warrants and generally including any reorganization, recapitalization or reclassification of the Common Stock, the sale, transfer or other disposition of all or substantially all of the Company's properties or assets, the Company's consolidation or merger with or into another person, the acquisition of more than 50% of the Company's outstanding Common Stock, or the acquisition of more than 50% of the voting power of the Company's common equity, the holders of the Warrants will be entitled to receive upon exercise of the Warrants the kind and amount of securities, cash or other property that the holders would have received had they exercised the Warrants immediately prior to such fundamental transaction. The Warrants may be transferred or assigned, subject to applicable laws and certain transfer restrictions set forth in the Warrants. A full text copy of the Form of Warrant is available at https://tinyurl.com/528xbyzw Side Letter Agreement: In connection with the Offering, on December 16, 2025, the Company entered into a Side Letter Agreement with Anson Advisors Inc., on behalf of Anson Investments Master Fund LP and Anson East Master Fund LP, the sole purchaser in the Offering. Pursuant to the terms of the Side Letter, the Company is prohibited from effecting or entering into any "Variable Rate Transaction" while the Investor holds any Warrants. A "Variable Rate Transaction" generally means a transaction in which the Company issues or sells debt or equity securities with conversion, exercise, or exchange prices that vary based on the trading price of the Common Stock or are subject to reset provisions, or enters into equity line of credit arrangements. This prohibition does not apply to: (i) straight debt instruments without equity components, (ii) traditional term loans or credit facilities without equity-linked features, or (iii) at-the-market offerings at prices not less than $1.75 per share. During the two-year period following the Closing Date, the Investor has the right to purchase up to 30% of any "New Securities" (generally, Common Stock or securities convertible into Common Stock, subject to customary exceptions) in future offerings on the same terms as other investors. For non-underwritten offerings and registered offerings that are not firm-commitment underwritten, the Company must provide at least three trading days' advance notice to the Investor. For firm-commitment underwritten offerings, the Company must use commercially reasonable efforts to provide the Investor with the opportunity to participate. The Investor may elect to receive additional Warrants in lieu of other equity securities in such offerings. For 90 days, the Company may not issue, agree to issue, or announce the issuance of Common Stock or securities convertible into Common Stock without the prior written consent of holders of a majority in interest of the Warrants and underlying shares, subject to customary exceptions. Anson Advisors Inc., on behalf of Anson Investments Master Fund LP may be reached through: Amin Nathoo, Director Anson East Master Fund LP 16000 Dallas Parkway, Suite 800 Dallas, Texas 75248 A full text of the Side Letter is available at https://tinyurl.com/3an2v5m2 Closing of Offering: On December 16, 2025, the Offering closed, and the Company issued and sold 8,571,428 Units. The net proceeds to the Company, after deducting the underwriting discounts and commissions and estimated offering expenses payable by the Company, are expected to be approximately $14 million. The Offering was made pursuant to the Underwriting Agreement and a shelf registration statement on Form S-3 (Registration Statement No. 333-281042) filed by the Company with the Securities and Exchange Commission that became effective on August 6, 2024. On December 15, 2025, a prospectus supplement and accompanying prospectus were filed with the SEC in connection with the Offering. About Rekor Systems Rekor Systems, Inc., headquartered in Columbia, Md., is working to revolutionize public safety, urban mobility, and transportation management using AI-powered solutions designed to meet the distinct demands of each market it serves. The Company works hand-in-hand with its customers to deliver mission-critical traffic and engineering services that assist them in achieving their goals. The Company's vision is to improve the lives of citizens and the world around them by enabling safer, smarter, and greener roadways and communities. The Company works towards this by collecting, connecting, and organizing mobility data, and making it accessible and useful to its customers for real-time insights and decisioning for situational awareness, rapid response, risk mitigation, and predictive analytics for resource and infrastructure planning and reporting. As of September 30, 2025, the Company had $80,979,000 in total assets, $44,495,000 in total liabilities, and $36,484,000 in total stockholders' equity. Morristown, N.J.-based Marcum LLP, the Company's auditor since 2019, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred significant losses and will need 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. REYNOLDS CRAFT: Hires Sader Law Firm as Legal Counsel ----------------------------------------------------- Reynolds Craft, LLC seeks approval from the United States Bankruptcy Court for the Western District of Missouri, Southwestern Division, to employ Bradley D. McCormack and John S. Atherton of The Sader Law Firm to serve as legal counsel in its Chapter 11 bankruptcy case. The Sader Law Firm will provide these services: (a) advising the Debtor with respect to its rights and obligations as Debtor-In-Possession and regarding other matters of bankruptcy law; (b) preparation and filing of petitions, schedules, motions, statements of affairs, plans of reorganization, and other pleadings and documents required in the proceeding; (c) representation of the Debtor at the meeting of creditors and hearings related to the disclosure statement, plan of reorganization, confirmation, and related matters; (d) representation of the Debtor in adversary proceedings and other contested bankruptcy matters; and (e) representation of the Debtor in connection with the reorganization proceeding and the Debtor's business operations. The proposed hourly rates are $380 for Bradley D. McCormack, $275 for John S. Atherton, and $150 for paralegals. The firm also seeks reimbursement of out-of-pocket expenses. The Debtor paid a Chapter 11 retainer of $40,000 on December 8, 2025. According to court filings, The Sader Law Firm and its attorneys are disinterested persons within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Bradley D. McCormack, Esq. John S. Atherton, Esq. THE SADER LAW FIRM 2345 Grand Boulevard, Suite 2150 Kansas City, MO 64108 Telephone: (816) 561-1818 Facsimile: (816) 561-0818 E-mail: bmccormack@saderlawfirm.com About Reynolds Craft LLC Reynolds Craft LLC is a single-asset real estate entity that owns residential properties located at 19 Builders Lane and 712 W. Highway F in Anderson, Missouri, which together have an estimated current value of $1.03 million. Reynolds Craft sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.Mis. Case No.: 25-30319) on December 11, 2025. In the petition signed by Brandon Reynolds as managing member, the Debtor disclosed total assets of $1,040,189 and total liabilities of $875,161. Judge Brian T. Fenimore presides over the case. Bradley D. McCormack at Sader Law Firm LLC, represents the Debtor as legal counsel. REYNOLDS CRAFT: Seeks to Hire NWA Real Estate as Broker ------------------------------------------------------- Reynolds Craft, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Missouri, Southwestern Division to hire Chris Hinkle of NWA Real Estate Pro's, LLC to serve as broker. Mr. Hinkle, through NWA Real Estate Pro's, LLC, will provide these services: (a) marketing Debtor's Real Estate for sale; and (b) assisting Debtor in negotiations and execution of Real Estate Contracts and subsequent sales. The proposed compensation is a 6% commission of sale, subject to periodic adjustments. According to court filings, NWA Real Estate Pro's, LLC and its staff are disinterested parties as defined in 11 U.S.C. Sec. 101(14) and do not hold or represent any interest adverse to the Debtor or its estate. The broker can be reached at: Chris Hinkle NWA Real Estate Pro's, LLC 2225 South Bellview, Suite 202 Rogers, AR 72758 About Reynolds Craft LLC Reynolds Craft LLC is a single-asset real estate entity that owns residential properties located at 19 Builders Lane and 712 W. Highway F in Anderson, Missouri, which together have an estimated current value of $1.03 million. Reynolds Craft sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D.Mis. Case No.: 25-30319) on December 11, 2025. In the petition signed by Brandon Reynolds as managing member, the Debtor disclosed total assets of $1,040,189 and total liabilities of $875,161. Judge Brian T. Fenimore presides over the case. Bradley D. McCormack at Sader Law Firm LLC, represents the Debtor as legal counsel. ROADRUNNER SCOOTERS: Court OKs Deal on Cash Collateral Access ------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Colorado approved a stipulation between RoadRunner Scooters LLC and BMO Bank, N.A. authorizing conditional use of cash collateral. Under the stipulation, the Debtor is authorized to use BMO's cash collateral only in accordance with its budget, subject to limited variances of up to 15% for monthly expenses or revenue shortfalls. As adequate protection, BMO will be granted post-petition replacement liens on the Debtor's assets with the same validity and priority as its pre-bankruptcy liens. In addition, BMO will receive monthly interest-only payments of $3,140.10, starting this month as further protection. BMO, as successor to Bank of the West following a 2023 acquisition, holds a properly perfected, first-priority security interest in substantially all of the Debtor's inventory and related proceeds, which constitute nearly all of the Debtor's cash, accounts receivable, and deposit accounts. The underlying loan relationship originated in October 2022 when Bank of the West advanced $1 million to the debtor at an annual interest rate of 8.25 percent. As of the petition date, the outstanding principal balance was approximately $503,765, with interest continuing to accrue at about $3,140 per month. The loan is secured by broad collateral, including all inventory, additions and replacements to inventory, accounts and payment rights arising from inventory sales, and all proceeds thereof. The security interests were perfected by UCC filings in Colorado and Nevada, and a post-petition search confirmed BMO’s lien priority, which the Debtor does not dispute. Because the Debtor's operating cash is derived from inventory sales, it constitutes BMO's cash collateral, requiring either lender consent or court authorization for use. The stipulation includes default provisions under which BMO may terminate the Debtor's right to use cash collateral if required payments are not made or other obligations are breached and not cured within seven days after notice. The Debtor's authority to use cash collateral will automatically terminate upon plan confirmation, dismissal or conversion of the case, payment in full of the secured debt, or further agreement of the parties approved by the court. The stipulation is available at https://urlcurt.com/u?l=HjJoeS from PacerMonitor.com. About RoadRunner Scooters LLC RoadRunner Scooters, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17643) on November 20, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Mark Dennis, a certified public accountant at SL Biggs, serves as Subchapter V trustee. Judge Joseph G. Rosania Jr. presides over the case. Jonathan Dickey, Esq., at Kutner Brinen Dickey Riley, P.C. represents the Debtor as legal counsel. BMO Bank N.A., as lender, is represented by: Joseph D. Brydges, Esq. MICHAEL BEST & FRIEDRICH LLP One S Pinckney St., Ste 700 Madison, WI 53703-4257 Tel: 608.283.2262 Email: jdbrydges@michaelbest.com -and- Davis W. Sullivan, Esq. MICHAEL BEST & FRIEDRICH LLP 790 N. Water St., Ste. 2500 Milwaukee, WI 53202 Tel: 414.271.6560 Email: davis.sullivan@michaelbest.com SAKS GLOBAL: Weighs Chapter 11 Filing as Debt Payment Looms ----------------------------------------------------------- Reshmi Basu and Eliza Ronalds-Hannon of Bloomberg News report that Saks Global Enterprises is weighing a potential Chapter 11 bankruptcy filing as a last resort as it confronts a debt payment of more than $100 million due at the end of the month, according to people familiar with the matter. The company is also exploring other liquidity options, including emergency financing or asset sales, the people said, speaking on condition of anonymity. Separately, some of Saks' lenders have held confidential discussions in recent days to evaluate the company’s near-term cash needs, the report states. About Saks Global Saks Global owns and operates world-class luxury retailers, including Neiman Marcus, Bergdorf Goodman, Saks Fifth Avenue and Saks OFF 5TH, and a portfolio of prime U.S. real estate holdings and investments. SAVI CONSTRUCTION: Gets OK to Hire Young Wooldridge as Counsel -------------------------------------------------------------- Savi Construction LLC received approval from the U.S. Bankruptcy Court for the Eastern District of California to hire the Law Offices of Young Wooldridge as counsel. The employment of Law Offices of Young Wooldridge is retroactive to November 26, 2025 and covers services rendered on and after November 26, 2025 -- a date less than thirty days before the filing of the application. The firm's services include: a. consulting with the Debtor about its financial situation, its achievable goals and the efficacy of various forms of bankruptcy as a means to achieve its goals; b. preparing documents for the bankruptcy case; c. advising the Debtor about its duties as debtor-in-possession; d. helping the Debtor formulate a Plan of Reorganization, drafting the Plan, and prosecuting legal proceedings to seek confirmation of the Plan; and e. preparing and prosecuting pleadings. The firm received a retainer in the amount of $21,738. Leonard Welsh, Esq., a partner at the Law Offices of Young Wooldridge, disclosed in a court filing that his firm is a "disinterested person" pursuant to Section 101(14) of the Bankruptcy Code. The firm can be reached at: Leonard K. Welsh, Esq. LAW OFFICES OF YOUNG WOOLDRIDGE 1800 30th Street, Fourth Floor Bakersfield, CA 93301 Tel: (661) 328-5328 Fax: (661) 760-9900 Email: lwelsh@youngwooldridge.com A copy of the Court's Order dated December 17, 2025, is available at https://urlcurt.com/u?l=OPbWNV from PacerMonitor.com. 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. SEQUOIA GROVE: Claims to be Paid from Income & Sale Proceeds ------------------------------------------------------------ Sequoia Grove, Inc. filed with the U.S. Bankruptcy Court for the Southern District of Texas a Small Business Plan of Reorganization under Subchapter V dated December 15, 2025. The Debtor is a corporation formed and organized under the laws of the State of Texas. The Debtor was formed on April 14, 2022 by Martin Rafter, who has been the sole shareholder and Director of the Corporation at all times. The Corporation was formed for the acquisition of the business and assets of GM Outdoor Living, Pool & Spa Inc., which had been engaged in the business of designing and constructing residential swimming pools in Northeast Harris County for 23 years. Besides purchasing the trade name of the business, the Corporation also acquired real property at 1207 West Ferguson Street, Humble, TX 77338, which had served as GM Outdoor Living, Pool & Spa Inc.'s place of business, two vehicles, one concrete pump, and assorted office furniture and hand tools. The Plan Proponent's financial projections show that the Debtor will have projected Disposable Income of $292,928.18. The final Plan payment is expected to be paid in month 36, which is projected to be December 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from the sale of the Debtor's real property and paying its future Disposable Income to its creditors over a term of four years. Class 7 consists of General Unsecured Claims. Holders of claims in Class 7 shall receive a pro rata share of a quarterly payment of $3,075.16. These payments will be paid starting in Month 4 and continue through Month 36. Class 7 consists of the general, unsecured claims of American Express ($100,000.00) and Continental Casualty Co. ($12,964.06). This Class is impaired. Class 8 consists of the holder of the common stock of the Debtor, Martin Rafter. As a result of confirmation of this Plan, Mr. Rafter will retain his common stock in the Debtor but will not be entitled to any distribution of dividends. Until the occurrence of both: (1) the distribution of all amounts due to holders of allowed claims in Classes 1 through 7 and (2) the Debtor receiving a discharge under Section 1192 of the Bankruptcy Code, the shareholder(s) in Class 8 will not be entitled to receive any payment from the Debtor except for salary or reimbursement for post-confirmation purchases of inventory or supplies purchased with funds or credit advanced by Mr. Rafter. The Debtor has determined, in its business judgment, that the real property at 1207 West Ferguson Street, Humble, Texas 77336 is not needed for an effective reorganization. In that regard, the Debtor seeks to employ a broker, in consultation with Wells Fargo Bank, to list and market the real property. This application will be made prior to confirmation of this Plan. In addition to the sale of its real property, the Debtor will pay its future Disposable Income to the satisfaction of the Allowed Claims provided for in this Plan for a period 3 years following the Effective Date. As shown on Exhibit B, the Debtor projects that its Disposable Income for the 36 months following confirmation will be $282,928.18, and the Debtor commits to making this payment of Disposable Income during the term of this Plan. A full-text copy of the Plan of Reorganization dated December 15, 2025 is available at https://urlcurt.com/u?l=dGo33b from PacerMonitor.com at no charge. Counsel to the Debtor: Leonard H. Simon, Esq. PENDERGRAFT & SIMON, LLP 2777 Allen Parkway, Suite 800 Houston, TX 77019 Telephone: (713) 528-8555 Facsimile: (713) 868-1267 About Sequoia Grove Inc. Sequoia Grove, Inc. doing business as GM Outdoor Living, Pool & Spa, designs, builds, renovates, and maintains custom swimming pools, outdoor living spaces, and kitchens for residential clients in the Greater Houston area from its base in Humble, Texas. The Company also partners with third-party financial institutions to provide customer financing for pool construction and outdoor living projects. Sequoia Grove sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-35441) on September 16, 2025. In the petition signed by Martin Rafter, president and CEO, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Judge Jeffrey P. Norman oversees the case. Leonard Simon, Esq., at Pendergraft & Simon, LLP, represents the Debtor as legal counsel. SK MOHAWK: Fitch Cuts IDR to 'RD' on Missed Interest Payment ------------------------------------------------------------ Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of SK Mohawk Holdings, SARL and Polar US Borrower, LLC (collectively, SI Group) to 'RD' from 'C'. Fitch has also affirmed the issue ratings of the first-lien, first-out revolver at 'CCC' with a Recovery Rating (RR) of 'RR1', and the first-lien, second-out term loan at 'C'/'RR5'. The rating of the senior unsecured notes has been affirmed at 'C'/'RR6'. The downgrade to 'RD' reflects SI Group's missed interest payment on the first-lien, second-out term loan B. Per Fitch's rating definitions, an uncured default after any applicable original grace period on a loan or other material financial obligation is commensurate with an 'RD' IDR. Key Rating Drivers Missed Interest Payment: SI Group has not paid the interest payment scheduled for Oct. 28, 2025 on its $1.4 billion first-lien, second-out term loan B. An uncured payment default after any applicable original grace period on a loan or other material financial obligation, without entry into bankruptcy filings or cessation of operations, is commensurate with an 'RD' IDR, per Fitch's rating definitions. The issuer has since secured three extensions to the original grace period. Considering the company's highly constrained liquidity and a persistently challenging operating environment, Fitch believes that a financial restructuring is likely. The ratings would be reassessed upon completion of any restructuring. Highly Constrained Liquidity: In Fitch's view, weaker cash flow expectations along with constrained liquidity leaves a shorter runway for SI Group to right-size its capital structure. Fitch views the outflow of free cash flow (FCF) as effectively irreversible under the current capital structure, given elevated cash interest and deteriorating EBITDA. As of 3Q25, liquidity of roughly $59 million appears insufficient to meet near-term cash needs, including annual cash interest, maintenance capex, a $33 million May 2026 senior unsecured note stub maturity, and other operating requirements. Fitch believes SI Group has largely exhausted all avenues for extraordinary or third-party support. Unrecoverable Leverage: Fitch forecasts SI Group's EBITDA leverage to remain near 20x under the current capital structure, reflecting deteriorating operating performance and rising paid-in-kind (PIK) interest, with no realistic path to recovery. Persistently negative FCF is expected to drive full utilization of the revolver and A/R securitization before YE 2026. Under Fitch's Rating Case, a payment default is expected within the next 12 months. Sustained Weak Performance: SI Group's operating performance deteriorated through 3Q25, with YTD sales down about 13% and Fitch-defined EBITDA down roughly 30% YoY. Weak end-market demand, 2023 destocking, and heightened competition from new Chinese capacity continue to weigh on volumes. With oversupply and no meaningful demand recovery since 3Q22, Fitch expects volumes to remain depressed over the forecast horizon. Management's cost reductions and capex cuts to maintenance levels have been insufficient to offset these pressures, and negative FCF is expected to persist. Peer Analysis Compared to most speculative-grade chemical peers, SI Group has very high EBITDA leverage, exceeding 15x. SI Group's scale compares favorably to Kymera International, LLC (B-/Negative). However, SI Group's profitability and leverage profiles are comparatively weaker. Advancion Holdings LLC's (B-/Negative) leverage profile trends around 8.0x and it operates with a smaller scale compared to SI Group, but its position as the only global commercial producer of nitroalkanes allows Advancion to enjoy outsized EBITDA margins. Fitch's Key Rating-Case Assumptions -- Volume growth is minimal in 2026 and thereafter due to prolonged weak end-market demand and competitive pressures; -- Fitch-defined EBITDA margin remains about 8% through the forecast; -- Capex remains at around maintenance levels of $45 million annually. Recovery Analysis Key Recovery Rating Assumptions The recovery analysis assumes that SI Group would be reorganized as a going-concern (GC) in bankruptcy rather than liquidated. Fitch has assumed a 10% administrative claim, and that the company's $218 million revolver is fully drawn. Fitch also has assumed the $100 million A/R Securitization is effectively fully drawn at the current $63 million balance. GC Approach Fitch projects SI Group's GC EBITDA of $120 million, which assumes a rebound from an assumed trough EBITDA of around $100 million, reflecting an improvement in the underlying economic conditions that would have likely precipitated the default, as well as corrective actions taken during restructuring (or actions that would be priced in by potential bidders). The GC EBITDA estimate reflects Fitch's view of a sustainable, post-reorganization EBITDA level upon which it bases the enterprise valuation. Specifically, the GC EBITDA scenario indicates a sustained economic contraction in EMEA and North America, resulting in severe volume pressure in both the Polymer Solutions and Industrial Solutions segments, which results in a material decline in EBITDA and cash generation. Fitch assumes that upon default, SI Group would be unable to improve EBITDA as economic and industry pressure would likely limit the benefits of cost reduction. However, Fitch also assumes that the underlying business fundamentals would improve over time as the cycle corrects, leading to the assumed GC EBITDA. An enterprise value multiple of 5.5x EBITDA is applied to the GC EBITDA to calculate a post-reorganization enterprise value. The choice of this multiple considered historical bankruptcy case study exit multiples for peer companies. Fitch used a multiple of 5.5x to estimate SI Group's value because of its slightly lower margins compared with public comps. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- The IDRs would be downgraded to 'D' upon initiation of any formal bankruptcy procedure. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- The ratings would be reassessed if the interest payment is made or upon completion of a restructuring process. Liquidity and Debt Structure Fitch estimates SI Group's 3Q25 liquidity at approximately $59 million, comprising $56 million of cash and $3 million of availability under the first-lien first-out revolver. Fitch views this as insufficient to meet near-term cash needs. Persistently negative FCF is expected to drive full utilization of both facilities before YE 2026. Following the 2Q25 sale-leaseback and sponsor support in the 4Q24 exchange, Fitch expects avenues for extraordinary or third-party support to be largely exhausted, making a liquidity shortfall within 12 months highly likely. Issuer Profile SI Group (SK Mohawk Holdings, SARL) provides polymers, fuel, lubricant and industrial additives and chemical intermediates for use in various end markets, including plastics, fuels, tires, oilfield chemicals, food packaging and surfactants. RATINGS ACTION Rating Prior ------ ----- Polar US Borrower, LLC LT IDR RD Downgrade C senior unsecured LT C Affirmed RR6 C senior secured LT C Affirmed RR5 C senior secured LT CCC Affirmed RR1 CCC SK Mohawk Holdings, SARL LT IDR RD Downgrade C SMOKE RING: Case Summary & 20 Largest Unsecured Creditors --------------------------------------------------------- Debtor: Smoke Ring, LLC AKA Ray Ray's AKA Ray Ray's Hog Pit AKA Ray Ray's Ohio Style 6670 Busch Blvd. Columbus, OH 43229 Business Description: Smoke Ring, LLC, doing business as Ray Ray's Hog Pit and also known as Ray Ray's and Ray Ray's Ohio Style, operates a family-owned barbecue business in central Ohio with stationary food trucks, trailers, and drive- thru locations. Founded in 2009 by chef James Anderson, the Company prepares hardwood-smoked pork, beef, and chicken using low-and-slow cooking methods and offers dine-in, drive-thru, walk-up, online ordering, bulk preorders, and catering services. The business operates multiple locations across the Columbus and central Ohio area and partners with local breweries for on-site dining. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Southern District of Ohio Case No.: 25-55608 Judge: Hon. Mina Nami Khorrami Debtor's Counsel: Sean Stone, Esq. TAX WORKOUT GROUP, P.A. 175 South 3rd Street, Suite 200 Columbus, OH 43215 Email: sstone@twg.law Total Assets: $264,349 Total Liabilities: $1,262,290 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/FUXJIYQ/Smoke_Ring_LLC__ohsbke-25-55608__0001.0.pdf?mcid=tGE4TAMA SOUTHERN TREE: U.S. Trustee Appoints Creditors' Committee --------------------------------------------------------- The U.S. Trustee for Region 21 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Southern Tree Professionals, LLC. The committee members are: 1. Cowin Equipment Company, Inc. c/o Richard Brennan P.O. Box 10624 Birmingham, AL 35202 (205) 488-3921 rbrennan@cowin.com 2. Impact Rentals LLC c/o Jean Berry 6333 Post Rd. Douglasville, GA 30135 (404) 775-5598 jberry@renimpact.com 3. Jacob McDaniel Enterprises LLC c/o Jacob McDaniel 5440 June Ivey Rd. NW Bethlehem, GA 30620 (404) 886-0928 jacobmcdaniel90@yahoo.com 4. Wilson Finley Company c/o Vito D’Ambrosio 5901 Chapel Hill Rd. Raleigh, NC 27607 (984) 444-8032 vdambrosio@wilsonfinley.com 5. Powerscreen of Florida, Inc. c/o Alex Oak 5125 Frontage Rd N Lakeland, FL 33810 (863) 687-7153 alexo@powerscreenfla.com Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About Southern Tree Professionals LLC Southern Tree Professionals, LLC provides tree removal, pruning, emergency response, land clearing, hauling, arborist services, and green-waste management for residential, commercial, and municipal clients across the Atlanta metropolitan area. It operates throughout communities such as Marietta, Roswell, Sandy Springs, Alpharetta, Smyrna, Buckhead, Brookhaven and Decatur, and works on large-scale projects involving clearing, grubbing, debris haul-off and site preparation for commercial contractors and government entities including GDOT. It offers additional services such as lightning-protection systems, mulch supply and excavating and demolition work as part of its broader operations in the tree services and land-management sector. Southern Tree Professionals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-21754) on December 5, 2025. In the petition signed by Benjamin Townsend Ellis, owner, the Debtor disclosed up to $50,000 in assets and up to $50 million in liabilities. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, represents the Debtor as legal counsel. SPIRIT AVIATION: Amends DIP Credit Agreement for $100MM Third Draw ------------------------------------------------------------------ Spirit Aviation Holdings, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Spirit Airlines, LLC, as borrower, the Required DIP Lenders (as defined in the DIP Credit Agreement) and the Wilmington Trust, National Association, as administrative agent and collateral agent, entered into Amendment No. 1 to the DIP Credit Agreement on December 15, 2025. The DIP Credit Agreement Amendment amends the DIP Credit Agreement to, among other things: (i) remove certain conditions to borrowing the $100,000,000 of new money term loans available to be drawn on December 13, 2025; (ii) require that the DIP Borrower and the guarantors maintain $50,000,000 of the proceeds from the Third Draw New Money Term Loans in certain encumbered accounts at all times prior to the date on which the DIP Borrower: (x) delivers to the DIP Lenders at least one indication of interest with respect to a strategic transaction that is acceptable to the Required DIP Lenders in their sole discretion, (y) agrees upon the principal terms of an Acceptable Plan of Reorganization (as defined in the DIP Credit Agreement) or (z) delivers to the DIP Lenders at least one indication of interest with respect to exit financing that is acceptable to the Required DIP Lenders in their sole discretion; and (iii) require the DIP Borrower to deliver to the Agent daily reports showing cash and cash equivalents of the Debtors; (iv) require the DIP Borrower to deliver to the Agent weekly accounts receivable reports; and (y) Reflects and incorporates modifications to be made to the Final DIP Order, including as described below. As of the December 16, 2025, the DIP Borrower has delivered to the Agent a notice to borrow the full $100,000,000 principal amount of the Third Draw New Money Term Loans. "We are grateful to our lenders for continuing to support Spirit's transformation, recognizing all the significant progress our team has made in recent months," said Dave Davis, Spirit's President and Chief Executive Officer. "We continue to provide high-value travel options, which benefit American consumers whether they fly with us or not, and look forward to welcoming our Guests aboard throughout this holiday season and into the future." Last week, Spirit announced that its Pilot and Flight Attendant groups had ratified new agreements to support the Company's future. In the past 60 days, Spirit also has dramatically repositioned its fleet and improved its cost structure. The airline continues to develop its product offerings, which range from economical to premium, but in all cases are designed to offer compelling value, while never deviating from delivering a top-tier operation. "I want to thank our Pilots, Flight Attendants and the entire Spirit team for taking such great care of our Guests and continuing to deliver a world-class operation we all take pride in," Davis said. Attached to the DIP Credit Agreement Amendment as Exhibit B was a copy of an amendment to the Final DIP Order reflecting modifications and clarifications to the Final DIP Order as agreed between the Debtors and the Required DIP Lenders. The Final DIP Order will be amended to, among other things: (i) clarify the categories of claims that constitute "Administrative Claim Carve Out Claims"; (ii) provide for a cap for certain Administrative Claim Carve Out Claims of $80,000,000; and (iii) incorporate funding mechanics with respect to certain Administrative Claim Carve Out Claims upon receipt of a Carve Out Trigger Notice (as defined in the Final DIP Order). The Debtors filed a copy of the Final DIP Order Amendment with the Bankruptcy Court on December 16, 2025. The Final DIP Order Amendment remains subject to approval by the Bankruptcy Court. A full text copy of the DIP Credit Agreement Amendment and Final DIP Order Amendment are available at https://tinyurl.com/52j4b9ak About Spirit Aviation Holdings Inc. Spirit Aviation Holdings, Inc. and its subsidiaries operate Spirit Airlines, a U.S.-based low-cost carrier providing air transportation services across the United States, Latin America, and the Caribbean. They employ approximately 25,000 direct employees and independent contractors. Spirit Aviation Holdings and its subsidiaries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-11897) on August 29, 2025. In the petition signed by Frederick Cromer, authorized signatory, Spirit Aviation Holdings disclosed $8,576,287,000 in assets and $8,096,842,000 in liabilities as of June 30, 2025. Judge Sean H. Lane oversees the cases. The Debtors tapped Davis Polk & Wardwell, LLP as bankruptcy counsel; PJT Partners LP as investment banker; FTI Consulting, Inc. as restructuring, fleet and communications advisor; Debevoise & Plimpton, LLP as fleet counsel; Morris, Nichols, Arsht & Tunnell, LLP as conflicts counsel, and Ernst & Young, LLP as its audit and tax services provider. Epiq Corporate Restructuring, LLC is the claims, noticing, solicitation and administrative agent. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee tapped Willkie Farr & Gallagher, LLP as legal counsel; Alton Aviation Consultancy, LLC as specialized aviation advisor; Jefferies. LLC as investment banker; and AlixPartners, LLP as financial advisor. SPOKE-N-SPORT: Case Summary & 20 Largest Unsecured Creditors ------------------------------------------------------------ Debtor: Spoke-N-Sport, Inc. 3401 S. Cliff Avenue Sioux Falls SD 57105 Business Description: Spoke-N-Sport, Inc. operates a retail sporting goods business specializing in bicycles, cycling accessories, and related repair and maintenance services, with operations based in Sioux Falls, South Dakota. Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court District of South Dakota Case No.: 25-40404 Judge: Hon. Laura L Kulm Ask Debtor's Counsel: Clair Gerry, Esq. GERRY LAW FIRM, PROF. LLC 507 W. 10th Street Sioux Falls SD 57104 Tel: 605-336-6400 E-mail: gerry@sgsllc.com Total Assets: $212,600 Total Liabilities: $1,030,236 The petition was signed by Peter Oien as president. A copy of the Debtor's list of 20 Largest Unsecured Creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RRGD6LQ/Spoke-N-Sport_Inc__sdbke-25-40404__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/RVVUPGQ/Spoke-N-Sport_Inc__sdbke-25-40404__0001.0.pdf?mcid=tGE4TAMA ST. AUGUSTINE FOOT: Gets Interim OK to Use Cash Collateral ---------------------------------------------------------- St. Augustine Foot and Ankle, Inc. received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, to use cash collateral. The court approved the Debtor's continued use of cash collateral pending a further hearing on March 3, 2026. The second interim order authorized the Debtor to use cash collateral to pay the expenses set forth in its budget (subject to a 10% variance per line item); court-approved payments including U.S. Trustee quarterly fees; and any additional amounts approved in writing by the U.S. Small Business Administration, a secured creditor. The SBA will be granted, as adequate protection, a replacement lien on post-petition cash collateral equal in extent and priority to its pre-bankruptcy lien without the need for additional filings. As additional protection, St. Augustine Foot and Ankle must maintain insurance coverage and allow the secured creditor access to business records and premises for inspection upon notice. The order is without prejudice to the rights of any party to seek modifications of adequate protection, challenge liens, or assert other remedies, including actions by any future creditors' committee that may be appointed by the U.S. Trustee. Additionally, the court authorized the Debtor's banks to continue operating under existing deposit and cash management agreements. Banks may process pre-bankruptcy checks and transactions in the ordinary course, rely on the Debtor's representations about payments, and continue charging normal account maintenance fees. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/PVRyG from PacerMonitor.com. About St. Augustine Foot & Ankle Inc. Based in St. Augustine, Fla., St. Augustine Foot & Ankle Inc. is a multispecialty clinic offering podiatry, dermatology, vein procedures, physical therapy, and neuropathy treatment, including care for common foot conditions and wounds. The clinic is led by board-certified podiatric surgeon Dr. Thomas A. LeBeau and provides both conservative and minimally invasive outpatient treatments. St. Augustine Foot & Ankle filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03696) on October 14, 2025, listing between $100,001 and $500,000 in assets and between $1 million and $10 million in liabilities. Bryan K. Mickler, Esq., at Mickler & Mickler represents the Debtor as legal counsel. STEINMETZ PLUMBING: Seeks Subchapter V Bankruptcy in Texas ---------------------------------------------------------- On December 16, 2025, Steinmetz Plumbing, Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $1 million and $10 million in debt owed to between one and 49 creditors. About Steinmetz Plumbing, Inc. Steinmetz Plumbing, Inc. is a private plumbing services company operating in the United States. Steinmetz Plumbing, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-37611) on December 16, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. The debtor is represented by Robert C. Lane, Esq., of The Lane Law Firm. STEPHAN CO: U.S. Trustee Appoints Asbestos Claimants' Committee --------------------------------------------------------------- The U.S. Trustee for Region 21 appointed an official committee to represent asbestos claimants in The Stephan Co.'s Chapter 11 case. The committee members are: 1. Anthony Ward 12420 Mount Vernon Avenue, 6D Grand Terrace, CA 92313 2. Gail Pizar 83 Fairway Drive Santa Rosa Beach, FL 32459 3. Jason Lopez-Zambrano 3108 East 9th Street Kansas City, MO 64124 4. Ryan William Newton 2793 Waterloo Road Waterloo, IL 62298 5. Jody K. Meade 18249 Preston Street Hesperia, CA 92345 Official creditors' committees serve as fiduciaries to the general population of creditors they represent. They may investigate the debtor's business and financial affairs. Committees have the right to employ legal counsel, accountants and financial advisors at a debtor's expense. About The Stephan Co. The Stephan Co., based in St. Petersburg, Florida, distributes barber, beauty, and personal care products through a network of companies including Morris Flamingo, Williamsport Bowman Barber Supply, MD Barber, 614 Barber Supply, Appleton Barber Supply, and Norva Barber Supply. Founded in 1897 in Worcester, Massachusetts, it was the first professional men's hair care company in the United States and pioneered distribution through the barber shop channel. The Company markets brands such as Campbell's, Latherking, Stephan, Barbermate, Stix Fix, and SuperCut, serving the professional beauty and barber products industry. The Stephan Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fl. Case No. 25-08937) on November 26, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $50 million and $100 million. The Debtor tapped Verrill Dana, LLP as general bankruptcy counsel; Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. as Florida co-counsel; and Getzler Henrich as financial advisor. SUPREME PLUMBING: Gets Interim OK to Use Cash Collateral -------------------------------------------------------- Supreme Plumbing & Heating Supply, Inc. received interim approval from the U.S. Bankruptcy Court for the District of New Jersey to use cash collateral. The court authorized the Debtor to use cash collateral to fund operations in accordance with its budget. The cash collateral is subject to the liens of the Debtor's primary secured lender, Popular Bank. As adequate protection, Popular Bank will be granted replacement lien on all post-petition assets of the Debtor, with the same priority as the bank's pre-bankruptcy lien. The final hearing will be held on January 8, 2026. The interim order is available at https://is.gd/i6FZL5 from PacerMonitor.com. Popular Bank extended a $1.8 million term loan to the Debtor in August 2024, which matured in August 2025 and was declared in default in September 2025. The loan is secured by a lien on inventory, equipment, books and records, and remittances, and is personally guaranteed by the Debtor's principal, Sholem Baum. The outstanding balance is approximately $1.798 million. The Debtor asserts that the collateral value substantially exceeds the loan balance, citing inventory of over $3.1 million and accounts receivable of approximately $800,000, exclusive of additional valuable equipment, machinery, and vehicles, thereby providing a significant equity cushion for Popular Bank. The Debtor claims that it suffered operating losses in 2024 due to adverse economic conditions, including tariffs and high financing costs, but reports improving performance with monthly sales exceeding $900,000 in late 2025 and strong growth potential. Use of cash collateral is described as essential to fund ordinary operating expenses, preserve and maintain assets, liquidate inventory, and collect receivables for the benefit of the estate and creditors. The Debtor contends that projected collections during the interim period will adequately protect Popular Bank's interests and notes that it has received a letter of intent from a New York industry participant to purchase the Debtor's assets at a price expected to fully satisfy the Popular Bank loan. About Supreme Plumbing & Heating Supply Inc. Supreme Plumbing & Heating Supply, Inc. based in Clifton, New Jersey, distributes plumbing and heating products and related supplies primarily to professional contractors and end users. The Company maintains a showroom, supports construction and renovation projects with materials, and operates a small fleet for deliveries. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.J. Case No. 25-23080) on December 10, 2025. In the petition signed by Sholem Baum, CEO, the Debtor disclosed $4,219,892 in assets and $6,253,354 in liabilities. Judge Vincent F. Papalia oversees the case. Daniel M. Stolz, Esq., at GENOVA BURNS LLC, represents the Debtor as legal counsel. SYNERGY 768: Voluntary Chapter 11 Case Summary ---------------------------------------------- Debtor: Synergy 768 Inc. 9000 Brentwood Blvd., Suite A Brentwood, CA 94513 Chapter 11 Petition Date: December 19, 2025 Court: United States Bankruptcy Court Northern District of California Case No.: 25-42384 Debtor's Counsel: David C. Johnston, Esq. DAVID C. JOHNSTON 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 E-mail: david@johnstonbusinesslaw.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Edmundo Cotas as chief executive officer. 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/G5Z6UHA/Synergy_768_Inc__canbke-25-42384__0001.0.pdf?mcid=tGE4TAMA TEDDER INDUSTRIES: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Tedder Industries, LLC got the green light from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash in its First Interstate Bank checking accounts, which constitutes cash collateral of Main Street Capital Corporation as lenders' agent. The total operating disbursements under the budget must not exceed 15% on a total-disbursements cumulative basis for each rolling four-week period. As adequate protection, Main Street Capital will be granted first-priority senior additional and replacement security interests in and liens on its pre-bankruptcy collateral and all of the Debtor's post-petition assets. The replacement liens do not apply to Chapter 5 causes of action. As further protection, Main Street Capital is entitled to allowed superpriority administrative expense claims. Events of default under the interim order include dismissal or conversion of the Debtor's Chapter 11 case to one under Chapter 7 without the lender's consent; appointment of a trustee or examiner, with authority to affect the operation of the Debtor's business; and failure to achieve the milestones without first obtaining the lender's consent to extend or waive such milestones. The milestones require marketing for the sale of the Debtor's assets to begin by January 5, 2026; final bids by March 5, 2026; execution of a purchase agreement by March 20, 2026; entry of a sale order by March 26, 2026; and consummation of the sale by April 2, 2026. The final hearing is set for January 12, 2026. The deadline for filing objections is on January 6, 2026. The interim order is available at https://is.gd/asaOD2 from PacerMonitor.com. Founded in 2010 by Thomas Tedder, Tedder Industries grew from a small startup into a recognized manufacturer of American-made, injection-molded gun holsters, serving consumers, business customers, U.S. military branches, international defense organizations, and law enforcement agencies. To finance its growth, the Debtor obtained secured financing from Main Street Capital Corporation, which also indirectly holds a majority equity interest in the Debtor through affiliated entities. As of the petition date, the Debtor had approximately $20.55 million in funded secured debt outstanding, consisting primarily of a senior secured term loan of $19 million and a revolving credit facility of approximately $1.55 million. These obligations arise from a loan agreement entered into in 2018 with Main Street Capital Corporation, which was later amended to increase both term loan borrowings and revolving commitments. Including accrued interest, the total obligations under the loan documents exceed $25 million. The secured lender, acting as agent for the lenders, holds valid, perfected liens on substantially all of the Debtor's assets, including cash, accounts, inventory, equipment, intellectual property, and other personal property, all of which constitute prepetition collateral and, in the case of cash, cash collateral. The Debtor has approximately $730,000 in cash on hand, all of which is subject to the lenders' liens and therefore qualifies as cash collateral. Continued access to this cash is essential for the Debtor to maintain operations, pay employees, preserve relationships with vendors and customers, meet working capital needs, and fund the Chapter 11 process. About Tedder Industries LLC Tedder Industries, LLC is a Texas limited liability company with a principal place of business in Idaho that operates a consumer-brand manufacturing business in the firearms and accessories market, producing American-made injection-molded gun holsters for institutional purchasers, B2B partners, and direct-to-consumer channels. The company conducts business in the marketplace under the name Alien Gear Holsters and manufactures various holster types, including hybrid and modular designs, for concealed-carry users and other end markets. Tedder supplies its products to U.S. military branches, international militaries, defense organizations, and law-enforcement agencies. Tedder Industries sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90805) on December 8, 2025, listing between $10 million and $50 million in both assets and liabilities. Thomas Magrath, president of Tedder Industries, signed the petition. Judge Alfredo R. Perez oversees the case. Jeff Protok, Esq., at Vartabedian Hester & Haynes, LLP, represents the Debtor as legal counsel. Main Street Capital Corporation, as lender, is represented by: Joshua W. Wolfshohl, Esq. Joanna D. Caytas, Esq. Porter Hedges, LLP 1000 Main Street, 36th Floor Houston, TX 77002 Phone: (713) 226-6000 Fax: (713) 228-1331 jwolfshohl@porterhedges.com apower@porterhedges.com jcaytas@porterhedges.com TELEFLEX INC: Moody's Alters Outlook on Ba1 CFR to Stable --------------------------------------------------------- Moody's Ratings affirmed the ratings of Teleflex Incorporated ("Teleflex") including the Ba1 Corporate Family Rating, Ba1-PD Probability of Default Rating and the Ba2 rating on the senior unsecured notes. The company's Speculative Grade Liquidity Rating (SGL) was unchanged at SGL-1. Moody's also revised the outlook to stable from negative. The revision of Teleflex's outlook to stable reflects a reduction in execution risk and improved deleveraging prospects following several positive developments. The company successfully closed the BIOTRONIK Vascular Intervention acquisition ahead of schedule, and management has indicated that integration is progressing well. In addition, on December 09, Teleflex entered into definitive agreements to sell its Acute Care, Interventional Urology, and OEM businesses, shifting from its original plan to pursue a spin-off of these assets. Teleflex will sell the Acute Care and Interventional Urology businesses for $530 million to Intersurgical® Ltd, and the OEM business to private equity firms for $1.5 billion. These asset sales provide certainty around cash proceeds and reduce execution and regulatory risks related to the spin. Moody's expects leverage to decline to 2.9x by year-end 2026, pro forma for the asset sales and debt repayment. The ratings affirmation reflects Teleflex's track record of operating with low to moderate financial leverage and very good liquidity. Teleflex continues to generate very strong free cash flow, underpinned by solid margins and continued earnings growth. Moody's expects Teleflex to maintain strong credit metrics and moderate financial policies after the asset sales. RATINGS RATIONALE Teleflex's Ba1 Corporate Family Rating benefits from the company's scale, leading market positions in key products, and good revenue diversity by products and customers. While Teleflex will become a smaller company following the sale of its Acute Care, Interventional Urology, and OEM businesses, the remaining portfolio will focus on higher-growth vascular access, interventional, and surgical products, supporting continued revenue diversity and competitive positioning. Further, Moody's expects the company to continue to generate robust free cash flow, maintain strong interest coverage, and operate with moderate financial leverage. The company's debt/EBITDA on a Moody's adjusted basis was approximately 3.5x for the twelve months ended September 30, 2025, which Moody's expects will drop to 2.9x by year-end 2026 pro forma for the asset sales and debt reduction. Teleflex's rating is constrained by industrywide pricing pressures as well as payors' increased focus on value-based healthcare. The risk of technology obsolescence and competition from much larger medical products companies are also constraining factors. Teleflex will continue to remain acquisitive and will use debt to fund acquisitions. Moody's expects Teleflex's liquidity to remain very good over the next 12–18 months. As of September 30, 2025, the company had $354 million in cash and $450 million drawn on its $1 billion revolver. Teleflex will use a significant portion of the asset sale proceeds to repay debt, which Moody's expects will include a substantial reduction of the term loan balance. Moody's also expects the company to continue generating strong internal cash flow. The stable outlook reflects Moody's expectations that the asset sales will close as planned, leverage will decline with subsequent debt paydown, and Teleflex will maintain strong earnings growth. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Teleflex's ratings could be upgraded if the company delivers sustained earnings growth and maintains strong operating performance as a stand-alone business following the asset sales. In addition, a material increase in scale and product sophistication could support a ratings upgrade. The ratings could also be upgraded if the company sustains debt/EBITDA below 2x and demonstrates a commitment to conservative financial policies post-sale. The ratings could be downgraded if the company experiences performance setback with the asset sales, or if Teleflex does not use the sale proceeds (after planned share repurchases) to materially reduce debt. Quantitatively, debt/EBITDA sustained above 3 times could also lead to a downgrade. Teleflex Incorporated, headquartered in Wayne, Pennsylvania, is a provider of medical technologies in the fields of vascular and interventional access, surgical, anesthesia, cardiac care, interventional urology, emergency medicine and respiratory care. The company is a manufacturer of medical devices including single-use disposable devices and, to a lesser extent, reusable devices, instruments and capital equipment. It has production facilities located in the United States, Czech Republic, Malaysia and Mexico. The company is publicly traded, and its annual revenues for the last twelve months ending on September 30, 2025, were approximately $3.2 billion. The principal methodology used in these ratings was Medical Products and Devices published in October 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. TELLICO RENTALS: To Sell Tellico Plains Asset to D. & J. DeWalt --------------------------------------------------------------- Tellico Rentals, LLC, seeks approval from the U.S. Bankruptcy Court for the Eastern District of Tennessee, Northern Division, to sell Property located at 0 Cherohala Skyway, Tellico Plains, Monroe County, TN 37385, to David DeWalt and Jane DeWalt in the purchase price of $115,000.00. The sale is to be made by private sale. The terms and conditions of the sale are listed in the attached Purchase and Sale Agreement and are conditioned upon the following additional terms: a. The State Tax Lien of the State of Tennessee Department of Revenue recorded at Book M332, Page 632 shall not be paid at this closing, and shall be partially released as to the Property, but shall continue to attach to all of Debtor's remaining property. b. Realtor's commissions, closing costs, and prorated property taxes shall be paid at closing. c. The Deed of Trust Lien of Mary Jane Saunders recorded at Book U-40, Page 230 attaches to any and all proceeds of sale up to the full amount of their payoff as of the date of such sale. d. Saunders shall be paid all net proceeds remaining after realtor's commissions, closing costs, and prorated property taxes in exchange for a partial release as to the Property. e. Debtor requests that the stay provided for in FRBP 6004(h) be waived. f. The Debtor shall set aside sufficient funds to cover applicable U.S. Trustee fees. About Tellico Rentals LLC Tellico Rentals, LLC offers cabin rental services in Tellico Plains, Tennessee. It provides a range of accommodations, including riverfront lodges, group cabins, and pet-friendly units near the Cherohala Skyway and Tellico River. Tellico Rentals sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tenn. Case No. 25-12707) on October 9, 2025, listing up to $50,000 in assets and between $500,001 and $1 million in liabilities. On October 30, 2025, the case was transferred from the Southern Division to the Northern Division and was assigned a new case number (Case No. 25-32044). Judge Suzanne H. Bauknight oversees the case. The Debtor is represented by W. Thomas Bible, Jr., Esq., at Tom Bible Law. THERAPEUTICS MD: Five Key Proposals Approved at Annual Meeting -------------------------------------------------------------- TherapeuticsMD Inc. held its 2025 Annual Meeting. At the close of business on October 20, 2025, the record date for the determination of stockholders entitled to vote at the Annual Meeting, there were 11,574,362 shares of the Company's common stock, par value $0.001 per share, outstanding and entitled to vote at the Annual Meeting. The holders of 6,842,247 shares of Common Stock were represented virtually or by proxy at the Annual Meeting, constituting a quorum. At the Annual Meeting, the stockholders of the Company considered and voted on proposals to: (1) elect four directors to serve until the Company's next annual meeting of stockholders or until their successors are duly elected and qualified; (2) approve, on a non-binding advisory basis, the compensation of the Company's named executive officers for the fiscal year ended December 31, 2024; (3) to provide a non-binding advisory vote on the frequency of future non-binding advisory votes on the compensation of our named executive officers; (4) ratify the appointment of Berkowitz Pollack Brant Advisors + CPAs, LLP, an independent registered public accounting firm, as the independent auditor of the Company for the fiscal year ending December 31, 2025; and (5) to approve an amendment to our Amended and Restated Articles of Incorporation, as amended, to increase the number of authorized shares of common stock, $0.001 par value per share, to 640,000,000 shares. Set forth are the final voting results for each proposal submitted to a vote of the stockholders at the Annual Meeting. More information on the following proposals are available in the Company's Definitive Proxy Statement on Schedule 14A, filed with the United States Securities and Exchange Commission on November 3, 2025. Proposal 1: All of the four nominees for the Company's Board of Directors were elected to serve until the Company's next annual meeting of stockholders or until their successors are duly elected and qualified, by the votes: 1. Tommy G. Thompson * For: 5,210,964 * Withheld: 41,488 * Broker Non-Votes: 1,589,795 2. Cooper C. Collins * For: 5,175,205 * Withheld: 77,247 * Broker Non-Votes: 1,589,795 3. Gail K. Naughton, Ph.D. * For: 5,223,784 * Withheld: 28,668 * Broker Non-Votes: 1,589,795 4. Justin Roberts * For: 5,138,982 * Withheld: 113,470 * Broker Non-Votes: 1,589,795 Proposal 2: The Company's stockholders approved, on a non-binding advisory basis, the compensation of the Company's named executive officers for the fiscal year ended December 31, 2024, by the votes: * For: 5,162,545 * Against: 81,614 * Abstain: 8,293 * Broker Non-Votes: 1,589,795 Proposal 3: The Company's stockholders approved a 1-year voting frequency, on a non-binding advisory basis, the frequency of future non-binding advisory vote on the compensation of our named executive officers, by the votes: A. 1-Year * Votes Submitted: 5,184,870 * Broker Non-Votes: 1,589,795 B. 2-Year * Votes Submitted: 30,885 * Broker Non-Votes: -- C. 3-Year * Votes Submitted: 15,369 * Broker Non-Votes: -- D. Withhold/Abstain * Votes Submitted: 21,328 * Broker Non-Votes: -- In addition, based upon these results, the Company's Board of Directors has determined to hold the non-binding advisory vote on the compensation of the Company's named executive officers every year, until the next required vote on the frequency of future non-binding advisory votes on the compensation of the Company's named executive officers. Proposal 4: The Company's stockholders ratified the appointment of Berkowitz Pollack Brant Advisors + CPAs, LLP, an independent registered public accounting firm, as the independent auditor of the Company for the fiscal year ending December 31, 2025, by the votes: * For: 6,768,667 * Against: 42,200 * Abstain: 31,380 * Broker Non-Votes: 0 Proposal 5: The Company's stockholders approved an amendment to the Company's Amended and Restated Articles of Incorporation, as amended, to increase the number of authorized shares of common stock, $0.001 par value per share, to 640,000,000 shares, by the votes: * For: 6,265,554 * Against: 548,884 * Abstain: 27,809 * Broker Non-Votes: 0 About TherapeuticsMD Inc. TherapeuticsMD Inc. was previously a women's healthcare Company with a mission of creating and commercializing innovative products to support the lifespan of women from pregnancy prevention through menopause. In December 2022, the Company changed its business to become a pharmaceutical royalty Company, primarily collecting royalties from its licensees. The Company is no longer engaging in research and development or commercial operations. West Palm Beach, Fla.-based Berkowitz Pollack Brant, Advisors + CPAs, the Company's auditor since 2023, issued a "going concern" qualification in its report dated March 27, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recent change in operations and negative cash flow position along with other conditions, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $38.7 million in total assets, $11.2 million in total liabilities, and $27.4 million in total stockholders' equity. TORRID LLC: Moody's Lowers CFR to Caa1 & Alters Outlook to Stable ----------------------------------------------------------------- Moody's Ratings downgraded Torrid LLC (Torrid) corporate family rating to Caa1 from B3, probability of default rating to Caa1-PD from B3-PD, and senior secured term loan rating to Caa2 from Caa1. The speculative grade liquidity rating (SGL) remains unchanged at SGL-3. The outlook was changed to stable from negative. The downgrade reflects the greater than expected deterioration in Torrid's operating performance in Q3 2025, which was driven mainly by the company's execution missteps. Moody's projects Moody's-adjusted EBITA/interest to decline below 1x in 2025 and full-year free cash flow to be modestly negative, reflecting further earnings declines expected in the fourth quarter. The downgrade also reflects governance considerations, including the risk of further aggressive financial policies, evidenced by the share repurchases in 2025, which reduced the company's financial flexibility. RATINGS RATIONALE Torrid's Caa1 CFR is constrained by the company's declining operating performance and Moody's expectations for limited free cash flow generation. Although LTM Q3 2025 funded leverage is moderate at 4.4x, interest coverage is weak as the business remains well below its peak earnings. In addition, the credit profile incorporates Torrid's very high business risk as a relatively small retailer in the highly competitive and fashion sensitive women's apparel sector, with exposure to mall traffic in about two-thirds of its stores. While the company has outlined a comprehensive plan to strengthen profitability through assortment correction and store closures, the timing and magnitude of these improvements remain uncertain. Despite the potential for recovery in 2026 and its adequate liquidity, Torrid's credit profile is constrained by reduced earnings visibility and elevated execution risk. Torrid's credit profile benefits from the company's position in the niche plus-sized apparel category, with a focus on fit that drives high customer loyalty. Torrid has a significant e-commerce business, representing over 60% of revenue. Moody's projects overall liquidity to be adequate over the next 12-18 months, including modestly positive annual free cash flow after term loan amortization payments in 2026, a lack of debt maturities until 2028, and adequate availability under the asset-based revolving credit facility. The stable outlook reflects Moody's expectations for earnings recovery and adequate liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if liquidity weakens, including negative free cash flow after 2025 or increased revolver reliance. Increased risk of default or lower recovery estimates could also result in a downgrade. The ratings could be upgraded if operating performance improves, including revenue and earnings recovery and solid positive free cash flow, while maintaining at least adequate overall liquidity. Quantitatively, Moody's-adjusted EBITA/interest expense sustained above 1.5x could lead to an upgrade. Torrid LLC is a designer and retailer of apparel, intimates and accessories in North America, targeting women that wear sizes 10-30. The company's products are sold through its e-commerce operations and over 500 company-operated retail stores. Revenue for the twelve months ended November 1, 2025 was approximately $1.0 billion. The company is publicly traded but majority-owned by funds affiliated with Sycamore Partners. The principal methodology used in these ratings was Retail and Apparel published in September 2025. The differential between the B2 scorecard-indicated outcome and the actual Caa1 CFR reflects the company's weak operating performance, low free cash flow and aggressive financial policies. TP BRANDS: U.S. Trustee Unable to Appoint Committee --------------------------------------------------- The U.S. Trustee for Region 21, until further notice, will not appoint an official committee of unsecured creditors in the Chapter 11 case of TP Brands Worldwide, Inc.'s affiliate, TP Brands International, Inc. About TP Brands Palmetto, Fla.-based TP Brands manufactures and imports flooring products, door components, ready-to-assemble kitchen cabinets, and bathroom vanities, offering a full domestic inventory and services across North America. Its products are distributed through networks of distributors and dealers in North and South America. It also provides private label programs and OEM services, as well as product development, sourcing, and oversight. TP Brands Worldwide Inc. and affiliates, TP Brands International Inc. and Premfloor, Inc., filed separate Chapter 11 bankruptcy petitions (Bankr. M.D. Fla. Lead Case No. 25-08424) on Nov. 10, 2025, before the Hon. Caryl E Delano. Worldwide and Premfloor listed $0 to $50,000 in estimated assets and $1 million to $10 million in estimated liabilities. International listed $500,000 to $1 million in estimated assets and $10 million to $50 million in estimated liabilities. The petitions were signed by Thomas J. Winter as president. Edward J. Peterson, Esq., and Clay B. Roberts, Esq., at Berger Singerman, LLP, serve as the Debtors' counsel. TRICOLOR AUTO: CEO Took in $30MM Prepetition, Suit Alleges ---------------------------------------------------------- Scott Carpenter of Bloomberg Law reports that Tricolor Holdings founder Daniel Chu collected nearly $30 million in compensation in the year leading up to the subprime auto lender's collapse amid alleged fraud, according to a lawsuit filed by the trustee overseeing the company's liquidation. The complaint alleges that the payments were made as the company's financial condition deteriorated. The trustee claims the compensation constituted improper transfers that benefited insiders while creditors were left with significant losses. The lawsuit seeks to recover the funds for the benefit of the bankruptcy estate, arguing the payments should be clawed back under insolvency and fraudulent transfer laws. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. TRIPLE-G-GUNITE: Seeks Cash Collateral Access Until June 2026 ------------------------------------------------------------- Triple-G-Gunite, Inc asks the U.S. Bankruptcy Court for the Eastern District of California, Sacramento Division, for authority to use cash collateral and provide adequate protection. The business, owned equally by Juan Carlos Gomora and Christopher D. Gunn, operates from leased premises in Sacramento and relies heavily on accounts receivable and equipment-generated proceeds to fund day-to-day operations. The court previously approved interim and final cash collateral use through December 31, 2025, and the debtor represents that it has made all required adequate protection payments under those orders. The Debtor seeks authorization to use cash collateral from January 1, 2026 through June 30, 2026, consistent with a detailed operating budget, with a permitted 15% variance. The budget includes ordinary operating expenses as well as insider compensation, including weekly salary payments to Christopher Gunn as office staff and hourly wages to Juan Carlos Gomora as site manager, along with limited non-cash benefits such as use of company vehicles and cell phones. The Debtor asserts that continued access to cash collateral is critical to maintaining operations and preserving going-concern value. The Debtor identifies six secured creditors asserting UCC-based security interests in substantially all of the debtor’s personal property, primarily arising from merchant cash advance transactions. ALT BANQ, Inc. is identified as the largest secured creditor, holding a first-priority lien with an estimated claim of $340,000, followed by Samson MCA LLC, Black Olive Capital LLC, East Hudson Capital LLC, Eminent Funding LLC, and JRG Funding LLC, each with asserted balances ranging from approximately $120,000 to $197,000. To provide adequate protection, the Debtor proposes granting replacement liens on post-petition cash collateral and similar assets, excluding avoidance actions, and making monthly cash payments to each secured creditor in amounts tied to their asserted claims. The Debtor contends that these protections, combined with the proposed budget controls, satisfy Bankruptcy Code requirements and that denial of the motion would cause immediate and irreparable harm to its ability to operate during the Chapter 11 process. A hearing on the matter is set for December 30, 2025 at 11 a.m. A copy of the motion is available at https://urlcurt.com/u?l=FHpvQ8 from PacerMonitor.com. About Triple-G-Gunite Inc. Triple-G-Gunite Inc., doing business as Triple G Gunite Inc., Triple G Gunite, Triple-G-Gunite, and TripleGGunite, specializes in gunite application, providing custom concrete solutions for residential, commercial, and industrial projects in Sacramento and surrounding areas. The Company offers services including pool and spa construction, erosion control, and structural foundations, using shotcrete and advanced techniques. It partners with homeowners, contractors, and developers to deliver durable and tailored concrete structures. Triple-G-Gunite relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-22625) on May 28, 2025. In its petition, the Debtor reported between $1 million and $10 million in both assets and liabilities. Judge Christopher M. Klein handles the case. The Debtor is represented by Gabriel E. Liberman, Esq., at the Law Offices of Gabriel Liberman, APC. TUNGSTEN CAYCO: Fitch Affirms B- LongTerm IDR, Outlook Negative --------------------------------------------------------------- Fitch Ratings has affirmed the Long-Term Issuer Default Ratings (IDRs) for Tungsten CayCo, Ltd. and its subsidiary, Project Leopard Holdings, Inc. (collectively referred to as Tungsten) at 'B-'. The Rating Outlook is Negative. Fitch has also assigned a 'BB-' rating with a Recovery Rating of 'RR1' to Tungsten's ABL facility issued by Tungsten Automation AR SPV, LLC and Tungsten Automation Receivables European Purchaser SPV. Fitch has affirmed the first lien term loan and RCF at 'B+'/'RR2' and the second-lien term loan at 'CCC'/'RR6'. The Negative Outlook reflects Tungsten CayCo, Ltd.'s (Tungsten) weakening liquidity profile. The company is increasingly reliant on its RCF and ABL facility amid ongoing pressure on cash flow generation. However, management's cost-cutting efforts have supported margin levels, and the company maintains a strong position in the intelligent automation (IA) industry with high recurring revenues. Fitch expects the company to start generating positive FCF in 2026. Key Rating Drivers Weakening Liquidity Profile: Tungsten is increasingly reliant on its revolver and newly issued ABL facility as it navigates its cash flow generation challenges. As of Sept. 30, 2025, Tungsten has drawn $102.5 million out of its $150 million revolver, decreasing availability to $47.5 million. Given its negative FCF generation, the company remains heavily reliant on this revolver and ABL access. Furthermore, while the first lien term loan matures in 2029 and the second lien loan in 2030, the revolver is approaching its July 2027 maturity in 19 months. This timeline, coupled with the accelerated draw rate, will increasingly pressure the company's liquidity cushion, though immediate refinancing risk remains limited. Elevated Financial Leverage: Fitch forecasts Tungsten's EBITDA leverage (Fitch-adjusted) will remain above 8.0x in the near term and increase in 2025 from the prior year's levels due to revolver and ABL draws and lower EBITDA generation. Beyond 2025, Fitch forecasts modest deleveraging, supported by projected EBITDA growth and mandatory debt amortization requirements. Given the scale and the private equity ownership of the company, Fitch believes Tungsten is likely to optimize return on equity (ROE) while maintaining some financial leverage. FCF Remains Negative: Tungsten is experiencing a period of negative FCF generation as it shifts from a perpetual license to a recurring revenue model, leading to temporary revenue and EBITDA headwinds. Increased interest rates have further raised expenses, placing additional strain on Tungsten's FCF. Fitch calculates the EBITDA interest coverage for the company at 1.3x in 2024 and expects it to dip slightly in 2025 and improve above 1.25x in 2026 and beyond. FCF is likely to remain negative in 2025 as the company continues to face a high interest burden. Recurring Revenue Provides Visibility: Fitch views Tungsten's higher proportion of recurring revenue as credit positive. Recurring revenues accounted for 91% of revenues as of Sept. 30, 2025, as its perpetual license revenues continue to decline. This is a result of the 2021 pivot away from perpetual licenses. In LTM 3Q25, annual recurring revenue grew by 7% and Fitch forecasts annual recurring revenue (ARR) will continue to grow. These factors, along with the company's strong retention rate and the sticky nature of its products, support its credit profile. Diverse Customers and Markets: The company offers its products to many customers globally, and its markets are diverse. Tungsten has secured several global banks as clients, as well as Fortune 100 and some Forbes Global 2000 companies. It has a leading IA platform that allows its customers to automate high volume manual processes, allowing companies to greatly improve efficiencies. IA accounts for majority of revenues, with the remaining coming from document automation and security. Its largest markets include financial institutions, manufacturing, retail, healthcare and government organizations. Peer Analysis Fitch assesses Tungsten's rating relative to other technology companies that provide a range of similar software offerings. Compared to other players, which offer IA products, such as Open Text Corporation (BB+/Stable), Tungsten operates at a smaller scale and has higher leverage. Fitch expects Tungsten to maintain some level of financial leverage as a private equity owned company, as equity owners optimize capital structure to maximize returns on equity. Its market position, revenue scale and visibility, as well as its leverage profile, are consistent with the 'B-' rating category. Fitch's Key Rating-Case Assumptions -- Revenue is projected to grow in the low-single-digit range throughout the forecast horizon. -- Fitch adjusted EBITDA margins are projected to remain over 37%; As of 3Q25, the company reported ARR-based EBITDA margin was 41.4%. -- Capex intensity is forecasted at about 1% of revenue; -- To calculate interest expense, Fitch assumes that the average floating rate in 2025 and in each of the following years is as follows: 4.25%, 3.37%, 3.15% and 3.29%; -- FCF projected to be negative in 2025 and turning positive thereafter; -- Fitch assumes the revolver maturity will get extended in 2027; -- No dividend payments are projected through 2028. Recovery Analysis The recovery analysis assumes that Tungsten would be reorganized as a going concern in bankruptcy rather than liquidated. Fitch assumes a 10% administrative claim. Going Concern Approach Fitch assumes Tungsten enters a distressed scenario as a result of the company's loss of market share due to intensified competition. In this case, Fitch assumes revenues will drop by 10% from LTM September 2025 and an EBITDA margin at 37% as the company continues spending on sales and marketing to regain lost market share. This would lead to a going concern EBITDA of $196 million. Fitch assumes that the company's going concern EBITDA is unchanged from Fitch's last Rating Recovery analysis. An enterprise valuation multiple of 7x EBITDA is applied to the going concern EBITDA to calculate a post-reorganization enterprise value (EV). The choice of this multiple considered the following factors: -- In the 2024 "Telecom, Media and Technology Bankruptcy Enterprise Values and Creditor Recoveries" case study, Fitch noted the median Telecom, Media, and Technology (TMT) multiple of reorganization EV to EBITDA is around 5.9x. Among the companies covered in this study, five were in the software subsector: SunGard Availability Services Capital, Inc. (4.6x), Aspect Software, Inc. (5.5x), Allen Systems Group, Inc. (8.4x), Avaya, Inc. (8.1x in 2017, 7.5x in 2023) and Riverbed Technology Software (8.3x). -- Tungsten's rising and resilient recurring sales, mission critical nature of the product, brand recognition, leadership position in revenue operations management and cash generative qualities supports the 7.0x recovery multiple. -- Fitch assumes the ABL facility will be fully drawn at the time of recovery and rates it at 'RR1', which results in the ABL facility being rated 'BB-', three notches above the IDR. Fitch assumes a full draw on the $150 million revolver and the resulting recovery for the first lien debt is 'RR2', which notches the instrument rating up two from the IDR to 'B+'. For the second lien loan, the recovery rating is 'RR6', which results in the instrument being notched down two from the IDR to 'CCC'. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to a Revision of Outlook to Stable -- The Outlook could be revised to Stable if the company addresses its upcoming July 2027 revolver maturity. Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- Insufficient liquidity to sustain operations for next 12-24 months; -- (Cash flow from operations (CFO) minus capital expenditure (capex)) to debt trending toward 0% or negative on a sustained basis; -- EBITDA interest coverage below 1.25x on a sustained basis; -- Organic revenue growth sustaining near or below 0%. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- EBITDA leverage below 7.5x on a sustained basis; -- (CFO-Capex) to debt above 2.5% on a sustained basis; -- EBITDA interest coverage above 1.5x on a sustained basis. Liquidity and Debt Structure As of Sept. 30, 2025, Tungsten had cash on the balance sheet of $34 million, up from $27 million on Sept. 30, 2024. As of Sept. 30, 2025, $102.5 million was drawn on the $150 million revolver. In 2023 and 2024, FCF was negative and is expected to be negative in 2025 before turning positive again. Tungsten's capital structure comprises of a $1.346 billion first lien term loan due 2029, an incremental $50 million loan issued in March 2023, a $60 million ABL facility and $150 million RCF. In addition, the company has a $348 million secured second lien loan due 2030. The $150 million first lien revolver is due in 2027. Issuer Profile Tungsten is a privately held company that offers its customers IA solutions that allow them to automate high volume manual processes, allowing companies to significantly improve efficiencies. In addition, it also offers document automation and security solutions. RATINGS ACTION Rating Prior Tungsten Automation Receivables European Purchaser SPV senior secured LT BB- New Rating RR1 Tungsten Automation AR SPV, LLC senior secured LT BB- New Rating RR1 Tungsten CayCo, Ltd. LT IDR B- Affirmed B- Project Leopard Holdings, Inc. LT IDR B- Affirmed B- senior secured LT B+ Affirmed RR2 B+ Senior Secured 2nd Lien LT CCC Affirmed RR6 CCC UNITED WHOLESALE: Moody's Affirms 'Ba3' CFR, Outlook Stable ----------------------------------------------------------- Moody's Ratings has affirmed the Ba3 corporate family rating and long-term senior unsecured debt rating of United Wholesale Mortgage, LLC (UWM) and the Ba3 backed long-term senior unsecured debt rating of UWM Holdings, LLC. The outlook on both entities is stable. The rating action follows the announcement by UWM Holdings Corporation, UWM's indirect parent, and Two Harbors Investment Corp. (TWO, unrated) that they have entered into a definitive merger agreement under which UWM will acquire TWO in an all-stock transaction. The companies anticipate that the transaction will close in the second quarter of 2026. RATINGS RATIONALE The affirmation of the ratings reflects the acquisition's credit-positive impact on UWM's financial profile. Nevertheless, while the company expects capitalization to increase materially post-closing, it will remain a constraint on any potential upgrade of the company's ratings. Upon successful integration, Moody's expects the combined entity's increased scale to enhance operating leverage, boost earnings, and moderately reduce earnings volatility. On a pro forma basis, the merged companies will become the largest residential mortgage originator and the eighth-largest residential mortgage servicer in the US. The acquisition will diversify UWM's revenue streams and reduce its reliance on origination volumes, which tend to exhibit higher revenue volatility. Additionally, the transaction could accelerate UWM's transition to in-house servicing, further lowering servicing costs. While Moody's believes that integration risks will be modest, governance considerations were a key factor in the rating action. The affirmation also reflects UWM's strong franchise in the US mortgage market as one of the largest overall residential mortgage originators and the leading wholesale broker originator for the past decade. Given its strong earnings capacity, UWM is well positioned to benefit when origination volumes recover from current depressed levels. Moody's expects the company's through-the-cycle average profitability to be at least 4.0% of average assets. Historically, UWM's capitalization has been solid. However, leverage has increased in recent years, driven by growth in mortgage loans at fair value and a high dividend payout ratio. Consequently, tangible common equity (TCE) to tangible managed assets excluding Ginnie Mae loans eligible for repurchase (TMA) declined to 9.8% as of September 30, 2026, from 22.5% at year-end 2023. At the closing of the TWO acquisition, the company projects that TCE/TMA will materially improve to 14.1% on a pro forma basis as of September 30, 2026. Over time, Moody's believes capitalization will strengthen from current levels, supported by the company's earnings potential. UWM's Ba3 senior unsecured debt ratings are aligned with the CFR, reflecting the company's historically modest reliance on secured corporate debt, which ranks senior to its unsecured obligations. While Moody's expects secured corporate debt to increase at closing, Moody's anticipates that over time the company will continue to rely only modestly on secured corporate debt. UWM's stable outlook reflects Moody's expectations that, over the next 12-18 months, the acquisition integration will proceed smoothly, profitability and capitalization will continue to strengthen, and funding and liquidity will remain broadly unchanged. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if the company: 1) commits to a financial policy of maintaining TCE/TMA above 17.5%; 2) increases the level of committed warehouse capacity to 25% or more of total warehouse capacity; and 3) maintains its low reliance on secured mortgage servicing rights (MSR) facilities such that the ratio of outstanding MSR debt to total corporate debt (MSR debt plus unsecured debt) outstanding remains below 25%. The ratings could be downgraded if the company's: 1) origination market share drops materially; 2) profitability weakens whereby Moody's expects the company's net income to average assets to remain below 3.0%; 3) TCE/TMA is expected to remain below 13.5% for an extended period of time; 4) funding or liquidity profiles weaken; or 5) percentage of non-government sponsored entity and non-government loan origination volumes grow to more than 15% of the company's total originations without a commensurate increase in alternative liquidity sources and capital to address the riskier liquidity and asset quality profile that such an increase would entail. In addition, UWM's senior unsecured rating would likely be downgraded if the ratio of secured MSR debt to total corporate debt increases and is expected to remain above 25%; under this scenario, Moody's expects the loss on senior unsecured obligations in the event of default would be materially higher. The principal methodology used in these ratings was Finance Companies published in July 2024. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. UNIVERSAL DESIGN: Jacksonville Property Sale to P. Chigurupati OK'd ------------------------------------------------------------------- The U.S. Bankruptcy Court for the Middle District of Florida, Jacksonville Division, has granted Universal Design Solutions LLC, to sell Property free and clear of liens, claims, interests, and encumbrances. The Debtor seeks an order authorizing the sale of real property of the estate commonly identified as: 11555 Central Parkway #1002, Jacksonville, FL 32224 through private sale to PedmaSree Chigurupati for the purchase price of $280,000.00. The Court has authorized the Debtor to sell the Property to PedmaSree Chigurupati. Debtor is further authorized to sell of the Property free and clear of all liens and encumbrances. The closing agent is directed to tender all net proceeds of the sale after payment of standard closing costs (including recordation fees, doc stamps, broker commissions, settlement fees) directly to TD Bank, NA. TD Bank will have an allowed unsecured claim for the balance of its claim no. 4 after applying the sale proceeds. The Debtor is ordered to maintain full property insurance of the Subject Property through the closing date. Debtor shall provide a final closing statement via email to counsel for TD Bank, NA, Esther McKean, esther.mckean@akerman.com, at least 24 hours in advance of the closing. In the event the Purchasers default under the terms of the subject purchase and sale agreement and Debtor is entitled to retain the earnest deposit, those funds shall be paid towards the payments under any confirmed plan. About Universal Design Solutions Universal Design Solutions, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-01970) with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Hon. Jason A Burgess oversees the case. Thomas C. Adam, Esq., at Adam Law Group, P.A. is the Debtor's bankruptcy counsel. TD Bank, N.A., as lender, is represented by Amanda Klopp, Esq., at Akerman LLP, in West Palm Beach, Florida. URBAN ONE: Moody's Affirms 'Caa2' CFR & Alters Outlook to Stable ---------------------------------------------------------------- Moody's Ratings affirmed Urban One, Inc.'s (Urban One) Caa2 Corporate Family Rating following the closing of the debt exchange, tender offer and new debt issuance. Concurrently, Moody's affirmed and appended a limited default (LD) designation to the Probably of Default Rating, revising it to Caa2-PD/LD. Also, Moody's downgraded the rating on the $11.8 million of existing 7.375% senior unsecured (senior secured prior to debt exchange) notes due 2028 to Ca from Caa2. Urban One's Speculative Grade Liquidity Rating (SGL) was downgraded to SGL-3 from SGL-2. The outlook was changed to stable from negative. On December 15, 2025, Urban One announced that it closed on a debt exchange with creditors representing approximately 97.58% ($476 million) of the outstanding $488 million principal amount of 2028 notes. Under the transaction support agreement (TSA), Urban One exchanged $291 million in principal amount of the 2028 notes at par into new senior secured second lien notes due 2031 (unrated). In connection with the exchange offer, Urban One solicited consents from notes holders to eliminate substantially all covenants and release all the collateral securing the debt. As a result, debt holders who did not participate in the exchange offer were subordinated to the new debt. In addition, the company tendered for $185 million in principal amount of the existing notes at a 40% discount to par utilizing proceeds from the issuance of $60.6 million of new 10.5% senior secured first lien notes due 2030 (unrated) and cash on the balance sheet. The "/LD" designation reflects Moody's views that the debt exchange is considered a distressed exchange, which is a default under Moody's definitions, given the weak debt trading prices, a 40% discount to par for the tendered notes, the subordination of the debt holders who do not participate in the exchange and Moody's views that the capital structure was unsustainable. The "/LD" designation will be removed in about three business days. The change in outlook to stable from negative reflects the 26% debt reduction that improved pro forma financial leverage (including Moody's standard lease adjustments) to 5.2x from 6.8x as of LTM September 2025 and will result in annual interest expense savings of approximately $7 million. The extended debt maturity profile to 2030-2031 from 2028 provides Urban One with some flexibility to improve its operating performance and expand its connected TV (CTV) revenue. However, Urban One's underlying operating performance is significantly pressured by challenges in the broadcast radio and cable TV segments due to persistent subscriber losses and audience engagement declines. Despite cost reduction efforts, Moody's expects leverage to rise to mid to high-5x over the next 12-18 months. Governance considerations were a key driver of the rating action. The company's financial policies have contributed to operating with high leverage which has led to a distressed exchange. RATINGS RATIONALE Urban One's Caa2 CFR reflects secular pressures in the cable TV and radio broadcast segments, and elevated financial leverage. The cable TV segment is facing significant challenges due to persistent subscriber losses and audience engagement declines. Despite contractual agreements with cable and satellite companies that include annual escalators, the benefits of the rate increases have been more than offset by the declining subscriber base and lower viewership. TV One subscribers decreased to 34.1 million (-12.8% YoY, -0.6% QoQ) as of September 2025. In 2026, Moody's projects a low single-digit percentage decline in revenue, while EBITDA is expected to remain flat, mainly driven by ongoing churn of cable TV subscribers and weakness in radio broadcasting, partially offset by political ad dollars, connected TV (CTV) revenue, and cost reduction measures. Moody's adjusted financial leverage is projected to rise to the mid to high-5x in 2026. Urban One's SGL-3 rating reflects adequate liquidity with a cash balance of approximately $10 million post close, an undrawn $50 million ABL facility due February 2026, and Moody's expectations for $20-$25 million in free cash flow in the next 12-18 months. Moody's expects the company to address the maturity of the ABL before that date. The company's cash uses include annual interest expense of approximately $30 million, working capital needs depending on seasonality and capital expenditures of $8 million. As the company reduced approximately $124 million of debt in connection with the tender offer, annual interest expense is expected to decrease by approximately $7 million. Due to the non-participating debt holders, Urban One will have debt maturities of approximately $12 million in 2028. Urban One's senior secured notes are not subject to financial covenants, but the ABL facility is subject to a springing fixed charge coverage test. The company complied with the requirement as of September 2025. Moody's expects the company to remain in compliance for the next 12 to 18 months, although Moody's do not anticipate the company drawing on the facility. The Ca rating on the old notes reflect the subordination and the ranking within the capital structure behind the ABL facility, first lien and second lien notes. The old notes, which were senior secured prior to the debt exchange, are now unsecured as the collateral securing the old debt were released. The stable outlook reflects Moody's views that Moody's adjusted debt to EBITDA will remain in the mid to high-5x while free cash flow is $20-$25 million over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Urban One's ratings could be upgraded if Moody's expects positive organic growth in the radio and cable network operations and improving financial leverage and liquidity. The ratings could be downgraded if revenue declines persist or profitability remains weak due to declining subscriber trends and weak advertising demand such that the liquidity position deteriorates further or Moody's assessments of the probability of default were to increase. Urban One, Inc., formerly known as Radio One, Inc., is an urban oriented multi-media company that operates or owns interests in radio broadcasting stations generated by 72 stations in 13 markets, cable television networks, a 95% ownership in Reach Media, and ownership of Interactive One, its digital platform, as well as other internet-based properties, largely targeting an African-American and urban audience. The company reported consolidated revenue of $394 million as of LTM September 2025. The principal methodology used in these ratings was Media published in September 2025. The net effect of any adjustments applied to rating factor scores or scorecard outputs under the primary methodology(ies), if any, was not material to the ratings addressed in this announcement. US MAGNESIUM: Lithium Carbonate Assets Sale to Glencore OK'd ------------------------------------------------------------ The U.S. Bankruptcy Court for the District of Delaware has approved US Magnesium LLC to sell Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor has been actively seeking a buyer for certain inventory currently in its possession, including its inventory of lithium carbonate, whether in the ordinary course of business or in a bulk sale. The Court has authorized the Debtor to sell the Assets to Glencore Ltd. up to 1,100 metric tons of lithium carbonate at a purchase price of $7,500 per metric ton. The Purchase Contract attached as Exhibit 1: https://urlcurt.com/u?l=nBA73m, and all of its terms and conditions are approved. The failure to specifically include any particular provisions of the Purchase Contract in this Order shall not diminish or impair the effectiveness of such provisions, it being the intent of this Court that the Purchase Contract be authorized and approved in its entirety. Prior to the Closing, the Debtor shall submit a Secondary Recovery Application and Certification to the Utah Division of Forestry, Fire, and State Lands (FFSL) under U.A.C. R652-21-402 in order to facilitate the transactions contemplated. The Debtor is authorized to execute and deliver, and empowered to perform under, consummate and implement, the Purchase Contract and all additional instruments and documents that may be reasonably necessary or desirable to implement the Purchase Contract in accordance with its terms, and to take all further actions as may be necessary for the purposes of assigning, transferring, granting, conveying and conferring to the Buyer of the Purchased Assets, or as may be necessary or appropriate to the performance of the obligations as contemplated by the Purchase Contract. The Order shall be good and sufficient evidence of the transfer of title in the Purchased Assets to the Buyer, and the Sale consummated pursuant to the Order and the Purchase Contract shall be binding upon and shall govern the acts of all persons and entities who may be required by operation of law, the duties of their office or contract to accept, file, register or otherwise record or release any documents or instruments, or who may be required to report or insure any title or state of title in or to any of the Purchased Assets sold pursuant to the Order. The Purchase Contract and each of the transactions contemplated therein were negotiated, proposed, and entered into by the Debtor and Buyer, in good faith, without collusion, and from arm's length bargaining positions. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VALYRIAN MACHINE: Unsecureds to Get Share of Income for 60 Months ----------------------------------------------------------------- Valyrian Machine, LLC, filed with the U.S. Bankruptcy Court for the Eastern District of Michigan a Plan of Reorganization under Subchapter V dated December 15, 2025. Valyrian is a Michigan limited liability company. Kris Surcek is the sole member of the Company. The Company is a precision CNC machining and manufacturing company based in Romulus, Michigan. Valyrian began operations in 2022. Valyrian Machine's financial distress is not the result of lack of customers or operational weakness, but rather a combination of extraordinary legal expenses, acquisition-related liabilities, lender pressure, and extended receivable cycles. The most significant factor that led to the filing was the ongoing litigation with PMP Romulus, Inc., which began in April 2023. Arbitration in this litigation consumed substantial time and resources and was amplified by negative publicity in a Law360 article. The Chapter 11 filing has enabled Valyrian to stabilize operations, restructure its obligations, and preserve jobs, while continuing to serve its customers. The Company has been able to determine a realistic cash flow, tied into orders, actual shipment dates, and necessary payments, including payments to ChoiceOne Bank. Based on this detailed review of production, delivery and time line for payments, Valyrian is poised to successfully restructure its debt and remain not only operational, but also profitable. The Plan Proponent's financial projections show that the Debtor will have projected disposable income of $269,350.00. The final Plan payment is expected to be paid on February 24, 2031. This Plan proposes to pay Creditors of the Debtor from the Debtor's cash flow from operations and future income. The Plan provides for one class of priority creditors; five classes of secured creditors; (2) classes of non-priority unsecured claims; and one class of equity security holders. The Plan proposes a distribution to Allowed Claims of non-priority unsecured creditors of 13%. The Plan provides for payment of administrative claims and expenses, and priority claims in full. Class VII consists of the holders of Allowed Unsecured Claims. Class VII does not include the portion of the claim of PMP Romulus, Inc. seeking exemplary damages, which is treated in Class VIII. Each Holder of a Class VII Claim shall receive a Pro Rata distribution attributable to its Allowed General Unsecured Claim based on quarterly payments each year by the Debtor from the Debtor's Projected Disposable Income, for the period commencing month 13 and continuing through month 60 of the Plan. The first payment shall be the first day of the first month of the calendar quarter which occurs after the 13th month after the Effective Date. Such payments shall continue to be made quarterly on the first day of each calendar quarter thereafter, for the remining term of the plan, such that the plan will not exceed 60 months from the Effective Date. This Class is Impaired. Class IX consists of the Claims and Interests of Debtor's sole member, Kris Surcek. Mr. Surcek will not receive any distribution from the Debtor on account of his claim against the Debtor. Mr. Surcek shall retain his equity interest in the Debtor and Reorganized Debtor. Mr. Surcek will receive no distribution under this Plan on account of his equity interest in the Debtor. A full-text copy of the Plan of Reorganization dated December 15, 2025 is available at https://urlcurt.com/u?l=rEBELc from PacerMonitor.com at no charge. Counsel to the Debtor: Julie B. Teicher, Esq. David M. Eisenberg, Esq. MADDIN, HAUSER, ROTH & HELLER PC One Towne Square, 5th Floor Southfield, MI 48076 Telephone: (248) 354-4030 E-mail: deisenberg@maddinhauser.com jteicher@maddinhauser.com About Valyrian Machine LLC Valyrian Machine, LLC manufactures high-tolerance parts and assemblies for industries such as automotive, aerospace, defense, and energy. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-49284) on September 16, 2025. In the petition signed by Kris J. Surcek , sole member, the Debtor disclosed up to $1 million in assets and $10 million in liabilities. Judge Paul R. Hage oversees the case. Julie Beth Teicher, Esq., at Maddin, Hauser, Roth & Heller, P.C., is the Debtor's legal counsel. ChoiceOne Bank, as secured lender, is represented by: Sandra S. Hamilton, Esq. Clark Hill, PLC 200 Ottawa Ave NW, Ste. 500 Grand Rapids, MI 49503 (616) 608-1141 bankruptcyfiling@clarkhill.com VERSACE DOMINICAN: Case Summary & 20 Largest Unsecured Creditors ---------------------------------------------------------------- Debtor: Versace Dominican Restaurant 1 Y Mas Inc. 510 Pleasant Hill Rd NW Lilburn GA 30047 Business Description: Versace Dominican Restaurant, with locations in Lilburn and Lawrenceville, Georgia, is a family-owned establishment founded by the Romero J.R. family from Salcedo, Dominican Republic, offering authentic Dominican cuisine and tropical drinks. The restaurant provides a full-service dining experience that includes live music, catering for private and corporate events, and a menu featuring traditional Dominican dishes such as mofongo and chicharron. It operates in the full-service restaurant industry, combining Caribbean flavors with a vibrant, celebratory atmosphere. Chapter 11 Petition Date: December18, 2025 Court: United States Bankruptcy Court Northern District of Georgia Case No.: 25-64759 Debtor's Counsel: Benjamin Keck, Esq. KECK LEGAL, LLC 2801 Buford Highway NE Suite 115 Atlanta GA 30329 Tel: 470-826-6020 E-mail: bkeck@kecklegal.com Estimated Assets: $100,000 to $500,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Leonor Romero as CEO. 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/C7VOYTI/VERSACE_DOMINICAN_RESTAURANT_1__ganbke-25-64759__0001.0.pdf?mcid=tGE4TAMA VILLAGE ROADSHOW: Amends Derivative Right Sale to Alcon Media Group ------------------------------------------------------------------- Village Roadshow Entertainment Group USA Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware, in an amended motion to sell Property, free and clear of liens, claims, interests, and encumbrances. On March 17, 2025, Village Roadshow Entertainment Group USA Inc. and certain of its affiliates. The Debtors are seeking to sell the rights to participate in motion picture projects that are derivative of certain films, including those that the Debtors co-produced with Warner Bros. Entertainment Inc. and its affiliates and Regency Entertainment (USA), Inc. The Derivative Right for each film is governed by its own coownership agreement (DRA), as such agreement may have been amended. On July 23, 2025, the sale of the Library Assets to Alcon closed, and the Debtors filed the Notice of Library Assets Sale Closing. Pursuant to the Library Assets Sale Order, the Debtors applied the proceeds of the Library Assets sale: (a) first to satisfy all of the Debtor' outstanding obligations under the ABS facility; (b) second, to satisfy all of the Debtors' outstanding obligations under the DIP Facility; (c) third, to fund the Warner Bros. Reserve; (d) fourth, to fund the Library Reserve; and (e) fifth, to the Sellers' estates. Paragraph 35 of the Library Assets Sale Order provides the following: Except in the case of a material amendment, the APA and any related agreements may be amended, supplemented, or otherwise modified by the parties thereto and in accordance with the terms thereof, without further action or order of the Court; provided that any such amendment, supplement, or modification shall require the prior written consent of the Buyer and shall not have a material adverse effect on the Debtors' estates. Any material amendments shall require approval of this Court. Prior to the Petition Date, in December 2023, the Debtors sold their share of participation revenues in Wonka to Alcon in December 2023 in exchange for Alcon financing Village's acquisition of a 50% interest in the film. While the Debtors originally sought to sell their non-economic interests in Wonka to Alcon as well, at the time of the transaction, Warner wished to remain in contractual privity with the Debtors and therefore declined to consent to Alcon being substituted in as its direct co-financing partner for the film. Given that the Debtors had already sold their economic interests in Wonka, the Debtors' remaining non-economic interests in Wonka were excluded from the prepetition and postpetition marketing processes for the Library Assets because they did not present a source of value to any potential purchasers other than Alcon. As a result, the original stalking horse bid for the Library Assets submitted by CP Ventura LLC did not include any of the Debtors' remaining interests in Wonka as purchased assets. Thus, when Alcon submitted an overbid to become the new stalking horse on substantially the same terms as the bid submitted by CP Ventura LLC, Alcon’s bid also excluded the Debtors’ remaining interests in Wonka. Now that the sale of the Library Assets has closed, Alcon and Warner are in direct contractual privity with respect to all other films previously co-owned by the Debtors, with Wonka being the sole exception. Accordingly, following good-faith negotiations between the Debtors, Alcon, and Warner, as well as review and approval by the Debtors’ management, the Debtors desire to enter into the Amendment, which amends the Library Assets APA to include the transfer of certain interests of the Sellers in the Wonka motion picture. Specifically, the Amendment would operate to include the Wonka Assets, within the definition of Purchased Assets under the Library Assets APA. As defined in the Amendment, "Wonka Assets" means: All of the Sellers' right, title and interest in and to the Wonka Picture and all of the assets, properties and rights of any kind, whether tangible or intangible, used in, held for use in, relating to or arising from the financing, development, production and/or Exploitation of the Wonka Picture, including, without limitation, all of the right, title and interest of each Seller in and to the following to the extent such assets or rights exist (except to the extent constituting the Excluded Assets): (i) all Exploitation Rights with respect to the Wonka Picture (including all Wonka Ancillary Rights), (ii) those Assumed Contracts reflected on subclause (b) of Schedule III, including, without limitation, the Assumed Loompala Agreements, (iii) all Books and Records with respect to the Wonka Picture, (iv) all rights to receive Wonka Financial Information from a distributor or any other Person with respect to the monies and any other consideration payable in connection with the Wonka Picture for all accounting periods and (v) all rights to (A) exercise, control, settle, compromise and/or direct any noticed, pending or future audit and/or inspection (Wonka Audit Right) of or relating to amounts reflected in any Wonka Financial Information with respect to the Wonka Picture, and (B) receive the economic benefit and/or any payments resulting from any audit set forth in clause (A) above. In addition, the Amendment would include the Excluded Wonka Assets within the definition of Excluded Assets in the Library Assets APA. As defined in the Amendment, "Excluded Wonka Assets" means: Collectively, (i) the Sellers' right, title and interest in the Derivative Rights in the Wonka Picture and the "naked" worldwide copyright of the Wonka Picture and the underlying material for the Wonka Picture (which Derivative Rights and "naked" copyright exclude, for the avoidance of doubt, all Exploitation Rights with respect to the Wonka Picture (including, without limitation, the Wonka Ancillary Rights) and all other rights with respect to the Wonka Picture other than the Derivative Rights and the "naked" copyright itself) and (ii) the Consulting Agreement. Finally, the Amendment provides for the inclusion of the Wonka Agreements on the Assumed Contracts schedule to the Library Assets APA. As defined in the Amendment, "Wonka Agreements" means: The Wonka MPRPA, the Wonka Distribution Agreement, the Wonka Intercreditor Agreement (each as defined in subclause (b) of Schedule III), the Assumed Loompala Agreements, and all other instruments, exhibits, documents and agreements executed or delivered by Sellers from time to time prior to the First Amendment Effective Date pursuant to the foregoing, including, without limitation, rights purchase agreements, intercompany licenses and assignments and security perfection documents, and all other Contracts to which a Seller is a party in connection with the financing, development, production, exhibition or other Exploitation of the Wonka Picture. About About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. VIVAKOR INC: Issues 15.4MM Shares on Note Conversions ----------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that between December 10 and December 15, 2025, the Company received eight Notices of Conversion from the Lenders converting a total of $507,172.86 of the amounts due under the Lender Notes into 15,427,519 shares of the Company's common stock. As previously reported, between June 6 and June 9, 2025, the Company issued convertible promissory notes, to seven non-affiliated accredited investors, in the aggregate principal amount of $5,117,647.06 in connection with a Securities Purchase Agreement entered into by and between the Company and the Lenders. Under the terms of the Lender SPA and the Lender Notes, the Company received $4,350,000 prior to deducting customary fees. Pursuant to the terms of the Lender Notes and the Notices of Conversion, the Company issued the Lender Shares. The Lender Shares were issued without a Rule 144 restrictive legend pursuant to a legal opinion received by the Company and its transfer agent. The issuances of the foregoing securities were exempt from registration pursuant to Section 4(a)(2) of the Securities Act promulgated thereunder as the holder is an accredited investor and familiar with our operations. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. VIVAKOR INC: Receives Nasdaq Notice on October Equity Issuances --------------------------------------------------------------- Vivakor, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company, received a written notification from the Listing Qualifications Department of The Nasdaq Stock Market LLC stating that based on the Staff's review of the Company's issuances of shares of common stock and prefunded warrants in connection with the Company's registered direct offerings conducted in October 2025, the Staff has determined that the Company failed to comply with Nasdaq Listing Rule 5635(d) in relation to certain of the offerings, which requires prior shareholder approval for transactions, other than public offerings, involving the issuance of 20% or more of the pre-transaction shares outstanding at less than the Minimum Price (as defined in Nasdaq Listing Rule 5635(d)(1)(A)). As previously disclosed in the Company's Current Report on Form 8-K, on October 24, 2025, the Company entered into a Securities Purchase Agreement with certain institutional investors to issue 10,909,090 shares of common stock and 5,000,000 pre-funded warrants at an offering price of $0.22 per share. In addition, as previously disclosed in the Company's Current Report on Form 8-K filed with the SEC, on October 30, 2025, the Company entered into a Securities Purchase Agreement with certain institutional investors to issue 10,600,000 shares of common stock and 3,566,666 pre-funded warrants at an offering price of $0.18 per share. The Staff's determination under the Shareholder Approval Rule is based on the Staff's review of the October 24 Offering and the October 30 Offering, which collectively represent more than 20% of the pre-transaction shares of outstanding common stock at a discount to the applicable Minimum Price. The Notice does not have any immediate effect on the listing of the Company's common stock on the Nasdaq Capital Market, and the Company has 45 calendar days from December 11, 2025, to submit a plan to regain compliance. If the Plan is accepted, the Staff can grant an extension of up to 180 calendar days from the date of the Notice to evidence compliance. The Company plans to timely submit a Plan to Nasdaq in response to the Notice and is seeking approval of its shareholders for the issuance of the Company's common stock in the October 24 Offering and the October 30 Offering. However, there are no assurances that the Company will be able to regain compliance with the Shareholder Approval Rule, or, assuming the Company regains compliance with the Shareholder Approval Rule, that the Company will be able to continue to maintain compliance with all Nasdaq listing standards in the future. About Vivakor, Inc. Vivakor, Inc. provides transportation, storage, reuse, and remediation services for crude oil and petroleum byproducts. The Company operates facilities under long-term contracts to support these services and manages energy-related assets, properties, and technologies. Vivakor reported total assets of $244.54 million, total liabilities of $146.5 million, and total stockholders' equity of $98.04 million as of June 30, 2025. The Company has historically suffered net losses and cumulative negative cash flows from operations, and as of June 30, 2025, it had an accumulated deficit of approximately $112.1 million. As of June 30, 2025 and Dec. 31, 2024, Vivakor had a working capital deficit of approximately $105.8 million and $101.5 million, respectively. As of June 30, 2025, the Company had cash of approximately $3.7 million, of which $3.2 million is restricted cash. In addition, the Company has obligations to pay approximately $74 million of debt within one year of the issuance of the financial statements. In its audit report dated April 15, 2025, Urish Popeck & Co., LLC issued a "going concern" qualification citing that the Company has a significant working capital deficiency, suffered significant recurring losses from operations, and needs to raise additional funds to meet its obligations and sustain its operations. These conditions raise substantial doubt about the Company's ability to continue as a going concern. WALKER EDISON: Court Confirms Chapter 11 Plan of Liquidation ------------------------------------------------------------ Judge Thomas M. Horan of the United States Bankruptcy Court for the District of Delaware confirmed the Combined Disclosure Statement and Chapter 11 Plan of Liquidation of WEH Liquidating, LLC f/k/a Walker Edison Holdco LLC and its debtor affiliates. The Disclosure Statement contains extensive material information regarding the Debtors so that parties entitled to vote on the Plan could make informed decisions regarding the Plan. The Disclosure Statement contains "adequate information" (as such term is defined in section 1125(a) of the Bankruptcy Code and used in section 1126(b)(2) of the Bankruptcy Code) with respect to the Debtors, the Plan, and the transactions contemplated therein. The Disclosure Statement is approved on a final basis pursuant to section 1125 of the Bankruptcy Code as containing adequate information, and sufficient information of a kind necessary to satisfy the disclosure requirements of any applicable non-bankruptcy laws, rules, and regulations. As reported by the Troubled Company Reporter on Nov. 19, 2025, WEH Liquidating, LLC f/k/a Walker Edison Holdco LLC and Its Debtor Affiliates submitted a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated November 11, 2025. The Debtors filed these chapter 11 cases to pursue a sale of all or substantially all of their Assets with the goal of maximizing the recovery for their Estates and Creditors. To that end, the Bankruptcy Court entered the Bidding Procedures Order granting certain of the relief sought in the Sale Motion, including, among other things, (a) approving the bidding procedures, which established the key dates and times related to the Sale and auction, (b) approving assumption procedures, and (c) authorizing the Debtors' entry into and performance under the Asset Purchase Agreement. The Bidding Procedures Order also established a bid deadline of September 22, 2025. The Debtors did not receive any bids for their Assets other than the Stalking Horse Bid prior to the bid deadline. As a result, the Debtors cancelled the auction. At the Sale Hearing, the Debtors were able to resolve the GXO Limited Objection through the GXO Stipulation. The Bankruptcy Court scheduled the Kenco Limited Objection for hearing on October 8, 2025. The Debtors and Kenco engaged in good faith negotiations and as a result, the Debtors were able to resolve the Kenco Limited Objection. On October 7, 2025, the Bankruptcy Court entered an order approving the Kenco Stipulation. On October 2, 2025, the Bankruptcy Court entered the Sale Order. The Sale to the Purchaser closed on October 7, 2025. At Closing, the Sale Proceeds were $16,214,369.00, which is subject to adjustment pursuant to the Asset Purchase Agreement. Additionally, after the Closing of the Sale, the corporate names of the Debtors were changed to WEH Liquidating, LLC, WEI Liquidating, LLC, WEFC Liquidating, LLC, and EWF Liquidating, LLC. Like in the prior iteration of the Plan, except to the extent that the Holder of an Allowed Claim in Class 4 agrees to less favorable treatment (or such other treatment which the Debtors or the Liquidating Trustee, as applicable, and the Holder of such Allowed Class 4 Claim have agreed upon in writing), each Holder of an Allowed Claim in Class 4 shall receive their Pro Rata share of the Series B Liquidating Trust Interests. The allowed unsecured claims total $30,000,000 to $34,000,000. This Class will receive a distribution of 0.5% to 60% of their allowed claims. On the Effective Date, all Interests shall be transferred to the Liquidating Trust, and each Holder of an Interest in the Debtors shall receive no Distribution pursuant to the Plan. The Plan implements a structure, first approved by the Bankruptcy Court in the Final DIP Order, by which Holders of Allowed General Unsecured Claims will receive a meaningful share of any of the proceeds of Utah Litigation. This structure was set forth in the Global Settlement by and between the Debtors, the Committee, the DIP Secured Parties, the Prepetition ABL Lender and the Prepetition Term Loan Secured Parties. The Liquidating Trust Assets include: (i) all Cash held by the Debtors as of the Effective Date, excluding amounts held in trust with respect to the Professional Fee Account but including the Initial Estate Payment, (ii) the Utah Litigation Assets, (iii) Litigation DIP Loan Proceeds, (iv) Other Litigation Assets, and (v) Other Assets, all of which are being transferred pursuant to this Plan to the Liquidating Trust upon the Effective Date. A full-text copy of the Combined Disclosure Statement and Liquidating Plan dated November 11, 2025 is available at https://urlcurt.com/u?l=0hKaCE from Epiq Corporate Restructuring, LLC, claims agent. Counsel to the Debtors: Robert J. Dehney, Sr., Esq. Donna L. Culver, Esq. Daniel B. Butz, Esq. Scott D. Jones, Esq. Jonathan M. Weyand, Esq. MORRIS, NICHOLS, ARSHT & TUNNELL LLP 1201 N. Market Street, 16th Floor Wilmington, DE 19801 Telephone: (302) 658-9200 Facsimile: (302) 658-3989 Email: rdehney@morrisnichols.com dculver@morrisnichols.com dbutz@morrisnichols.com sjones@morrisnichols.com jweyand@morrisnichols.com The classification of Claims and Interests under the Plan is proper under the Bankruptcy Code. In addition to Administrative Claims, Professional Fee Claims, Tax Claims, U.S. Trustee Fees, and DIP Facility Claims, which need not be classified, the Plan designates five Classes of Claims and Interests. The Claims or Interests placed in each Class are substantially similar to other Claims or Interests, as the case may be, in each such Class. Valid business, factual, and legal reasons exist for separately classifying the various Classes of Claims and Interests created under the Plan, and such Classes do not unfairly discriminate between Holders of Claims and Interests. Thus, the Plan satisfies sections 1122 and 1123(a)(1) of the Bankruptcy Code. The Plan, including the provisions governing the Liquidating Trust, provides adequate and proper means for the Plan's implementation. Thus, section 1123(a)(5) of the Bankruptcy Code is satisfied. The Debtors have proposed the Plan in good faith and not by any means forbidden by law, thereby satisfying section 1129(a)(3) of the Bankruptcy Code. In determining that the Plan has been proposed in good faith, this Court has examined the totality of the circumstances surrounding the filing of these chapter 11 cases and the process related to the proposal of the Plan. The Plan is the result of extensive arm's-length negotiations among the Debtors, Committee, DIP Agent, U.S. Trustee, and other key stakeholders. The Plan promotes the objectives and purposes of the Bankruptcy Code. Entry into the Liquidating Trust Agreement is in the best interests of the Debtors and the Debtors' Estates and creditors. The establishment of the Liquidating Trust, the selection of the Liquidating Trustee, and the form of the Liquidating Trust Agreement (as may be modified or amended from time to time), is appropriate and in the best interest of the Debtors' creditors. The Liquidating Trust Agreement shall, upon the Effective Date, be valid, binding, and enforceable in accordance with its terms. The Plan, as and to the extent modified by this Confirmation Order, is approved and confirmed pursuant to section 1129 of the Bankruptcy Code. All objections to confirmation of the Plan not withdrawn, resolved, or otherwise disposed of, including the Objections, are overruled and denied on the merits. A copy of the Court's Findings of Fact, Conclusions of Law, and Order dated December 18, 2025, is available at https://urlcurt.com/u?l=Qfe6x9 from PacerMonitor.com. About Walker Edison Holdco Walker Edison, a Delaware corporation headquartered in West Jordan, Utah, designs and distributes affordable, ready-to assemble home furnishings, operating primarily through e-commerce channels rather than traditional retail stores. Its business is managed by Walker Edison Intermediate, LLC and Walker Edison Holdco, LLC, and it owns EW Furniture, LLC, a Utah-based subsidiary. The company sources most products from suppliers in Asia and Brazil, distributing them through its Ohio and California centers or directly via major e-commerce platforms including Wayfair, Amazon, Walmart, Target, and Home Depot, with gross sales of roughly $124.6 million in 2024. Walker Edison Holdco, LLC and three affiliates filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11602) on August 28, 2025. At the time of the filing, Walker Edison Holdco listed up to $50,000 in assets and between $100 million and $500 million in liabilities. Judge Thomas M. Horan oversees the cases. The Debtors tapped Morris, Nichols, Arsht & Tunnell, LLP as legal counsel; Lincoln International, LLC as investment banker; MACCO Restructuring Group, LLC as transformation advisor. Epiq Corporate Restructuring, LLC is the Debtors' notice, claims and administrative agent. WARREN'S READY-MIX: Section 341(a) Meeting of Creditors on Jan. 14 ------------------------------------------------------------------ On December 15, 2025, Warren's Ready-Mix, LLC, filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Texas. According to court filings, the debtor reports between $10 million and $50 million in debt owed to between 100 and 199 creditors. A meeting of creditors under Section 341(a) to be held on 1/14/2026 at 09:30 AM, US Trustee Houston Teleconference. About Warren's Ready-Mix, LLC Warren's Ready-Mix, LLC produces and supplies high-performance ready-mix concrete in Houston, Texas, serving both commercial and residential construction projects. The Company provides concrete for applications including roads, parking lots, building foundations, driveways, patios, and sports facilities, leveraging electronic order entry, automated batching, and GPS-tracked delivery trucks. Warren's focuses on reliable scheduling, customer service, and long-term client relationships across projects of varying sizes. Warren’s Ready-Mix, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-37585) on December 15, 2025. In its petition, the debtor reported estimated assets ranging from $10 million to $50 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The debtor is represented by Julie M. Koenig, Esq., of Cooper & Scully. WATER ENERGY: To Sell Texas Properties to 4 Arrows Investments -------------------------------------------------------------- Water Energy Services, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas, San Antonio Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Properties are located on County Road 307 in Seminole, Texas, and at 142 WES Lane in Charlotte, Texas. The Debtor wants to sell the Properties to 4 Arrows Investments, LLC. The Debtor has been working with Hilco Real Estate, LLC as the Debto's broker to market the Properties. After negotiation, the Debtor and Purchaser have agreed to a total sale price of $775,000.00. The property located on County Road 307, Seminole, Texas consists of an unimproved 70.36-acre lot in Seminole, Texas. The Debtor is aware of purported liens against the Seminole Property, including those held by: a. Community Bank & Trust-West Georgia; b. OSC Energy, LLC; c. BTG, LLC; and d. Gaines County Central Appraisal District. The Debtor is aware of a Lien Against Mineral Interests filed on behalf of SitePro, Inc. However, given that SitePro's legal description does not match the foregoing legal description, the Debtor does not believe SitePro has a lien encumbering the subject assets to be sold. The Debtor proposes to sell the Seminole Property for $275,000.00, free and clear of all liens, claims, and encumbrances. At closing, the Debtor seeks authority to pay: a. CB&T in the amount of $233,750.00; b. Hilco commission in the amount of $22,000.00, consistent with the Court's prior order approving Hilco's employment; c. Gaines County for Property taxes in the estimated amount of $3,000.00; and d. Miscellaneous closing costs, in the estimated amount of $2,500.00. The remainder, approximately $13,750.00, which is a carve out from CB&T's lien and therefore not subject to any other liens, goes to the Debtor. The property located at 142 WES Lane in Charlotte, Texas consists of an unimproved 10.63-acre lot in Charlotte, Texas. The Debtor is aware of possible liens against the Charlotte Property, including those held by: a. Atascosa County Central Appraisal District. b. Community Bank & Trust – West Georgia; c. Internal Revenue Service; d. 448 Supply, Inc.; e. OSC Energy, LLC; f. Energy Debt Holdings, LLC; and g. Machinery Auctioneers of Texas, LLC. With respect to liens filed by Energy Debt Holdings, LLC and Machinery Auctioneers of Texas, LLC, the property described in recorded liens does not match the description of the Property to be sold, therefore the Debtor does not believe the foregoing parties have a security interest in the Property. The Debtor proposes to sell the Charlotte Property for $500,000.00, free and clear of all liens, claims, and encumbrances. At closing, the Debtor seeks authority to pay: a. Atascosa County for Property taxes in the estimated amount of $66,000.00; b. CB&T in the amount of $375,000.00; c. Hilco commission in the amount of $40,000.00, consistent with the Court's prior order approving Hilco's employment; and d. Miscellaneous closing costs, in the estimated amount of $2,500.00. The remainder, approximately $16,500, which is a carve out from CB&T's lien and therefore not subject to any other liens, goes to the Debtor. The Debtor further requests that the remaining sale proceeds be used as cash collateral in accordance with the Court-approved budget. Because CB&T's liens exceeds the sale price and CB&T is agreeing that the portion to be remitted to the Debtor is being carved out of CB&T's lien, the approximately $30,250.00 remaining after the foregoing distributions is CB&T's cash collateral and not the cash collateral of any other party in interest. The Debtor believes that the Sale Contract is the highest and best offer that will be received for the Properties. The Debtor believes the Purchase Price is reasonable and fair. The Debtor chose this offer based on the price offered and the belief that the Purchaser can close under the contracted terms. The Debtor further notes that it has no relationship with the Purchaser other than as an arm's-length purchaser. The proposed sale is not to any insider of the Debtor. The Debtor further notes that any party may make a higher offer for the subject Properties, and that any such party should appear at the hearing on the Motion. About Water Energy Services Water Energy Services, LLC, is a San Antonio-based company operating in the oil and gas extraction industry. Water Energy Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-50539) on March 21, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Michael M. Parker handles the case. The Debtor is represented by Herbert C Shelton, II, Esq., at Hayward, PLLC. WOK HOLDINGS: Moody's Cuts CFR to Caa2 & Alters Outlook to Negative ------------------------------------------------------------------- Moody's Ratings downgraded Wok Holdings Inc.'s (Wok Holdings) ratings including its corporate family rating to Caa2 from Caa1, probability of default rating to Caa3-PD from Caa2-PD, its backed senior secured revolving credit facility rating expiring March 2029 to Caa2 from Caa1 and the backed senior secured first lien term loan rating due September 2029 to Caa2 from Caa1. The outlook was changed to negative from stable. The downgrades and the negative outlook reflect governance considerations particularly Wok Holdings' currently weak liquidity and tolerance for high leverage that have increased the probability of default. The downgrade also reflects Wok Holdings' ongoing weak operating performance. Following two years of traffic and revenue declines, Wok Holdings' revenue has declined around 10% over the first 3 quarters of 2025 driven by negative same store sales as inflation weary consumers remain cautious about spending. The revenue declines as well as higher commodity costs and a challenging labor environment have further reduced profitability and led to negative free cash flow. Wok Holdings' EBITA/interest has remained under 1x for the past year while debt/EBITDA has increased to 7.1x. RATINGS RATIONALE Wok Holdings' Caa2 CFR reflects its weak liquidity stemming from its currently negative free cash flow and very limited availability under its revolving credit facility as the facility is almost fully drawn. The rating also reflects its aggressive financial strategies as well as weak operating performance that have led to high leverage and weak coverage. It also reflects that consumers will remain value focused which will present hurdles in driving a meaningful improvement in customer traffic. However, the rating benefits from the high level of customer awareness of the P.F. Chang's brand in the Asian cuisine sector, its good geographic distribution across major MSAs, good mix of off-premise (delivery and takeout) sales as well as a history of financial support by its private equity sponsor. Moody's expects Wok Holdings' debt/EBITDA will remain high but improve to under 7x while EBITA/interest will remain weak and under 1x over the next 12 months as the company executes on its strategy to improve the value perception of the brand with the consumer. A reduction in capital spend should also ease the strain on liquidity and reduce the level of free cash flow deficits over the next 12 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Ratings could be downgraded should Wok Holdings' operating performance, free cash flow and credit metrics not materially improve from current levels. Ratings could also be downgraded should the probability of default increase or if there is further deterioration in expected recoveries. Ratings could be upgraded should there be a sustained improvement in operating performance, at least adequate liquidity including break-even to positive free cash flow and an overall reduction in the likelihood of default. An upgrade would also require debt/EBITDA sustained below 7x and a meaningful improvement in EBITA/interest expense from current levels. Wok Holdings Inc. owns and operates 202 full-service casual restaurants under the brand name, P.F. Chang's China Bistro (Bistro), 4 P.F. Chang's To-Go and 2 Pagoda Asian Grill locations in the US Additionally, the company licenses 98 restaurants, 92 of which are located outside the US. Revenue for the twelve month period ended September 30, 2025 was $883 million. Wok Holdings is owned by TriArtisan Capital Advisors LLC and Paulson & Co Inc. The principal methodology used in these ratings was Restaurants published in September 2025. Wok Holdings' Caa2 corporate family rating, two notches below the B3 scorecard-indicated outcome as of year-end 2024 is because of the company's deteriorating credit metrics and weakened liquidity. WORKHORSE GROUP: Motive GM Holdings Owns 62.8% Equity Stake ----------------------------------------------------------- Motive GM Holdings II, LLC, Gary Magness, and GMIT Lending Company, LLC, disclosed in a Schedule 13D filed with the U.S. Securities and Exchange Commission that as of December 15, 2025, they beneficially own 6,629,800 shares of common stock (directly held by Motive GM Holdings II, LLC, with Gary Magness as manager and shared beneficial ownership through control entities; acquired as merger consideration in exchange for indebtedness of Motiv Power Systems, Inc. pursuant to the consummation of the merger on December 15, 2025) of Workhorse Group Inc.'s common stock, $0.001 par value, representing 62.8% of the 10,560,661 shares outstanding. Motive GM Holdings II, LLC may be reached through: Gary Magness, Manager GMIT Lending Company, LLC 4643 South Ulster Street, Suite 1400 Denver, CO 80237 Tel: 303.572.6400 A full-text copy of Motive GM Holdings II, LLC's SEC report is available at: https://tinyurl.com/mpwkebwe About Workhorse Group Workhorse Group Inc. -- http://www.workhorse.com-- is an American technology company with a vision to pioneer the transition to zero-emission commercial vehicles. The Company designs, develops, manufactures and sells fully electric ground and air-based electric vehicles. New York, N.Y.-based Berkowitz Pollack Brant Advisors + CPAs, the Company's auditor since 2024, issued a "going concern" qualification in its report dated March 31, 2025, attached to the Company's Annual Report on Form 10-K for the year ended December 31, 2024, citing that the Company has incurred a net loss of $101.8 million and used $47.6 million of cash in operating activities during the year ended December 31, 2024, and as of December 31, 2024 the Company had total working capital of $8.2 million, including $4.1 million of cash and cash equivalents, and an accumulated deficit of $853.4 million. These conditions, along with the other matters, raise substantial doubt about the Company's ability to continue as a going concern. As of September 30, 2025, the Company had $116.7 million in total assets, $84.7 million in total liabilities, and $32.1 million in total stockholders' equity. XEROX CORP: Pursues IP-Backed Debt Financing -------------------------------------------- Alexander Gladstone of The Wall Street Journal reports that Xerox is exploring potential debt financing that would use its intellectual property as collateral, according to people familiar with the matter. The company, historically known for its printers, has faced continued losses amid increasing workplace digitization. The office technology firm is reportedly seeking a $500 million loan secured against its IP to strengthen liquidity. As of September, Xerox held $479 million in cash and cash equivalents, having used part of its funds to complete a $1.5 billion acquisition of printer maker Lexmark in July, with the remainder financed through new bonds, the report states. Shares have dropped nearly 60% since the Lexmark deal, trading around $2.70 on Monday. Xerox did not comment on the debt financing plans. The company is represented by Kirkland & Ellis and Lazard, while debtholders are represented by Gibson Dunn & Crutcher and Moelis, according to report. About Xerox Corp. Xerox is headquartered in Norwalk Connecticut, but is incorporated in the state of New York. The company provides printing, scanning, and photocopy technology and related services (e.g., document management, workflow automation, and IT support). Xerox is presently a Fortune 500 company, which is publicly traded on major, global stock exchanges, including the NASDAQ under ticker symbol $XRX. ZYNEX INC: Enters Chapter 11 With Restructuring Support Agreement ----------------------------------------------------------------- Zynex, Inc. and certain of its subsidiaries, on December 15, 2025, filed voluntary petitions under chapter 11 of title 11 of the United States Code in the United States Bankruptcy Court for the Southern District of Texas. The Company has requested that the Court administer the Chapter 11 Cases jointly for administrative purposes only under the caption In re Zynex, Inc., et al. The Company filed customary first day motions with the Court to permit the Company to maintain stable operations during the Chapter 11 process, requesting, among other relief, interim approval of the DIP Facility and authority to pay certain of the Company's vendor, tax, insurance and employee wages and benefits obligations in the ordinary course of business. Additional information about the Chapter 11 Cases and copies of motions and proposed orders filed with the Court and other documents related to the court-supervised process, are available at https://dm.epiq11.com/Zynex. Restructuring Support Agreement: On the Petition Date, prior to commencing the Chapter 11 Cases, the Company Parties entered into a restructuring support agreement (including (i) a term sheet annexed thereto setting forth the terms of the DIP Facility and (ii) a term sheet setting forth the key terms of the Restructuring Transactions and together with all annexes and exhibits thereto, the "RSA") with certain holders of, or investment advisors, sub-advisers or managers of discretionary accounts that hold, the Company's 5.00% Convertible Senior Notes due 2026 and certain lenders under the DIP Facility, all of which are also Consenting Noteholders. As of the date of the RSA, the Consenting Noteholders hold, in aggregate, approximately 80% of the outstanding principal amount of the Company's Convertible Notes Claims. The RSA contemplates the RSA DIP Lenders together with Steven Dyson, chief executive officer (or an entity controlled by Mr. Dyson) providing a $22.3 million DIP Facility, as described below and the Company implementing a competitive sale process in-Court to sell all or substantially all of the Company's assets or equity interests pursuant to a chapter 11 plan. Pursuant to the RSA, each Consenting Noteholder and RSA DIP Lender, as applicable, agreed to, among other things: (i) support the Restructuring Transactions and timely vote to approve the Plan; (ii) negotiate in good faith, and use commercially reasonable efforts to execute and implement, the definitive documents necessary to effectuate the Restructuring Transactions; (iii) not delay, impede, or take any action to interfere with implementation and consummation of the Restructuring Transactions or support any other party in taking such actions; and (iv) provide the DIP Facility, credit bid the DIP Facility for all or substantially all of the Company's assets or equity interests and serve as the Plan Sponsor (the successful bidder to be designated by the Company Parties as part of the Plan or a supplement thereto). Under the RSA, the Company Parties agreed to, among other things: (i) support, act in good faith, and take all reasonable actions necessary, or reasonably requested by the Requisite Consenting Noteholders, to implement and consummate the Restructuring Transactions; (ii) negotiate in good faith, and use commercially reasonable efforts to execute and implement, the definitive documents necessary to effectuate the Restructuring Transactions; (iii) designate the bid by the Consenting Noteholders as the stalking horse bid for the purposes of the bidding procedures; and (iv) not sell any assets other than sales permitted by the DIP Credit Agreement. Milestones under the RSA include, among others: (i) entry of an interim order approving the DIP Facility no later than 3 business days after the Petition Date and a final order no later than 30 days after the Petition Date, (ii) a bid deadline of no later than 75 days after the Petition Date, (iii) an auction (if any) no later than 90 days after the Petition Date, (iv) confirmation of the Plan no later than 95 days after the Petition Date, and (v) emergence from Chapter 11 no later than 105 days after the Petition Date. The RSA is terminable by the Requisite Consenting Noteholders (defined as Consenting Noteholders holding more than 50.1% of the aggregate principal amount outstanding of the Convertible Notes Claims held by all Consenting Noteholders) if certain events occur, including but not limited to: (i) a material breach by the Company of the RSA (subject to a three business day cure period following notice of such breach), (ii) any of the milestones not being achieved; (iii) an order by a governmental entity that enjoins a material portion of the Restructuring Transactions (subject to a fifteen business day cure period following notice of such order), and (iv) the occurrence of Chapter 11 events of default, including the DIP Facility not being approved. The RSA is terminable by the Required DIP Lenders (RSA DIP Lenders holding more than 50% of the sum of unfunded commitments and outstanding loans under the DIP Facility excluding any held by the Affiliated Lender) if certain events occur, including but not limited to: (i) the DIP Facility not being approved by the Court or an event of default occurs thereunder, (ii) certain changes to the special committee of the board of directors and (iii) any event giving rise to a termination right of the Requisite Consenting Noteholders. The RSA is terminable by the Company if certain events occur, including but not limited to: (i) a breach of the terms of the RSA by the Consenting Noteholders, such that the non-breaching Consenting Noteholders own or control less than 66.67% of the aggregate principal amount of all outstanding Convertible Notes Claims (subject to a fifteen-business day cure period following notice of such breach) and (ii) the determination by the special committee of the board of directors of the Company that proceeding with the Restructuring Transactions would be inconsistent with its fiduciary duties or applicable law (or an alternative restructuring is pursued in accordance with fiduciary duties). The RSA automatically terminates on the date the Plan becomes effective. The RSA may be amended with the consent of the Company Parties, the Requisite Consenting Noteholders and the Required DIP Lenders, subject to certain exceptions. Debtor-in-Possession Financing: Pursuant to the terms of the RSA, the RSA DIP Lenders have agreed, subject to the satisfaction of customary conditions, including approval of the Court (which has not been obtained at this time), to provide a $22.3 million delayed draw secured term loan available in three draws of $10.15 million on initial draw, $5 million on the second draw, and $7.15 million on the third draw, subject to satisfaction of certain conditions precedent. The DIP Facility is expected to bear interest at 10% per annum. As disclosed in the pleadings filed with the Court, the Affiliated Lender has indicated agreement to serve as a DIP Lender and fund $2.0 million of the total $22.3 million DIP Facility, in the first draw, in accordance with the terms of the DIP Facility. The DIP Facility is expected to include conditions precedent, representations and warranties, affirmative and negative covenants and events of default customary for financings of this type and size. The proceeds of all or a portion of the proposed DIP Facility may be used by the Company Parties to: (i) pay certain costs, fees and expenses related to the Chapter 11 Cases and (ii) fund working capital needs and expenditures of the Company Parties, in all cases subject to the terms of the credit agreement governing the DIP Facility and applicable orders of the Court. A full-text copy of the RSA (including the DIP Term Sheet setting forth the terms of the DIP Financing), is available at https://tinyurl.com/yfw9j3bc Triggering Events that Accelerate Direct Financial Obligation: The filing of the Chapter 11 Cases constitutes an event of default under the Company's approximately $60.0 million of aggregate principal amount (plus any accrued but unpaid interest in respect thereof) of the Company's 5.00% Convertible Senior Notes 2026 under the indenture, dated as of May 9, 2023 (as amended, supplemented or modified from time to time, the "Indenture") between the Company and U.S. Bank Trust Company, National Association, as trustee. The Indenture provides that, as a result of the Chapter 11 Cases, the principal and interest due thereunder shall be immediately due and payable without notice from the lenders or noteholders thereunder. Any efforts to enforce such payment obligations under the Indenture are automatically stayed as a result of the commencement of the Chapter 11 Cases, and the creditors' rights of enforcement in respect of the Indenture is subject to the applicable provisions of the Bankruptcy Code. Cleansing Material: The Company entered into confidentiality agreements with the Consenting Noteholders in order to engage in strategic discussions regarding the Company's capital structure which ultimately led to the RSA. The Confidentiality Agreements require the Company to publicly disclose certain confidential information provided to such parties in connection with such discussions upon the occurrence of certain events. A copy the Cleansing Material is available at https://tinyurl.com/3vyuuvrk The Cleansing Material was prepared for purposes of discussion with parties to the Confidentiality Agreements and was not prepared with a view toward public disclosure. The Cleansing Material should not be relied upon to make an investment decision with respect to the Company nor as a prediction of future events. Neither the Company nor any of its affiliates or representatives or any third party has made or makes any representation to any person regarding the accuracy or completeness of the Cleansing Material, and none of them undertakes any obligation to update the Cleansing Material after November 13, 2025, the date of the Cleansing Material, or to reflect the occurrence of future events. About Zynex Inc. Zynex Inc. is a medical technology firm specializing in non-invasive devices for pain management and rehabilitation. Zynex Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reports estimated assets and liabilities between $50 million and $100 million each. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq. of Reed Smith, LLP. [] BOOK REVIEW: Bendix-Martin Marietta Takeover War --------------------------------------------------- MERGER: The Exclusive Inside Story of the Bendix-Martin Marietta Takeover War Author: Peter F. Hartz Publisher: Beard Books Soft cover: 418 pages List Price: $34.95 Review by Gail Owens Hoelscher http://www.beardbooks.com/beardbooks/merger.html William Agee, the youngest man ever to head one of the top 100 American corporations, seemed unstoppable. In 1977, at the age of 39, he took over Bendix Corporation, an aerospace, automotive, and industrial firm, determined to diversify the company out of the automotive industry. In his words, "Automobile brakes are in the winter of their life and so is the entire automobile industry." He sold off a few Bendix units, got some cash together, and began to look for acquisitions. Then Agee's relationship with Mary Cunningham burst into the news. Agee had promoted Cunningham from his executive assistant to vice president, to the outrage of other Bendix employees. Their affair, replete with power, brains, youth, good looks, charm, denial, and deceit, fascinated the American public. Cunningham was forced to leave Bendix to work for Seagrams, with the entire country wondering just how well she would do. The two divorced their respective spouses and married soon thereafter. To the chagrin of many, Cunningham continued to play a pivotal role in Bendix affairs. Eager to regain his standing, Agee turned to acquisition as soon as the gossip died down. A failed attempt to acquire RCA left him more determined than ever. He then set his sights on Martin-Marietta, an undervalued gem in the 1982 stock market slump. Thus began an all-out war of tenders and countertenders, egoism and conceit, half-truths and dissimulation, and sudden alliances and last-minute court decisions. This is a very exciting account of the war's scuffles, skirmishes, and battles. The author, son of a long-time Bendix director, was able to interview some of the major participants who most likely would have refused the requests of other authors. Some gave him access to personal notes from the various proceedings. The author thoroughly researched the documents involved in the takeover war, as well as news reports and press releases. He explains the complicated legal maneuverings very clearly, all the while keeping the reader entertained with the personal lives and thoughts of the players. People love this book. The New York Times Book Review said "Aggression and treachery, hairbreadth escapes and last-minute reversals, "white knights" and "shark repellants" -- all of these and more can be found in the true-life adventure of the Bendix-Martin Marietta merger war." The Wall Street Journal said "Merger brims with tension, authentic-sounding dialogue and insider detail." Peter F. Hartz was born in Toronto, Canada, in 1953, and moved to the U.S. as a child. He holds degrees from Colgate University and Brown University. He lives in Toluca Lake, California. [] December 2025 Sees Surge in Healthcare Bankruptcies ------------------------------------------------------ Madeline Ashley of Becker's Hospital Review reports that December 2025 has seen a surge of healthcare bankruptcies, with three providers in Arizona, California, and Kansas seeking or preparing to seek Chapter 11 protection within the first three weeks of the month. The wave reflects ongoing financial pressures on hospitals and community providers nationwide. The filings highlight the need to safeguard operations, restructure finances, and ensure long-term organizational stability. Many community hospitals and safety-net providers are struggling to balance patient care delivery with financial sustainability, according to report. In Flagstaff, Arizona, North Country HealthCare, a federally qualified community health center, will file for Chapter 11 on Dec. 19. The provider has signed a non-binding term sheet with Tucson-based El Rio Health. Leaders say the proposed transaction would help sustain primary care access, with no disruption to employee paychecks or patient care. Meanwhile, Rock Regional Hospital in Derby, Kansas, filed for Chapter 11 earlier in December to maintain operations while pursuing financial restructuring. Oroville Hospital and OroHealth in California filed petitions on Dec. 8 to facilitate a partnership capable of investing in the organization and supporting its long-term mission, the repotr. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. It is likely that some entity affiliated with a TCR editor holds some position in the issuers public debt and equity securities about which we report. Each Tuesday edition of the TCR contains a list of companies with insolvent balance sheets whose shares trade higher than $3 per share in public markets. At first glance, this list may look like the definitive compilation of stocks that are ideal to sell short. Don't be fooled. Assets, for example, reported at historical cost net of depreciation may understate the true value of a firm's assets. A company may establish reserves on its balance sheet for liabilities that may never materialize. The prices at which equity securities trade in public market are determined by more than a balance sheet solvency test. On Thursdays, the TCR delivers a list of recently filed Chapter 11 cases involving less than $1,000,000 in assets and liabilities delivered to nation's bankruptcy courts. The list includes links to freely downloadable images of these small-dollar petitions in Acrobat PDF format. Each Friday's edition of the TCR includes a review about a book of interest to troubled company professionals. All titles are available at your local bookstore or through Amazon.com. Go to http://www.bankrupt.com/books/to order any title today. Monthly Operating Reports are summarized in every Saturday edition of the TCR. The Sunday TCR delivers securitization rating news from the week then-ending. TCR subscribers have free access to our on-line news archive. Point your Web browser to http://TCRresources.bankrupt.com/and use the e-mail address to which your TCR is delivered to login. ********* S U B S C R I P T I O N I N F O R M A T I O N Troubled Company Reporter is a daily newsletter co-published by Bankruptcy Creditors Service, Inc., Fairless Hills, Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA. Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante, Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon, Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and Peter A. Chapman, Editors. Copyright 2025. All rights reserved. ISSN: 1520-9474. This material is copyrighted and any commercial use, resale or publication in any form (including e-mail forwarding, electronic re-mailing and photocopying) is strictly prohibited without prior written permission of the publishers. Information contained herein is obtained from sources believed to be reliable, but is not guaranteed. 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