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260112.mbx T R O U B L E D C O M P A N Y R E P O R T E R Monday, January 12, 2026, Vol. 30, No. 12 Headlines 100 MCKNIGHT: Seeks Chapter 11 Bankruptcy in Illinois 123 NORTH 4TH: Seeks to Tap Shafferman & Feldman LLP as Counsel 202 61ST LLC: Case Summary & One Unsecured Creditor 33 MAKO: Amends Plan to Include Insider Unsecured Claims 393 HOLDINGS: Seeks to Hire Colliers International as Appraiser 40 WARDS POINT: Hires Martone & Associates as Bankruptcy Counsel 510 WASHINGTON: Seeks Chapter 11 Bankruptcy in Maryland 7EAVEN GLOBAL: Leon Jones Named Subchapter V Trustee 8TH STREET NE: Plan Exclusivity Period Extended to February 24 A & S C-STORE: Ashraf Seeks Appointment of Receiver ACADEMY AT PENGUIN: To Sell 36 Essex Street Property to Cabot Cabot AHA HUTS: Auxilior Wants Dooley as Receiver for Pizza Hut Stores AKTIVATE INC: Hires Riemer & Braunstein LLP as Bankruptcy Counsel ALBANY MARKS: Hires Kucker Marino Winiarsky & Bittens as Counsel ALEON METALS: Plan Exclusivity Period Extended to March 16 AMERICAN SIGNATURE: Asset Liquidation Commenced January 9 ANTHOLOGY INC: Ellucian Completes SIS/ERP Acquisition ANTHOLOGY INC: Seeks to Extend Plan Exclusivity to April 27 APRIL SPENCER: Court Overrules Objection to Ameris Bank Claim ARCHDIOCESE OF BALTIMORE: 7 Mediations Set Between January & March ARIZONA STATE: Claims to be Paid from New Equity Capital ASTRO REAL ESTATE: Hires Middlebrooks Shapiro PC as Legal Counsel ATLANTA INJURY: Cameron McCord Named Subchapter V Trustee ATLANTA INJURY: Seeks Chapter 11 Bankruptcy in Georgia AVISON YOUNG: S&P Withdraws 'CCC' Issuer Credit Rating AZAEL MOTORSPORT: Taps Cuenant & Pennington PA as General Counsel AZUL SA: Court Confirms Joint Chapter 11 Plan of Reorganization BAXSTO LLC: Seeks to Hire Lucosky Brookman LLP as Special Counsel BAYTEX ENERGY: S&P Affirms 'B+' ICR, Off CreditWatch Negative BLACK BUFFALO: U.S. Trustee Unable to Appoint Committee BOTTOMLINE INK: Seeks Chapter 11 Bankruptcy in Ohio BUILDERS 4U: Seeks Chapter 7 Bankruptcy in Illinois BUILDSOL LLC: Seeks Chapter 11 Bankruptcy in Maryland BUILT LLC: Gets Extension to Access Cash Collateral CANACOL ENERGY: Closes $15M Initial Advance Under DIP Financing CARBON IQ: Cooley, et al. Win Bid to Compel Arbitration of Claims CARLING DYER: Seeks Chapter 7 Bankruptcy in Georgia CAROLINA'S CONTRACTING: Baker Donelson Represents Komatsu et al. CARPENTER FAMILY: Hires Ted Everett Farm Equipment as Auctioneer CASA ARIZONA: Seeks to Hire My Home Group Real Estate as Broker CAUSEY STREETER: Unsecureds to be Paid in Full over 3 Years CENTER FOR EMOTIONAL: Bankr. Administrator Unable to Form Committee CHARTER NEXT: S&P Rates New $2.275BB First-Lien Term Loan 'B' CHINN BAKER: Claims to be Paid from Rental Income CHOICE ELECTRIC: Taps Dutkiewicz & Associates as Consultant CLAYTON ISTHMUS: Hires Law Offices of Joel A. Schechter as Counsel CLEARSIDE BIOMEDICAL: Claims to be Paid from Asset Sale Proceeds CLEARWAY ENERGY: S&P Rates $500MM Senior Unsecured Notes 'BB' CLUB NAUTIQUE: Stops Operations, Plans to File Bankruptcy COLLABORATIVE TECHNOLOGY: Amends Unsecured Claims Pay Details CONGA CORP: Moody's Rates New Secured First Lien Loans 'B2' CONSCIOUS CONTENT: Seeks to Hire Ordinary Course Professional CONTAINER GROUP: Case Summary & Seven Unsecured Creditors CONTOUR SPA: Claims to be Paid from Exit Loan & Continued Operation COOL SPRINGS: Court Narrows Claims in Wingspire Adversary Case COPPERS PUB: To Sell Pub Business for $20K CORONET CERAMICS: Amends Unsecured Claims Pay Details CRUISING KITCHENS: Seeks Chapter 11 Bankruptcy in Texas CT&C FAB: Seeks to Hire Brian D. Johnson PC as Bankruptcy Counsel DAOVENQUY88 LLC: Unsecureds Will Get 25.29% of Claims over 5 Years DELONGS CASUAL: Seeks Chapter 7 Bankruptcy in Illinois DIOCESE OF BUFFALO: Says Opt-Out Options Needed in Ch.11 Releases DMO NORTH: Claims to be Paid from Asset Sale Proceeds DOBERMAN HANDYMAN: Seeks Chapter 7 Bankruptcy in Indiana DOCKSIDE ASSOCIATION: Taps Clement Rivers LLP as Special Counsel DOMCO PRODUCTS: Seeks Chapter 7 Bankruptcy in Delaware ECOM AUTHORITY: David Schmid Steps Down as Committee Member ECUBE LABS: Seeks to Extend Plan Exclusivity to May 11 ELECTRIC FORKLIFT: Nicole Nigrelli Named Subchapter V Trustee ELETSON HOLDINGS: RKS, et al. Lose Bid to Quash Subpoenas ELEVATE HEALTH: Seeks Chapter 7 Bankruptcy in Louisiana ENDO INT'L: Charles Anderson Can't Compel Full Payment of Claim EYWA TRADING: Voluntary Chapter 11 Case Summary FACEBANK INTERNATIONAL: DBRS Keeps BB LongTerm Issuer Rating FAIRFIELD WILLIAMSBURG: Hires Spotts Fain PC as Bankruptcy Counsel FIRST BRANDS: Launches Section 363 Sale Process in Chapter 11 FIRST BRANDS: Sues Ex-Board Member James, Onset for $2.9B Fraud FOOD52 INC: ATK Provides DIP Financing in Restructuring GEORGES REALTY: Taps Legacy Group/Real Broker NH LLC as Broker GEORGI & BRANDON: Seeks Subchapter V Bankruptcy in Illinois GEOSYNTEC HOLDINGS: Moody's Affirms B3 CFR, Outlook Remains Stable GLOBAL DIGITAL: Claims to be Paid from Continued Operations GRAHAM PACKAGING: S&P Upgrades ICR to 'B+' on Recapitalization GREEN FIELD ENERGY: Trustee Loses Bid to Foreclose Moreno Home HAFCOR & MLVMLK: Case Summary & Seven Unsecured Creditors HAK ENTERPRISES: Seeks Chapter 11 Bankruptcy in Indiana HEALTHY OCEANS: Case Summary & One Unsecured Creditor HFR HOLDING: Seeks to Hire Barron & Newburger, P.C. as Attorney HOWARD PILE: Seeks Chapter 7 Bankruptcy in Louisiana HUDSON 1701/1706: Defends Hiring of DLA Piper as Special Counsel INTEGRATED ENDOSCOPY: Plan Exclusivity Period Extended to March 31 IROBOT CORP: Court Stays Savant, et al. Case Due to Bankruptcy J.C.C.M. PROPERTIES: Plan Exclusivity Period Extended to May 11 JB GROUP: Seeks to Hire Dunlap Fiore LLC as Special Counsel JUBILEE HILLTOP: Court Extends Cash Collateral Access to Feb. 10 KINGDOM AMBASSADOR: Taps Keller Williams Realty as Leasing Agent KIS BUILD: Tamara Miles Ogier Named Subchapter V Trustee KISA HOMES: Seeks Chapter 11 Bankruptcy in Louisiana LANGSTON CARVER: Seeks to Hire RE/MAX Realty Services as Broker LATITUDE 46: Unsecureds to Get Share of Income for 5 Years LELAND HOUSE: Kraemer Design Wants to Stop Co. from Getting Loan LINQTO TEXAS: Plan Exclusivity Period Extended to February 27 M & M BROADCASTERS: Files Amendment to Disclosure Statement MARCEL CONTRABAND: Seeks to Hire Tracy Miller CPA as Accountant MARKIMIAN HARRIS: Wells Fargo Must File Report on Mortgage Payment MARMAR BEDFORD: Seeks to Hire Ure Law Firm as Bankruptcy Counsel MEZMEREYES PLLC: Seeks to Hire Tittle Law Firm PLLC as Counsel MIDCAP FINANCIAL: S&P Withdraws 'BB-' Issuer Credit Rating MOTOS AMERICA: Files Voluntary Chapter 11 Bankruptcy MURPHY OIL: Moody's Rates Proposed Senior Unsecured Notes 'Ba3' MURPHY OIL: S&P Rates Proposed $500MM Senior Unsecured Notes 'BB' NATIONAL REALTY: Court Trims Claims in AIRN v. Bank of America Case NAVELLIER & ASSOCIATES: Seeks to Extend Plan Exclusivity to April 6 NEUEHOUSE INC: Acquired by Convene Hospitality Group NEW ENGLAND MOTOR: Claims Objection Deadline Extended to Dec. 31 NEXT GEN: Leon Jones Named Subchapter V Trustee NEXT GEN: Seeks Chapter 11 Bankruptcy in Georgia NOISA INC: Isano Unsecureds Will Get 6.56% of Claims in Plan NOR-WES INC: Seeks Chapter 11 Bankruptcy in Louisiana NORCOLD LLC: Defends Sufficiency of Chapter 11 Plan Disclosures NORTH AMERICAN: Seeks to Tap Joel A. Schechter as Legal Counsel NOVA AT SUMMER: Bankruptcy Administrator Unable to Form Committee NUTRACAP HOLDINGS: Gets Extension to Access Cash Collateral OAK GROVE: Tamara Miles Ogier Named Subchapter V Trustee OLIVER PARK: Court Extends Cash Collateral Access to Feb. 25 OSAIC HOLDINGS: Planned Refinancing No Impact on Moody's B1 Rating OUT THE GATE: Hires Kennedys CMK LLP as Bankruptcy Counsel PAL ROYALTY: Seeks Chapter 11 Bankruptcy in Georgia PHYSICAL INVESTMENTS: To Sell Palm Valley Property to Robert Kanode PHYSICAL INVESTMENTS: To Sell Stewart Avenue Property to Z. Hill PINE GATE: Nofar USA Wins Bid for 979 MW Solar Portfolio PINE GATE: Unsecureds to Get Share of GUC Trust Net Assets POLUS US III: S&P Assigns BB- (sf) Rating on Class E Notes PRAESUM HEALTHCARE: Plan Exclusivity Period Extended to April 10 PREPAID WIRELESS: Court Confirms Second Amended Chapter 11 Plan PSYCARE LLC: Todd Hennings Named Subchapter V Trustee PURE LLC: U.S. Trustee Unable to Appoint Committee RDL SOLUTIONS: Case Summary & 13 Unsecured Creditors REAL MCCOY: $200K Sale to Will Fobbs to Fund Plan Payments REDFISH PROPERTY: Hires Wilson Friery PLLC as Bankruptcy Counsel REGISTER MEAT: Jerrett McConnell Named Subchapter V Trustee RELATIVITY INTERMEDIATE: S&P Assigns 'B' ICR on Debt Refinancing RENAISSANCE UNION: Case Summary & One Unsecured Creditor RENHURST HOLDINGS: Refinance & Business Income to Fund Plan RIZO-LOPEZ FOODS: Seeks to Extend Plan Exclusivity to April 13 ROGA PROPERTIES: Voluntary Chapter 11 Case Summary ROLLING HILLS: Behrooz Vida Named Subchapter V Trustee ROSSLYN2016 LLC: Taps Restoration Claims LLC as Insurance Adjuster SABER INTERMEDIATE: S&P Withdraws 'B-' Issuer Credit Rating SANCHEZ ENERGY: Lenders Propose Deal to Resolve Ch.11 Lien Dispute SARASOTA SEAFOOD: Claims to be Paid from Future Income SMART COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors SOUTH FLORIDA: Voluntary Chapter 11 Case Summary STRIPE A LOT: Gets Extension to Access Cash Collateral TERRASTRAT GROUP: Section 341(a) Meeting of Creditors on January 27 THRILL INTERMEDIATE: Seeks to Extend Plan Exclusivity to May 26 TPI COMPOSITES: Plan Exclusivity Period Extended to April 8 TRENTON BRIDGE: Hires Bernstein Shur Sawyer & Nelson as Counsel TTF LOWER INTERMEDIATE: S&P Alters Outlook to Neg, Affirms 'B' ICR TURTLE LANE: Amended Disclosure Statement Due on January 21 UBA BROCKTON: Gets Court OK to Obtain $250,000 Line of Credit UPSTREAM NEWCO: S&P Downgrades ICR to 'D' on Debt Restructuring UPTOWN PHARMACY: Hires Bankruptcy Legal Center as Counsel VERSACE DOMINICAN: Hires Keck Legal LLC as Bankruptcy Counsel WATER'S EDGE: Disclosure Statement Has Interim Approval WESTRIDGE CORPORATE: Voluntary Chapter 11 Case Summary WILSON & ASSOCIATES: Seeks Chapter 11 Bankruptcy in Maryland ZYNEX INC: U.S. Trustee Appoints Creditors' Committee [] Angeion Group Named American Bankruptcy Institute Partner [] U.S. Distillery Bankruptcies Surge in 2025 ********* 100 MCKNIGHT: Seeks Chapter 11 Bankruptcy in Illinois ----------------------------------------------------- On December 22, 2025, 100 Mcknight LLC filed for Chapter 11 protection in the Northern District of Illinois. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to between 1 and 49 creditors. About 100 Mcknight LLC 100 Mcknight LLC is a single asset real estate company. 100 Mcknight LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-19477) on December 22, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Jacqueline P. Cox is handling the case. The Debtor is represented by Jeffrey K. Paulsen, Esq. of Paulsen & Holtschlag LLC. 123 NORTH 4TH: Seeks to Tap Shafferman & Feldman LLP as Counsel --------------------------------------------------------------- 123 North 4th St Group LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Shafferman & Feldman LLP as its counsel. The firm's services include: (a) providing advice to the Debtor with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; (b) negotiating with creditors of the Debtor, preparing a plan of reorganization and taking the necessary legal steps to consummate a plan, including, if necessary, negotiations with respect to financing a plan; (c) appearing before the various taxing authorities to work out a plan to pay taxes owing in installments; (d) preparing, on the Debtor's behalf, necessary applications, motions answers, replies, discovery requests, forms of orders, reports and other pleadings and legal documents; (e) appearing before this Court to protect the interests of the Debtor and its estate, and representing the Debtor in all matters pending before this Court; and (f) performing all other legal services for the Debtor that may be necessary. The firm's billing rate for this case will be $475 an hour. Joel Shafferman, Esq., an attorney at Shafferman & Feldman, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel M. Shafferman, Esq. Shafferman & Feldman LLP 137 Fifth Avenue, 9th Floor New York, NY 10010 Telephone: (212) 509-1802 Email: shaffermanjoel@gmail.com About 123 North 4th St Group LLC 123 North 4th St Group LLC is a single asset real estate company. 123 North 4th St Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.Y., Case No. 25-45843) on December 4, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities within the same range. Honorable Bankruptcy Judge Jil Mazer-Marino handles the case. The Debtor is represented by Shafferman & Feldman LLP. 202 61ST LLC: Case Summary & One Unsecured Creditor --------------------------------------------------- Debtor: 202 61st LLC 30 Amherst Street Brooklyn, NY 11235 Business Description: 202 61st LLC is a real estate company that owns a mixed-use property comprising five residential units and a retail store at 202 61st Street in West New York, New Jersey. Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-40081 Judge: Hon. Jil Mazer-Marino Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304W Rockville Centre NY 11570-4807 Tel: (516) 284-0900 Email: charles@cwertmanlaw.com Estimated Assets: $750,006 Estimated Liabilities: $1,500,000 The petition was signed by Marc Taub as chief restructuring officer. The Debtor listed 1S REO Opportunity 1 LLC, c/o DR Lavoie Law PLLC New York, NY 10022, as its sole unsecured creditor with a $750,000 claim. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/JM6AJGY/202_61ST_LLC__nyebke-26-40081__0001.0.pdf?mcid=tGE4TAMA 33 MAKO: Amends Plan to Include Insider Unsecured Claims -------------------------------------------------------- 33 Mako LLC submitted a First Amended Disclosure Statement describing First Amended Plan of Liquidation dated January 5, 2026. The Debtor intends to file a motion with this Court seeking entry of an order authorizing and approving bidding procedures for an auction sale of the Property, free and clear of all monetary liens, claims and Encumbrances, with such monetary liens, claims and encumbrances to attach to the proceeds of sale; and approving the bidding procedures for the Property. The proposed auction sale will be subject to extensive marketing and subject to higher and better bids. The Debtor intends to receive the highest and best price for its sole asset, so that it may maximize return to creditors of its estate. At the conclusion of the auction sale, the Debtor will declare the highest and best bidder (the "Purchaser") and seek order of the Court authorized the conveyance of the Property, the closing of which shall occur within 30 days after the auction sale (the "Sale Transaction"). The proceeds of the Sale Transaction (the "Sales Proceeds") will be available to the Debtor's Estate. Class 3 consists of General Unsecured Claim. Subject to the provisions of Article 7 of the Plan with respect to Disputed Claims, in full satisfaction, release and discharge of Class 3 General Unsecured Claims, the holder of such Claims shall receive the following treatment: on the Effective Date, or as soon as possible after such Claims become Allowed Claims, each holder of a Class 3 General Unsecured Claim shall receive from the Disbursing Agent, unless otherwise agreed in writing between the Debtor and the holder of such Claim, its Pro Rata payment from the remaining Cash from the Sale Proceeds after payment of Statutory Fees, Administrative Claims, Professional Fee Claims, Non Tax Priority Claims, Priority Tax Claims, Class 1 Claims and Class 2 Claims. Class 3 Claims are Impaired, and the holders of Class 3 Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $7,083.89. Class 4 consists of Insider Unsecured Claims. Subject to the provisions of Article 7 of the Plan with respect to Disputed Claims, in full satisfaction, release and discharge of Class 4 Insider Unsecured Claims, the holder of such Claims shall receive the following treatment: on the Effective Date, or as soon as possible after such Claims become Allowed Claims, each holder of a Class 4 Insider Unsecured Claim shall receive from the Disbursing Agent, unless otherwise agreed in writing between the Debtor and the holder of such Claim, its Pro Rata payment from the remaining Cash from the Sale Proceeds after payment of Statutory Fees, Administrative Claims, Professional Fee Claims, Non Tax Priority Claims, Priority Tax Claims, Class 1 Claims, Class 2 Claims, and Class 3 Claims. Class 4 Claims are Impaired, and the holders of Class 4 Claims are entitled to vote to accept or reject the Plan. The allowed unsecured claims total $2,363,972.59. On the Effective Date, all Equity Interest Holders shall retain the value of their Interests that may exist as to any remaining balance of Cash, if any, after payment in full of all Allowed Claims and Classes of Claims against the Debtor. Interests of Equity shall be extinguished, and the Debtor shall remain responsible for either managing or winding down its own affairs without interfering with the Disbursing Agent's performance under the Plan. The sale of the Property to be conducted by public auction in accordance with the Bid Procedures, at which auction 54 SCL shall be entitled to a credit bid to the extent permitted by the Terms and Conditions of Sale. Payments under the Plan will be paid from the Sale Proceeds and any Cash of the Debtor. The Sale Transaction will be implemented pursuant to the Bid Procedures. Prior to or on or about the Effective Date, the Property shall be sold to the Purchaser, free and clear of all Liens, Claims and encumbrances (except permitted encumbrances as determined by the Purchaser), with any such Liens, Claims and encumbrances to attach to the Sale Proceeds and disbursed in accordance with the provisions of the Plan. Pursuant to section 1128 of the Bankruptcy Code, the Bankruptcy Court has scheduled a hearing to consider Confirmation of the Plan, on February 3, 2026 at 10:00 am (the "Hearing Date"), before Honorable Philip Bentley, United States Bankruptcy Judge for the Southern District of New York (the "Confirmation Hearing"). A full-text copy of the First Amended Disclosure Statement dated January 5, 2026 is available at https://urlcurt.com/u?l=a53kYI from PacerMonitor.com at no charge. Attorneys for the Debtor: Joel M. Shafferman, Esq. Kucker Marino Winiarsky & Bittens, LLP 737 Third Avenue, New York, NY 10017 Telephone: (212) 869-5030 Email: jshafferman@kuckermarino.com About 33 Mako LLC 33 Mako LLC is a real estate company doing business as 54 Sandcastle, which owns a residential property at 54 Sandcastle Lane in Amagansett, New York. The Company focuses on single-asset real estate development and management in the Hamptons area. 33 Mako LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-11256) on June 3, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Philip Bentley handles the case. The Debtors are represented by Joel M. Shafferman, Esq. at KUCKER MARINO WINIARSKY & BITTENS, LLP. 393 HOLDINGS: Seeks to Hire Colliers International as Appraiser --------------------------------------------------------------- 393 Holdings, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Florida to employ Patrick R. Phipps and Colliers International Valuation & Advisory Services, LLC as appraiser and valuation professional. The firm will appraise the Debtor's real property located at 179 S County Highway 393, Santa Rosa Beach, FL 32459. The fees for the proposed engagement will be $15,000. For services not involving legal proceedings (such as depositions, mediations, or trial appearances), Phipps and Colliers charges $250 to $500 per hour. For services related to expert testimony, the fees are as follows: -- $250 per hour for associate time, -- $350 per hour for valuation services director, -- $400 per hour for managing director, and -- $450 per hour for executive managing director. Patrick R. Phipps, a broker at Colliers, disclosed in a court filing that his firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Patrick R. Phipps Colliers International Valuation & Advisory Services, LLC 76 South Laura Street, Suite 1500 Jacksonville, FL 32202 Direct: (904) 861-1114 Mobile: (904) 254-0618 Email: Patrick.Phipps@colliers.com About 393 Holdings, LLC 393 Holdings, LLC, doing business as Pinewood 30-A, engages in activities related to real estate in Santa Rosa Beach, Florida. The Company manages and oversees operations associated with the Pinewood 30-A condominium property at 179 South County Highway 393. 393 Holdings, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 25-31055-JCO). At the time of filing, the Debtor reported estimated assets of between $10 million and $50 million and estimated liabilities of between $10 million and $50 million. Judge Jerry C. Oldshue Jr. oversees the case. Berger Singerman LLP serves as the Debtor's legal counsel. 40 WARDS POINT: Hires Martone & Associates as Bankruptcy Counsel ---------------------------------------------------------------- 40 Wards Point LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Martone & Associates, LLC as its bankruptcy counsel. The firm's services include: (a) advising the Debtor with respect to the powers and duties in the continued management and operation of business as debtor-in-possession, including the Debtor's rights and remedies with respect to the Debtor's assets and claims and with respect to the claims of creditors; (b) advising the Debtor with respect to preparing and obtaining approval of the Plan; (c) preparing all necessary applications, motions, complaints, answers, orders, reports and other pleadings and documents; (d) appearing before this Court and other officials, if necessary, and protecting the Debtor's interest in Federal, state and foreign jurisdictions and administrative proceedings; (e) negotiating and preparing documents relating to the disposition of the Debtor's assets; (f) advising the Debtor of day-to-day operations of in conjunction with the administration of the Debtor's estate as debtor-in-possession; and (g) performing such other legal services for the Debtor as debtor-in-possession, as may be necessary and appropriate. Christopher S. Martone, Esq. will undertake this representation at the rate of $600 per hour plus disbursements. The Debtor paid Martone & Associates a retainer in the amount of $6,000 for the chapter 11 representation. Mr. Martone, founder of Martone & Associates, disclosed in a court filing that his firm is a "disinterested person" as that term is defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Christopher S. Martone, Esq. MARTONE & ASSOCIATES, LLC 2500 Lemoine Avenue Fort Lee, New Jersey 07024 Telephone: (201) 944-5004 Facsimile: (201) 353-2582 Email: martonelaw@gmail.com About 40 Wards Point LLC 40 Wards Point LLC is a limited liability company. 40 Wards Point LLC filed for protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-46030) on December 17, 2025. The petition reflects estimated assets ranging from $1 million to $10 million, along with estimated liabilities in the same range. The case is assigned to Honorable Bankruptcy Judge Jil Mazer-Marino. The Debtor is represented by Christopher S. Martone, Esq., of Martone & Associates, LLC. 510 WASHINGTON: Seeks Chapter 11 Bankruptcy in Maryland ------------------------------------------------------- On January 5, 2026, 510 Washington Street, LLC, filed for Chapter 11 protection in the District of Maryland. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About 510 Washington Street, LLC 510 Washington Street, LLC is a limited liability company. 510 Washington Street, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10109) on January 5, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Chief Bankruptcy Judge David E. Rice handles the case. The Debtor is represented by Donald L. Bell, Esq. of the Law Office of Donald L. Bell LLC. 7EAVEN GLOBAL: Leon Jones Named Subchapter V Trustee ---------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for 7eaven Global Construction LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About 7eaven Global Construction 7eaven Global Construction, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50223) on January 6, 2026, with $500,001 to $1 million in assets and liabilities. 8TH STREET NE: Plan Exclusivity Period Extended to February 24 -------------------------------------------------------------- Judge Elizabeth Gunn of the U.S. Bankruptcy Court for the District of Columbia extended 8th Street NE Partners, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 24, 2026 and April 25, 2026, respectively. As shared by Troubled Company Reporter, the Debtor is pursuing a sale of the Real Property. The realtors retained by the Debtor have employed a robust marketing campaign for the Real Property, and have begun to receive and negotiate offers for purchase of the Real Property. Prior to the Petition Date, the Debtor experienced a protracted period of net losses from operating the Real Property which frequently left the Debtor with negative cash flow and required the Debtor's principals to infuse cash into the business to fund expenses and avoid account overdrafts. The Debtor explains that cause exists warranting the Court's extension of the 120-Day Exclusivity Period and the 180-Day Period to the dates requested. The cornerstone of the Debtor's reorganization plan is the effort to consummate a successful sale of the Property. The Debtor is engaged in diligent efforts to procure a sale. Despite engaging in robust and diligent marketing efforts, the Property has not yet been sold. In addition, the Debtor and District Line's post-petition litigation will likely be affected, and may be resolved, by the conclusion of the sale process. As a result, the Debtor has shown progress in negotiating with its creditors, demonstrated reasonable prospects for proposing a viable plan, and has undertaken efforts to move this case forward. Counsel for the Debtor: Frances C. Wilburn, Esq. Augustus T. Curtis, Esq. Offit Kurman, P.A. 7501 Wisconsin Avenue, Suite 1000W Bethesda, MD 20814 Tel: (240) 507-1712 Fax: (240) 507-1735 Email: fwilburn@offitkurman.com About 8th Street NE Partners, LLC 8th Street NE Partners LLC is a single-asset real estate firm that owns a connected building spanning 4017, 4021, and 4025 8th Street NE in Washington, D.C. 8th Street NE Partners LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00299) on July 29, 2025. In its petition, the Debtor reports total assets of $2,669,993 and total liabilities of $100,000. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Augustus T. Curtis, Esq. at OFFIT KURMAN, P.A. A & S C-STORE: Ashraf Seeks Appointment of Receiver --------------------------------------------------- Mohammad Ashraf filed a motion with the U.S. District Court for the Middle District of Pennsylvania seeking the appointment of a receiver to (1) account for and liquidate the assets and property of intended nominal Defendant A & S C-Store, Inc., (2) distribute the proceeds of the liquidation, and (3) wind up and dissolve A & S C-Store, Inc. Mohammad Ashraf and Shahid Mehmood are the only two Shareholders of A & S C-Store, Inc., a business corporation incorporated and existing under the laws of the Commonwealth of Pennsylvania. A & S C-Store owns and operates the Shop "N" Drive convenience store at 3050 Canby Street, Harrisburg, PA 17103. On November 14, 2025, prior to the filing of the Complaint in this Action, Mr. Ashraf, individually and derivatively on behalf of A & S C-Store, filed a Complaint against Mr. Mehmood and A & S C-Store, as a nominal Defendant, in the Court of Common Pleas of Dauphin County, Pennsylvania at Case No. 2025-CV-08722. Mr. Ashraf's Complaint in the State Court Action asserts several causes of action against Mr. Mehmood, individually and derivatively on behalf of A & S C-Store, arising out of Mr. Mehmood's mismanagement of the Store, Mr. Mehmood's breaches of the Shareholders Agreement for A & S C-Store, a Status Quo Agreement entered into by and between Mr. Ashraf and Mr. Mehmood regarding the ownership and operation of the Store, and Mr. Mehmood's fiduciary duties to Mr. Ashraf and A & S C-Store. Mr. Ashraf's Complaint seeks money damages, an Accounting, a Judicial Dissolution of A & S C-Store, and the appointment of a Custodian and/or a Receiver for A & S C-Store. On November 18, 2025, upon learning of the filing of Mr. Ashraf's Complaint in the State Court Action, Mr. Mehmood filed his Complaint in this Action. Mr. Mehmood’s Complaint in this Action arises out of the exact same facts and circumstances giving rise to, and seeks substantially the same relief as, Mr. Ashraf's Complaint in the State Court Action. On December 8, 2025, despite not naming A & S C-Store as a party to this Action, Mr. Mehmood filed a Motion for Preliminary Injunction seeking to enjoin Mr. Ashraf and Defendants Fozia Virk and Ash Management Corporation from, inter alia, making withdrawals from A & S C-Store bank accounts and otherwise "interfering" with the day-to-day management and operations of A & S C-Store. Mr. Ashraf denies the allegations in Mr. Mehmood's Motion for Preliminary Injunction. On December 9, 2025, Mr. Ashraf filed a Motion to Join Additional Defendant, seeking to "re-file" his Complaint from the State Court Action as a Counterclaim and Third-Party Complaint in this Action and "re-assert" his claims against Mr. Mehmood for breaches of the Shareholders Agreement, the Status Quo Agreement, and Mr. Mehmood's fiduciary duties to Mr. Ashraf and A & S C-Store. Mr. Ashraf's intended Counterclaim and Third-Party Complaint seeks money damages, an Accounting, a Judicial Dissolution of A & S C-Store, and the appointment of a Custodian and/or a Receiver for A & S C-Store. Mr. Ashraf and Mr. Mehmood are equal Shareholders of A & S C-Store, each owning fifty-percent (50%) of the Shares of A & S C-Store. Mr. Ashraf and Mr. Mehmood are deadlocked regarding the management and operation of the Store and are unable to break the deadlock. As a direct and proximate result of Mr. Mehmood's illegal, oppressive, and fraudulent, misapplication and waste of corporate assets, and the deadlock, A & S C-Store has suffered and will continue to actual damages, including loss of profits, and irreparable harm, including loss of business, loss of reputation, and loss of goodwill, and exposure to regulatory actions, including the suspension or termination of its Pennsylvania Lottery license. In addition to this Court's inherent equitable power to appoint a Receiver to protect the assets of A & S C-Store and Mr. Ashraf's rights as a Shareholder, Pennsylvania law provides for the appointment of a receiver to (1) account for and liquidate the assets of A & S C-Store, (2) distribute the proceeds of the liquidation, and (3) dissolve A & S C-Store. Mr. Ashraf requests that this Court grant his Motion to Appoint Receiver and enter the proposed Order of Court submitted for the appointment of a Receiver. Ash Management Corp. is facing a receivership case captioned as Shahid Mehmood v. Mohammad Ashraf, Fozia Virk, and Ash Management Corp., Case No. 1:25-cv-02187 (M.D. PA), before the Hon. Joseph F. Saporito Jr. The case was filed on Nov. 18, 2025. Ash is represented by: Sarah C. Yerger, Esq. YERGER LAW P.O. Box 94 Camp Hill, PA 17001 - and - Christopher D. Carusone, Esq. Cohen Seglias Pallas Greenhall & Furman PC 240 North Third Street, 18th Floor Harrisburg, PA 17101 Counsel for Defendants Mohammad Ashraf, Fozia Virk, and Ash Management Corp: Nicholas J. Godfrey, Esq. Christopher J. Azzara, Esq. Dinsmore & Shohl LLP 1300 Six PPG Place Pittsburgh, PA 15222 Tel: (412) 281-5000 Fax: (412) 281-5055 E-mail: christopher.azzara@dinsmore.com nicholas.godfrey@dinsmore.com ACADEMY AT PENGUIN: To Sell 36 Essex Street Property to Cabot Cabot ------------------------------------------------------------------- The Academy at Penguin Hall, Inc., seeks permission from the U.S. Bankruptcy Court for the District of Massachusetts, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's real property located at 36 Essex Street in Wenham, Massachusetts. In connection with the proposed sale, the Debtor seeks expedited approval of a breakup fee in the amount of $200,000 and approval of the Debtor's notice of sale. The Debtor further requests that the Court schedule a hearing to consider approval of the sale of the Property on or before February 9, 2026. The Debtor is a Massachusetts non-profit charitable corporation under Section 501(c)(3) of the Internal Revenue Code, formed on or about November 24, 2015 for the purposes of founding and operating an all-girls' preparatory high school on the Massachusetts North Shore. On February 1, 2016, the School closed on the purchase of the Property, a 50-acre campus and buildings including a 115,000 square foot building which housed, among other things, classrooms, labs, offices, dorm rooms, and a café/bistro. Part of the building consists of a 20,000 square foot stone manor house designed by noted architect H.T. Lindeberg. The Property became known as Penguin Hall because of the installation of two life size bronze statues of emperor penguins outside the home which still flank the front entrance today. The first approximately 50,000 square foot addition to the building was added in the 1960s and the second in the 1980s. In connection with the purchase of the Property, the School issued to the seller a promissory note in the principal amount of $9,600,000 which was secured by a first-priority mortgage on the Property in favor of seller. The Debtor made significant improvements to the Property and on or about April 2, 2025 and while the School was seeking alternative financing, Origen Wenham LLC, a special purpose entity incorporated one month earlier, apparently acquired the Salem Five Loans and took assignment of the Salem Five Mortgage. On August 28, 2025, the Court entered an order approving, on a final basis, a debtor-in-possession financing arrangement which for a loan to the Debtor up to $298,874 to fund expenses associated with maintaining its real estate and administering the Debtor's bankruptcy proceeding. The DIP Financing provides a carve-out for the benefit of the Debtor's estate. The Carve-Out states that proceeds from a sale of the Property payable to Lyon on account of the Seller's Mortgage shall be paid as follows: (a) the first $3,500,000 to the holder of the Seller's Mortgage; (b) the next $350,000 to the Debtor's estate; and (c) any additional amounts, 90% to the holder of the Seller's Mortgage and 10% to the Debtor's estate, provided that any amounts payable to the Debtor's estate pursuant to subsections (b) and (c) shall be reduced by the amount of proceeds actually received by the Debtor's estate on account of its equity interest in the Property. Following a robust marketing process in which the Broker solicited and received multiple offers for the Property, the Debtor selected the Buyer, Cabot, Cabot, & Forbes, LLC, to serve as stalking horse bidder for the Property. By this motion, the Debtor seeks authority to sell the Property to the Buyer for the amount of $17,750,000, subject to certain upward adjustments. The sale procedures in the Sale Notice and the Break-Up Fee are the product of arms-length negotiations between the Debtor and the Buyer and are usual and customary for sales of this size and complexity in this District. Among other things, the minimum increase required for a Qualifying Counteroffer is equal to five percent (5%) of the Purchase Price, consistent with MLBR 6004-1(c)(2)(B)(ii) and the Break-Up Fee is meaningfully less than the benefit provided by the Buyer acting as stalking-horse bidder for the Property. Expedited approval of the Sale Notice and the Break-Up Fee will assist in administering an orderly sale process and provide reasonable protection to the Buyer. The Break-Up Fee is equal to approximately 22% of the minimum increase required for a Qualifying Counteroffer. Accordingly, in the event that the sale of the Property is approved to the maker of a Qualifying Counteroffer, the estate will receive a substantial benefit net of payment of the Break-Up Fee. The Debtor requests authority to sell the Property free and clear of all liens, claims, encumbrances, and interests. About The Academy at Penguin Hall, Inc. The Academy at Penguin Hall Inc. is a private, college-preparatory day school for young women in grades 9 through 12. Located in Wenham, Massachusetts, the school offers interdisciplinary academic programs and emphasizes leadership, critical thinking, and the arts. The Academy at Penguin Hall sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11191) on June 11, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. The Debtor is represented by John T. Morrier, Esq., at Casner & Edwards, LLP. AHA HUTS: Auxilior Wants Dooley as Receiver for Pizza Hut Stores ---------------------------------------------------------------- Auxilior Capital Partners, Inc., filed a motion with the U.S. District Court for the Eastern District of Louisiana, seeking the appointment of Daniel F. Dooley, principal and CEO of MorrisAnderson & Associates, Ltd. as receiver to manage and operate certain collateral comprised of 15 Pizza Hut franchises, 12 of which are located within the parishes that comprise the Eastern District of Louisiana. Auxilior is the owner and holder of a Promissory Note for Agreement No. 1002571-001 dated August 31, 2022 in the original principal amount of $5,650,000 executed by AHA in favor of, and payable to the order of, Auxilior, evidencing the Loan with interest thereon and payable as provided in the Note and in the Loan Agreement. Auxilior is also the owner and holder of a Promissory Note for Agreement No. 1002571-002 dated October 31, 2022, in the original principal amount of $63,800 executed by AHA in favor of, and payable to the order of Auxilior, evidencing the Loan with interest thereon and payable as provided in the Note and in the Loan Agreement. The Loan, including, without limitation, the obligations of AHA to Auxilior evidenced by the 001 Note and the 002 Note, are secured by, among other things, the Loan Agreement. AHA executed the Loan Agreement through its duly authorized Member and President, Lisa Albert. To guarantee the obligations of AHA to Auxilior in connection with the Loan, Lisa Albert executed a Personal Guaranty dated August 31, 2022, in favor of Auxilior, pursuant to which Lisa Albert is obligated irrevocably, absolutely, and unconditionally, solidarily, jointly and severally, for the full and prompt payment of all amounts payable under the Loan Documents. On June 25, 2025, the Parties entered into a Forbearance Agreement, under which Auxilior agreed to forbear from exercising its rights and remedies under the Loan Documents on the basis of then-existing defaults until the earlier of: (a) September 22, 2025 (or such later date agreed upon by Lender in its sole and absolute discretion), or (b) the date upon which any of the forbearance conditions, as defined in the Forbearance Agreement, were not strictly complied with or otherwise satisfied. Auxilior contends AHA Huts, and in turn, Lisa Albert and The Penitigri Group LLC, as Guarantors, are in default under the terms and conditions of the Loan Agreement, Note, and the Guaranties because AHA has failed to, among other things, pay all amounts due and cure the defaults under the Loan Documents. As such, Lender has the right to the appointment of a keeper under the Loan Agreement. Louisiana law permits the appointment of a keeper, provided that the parties to a mortgage of immovable property either identify the person who is to serve as keeper in the mortgage or describe the method by which the keeper is to be selected. That section also provides that the parties may either: (a) designate the mortgagee, or its agent, as the keeper, or (b) permit the mortgagee to name the keeper at the time the seizure is effected. Furthermore, appointing a Keeper in this matter is both appropriate and necessary because: (i) there is an imminent risk of loss or reduction in the value of the Collateral, in which the Lender holds security interests; and (ii) no adequate legal remedy exists to prevent such loss or reduction because Auxilior’s investigation shows that the franchise locations that are the Collateral are being poorly maintained and inefficiently operated, thereby greatly diminishing the value of the collateral. MorrisAnderson has significant experience managing property like the Collateral, including specifically Pizza Hut franchises like the Collateral in this case, and is well-suited to manage the Property as keeper. About AHA Huts LLC AHA Huts LLC is a former franchisee or operator of Pizza Hut locations, founded around 2016. AHA, along with The Penitigri Group LLC and Lisa Albert, is facing a receivership case captioned as Auxilior Capital Partners, Inc. v. AHA Huts, LLC, The Penitigri Group LLC, and Lisa Albert, Case No. 2:25-cv-01066 (E.D. La.), before the Hon. Greg Gerard Guidry. The case was filed on May 29, 2025. AHA et al. are represented by: Gage Meyers CARMEN D. CARUSO LAW FIRM 77 West Washington Street, Suite 1900 Chicago, IL 60602 E-mail: gm@cdcaruso.com Counsel for Auxilior Capital Partners, Inc.: David M. Kerth, Esq. Jones Walker LLP 445 North Blvd., Suite 800 Baton Rouge, LA 70802 Tel: (225) 248-2048 Fax: (225) 248-3048 E-mail: dkerth@joneswalker.com - and - Graham H. Ryan, Esq. Jones Walker LLP 201 St. Charles Avenue, Suite 5100 New Orleans, LA 70170-5100 Tel: (504) 582-8370 Fax: (504) 589-8370 E-mail: gryan@joneswalker.com AKTIVATE INC: Hires Riemer & Braunstein LLP as Bankruptcy Counsel ----------------------------------------------------------------- Aktivate, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Riemer & Braunstein LLP as bankruptcy counsel. The firm's services include: (a) advising the Debtor with respect to its powers and duties as debtor-in-possession and the continued management and operation of its business and assets; (b) assisting the Debtor with the administration of the Chapter 11 case, including with respect to the Subchapter V requirements; (c) attending meetings and negotiating with representatives of creditors and other parties-in-interest and responding to creditor inquiries; (d) negotiating and preparing on behalf of the Debtor a Chapter 11 plan and all related documents; (e) advising and assisting the Debtor in connection with its reorganization, or any potential asset disposition and sale, if warranted; (f) assisting the Debtor in reviewing, estimating and resolving claims asserted against the Debtor's estate; (g) preparing necessary motions, applications, answers, orders, reports, and papers necessary to the administration of the estate; and (h) performing all other bankruptcy-related legal services for and providing all other legal advice to the Debtor that may be necessary and proper in this proceeding. The firm will charge the Debtor for its legal services on flat fee basis in accordance with its ordinary and customary rates. The firm received a pre-petition retainer in the amount of $94,440.70. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Alan L. Braunstein, Esq., a partner at Riemer & Braunstein LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Alan L. Braunstein, Esq. Riemer & Braunstein LLP 100 Cambridge Street, 22nd Floor Boston, MA 02114 Tel: (617) 880-3516 Fax: (617) 692-3516 Email: abraunstein@riemerlaw.com About Aktivate Inc. Aktivate, Inc., doing business as FamX, provides a sports and activities management platform primarily for K-12 schools and athletic programs in the United States, offering tools for registration, scheduling, communications, fundraising, and fee collection, and digital management of coach certifications and athlete records. Aktivate filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-46069) on December 19, 2025. In its petition, the Debtor reported assets of $1 million to $10 million and liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Elizabeth S. Stong handles the case. The Debtor is represented by Ian Braunstein, Esq., at Iemer & Braunstein, LLP. ALBANY MARKS: Hires Kucker Marino Winiarsky & Bittens as Counsel ---------------------------------------------------------------- Albany Marks LLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Kucker Marino Winiarsky & Bittens, LLP as counsel. The firm's services include: (a) providing advice to the Debtor with respect to its powers and duties under the Bankruptcy Code in the continued operation of its business and the management of its property; (b) negotiating with creditors of the Debtor, preparing a plan of reorganization and taking the necessary legal steps to consummate a plan, including, if necessary, negotiations with respect to financing a plan; (c) appearing before the various taxing authorities to work out a plan to pay taxes owing in installments; (d) preparing on the Debtor’s behalf Debtor necessary applications, motions answers, replies, discovery requests, forms of orders, reports and other pleadings and legal documents; (e) appearing before this Court to protect the interests of the Debtor and its estate, and representing the Debtor in all matters pending before this Court; and (f) performing all other legal services for the Debtor that may be necessary. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Joel M. Shafferman, Esq., a partner at Kucker Marino Winiarsky & Bittens, LLP, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Joel M. Shafferman, Esq. Kucker Marino Winiarsky & Bittens, LLP 737 Third Avenue, New York, NY 10017 Telephone: (212) 869-5030 Email: jshafferman@kuckermarino.com About Albany Marks LLC Albany Marks LLC is a single-asset real estate entity whose primary property is located at 176 Albany Avenue in Brooklyn, New York, and its operations are focused on owning and managing this real estate asset. Albany Marks LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 25-45889) on December 8, 2025, listing $1 million to $10 million in both assets and liabilities. The petition lists Henry Ausch as the sole member, with Yaakov Ausch signing the petition on his behalf under a power of attorney. Judge Jil Mazer-Marino presides over the case. Joel M. Shafferman, Esq. at KUCHER MARINO WINIARSKY & BITTENS, LLP serves as the Debtor's counsel. ALEON METALS: Plan Exclusivity Period Extended to March 16 ---------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended Aleon Metals, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to March 16, 2026 and May 15, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the application of factors to the facts and circumstances of the Chapter 11 Cases demonstrates that the requested extension of the Exclusive Periods is both appropriate and necessary. First, the size and complexity of the Debtors' business and industry, which requires Debtors to navigate complex issues in these Chapter 11 Cases warrants approval of the requested relief. The Debtors owned and operated the largest petroleum catalyst recycling facility of its kind in North America. The cases have involved numerous first and second day motions, employment of a broad slate of professionals, the effectuation of the Sale, and the administration of assets and claims for each of the Debtors. Second, termination of the Exclusive Periods at the statutory dates would adversely impact the Debtors' efforts to preserve and maximize the value of their estates and advance these Chapter 11 Cases. Prior to the conclusion of the sale process, the Debtors, in consultation with the DIP Secured Parties and the Committee, identified a plan-based exit as a viable exit path for these Chapter 11 Cases. Consistent with this direction, the Debtors undertook substantive work to prepare a confirmable plan and disclosure statement. The Debtors claim that they have not had sufficient time to consult with the parties in interest and finalize the chapter 11 plan between the recent developments and the fact that less than four months have passed since the Petition Date. If exclusivity were terminated, the Debtors could face the prospect of competing plans, which would introduce uncertainty and potentially delay the progress made toward a value-maximizing resolution. Third, notwithstanding the short duration of these cases, the Debtors have made substantial progress to date. As discussed, the Debtors have (i) secured critical first and second day relief, (ii) obtained Court approval of the Debtors' debtor-in possession financing on interim and final bases, (iii) retained a variety of necessary professionals to successfully and efficiently administer the Debtors' estates, as well as obtained Court approval of related compensation procedures, (iv) drafted and filed the Schedules, (v) obtained Court approval of both the Bid Procedures and the Sale, which successfully closed on October 21, 2025, (vi) established bar dates for the filing of proofs of claim and the approval of procedures for the filing of omnibus claims objections, (vii) established assumption and rejection procedures for the Debtors' executory contracts, and (viii) designed and effectuated the strategy for the implementation of the sale transactions and the wind-down of the Debtors' estates through ongoing negotiations with key parties in interest, including regarding the forthcoming chapter 11 plan. Co-Counsel to the Debtors: NORTON ROSE FULBRIGHT US LLP Jason L. Boland, Esq. Julie Harrison, Esq. Maria Mokrzycka, Esq. 1550 Lamar, Suite 2000 Houston, Texas 77010 Telephone: (713) 651-5151 Facsimile: (713) 651-5246 E-mail: jason.boland@nortonrosefulbright.com E-mail: julie.harrison@nortonrosefulbright.com E-mail: maria.mokrzycka@nortonrosefulbright.com MORRISON & FOERSTER LLP Jennifer L. Marines Benjamin Butterfield Andrew Kissner 250 West 55th Street New York, New York 10019 Telephone: (212) 468-8000 Facsimile: (212) 468-7900 E-mail: jmarines@mofo.com bbutterfield@mofo.com akissner@mofo.com About Aleon Metals LLC Aleon Metals, LLC, owns and operates a multipurpose solid waste disposal facility in Freeport, Texas, specializing in the extraction and refinement of metals used in the energy industry. The Company is also developing a hydrometallurgical recycling process for lithium-ion batteries that would convert aluminum waste from its catalyst recycling operations into battery-grade materials for cathode production. Aleon Metals and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90305) on Aug. 17, 2025. In the petition signed by CRO Roy Gallagher, Aleon Metals disclosed up to $500 million in both assets and liabilities. Judge Christopher M. Lopez oversees the case. The Debtors tapped Morrison & Foerster, LLP as bankruptcy counsel; Norton Rose Fulbright US, LLP as local counsel; Ankura Consulting Group, LLC as restructuring and financial advisor; Jefferies, LLC as investment banker; and Stretto, Inc. as claims and noticing agent. The Official Committee of Unsecured Creditors has retained Gray Reed as counsel. AMERICAN SIGNATURE: Asset Liquidation Commenced January 9 --------------------------------------------------------- Thomas Lester of Furniture Today reports that American Signature Inc. is on the brink of shutting down its remaining stores unless a superior bid surfaces at bankruptcy auction. The furniture retailer has warned that liquidation will begin almost immediately if no deal is reached. In a filing made January 4, 2026, in the U.S. Bankruptcy Court for the District of Delaware, the company said it will commence chainwide liquidation sales on January 9, 2026 if no successful bidder is chosen at a Jan. 8 auction. Bids must be submitted by Jan. 5, according to report. The stalking horse bidder, ASI Purchaser LLC, placed a baseline offer of $147.89 million for inventory and other assets, equal to roughly 92% of cost. That bid also authorizes liquidation firms to take over and run store-closing sales, which are expected to continue through April 30, 2026, the report relays. American Signature disclosed that 89 stores would be affected, including 79 Value City Furniture locations and 10 American Signature stores. The company filed for Chapter 11 on Nov. 22, 2025, reporting liabilities of up to $1 billion and has already moved to close its headquarters and a manufacturing facility. About American Signature Inc. American Signature Inc., together with its subsidiaries, is a residential furniture company operating across its Value City Furniture and American Signature Furniture brands and serving as a furniture destination consumers can rely on for style, quality, and value. Headquartered in Columbus, Ohio, the Company operates more than 120 stores across 17 states, with the largest concentrations in Ohio (20), Michigan (16), and Illinois (11). The Company employs approximately 3,000 team members. American Signature and eight of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 25-12105 (JKS) on November 22, 2025. In their petition, the Debtors estimated assets of $100 million to $500 million and estimated liabilities of $500 million to $1 billion. The petitions were signed by Rudy Morando as chief restructuring officer. Judge J. Kate Stickles presides over the cases. David M. Bertenthal, Maxim B. Litvak, and Laura Davis Jones at Pachulski Stang Ziehl & Jones LLP, represent the Debtors as legal counsel. Berkeley Research Group, LLC serves as restructuring advisor to the Debtors, SSG Capital Advisors LLC serves as investment banker, and Kurtzman Carson Consultants LLC dba Verbita Global is claims and noticing agent to the Debtors. ANTHOLOGY INC: Ellucian Completes SIS/ERP Acquisition ----------------------------------------------------- Ellucian, the leading higher education technology solutions provider, announced on January 5, 2026, the completion of its acquisition of Anthology's Student Information Systems (SIS) and Enterprise Resource Planning (ERP) business. This milestone follows the company's previously announced position as the successful bidder in Anthology's Chapter 11 bankruptcy process. "This acquisition marks an important moment for Ellucian as we extend our vision -- to unlock learning for all -- to an even broader community of institutions and learners," said Laura Ipsen, President and CEO, Ellucian. "As we welcome Anthology's SIS and ERP customers and the teams who serve them to Ellucian, we remain focused on continuity, a seamless transition, and empowering learners for a lifetime of education." With a commitment to provide strong support, Ellucian will continue to deliver and maintain Anthology's existing SIS and ERP systems, providing stability for customers while expanding access to Ellucian's broader technology and services ecosystem and deep higher education expertise. Backed by strong investment and a student-first mindset, Ellucian is driving transformation across the sector by delivering AI-powered insights, enhanced operational efficiency, and improved experiences for students, faculty, and staff. With the transaction now closed, more than 260 Anthology SIS and ERP customers join Ellucian's global community, strengthening the company's leadership in higher education technology and expanding its ability to support institutions with modern, AI-powered solutions. To learn more about Ellucian, visit www.ellucian.com. ABOUT ELLUCIAN Ellucian powers innovation for higher education, partnering with more than 2,800 customers across 50 countries, serving 20 million students. Ellucian's AI-powered platform, trained on the richest dataset available in higher education, drives efficiency, personalized experiences, and strengthened engagement for students, faculty and staff. Fueled by decades of experience with a singular focus on the unique needs of learning institutions, the Ellucian platform features best-in-class SaaS capabilities and delivers insights needed now and into the future. These solutions and services span the entire student lifecycle, including data-rich tools for student recruitment, enrollment, and retention to workforce analytics, fundraising, and alumni engagement. Ellucian's innovative solutions, vast ecosystem of partners and user community of more than 45,000 provides best practices leading to greater institutional success and achieving better student outcomes. 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. ANTHOLOGY INC: Seeks to Extend Plan Exclusivity to April 27 ----------------------------------------------------------- Anthology Inc. and affiliates asked the U.S. Bankruptcy Court for the Southern District of Texas to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 27 and June 29, 2026, respectively. The Debtors explain that there is no question that their cases are large and complex. These chapter 11 cases involve joint administration of twenty-seven entities. As of the Petition Date, the Debtors employed 1,550 employees and had funded debt obligations of approximately $1,793.1 million (inclusive of interest). The Debtors have an array of active constituents, including, among others, the Committee, the Ad Hoc Group, the DIP Lenders, and the Stalking Horse Purchasers, as well as each constituent's agents, trustees, and advisors, and thousands of customers and contract counterparties. Additionally, the Debtors are separating their business into distinct business units pursuant to two separate sale transactions and reorganizing the remainder of the business, which involves significant efforts on the part of the Debtors and their advisors. The Debtors have already closed one sale transaction and anticipate closing the second in the near term. Accordingly, the Debtors submit that the size and complexity of these chapter 11 cases weigh in favor of extending the Exclusivity Periods. The Debtors claim that they are working towards confirmation of the Plan that is supported by the companies' key constituents and maximizes the value of the Debtors' estates for all stakeholders. The Debtors request a brief extension of the Exclusivity Periods not to pressure creditors, but to provide a sufficient, flexible window in which the Debtors can obtain additional certainty regarding their path to close the remaining Sale Transaction and confirming a chapter 11 plan to successfully exit these chapter 11 cases without the disruption and distraction created by competing plan proposals. The Debtors assert that they seek to maintain exclusivity so parties with competing interests do not hinder their efforts to finalize a value-maximizing restructuring. Extending the Exclusivity Periods will benefit all creditors by preventing the drain on time and resources that inevitably occurs when multiple parties, with potentially diverging interests, vie for the consideration of their own respective plans. All stakeholders benefit from the continued stability and predictability that a centralized process provides, which can only occur while the Debtors remain the sole potential plan proponents. The Debtors further assert that less than four months have elapsed since the Petition Date, and this is their first request for an extension of the Exclusivity Periods. During the brief pendency of these cases, the Debtors made significant efforts conducting an extensive marketing and sale process, negotiating and soliciting the Plan, implementing the global settlement with creditors, and preparing for the pending conditional disclosure statement hearing. 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. APRIL SPENCER: Court Overrules Objection to Ameris Bank Claim ------------------------------------------------------------- Judge Barbara Ellis-Monro of the United States Bankruptcy Court for the Northern District of Georgia overruled the objection of April Spencer to Ameris Bank's claim in the bankruptcy case. On September 2, 2025, Ameris Bank filed Proof of Claim No. 5 in the amount of $1,678,778.04 secured by the Debtor's real property located at 648 Carriage Way NW, Atlanta, Georgia 30327. The debt owed to Ameris Bank is secured by a first priority security deed dated March 4, 2016 and recorded in the Superior Court of Fulton County, Georgia. The claim states that the arrearage amount is $542,105.55. The Debtor objects to Ameris Bank's disputed fees, interest calculations, other charges, and computation of the arrearage amount. The Debtor believes the arrearage in the claim does not include payments the Debtor made. The Debtor argues that, from February 2020 to April 2024, Debtor paid the amount of $364,824.39 on her mortgage. After depositing a $10,707.14 mortgage payment by the Debtor in March 2024, Ameris Bank stopped accepting payments. On April 3, 2024, Ameris bank sent a letter to the Debtor, acknowledging receipt of the funds, and indicating that funds were being returned because: i) Ameris Bank accelerated the mortgage and payment received is insufficient to pay what is due or reinstate the mortgage; and ii) Ameris Bank will continue with the foreclosure process. Thus, the Debtor argues that Ameris Bank is not entitled to the $542,105.55 arrearage reflected in the claim. Ameris Bank contends the Debtor is barred by res judicata from challenging any arrearage based on the events that occurred from February 2020 through April 2024. The Court finds that res judicata establishes that arrearages accrued on the claim as of March 20, 2024, in the amount of $349,974.68. According to the Court, with respect to amounts that accrued after March 20, 2024, the Debtor has not identified which charges she contests and why and therefore has failed to overcome the prima facie validity of the claim. The objection is overruled without prejudice to the Debtor amending the objection to identify any arrearage amounts incurred after March 20, 2024 that she challenges and the basis for the challenge. A copy of the Court's Order dated December 30, 2025, is available at https://urlcurt.com/u?l=LuePFd April Latrice Spencer filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ga. Case No. 25-57260) on June 30, 2025, listing under $1 million in both assets and liabilities. The Debtor is represented by David Dreyer, Esq. ARCHDIOCESE OF BALTIMORE: 7 Mediations Set Between January & March ------------------------------------------------------------------ Dylan Segelbaum of The Banner reports that lawyers for the Archdiocese of Baltimore and for survivors of clergy sexual abuse said progress appears possible in the church’s Chapter 11 case, speaking at a joint news conference led by Archbishop William Lori and creditors' committee chair Paul Jan Zdunek. The event was held Monday at the Baltimore offices of Brown, Goldstein & Levy. Blake Roth, representing the archdiocese, said the parties have agreed to seven mediation sessions scheduled from January through March 2026. Those talks follow a key concession by the church, which agreed it would not assert a blanket legal defense to avoid paying survivors whose claims fall outside insurance coverage, according to report. The church has offered to contribute more than $33 million and all insurance proceeds to a settlement fund, while the survivors' committee is seeking more than $888 million. Roth said he is confident that mediation could bring the two sides closer together and ultimately produce a workable deal, the report states. Edwin Caldie, an attorney for the committee, said there is cautious optimism about the negotiations. Nearly 1,000 claims have been filed since the archdiocese entered bankruptcy in 2023, shortly before Maryland eliminated time limits for abuse lawsuits. Judge Michelle M. Harner has scheduled a March 2, 2026 hearing and urged ongoing engagement with insurers, the report relays. About the Archdiocese of Baltimore The Archdiocese of Baltimore operates as a non-profit religious organization. The organization provides catholic charities, chancery, pastoral council, policies, presbyteral council, and child and youth protection. The Archdiocese of Baltimore sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 23-16969) on Sept. 29, 2023. In the petition filed by Archbishop William E. Lori, the Debtor estimated assets between $100 million and $500 million and liabilities between $500 million and $1 billion. The Debtor is represented by Catherine Keller Hopkin, Esq. at YVS Law, LLC. ARIZONA STATE: Claims to be Paid from New Equity Capital -------------------------------------------------------- Arizona State Masonry, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Plan of Reorganization dated January 5, 2026. Ed Dean organized the Debtor in 2012 as a commercial contractor specializing in masonry and steel work. In 2015, Ed transferred ownership and management to his niece Shannon Dean. A combination of various factors led to financial stress on the Debtor. By 2022, the United States faced the highest inflation in decades. Shortly thereafter, interest rates rose in response. Such factors decreased the demand for new construction contracts and increased the cost of completing existing projects. At this time, Shannon Dean experienced a tremendous personal loss that led her to delegate significant operational authority to a senior employee. The Debtor sought financing to cover ongoing project expenses while it worked to recover lost income. In addition to an Economic Injury Disaster Loan from the SBA and conventional financing from First Western, the Debtor entered into several short-term financing arrangements commonly referred to as merchant cash advances ("MCAs"). After the Debtor ceased payments under certain MCA agreements, MCA counterparties issued direct payment demands to the Debtor's customers, creating a risk that the Debtor would lose access to project revenues necessary to fund operations. The Debtor commenced this Chapter 11 case to stabilize its operations, regain control over its receivables, and restructure its obligations in an orderly manner while continuing as a going concern. Upon confirmation, the Estate's assets, including but not limited the claims identified in Article 5 herein, will vest back with the Reorganized Debtor. All pre-petition Equity Interests in the Debtor will be cancelled and new Equity Interests in the Reorganized Debtor will vest pursuant to the Plan. Initially, Equity Interests will vest 100% in Firwood. During the first four years of the Plan, Shannon Dean will be entitled to obtain up to 30% of such Equity Interests based on the Debtor's performance under the Plan. Class IV consists of all Allowed Unsecured Claims against the Debtor. The Reorganized Debtor shall pay each holder of an Allowed Class IV Claims the holder's Pro Rata Share of $300,000. If Class IV votes in favor of the Plan, the foregoing amount shall be increased by $200,000 for a total aggregate payment of $500,000. Class IV shall not accrue interest. No prepayment penalty shall apply to Class IV. The increased distribution reflects the Reorganized Debtor's anticipated savings in litigation costs, professional fees, and administrative expenses resulting from consensual confirmation, and is offered uniformly to all holders of Allowed Class IV Claims. Class IV is impaired. Shannon Dean, the sole member of the Debtor as of the Petition Date, shall not retain any Equity Interest in the Debtor on account of such prior ownership. All Equity Interests existing as of the Effective Date shall be cancelled, released, and extinguished on the Effective Date. On the Effective Date, Firwood shall be issued one hundred percent of New Equity Interests of the Reorganized Debtor in exchange for the New Equity Capital. The opportunity to provide New Equity Capital was not exclusive to Firwood and reflects the best available transaction for the Estate under the circumstances. On the Effective Date, the Debtor will receive New Equity Capital in the amount of $1 million in cash. The New Equity Capital is a material component of the Plan's feasibility. The New Equity Capital will be funded in cash by Firwood from non-Estate funds and is not derived from any property of the Debtor or the Estate. The contribution is not a loan, will not be repaid by the Debtor or Reorganized Debtor, and is not secured by any assets of the Debtor or the Reorganized Debtor. The New Equity Capital will be contributed on the Effective Date and is necessary to fund the payments and obligations required under the Plan. Firwood is a third-party entity and is not an affiliate or insider of the Debtor. The New Equity Capital contribution was negotiated at arm's length between Firwood and the Debtor. The Debtor will use these funds, in addition to Estate funds otherwise held in deposit at such time, to make payments required on the Effective Date, including curing of assumed vehicle leases, payment of approved Professional Fees, and making a lumpsum distribution to General Unsecured Claims. The Debtor will use its postconfirmation revenue to fund the remaining payments due to Priority Tax Claims and Secured Claims during the Plan term. A full-text copy of the Disclosure Statement dated January 5, 2026 is available at https://urlcurt.com/u?l=SE9bVo from PacerMonitor.com at no charge. Counsel to the Debtor: Thomas H. Allen, Esq. David B. Nelson, Esq. Allen, Jones & Giles, PLC 1850 N. Central Ave., Suite 1025 Phoenix, AZ 85004 Telephone: (602) 256-6000 Facsimile: (602) 252-4712 Email: tallen@bkfirmaz.com dnelson@bkfirmaz.com About Arizona State Masonry Arizona State Masonry LLC was organized in 2012 as a commercial contractor specializing in masonry and steel work. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 2:25-bk-08405-DPC) on Sept. 5, 2025. In the petition signed by Shannon Dean, member, the Debtor disclosed up to $10 million in assets and up to $50 million in liabilities. Judge Daniel P. Collins oversees the case. Thomas H. Allen, at Allen, Jones & Giles, PLC, is the Debtor's legal counsel. ASTRO REAL ESTATE: Hires Middlebrooks Shapiro PC as Legal Counsel ----------------------------------------------------------------- Astro Real Estate LLC seeks approval from the U.S. Bankruptcy Court for the District of New Jersey to hire Middlebrooks Shapiro, P.C. as counsel. The firm will prepare and file motions, pleadings, and applications on behalf of the Debtor. The firm will represent in hearings and negotiate with creditors, as well as formulating and pursuing a plan of reorganization under Chapter 11. The firm will be paid at these hourly rates: Melinda Middlebrooks, Attorney $500 Joseph Shapiro, Attorney $450 Jessica Minneci, Attorney $400 Law Clerks and Paralegals $100 In addition, the firm will seek reimbursement for expenses incurred. The firm received a total retainer of $5,000 from the Debtor plus a filing fee of $1,738. Joseph Shapiro, Esq. disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joseph Shapiro, Esq. Middlebrooks Shapiro, P.C. P.O. Box 1630 Belmar, NJ 07719 Telephone: (973) 218-6877 Email: jshapiro@middlebrooksshapiro.com About Astro Real Estate LLC Astro Real Estate LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-23666) on Dec. 29, 2025, listing under up to $50,000 in both assets and liabilities. Judge Vincent F Papalia presides over the case. Joseph M. Shapiro, Esq. at Middlebrooks Shapiro, P.C. serves as the Debtor's counsel. ATLANTA INJURY: Cameron McCord Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Cameron McCord, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Atlanta Injury & Wellness Center, Incorporated. Ms. McCord will be paid an hourly fee of $500 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. McCord declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Cameron McCord, Esq. Jones & Walden, LLC 699 Piedmont Avenue, NE Atlanta, GA 30308 Phone: (404) 564-9300 Fax: (404) 564-9301 Email: cmccord@joneswalden.com About Atlanta Injury & Wellness Center Incorporated Atlanta Injury & Wellness Center, Incorporated, doing business as Chiro Time Clinics, operates a chiropractic and injury-care clinic in Atlanta, Georgia, providing outpatient chiropractic, medical, and physical therapy services for musculoskeletal and accident-related conditions, including personal injury cases. Atlanta Injury & Wellness Center filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50240) on January 6, 2026, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Paul Baisier presides over the case. Paul Reece Marr, Esq., at Paul Reece Marr, PC represents the Debtor as legal counsel. ATLANTA INJURY: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------------ On January 6, 2026, Atlanta Injury & Wellness Center, Incorporated, filed for Chapter 11 protection in the Northern District of Georgia Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. About Atlanta Injury & Wellness Center, Incorporated Atlanta Injury & Wellness Center, Incorporated is a Georgia-based healthcare provider that specializes in treating patients injured in auto accidents and other personal injury incidents. Atlanta Injury & Wellness Center, Incorporated sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50240) on January 6, 2026. 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 Paul Baisier handles the case. The Debtor is represented by Paul Reece Marr, Esq., of Paul Reece Marr, PC. AVISON YOUNG: S&P Withdraws 'CCC' Issuer Credit Rating ------------------------------------------------------ S&P Global Ratings withdrew its 'CCC' issuer credit rating on Avison Young (Canada) Inc. at the issuer's request. At the time of withdrawal, its outlook was negative. AZAEL MOTORSPORT: Taps Cuenant & Pennington PA as General Counsel ----------------------------------------------------------------- Azael Motorsport, Inc. seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to hire Cuenant & Pennington PA as general counsel. The firm will render these services: (a) advise and counsel the Debtor concerning the operation of its business in compliance with Chapter 11 and orders of this court; (b) prosecute and defend any causes of action on behalf of the Debtor; (c) prepare, on behalf of the Debtor, all necessary legal papers; (d) assist in the formulation of a plan of reorganization and preparation of a disclosure statement; and (e) provide all services of a legal nature in the field of bankruptcy law. Winston Cuenant, Esq., an attorney at Cuenant & Pennington, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Winston I. Cuenant, Esq. Cuenant & Pennington PA 101 NE 3rd Ave., Suite 1500 Fort Lauderdale, FL 33301 Telephone: (954) 766-4271 Facsimile: (954) 379-4454 Email: winston@cuenantlaw.com About Azael Motorsport Inc. Azael Motorsport, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Fla. Case No. 25-24769) on December 15, 2025, with up to $50,000 in assets and $500,001 to $1 million in liabilities. Winston I. Cuenant, Esq. at Cuenant & Pennington PA represents the Debtor as legal counsel. AZUL SA: Court Confirms Joint Chapter 11 Plan of Reorganization --------------------------------------------------------------- Judge Sean H. Lane of the United States Bankruptcy Court for the Southern District of New York entered a modified bench ruling and order granting confirmation of the Joint Chapter 11 Plan of Reorganization of Azul S.A. and its debtor affiliates. The sole objection to the Plan has been filed by the Office of the United States Trustee. On December 4, 2025, the UST filed its objection to confirmation, echoing prior arguments that it raised at the hearing on the adequacy of the Debtors' Disclosure Statement. As of the confirmation hearing, the UST had three remaining objections. The UST argues the Plan's exculpation of parties is overbroad to the extent it includes parties who are not fiduciaries of the estate in violation of Section 1125 of the Bankruptcy Code. The UST also argues that the Plan's exculpation improperly extends to parties who "reasonably rely on the advice of counsel" because that would purportedly provide an unjustifiable "absolute bar against liability." The UST objects that the opt-out provisions of the plan impermissibly impose a third party release on parties who have not unambiguously consented to granting such releases, thus violating the Supreme Court decision in Harrington v. Purdue Pharma. The UST contends that the Plan's payment of Indenture Trustee expenses must satisfy the substantial contribution standard for administrative expenses in Section 503(b) of the Bankruptcy Code. Consistent with prior discussions that occurred with the parties, the Court has already approved the confirmation order, which was entered on December 19, 2025. As reported by the Troubled Company Reporter on Nov. 11, 2025, Azul S.A. and affiliates submitted a Revised Disclosure Statement for the Joint Plan of Reorganization dated November 1, 2025. Azul was founded in 2008 in Brazil by the experienced aviation entrepreneur David Gary Neeleman and a group of American executives who believed in the opportunities of aviation in Brazil. Azul is the largest airline in Brazil in terms of departures and cities served and, prior to the COVID-19 pandemic, was sufficiently capitalized to continue its operational initiatives and take advantage of its strategic partnerships. The Plan is the result of extensive good-faith negotiations, overseen by Azul's board of directors, among the Debtors and their key economic stakeholders. The Plan is supported by, among others, the Secured Ad Hoc Group, DIP Debtholders, the Consenting Stakeholders, the Consenting Shareholders and AerCap. The transactions contemplated by the Plan also have the support of United and American. The transactions contemplated in the Plan will strengthen the Company by substantially reducing its debt and increasing its cash flow and, importantly, will preserve over 15,000 jobs in Brazil, the United States and around the world. As part of the restructuring: * The Reorganized Debtors will conduct an Equity Rights Offering through which the Reorganized Debtors will raise up to $950,000,000 of New Equity Interests. $650,000,000 of the Equity Rights Offering will be backstopped by the Backstop Commitment Parties pursuant to the Backstop Commitment Agreement. * The Strategic Investors, subject to certain conditions, will participate in the Equity Rights Offering up to $300,000,000, thereby solidifying a long-term partnership among the Reorganized Debtors and the Strategic Investors. * The 1L Claims and 2L Notes Claims will exchange their Claims for New Equity Interests, subject to dilution from, among other things, the Equity Rights Offering. * A Management Incentive Plan will be adopted by the New Azul Strategy Committee subject to the Significant Shareholders satisfactory performance of their obligations under the Bondholder RSA, which will provide for the grants of equity and equity-based awards (in the form of MIP Interest), totaling up to seven percent of the New Equity Interests of the Reorganized Debtors. * On the Effective Date, the GUC Trust will be established for the benefit of the GUC Trust Beneficiaries and, in accordance with the Plan and pursuant to the GUC Trust Agreement, will receive, hold, and administer the following GUC Trust Assets: -- The GUC Trust Cash meaning $2,500,000 or $5,000,000 in Cash as determined by the Cash-Out Percentage. -- The GUC Warrants meaning warrants to purchase up to 5.5% of the total outstanding New Equity Interests (calculated on a fully-diluted basis) which shall be exercisable for a 5-year period commencing on the Effective Date and subject to various conditions set forth in the Plan and the GUC Warrant Documents. -- The GUC CVR meaning that certain non-transferable contingent value note issued by the Reorganized Debtor providing for an annual payment of $6,500,000 with respect to each of the fiscal years ending December 31, 2027, 2028, and 2029 (respectively), subject to certain conditions. * Holders of Allowed General Unsecured Claims will receive either (i) its Cash-Out Relative Portion of the Cash-Out Pool (if such Holder has made the Cash-out Election) or (ii) its Trust Relative Portion of the GUC Trust Interests (if such holder has made the GUC Trust Election), provided that if a Holder of an Allowed General Unsecured Claim does not make a valid GUC Trust Election, such Holder shall be subject to the Cash-Out Default. * Unsecured Convenience Class Claims will receive a Cash payment equal to their Pro Rata share of the Unsecured Convenience Class Cash Pool consisting of $3,000,000 in Cash. The Plan is the result of extensive, good faith negotiations among the Debtors, the Secured Ad Hoc Group and the Creditors' Committee. Before engaging in Plan negotiations, the Creditors' Committee conducted an extensive, months' long investigation into, among other things, the Debtors' capital structure and various prepetition transactions. As part of that investigation, the Creditors' Committee engaged with the Debtors and the Secured Ad Hoc Group regarding the claims which the Creditors' Committee believed could be asserted in connection with the capital structure and certain prepetition transactions, among other potential claims and causes of action. The Debtors, the Secured Ad Hoc Group and the Creditors' Committee engaged in months of extensive, productive negotiations, which ultimately culminated in an agreement on the terms of the Plan. Accordingly, the Plan represents a global settlement of many complex legal issues, the litigation of which would have significantly lengthened the Chapter 11 Cases, depleted the Debtors' assets and risked the Debtors' ability to consummate a successful restructuring. Ultimately, the parties agreed on treatment for Holders of Allowed General Unsecured Claims and Unsecured Convenience Class Claims in a manner that they believe reasonably resolves these issues and treats all unsecured creditors fairly and equitably. Class 6 consists of General Unsecured Claims. Each Holder of an Allowed General Unsecured Claim shall receive either: * if such Holder has made the Cash-Out Election, its Cash-Out Relative Portion of the Cash-Out Pool; or * if such Holder has made the GUC Trust Election, its Trust Relative Portion of the GUC Trust Interests; provided, that, for the avoidance of doubt, no Holder of an Allowed General Unsecured Claim shall receive both forms of recovery set forth in the foregoing (A) and (B) on account of such Claim; provided, further, that, pursuant to the AerCap Settlement Order and AerCap Term Sheet, AerCap has waived any rights to receive a distribution with respect to: (i) $284,799,546 of the Allowed AerCap Unsecured Claim against ALAB and (ii) the Allowed AerCap Unsecured Claims in their entirety against Azul on account of any guarantee claims; provided, further, that the Holders of any 1L Deficiency Claims or 2L Notes Deficiency Claims (in their capacity as such) shall not receive any portion of the Cash-Out Pool or GUC Trust Interests, nor any recovery from the GUC Trust or the GUC Trust Net Assets, on account of such 1L Deficiency Claims and 2L Notes Deficiency Claims, respectively. For the avoidance of doubt. If a Holder of an Allowed General Unsecured Claim does not make a valid GUC Trust Election, such Holder shall be subject to the Cash-Out Default. The allowed unsecured claims total $2,359,233,281 to $3,049,305,661. This Class will receive a distribution of 0.7% to 1.9% of their allowed claims. Class 7 consists of Unsecured Convenience Class Claims. Each Holder of an Allowed Unsecured Convenience Class Claim shall receive a Cash payment in an amount equal to its Pro Rata share of the Unsecured Convenience Class Cash Pool. The allowed unsecured claims total $251,294,737. This Class will receive a distribution of 1.2% of their allowed claims. Existing Azul Interests shall be Reinstated, subject to dilution by the transactions contemplated by the Plan and the Transaction Steps. The Existing Azul Interests have no value, and retained Existing Azul Interests will have de minimis value, if any, following the implementation of the Plan and the Transaction Steps. Notwithstanding anything to the contrary in the Plan, no Holder of an Existing Azul Interest (in its capacity as such) shall be a Releasing Party, Released Party, or Exculpated Party except as expressly provided in the Plan. The Reorganized Debtors shall fund distributions under this Plan required to be paid in Cash, if any, and provide for the conveyance and funding of the GUC Trust Assets, as applicable: (1) with Cash on hand, including Cash from operations, (2) with Cash received under the DIP Facility and refinanced pursuant to the Exit Notes (if any), (3) with any proceeds (if any) arising from the exercise of statutory preemptive rights within the context of the transactions implemented to carry out the equitization of 1L Claims and 2L Notes Claims (as applicable); (4) with any proceeds from the Equity Rights Offering, (5) from the Cash proceeds from the issuance of Other Exit Financing (if any), and (6) from the Cash proceeds of an Additional Investment (if any). A full-text copy of the Revised Disclosure Statement dated November 1, 2025 is available at https://urlcurt.com/u?l=hPD2fc from Stretto, claims agent. Counsel to the Debtors: Marshall S. Huebner, Esq. Timothy Graulich, Esq. Joshua Y. Sturm, Esq. Jarret Erickson, Esq. Richard J. Steinberg, Esq. DAVIS POLK & WARDWELL LLP 450 Lexington Avenue New York, NY 10017 Telephone: (212) 450-4000 There is overwhelming support for the Plan based on the voting. The Debtors received over 90% of ballots in each class, with the exception of the Unsecured Convenience Class Claims in Class 7, which only returned about 7% of their ballots. The Court found that the Plan satisfied all the requirements for confirmation and overruled the UST Objection. The Court finds that the Exculpation Provision in the Plan is appropriate. According to the Court, the Exculpation Provision is included to protect the Exculpated Parties that are involved in the Debtors' cases and the restructuring transactions that underpin the Debtors' reorganization, which the Court is approving under the Plan. As to the estate fiduciaries, the record establishes that they have exercised, and continue to exercise, their fiduciary duties to the Debtors and the Debtors' estates, including through assisting with, advising on, overseeing, and authorizing various facets of the Debtors' restructuring, and have done so with care, loyalty, good faith, and diligence. The Court also notes that the Debtors included language in the Exculpation Provision that tethers the exculpation of Related Parties to their activities in the case. Additionally, the scope of the provision is temporally limited to claims arising during the period between commencement of the Debtors' bankruptcy cases and the Effective Date of the Plan. The Court concludes that the third-party releases using an opt-out in this case are permissible. The use of the opt-out is permissible because the Debtors amended the Plan to provide that the releases are provided only by creditors that both returned a ballot and did not elect to opt-out. The Court finds that "clarity and prominence of the language used for the release" was adequate in this case. The language of the releases is clearly worded and prominently presented in all of the Plan materials, including the court-approved ballots, court-approved physical Opt-Out Forms, and on the online balloting portal. Neither the UST nor any other party has suggested that these materials were anything but clear. As expressly laid out in the Plan, only the general unsecured creditors in Class 6 that elect the GUC Trust option over the default cash treatment will be responsible for the Indenture Trustee expenses. Because Section 1123(a)(4) expressly permits holders of claims to agree to less favorable treatment -- such treatment includes payment of the Indenture Trustee expenses and a pro rata share of the GUC Trust's net assets over the cash treatment -- and only those creditors that elect into the GUC Trust are responsible for the Indenture Trustee expenses, the Court rejects the UST's contention that the Plan violates Section 1123(a)(4). A copy of the Court's Order dated January 6, 2026, is available at https://urlcurt.com/u?l=goWtB6 from PacerMonitor.com. About Azul S.A. Azul S.A. (B3: AZUL4, NYSE: AZUL), the largest airline in Brazil by number of flight departures and cities served, offers 900 daily flights to over 150 destinations. With an operating fleet of over 200 aircrafts and more than 15,000 Crewmembers, the Company has a network of 300 non-stop routes. Azul was named by Cirium (leading aviation data analysis company) as the most on-time airline in the world in 2023. In 2020, Azul was awarded best airline in the world by TripAdvisor, the first time a Brazilian flag carrier earned the number one ranking in the Traveler's Choice Awards. On the Web: http://www.voeazul.com.br/imprensa On May 28, 2025, Azul S.A. and 19 affiliated debtors filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-11176). The cases are pending before Judge Sean H. Lane. The Company is supported by Davis Polk & Wardwell LLP, White & Case LLP, and Pinheiro Neto Advogados as legal counsel; FTI Consulting as financial advisor; Guggenheim Securities, LLC as investment banker; SkyWorks Capital LLC as fleet advisor; and FTI Consulting, C Street Advisory Group, and MassMedia as strategic communications advisors. Stretto is the claims agent. The Participating Lenders are supported by Cleary Gottlieb Steen & Hamilton LLP and Mattos Filho as legal counsel and PJT Partners as investment banker. United Airlines is supported by Hughes Hubbard & Reed LLP and Sidley Austin LLP as legal counsel and Barclays Investment Bank as investment banker. American Airlines is supported by Latham & Watkins LLP as legal counsel. AerCap is supported by Pillsbury Winthrop Shaw Pittman LLP as legal counsel. The U.S. Trustee for Region 2 appointed an official committee to represent unsecured creditors in the Chapter 11 cases. The Committee retained Willkie Farr & Gallagher LLP as its counsel, Alvarez & Marsal North America, LLC, as its financial advisor, Houlihan Lokey Capital, Inc., as its investment banker. The Backstop Commitment Parties are represented by Cleary Gottlieb Steen & Hamilton and Mattos Filho, Veiga Filho, Marrey Jr. e Quiroga Advogados. The Subscription Agent is Stretto. BAXSTO LLC: Seeks to Hire Lucosky Brookman LLP as Special Counsel ----------------------------------------------------------------- Baxsto LLC filed a supplemental application seeking approval from the U.S. Bankruptcy Court for the Western District of Texas to hire the Law Office of Lucosky Brookman LLP as special counsel. The firm will assist the Debtor with an appeal of a motion for new trial on a default judgment in the Diversified Lenders v. Baxsto, LLC and others matters as the Court may see fit. The Debtor is a party to Case No. 07-25-00241-CV pending in the 7th Court of Appeals. The appeal seeks to overturn a multimillion dollar judgment against the Debtor and others which was entered by default. The firm's hourly rates are: Partners $750 Associates and Counsel $550 Law Clerks and Legal Assistants $200 The firm received retainers totaling $45,000 which were exhausted pre-petition. The Law Office of Lucosky Brookman, LLP is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14), according to court filings. The firm can be reached through: LUCOSKY BROOKMAN LLP 1250 S Capital of Texas Hwy Building 3, Suite 400 Austin, TX 78746 Telephone: (512) 298-1130 Facsimile: (732) 395-4400 Website: www.lucbro.com About Baxsto LLC Baxsto LLC, based in Austin, Texas, manages and owns undivided mineral interests in Howard and Borden Counties. Formed in 2014, the Company leases these mineral rights to oil and gas operators for the extraction of oil, gas, limestone, gravel, coal, sulfur, and other minerals. Baxsto LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-11291) on August 21, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Shad Robinson handles the case. The Debtor is represented by Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. BAYTEX ENERGY: S&P Affirms 'B+' ICR, Off CreditWatch Negative ------------------------------------------------------------- S&P Global Ratings removed the ratings from CreditWatch on Calgary, Alberta-based oil, natural gas liquids (NGLs), and natural gas exploration and production company Baytex Energy Corp., where it placed them on Nov. 13, 2025, with negative implications. At the same time, S&P affirmed its 'B+' issuer credit rating on Baytex and its 'BB-' issue-level rating on the company's unsecured notes. The stable outlook reflects S&P's expectation that Baytex's production will continue to grow in the low-single-digit percent area and the company will maintain a balance sheet with minimal debt outstanding over the next 12-18 months. The affirmation reflects the company's weaker business risk profile, offset by its improved financial risk profile. The sale of the company's Eagle Ford assets greatly reduces its scale and geographic diversification. It also modestly reduces profitability given the wider oil price differentials on its remaining Canadian production. Baytex's 2026 production is expected to be about 65,000-70,000 boe/d, down about 55% from about 150,000 boe/d in the third quarter of 2025. In addition, the Eagle Ford constituted about 68% of the company's 2024 reserves, which will likely result in a lower reserve life compared to year-end 2024. All of the company's operations will now be focused in Canada, with heavy oil operations in the Peace River, Peavine, and Lloydminster and light oil operations in the Viking and Pembina Duvernay. Oil production is expected to make up about 80%-85% of total production, about two-thirds of which is heavy oil, increasing the company's exposure to volatile heavy oil differentials. Baytex expects to grow production by about 3%-5% annually, with the majority of the growth coming from light oil in the Pembina Duvernay. Baytex used the proceeds from its divestiture to reduce debt and improve its balance sheet. Net proceeds from the divestiture totaled US$2.14 billion (approximately C$2.96 billion). The company paid off its credit facilities totaling approximately C$182 million as of Sept. 30, 2025, redeemed its 2030 senior notes totaling US$759.4 million, and announced a tender for all of its US$575 million 2032 notes, of which about US$505 million was tendered. S&P said, "We forecast funds from operations (FFO) to debt of over 100% over the next two years. While we expect Baytex to use additional proceeds from the asset sale as well as free cash flow for significant share repurchases, at this time we don't expect the company to increase debt to support shareholder initiatives." S&P said, "We expect positive operating cash flow over our forecast period. Under our current price deck assumptions, we expect Baytex to generate FFO of about C$625 million-C$645 million in 2026. We expect capex to be C$550 million-C$625 million, including growth capital. Baytex has optionality in its capex program and can dial back spending if oil prices decrease. In addition, the company has minimal interest payments as a call on cash. We would expect free cash flow after dividends to go toward additional shareholder rewards or bolt-on acquisitions. We expect Baytex to remain in a net cash position for at least the next 12 months. "The stable outlook reflects our expectation that Baytex will maintain consistent operating performance and sustain positive free cash flow and strong leverage metrics, with average two-year FFO to debt of more than 100%. In addition, we don't expect the company to increase debt levels to support shareholder initiatives." S&P could lower the ratings if Baytex's two-year average FFO-to-debt ratio approaches 45% on a sustained basis or its liquidity position weakened materially. This could occur if: -- Production and cash-flow generation decreased materially because of an unanticipated and protracted operational disruption; Debt increased substantially without offsetting incremental cash-flow generation; or -- Commodity prices declined materially below S&P's assumptions and the company didn't reduce capex or shareholder rewards. Although unlikely over the next 12 months, S&P could raise the ratings if Baytex improves its scale of proved reserves and production to be more in line with its peers rated 'BB-' while maintaining consistent operating performance, FFO to debt above 45%, and adequate liquidity. BLACK BUFFALO: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------- The U.S. Trustee for Region 3 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Black Buffalo 3D Corporation. About Black Buffalo 3D Black Buffalo 3D Corporation develops and supplies large-scale 3D construction printing systems, proprietary cement-based printing materials, and related training and consulting services. The Union, New Jersey-based company offers the NEXCON line of 3D construction printers used to produce code-compliant structural walls and building components for onsite and offsite construction. It operates globally in the construction technology and additive manufacturing industry, serving developers, contractors, governments, and non-governmental organizations. Black Buffalo 3D filed Chapter 11 petition (Bankr. D. Del. Case No. 25-12270) on December 24, 2025, listing between $1 million and $10 million in both assets and liabilities. Judge Thomas M. Horan oversees the case. Laurel D. Roglen, Esq., at Ballard Spahr, LLP is the Debtor's legal counsel. BOTTOMLINE INK: Seeks Chapter 11 Bankruptcy in Ohio --------------------------------------------------- On December 31, 2025, Bottomline Ink Corporation filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Ohio. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 100 to 199 creditors. About Bottomline Ink, Corporation Bottomline Ink, Corporation operates as a full-service provider of printing and promotional solutions, offering customized apparel, signage, and branded merchandise. Its services include screen printing, embroidery, and digital printing for companies, schools, and nonprofit organizations. Bottomline Ink, Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-32806) on December 31, 2025. In its petition, the Debtor reports estimated assets of $1 million to $10 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Mary Ann Whipple handles the case. The Debtor is represented by Steven L. Diller, Esq. BUILDERS 4U: Seeks Chapter 7 Bankruptcy in Illinois --------------------------------------------------- On December 22, 2025, Builders 4U Company filed for Chapter 7 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Builders 4U Company Builders 4U Company is a construction and general contracting firm that specializes in residential and light commercial projects. The company provides services that include home building, remodeling, renovations, and interior and exterior improvements. Builders 4U Company sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-19530) on December 22, 2025. In its petition, the debtor reports estimated assets of $0 to $100,000 and estimated liabilities of $100,001 to $1,000,000. Honorable Bankruptcy Judge Janet S. Baer handles the case. The debtor is represented by David Freydin, Esq. of Law Offices of David Freydin Ltd. BUILDSOL LLC: Seeks Chapter 11 Bankruptcy in Maryland ----------------------------------------------------- On January 08, 2026, Buildsol, LLC, filed for Chapter 11 protection in the District of Maryland. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Buildsol, LLC Buildsol, LLC is a privately held construction services company that provides project management and building solutions for residential and commercial developments. Buildsol, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10248) on January 08, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Maria Ellena Chavez-Ruark handles the case. The Debtor is represented by Charles Earl Walton, Esq., of Walton Law Group, LLC. BUILT LLC: Gets Extension to Access Cash Collateral --------------------------------------------------- Built, LLC received second interim approval from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral to fund operations. The Debtor was initially allowed to access cash collateral under the court's interim order entered on December 30 last year. Under the second interim order, the Debtor is authorized to use the cash collateral of its secured creditors for court-approved payments; the budgeted expenses, plus up to a 10% variance per line item; and additional amounts with approval from secured creditors. The secured creditors include Midland Equipment Finance, the U.S. Small Business Administration, U.S. Bank Equipment Finance, and Verity Legal Services, PLLC. As adequate protection, the secured creditors will be granted post-petition replacement liens on cash collateral with the same validity, priority, and extent as their pre-bankruptcy liens. The Debtor must also provide access to records and premises upon notice, furnish monthly financial reports upon request, and maintain required insurance coverage on the collateral. The order is without prejudice to parties' rights to seek modified adequate protection or other relief and preserves the U.S. Trustee's rights regarding a creditors' committee. The next hearing is set for January 27. About Built LLC Built, LLC, founded in 2013 and based in Tampa, Florida, provides custom cabinetry, furniture, and architectural millwork for residential and commercial clients. The Company collaborates with interior designers, builders, and homeowners to provide design and fabrication services, with a focus on craftsmanship and attention to detail. Built operates as a small team delivering tailored design and construction solutions across the Tampa region. Built, LLC in Tampa, FL, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. M.D. Fla. Case No. 25-08415) on Nov. 10, 2025, listing $348,465 in assets and $1,785,505 in liabilities. Andrew Watson as manager, signed the petition. Judge Catherine Peek McEwen oversees the case. FORD & SEMACH, P.A. serve as the Debtor's legal counsel. CANACOL ENERGY: Closes $15M Initial Advance Under DIP Financing --------------------------------------------------------------- Canacol Energy Ltd. referred to its prior announcement regarding the Company's agreement for debtor-in-possession financing and related documentation (the "DIP Financing"). In that announcement, the Company disclosed entry into a commitment letter governing the DIP Financing with an ad hoc group of holders of the Company's 5.75% senior unsecured notes due 2028 and/or their affiliates, funds, and accounts that agreed to provide credit support in connection with the DIP Financing. The DIP Financing and DIP Commitment Letter was approved by the Alberta Court of King's Bench pursuant to an Order of the Canadian Court dated December 11, 2025. The Second Amended and Restated CCAA Initial Order was recognized by the United States Bankruptcy Court for the Southern District of New York pursuant to a recognition order of the U.S. Court dated December 18, 2025, in the Company's recognition proceedings under Chapter 15 of title 11 of the United States Bankruptcy Code. The Company announces that closing and receipt of the net proceeds from the $15 million initial advance under the DIP Commitment Letter occurred following satisfaction or waiver of all conditions precedent to such advance set out in the DIP Commitment Letter. The Company continues to work with its advisors, KPMG Inc., in its capacity as the court-appointed Monitor of the Company in its CCAA Proceedings and the DIP Lenders and their advisors towards satisfying the conditions precedent to subsequent advances under the DIP Commitment Letter. The Company is targeting funding of a second advance in the amount of $30 million as early as January 30, 2026, subject to satisfaction or waiver of the applicable conditions precedent. The DIP Commitment Letter provides for such second advance to be completed on or prior to February 15, 2026. About Canacol Energy Ltd. Canacol Energy Ltd. is a Canadian natural gas explorer. Canacol Energy Ltd. sought relief under Chapter 15 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Case No. 25-12576) on November 18, 2025. The Debtor is represented by Steven William Golden, Esq. of Pachulski Stang Ziehl & Jones LLP. CARBON IQ: Cooley, et al. Win Bid to Compel Arbitration of Claims ----------------------------------------------------------------- Judge Beth Buchanan of the United States Bankruptcy Court for the Southern District of Ohio granted the motion of Cooley LLP to compel arbitration of certain claims in the adversary proceeding captioned as JAMES A. COUTINHO, CHAPTER 7 TRUSTEE, Plaintiff v. COOLEY LLP, et al., Defendants, Adv. No. 24-1050 (Bankr. S.D. Ohio). On December 7, 2022, Carbon IQ filed for bankruptcy protection and on December 6, 2024, the court-appointed Chapter 7 Trustee filed an adversary complaint against Cooley, Matt Hallinan, Han Wang, Michael Tu, and Alexandra Mayhugh. Count One of the Complaint asserts a claim against Defendants for alleged legal malpractice in Cooley's representation of the Debtor prior to the bankruptcy filing. Count Two asserts a claim that the Defendants aided and abetted Benjamin Cantey's fraud and breach of fiduciary duty toward Carbon IQ, a claim that is also related to Cooley's representation during this time frame. Counts Three, Four, and Five of the Complaint assert claims under 11 U.S.C. Secs. 502(d), 547 and 551 based on payments Cooley received. On June 16, 2025, Defendants moved this Court to compel the arbitration of certain claims in the complaint pursuant to an arbitration provision in a prepetition agreement between Carbon IQ and Cooley. Citing the Federal Arbitration Act and supporting case law, Defendants argued that the non-core claims in the complaint, specifically the legal malpractice and aiding and abetting claims, must be sent to arbitration. They further requested that all proceedings with respect to those claims be stayed pending their resolution in arbitration. The Chapter 7 Trustee opposed this relief asserting that the Sixth Circuit would not require enforcement of the arbitration provision in bankruptcy and that the high costs of arbitration would be prohibitive for the estate. According to Judge Buchanan, Counts One and Two of the Complaint, the claims at issue in the Defendants' Motion to Compel, are prepetition non-bankruptcy law claims neither derived from nor created by the Bankruptcy Code and the Trustee has identified no bankruptcy issues to be decided with respect to those claims. Given the nature of these claims -- non-core and/or non-bankruptcy law claims -- this Court lacks the discretion to refuse to enforce the arbitration provision. Accordingly, the Defendants' request to compel arbitration of these claims is granted. A copy of the Court's Memorandum Opinion and Order dated December 30, 2025, is available at https://urlcurt.com/u?l=MrwpT7 from PacerMonitor.com. Carbon IQ, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 22-12076) on December 7, 2022. Carbon IQ listed assets between $0 and $50,000 and liabilities between $1 million and $10 million. Nicholas DeLuca, board member, signed the petition. The Debtor tapped Eric W. Goering, Esq., at Goering & Goering as counsel. The case was converted to Chapter 7 on February 24, 2023. James A. Coutinho is the Chapter 7 trustee. CARLING DYER: Seeks Chapter 7 Bankruptcy in Georgia --------------------------------------------------- On January 6, 2026, Carling Dyer Estate filed for Chapter 7 protection in the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in assets and $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Carling Dyer Estate Carling Dyer Estate is a legal estate entity created to manage and distribute the assets of the late Carling Dyer. The estate is responsible for handling property, creditor claims, and financial obligations in accordance with probate and estate administration laws. Carling Dyer Estate sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50229) on January 6, 2026. In its petition, the Debtor reports estimated assets of $100,001-$1,000,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge James R. Sacca handles the case. CAROLINA'S CONTRACTING: Baker Donelson Represents Komatsu et al. ---------------------------------------------------------------- In the Chapter 11 bankruptcy cases of Carolina's Contracting, LLC and its debtor-affiliates, Baker, Donelson, Bearman, Caldwell & Berkowitz, PC, filed with the United States Bankruptcy Court for the Middle District of North Carolina, Winston-Salem Division, a First Amended Disclosure pursuant to Bankruptcy Rule 2019 to inform the Court of the law firm's representation of multiple creditors: 1. Komatsu Financial Limited Partnership 2. Hometrust Bank 3. Nations Fund I, LLC and NEF Holdings, LLC (Nations Fund Parties) Komatsu and HomeTrust are secured creditors of debtor Carolina's Contracting, LLC, based on certain pre-petition obligations secured by equipment used in the Debtor’s business operations. The Nations Fund Parties are party to certain pre-petition master lease agreements and schedules thereto pursuant to which the Nations Fund Parties leased to the Debtor certain equipment used in the Debtor's business operations. Pursuant to the terms of the applicable lease documents, the Debtor granted the Nations Fund Parties a security interest in such equipment. Komatsu, HomeTrust, and the Nations Fund Parties, and the respective collateral securing the pre-petition obligations of each, have no relationship to one another. Upon information and belief, no conflicts arise out of Baker Donelson's representation of Komatsu, HomeTrust, and the Nations Fund Parties in this Chapter 11 case. Komatsu, HomeTrust, and the Nations Fund Parties are aware of Baker Donelson's representation of multiple parties in the Debtor's bankruptcy case. This First Amended Disclosure Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure amends the Disclosure Pursuant to Rule 2019 of the Federal Rules of Bankruptcy Procedure filed on May 9, 2025. Attorneys for Komatsu Financial Limited Partnership, HomeTrust Bank, Nations Fund I, LLC and NEF Holdings, LLC may be reached at: Jill C. Walters, Esq. BAKER, DONELSON, BEARMAN, CALDWELL & BERKOWITZ, PC 2235 Gateway Access Point, Suite 220 Raleigh, NC 27607 Tel: (984) 844-7919 E-mail: jwalters@bakerdonelson.com About Carolina's Contracting, LLC Carolina's Contracting, LLC is a licensed general contractor based in Davidson, North Carolina, specializing in land development and grading services. Established in 2013, the Company offers a range of services including grading, storm drainage, sanitary sewer, waterline installation, culverts, and stone base work. Carolina's Contracting sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D.N.C. Case No. 25-50284) on April 28, 2025. In its petition, the Debtor reported total assets of $31,405,291 and total liabilities of $25,942,522. Judge Lena M. James oversees the case. Dirk W. Siegmund, Esq., at Ivey, McClellan, Siegmund, Brumbaugh & McDonough, LLP serves as the Debtor's counsel. CARPENTER FAMILY: Hires Ted Everett Farm Equipment as Auctioneer ---------------------------------------------------------------- Carpenter Family Farms LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Indiana to hire Ted Everett Farm Equipment as auctioneer. The firm will assist the Debtor to liquidate its equipment used in their farming operations. The auctioneer shall be paid a 10 percent commission on all property. Ted Everett Farm Equipment is a disinterested party and does not appear to have an adverse relationship to this case, according to court filings. The firm can be reached through: Jeremy Edwards Ted Everett Farm Equipment 11998 N State Road 39 Monrovia, IN 46157 Phone: (317) 996-3929 Email: jedwards4850@yahoo.com About Carpenter Family Farms LLC Carpenter Family Farms, LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Ind. Case No. 25-05527) on September 12, 2025, listing between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Andrea K. Mccord presides over the case. Jeffrey M. Hester, Esq., at Hester Baker Krebs, LLC represents the Debtor as legal counsel. CASA ARIZONA: Seeks to Hire My Home Group Real Estate as Broker --------------------------------------------------------------- Casa Arizona Investments LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Brady Gora of My Home Group Real Estate, LLC as real estate agent. The firm will market and sell the Debtor's properties located at: 1. 2661 South Howard Drive, Sun Lakes, Arizona, 85248; 2. 10421 East Cedar Waxwing Court, Sun Lakes, Arizona, 85248; and 3. 3838 South Verbena Road, CasaGrande, Arizona, 85193. The agent will receive a commission equal to two percent of the total sales price of each property. Mr. Gora of My Home Group Real Estate, LLC assured the court that he and his firm are "disinterested persons" within the meaning of 11 U.S.C. 101(14). The agent can be reached through: Brady Gora My Home Group Real Estate, LLC 8360 E Raintree Dr #120 Scottsdale, AZ 85260 Cell: (480) 848-5282 Office: (480) 685-2760 Fax: (480) 736-8410 Email: bradygora@gmail.com About Casa Arizona Investments LLC Casa Arizona Investments LLC is a single assets real estate company. Casa Arizona Investments LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-10178) on October 24, 2025. In its petition, the Debtor reports estimated assets under $100,000 and estimated liabilities between $100,001 and $1 million. Honorable Bankruptcy Judge Brenda K. Martin handles the case. CAUSEY STREETER: Unsecureds to be Paid in Full over 3 Years ----------------------------------------------------------- Causey Streeter CPAS, LLC, filed with the U.S. Bankruptcy Court for the Northern District of Georgia a Plan of Reorganization dated January 5, 2026. The Debtor is an accounting firm with offices located at 1150 Sanctuary Parkway, Suite 410, Alpharetta, Georgia 30009 and at 1000 Johnson Ferry Road, Suite D-110, Marietta, Georgia 30068. In June 2023, Debtor decided to expand its operations and entered into a purchase and sale agreement with Cagle Financial Advisory, LLC to purchase its assets for $352,000. Debtor relied on information provided by Cagle to determine the purchase price which was to be paid from income generated by the Cagle assets. After the purchase, the Cagle assets did not provide sufficient revenue to pay the purchase price. Given this turn of events, in 2024, Debtor did not continue servicing the note for the Cagle purchase. Cagle filed a lawsuit against Debtor and Justin Streeter, Debtor's sole member, who had guaranteed the debt. To avoid the costs of litigation, Debtor entered into a consent judgment with Cagle but was unable to service the payments under the consent judgment. The Debtor resorted to funding from a merchant cash advance company, Kapitus, to fund operations and the Cagle payments. This funding proved untenable as Kapitus began making substantial weekly withdrawals from Debtor's operating account which impeded Debtor's cash flow. With Cagle threatening collection and Kapitus draining Debtor's bank account, Debtor filed this bankruptcy case to reorganize its debts and pay its creditors under a subchapter V plan of reorganization. This Plan deals with all property of Debtor and provides for treatment of all Claims against Debtor and its property. Class 3 shall consist of General Unsecured Claims. Kapitus Servicing, Inc. filed a proof of claim asserting a secured claim in the amount of $109,256.00 based upon a UCC-1 Financing Statement it recorded on December 22, 2022 asserting a security interest in Debtor's accounts and accounts receivable. Kapitus, however, is not a secured creditor as Georgia's Own held a first in priority security interest in and to all of Debtor's assets, including all accounts and accounts receivable, as of May 18, 2022. Kapitus, however, will be paid in full as Debtor is paying all Class 3 GUCs in full over 3 years on a pro rata basis. The Debtor's other unsecured creditors are credit card accounts with Truist Bank and Bank of America. Debtor estimates that the total allowed claims in Class 3 are $121,098 which shall be paid in full on a pro rata basis over 3 years on a monthly basis. If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, General Unsecured Creditors shall be paid in full on a pro rata basis over 3 years in equal monthly payments beginning on the first day of the first month after the Effective Date and will continue to be paid for 35 additional months on the first day of each month. The General Unsecured Creditors whose debts are guaranteed by Mr. Streeter shall be paid through this Plan. Those guaranteed General Unsecured Creditors shall not pursue collection of their claims against Mr. Streeter unless and until Debtor fails to make the Plan payments as stated in the Plan. In that event, General Unsecured Creditors may pursue their rights and remedies against Mr. Streeter under any valid guaranty. If the Plan is confirmed under Section 1191(b) of the Bankruptcy Code, Class 3 shall be treated the same as if the Plan was confirmed under Section 1191(a) of the Bankruptcy Code. The Claims of the Class 3 Creditors are Impaired by the Plan, and the holders of Class 3 Claims are entitled to vote to accept or reject the Plan. Class 4 consists of Mr. Streeter as the only equity interest holder in Debtor. Mr. Streeter shall retain his interest in Debtor as the 100% owner of its outstanding membership interests. The source of funds for the payments pursuant to the Plan is Debtor's continued business operations. Debtor shall pay Class 1 and Class 2 from its net income. Debtor shall pay Class 3 from its disposable net income. A full-text copy of the Plan of Reorganization dated January 5, 2026 is available at https://urlcurt.com/u?l=mvpIxP from PacerMonitor.com at no charge. Counsel to the Debtor: William A. Rountree, Esq. ROUNTREE, LEITMAN, KLEIN & GEER, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Telephone: (404) 584-1238 E-mail: wrountree@rlkglaw.com About Causey Streeter CPAs Causey Streeter CPAs, LLC, is an accounting firm with offices located at 1150 Sanctuary Parkway, Suite 410, Alpharetta, Georgia 30009 and at 1000 Johnson Ferry Road, Suite D-110, Marietta, Georgia 30068. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-61703) on Oct. 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Paul Baisier oversees the case. William A. Rountree, at Rountree Leitman Klein & Geer, LLC, is the Debtor's legal counsel. CENTER FOR EMOTIONAL: Bankr. Administrator Unable to Form Committee ------------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Center for Emotional Health PC. 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. CHARTER NEXT: S&P Rates New $2.275BB First-Lien Term Loan 'B' ------------------------------------------------------------- S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Charter Next Generation Inc.'s new $2.275 billion first-lien term loan due December 2030. The '3' recovery rating indicates its expectations for average (50%-70%; rounded estimate: 55%) recovery for lenders in the event of a default. Charter is using the new term loan facility to refinance its outstanding $2.275 billion first-lien term loan due 2030. The company repriced its existing revolving credit facility and the new first-lien term loan at SOFR + 250 basis points (bps). This is a 25-bp improvement on both facilities, which will marginally improve the company's interest expense. S&P's other ratings on Charter, including the 'B' issuer credit rating, the 'B' issue-level rating on the existing revolver, and the stable outlook, are unchanged. S&P said, "In 2026, we expect the company's S&P Global Ratings-adjusted leverage will remain in the 5.0x to 5.5x area driven by low- to mid-single-digit percent revenue growth and a continued transition toward its higher margin material science products. Following elevated capital expenditure (capex) levels in 2024 and 2025, we expect lower capex combined with earnings improvement and a slight reduction in interest expense will lead to reported free operating cash flow (FOCF) growth in 2026." ISSUE RATINGS--RECOVERY ANALYSIS Key analytical factors -- S&P's simulated default scenario contemplates a default occurring in 2028 because the company experiences distress due to its loss of market share to larger competitors amid the entrance of newer innovative substitution products into the market. The company's EBITDA generation would deteriorate significantly, especially if the market share loss affects its higher-margin products. -- S&P values the company on a going-concern basis using a 5.5x multiple of our projected emergence EBITDA. Simulated default assumptions -- Simulated year of default: 2028 -- EBITDA multiple: 5.5x -- EBITDA at emergence: $278 million -- Jurisdiction: U.S. Simplified waterfall -- Net enterprise value at default (after 5% administrative costs): $1.45 billion -- Priority claims: $72 million -- Value available to first-lien debt: $1.38 billion -- Secured first-lien debt claims: $2.38 billion --Recovery expectations: 50%-70% (rounded estimate: 55%) Note: S&P said, "Debt amounts include six months of accrued interest that we assume will be owed at default. Collateral value includes asset pledges from obligors plus equity pledges in nonobligors. We generally assume usage of 85% for cash flow revolvers at default." CHINN BAKER: Claims to be Paid from Rental Income ------------------------------------------------- Chinn Baker Properties, LLC filed with the U.S. Bankruptcy Court for the Eastern District of Virginia a Disclosure Statement describing Plan of Reorganization dated January 5, 2026. The Debtor is a company that owns the real property located at 2605 S. Shirlington Road, Arlington, VA 22206 (the "Property"). Debtor purchased the Property in May 2022 from Chinn Baker Funeral Services, LLC. The Property was placed in the name of Debtor as a real estate holding company after Chinn Baker Funeral Services LLC purchased the Property a month earlier in April 2022 from The Estate of Robert Bernard Baker Jr. Robert Bernard Baker, Jr. was the uncle of the 100% owner of Debtor and debtor designee, Shawn Baker. The Property has served as the premises for a funeral home that was run by Robert Bernard Baker Jr. since 1942, Chinn Baker Funeral Service. The trade name Chinn Baker Funeral Service is a d/b/a of Debtor's tenant, Lucrative Intelligence LLC. In early to mid-2025, the funeral home faced a brief downturn in business and fell behind on its lease payments to Debtor, causing Debtor to fall behind on its obligations to creditors. The funeral home continues to operate at the Property currently. The Debtor filed its Chapter 11 case to restructure its debt after the Property was placed in foreclosure by the secured lender holding two deeds of trust against the Property, MMG Investments VI, LLC. Debtor filed this case to put off a foreclosure sale that was scheduled a day prior to the bankruptcy filing. Debtor was not significantly in default on the regular monthly payments however it was behind slightly and in addition Debtor could not make payment of the Second Deed of Trust Note in full. The Debtor is currently behind approximately three months on the notes secured by the Property. In order to preserve the value of its estate and to restructure its debt, Debtor filed a petition under Chapter 11 of the Bankruptcy Code. Debtor seeks by virtue of this Plan to retain the Property as well as its lease with Lucrative Intelligence so that it can continue operating the funeral home and paying rental income to the Debtor. The Debtor proposes to pay unsecured creditors 100% from its regular monthly income through this Chapter 11 Plan of Reorganization. The Property is valued at $670,000.00 and there are claims of approximately $430,000.00 against the Property. As there are not significant unsecured claims, only approximately $10,000.00, the Property has sufficient equity that unsecured creditors would receive 100% in a Chapter 7 liquidation. The Debtor proposes to fund its Plan of Reorganization by contributing rental income received from its operation of the Property, namely from its tenant Lucrative Intelligence. Debtor shall also seek to refinance the Property prior to the end of the Plan or otherwise obtain contributions from its principal Shawn Baker, to payoff the first and second deeds of trust of MMG in full on or before April 15, 2032, when the First Deed of Trust matures and the Chapter 11 Plan term expires. It is projected that this funding will be sufficient to make the proposed payments contained in his Plan of Reorganization. Class 5 consists of the 100% equity interest of Shawn Baker in the Debtor. Mr. Baker shall retain his 100% equity interest in the Debtor. This class of claims is unimpaired. The Debtor's Plan depends upon the continued operation of its tenant and its ability to receive consistent rental income from the Property. A full-text copy of the Disclosure Statement dated January 5, 2026 is available at https://urlcurt.com/u?l=u0cXy8 from PacerMonitor.com at no charge. Counsel to the Debtor: Jonathan B. Vivona, Esq. VIVONA PANDURANGI, PLC 601 King Street, Suite 400 Alexandria, VA 22314 Tel: (571) 969-6540 Fax: (703) 337-0490 Email: jvivona@vpbklaw.com About Chinn Baker Properties Chinn Baker Properties, LLC, is a company that owns the real property located at 2605 S. Shirlington Road, Arlington, VA 22206 (the "Property"). The Debtor filed Chapter 11 petition (Bankr. E.D. Va. Case No. 25-12069) on October 7, 2025, listing between $500,001 and $1 million in assets and between $100,001 and $500,000 in liabilities. Jonathan B. Vivona, at Vivona Pandurangi, PLC, is the Debtor's counsel. CHOICE ELECTRIC: Taps Dutkiewicz & Associates as Consultant ----------------------------------------------------------- Choice Electric, LLC received approval from the U.S. Bankruptcy Court for the District of Colorado to employ Dutkiewicz & Associates, LLC as a financial consultant. The firm will offer financial consulting services to assist the Debtor as it goes through the bankruptcy process, including but not limited to review and preparation of budgets and financial data and reports in connection with the bankruptcy and corresponding Plan of Reorganization, as well as testimony regarding the same, if necessary. The firm will be paid at these rates: Rick Dutkiewicz $200 per hour Other Associates $80 per hour The firm received a $2,000 retainer pre-petition in November of 2025. As called for with the firm's proposed Consulting Agreement with the Debtor, the Firm intends to seek a further $5,000 post-petition retainer for ongoing services during this bankruptcy. Dutkiewicz & Associates, LLC does not hold or represent an interest adverse to the estate, and is a disinterested person, according to court filings. The firm can be reached through: Richard P. Dutkiewicz, Esq. Dutkiewicz & Associates 29359 Northstar Ln Evergreen CO, 80439 About Choice Electric Choice Electric, LLC, established in 1985, is a full-service electrical contractor serving the Greater Denver area, including Lakewood, Aurora, Littleton, and Boulder, Colorado. The Company specializes in commercial and industrial projects, providing design and installation, system upgrades and tenant improvements, new construction wiring, and ongoing maintenance, while also offering custom electrical solutions for high-end residential homes. It serves a range of sectors, including commercial and office buildings, warehouses, entertainment venues, retail spaces, community facilities, airports, hangars, and municipal buildings. Choice Electric filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-17873) on Dec. 1, 2025, listing up to $10 million in both assets and liabilities. The petition was signed by Eric Berger as general manager. Judge Thomas B. McNamara presides over the case. The Debtor tapped Jeffrey A. Weinman, Esq., at Michael Best & Friedrich LLP as counsel. CLAYTON ISTHMUS: Hires Law Offices of Joel A. Schechter as Counsel ------------------------------------------------------------------ Clayton Isthmus, LLC seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of Joel A. Schechter as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of the business and financial affairs; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary in the prosecution of this proceeding. The firm will receive a retainer in the amount of $25,000, plus filing fee. Joel Schechter, Esq., an attorney of the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 860 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About Clayton Isthmus, LLC Clayton Isthmus, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18502) on December 2, 2025. In the petition signed by Matthew Cohen, member/manager, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Jacqueline P. Cox oversees the case. Joel Schechter, Esq., at the Law Offices of Joel A. Schechter, represents the Debtor as bankruptcy counsel. CLEARSIDE BIOMEDICAL: Claims to be Paid from Asset Sale Proceeds ---------------------------------------------------------------- Clearside Biomedical, Inc. filed with the U.S. Bankruptcy Court for the District of Delaware a Combined Disclosure Statement and Chapter 11 Plan of Liquidation dated January 5, 2026. The Debtor is a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies to treat serious eye diseases. In addition to its clinical programs, the Debtor is advancing a portfolio of preclinical small molecule candidates aimed at expanding its therapeutic reach. The Debtor's core technology is its proprietary suprachoroidal space (SCS(R)) injection platform, which enables targeted, non-surgical delivery of drugs to the back of the eye using a specialized medical device called an SCS Microinjector(R). In August 2022, the Debtor entered into a royalty sale transaction with entities managed by HCR pursuant to, among other agreements, (i) a Contribution and Servicing Agreement (the "Contribution Agreement") between the Debtor and Clearside Royalty, (ii) a Purchase and Sale Agreement ("PSA") between Clearside Royalty and entities managed by HCR, and (iii) a Pledge and Security Agreement (the "Security Agreement") between the Debtor and HCR, pursuant to which the Debtor pledged 100% of its equity interest in Clearside Royalty as security for Clearside Royalty's obligations under the PSA. Following the commencement of this Chapter 11 Case, the Debtor continued to pursue a robust marketing process and engaged in extensive, arm’s-length negotiations with multiple parties to identify a potential stalking horse bidder for substantially all of its Assets. To maximize value for the Estate and ensure a transparent and competitive sale process, on December 10, 2025, the Debtor Filed the Bidding Procedures Motion. The Bidding Procedures Motion sought, among other things, approval of the bidding procedures ("Bidding Procedures") for the Sale Transaction under section 363 of the Bankruptcy Code, authority to designate a stalking horse bidder and provide bid protections, schedule an auction and a sale hearing, and approve assumption and assignment procedures for Executory Contracts and Unexpired Leases. On December 17, 2025, the Debtor filed a notice designating Health Ocean Pharma (Eye) Limited as the Stalking Horse Bidder. Health Ocean Pharma (Eye) Limited's stalking horse bid (the "Stalking Horse Bid") contemplates the purchase of substantially all of the Debtor's Assets for $2.7 million in cash, subject to higher or otherwise better offers received by the Debtor pursuant to the Bidding Procedures. If no higher or better qualified bids are received by the Bid Deadline, the Stalking Horse Bidder will be deemed the Successful Bidder. On December 19, 2025, the Bankruptcy Court entered the Bidding Procedures Order. Class 3 consists of General Unsecured Claims. On or about the Effective Date, each Holder of an Allowed General Unsecured Claim shall receive, on account of and in full and complete settlement, release and discharge of, and in exchange for its Allowed General Unsecured Claim, either (i) payment of its Allowed General Unsecured Claim in full in Cash, or (ii) such other treatment as to which the Post-Effective Date Debtor and the Holder of such Allowed General Unsecured Claim shall have agreed upon in writing. Class 3 is unimpaired by this Combined Disclosure Statement and Plan. Holders of General Unsecured Claims are conclusively presumed to have accepted this Combined Disclosure Statement and Plan and, therefore, are not entitled to vote to accept or reject this Combined Disclosure Statement and Plan. Class 4 consists of the Existing Equity Interests. On the Effective Date, all Existing Equity Interests shall be canceled, released, and extinguished in connection with the wind-down of the Debtor, and shall be of no further force or effect, whether surrendered for cancellation or otherwise. Notwithstanding such cancellation, Holders of Allowed Existing Equity Interests shall be entitled to receive their Pro Rata share of the Distributions from the Net Distributable Assets, consistent with their respective interests in the Debtor as of the Petition Date in full and final satisfaction, settlement, release, and discharge of such Existing Equity Interests. Allowed Claims, Allowed Existing Equity Interests, and any amounts necessary to wind down the Debtor's Estate shall be paid from the Debtor's Assets, including proceeds from the Sale Transaction, subject to limitations and qualifications described herein. A full-text copy of the Combined Disclosure Statement and Plan dated January 5, 2026 is available at https://urlcurt.com/u?l=z6QbWL from Epiq Corporate Restructuring, LLC, claims agent. Co-Counsel to the Debtor: RICHARDS, LAYTON & FINGER, P.A. Daniel J. DeFranceschi, Esq. Michael J. Merchant, Esq. Alexander R. Steiger, Esq. One Rodney Square 920 N. King Street Wilmington, Delaware 19801 Telephone: (302) 651-7700 Emails: defranceschi@rlf.com merchant@rlf.com steiger@rlf.com Co-Counsel to the Debtor: COOLEY LLP Daniel Shamah, Esq. Lauren A. Reichardt, Esq. Olya Antle, Esq. Miriam Peguero Medrano, Esq. 55 Hudson Yards New York, NY 10001-2157 Telephone: (212) 479-6000 Emails: dshamah@cooley.com lreichardt@cooley.com oantle@cooley.com mpegueromedrano@cooley.com About Clearside Biomedical Inc. Clearside Biomedical, Inc., is a biopharmaceutical firm specializing in the development and commercialization of treatments for eye diseases. Clearside Biomedical Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12109) on Nov. 23, 2025. In its petition, the Debtor estimated assets of up to $10 million and estimated liabilities of up to $100 million. The Debtor tapped Cooley LLP and Richards, Layton & Finger, PA as counsel; Epiq Corporate Restructuring, LLC as administrative advisor; and Berkeley Research Group, LLC as financial advisor. CLEARWAY ENERGY: S&P Rates $500MM Senior Unsecured Notes 'BB' ------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating to Clearway Energy Operating LLC's (CWEN; BB/Stable/--) $500 million of senior unsecured notes due 2034. The recovery rating is '4', indicating its expectation of meaningful recovery prospects (30%-50%; 40%) in the event of a default. S&P believes this is consistent with its financing plans and does not affect the other ratings on the company. The company will use proceeds to pay down existing revolver borrowings and for general corporate purposes, including growth investments. The new notes will be pari passu with the existing corporate senior unsecured notes. Rising interest rates between 2022 and 2024 had a dual impact on the renewables sector. While it made debt financing more expensive, the concomitant drop in equity prices also reduced companies' ability to use equity for growth. CWEN was shielded from these impacts by the timely sale of its thermal assets in 2021. Now that those proceeds are fully deployed, we will monitor its ability to attract/raise capital that allows it to grow based in its current plan. S&P expects CWEN to fund future growth from a combination of a lower payout ratio in the 70% to 80% range (versus 85%-90% currently), capacity under its credit ratios for the rating, and the issuance of modest amounts of equity that it estimates at about $50 million, or about 2%, per year. S&P notes management recently identified a material weakness related to certain calculations of hypothetical liquidation at book value (HLBV) accounting to allocate net income to its redeemable noncontrolling interests and noncontrolling interests in tax equity partnerships. In addition, management noted it has identified errors in the first, second, and third quarters of 2025 that while immaterial, inflate net income attributable to CWEN by $23 million, but have no impact on total net income or on cashflows. These misstatements do not require a restatement of the previously issued 10-Qs, but the company plans to revise these amounts in all future disclosures. CLUB NAUTIQUE: Stops Operations, Plans to File Bankruptcy --------------------------------------------------------- Club Nautique, a Bay Area sailing school founded in 1980, has announced it will file for bankruptcy and permanently shut down operations, according to a report by Latitude 38. The closure marks another blow to the regional sailing community amid ongoing financial pressures in the travel and maritime sectors. Founded by Don Durant, Club Nautique operated locations in Alameda and Sausalito, both of which ceased operations on December 31, 2025. The company cited mounting financial strain following the COVID-19 pandemic, including challenges restarting supply chains and sustaining its charter and training programs, according to report. Club Nautique was also a dealer of Jeanneau sailboats, a business line that was further affected by tariffs imposed in spring 2025. In a letter to members, owners Stephanie and Jason LaChance said the company had exhausted all viable options to remain open, calling the decision to close "the last thing we ever wanted," the report cites Customers with active charters have been instructed to return boats and slip keys, while refund requests and unused benefits must be addressed through the bankruptcy process. The shutdown comes as economic conditions continue to force closures across travel-related industries, the report relays. About Club Nautique Club Nautique is a Bay Area sailing school founded in 1980 that provides charter and tour services and trained beginner sailors for certifications and extended offshore trips. COLLABORATIVE TECHNOLOGY: Amends Unsecured Claims Pay Details ------------------------------------------------------------- Collaborative Technology Solutions International, LLC submitted an Amended Subchapter V Plan of Reorganization dated January 5, 2026. The Plan divides creditors into Classes of similarly situated creditors. All creditors of the same Class are treated in a similar fashion. All ownership Interests in the Debtor are also classified and treated alike. Class 2 consists of general unsecured creditors of the Debtor who hold Allowed Claims. Holders of Class 2 Allowed Claims shall share on a Pro Rata basis monies deposited into the Unsecured Creditor Account as set forth herein. As set forth in Article III, paragraph 3.2 of this Plan, upon the first full month following the Effective Date of the Plan and every month for the Term of the Plan the Debtor will every month in accordance with the terms of this Plan deposit for the four-year Term of the Plan: (a) during the first year of the Plan $10,860.84; (b) during the second year of the Plan $12,299.30; (c) during the third year term of the Plan $11,579.72; and (d) during the fourth year of the Plan $12,676.79. At the end of each calendar quarter, the balance of the Unsecured Creditor Account will be distributed to the holders of Tax Claims and Class 1 on a Pro Rata Basis until paid in full and then will be distributed to Class 2 general unsecured creditors that hold Allowed Claims on a Pro Rata basis. The account will be maintained at a federally insured banking institution and shall be maintained within the insurance limit of the institution. All funds recovered by the Debtor on account of Avoidance Actions shall be distributed to Allowed Administrative Claims until paid in full and then to Class 2, net of attorneys' fees and costs. Whether or not the Debtor pursues any Avoidance Actions shall be up to the Debtor and the decision to pursue such claims shall be discretionary with the Debtor. Class 3 includes the Interests in the Debtor, which Interests are unimpaired by the Plan. Upon confirmation of the Plan, all Class 3 Interest holders will retain their ownership Interests in the Debtor. The Debtor shall be empowered to take such action as may be necessary to perform its obligations under this Plan. On the Effective Date of the Plan, the Debtor will open a separate interest-bearing deposit account at a federally insured commercial bank selected by the Debtor. The bank account will be maintained by the Debtor as the Unsecured Creditor Account into which all payments made by the Debtor for the benefit of holders of Tax Claims, Class 1 and Class 2 creditors will be made until the obligations under the Plan are completed. On the Effective Date of the Plan, Marc Galante shall be appointed as the agent of the Debtor pursuant to Section 1142(b) of the Bankruptcy Code for the purpose of carrying out the terms of the Plan, and taking all actions deemed necessary or convenient to consummating the terms of the Plan, including, but not limited to, executing documents. The Debtor believes that the Plan, as proposed, is feasible. The funding for the Plan will come from the Debtor's continued operations. A full-text copy of the Amended Plan dated January 5, 2026 is available at https://urlcurt.com/u?l=cIWEhS from PacerMonitor.com at no charge. Counsel to the Debtor: Aaron A. Garber, Esq. WADSWORTH GARBER WARNER CONRARDY, P.C. 2580 West Main Street, Suite 200 Littleton, CO 80120 Telephone: (303) 296-1999 Telecopy: (303) 296-7600 E-mail: agarber@wgwc-law.com About Collaborative Technology Solutions Collaborative Technology Solutions International LLC provides technology consulting and cloud-based solutions to small and mid-market organizations worldwide, offering advisory services, project implementations, and ticket-based support for CRM and other cloud platforms. The Company customizes its services to meet individual business needs and integrates technologies from providers such as Microsoft, Amazon Web Services, Zapier, Opero, ZoomInfo, Formstack, HubSpot, ActiveCampaign, Conga, DocuSign, and QuickBooks. It partners with firms including Owls Head, Cloudstreet, and Insycle to enhance its service offerings. Collaborative Technology Solutions International LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Col. Case No. 25-16557) on October 9, 2025. In its petition, the Debtor reports total assets of $380,763 and total liabilities of $1,092,702. Honorable Bankruptcy Judge Kimberley H. Tyson handles the case. The Debtor is represented by Aaron A. Garber, Esq. of WADSWORTH GARBER WARNER CONRARDY, P.C. CONGA CORP: Moody's Rates New Secured First Lien Loans 'B2' ----------------------------------------------------------- Moody's Ratings assigned Conga Corporation's (Conga) senior secured first lien credit facility (including a senior secured revolving credit facility and extended term loan) a B2 rating. The B2 corporate family rating, B2-PD probability of default rating, B2 rating on the existing term loan (that is not extended) and stable outlook remain unchanged. The company has proposed an amendment which will extend the maturity date of the existing term loan to 2033 and provide for a new incremental term loan with the same maturity date. The size of the revolver will also increase to $125 million and the maturity extended to 2031. The incremental term loan in addition to cash from the balance sheet will be used to fund the B2B business of PROS Holding, Inc (PROS) from certain investments funds affiliated with Thoma Bravo. In September 2025, Thoma Bravo entered into an agreement to take PROS Holdings, Inc. private for about $1.4 billion. In October 2025, Conga, a portfolio company of Thoma Bravo, agreed to acquire the PROS B2B business from the sponsor, while the travel business of PROS will be run by Thoma Bravo. The transaction will lead to an increase in debt of over $600 million and raise pro forma leverage to about 6.8x from 3.8x as of Q3 2026 (including Moody's standard adjustments). Leverage levels are likely to increase further by FYE 2026 (Conga's 2026 FY ends in January 2026) due to continuing declines in Conga's existing business. However, Moody's projects leverage to decrease slightly in FY 2027 due to modest revenue and EBITDA growth. While the acquisition of the PROS B2B business leads to elevated leverage, the transaction also increases the scale, product offering, and growth outlook of the combined entity. Moody's expects Conga to benefit from an improved competitive business offering with the potential for additional cross sell opportunities. RATINGS RATIONALE Conga's B2 CFR reflects the company's enhanced, but still modest scale that is partially offset by the company's leading position as a provider of revenue operations software for enterprise customers. The pro forma company will have a product offering in document automation, contract lifecycle management (CLM) and configure-price-quote (CPQ) with enhanced AI capabilities. The profile is supported by good recognition in the Salesforce CRM ecosystem, as well as the well-entrenched historical relationship with Salesforce as a partner and reseller of key Conga products. Conga should benefit from Salesforce's continued growth as well as product expansion within existing customers. While there is partner concentration, Conga continues to diversify into alternate revenue operations platforms. The PROS B2B acquisition further reduces the concentration to Salesforce and increases the company's exposure to Microsoft. Conga's pro forma leverage (including Moody's standard adjustments) is high and likely to take time before leverage levels decrease meaningfully. Free cash flow (FCF) as a percentage of debt is likely to decrease toward the 5% range from 12% as of Q3 2026 as a result of the more than doubling in existing debt and near term cash costs to achieve anticipated cost savings. While the PROS B2B business acquisition will increase Conga's AI enabled service offerings, the use of AI by both competitors and customers may present challenges to Conga and the industry as a whole. Conga benefits from its pro forma cash balance of nearly $125 million in addition to access to an undrawn $125 million revolver due in 2031 that was upsized from $50 million previously. Moody's expects FCF to decrease to the $50 million range in FY 2027 due to higher interest expense from the additional debt. The term loans are covenant lite. The revolver is subject to a maximum first lien net leverage covenant of 9.25x with no step downs. Moody's expects the company to remain well within compliance with the covenant. The stable outlook reflects continuing near term declines in revenue during the last quarter of FY 2026, before achieving low single digit growth in FY 2027 as new initiatives enacted by the new management team take hold. Moody's expects leverage to increase modestly in the near term toward 7x before decreasing slightly in FY 2027 with an additional decline to 6.5x in FY 2028 (including Moody's standard adjustments). While the outlook is stable, negative rating pressure could result if difficulties integrating the acquisition or improving revenue trends lead to weaker than expected operating performance and leverage levels remaining at elevated levels. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS Conga's ratings could be upgraded if the company sustains organic revenue growth above 5% with an improved market share and scale. Leverage would need to be maintained below 5x (including Moody's adjustments) with FCF to debt greater than 10%. Conga's ratings could be downgraded if organic revenue growth remained negative or leverage is maintained above 6.5x for an extended period (including Moody's adjustments). A deterioration in liquidity including FCF as a percentage of debt below 2.5% on an other than temporary basis could also lead to negative rating pressure. Conga is a software provider that offers digital revenue operation services to facilitate digital document processing, managing of customer contracts and related sales and finance activity by integrating with an organization's customer relationship management (CRM) systems. Thoma Bravo acquired Apttus Corporation in 2018, which subsequently acquired AppExtremes LLC (dba Conga) in 2020. Apttus Corporation changed its name to Conga Corporation in May 2024. The principal methodology used in these ratings was Software published in December 2025. CONSCIOUS CONTENT: Seeks to Hire Ordinary Course Professional ------------------------------------------------------------- Conscious Content Media, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain non-bankruptcy professionals in the ordinary course of business. The Debtors need ordinary course professionals to perform services for matters unrelated to these Chapter 11 cases. The Debtors seek to pay OCPs 100 percent of the fees and expenses incurred. The Debtors do not believe that any of the OCPs have an interest materially adverse to them, their estates, creditors, or other parties in interest in connection with the matter upon which they are to be engaged. The OCP include: KNAV Accounting Monthly Fee Cap: $90,000 Prajapati & Company CPAs LLP Accounting Monthly Fee Cap: $90,000 The Sales Tax People Accounting Monthly Fee Cap: $90,000 50 Words LLC Publicity Monthly Fee Cap: $20,000 About Conscious Content Media, Inc. Conscious Content Media, Inc. develops and provides early learning education technology products for children ages 2 to 10, offering an age- and stage-based curriculum focused on school readiness and skills such as literacy, mathematics, coding, creativity, and social-emotional development. The company delivers its programs through digital applications, physical learning kits, classes, tutoring, and coaching, distributing them to schools and directly to parents through subscription-based offerings. Its product portfolio includes brands such as Homer, codeSpark, and Little Passports. Conscious Content Media, Inc. in New York, NY, sought relief under Chapter 11 of the Bankruptcy Code filed its voluntary petition for Chapter 11 protection (Bankr. D. Del. Lead Case No. 25-12231) on Dec. 17, 2025, listing as much as $100 million to $500 million in both assets and liabilities. Neal Shenoy as chief executive officer, signed the petition. Judge Brendan Linehan Shannon oversees the case. BAYARD, P.A., and REITLER KAILAS & ROSENBLATT LLP serve as the Debtors' legal counsels. BANKRUPTCY MANAGEMENT SOLUTIONS, INC. d/b/a STRETTO as claims and noticing agent. EISNER AMPER as financial advisor. CONTAINER GROUP: Case Summary & Seven Unsecured Creditors --------------------------------------------------------- Debtor: Container Group, LLC 201 Bay Avenue Elizabeth, NJ 07201 Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court District of New Jersey Case No.: 26-10163 Debtor's Counsel: Anthony Sodono, III, Esq. MCMANIMON, SCOTLAND & BAUMANN, LLC 75 Livingston Avenue Suite 201 Roseland, NJ 07068 Tel: 973-622-1800 Fax: 973-712-1463 Email: asodono@msbnj.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $1 million to $10 million The petition was signed by Joe Goodwin as president. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2V6TKUQ/Container_Group_LLC__njbke-26-10163__0001.0.pdf?mcid=tGE4TAMA CONTOUR SPA: Claims to be Paid from Exit Loan & Continued Operation ------------------------------------------------------------------- Contour Spa LLC and and its debtor affiliates filed with the U.S. Bankruptcy Court for the Middle District of Florida a Disclosure Statement describing Plan of Reorganization dated January 5, 2026. Contour Spa, LLC ("Contour") was created on July 29, 2022. Contour and its enterprise offer a revolutionary product that provides fat reduction solutions. Contour offers a Cryo Slimming service, which is a non-invasive technique designed to target and eliminate stubborn fat cells through controlled cooling. Roger Farwell is the Chief Executive Officer ("CEO") of Contour. As of the Petition Date, Mr. Farwell oversees all day-to-day operations of the business and makes key decisions about the management and direction of Contour and its affiliates. Contour and the Affiliate LLCs filed bankruptcy due to unsuccessful growth strategy, inadequate operational structure, uncertain macroeconomic conditions, and untenable merchant cash advance ("MCA") loans. In July 2024, the Debtors operated 35 Spa locations and saw record profits. Accordingly, the Debtors decided to expand operations to 79 Spa locations by January 2025. The Debtor's growth was funded by MCA loans, insider loans, and gifts. The 79 Spa locations operated independently of one another with no central management structure, sales process, marketing plan, or financial reporting. The Contour enterprise was fundamentally disadvantaged because it could not operate in a coordinated, accountable, or scalable way. The Debtors continue to operate their businesses and manage their properties in the ordinary course as debtors in possession. In doing so, the Debtors have timely complied with their reporting and compliance obligations during these Chapter 11 Cases, including the preparation and filing of monthly operating reports. Throughout the pendency of these Chapter 11 Cases, the Debtors have continued to manage their operations with a focus on preserving and enhancing enterprise value, implementing operational improvements, and pursuing initiatives designed to improve liquidity and overall profitability for the benefit of the estates and their stakeholders. Class 5 consists of the collective holders of Allowed Unsecured Claims against the Debtors. In full and final satisfaction of each Allowed Unsecured Claim, each Holder of an Allowed Unsecured Claim shall be entitled to: (1) a pro rata share of a five percent profits interest in the Reorganized Debtor up to a total of $300,000; and (2) a pro rata share of the net proceeds of all Causes of Action. Additionally, any general unsecured creditor who was previously an employee of the Debtors and who votes in favor of the Plan shall also be entitled to a release from any previous contractual covenant not to compete with the Debtors provided that such creditor is not employed by the Reorganized Debtor. The Class 5 Claims of Unsecured Creditors are impaired and, as such, holders of Allowed Unsecured Claims are entitled to vote on the Plan. Class 6 consists of all Equity Interests in the Debtors. The Debtors' Interests will be cancelled on the Effective Date of the Plan. Because the Class 6 Interests are being cancelled, Holders of Interests are deemed to reject the Plan and, as such, they are not entitled to vote on the Plan. The Debtors anticipate obtaining exit financing from Alpha Capital Solutions of FL LLC or a substitute entity ("Alpha Capital") in the total net amount of $1,000,000 ("Exit Loan") to fund certain Administrative costs under the Plan and as additional capitalization for the Reorganized Debtor's post exit business. Payment of all amounts under the Exit Loan are conditioned upon entry of an order by the Bankruptcy Court: (i) confirming the Debtors' Plan of Reorganization; (ii) approving the proposed Exit Loan; and (iii) authorizing a release of any preference claims against Alpha Capital. The Debtors believe funding from the Exit Loan along with cash flow from the continued operation of their business will be sufficient to meet all operating expenses and required payments under the Plan. A full-text copy of the Disclosure Statement dated January 5, 2026 is available at https://urlcurt.com/u?l=oxLx1y from PacerMonitor.com at no charge. Counsel for the Debtor: Jimmy D. Parrish, Esq. BAKER & HOSTETLER LLP 200 South Orange Avenue Suite 2300 Orlando, FL 32801-3432 Telephone: 407.649.4000 Fax: 407.841.0168 Email: jparrish@bakerlaw.com About Contour Spa LLC Contour Spa LLC is a spa services provider based in Orlando that provides wellness and beauty treatments including massage therapy, skincare, and body contouring services, as suggested by its name. Contour Spa LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-03602) on June 11, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Bankruptcy Judge Tiffany P. Geyer handles the case. The Debtor is represented by Jimmy D. Parrish, Esq., at Baker & Hostetler LLP. Joseph A Pack, Esq., at Pack Law represents the Official Committee of Unsecured Creditors. COOL SPRINGS: Court Narrows Claims in Wingspire Adversary Case -------------------------------------------------------------- Judge Mary F. Walrath of the United States Bankruptcy Court for the District of Delaware denied the motion of Wingspire Equipment Finance LLC f/k/a Liberty Commercial Finance LLC to reconsider the Court's Order dismissing its unjust enrichment and constructive trust claims in the adversary proceeding captioned as WINGSPIRE EQUIPMENT FINANCE LLC, Plaintiff v. E-CRANE INTERNATIONAL USA INC., Defendant, Adv. Pro. No. 23-50395-MFW (Bankr. D. Del.). Metal Service -- the debtor -- entered into a contract to purchase two specially-designed cranes from E-Crane International USA Inc. Wingspire Equipment Finance LLC f/k/a Liberty Commercial Finance LLC agreed to finance the purchase of the Cranes, and in return, the Debtor gave all of its rights in the Cranes to Wingspire. Wingspire made $1.5 million in progress payments directly to ECI on the Debtor's behalf. The Debtor subsequently filed for bankruptcy protection and rejected the contracts with ECI for construction of the Cranes. Wingspire subsequently commenced this adversary proceeding to recover the Deposits from ECI. In Count 1 of the Amended Complaint, Wingspire alleged that it had entered into an implied contract with ECI. In Counts 2 and 3, Wingspire alleged ECI was unjustly enriched by retaining the Deposits for the Cranes. In Count 4, Wingspire argued that the Court should impose a constructive trust on the Deposits. ECI filed a motion to dismiss the Amended Complaint, and in a Memorandum Opinion and Order dated February 1, 2024, the Court granted that motion as to Counts 2, 3, and 4, but denied it as to Count 1 finding that Wingspire had stated a claim that it had a contract with ECI. Thereafter, the parties filed cross motions for summary judgment on Count 1. The Court denied Wingspire's motion for summary judgment and granted ECI's motion for summary judgment, finding that the documents and other evidence on which Wingspire relied did not constitute a contract between the parties. Wingspire asserts that the Court erred when it dismissed the unjust enrichment claim finding there was no contract between Wingspire and ECI and therefore no causal connection between Wingspire's impoverishment and ECI's windfall. Wingspire believes the facts now available to the Court demonstrate that ECI was enriched at Wingspire's expense by retaining Wingspire's money for the first Crane and the proceeds of the subsequent sale of that Crane, resulting in a greater recovery for ECI than it would have received if it had sold the Crane to the Debtor. Wingspire contends that ECI's intent to gain this windfall is evidenced by ECI's refusal to negotiate with Wingspire on an agreement that would have made ECI whole by Wingspire paying the remaining amounts for the first Crane. Wingspire argues that this new evidence warrants reconsideration of the Court's dismissal of its unjust enrichment and constructive trust claims to prevent manifest injustice. The Court concludes that Wingspire's arguments for reconsideration are deficient for several reasons. Wingspire misstates the Court's basis for dismissing its unjust enrichment claim. The Court did not dismiss that claim simply because Wingspire had stated a claim for breach of contract. The "new evidence" that Wingspire asks the Court to now consider (that ECI has sold the first Crane) does not change its conclusion that Wingspire has no claim for unjust enrichment. The Court nonetheless concluded that even if there was no contract, and accepting the allegations of the Complaint as true, Wingspire had stated no claim to the Deposits, the Cranes, or any proceeds of the future sale of those Cranes under an unjust enrichment theory. Wingspire's effort to find "new evidence" to support its claim therefore fails because the Court already considered the possibility of that evidence. Therefore, the Court will deny Wingspire's Motion to Reconsider the Court's prior decision dismissing Counts 2-4 of the Amended Complaint. A copy of the Court's Opinion dated January 2, 2026, is available at https://urlcurt.com/u?l=ZO4uHH from PacerMonitor.com. Cool Springs LLC and its debtor-affiliates sought Chapter 11 protection (Bankr. D. Del. Case No. 22-10912) on Sept. 27, 2022. COPPERS PUB: To Sell Pub Business for $20K ------------------------------------------ Coppers Pub LLC seeks permission from the U.S. Bankruptcy Court for the Southern District of Ohio, Eastern Division, to sell substantially all Assets, free and clear of liens, claims, interests, and encumbrances. The Debtor operates a bar and pub concept in central Ohio. Prior to filing, the Debtor experienced declining revenues, rising labor costs, unpaid tax liabilities, and mounting trade debt. The Debtor determined reorganization was not feasible and commenced the Subchapter V case to conduct an orderly liquidation. The Debtor plans to sell the following assets to the proposed purchaser for $20,000, subject to higher and better offers: a. The name "PJ's Family Restaurant" and all derivations and trademark rights; b. The "PJ's Family Restaurant" logo and associated trademark rights; c. The domain name PJsFamilyRestaurant.com, website, email accounts, and social media; d. customer data and CRM information in transferable format; e. seller's telephone and facsimile numbers; f. advertising and marketing materials (paper and digital); g. all FF&E used in operations; h. all tables, chairs, stools, booths, and furnishings; i. all dinnerware, flatware, glassware, and FOH supplies; j. all restaurant equipment for preparation, cooking, and serving; k. the hood and exhaust system; and l. all menus and recipes. The Assets do not include the following: a. Cash-on-hand as of the Closing Date. b. Pre-Closing Date accounts receivable. c. The D1, D2, D3, and D6 liquor permits of Debtor under the Ohio Division of Liquor Control Permit Number 1724409. The Debtor has negotiated a purchase offer of $20,000 for all Assets. The purchase offer is approximately 42% higher than the $14,100 appraised value of the Assets. The Debtor proposes to sell the Assets free and clear of all liens, claims, interests, and encumbrances. About Coppers Pub LLC Coppers Pub LLC operates a bar and pub concept in central Ohio. Coppers Pubb sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Oh. Case No. 26-50093) on January 9, 2026. Judge Mina Nami Khorrami presides over the case. Sean Stone represents the Debtor as legal counsel. CORONET CERAMICS: Amends Unsecured Claims Pay Details ----------------------------------------------------- Coronet Ceramics, Inc., submitted Amendments to Chapter 11 Plan of Reorganization dated January 5, 2026. The parties participated in a settlement conference with Rebel Oil Company Inc., and certain amendments are required to comply with the terms of the parties' settlement agreement. Rebel Oil will support confirmation of the Plan, and change its ballots cast rejecting the Plan to accepting the Plan, as amended. This Amendment also includes updated exhibits including an updated liquidation analysis and other updated information in support of the Plan. The proposed amendments to the Plan are as follows: Article 2.04. (Class 4 general unsecured claims) shall be amended to read, in its entirety, as follows: * All non-priority unsecured claims allowed under § 502 of the Code. Equity interests of the Debtor. As of the date of filing this Plan, the following proofs of claim have been filed: -- American Express - $7,086.14 -- Yvonne Zhu - $886,433.91. The Debtor intends to file an objection to this claim. The Debtor believes that this claim, as well as #3, 4, 5, and 6 below are equity claims and not general unsecured claims. -- GZ Management & Legal Funding - $111,500.00. The Debtor intends to file an objection to this claim. -- KW Technology Inc. - $460,000.00. The Debtor intends to file an objection to this claim. -- Michael Diamond Consulting - $206,622.44. The Debtor intends to file an objection to this claim. -- KW Technology NV Inc. - $461,222.22 Other unsecured claims scheduled in the Debtor's schedules as "undisputed" shall be entitled to receive a pro-rata share of their claim under this Plan. Article 4.01 shall be reincorporated as set forth in the original with the following exceptions: Class 2 Secured Claim of First American National Bank (Apex Property). This claim is impaired. However, the Debtor believes that this claim was paid in full through the sale of the Apex Property pursuant to this Court's Order at ECF 186. The holder of the Class 2 claim shall be entitled to vote on the Plan. To the extent that the claim was not paid in full at closing, the Debtor shall pay any remaining principal and interest amount owing within 30 days of the effective date. The lis pendens filed by the Zhu parties shall be deemed expunged by entry of the Order at ECF 186. Class 4.2 (Rebel Oil) consists of the Allowed Claim of Rebel Oil, which shall be impaired and entitled to vote on the Plan. This class shall be classified as an "unsecured claim in excess of $200,000.00." Rebel Oil shall receive the following treatment in full and final satisfaction, settlement, release, and discharge of and in exchange for its Allowed Claim: * A lump sum payment of $100,000 within 120 days of the Effective Date of the Plan; * An additional payment of $25,000 within 60 days thereafter; and * The remaining balance of $175,000 shall be paid over 5 years, with interest at 6% per annum, amortized over a 20-year period, with the entire remaining amount owing being due on the five-year anniversary of the Confirmation Order. The amortized payments shall be made in equal monthly installments, with the first payment due on the first day of the month following the date that is 210 days after the Effective Date. The monthly payment amount shall be calculated based on a 20-year amortization schedule at 6% interest on the principal amount of $175,000, resulting in monthly payments of approximately $1,049.68. After 59 monthly payments, a balloon payment of the remaining principal and interest shall be due on the five-year anniversary of the Confirmation Order. The Debtor disputes the claims of Yvonne Zhu, GZ Management & Legal Funding, KW Technology Inc., Michael Diamond Consulting, and KW Technology NV Inc. (together the "Zhu Parties"). The Zhu Parties hold disputed claims as former equity interest holders or former partners of the Debtor that lost their interest in the Debtor when they failed to make required contributions to the Debtor after proper notice. The Zhu Parties are not lenders to the Debtors. As such, the Debtor does not believe that the Zhu Parties hold allowed claims against the Debtor or its principal or related parties. The Debtor shall have 120 days from the Effective Date of the Plan to file objections to the claims filed by the Zhu Parties. Unless and until the Court enters a final Order allowing their claims, no payments shall be made to any of the Zhu Parties under this Plan, and the Zhu Parties shall be treated as disputed claims under Article 5 of the Plan. The Debtor recently sold the Apex Property by authority of the Bankruptcy Court and has repaid the holder of the Class 2 claims in full from sales proceeds. Excess proceeds will be used to pay administrative expenses, including completion of the remodel of the service station located on the Western Property. The Debtor may also use sales proceeds from the sale of the Apex Property to fund the Plan and to pay creditors in order of priority. An updated liquidation analysis is attached to this Plan. The funds from the operations of the service station and any rentals shall be used to pay the Note on the Western Property. The Debtor intends to operate its business from the Western Property by operating a service station and renting additional space on the Western Property. The funds from the operations of the Service Station and any rentals shall be used to pay the Note on the Western Property and to fund this Plan. A full-text copy of the Amended Plan dated January 5, 2026 is available at https://urlcurt.com/u?l=qeIlv4 from PacerMonitor.com at no charge. Counsel to the Debtor: Matthew L. Johnson, Esq. Johnson & Gubler, PC 8831 West Sahara Avenue Las Vegas, NV 89117 Tel: (702) 471-0065 Fax: (702) 471-0075 Email: mjohnson@mjohnsonlaw.com About Coronet Ceramics Coronet Ceramics Inc., doing business as Coronet Energy, Coronet PPE, Fortune88, Blue Sky Properties, and Vegas Renewable Diesel, is engaged in the business of petroleum and coal products manufacturing. Coronet Ceramics Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 24-15153) on October 1, 2024, with total assets of $3,503,259 and total liabilities of $6,213,194. Mi Shen Goldberg, president of Coronet Ceramics, signed the petition. The Debtor is represented by Matthew L. Johnson, Esq., at Johnson & Gubler, P.C. CRUISING KITCHENS: Seeks Chapter 11 Bankruptcy in Texas ------------------------------------------------------- Patrick Danner and Madison Iszler of San Antonio Express News report that Cruising Kitchens LLC, a San Antonio–based builder of custom food trucks and trailers, has filed for bankruptcy after being locked out of its West Side facilities on Christmas Eve. The company says the lockout halted operations at its leased properties on San Fernando Street, prompting an emergency request for court intervention. In its Chapter 11 petition, Cruising Kitchens reported about $3.4 million in assets and $14.7 million in liabilities. The company is asking the bankruptcy court to order its landlord, Bridge Over Troubled Waters LLC, to restore access to the property, arguing that the shutdown threatens its production schedules, customer relationships, and overall business value. The landlord contends the lockout was justified after Cruising Kitchens failed to pay more than $550,000 in rent and operating expenses, according to letters sent by landlord attorney Mark Randolph. Customers and lenders have also sued the company, alleging unpaid debts and undelivered food trucks, with plaintiffs ranging from small businesses to the Kansas City Chiefs and Walmart Transportation. Despite its financial struggles, Cruising Kitchens says it expects $4 million to $6 million in new contracts in the coming months, including projects for burger chain Small Sliders and the Hale Koa Hotel in Hawaii. Founder Cameron Davies and his wife have also filed their own Chapter 11 case, and the company is seeking to have the two bankruptcies jointly administered. About Cruising Kitchens LLC Cruising Kitchens LLC is a San Antonio-based manufacturer of custom food trucks and trailers. Cruisng Kitchens LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 26-50001) on January 2, 2026. In its petition, the Debtor reports $3.4 million in assets and $14.7 million in liabilities. Honorable Bankruptcy Judge Michael M. Parker handles the case. The Debtor is represented by Ronald J. Smeberg, Esq. of Smeberg Law Firm, PLLC. CT&C FAB: Seeks to Hire Brian D. Johnson PC as Bankruptcy Counsel ----------------------------------------------------------------- CT&C Fab LLC seeks approval from the U.S. Bankruptcy Court for the District of Utah to hire Brian D. Johnson, P.C. as counsel. The firm will provide legal advice; represent in hearings, meetings, depositions and other required meetings; prepare schedules, statements and other appropriate legal documents; and perform other such legal services as are required pursuant to prosecution of the Chapter 11 proceeding. The firm will be paid a retainer in the amount of $13,500. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Brian D. Johnson, Esq., a partner at Brian D. Johnson, P.C., disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Brian D. Johnson, Esq. Brian D. Johnson, P.C. 290 25th St. Suite 208 Ogden, UT 84401 Tel: (801) 394-2336 About CT&C Fab LLC CT&C Fab LLC is a Utah-based steel fabrication and welding company providing structural and miscellaneous steel fabrication and related services for industrial and construction projects in the Salt Lake City area. CT&C Fab LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Utah Case No. 25-27781) on December 28, 2025, listing $100,000 to $500,000 in assets and $1 million to $10 million in liabilities. The petition was signed by David Sullivan as managing member. Judge Peggy Hunt presides over the case. Brian D. Johnson, Esq. at BRIAN D. JOHNSON, P.C. serves as the Debtor's counsel. DAOVENQUY88 LLC: Unsecureds Will Get 25.29% of Claims over 5 Years ------------------------------------------------------------------ DaoVenQuy88, LLC and DaoVenQuy, LLC filed with the U.S. Bankruptcy Court for the Western District of Texas a Subchapter V Plan of Reorganization dated January 5, 2026. DaoVenQuy, LLC began operating in 2021 as a Vietnamese-Chinese restaurant in San Marcos, Texas. As that restaurant became more successful, DaoVenQuy88, LLC was formed in efforts to expand the same restaurant concept to New Braunfels, Texas. The Debtors began borrowing money, including funds from merchant cash advance ("MCA") lenders. The MCA payments reached approximately $40,000.00 per month, which was unsustainable and caused a need to reorganize the debts. The businesses are operationally profitable, generating combined net operating income sufficient to fund a reorganization plan. The Debtors' Plan of Reorganization provides for the continued operations of the Debtors to make payments to their creditors as set forth in this Plan. Debtors propose to pay allowed unsecured claims based on the liquidation analysis and cash available. Debtors anticipate having sufficient cash flow to fund the plan and pay the creditors pursuant to the proposed plan. It is anticipated that after confirmation, the Debtors will continue in business. Based on the plan projections, the Debtors' total projected disposable income, as that term is defined by section 1191(d), to be committed to the payment of claims for the period described in section 1191(c)(2) for sixty months is $110,690.00 for DaoVenQuy88, LLC and $152,830.00 for DaoVenQuy, LLC, for a combined total of $263,520.00 for both Debtors. This Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtors from income generated from continued operations of the Debtors. Class 2 consists of General Unsecured Claims. The general unsecured Creditor Claims shall receive $108,500.00 which is 25.29% of the total unsecured claims of $428,961.77. All allowed unsecured creditors shall receive a pro rata distribution at zero percent per annum over the next five years. These debts shall be paid at the end of each quarter, and that first quarter shall begin not later than the 1st day of the first full calendar month following 30 days after the effective date of the plan and continuing for the life of the Plan. This Class is impaired. The Debtors will continue operating its business to generate funds to fund plan payments. The Debtors' Plan will break the existing claims into three classes of Claimants. These claimants will receive repayments over a period of time beginning on or after the Effective Date. A full-text copy of the Subchapter V Plan dated January 5, 2026 is available at https://urlcurt.com/u?l=dU10nw from PacerMonitor.com at no charge. Counsel to the Debtors: Robert C. Lane, Esq. The Lane Law Firm, PLLC 6200 Savoy, Suite 1150 Houston, TX 77036 Telephone: (713) 595-8200 Facsimile: (713) 595-8201 About DaoVenQuy88 LLC DaoVenQuy88, LLC operates Vietnamese/Chinese restaurant in Texas. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-52391-cag) on October 7, 2025. In the petition signed by Dao Tran, owner, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Craig A. Gargotta oversees the case. Robert C Lane, Esq., at The Lane Law Firm, is the Debtor's legal counsel. DELONGS CASUAL: Seeks Chapter 7 Bankruptcy in Illinois ------------------------------------------------------ On December 23, 2025, Delongs Casual Dining & Spirits Inc. filed a voluntary petition for Chapter 7 bankruptcy protection in the U.S. Bankruptcy Court for the Central District of Illinois. Court records indicate the Debtor owes between $100,001 and $1,000,000 to 1 to 49 creditors. About Delongs Casual Dining & Spirits Inc. Delongs Casual Dining & Spirits Inc. is a full-service American restaurant and spirits bar based in Pontiac, Illinois. Founded in 2005, the company offered a diverse menu of hand-cut steaks, homemade soups, seafood, salads, specialty sandwiches, and desserts, alongside beverages and full bar service. Delongs Casual Dining & Spirits Inc. commenced a Chapter 7 case under the U.S. Bankruptcy Code (Case No. 25-90701) on December 23, 2025. The filing reflects assets estimated at $0 to $100,000 and liabilities estimated at $100,001 to $1,000,000. The case is assigned to Honorable Mary P. Gorman. The Debtor is represented by Donald R. McClarey, Esq. DIOCESE OF BUFFALO: Says Opt-Out Options Needed in Ch.11 Releases ----------------------------------------------------------------- Rick Archer of Law360 reports that the Roman Catholic Diocese of Buffalo told a bankruptcy judge Friday, January 9, 2026, that it needs to retain an opt‑out mechanism for third‑party releases in its Chapter 11 plan because altering that structure would derail key settlements that support its ongoing reorganization. Under the diocese's plan, creditors who do not opt out of broad releases are bound by them, which the diocese says has enabled insurers and other stakeholders to contribute more than $200 million in value. It argued that switching to an opt‑in requirement, as the U.S. Trustee's Office proposes, would make those contributions unattainable and jeopardize compensation for claimants and creditors. The debate before the court reflects larger post‑Purdue Pharma tensions over how consensual releases should be obtained in Chapter 11 proceedings. The bankruptcy code prohibits non‑consensual third‑party releases, but the diocese asserts that the opt‑out format still provides meaningful choice and notice, allowing creditors to decline if they do not want to be bound. The U.S. Trustee has argued that true consent requires more affirmative action, setting up a potential legal showdown over release mechanics in complex reorganizations, the report states. About The Diocese of Buffalo N.Y. The Diocese of Buffalo, N.Y., is home to nearly 600,000 Catholics in eight counties in Western New York. The territory of the diocese is co-extensive with the counties of Erie, Niagara, Genesee, Orleans, Chautauqua, Wyoming, Cattaraugus, and Allegany in New York State, comprising 161 parishes. There are 144 diocesan priests and 84 religious priests who reside in the Diocese. The diocese through its central administrative offices (a) provides operational support to the Catholic parishes, schools, and certain other Catholic entities that operate within the territory of the Diocese "OCE"; (b) conducts school operations through which it provides parish schools with financial and educational support; (c) provides comprehensive risk management services to the OCEs; (d) administers a lay pension trust and a priest pension trust for the benefit of certain employees and priests of the OCEs; and (e) provides administrative support for St. Joseph Investment Fund, Inc. Dealing with sexual abuse claims, the Diocese of Buffalo sought Chapter 11 protection (Bankr. W.D.N.Y. Case No. 20-10322) on Feb. 28, 2020. The diocese was estimated to have $10 million to $50 million in assets and $50 million to $100 million in liabilities as of the bankruptcy filing. The Honorable Carl L. Bucki is the case judge. The Debtor tapped Bond, Schoeneck & King, PLLC, led by Stephen A. Donato, Esq., as counsel; Connors LLP and Lippes Mathias Wexler Friedman LLP as special litigation counsel; Jones Day as special corporate governance counsel; and Phoenix Management Services, LLC as financial advisor. Stretto is the claims agent, maintaining the page: https://case.stretto.com/dioceseofbuffalo/docket The U.S. Trustee for Region 2 appointed a committee of unsecured creditors on March 12, 2020. The committee tapped Pachulski Stang Ziehl & Jones, LLP and Gleichenhaus, Marchese & Weishaar, PC as bankruptcy counsel, and Burns Bair LLP as special insurance counsel. DMO NORTH: Claims to be Paid from Asset Sale Proceeds ----------------------------------------------------- DMO North Hampton Realty LLC (DMONHR) filed with the U.S. Bankruptcy Court for the District of New Hampshire a Disclosure Statement describing Chapter 11 Plan dated January 5, 2026. The Debtor was created on January 30, 2020, by virtue of its filing with the New Hampshire Secretary of State. Mr. Daniel O’Brien is the LLC's sole member and Manager. The Debtor is the owner of real estate at 137 Lafayette Road, North Hampton, New Hampshire 03862, also identified as Tax Map 17, Lot 41-1 (the "Property"). The Property is rented to Debtor's commercial tenant, Stratham Motor Sales, Inc. d/b/a McFarland Kia, an automobile dealer. Approximately 1 month after its creation, DMONHR granted a mortgage to Primary Bank. Hence, Primary Bank holds a Mortgage Deed and Security Agreement from the Debtor dated February 25, 2020, for $2.8M; the Mortgage was recorded at Book 6086, Page 2687 with the Rockingham County Registry of Deeds, (said transaction referred to as the "February Loan"). There is no dispute that this February Loan is fully secured by the Debtor's real estate. The Plan will propose to sell its Property (estimated to be worth about $5,000,000). The net funds from this anticipated sale will be used to pay off the February Loan in full; the excess funds will be retained by the Debtor and deposited into its DIP account. The Debtor and Primary Bank exchanged and discussed a Forbearance Agreement but never agreed on the terms. The idea was to enter into a Forbearance Agreement and then exit Bankruptcy. Because the Debtor and Primary were unable to consummate a Forbearance Agreement, selling the Debtor's Real Property either through a Confirmed Plan or Sale Motion appears to be the most effective way to resolve this case. The Debtor has agreed to sell its Property (there is no personal property, just the real estate). The Debtor believes the appropriate listing price and value of the Property is about $5,000,000. The payoff for the February Loan, as of December 19, 2025, was $2,497,375.51. The per diem is $462.18. In this case, there are no unsecured claims. In this case, Primary Bank, as set forth above, has 2 loans at issue. First, there is the so-called February Loan and it is secured by a recorded Mortgage against the Debtor's Real Property. There is also a subsequent, so-called June Loan. The Debtor is not a party to the June Loan. Primary Bank's stated position is that the Loans include cross-default language and that the issue of whether the Loans and the Property are cross-collateralized is immaterial. The Debtor disagrees. For purposes of this Disclosure Statement and Plan, the Debtor proposes to sell its Property, payoff the February Loan and retain any excess funds in its DIP bank account. Once the sale is complete, the Debtor might seek to dismiss the case or if this sale is included as part of a Confirmed Plan, then the Debtor will proceed with a proposed Final Decree, points which will be discussed at the upcoming Status Conference. The Plan proponent believes it is feasible because it is selling all its assets to satisfy Primary Bank's secured claim on the February Loan in full and to satisfy as much as possible on Primary Bank's unasserted claim for the June Loan. A full-text copy of the Disclosure Statement dated January 5, 2026 is available at https://urlcurt.com/u?l=ypg0qu from PacerMonitor.com at no charge. Counsel to the Debtor: William J. Amann, Esq. Amann Burnett, PLLC 757 Chestnut Street Manchester, NH 03104 Telephone: (603) 696-5401 Email: wamann@amburlaw.com About DMO North Hampton Realty DMO North Hampton Realty, LLC, is a single-asset real estate entity, as defined in 11 U.S.C. Section 101(51B), that leases commercial and residential properties. DMO North Hampton Realty sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. N.H. Case No. 25-10578) on August 19, 2025. In its petition, the Debtor reported estimated assets and liabilities between $1 million and $10 million. Judge Kimberly Bacher oversees the case. The Debtor is represented by William J. Amann, Esq., at Amann Burnett, PLLC. DOBERMAN HANDYMAN: Seeks Chapter 7 Bankruptcy in Indiana -------------------------------------------------------- On January 7, 2026, Doberman Handyman and Moving Services Inc. filed for Chapter 7 protection in the Northern District of Indiana. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Doberman Handyman and Moving Services Inc. Doberman Handyman and Moving Services Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-20019) on January 7, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge James R. Ahler handles the case. The Debtor is represented by David Dabertin, Esq. DOCKSIDE ASSOCIATION: Taps Clement Rivers LLP as Special Counsel ---------------------------------------------------------------- Dockside Association, Inc. seeks approval from the U.S. Bankruptcy Court for the District of South Carolina to hire Clement Rivers, LLP as special counsel. The firm's services include: a. providing counsel regarding corporate governance issues, horizontal property regime issues, and nonprofit corporation issues; b. performing such other corporate governance or real estate services as may be necessary to effectuate the sale and protect the Debtor's interest in the property; c. providing counsel regarding real estate title, easements, ownership interests, and covenants affecting the property; and d. assisting in resolving disputes involving unit owners, lienholders, or any parties asserting interests in the real property. Clement Rivers customary hourly rate is $400 for Robert S. Dodds, $325 for Lydia Brooks and $125 for paralegals. A retainer to the firm in the amount of $10,000 has been paid. Clement Rivers is a "disinterested person," as that term is defined in Section 101(14) of Title 11 of the United States Code, according to court filings. The firm can be reached through: Robert S. Dodds, Esq. Clement Rivers, LLP 25 Calhoun Street, Suite 400 Charleston, SC 29401 Phone: (843) 720-5450 Email: rdodds@ycrlaw.com About Dockside Association, Inc. Dockside Association, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D.S.C. Case No. 25-05115) on December 29, 2025, listing $1,000,001 to $10 million in assets and $10,000,001 to $50 million in liabilities. Judge Elisabetta Gm Gasparini presides over the case. Michael M. Beal, Esq. at Beal, LLC serves as the Debtor's counsel. DOMCO PRODUCTS: Seeks Chapter 7 Bankruptcy in Delaware ------------------------------------------------------ On December 29, 2025, Domco Products Texas Inc. filed for Chapter 7 protection in the U.S. Bankruptcy Court for the District of Delaware. According to court filings, the Debtor reports between $10 million and $50 million in debt owed to 200 to 999 creditors. About Domco Products Texas Inc. Domco Products Texas Inc. operates as the U.S. arm of Domco Group of Canada, producing and distributing flooring materials for residential and commercial construction markets. Domco Products Texas Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-12273) on December 29, 2025. In its petition, the Debtor reports estimated assets of $10 million to $50 million and estimated liabilities of $10 million to $50 million. Honorable Bankruptcy Judge Mary F. Walrath handles the case. The Debtor is represented by Eric J. Monzo, Esq., and Siena Cerra, Esq., of Morris James LLP. ECOM AUTHORITY: David Schmid Steps Down as Committee Member ----------------------------------------------------------- Guy Van Baalen, Acting U.S. Trustee for Region 21, disclosed in a court filing the resignation of David Schmid of Jamanota Advisors, LLC from the official committee of unsecured creditors in the Chapter 11 case of Ecom Authority, LLC. The bankruptcy watchdog also disclosed the appointment of Brian DeVinney of Devine Connected Commerce, LLC as new member of the committee. The committee is now composed of: 1. Brett Johnston Limitless Consulting Services, LLC 2701 Toledo Ave. S. Minneapolis, MN 55416 (612) 607-9680 Brettandrewjohnston@gmail.com 2. Po-Yu Paul Chen P Chen Consulting, LLC 2803 Richmar Ave. Henderson, NV 89074 (770) 833-7115 Paulchen221@gmail.com 3. Victoria Harker Philips VHP Product and Services, LLC 18500 Wayne Road Odessa, FL 33556 (612) 963-3658 V2Philips@gmail.com 4. Austin Collins 104 Checkerberry Rd. Oakridge, TN 37830 (865)227-8604 5. Brian DeVinney Devine Connected Commerce, LLC 103 Ravenhill Rd. Phoenixville, PA 19460 (646)438-0440 Bdevinney@gmail.com Ecom Authority LLC Ecom Authority, LLC is a wholesaler doing business in Texas. On July 9, 2025, Austin Collins and four other creditors filed Chapter 7 involuntary petition against Ecom Authority (Bankr. S.D. Fla. Case No. 25-17808). The creditors are represented by Patricia A. Redmond, Esq., at Stearns Weaver Miller Weissler Alhadeff & Sitterson, P.A. On October 6, 2025, the Chapter 7 case was converted to one under Chapter 11. Judge Laurel M. Isicoff presides over the case. The Debtor tapped Michael S. Hoffman, Esq., at Lesse Hoffman, PLLC as bankruptcy counsel; and Bast Amron, LLP and Phang & Feldman, PA as special litigation counsel. Guy Van Baalen, Acting U.S. Trustee for Region 21, appointed an official committee to represent unsecured creditors in the Debtor's Chapter 11 case. The committee is represented by Markowitz, Ringel, Trusty & Hartog, P.A. ECUBE LABS: Seeks to Extend Plan Exclusivity to May 11 ------------------------------------------------------ Ecube Labs Co. asked the U.S. Bankruptcy Court for the Northern District of Texas to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 11 and July 10, 2026, respectively. Consideration of the factors favors granting the extension of the exclusivity periods as requested by the Debtor: * The size and complexity of the case. While the Debtor does not have tons of creditors, the Debtor has focused its efforts on obtaining post-petition financing and stabilizing its operations since the Petition Date while battling heated objections from the Waste Connections Parties at each step along the way. Thus, even if this chapter 11 case is not particularly large, it's become complex from the litigious nature of a party in interest. * The necessity of sufficient time to permit the Debtor to negotiate a plan of reorganization and prepare adequate information. The final hearing on the DIP Motion will not occur until January 22, only a few days before the original exclusivity period to propose a reasonably confirmable plan. As such, granting the Debtor additional time after the January 22 Hearings to formulate a confirmable plan hopefully on a consensual basis with creditors is reasonable and fair and in the best interest of the estate and its creditors. * The Debtor's Good Faith Progress. Since the Petition Date, the Debtor has focused its efforts on stabilizing its operations for future growth. This process has not been made easy with objections and challenges from the Waste Connections Parties. Notwithstanding such challenges, the Debtor believes the record of this case demonstrates the Debtor's good faith efforts in maximizing value of the assets of the estate for all creditors and forging a way for a successful reorganization. * Whether the Debtor demonstrated reasonable prospects for filing a viable plan. The Debtor has now been able to obtain authorization to assume the Hauler Agreements with nine of its most important and critical independent haulers. If the DIP Facility is approved on the final basis, the Debtor would be able to draw on the final $500,000 which will help to onboard new customers and expand revenues. All of these elements support this factor because the Debtor's prospects of proposing a viable plan have improved throughout the pendency of this bankruptcy case. * Whether the Debtor is seeking an extension of exclusivity to pressure creditors to submit to the Debtor's reorganization demands. The Debtor is not seeking an extension of exclusivity as a tactic to pressure creditors. Indeed, the Debtor has not yet made any reorganization "demands" on any creditors in this case. Rather, the Debtor seeks this extension to allow the time needed to formulate a plan in the first instance. The Debtor's goal is not to pressure creditors, but to propose and confirm a plan that maximizes the return to creditors. * Gross mismanagement of the Debtor. The Debtor is not mismanaging its affairs. Rather, the Debtor has acted responsibly and has taken the appropriate steps to maximize the value of its assets for the benefit of all creditors. The Debtor will continue to manage its business and affairs in a responsible manner and fulfill its fiduciary duties as debtor-in-possession as its works toward proposing a plan to the collective benefit of all parties in interest in this case. Ecube Labs Co. is represented by: Emily S. Chou, Esq. J. Blake Glatstein, Esq. Mary Taylor Stanberry, Esq. VARTABEDIAN HESTER & HAYNES LLP 301 Commerce Street, Suite 2200 Fort Worth, Texas 76102 Tel: (817) 214-4990 E-mail: emily.chou@vhh.law blake.glatstein@vhh.law mary.stanberry@vhh.law About Ecube Labs Co. Ecube Labs Co., doing business as Haulla, arranges waste collection, junk removal, and dumpster rental services for commercial customers by connecting them with local haulers. The Company manages and coordinates disposal services to help businesses reduce costs and improve efficiency. Founded in 2017 and based in Alhambra, California, Haulla serves clients including restaurants, retail stores, offices, auto shops, and other commercial establishments in markets such as Los Angeles, Dallas, Houston, Austin, and Baltimore. Ecube Labs Co. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43950) on October 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Emily S. Chou, Esq. of VARTABEDIAN HESTER & HAYNES LLP. ELECTRIC FORKLIFT: Nicole Nigrelli Named Subchapter V Trustee ------------------------------------------------------------- The U.S. Trustee for Regions 3 and 9 appointed Nicole Nigrelli, Esq., at Ciardi, Ciardi & Astin as Subchapter V trustee for Electric Forklift Repairs Corp. Ms. Nigrelli will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Nigrelli declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Nicole M. Nigrelli, Esq. Ciardi, Ciardi & Astin 1905 Spruce Street Philadelphia, PA 19103 Phone: (215) 557-3550 ext. 115 Email: nnigrelli@ciardilaw.com About Electric Forklift Repairs Corp. Electric Forklift Repairs Corp. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D.N.J. Case No. 25-23553) on December 23, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Ellen M. McDowell, Esq. at Mcdowell Law, PC represents the Debtor as legal counsel. ELETSON HOLDINGS: RKS, et al. Lose Bid to Quash Subpoenas --------------------------------------------------------- The Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied the motion of Rolnick Kramer Sadighi LLP, Lassia Investment Company, Glafkos Trust Company, Family Unit Trust Company, and Elafonissos Shipping Corporation to quash or, in the alternative, for a partial protective order in the bankruptcy case of Eletson Holdings Inc. On September 22, 2025, the Bankruptcy Court entered a judgment in favor of Eletson Holdings against Family Unity Trust Company, Glafkos Trust Company, and Lassia Investment Company ("Former Majority Shareholders"); Vasilis Hadjieleftheriadis; Konstatinos Chatzieleftheriadis, Ioannis Zilakos, Niki Zilakos, Adrianos Psomadakis-Karastamatis, Eleni Giannakopoulous, Panos Paxinoz, and Emmanel Andreulaks ("Purported Provisional Board"); Elafonissos Shipping Corporation ("Elafonissos") and Keros Shipping Corporation (collectively, "Former Minority Shareholders"); and Laskarina Karastamati (collectively with all proceeding, save Holdings, "Judgment Debtors"). The Motion seeks to quash subpoenas -- or, in the alternative, to limit their scope –- issued by Holdings to Rolnick Kramer Sadighi LLP and Reed Smith LLP to assist in collecting the September 22, 2025 Judgment. Elafonissos moves to quash based on lack of personal jurisdiction. The Motion argues that the Former Foreign Shareholders have standing to oppose the subpoena issued to Reed Smith, because that subpoena seeks information concerning the funds or assets of the Judgment Debtors, which includes the Former Foreign Shareholders, and that information will be used to collect a debt from the Former Foreign Shareholders. The Motion argues that the subpoenas are null and void under New York Civil Practice Law and Rules ("C.P.L.R.") Sec. 5224, because the subpoenas fail to comply with the certification requirement of Sec. 5224(a)(3)(i), and Sec. 5224(a)(3)(ii) states that a failure to comply with Sec. 5224(a)(3)(i) renders the subpoenas null and void. Specifically, the Motion argues that the certifications in the subpoenas state their compliance with Sec. 5224, but fail to state their compliance with New York General Business Law ("G.B.L.") Sec. 601, which is also required by Sec. 5224(a)(3)(i). The Motion further argues that the subpoena as to RKS seeks to impair RKS's ability to represent the Former Foreign Shareholders -- including in the appeal of the very orders and judgments the Subpoena purports to be related to. Alternatively, if the Court enforces the subpoenas, the Motion asks for a protective order limiting their scope, arguing that the subpoenas are overbroad in instructing RKS and Reed Smith to provide information concerning all fourteen Judgment Debtors, even though RKS only represents four, concerning time before RKS's representation in this case and extending into the future. Holdings argues that the language in the subpoenas' certifications is appropriate. Holdings also contends that it has a reasonable belief that both Reed Smith and RKS each have relevant information about each of the fourteen Judgment Debtors. The Court agrees with Holdings and the Motion is denied. Whether Holdings' omission that the information subpoenas comply with G.B.L. Sec. 601 renders the subpoenas null and void is an issue this Court need not reach, because, as Holdings argues, it has now certified with respect to each subpoena that they comply with G.B.L. Sec. 601. As an initial point, the Court agrees with Holdings that the Judgment Debtors failed to seek a stay of the September 22, 2025 Judgment, and thus it is immediately enforceable notwithstanding any appeal. A copy of the Court's Memorandum Opinion and Order dated December 30, 2025, is available at https://urlcurt.com/u?l=OldQgq from PacerMonitor.com. 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. ELEVATE HEALTH: Seeks Chapter 7 Bankruptcy in Louisiana ------------------------------------------------------- On December 23, 2025, Elevate Health, LLC filed for Chapter 7 protection in the Eastern District of Louisiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Elevate Health, LLC Elevate Health, LLC -- https://www.elevatehealthmt.com/ -- provides General Adult psychiatric services for Medication Management, Psychotherapy services, Maintenance Opioid treatment.[BN] Elevate Health, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-13062) on December 23, 2025. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Ryan James Richmond, Esq. of Sternberg, Naccari & White, LLC. ENDO INT'L: Charles Anderson Can't Compel Full Payment of Claim --------------------------------------------------------------- The Honorable James L. Garrity, Jr. of the United States Bankruptcy Court for the Southern District of New York denied the motion of Charles Elliott Anderson, Jr., for entry of an order compelling the PI Trustee to make immediate payment of his claim in full, irrespective of the operative provisions in the Chapter 11 plan of Endo International plc and its affiliated debtors or the Endo PI Trust Distribution Procedures ("PI TDP"). The order confirming the Debtors' Chapter 11 plan is final and non-appealable and the Plan has gone effective. Under the Plan, Anderson holds an allowed Class 7A-PI Opioid Claim. The Claim will be satisfied on a pro-rata basis out of the proceeds of the Endo Opioid PI Trust, pursuant to the PI TD. On the ballot he submitted in voting to reject the Plan, Anderson elected to grant a third-party release (the "Non-GUC Release" or "Release") in consideration for an additional payment under the Plan (the "Non-GUC Multiplier"). In May 2025, the PI Trustee advised Anderson that under the Plan, the estimated Award in satisfaction of both his allowed Class 7A-PI Opioid Claim, and the Non-GUC Multiplier, is approximately $1,600. On the heels of his receipt of that notice, Anderson filed the motion before the Court, and the supplements thereto, seeking an order directing the PI Trustee to pay his Claim in full, outside the terms of the Plan and the PI TDP. He also asks the Court to declare as unconstitutional the consensual Non-GUC Release. This is not the first time Movant has sought to alter the terms of the confirmed Plan. In his Motion to Modify Plan, he sought special treatment of his Claim, as he petitioned the Court for immediate payment of the full amount of the Claim. The Court denied that motion, and Movant's Motion for Reconsideration of the order. Movant has appealed the Reconsideration Order to the District Court. Patrick J. Bartels, Jr., not individually but solely in his capacity as the Plan Administrator for the post-confirmation debtors of Endo International plc and its Debtor affiliates in these Chapter 11 Cases, and Edgar C. Gentle, III, Trustee of the Endo PI Trust, filed a joint objection to the Motion. The Movant argues that pursuant to section 502(a) of the Bankruptcy Code, the Claim is deemed allowed for its full amount, that payment of the Claim is "ministerial, not adjudicative" and the Trustee is attempting to "unilaterally reduce the claim." He asks the Court to declare that the Release is unconstitutional and unenforceable as applied to him. He says it is a "legal nullity" because it runs afoul of Harrington v. Purdue Pharma, L.P., 603 U.S. 204 (2024). He also says his consent to the Release was "illusory and invalid" because it was "not consensual, but a quid pro quo," he gave it "under extreme distress," and his recovery under the Plan is "de minimis." He argues that the Release is an unconstitutional taking of property in violation of the Fifth Amendment. The Objectors contend the Court must deny the Motion because the matters at issue in the Motion are subject to the Appeal pending in the District Court and, as such, the Court lacks subject matter jurisdiction to consider them. They also contend that Anderson's challenge to the Release is unwarranted and, in any event, that he has waived any right to challenge it. Anderson argues that by operation of Bankruptcy Rule 3001(f) and section 502(a) of the Bankruptcy Code, the Claim is a liquidated debt with the same legal force as a final judgment. He contends that the PI Trustee's "job" is to pay the Claim from the PI Trust Funds. The Court denies the request for relief, as it lacks jurisdiction to consider the matter. The Court denies Anderson's request for payment of his Claim, in full. Anderson contends that the PI Trustee's only "defense" for not paying his Claim in full is his purported "consent" to the Release, and that the defense fails as a matter of law. Anderson asserts that the Release is not consensual because he was forced to opt-in to the Release "under extreme duress" in order to receive the Non-GUC Multiplier. However, in the Confirmation Order the Court found that the Release is consensual, and approved the Release. Anderson argues that the attempt to extinguish his Claim for $1,620 is a taking without just compensation, violating the Fifth Amendment. According to the Court, the Plan does not extinguish Anderson's Claim. Anderson is being given his pro rata share of the recovery shared by claimants in his class and according to the Plan. The Court finds the Plan does not run afoul of the Fifth Amendment. A copy of the Court's Memorandum Decision and Order dated January 5, 2026, is available at https://urlcurt.com/u?l=wwAxiH from PacerMonitor.com. Counsel for the Plan Administrator Patrick J. Bartels: Brian P. Maloney, Esq. Catherine V. LoTempio, Esq. SEWARD & KISSEL LLP One Battery Park Plaza New York, NY 10004 Counsel for the Trustee for the Endo PI Trust Edgar C. Gentle, III: Christopher P. Simon, Esq. CROSS & SIMON 1105 N. Market Street, Suite 901 Wilmington, DE 19801 About Endo International PLC Endo International plc (OTC: ENDPQ) is a generics and branded pharmaceutical company. It develops, manufactures, and sells branded and generic products to customers in a wide range of medical fields, including endocrinology, orthopedics, urology, oncology, neurology, and other specialty areas. On the Web: http://www.endo.com/ Endo International and certain of its subsidiaries initiated voluntary prearranged Chapter 11 proceedings (Bankr. S.D.N.Y. Lead Case No. 22-22549) on Aug. 16, 2022. On May 25, 2023, Operand Pharmaceuticals Holdco II Limited and Operand Pharmaceuticals Holdco III Limited each filed a voluntary Chapter 11 petition also in the U.S. Bankruptcy Court for the Southern District of New York. On May 31, 2023, Operand Pharmaceuticals II Limited and Operand Pharmaceutical III Limited each filed a voluntary Chapter 11 petition also in the Southern District of New York. The Company's cases are jointly administered before the Honorable James L. Garrity, Jr. Endo initiated the financial restructuring process after reaching an agreement with a group of its senior debtholders on a transaction that would substantially reduce outstanding debt, address remaining opioid and other litigation-related claims, and best position Endo for the future. This would allow the Company to advance its ongoing business transformation from a strengthened financial position to create compelling value for its stakeholders over the long term. Endo's India-based entities are not part of the Chapter 11 proceedings. The Company has filed recognition proceedings in Canada and expects to file similar proceedings in the United Kingdom and Australia. The Debtors tapped Skadden, Arps, Slate, Meagher & Flom, LLP as legal counsel; PJT Partners, LP as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. Kroll Restructuring Administration, LLC, is the claims agent and administrative advisor. A Website dedicated to the restructuring is at http://www.endotomorrow.com/ Roger Frankel, the legal representative for future claimants in the Chapter 11 cases, tapped Frankel Wyron LLP and Young Conaway Stargatt & Taylor, LLP, as legal counsels, and Ducera Partners, LLC, as investment banker. EYWA TRADING: Voluntary Chapter 11 Case Summary ----------------------------------------------- Debtor: Eywa Trading Consultants LLC 2162 Spring Stuebner Rd Ste 140 Spring, TX 77389 Business Description: Eywa Trading Consultants LLC owns and leases four residential properties in Spring and Tomball, Texas, holding fee simple title, with a combined appraised value of $1.31 million according to County Appraisal District records. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30115 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Jeremy Wood, Esq. LAW OFFICE OF JEREMY T. WOOD, PLLC 2950 N Loop West Suite 500 Houston TX 77092 Tel: (713) 366-1288 Email: jeremy@jeremywoodlaw.com Total Assets: $1,312,205 Total Liabilities: $863,499 The petition was signed by Tronown Thomas as the authorized representative of the Debtor. The Debtor submitted a purported list of its 20 largest unsecured creditors, but it was left blank. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OIS2UIQ/Eywa_Trading_Consultants_LLC__txsbke-26-30115__0001.0.pdf?mcid=tGE4TAMA FACEBANK INTERNATIONAL: DBRS Keeps BB LongTerm Issuer Rating ------------------------------------------------------------ DBRS, Inc. maintained the Under Review with Developing Implications for the credit ratings of FACEBANK International Corporation (FACEBANK or the Company), including the Company's Long-Term Issuer Rating of BB Under Review with Developing Implications. The ratings were previously place Under Review with Developing Implications following FACEBANK's announcement on October 3, 2025, that it intends to recapitalize and merge with Eastern National Bank (ENB), with ENB becoming the surviving entity, which will be rebranded as FACEBANK, N.A. KEY CREDIT RATING CONSIDERATIONS The maintenance of the Under Review with Developing Implications designation reflects that there remains a number of items that still need to be completed to complete the transaction, including new equity investors, various regulatory approvals and the formation of a holding company to complete the transaction. Once the new structure becomes more certain and the post-transaction credit profile clearer, Morningstar DBRS will evaluate the transaction's impact on the Company's operating model, financial performance, risk profile, funding and liquidity, and capitalization. Completion of the transaction is subject to required regulatory approvals, including that of its current regulator, the Oficina del Comisionado de Instituciones Financieras (OCIF) of Puerto Rico, as well as the OCC, the FDIC and the Federal Reserve Board. Following the merger, the combined bank is expected to have more than $600 million in total assets including $316 million in loans funded by approximately $535 million in deposits. There will be benefits from the new charter, including the addition of deposit insurance as well as access to other avenues of liquidity. However, the challenge will be to improve earnings by reducing expenses, while integrating the two franchises and continuing to invest in systems and technology. CREDIT RATING DRIVERS When there is more clarity on the final terms, approval process, and timeline for completion of the transaction, Morningstar DBRS may take one of the following actions: If Morningstar DBRS believes that the merger under the final terms would only modestly alter FACEBANK's credit fundamentals, the current credit ratings with Stable trends and would remove the Under Review with Developing Implications status. If Morningstar DBRS views the completion of the merger under the final terms as having a material positive and sustainable impact on FACEBANK's operating model, risk profile, funding and liquidity, and/or capitalization, it would place the credit ratings Under Review with Positive Implications. This could be driven by continued strong execution on strategic initiatives resulting in increased franchise scale, including a more diverse funding mix. Conversely, if Morningstar DBRS views the completion of the potential merger under the final terms as having a material negative impact on FACEBANK's credit profile, it would place the credit ratings Under Review with Negative Implications. This might include, an increased risk appetite, a perceived inability to return to strong profitability metrics including reducing the combined entities' expense base. CREDIT RATING RATIONALE On October 8, 2025, Morningstar DBRS had placed the credit ratings Under Review with Developing Implications because of the unknowns related to the merger, including the successful completion of an equity raise and the timeline of regulatory approval from multiple agencies. Morningstar DBRS will evaluate the transaction's impact on the Company, as there is more clarity on the approval timeline and post-transaction credit profile. Established in 2006, FACEBANK operates as an International Bank Entity (IBE) under the laws of the Commonwealth of Puerto Rico. The IBE charter offers a tax-efficient platform for the bank to provide U.S. dollar deposit and payment services to foreign customers. Through its Florida-based mortgage subsidiary, Florida Home Trust, the Company provides residential mortgage loans to foreign nationals primarily in South Florida. A key component of FACEBANK's franchise is the online connection with the Federal Reserve Bank of New York (FRBNY), which it has had since 2016 as well as the recent approval of FedNow capabilities. This relationship allows the Company to efficiently clear deposits for its customers, saving both time and expense. We view this connectivity as a competitive advantage for FACEBANK, which is contingent on the Company maintaining strong BSA/AML and corporate governance practices and ongoing reviews from the FRBNY. All deposits are uninsured. Venezuelan nationals account for a large percentage of deposits although this percentage has been trending down as the Company expands into other jurisdictions. Despite the recent events in Venezuela, deposits are expected to remain relatively stable, as they have during other political events, as a U.S. dollar denominated deposit account would continue to be viewed as a safe haven. Additionally, account openings may increase as new customers also seek safety. Founded in 1969, ENB is a bank based in Miami, Florida that provides community and international banking services, including personal and business banking, and real estate mortgages. Over the past several years, ENB has faced financial challenges and, as a result, has downsized its loan portfolio to meet regulatory capital requirements. Consequently, the bank has become structurally unprofitable and requires additional Notes: All figures are in U.S. dollars unless otherwise noted. FAIRFIELD WILLIAMSBURG: Hires Spotts Fain PC as Bankruptcy Counsel ------------------------------------------------------------------ Fairfield Williamsburg Property Owners Association seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Spotts Fain PC as bankruptcy counsel. The firm will provide these services: a. advising the Debtor of its rights, powers, and duties as a debtor and debtor-in-possession while operating and managing its business and property under Chapter 11 of the Bankruptcy Code; b. preparing on behalf of the Debtor all necessary and appropriate applications, motions, proposed orders, other pleadings, notices, schedules, and other documents, and reviewing all financial and other reports to be filed in its Chapter 11 Case; c. advising the Debtor concerning, and preparing responses to, applications, motions, other pleadings, notices, and other papers that may be filed by other parties in the Chapter 11 Case; d. advising the Debtor with respect to, and assisting in the negotiation and documentation of any necessary financing agreements and related transactions; e. reviewing the nature and validity of any liens asserted against the Debtor's property and advising the Debtor concerning the enforceability of such liens; f. advising the Debtor concerning executory contracts and/or unexpired lease assumptions, assignments, and rejections as well as contract restructurings and recharacterizations; g. advising the Debtor in connection with the formulation, negotiation and promulgation of a plan of reorganization, and related transactional documents; h. assisting the Debtor in reviewing, estimating, and resolving claims asserted against the Debtor's estate; i. commencing and conducting litigation necessary and appropriate to asset rights held by the Debtor, protect assets of the Debtor's Chapter 11 estate, or otherwise further the goal of completing the Debtor's successful reorganization; and j. providing non-bankruptcy services for the Debtor to the extent requested by the Debtor and necessary for the proper and efficient administration of the bankruptcy case. The firm will be paid at these rates: Robert S. Westermann, Of Counsel $590 per hour Neil E. McCullagh, Partner $450 per hour Christopher A. Hurley, Partner $350 per hour Emily E. G. Anderson, Legal Assistant $175 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Westermann disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: Robert S. Westermann, Esq. Neil E. McCullagh, Esq. Spotts Fain PC 411 East Franklin Street, Suite 600 Richmond, VA 23219 Telephone: (804) 697-2000 Facsimile: (804) 697-2100 Email: rwestermann@spottsfain.com nmccullagh@spottsfain.com About Fairfield Williamsburg Property Owners Association Fairfield Williamsburg Property Owners Association is a nonprofit organization responsible for the administration and management of the Fairfield Williamsburg neighborhood. Fairfield Williamsburg Property Owners Association sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-51179) on December 5, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. The Debtor is represented by Neil E. McCullagh, Esq. of Spotts Fain PC. FIRST BRANDS: Launches Section 363 Sale Process in Chapter 11 ------------------------------------------------------------- First Brands Group, LLC, a leading global supplier of aftermarket automotive parts, announced on January 07, 2026, the launch of a sale process to market and sell its business, as a whole or in parts, to maximize stakeholder value. The sale process is intended to accelerate the transition to new ownership, the Company's emergence from these chapter 11 cases, and the next phase for First Brand's market-leading portfolio of brands and businesses. The Company is also in discussions with an Ad Hoc Group of lenders regarding an agreement to provide additional debtor-in-possession financing and serve as the stalking horse bidder for certain business segments in the sale process. Once finalized and upon court approval, the expected funding would enable First Brands to maintain continuity of supply and service for customers across its core brands and product lines through the sale process. "Launching the marketing process represents a decisive step toward positioning our brands for long-term stability under new ownership," said Charles Moore, Interim Chief Executive Officer of First Brands Group. "Over the past several months, we have gained clarity on the significant value across the First Brands portfolio and the strong growth potential of our core business lines in the aftermarket industry. With the continued support of our lenders and meaningful inbound interest, this process will enable us to efficiently explore a range of strategic outcomes while prioritizing our customers, vendors, and employees." The Company's differentiated portfolio of leading aftermarket brands and OEM products provide a compelling foundation for significant value creation. -- A global offering of mission-critical automotive products and parts spanning brakes, filters, plugs, wipers, pumps, lighting, towing, and accessories. -- A portfolio of top-tier, leading brands including FRAM, Raybestos, Trico, Autolite, and Reese, each with longstanding customer relationships across retail and commercial channels. -- A strategic global manufacturing and distribution footprint, supported by enhanced financial and operational practices implemented by the Company's new management team during its ongoing chapter 11 proceedings. -- Strong brand recognition in the $410 billion North American automotive aftermarket sector, with meaningful opportunities to capitalize on long-term demand trends and industry tailwinds. Additional Information about the Sale Process First Brands anticipates filing a motion seeking authorization to conduct a sale and marketing process for all of its assets. The sale process is designed to achieve the highest or otherwise best bid for the assets pursuant to section 363 of the U.S. Bankruptcy Code. The Company expects to market the business in an efficient and timely manner with the intention to complete the process in first quarter 2026, subject to court approval. Additional information regarding First Brands' chapter 11 process is available at https://restructuring.ra.kroll.com/firstbrands. Stakeholders with questions may call the Company's Claims Agent, Kroll, at (877) 631-1151 or +1 (646) 290-7146 if calling from outside the U.S. or Canada, or email firstbrandsinfo@ra.kroll.com. Advisors Weil, Gotshal and Manges LLP is serving as legal counsel, Lazard is serving as investment banker, Alvarez & Marsal is serving as financial advisor, and C Street Advisory Group is serving as strategic communications advisor to First Brands Group. Gibson, Dunn & Crutcher LLP is serving as legal counsel, Evercore is serving as investment banker, and Huron Consulting Group is serving as financial advisor to the Ad Hoc Group. 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. FIRST BRANDS: Sues Ex-Board Member James, Onset for $2.9B Fraud --------------------------------------------------------------- Financial Times reports that First Brands Group on Friday, January 9, 2026, filed a fraud lawsuit in Texas bankruptcy court against former board member Edward James and Utah-based Onset Financial Inc., accusing them of colluding to defraud the car parts maker and its creditors of about $2.9 billion. The complaint alleges that James acted as an undisclosed partner to Onset, manipulating contract terms and structuring financing deals that allowed the defendants to earn triple-digit returns at the debtor's expense. According to the suit, many of the transactions that purported to be equipment leases or sale-leasebacks were in fact high-cost financing arrangements that contributed to the company's financial distress. The lawsuit further alleges that James blocked efforts by others at First Brands to renegotiate terms and personally invested in the questionable transactions, deepening his stake in the alleged scheme. First Brands is now seeking to recover the funds it says were improperly extracted through these deals. Onset has denied the allegations as defamatory, and the litigation adds complexity to First Brands' already high-profile bankruptcy, which has drawn scrutiny from creditors, courts, and regulators regarding pre-petition financing practices and executive conduct, the report states. About First Brands Group 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. FOOD52 INC: ATK Provides DIP Financing in Restructuring ------------------------------------------------------- America's Test Kitchen (ATK), the leading, multi-platform, culinary media brand, on Dec. 30, 2025, entered into an agreement for the acquisition of certain assets of Food52, Inc., a pioneering food, media and lifestyle brand through a court supervised bankruptcy process. Food52, Inc. has filed a voluntary petition for Chapter 11 relief in the United States Bankruptcy Court for the District of Delaware to facilitate an auction sale of substantially all of its assets, with ATK serving as the proposed stalking horse bidder. In connection with the restructuring process, Food52, Inc. has reached an agreement with ATK to provide the company with new capital in the form of a debtor-in-possession (DIP) financing facility. Upon approval by the Court, this DIP facility is expected to provide sufficient liquidity to operate the Company's business during the pendency of the Chapter 11 case. "We are delighted at the opportunity to acquire the Food52 brand assets and to grow this iconic brand that audiences love," said Daniel Suratt, CEO, America's Test Kitchen. "We believe Food52 remains a singular media property with a strong legacy and we are excited to build on that to continue to serve Food52 fans." "From the beginning, Food52 aspired to build a place where great food, thoughtful design and a deeply engaged community could live together," said Erika Ayers Badan, CEO, Food52. "We are excited at the prospect of bringing this into the future with the help of America's Test Kitchen, one of the most trusted brands in culinary media." Also, as part of the restructuring process, Food52, Inc. will file customary "First Day" motions to allow it to maintain normal business operations. About America's Test Kitchen The mission of America's Test Kitchen (ATK) is to empower and inspire confidence, community, and creativity in the kitchen. Founded in 1992, the company is the leading multimedia cooking resource serving millions of fans with TV shows (America's Test Kitchen, Cook's Country, and America's Test Kitchen: The Next Generation), a magazine (Cook's Illustrated), cookbooks, a podcast (Proof), FAST channels, short-form video series, and the ATK Essential subscription for digital content. Located in a state-of-the-art, 15,000-square-foot test kitchen in Boston's Seaport District, ATK has earned the trust of home cooks and culinary experts alike thanks to its one-of-a-kind processes and best-in-class techniques. Fifty full-time (admittedly very meticulous) test cooks, editors, and product testers spend their days tweaking every variable to find the very best recipes, equipment, ingredients, and techniques. About Food52 Inc. Food52 Inc. is a Brooklyn-based cooking and home decor company Food52 Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12277) on December 29, 2025. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the case. The Debtor is represented by Michael R. Nestor, Esq., Brynna Gaffney, Esq., Andrew M. Lee, Esq., S. Alexander Faris, Esq., and Elizabeth Soper Justison, Esq. of Young Conaway Stargatt & Taylor. GEORGES REALTY: Taps Legacy Group/Real Broker NH LLC as Broker -------------------------------------------------------------- Georges Realty LLC seeks approval from the U.S. Bankruptcy Court for the District of New Hampshire to employ Kara Chase of Legacy Group/Real Broker NH, LLC as broker. The firm will render these services: a. develop an effective strategy for local marketing and selling the Debtor's property known as 82 Sunset Drive, Belmont, New Hampshire; b. implement the sale plan; c. make every reasonable effort to sell the Subject Property for its fair market value in accordance with the agreement; d. provide Debtor monthly with the Broker's Buyers List; e. relay all offers pertaining to the Subject Property to Debtor within 24 hours of receipt; f. provide all of the other services customarily rendered by the other highly qualified real estate brokers in the local market; and g. consult with the Debtor and counsel to Debtor periodically with respect to matters related to the local marketing and sale of the Subject Property. The broker will receive a commission equal to 3 percent of the gross purchase price. Legacy Group/Real Broker NH, LLC is a disinterested party and does not appear to have an adverse relationship to this case, according to court filings. The firm can be reached through: Kara Chase Legacy Group/Real Broker NH, LLC 00 Gilman Hill Road #2 Meredith, NH, 03253 Cell: (603) 573-1073 Email: kara.nhlegacygroup.com karachase@nhlegacygroup.com About Georges Realty LLC Georges Realty, LLC manages and leases real estate properties across multiple locations and is classified under NAICS 5311. Georges Realty sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.H. Case No. 25-10779) on November 4, 2025, listing between $1 million and $10 million in assets and liabilities. William S. Gannon, Esq. at William S. Gannon PLLC represents the Debtor as legal counsel. GEORGI & BRANDON: Seeks Subchapter V Bankruptcy in Illinois ----------------------------------------------------------- On December 21, 2025, Georgi & Brandon Co. Inc. filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Illinois. According to court filings, the debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Georgi & Brandon Co. Inc. Based in Illinois, Georgi & Brandon Co. Inc. operates in the fashion and accessories market, supplying clothing and related products to retail outlets and specialty stores. The company’s portfolio included both branded and private-label merchandise aimed at the mid-market consumer segment. Georgi & Brandon Co. Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-19474) on December 21, 2025, with up to $50,000 in assets and $100,001 to $500,000 in liabilities. Judge David D. Cleary presides over the case. Paul M. Bach, Esq., at Bach Law Offices represents the Debtor as bankruptcy counsel. GEOSYNTEC HOLDINGS: Moody's Affirms B3 CFR, Outlook Remains Stable ------------------------------------------------------------------ Moody's Ratings has affirmed Geosyntec Holdings, LLC's (Geosyntec) B3 corporate family rating and B3-PD probability of default rating. In addition, Moody's have affirmed the B3 ratings on Geosyntec Consultants, Inc.'s senior secured term loan B and revolving credit facility. The outlooks remain stable. Geosyntec is a leading provider of environmental consulting and engineering services. The rating affirmation and stable outlook reflect Geosyntec's announced acquisition of Longenecker & Associates (L&A), as well as other future acquisitions, which are largely financed by $180 million in incremental debt. The transactions slightly increase leverage and underscore the company's aggressive financial strategy, offset by improved scale and steady industry demand. Pro forma leverage is expected to rise to about 6.5x debt/EBITDA, based on Moody's calculations and adjustments. In addition, the integration of multiple acquired businesses presents execution and integration risk, which could temporarily weaken profitability or cash flow if there are challenges in merging operations. RATINGS RATIONALE Geosyntec's B3 CFR remains constrained by high financial leverage, with pro forma debt/EBITDA of 6.5x at transaction close for the twelve months ended September 30, 2025, expected to gradually improve to around 6.0x by year-end 2026. The rating also reflects the company's relatively modest scale within the B3 universe, its position in a fragmented and competitive market, and challenges in retaining skilled talent critical for growth and operational efficiency. Governance risk is elevated due to Geosyntec's acquisitive growth strategy and concentrated ownership, which may prioritize shareholder returns over debt reduction. The rating is supported by Geosyntec's leading position, which enables it to benefit from industry tailwinds driven by sustainability trends and tightening environmental regulations. In addition, the company benefits from strong organic backlog growth, providing roughly ten months of revenue visibility, and high employee retention. Long-standing relationships with a diverse client base across manufacturing, energy, and government sectors further underpin stability. Moody's expects continued solid operating performance, with revenue growth in the low teens, EBITDA margin of around 16% (based on Moody's calculations and adjustments), and improved free cash flow generation over the next 12–18 months. The B3 ratings on the senior secured credit facilities align with the B3 CFR given the predominant position of this debt class in the capital structure. These facilities are secured on a first-priority basis by substantially all tangible and intangible assets and equity interests of the borrowers and guarantors, including existing and future domestic subsidiaries and parent holding companies. Moody's expects that Geosyntec will maintain good liquidity over the next 12 to 15 months. Liquidity is supported by $40 million of cash on hand (pro forma for the transaction) as of September 30, 2025, and anticipated free cash flow to debt in the mid-single-digit range. Capital expenditure needs are minimal at about 2% of net revenue, requiring roughly $10 million in liquidity. Geosyntec also has access to an undrawn $110 million revolving facility maturing in 2029, providing coverage for annual first-lien term loan amortization of about $6.7 million. The revolver is subject to a springing maximum first-lien leverage ratio of 9.8x, which is tested only when drawings exceed 40% of availability. Moody's expects the company to maintain a good cushion relative to covenant limits. The stable outlook reflects Moody's expectations that Geosyntec will successfully integrate the L&A and other future acquisitions, achieve the anticipated scale and earnings benefits, and reduce leverage to around 6.0x by year-end 2026. Moody's also anticipates low-teens revenue growth and free cash flow to debt in the mid-single-digit range over the same period. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be upgraded if Geosyntec continues to demonstrate revenue and EBITDA growth, with debt/EBITDA sustained below 6.0x (based on Moody's calculations) and the free cash flow/debt approaching a mid-single-digit percentage. The ratings could be downgraded if revenue growth slows or there is a material decline in profitability due to increased competition, or diminished liquidity, including negative free cash flow. The ratings could also be downgraded if the company's debt/EBITDA remains above 7.5x (based on Moody's calculations), indicating that financial strategies have become more aggressive. The principal methodology used in these ratings was Business and Consumer Services published in November 2021. 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. Geosyntec, based in Boca Raton, FL, is a leading provider of environmental consulting and engineering services, addressing complex challenges related to environmental operations and remediation, natural resources management, and infrastructure development and rehabilitation. The company provides innovative solutions across the infrastructure project lifecycle, including planning, permitting, design, and construction management. In 2022, the private equity firm Blackstone Energy Transition Partners acquired 60% of the company, while the remaining 40% is owned by Geosyntec management and employees. Moody's expects Geosyntec to generate net service revenue approaching $800 million in 2026. GLOBAL DIGITAL: Claims to be Paid from Continued Operations ----------------------------------------------------------- Global Digital Marketing, LLC filed with the U.S. Bankruptcy Court for the Western District of Texas an Amended Plan of Reorganization for Small Business dated January 5, 2026. The Debtor is a specialized reputation management and digital protection agency dedicated to helping individuals, executives, and businesses safeguard their online presence. The Debtor, a Texas limited liability company, began operations in late 2023. The sole member is Dita Lawson. The Debtor employs 1 insider, W-2 employee. Debtor does have a number of independent contractors. The Debtor took out loans from various lenders with the idea that a pending SBA loan application would be approved. Debtor intended to use the SBA loan proceeds to re-pay these lenders. The Debtor was then notified by the SBA that loan proceeds could not be used for that purpose. Debtor fell behind on the weekly payments to certain merchant cash advance lenders. The Debtor proposes to pay creditors from cash flow of its continued operations. The Plan provides for a 100% dividend to all creditors. That is, all creditors will be paid in full over the 60-month term of the Plan. This Amended Plan of Reorganization under chapter 11 of the Bankruptcy Code proposes to pay creditors of the Debtor from income resulting from future operations Treatment of Creditors' claims is determined by which class such claim belongs to. Class 2 consists of General Unsecured Claims. Class 2 shall receive pro rata share of a variable monthly amount each month until the claim is paid in full. This Class is impaired. All Equity Holders shall retain their membership interest in full. Funding of the Plan will be through the Debtor's continued operations and then payment to creditors from disposable income. If the Plan is confirmed under Section 1191(a) of the Bankruptcy Code, payments to Creditors provided for in the Plan will be made by the Debtor. If the Plan is confirmed under section Section 1191(b) of the Bankruptcy Code, the Debtor proposes that Debtor act as the disbursing agent. There is cause to have the Debtor serve as the Disbursing Agent, instead of the Sub V Trustee, because the number of creditors is minimal and it would be cost prohibitive for the Sub V Trustee to administer the payments to creditors. A full-text copy of the Amended Plan dated January 5, 2026 is available at https://urlcurt.com/u?l=2xdOJf from PacerMonitor.com at no charge. Counsel to the Debtor: Morris E. "Trey" White III, Esq. Villa & White LLP 100 NE Loop 410, Ste. 615 San Antonio, TX 78216 Telephone: (210) 225-4500 Facsimile: (210) 212-4649 E-mail: treywhite@villawhite.com About Global Digital Marketing Group Global Digital Marketing Group LLC is a specialized reputation management and digital protection agency dedicated to helping individuals, executives, and businesses safeguard their online presence. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-51857) on August 13, 2025. In the petition signed by Dita Lawson, managing member, the Debtor disclosed up to $500,000 in assets and up to $1 million in liabilities. Morris E. White, III, Esq., at Villa & White LLP, represents the Debtor as legal counsel. GRAHAM PACKAGING: S&P Upgrades ICR to 'B+' on Recapitalization -------------------------------------------------------------- S&P Global Ratings raised our issuer credit rating on Graham Packaging Co. Inc. to 'B+' from 'B'. S&P assigned its 'B+' issue-level rating to the new debt, with a '3' recovery rating indicating its expectation for meaningful recovery (rounded estimate: 60%) in the event of payment default. S&P also upgraded the company's senior unsecured notes to 'B-' from 'CCC+'. S&P said, "The stable outlook reflects our expectation for earnings growth and cash generation that maintains S&P Global Ratings-adjusted leverage below 5x. We believe Graham will continue to benefit from pricing and mix in 2026, expanding adjusted EBITDA margins into the high-teens percent area." Graham plans to issue a $1.515 billion first-lien term loan due in 2033 and $150 million revolving credit facility due in 2031 to refinance its facilities, both maturing in 2027. The company will use $310 million in term loan proceeds to partially pay down the senior unsecured notes due in August 2028. The proposed refinancing would extend its maturity profile, provide marginal interest savings, and maintain last-12-months S&P Global Ratings-adjusted leverage below 5x. Graham's recapitalization alleviates near-term refinancing risk. The company will extend debt maturities until 2031 (revolving credit facility), from 2027. S&P said, "It still owes roughly $200 million on the 2028 unsecured notes, though we expect this will be paid down in the coming quarters. Leverage has declined significantly over the past several fiscal years, due in large part to $211 million in voluntary term loan repayments, along with improved operating performance and margin expansion. As a result, we forecast Graham's S&P Global Ratings-adjusted leverage to fall to 4.5x at year-end 2026. We believe the major debt reduction illustrates the company's conservative financial policy and willingness to strengthen its balance sheet using internally generated cash flow. We expect leverage below 5x for the next several years." S&P said, "We do not anticipate incremental debt issuance or shareholder distributions over the outlook period. We expect S&P Global Ratings-adjusted EBITDA margin sustained at high-teens percent area as Graham benefits from its recent strategic realignment and warehouse optimization efforts. It expects $27 million in annualized savings. Food and beverage volumes remained sluggish through the first three quarters of 2025. This is offset by favorable pricing, particularly within home care and industrial. Graham reported volumes down 7% in the third quarter within its food and beverage segment, as demand for sports drinks, ready-to-drink options, and dressing and condiments remained tepid. Higher-margin drinkable yogurt products were a growth area as consumers seek healthier options. Volumes in the home care and industrials segment declined 4% in the quarter, more than offset by pricing and mix improvement of 6%. "We forecast flat to low-single-digit percent revenue declines in 2026 given softer volumes, partially offset by continued pricing momentum in both segments. We anticipate liquidity will remain robust, with full availability under its new $150 million revolving credit facility and $64 million cash post transaction, along with $70 million-$80 million in S&P Global Ratings-adjusted free operating cash flow (FOCF) in 2026. We expect Graham will elevate growth capital spending to about $160M in 2026 and 2027 in part to support new business wins. This should support additional revenue and EBITDA in higher-margin products over our outlook period. "The stable outlook reflects our expectation that Graham will continue to reduce leverage through earnings growth and cash generation, maintaining S&P Global Ratings-adjusted leverage below 5x. We believe the company will continue to benefit from pricing and mix in 2026, expanding S&P Global Ratings-adjusted EBITDA margins into the high-teens percent area." S&P could lower its ratings on Graham if: -- A prolonged decline in sales volume weakens operating performance, pressuring margins and free cash flow; or -- Financial policy deviates from our expectations, raising leverage above 5x on a sustained basis. While unlikely over the near term, S&P could raise its ratings on Graham if the company: -- Demonstrates consistent organic growth, leading to better-than-expected operating performance combined with debt reduction; and -- Reduces leverage below 3x on a sustained basis. GREEN FIELD ENERGY: Trustee Loses Bid to Foreclose Moreno Home -------------------------------------------------------------- In the appeal styled TIFFANY C. MORENO, Appellant V. ALAN HALPERIN, AS TRUSTEE OF THE GFES LIQUIDATION TRUST, Appellee, No. 05-22-01253-CV (Tex. App.), Justices Erin Nowell, Rick Molberg and Nancy Kennedy of the Fifth Court of Appeals of Texas reversed the trial court's judgment in part and remanded the Trustee's counterclaim seeking a declaratory judgment for foreclosure for further proceedings with respect to Michel and Tiffany Moreno's Dallas home. Alan Halperin, as trustee of the GFES Liquidation Trust, obtained a judgment against Michel Moreno in a Delaware court and domesticated that judgment in Texas. To effectuate the domesticated judgment, the Trustee filed a declaratory judgment action to foreclose on the home owned by Michel and his wife, Tiffany Moreno, and Tiffany filed a claim to quiet title. In two issues, Tiffany argues the trial court erred by granting the Trustee's traditional motion for summary judgment on his declaratory judgment counterclaim for foreclosure and also erred by denying her motion for summary judgment on her claim to quiet title to the home. The dispute between Michel, the entities controlled by him, and the Trustee began in a Delaware Bankruptcy Court. In that proceeding, the Trustee was the plaintiff; Green Field Energy Services, Inc. was the Debtor; and Michel was one of several defendants. Following a bench trial on several claims, including the Trustee's claim that Michel tortiously interfered with a contract, the Bankruptcy Court entered proposed findings of fact and conclusions of law. The Bankruptcy Court found that Michel tortiously interfered with a contract and used the proceeds from his tortious conduct to purchase a property in Dallas where he and Tiffany live. The United States District Court for the District of Delaware considered and adopted most of the Bankruptcy Court's proposed findings of fact and conclusions of law. The District Court also entered a Corrected Judgment in favor of the Trustee on the Trustee's tortious interference with contract claim. The Corrected Judgment awards more than $16 million in damages. The Court imposed a constructive trust over defendant Moreno's Dallas residence in the amount of $10 million in favor of the Trustee in order for the Trustee to recover his damages on his claim for tortious interference with contract. The Third Circuit Court of Appeals affirmed the District Court's judgment. The Trustee moved for traditional summary judgment on his declaratory judgment counterclaim on the ground that Texas law does not grant homestead status to properties obtained by fraud or with ill-gotten gains, such as the Dallas property. Further, he asserted Tiffany was not required to be a party to the original suit for the judgment to be enforceable against her interest and res judicata bars her from relitigating issues that could have been reached in Delaware. The Trustee asked the trial court to take judicial notice of the Delaware Courts' opinions, which he had provided in response to Tiffany's motion for summary judgment, "as to both adjudicative facts and notice of other states' laws pursuant to Texas Rules of Evidence 201 and 202." Tiffany opposed the Trustee's motion and argued, among other things, that the Trustee's attempt to foreclose is contrary to the Texas homestead exemption. The appellate court concludes the Trustee failed to meet his summary judgment burden to show there is no genuine issue of material fact and he is entitled to judgment as a matter of law. To meet this burden, the Trustee relied on the trial court judicially noticing the truth of the facts recited in the Delaware Courts' opinions. However, the trial court could not take judicial notice of the truth of the facts in those opinions, and the Delaware Courts' opinions amount to no evidence of the truth of the facts contained therein and do not factually support the Trustee's position that the Dallas Property was purchased with stolen funds. Because the Trustee failed to meet his burden, the trial court erred by granting his motion for summary judgment. A copy of the Court's Memorandum Opinion dated December 29, 2025, is available at https://urlcurt.com/u?l=B0xcgI from PacerMonitor.com. About Green Field Energy Green Field Energy Services, Inc., is an independent oilfield services company that provides a wide range of services to oil and natural gas drilling and production companies to help develop and enhance the production of hydrocarbons. The Company's services include hydraulic fracturing, cementing, coiled tubing, pressure pumping, acidizing and other pumping services. Green Field Energy and two affiliates filed Chapter 11 petitions in Delaware on Oct. 27, 2013, after defaulting on an $80 million credit provided by an affiliate of Royal Dutch Shell Plc (Bankr. D. Del. Case No. 13-bk-12783). The Debtors hired Michael R. Nestor, Esq., and Kara Hammon Coyle, Esq., at Young Conaway Stargatt & Taylor, LLP, in Wilmington, Delaware; and Josef S. Athanas, Esq., Caroline A. Reckler, Esq., Sarah E. Barr, Esq., and Matthew L. Warren, Esq., at Latham & Watkins LLP, in Chicago, Illinois, as attorneys. Carl Marks Advisory Group LLC was hired as investment banker, and Thomas E. Hill, from Alvarez & Marsal North America, LLC, was hired as the Debtors' chief restructuring officer. In its schedules, Green Field disclosed $306,960,039 in total assets and $447,199,869 in total liabilities. Roberta A. DeAngelis, the U.S. Trustee for Region 3, appointed six members to the official committee of unsecured creditors in the Chapter 11 cases of Green Field Energy Services, Inc., et al. The Bankruptcy Court authorized the U.S. Trustee to appoint Steven A. Felsenthal, Esq., as examiner. He retained The Hogan Firm as his counsel. Leslie Turk, writing for TheInd.com, reports that the case was later converted to a Chapter 7 and its assets liquidated in a sale. HAFCOR & MLVMLK: Case Summary & Seven Unsecured Creditors --------------------------------------------------------- Debtor: Hafcor & MLVMLK Holdings, LLC 1001 West Loop S Houston, TX 77027-9059 Business Description: HAFCOR & MLVMLK Holdings, LLC owns and manages 9.173 acres of undeveloped land at 17411 Roberts Road in Hockley, Texas, consisting of multiple tracts, with ownership held in fee simple. Chapter 11 Petition Date: January 5, 2026 Court: United States Bankruptcy Court Southern District of Texas Case No.: 26-30113 Judge: Hon. Jeffrey P Norman Debtor's Counsel: Alex Olmedo Acosta, Esq. ACOSTA LAW P.C. One Northwest Centre Houston TX 77040 Tel: (713) 980-9014 Email: alex@theacostalawfirm.com Total Assets: $5,455,000 Total Liabilities: $2,949,327 The petition was signed by Hilda Flores as managing member. A full-text copy of the petition, which includes a list of the Debtor's seven unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/LOIV2QQ/HAFCOR__MLVMLK_HOLDINGS_LLC__txsbke-26-30113__0001.0.pdf?mcid=tGE4TAMA HAK ENTERPRISES: Seeks Chapter 11 Bankruptcy in Indiana ------------------------------------------------------- On January 5, 2026, HAK Enterprises LLC filed for Chapter 11 protection in the Northern District of Indiana. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About HAK Enterprises LLC HAK Enterprises LLC is a limited liability company. HAK Enterprises LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30003) on January 5, 2026. In its petition, the Debtor reports estimated assets between $100,001 and $1,000,000 and estimated liabilities between $0 and $100,000. The Debtor is represented by Heather Faith Welch, Esq. of Hallercolvin, P.C. HEALTHY OCEANS: Case Summary & One Unsecured Creditor ----------------------------------------------------- Debtor: Healthy Oceans Property Company, LLC 1035 17th Avenue Santa Cruz, CA 95060 Business Description: Healthy Oceans Property Company, LLC owns real property improved with a seafood manufacturing facility in Santa Cruz, California, including equipment and fixtures related to seafood processing. Chapter 11 Petition Date: January 6, 2026 Court: United States Bankruptcy Court Northern District of California Case No.: 26-50009 Judge: Hon. Stephen L Johnson Debtor's Counsel: Stanley A. Zlotoff, Esq. STANLEY A. ZLOTOFF 300 South First Street Suite 215 San Jose, CA 95113 Tel: (408) 287-5087 Email: zlotofflaw@gmail.com Total Assets: $2,113,393 Total Liabilities: $1,083,859 The petition was signed by Matthew Owens as managing member and CEO. The Debtor listed Hutchinson and Bloodgood, LLP, based in Watsonville, California, as its sole unsecured creditor, holding a $2,350 claim for accounting services. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OXDDLNQ/Healthy_Oceans_Property_Company__canbke-26-50009__0001.0.pdf?mcid=tGE4TAMA HFR HOLDING: Seeks to Hire Barron & Newburger, P.C. as Attorney --------------------------------------------------------------- HFR Holding LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Texas to hire Barron & Newburger, P.C. as attorneys. The firm will provide these services: (a) advise the Debtor of its rights, powers, and duties in the continued management of its assets; (b) review the nature and validity of claims asserted against the property of Debtor and advise it concerning the enforceability of such claims; (c) prepare on behalf of Debtor, all necessary and appropriate legal documents and review all financial and other reports to be filed in the Chapter 11 case; (d) advise the Debtor concerning and prepare responses to, applications, motions, complaints, pleadings, notices, and other papers which may be filed in the Chapter 11 case; (e) counsel the Debtor in connection with the formulation, negotiation, and promulgation of a plan of reorganization and related documents; (f) perform all other legal services for and on behalf of the Debtor which may be necessary and appropriate in the administration of the Chapter 11 case and its business; and (g) work with professionals retained by other parties in interest in this case to attempt to obtain approval of a consensual plan of reorganization for the Debtor. The firm will be paid at these hourly rates: Stephen Sather $650 Attorneys $250 to $450 In addition, the firm will seek reimbursement for expenses incurred. The firm received a retainer in the amount of $12,000. Mr. Sather disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Stephen Sather, Esq. Barron & Newburger, P.C. 7320 N. MoPac Expwy., Suite 400 Tel: (512) 476-9103 Fax: (512) 476-9253 About HFR Holding LLC HFR Holding LLC owns and manages two commercial real estate parcels in Hamilton, Texas -- 415 E Highway 36 and 413 E Highway 36 -- together appraised at about $833,940. The Company operates as a real estate holding entity overseeing these assets. HFR Holding LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-60835) on November 14, 2025, listing $833,940 in assets and $2,567,257 in liabilities. The petition was signed by Mark Sellers as president and manager. Judge Michael M Parker presides over the case. Stephen W. Sather, Esq. at BARRON & NEWBURGER, P.C. serves as the Debtor's counsel. HOWARD PILE: Seeks Chapter 7 Bankruptcy in Louisiana ---------------------------------------------------- On January 7, 2026, Howard Pile Driving Company, Inc. filed for Chapter 7 protection in the Eastern District of Louisiana. According to court filings, the Debtor reports between $0 and $100,000 in debt owed to between 1 and 49 creditors. About Howard Pile Driving Company, Inc. Howard Pile Driving Company, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10034) on January 7, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $0 and $100,000. Honorable Bankruptcy Judge Meredith S. Grabill handles the case. The Debtor is represented by Rachel Thyre Vogeltanz, Esq. HUDSON 1701/1706: Defends Hiring of DLA Piper as Special Counsel ---------------------------------------------------------------- Isaac Monterose of Law360 Bankruptcy Authority reports that Norcold LLC told a Delaware bankruptcy court that its Chapter 11 disclosure statement should be approved, asserting that the document is candid and comprehensive about how creditors will fare under its proposed plan. The debtor stressed that the disclosures fairly describe the treatment of claims and the expected recoveries, addressing concerns raised by some creditors and other interested parties who had objected to the statement's adequacy. Representing the company, Norcold's counsel argued that the information provided gives creditors and stakeholders a full picture of the plan's financial underpinnings and how claim distributions will be handled, satisfying the Bankruptcy Code's requirements. By securing approval of the disclosure statement, the debtor hopes to move efficiently into the ballot solicitation phase and keep the Chapter 11 case on track toward confirmation, the report states. About HUDSON 1701/1706 LLC Hudson 1701/1706, LLC and Hudson 1702, LLC are Delaware limited liability companies engaged in activities related to real estate under NAICS code 5313. The entities manage and administer real property interests at 353 West 58th Street in New York City, with Hudson 1701/1706 associated with the tenth floor and Hudson 1702 with Unit 2 of the same building. The Debtors filed Chapter 11 petitions (Bankr. D. Del. Lead Case No. 25-11853) on October 22, 2025. At the time of the filing, the Debtors listed between $100 million and $500 million in assets and liabilities. Hudson 1701/1706 is a corporation with Tax ID 88-1290281 and listed between 1 and 49 creditors in its petition. Honorable Judge Karen B. Owens oversees the cases. The Debtor tapped Chipman Brown Cicero & Cole, LLP as bankruptcy counsel; DLA Piper LLP (US) as special corporate and litigation counsel; FTI Consulting, Inc. as restructuring advisor; and Verita Global, LLC as claims and noticing agent. INTEGRATED ENDOSCOPY: Plan Exclusivity Period Extended to March 31 ------------------------------------------------------------------ Judge Scott C. Clarkson of the U.S. Bankruptcy Court for the Central District of California extended Integrated Endoscopy, Inc.'s exclusive periods to file a plan of reorganization March 31, 2026. As shared by Troubled Company Reporter, the Debtor explains that factors demonstrate that "cause" for an extension of the exclusivity period exists. * Factor 1: The size and complexity of the case. The Debtor's bankruptcy case presents complex issues of corporate law that must be considered when resolving the TCY Claim as well as claims of the Debtor's former officers and/or employees, including Brad Sharp and Andrew Sharp. RCT has not filed a proof of claim. The Bar Date has not passed, which is set for February 1, 2026. Therefore, the Debtor will not know the full extent of its liability, whether or not unliquidated and/or contingent, until after at least February 1, 2026. * Factor 2: The necessity of sufficient time to permit the debtor to negotiate a plan of reorganization and prepare adequate information. The Debtor's largest creditor is the RCT. RCT has not filed a proof of claim. Moreover, the Debtor is still investigating the RCT Claim and actions of RCT, which may lead to claims the Debtor may have against RCT and/or Brad Sharp. * Factor 3: The existence of good faith progress toward reorganization. Regarding the third factor, the Debtor is making good faith progress toward reorganization. The Debtor is working hard to increase its profitability while resolving the claims against it so that it can propose a plan of reorganization and emerge from the Chapter 11 case. Thus, this factor also shows cause exists for an extension to the exclusivity period. * Factor 4: The fact that the debtor is paying its bills as they become due. The fourth factor also shows cause exists because the Debtor is paying its bills as they become due. Integrated Endoscopy Inc. is represented by: David R. Haberbush, Esq. Vanessa M. Haberbush, Esq. Lane K. Bogard, Esq. Haberbush LLP 444 West Ocean Boulevard, Suite 1400 Long Beach, CA 90802 Telephone: (562) 435-3456 Facsimile: (562) 435-6335 E-mail: dhaberbush@lbinsolvency.com About Integrated Endoscopy Inc. Integrated Endoscopy Inc. develops wireless arthroscopic and single-use rigid endoscope technology for surgical applications. Headquartered in Irvine, California, the privately held Company was founded in 1996 following its acquisition of Micro Optics Development Engineering Labs' optical design assets and markets its Nuvis Single-Use Arthroscope with plans to extend into additional procedure-specific endoscopes. Its intellectual property portfolio includes 19 issued patents across the U.S., Europe, Japan, Australia, and Canada covering lens systems, LED lighting, and molded glass optics. Integrated Endoscopy sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12121 on July 31, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Bankruptcy Judge Scott C. Clarkson handles the case. The Debtor is represented by Vanessa H. Haberbush, Esq., at Haberbush, LLP. IROBOT CORP: Court Stays Savant, et al. Case Due to Bankruptcy -------------------------------------------------------------- Judge Jennifer H. Rearden of the United States District Court for the Southern District of New York stayed the case captioned as VINAYAK SAVANT, et al., Plaintiffs, v. iROBOT CORPORATION, et al, Defendants, Case No. 25-cv-05563 (S.D.N.Y.) pursuant to 11 U.S.C. Sec. 362, pending the outcome of iRobot Corp.'s bankruptcy petition. The parties must file a joint letter regarding the status of the bankruptcy proceeding by March 24, 2026 and every 90 days thereafter. Defendants must file a letter or letters stating their positions as to whether the Court should stay this entire action or only the case against iRobot by January 13, 2026. Before doing so, the parties must meet and confer about the possibility of consenting to a stay of the case in its entirety regardless of whether the automatic stay is triggered for the non-debtor Defendants. As shared by the Class Action Reporter on July 7, 2025, purported Company shareholder Vinayak Savant filed a putative class action in the U.S. District Court for the Southern District of New York against the Company and certain of its current and former officers, captioned Vinayak Savant v. iRobot Corporation, et al., No. 1:25-cv-05563. The complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, as amended, and Rule 10b-5 thereunder based on allegedly false and misleading statements and omissions concerning the Company's financial performance and ability to operate on a standalone basis following the termination of the Amazon Merger in January 2024. The complaint seeks, among other things, unspecified compensatory damages, including interest, in connection with the Company's allegedly inflated stock price, attorneys' fees and costs, and unspecified other further relief. A copy of the Court's Order dated December 30, 2025, is available at https://urlcurt.com/u?l=mmHEYC from PacerMonitor.com. About iRobot Corp. iRobot Corp. is the manufacturer of Roomba robot vacuums. iRobot Corp. and two affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12197) on December 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. The cases are overseen by the Honorable Judge Brendan Linehan Shannon. The Debtors are represented by Paul M. Basta, Esq. of Paul, Weiss, Rifkind, Wharton & Garrison. Young Conaway Stargatt & Taylor, LLP serves as their co-counsel. Goodwin Procter LLP serves as special litigation and corporate counsel to the Debtors. Alvarez & Marsal Securities, LLC serves as investment banker and financial advisor to the Debtors. Stretto, Inc. serves as claims and noticing agent and as administrative advisor to the Debtors. Picea is represented by White & Case LLP and Richards, Layton & Finger PA. The Debtors filed a Joint Prepackaged Chapter 11 Plan of Reorganization together with their bankruptcy petitions. A combined hearing to consider confirmation of the Prepackaged Plan, conditionally approve the Disclosure Statement, and approve solicitation-related procedures is scheduled for Jan. 22, 2026 at 10:00 a.m. J.C.C.M. PROPERTIES: Plan Exclusivity Period Extended to May 11 --------------------------------------------------------------- Judge Paul Baisier of the U.S. Bankruptcy Court for the Northern District of Georgia extended J.C.C.M. Properties, Inc.'s exclusive periods to file a plan of reorganization and obtain acceptance thereof to May 11, and July 8, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that the facts and circumstances of this Chapter 11 case warrant the requested extension of the Exclusivity Periods. The Debtor is presently working to negotiate a plan of reorganization with its creditors, but the Debtor requires additional time to allow its operations to stabilize now that it has been given the breathing room afforded by the automatic stay. Debtor is currently litigating the Judgment in the Lawsuit and requires additional time for the liquidation of those claims before proposing a plan of reorganization. The Debtor seeks an extension to the Exclusivity Periods to preclude the costly disruption and instability that would occur if competing plans were proposed. The Debtor claims that the request for an extension will not unfairly prejudice or pressure its creditor constituencies or grant the Debtor any unfair bargaining leverage. The Debtor needs creditor support to confirm any plan, so the Debtor is in no position to impose or pressure its creditors to accept unwelcome plan terms. The Debtor seeks an extension of the Exclusivity Periods to advance the case and continue good faith negotiations with its stakeholders. The Debtor asserts that premature termination of the Exclusivity Periods may engender duplicative expense and litigation associated with multiple competing plans. Any litigation with respect to competing plans and resulting administrative expenses will only decrease recoveries to the Debtor's creditors and significantly delay, if not undermine entirely, the possibility of prompt confirmation of a plan of reorganization. J.C.C.M. Properties Inc. is represented by: William A. Rountree, Esq. Rountree, Leitman, Klein & Geer, LLC Century I Plaza 2987 Clairmont Road, Suite 350 Atlanta, GA 30329 Tel: (404) 584-1238 Email: wrountree@rlkglaw.com About J.C.C.M. Properties J.C.C.M. Properties Inc. leases real estate, with its main assets situated at 1585 Crater Lake in Kennesaw, Georgia. J.C.C.M. Properties sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-55412) on May 14, 2025. In its petition, the Debtor estimated liabilities between $1 million and $10 million and estimated liabilities between $50 million to $100 million. Judge Paul Baisier oversees the case. The Debtor is represented by Will Geer, Esq., at Rountree Leitman Klein & Geer, LLC. JB GROUP: Seeks to Hire Dunlap Fiore LLC as Special Counsel ----------------------------------------------------------- JB Group of LA, LLC d/b/a Infrastructure Solutions Group seeks approval from the U.S. Bankruptcy Court for the Middle District of Louisiana to employ Dunlap Fiore, LLC as special counsel. Dunlap Fiore will assist the Debtor's counsel with matters arising out of the MMR Litigation, particularly ensuring that the Debtor complies with the Litigation Protocol. Dunlap Fiore's hourly rates are: Senior Partner $500 Partner $450 Jennifer Fiore, a principal at Dunlap Fiore, assured the court that the firm is a "disinterested person" within the meaning of 11 U.S.C. 101(14). The firm can be reached through: Jennifer Fiore, Esq. Dunlap Fiore LLC 6700 Jefferson Highway, Building 2 Baton Rouge, LA 70806 Tel: (225) 282-0652 Fax: (225) 282-0680 About JB Group of LA LLC JB Group of LA LLC, doing business as ISG Infrastructure Group, provides electrical, instrumentation, communications, and renewable energy solutions to public and private sector clients, including the U.S. Army Corps of Engineers, military installations, state departments of transportation, and industrial customers in data, energy, and manufacturing sectors. JB Group of LA LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. La. Case No. 25-10807) on September 12, 2025. In its petition, the Debtor reports estimated assets up to $50,000 and estimated liabilities between $10 million and $50 million. Judge Michael A. Crawford oversees the case. The Debtor is represented by Paul Douglas Stewart, Jr., Esq., at Stewart Robbins Brown & Altazan, LLC. ISG Capital Group, LLC, as DIP lender, is represented by David S. Rubin, Esq. at Butler Snow LLP. b1Bank, as secured creditor, is represented by Sharon Starkey Whitlow, Esq. at Whitlow Law Firm, LLC. JUBILEE HILLTOP: Court Extends Cash Collateral Access to Feb. 10 ---------------------------------------------------------------- The U.S. Bankruptcy Court for the Western District of Pennsylvania approved a stipulation allowing Jubilee Hilltop Ranch, LLC to use the cash collateral of secured creditor Mid Penn Bank. The stipulation authorizes the Debtor to use cash collateral to pay the expenses set forth in its monthly operating budget nunc pro tunc from the petition date through February 10. The stipulation maintains the adequate protection payment terms previously agreed upon. The Debtor must continue to make monthly payments of $23,011.61, representing the combined contractual monthly payments, due on or before the 15th of each month. Mid Penn Bank retains discretion to apply payments received in any manner consistent with the loan documents during the period in which reduced payments are being made. In addition, Mid Penn Bank will be granted replacement liens on personal property acquired by the Debtor after its Chapter 11 filing, with the same priority and validity as the bank's pre-bankruptcy liens. The replacement liens do not apply to any Chapter 5 claims. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/JcgY8 from PacerMonitor.com. Mid Penn Bank holds a comprehensive security interest in the Debtor's assets under a UCC financing statement and is owed approximately $2.53 million. Financial Agent Services, another secured creditor, holds a broad lien but is not currently owed any outstanding balance. Mid Penn Bank, as secured creditor, is represented by: Dominic V. Giovanniello, Esq. Saxton & Stump, LLC 4250 Crums Mill Road, Suite 201 Harrisburg, PA 17112 Telephone: (717) 216-5504 Telecopier: (717) 547-1900 dgiovanniello@saxtonstump.com About Jubilee Hilltop Ranch Jubilee Hilltop Ranch, LLC is a Pennsylvania-based family farm specializing in grass-finished beef, pastured pork, and eggs for the restaurant industry. Jubilee Hilltop Ranch sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Pa. Case No. 25-70267) on June 26, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Neal Salyards, president of Jubilee Hilltop Ranch, signed the petition. Judge Jeffrey A. Deller oversees the case. Kevin Petak, Esq., at Spence Custer, represents the Debtor as legal counsel. KINGDOM AMBASSADOR: Taps Keller Williams Realty as Leasing Agent ---------------------------------------------------------------- Kingdom Ambassador Center & Ministry Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of Virginia to hire Keller Williams Realty Reston as leasing agent. The firm will list the Debtor's real property located at 8802 Sudley Road, Manassas, VA 20110 for lease. Keller Williams will receive compensation equal to 6 percent of the gross lease price. As disclosed in the court filings, Keller Williams Realty Reston is a "disinterested person" within the meaning of 11 U.S.C. Sec. 101(14). The firm can be reached through: Gayle T. Bailey, II Keller Williams Realty Reston 14399 Penrose Place Suite 300 Chantilly VA 20151 Telephone: (703) 350-2955 Facsimile: (703) 564-3706 Email: Gayle@GayleBailey.com About Kingdom Ambassador Center & Ministry Inc. Kingdom Ambassador Center & Ministry Inc. operates as a Christian church and ministry engaged in preaching, teaching, and community outreach. The organization conducts worship services, discipleship programs, and evangelistic missions aimed at spreading Christian teachings and strengthening faith communities. It focuses on spiritual education, charitable activities, and the integration of individuals into the broader Christian fellowship. Kingdom Ambassador Center & Ministry Inc. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Va. Case No. 25-12126) on October 14, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by Jonathan B. Vivona, Esq. of VIVONA PANDURANGI, PLC. KIS BUILD: Tamara Miles Ogier Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Kis Build, LLC. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Kis Build LLC Kis Build LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50183) on January 5, 2026. KISA HOMES: Seeks Chapter 11 Bankruptcy in Louisiana ---------------------------------------------------- On January 7, 2026, Kisa Homes, LLC filed for Chapter 11 protection in the Middle District of Louisiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Kisa Homes, LLC Kisa Homes, LLC is a Louisiana-based limited liability company operating in the residential property rental and real estate sector that offers rentals-by-owner and residential property management services. Kisa Homes, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10011) on January 7, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Michael A. Crawford handles the case. LANGSTON CARVER: Seeks to Hire RE/MAX Realty Services as Broker --------------------------------------------------------------- Langston Carver LLC seeks approval from the U.S. Bankruptcy Court for the District of Columbia to employ RE/MAX Realty Services as broker. The firm will provide commercial real estate brokerage services for the sale of the Debtor's real property located at 1223 18th Place NE, Washington, DC 20001. The Debtor has agreed to compensate RE/MAX for its services on a percentage basis in accordance with RE/MAX's ordinary and customary rates for services of this type, plus a flat fee of $595. The Debtor has agreed to pay RE/MAX 2.5 percent of the sale price, plus 2.5 percent of the sale price to any broker or agent representing the purchaser. The Debtor believes that an aggregate commission rate of 5 percent for the sale of the Property is fair and reasonable. RE/MAX is a "disinterested person" as defined in section 101(14) of the Bankruptcy Code and as required by section 327(a) of the Bankruptcy Code, according to court filings. The broker can be reached through: Joshua Ros RE/MAX Realty Services 15245 Shady Grove Rd Rockville, MD 20850 Direct: (240) 404-7787 Mobile: (240) 404-7732 About Langston Carver LLC Langston Carver, LLC is a real estate company that owns and manages a residential property at 1223 18th Place NE in Washington, D.C. It operates as a single-asset entity from its base in Ashburn, Virginia. Langston Carver sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.C. Case No. 25-00495) on October 27, 2025. In its petition, the Debtor reports estimated assets between $500,000 and $1 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Elizabeth L. Gunn handles the case. The Debtor is represented by Kristen E. Burgers, Esq., at Hirschler Fleischer, PC. LATITUDE 46: Unsecureds to Get Share of Income for 5 Years ---------------------------------------------------------- Latitude 46 North, LLC filed with the U.S. Bankruptcy Court for the District of Colorado a Plan of Reorganization dated January 5, 2026. The Debtor is a locally owned, independently operated wine bar in Colorado Springs. The business was established as a neighborhood-focused and elegant hospitality concept centered on curated wines, light fare, and community-oriented events for local residents. The Debtor is located within a multi-phase commercial project that has remained in an extended state of construction and partial occupancy. Significant portions of the development remain unfinished, while other areas are vacant or not yet activated. Accordingly, future revenue growth is expected to result primarily from increased customer traffic as the development reaches maturity, rather than from changes in pricing or spending behavior. As a result, the Debtor has been operating ahead of the surrounding development's maturity. This is a timing issue. Customer demand exists and continues to grow, but current performance reflects the strength of the business concept itself rather than the benefit of a fully developed commercial ecosystem. As additional phases of the project are completed and occupancy increases, the Debtor reasonably expects foot traffic and overall performance to improve accordingly. The Debtor's financial challenges are the result of this timing mismatch rather than operational deficiencies. The business has demonstrated that it can attract and retain customers, operate efficiently, and manage expenses responsibly. The purpose of this Chapter 11 Subchapter V case is to allow the Debtor to continue operating during this transitional period, align fixed obligations with current conditions, and preserve the business until the surrounding development reaches a level of maturity consistent with the original expectations for the location and the business has time to increase its customer base. The Debtor's lease is a significant component of its operations. The Debtor desires to assume the lease, provided that mutually acceptable revised terms can be reached that reflect current operating realities and the status of the surrounding development. However, absent an agreement to modify the lease, continuation in the current space is not feasible. Consequently, the Debtor has proposed two alternatives for reorganization: one demonstrating that the business is feasible with the modification terms included in the feasibility analysis and will allow the business to survive while also allowing the landlord to retain a stable tenant, recover arrears in their entirety and avoid vacancy risk in a complex already experiencing long term vacancies and new vacancies; and a second demonstrating that if the landlord does not desire to modify the lease by agreement, an alternative plan following rejection of the lease is also feasible. Under either scenario, the Debtor has demonstrated that it can survive and continue to operate. The Debtor proposes a five-year Plan term, funded solely through ongoing business operations and disposable income, consistent with the purpose and structure of Subchapter V. Class 4 is comprised of the general unsecured claims against the Debtor. At the end of every three months after the Effective Date, the Debtor shall pay its Disposable Income less amounts withheld for the Expense Reserve for the quarter to Allowed Class 4 Claims, pro rata for five years or until all Allowed unsecured creditors are paid in full, whichever comes first. The quarters shall commence with the first full month following the Effective Date. All payments shall be mailed to Class 4 creditors by the 15th of the month following the close of the quarter except the final payment which shall be mailed within month 60 of the plan. The Debtor shall contribute its actual Disposable Income to the payment of Allowed Class 4 Claims for five years after the Effective Date or until such Claims are paid in full. If the Debtor's actual Disposable Income is less than the following annual Projected Disposable Income amounts, the Debtor shall distribute a sufficient amount to the holders of Allowed Class 4 Claims to ensure the claimants receive not less than the annual Projected Disposable Income. The Debtor's lease is a significant component of its operations. The Debtor desires to assume the lease, provided that mutually acceptable revised terms can be reached that reflect current operating realities and the status of the surrounding development. However, absent an agreement to modify the lease, continuation in the current space is not feasible. Consequently, the Debtor has proposed two alternatives: one demonstrating that the business is feasible with the modification terms included in the feasibility analysis and will allow the business to survive while also allowing the landlord to retain a stable tenant, recover arrears in their entirety and avoid vacancy risk in a complex already experiencing long term vacancies and new vacancies; and a second demonstrating that if the landlord does not desire to modify the lease by agreement, an alternative plan following rejection of the lease is also feasible. The payments to Class Four creditors will be impacted by the decision to assume or reject the lease. If the lease is rejected, the landlord will share in distributions to Class 4 creditors with its claim for prepetition arrears and lease rejection damages as capped by Bankruptcy Code section 502(b)(6). The Plan shall be funded exclusively through the Debtor's ongoing business operations. The Debtor does not propose to fund the Plan through owner contributions or the liquidation of assets. A full-text copy of the Plan of Reorganization dated January 5, 2026 is available at https://urlcurt.com/u?l=y8ybFU from PacerMonitor.com at no charge. Counsel to the Debtor: Bonnie Bell Bond, Esq. LAW OFFICE OF BONNIE BELL BOND, LLC 8400 E. Prentice Avenue, Suite 1040 Greenwood Village, CO 80111 Telephone: (303) 770-0926 Facsimile: (303) 770-0965 E-mail: bonnie@bellbondlaw.com About Latitude 46 North LLC Latitude 46 North, LLC owns and operates My Cellar Wine Bar, a wine bar located in North Colorado Springs. Latitude 46 North filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 25-16471) on October 6, 2025, listing up to $50,000 in assets and between $100,001 and $500,000 in liabilities. Joli A. Lofstedt, Esq., serves as Subchapter V trustee. Judge Thomas B. Mcnamara presides over the case. Bonnie Bell Bond, Esq., represents the Debtor as legal counsel. LELAND HOUSE: Kraemer Design Wants to Stop Co. from Getting Loan ---------------------------------------------------------------- Julia Cardi of The Detroit News reports that Kraemer Design Group has asked a Michigan bankruptcy judge to halt financing sought by the operator of the Leland House, saying the loan would undermine its claim for hundreds of thousands of dollars in unpaid design fees. The Detroit-based firm worked on plans to convert the former hotel into a mixed-use property. The Leland House Partnership entered Chapter 11 in November to secure funding, complete safety and code repairs, and sell the building. The property, a 1927-era landmark at 400 Bagley St., has been vacant since a December power outage forced the evacuation of all remaining tenants, the report states. Kraemer said it was paid about $1.08 million of the $1.6 million it was owed and still holds a construction lien exceeding $587,000. It argues that allowing the debtor to borrow as much as $1.2 million would grant another creditor priority over the property, further diminishing its chances of recovery. City officials say dozens of displaced residents remain in hotels or temporary housing while they wait for access to retrieve personal belongings. A Detroit City Council member said she plans to raise those concerns with the bankruptcy court ahead of the next hearing scheduled for January 12, 2026. About Leland House Limited Partnership Company Leland House Limited Partnership Company is a single-asset real estate company in Detroit, Michigan, that owns and leases commercial property. Leland House Limited Partnership Company sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-51190) on November 3, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Honorable Bankruptcy Judge Maria L. Oxholm handles the case. The Debtor is represented by Ryan D. Heilman, Esq., at Heilman Law, PLLC. LINQTO TEXAS: Plan Exclusivity Period Extended to February 27 ------------------------------------------------------------- Judge Alfredo R. Perez of the U.S. Bankruptcy Court for the Southern District of Texas extended Linqto Texas, LLC, and its affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to February 27, 2026 and April 17, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that the size and complexity of the Chapter 11 Cases warrant extension of the Exclusive Periods. The Debtors have over $500 million in assets and over 13,000 Customers spread around the world. The Chapter 11 Cases are complicated further by complex securities laws that impact plan formulation and negotiation. The Debtors must also consider estate claims that related to the prior management's actions when formulating a disclosure statement and plan. The Debtors claim that they and the Committee have worked diligently towards drafting the Plan, Disclosure Statement, and related documents that implement the terms of the Committee Settlement. The Debtors are committed to continuing to engage in discussions with the Committee, the Customers, and all constituencies, including equity holders, with the goal of reaching a consensual resolution of the Chapter 11 Cases that meets the requirements under Section 1129. The Debtors assert that their restructuring process is intended to confirm a Chapter 11 plan that maximizes the value of the Debtors' estates for the benefit of the Debtors' economic stakeholders. The Debtors request an extension of the Exclusive Periods not to pressure creditors, but to provide a sufficient window in which the Debtors can solicit votes on, and obtain confirmation of, a plan and implement the transactions contemplated thereby without the distraction and disruption created by competing plan proposals. The Debtors further assert that failure to extend the Exclusive Periods would harm the creditors as the solicitation of any competing plan would greatly complicate and increase the cost of administering these Chapter 11 Cases to the detriment of creditors. The Debtors believe that, to maximize efficiency in these Chapter 11 Cases and distributable value for the benefit of the Debtors' stakeholders, the restructuring efforts must be conducted in an orderly fashion, channeled through the Debtors and their advisors. The Debtors' Counsel: Gabrielle A. Hamm, Esq. Veronica A. Polnick, Esq. Renee D. Wells, Esq. Athanasios E. Agelakopoulos, Esq. SCHWARTZ PLLC 440 Louisiana Street, Suite 1055 Houston, Texas 77002 Tel: (713) 900-3737 Fax: (702) 442-9887 E-mail: ghamm@nvfirm.com vpolnick@nvfirm.com rwells@nvfirm.com aagelakopoulos@nvfirm.com - and - Samuel A. Schwartz, Esq. 601 East Bridger Avenue Las Vegas, Nevada 89101 Tel: (702) 385-5544 Fax: (702) 442-9887 E-mail: saschwartz@nvfirm.com About Linqto Inc. Linqto Inc. is a San Jose-based financial technology company operating in the alternative investment space. Linqto Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90187) on July 7, 2025. The case is jointly administered with the Chapter 11 cases of Linqto Texas, LLC, Linqto Liquidshares, LLC and Linqto Liquidshares Manager, LLC under case number 25-90186. In its petition, Linqto Inc. reported estimated assets and liabilities between $500 million and $1 billion. Judge Alfredo R. Perez oversees the cases. The Debtors tapped Gabrielle A. Hamm, Esq. at Schwartz, PLLC as legal counsel; Breakpoint Partners, LLC as restructuring advisor; ThroughCo Communications, LLC as public relations agent; and Epiq Corporate Restructuring, LLC as claims agent. The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Debtors' Chapter 11 cases. The committee is represented by Orrick, Herrington & Sutcliffe, LLP. Sandton Capital Solutions Master Fund VI, LP, as DIP Lender, is represented by its attorneys: Kristen L. Perry, Esq. Faegre Drinker Biddle & Reath, LLP 2323 Ross Avenue, Suite 1700 Dallas, TX 75201 Tel: (469) 357-2500 Fax: (469) 327-0860 Email: kristen.perry@faegredrinker.com -- and -- Richard J. Bernard, Esq. Faegre Drinker Biddle & Reath, LLP 1177 Avenue of the Americas, 41st Floor New York, NY 10036 Tel: (212) 248-3263 Fax: (212) 248-3141 Email: richard.bernard@faegredrinker.com -- and -- Michael R. Stewart, Esq. Adam C. Ballinger, Esq. Faegre Drinker Biddle & Reath, LLP 2200 Wells Fargo Center 90 South 7th Street Minneapolis, MN 55402 Telephone: (612) 766-7000 Facsimile: (612) 766-1600 Email: michael.stewart@faegredrinker.com adam.ballinger@faegredrinker.com Sandton may also be reached through: Robert Rice Sandton Capital Partners 16 West 46th Street, 11th Floor New York, NY 10036 Direct: 310-600-3980 Office: 212-444-7200 M & M BROADCASTERS: Files Amendment to Disclosure Statement ----------------------------------------------------------- M & M Broadcasters, Ltd., submitted an Amended Disclosure Statement describing Plan of Reorganization dated January 5, 2026. The Debtor proposes to liquidate it assets in two phases. First, there is the pending sale of KRZI and related assets to G. Baxter Entertainment, LLC. This sale will bring in an additional $800,000 to the estate. The proceeds will go largely to the satisfaction of secured debts. Gary Moss is also proposing to sell the real property which he owns at 5501 Bagby to Bagby Partners, LLC for $725,000. This sale will pay off Grandview Bank and reduce the debt owed to the Marti Trust. This sale is expected to occur by January 2026. The Debtor has been making payments on the secured debt to Grandview Bank as lease payments to Gary Moss for use of the property. Debtor shall continue to make these payments until the property is sold. These payments will cease once the property is sold and Grandview Bank is paid in full. The sale to G. Baxter Entertainment, LLC will leave the Debtor with station KRMX. The Debtor proposes to operate this station while it is marketed and sold. Like in the prior iteration of the Plan, holders of Allowed General Unsecured Claims in Class 10 shall be paid pro rata from the Residual Funds. Class 11 shall consist of the Equity Interest of the Debtor. The Class 11 Equity Interest shall be retained and preserved subject to payment of the Claims under the Plan. The Debtor proposes to sell its assets and pay the proceeds to creditors. The Plan will be funded from sale of the Debtor's assets. The sale of KRZI for $1,000,00 shall be referred to as the First Sale. The Debtor shall seek to market and sell its remaining assets. This shall be known as the Second Sale. Following the Second Sale, the Debtor shall pay all unpaid administrative expense claims and expenses incurred post-confirmation. The remaining funds after payment of expenses and any remaining secured claims shall be known as the Residual Funds. The Residual Funds shall be distributed to the class 10 unsecured creditors. A full-text copy of the Amended Disclosure Statement dated January 5, 2026 is available at https://urlcurt.com/u?l=VyQV64 from PacerMonitor.com at no charge. Counsel to the Debtor: Stephen Sather, Esq. Barron & Newburger P.C. 7320 N. Mopac Expressway, Ste. 400 Austin, TX 78731 Telephone: (512) 476-9103 Email: ssather@bn-lawyers.com About M & M Broadcasters Ltd. M & M Broadcasters, Ltd., operates seven radio stations in the Waco, Texas area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Tex. Case No. 25-60165-mmp) on March 24, 2025. In the petition signed by Gary Moss, president of general partner, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Michael M. Parker oversees the case. Stephen W Sather, at Barron & Newburger, P.C., is serving as the Debtor's legal counsel. MARCEL CONTRABAND: Seeks to Hire Tracy Miller CPA as Accountant --------------------------------------------------------------- Marcel Contraband Pointe, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Louisiana to hire Tracy Miller, CPA as accountant. Ms. Miller will aid the Debtor in the administration of the bankruptcy estate by providing accounting advice in the ordinary course of business. Ms. Miller's fees for her services will be based on the actual time spend at the standard hourly rate of $60. Ms. Miller assured the court that she is "disinterested" under the meanings of Sections 327 and 1107 of the Bankruptcy Code. Ms. Miller can be reached at: Tracy Miller, CPA 29919 Park Place Dr. Tomball, TX 77377 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. MARKIMIAN HARRIS: Wells Fargo Must File Report on Mortgage Payment ------------------------------------------------------------------ Judge Tamara O. Mitchell of the United States Bankruptcy Court for the Northern District of Alabama entered an order amending the Court's September 18, 2025 Memorandum Opinion and Order that denied the motion for relief from stay filed by Wells Fargo Bank in the bankruptcy case of Markimian Adams Harris, Sr. The Memorandum Opinion denied the motion for relief from stay filed by Wells Fargo Bank regarding the mortgage on the Debtor's home so long as the Debtor resumed his mortgage payments beginning with the November 1, 2025 regular mortgage payment and also paid an additional $200.00 per month on the pre-petition mortgage arrearage. In addition, the Court required a monthly report be filed by Wells Fargo Bank to show that any payments that were made and received were posted and proper credit was given. After the entry of the Memorandum Opinion, the Debtor requested and the Court entered an Order on October 30, 2025, which granted the Debtor's request and allowed him to make his mortgage payments to the Court's registry account. Based on the status reports filed by Wells Fargo Bank, no mortgage payments have been tendered or made by the Debtor to Wells Fargo Bank. The Court's Memorandum Opinion is amended to provide that Wells Fargo Bank is required to file a monthly report if and only if the Debtor remits a mortgage payment as required by that Memorandum Opinion. As reported by the Troubled Company Reporter on Oct. 1, 2025, the Debtor opposed stay relief, not because he disputes that he has missed payments, but because he does not believe Wells Fargo is the correct entity to collect the debt. The Debtor filed his Chapter 11 case on July 7, 2025, and from the outset he indicated on his schedules that he disputed Wells Fargo's claim. On Schedule D, Wells Fargo is listed as a secured creditor with a claim of $118,000. The Debtor marked the claim as contingent, unliquidated, and disputed. On his schedules the Debtor valued the property at $182,500 and listed the mortgage debt at $118,000. The note, attached to the Proof of Claim (Claim 9-1), reflects that on June 23, 2020 the Debtor originally borrowed $132,308. According to the Proof of Claim itself, the total debt owed by the Debtor is $133,062.82, with arrearage as of the petition date in the amount of $18,299.80. A copy of the Court's Order dated January 2, 2026, is available at https://urlcurt.com/u?l=c6T8lS from PacerMonitor.com. Markimian Adams Harris, Sr. filed for Chapter 11 bankruptcy protection (Bankr. N.D. Ala. Case No. 25-01987) on July 7, 2025, listing under $1 million in both assets and liabilities. MARMAR BEDFORD: Seeks to Hire Ure Law Firm as Bankruptcy Counsel ---------------------------------------------------------------- Marmar Bedford, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Thomas B. Ure of Ure Law Firm to serve as general bankruptcy counsel in its Chapter 11 case. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law and concerning the requirements of the Bankruptcy Code and Bankruptcy Rules relating to the administration of this case and the operation of the Debtor's estate as a debtor in possession; (b) represent the Debtor in proceedings and hearings in the court involving matters of bankruptcy law; (c) assist in compliance with the requirements of the Office of the United States trustee; (d) provide the Debtor legal advice and assistance with respect to the Debtor's powers and duties in the continued operation of the Debtor's business and management of property of the estate; (e) assist the Debtor in the administration of the estate's assets and liabilities; (f) prepare necessary applications, answers, motions, orders, reports, and other legal documents on behalf of the Debtor; (g) assist in the collection of all accounts receivable and other claims that the Debtor may have and resolve claims against the Debtor's estate; (h) provide advice concerning the claims of secured and unsecured creditors, prosecution and/or defense of all actions; and (i) prepare, negotiate, prosecute, and attain confirmation of a plan of reorganization. The firm's hourly rates are: Thomas B. Ure $495 Associates $295 Paralegals $195 Law clerks $95 The firm received a $21,738 retainer. Ure Law Firm 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: Thomas B. Ure, Esq. Ure Law Firm 8280 Florence Avenue, Suite 200 Downey, CA 90240 Telephone: (213) 202-6070 Facsimile: (213) 202-6075 E-mail: tom@urelawfirm.com About Marmar Bedford, LLC Marmar Bedford, LLC sought protection for relief under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20775) on December 2, 2025, listing up to $50,000 in both assets and liabilities. Judge Sheri Bluebond presides over the case. Thomas B Ure, Esq. at Ure Law Firm represents the Debtor as counsel. MEZMEREYES PLLC: Seeks to Hire Tittle Law Firm PLLC as Counsel -------------------------------------------------------------- Mezmereyes, PLLC seeks approval from the U.S. Bankruptcy Court for the Eastern District of Texas to hire Tittle Law Firm, PLLC as counsel. The firm will provide these services: (a) provide legal advice with respect to the Debtor's powers and duties as debtor-in-possession in the continued operation of its business and the management of its property; (b) take all necessary action to protect and preserve the Debtor's estate, including the prosecution of actions on behalf of the Debtor, the defense of any actions commenced against the Debtor, negotiations concerning litigation in which the Debtor is involved, and objections to claims filed against the Debtor's estates; (c) prepare on behalf of the Debtor necessary motions, answers, orders, reports, and other legal papers in connection with the administration of its estate; (d) assist the Debtor in preparing for and filing a plan of reorganization at the earliest possible date; (e) perform any and all other legal services for the Debtor in connection with the Debtor's Chapter 11 Case; and (f) perform such legal services as the Debtor may request with respect to any matter, including, but not limited to, corporate finance and governance, contracts, antitrust, labor, and tax. The firm will charge for time at its normal billing rates for attorneys and legal assistants and will request reimbursement for its out-of-pocket expenses. TLF received a $20,000 retainer, against which it drew $19,463 prior to the Petition Date. According to court filings, Tittle Law Firm "has no known connections with the Debtor, its creditors, or other parties in interest in this Chapter 11 Case, and does not hold or represent any other known or reasonably ascertainable interest adverse to the Debtor's estates." The firm can be reached at: Brandon J. Tittle, Esq. TITTLE LAW FIRM, PLLC 1125 Legacy Dr., Ste. 230 Frisco, TX 75034 Telephone: (972) 213-2316 E-mail: btittle@tittlelawgroup.com About Mezmereyes PLLC Mezmereyes, PLLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43708) on December 5, 2025. In the petition signed by Kirtesh Patel, member, the Debtor disclosed up to $100,000 in assets and up to $1 million in liabilities. Judge Brenda T. Rhoades oversees the case. Brandon Tittle, Esq., at Tittle Law Firm, PLLC, represents the Debtor as legal counsel. MIDCAP FINANCIAL: S&P Withdraws 'BB-' Issuer Credit Rating ---------------------------------------------------------- S&P Global Ratings withdrew its 'BB-' issuer credit ratings on MidCap Financial Issuer Trust and subsidiary MidCap Financial Holdings Trust at the issuer's request. The outlook was stable at the time of the withdrawal. S&P also withdrew its 'B+' issue-level rating on the company's senior unsecured debt. MOTOS AMERICA: Files Voluntary Chapter 11 Bankruptcy ---------------------------------------------------- Motos America Inc. announced on January 2, 2026, that it filed a voluntary petition for relief under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Utah on December 31, 2025. (Case No. 25-21834). Importantly, the Company's subsidiary dealership entities have not filed bankruptcy and will continue operating in the ordinary course of business without interruption. The Company's dealerships remain viable businesses and will continue to serve customers, operate with existing employees, and maintain relationships with trade creditors and key vendors as usual. The Company has secured debtor-in-possession financing to ensure adequate liquidity and support operations throughout the Chapter 11 process. "Motos America's dealership operations are strong and fully open for business," said Vance Harrison, President and Chief Executive Officer of Motos America Inc. "This Chapter 11 filing is limited to the parent company and is intended to address corporate-level debt and related matters following a difficult period in 2025, while positioning the Company for improved stability going forward. In the coming weeks, we expect to present a plan of reorganization to the bankruptcy court, which we believe will allow Motos America to move beyond this challenging period and emerge with a stronger and more sustainable corporate structure, subject to court approval." Motos America will provide additional updates as appropriate. About Motos America Inc. Motos America Inc. is the parent company of a network of motorcycle dealerships. The Company's subsidiary dealership entities are not filing bankruptcy and will continue to operate in the ordinary course of business. MURPHY OIL: Moody's Rates Proposed Senior Unsecured Notes 'Ba3' --------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Murphy Oil Corporation's (Murphy) proposed offering of senior unsecured notes. Murphy's existing ratings, including its Ba2 Corporate Family Rating, Ba2-PD Probability of Default Rating and Ba3 existing senior unsecured notes ratings, as well as its SGL-1 Speculative Grade Liquidity (SGL) and stable outlook, remain unchanged. The net proceeds from the proposed notes offering are expected to be used to repay existing debt, including upcoming notes maturities and outstanding revolver borrowings. "Murphy's proposed notes issuance is opportunistically repaying existing debt and improving financial flexibility," commented Amol Joshi, Moody's Ratings Vice President - Senior Credit Officer. RATINGS RATIONALE Murphy's proposed notes will rank pari passu with the company's existing notes and are rated Ba3, the same level as the company's existing senior unsecured notes' ratings. Murphy's capital structure is comprised of the senior unsecured notes and an unsecured revolving credit facility. However, the company's revolving credit facility benefits from upstream guarantees from the operating companies, structurally subordinating the senior notes to the claims under the credit facility. The revolver was meaningfully upsized to $2 billion in early January, from $1.35 billion previously. Therefore the senior notes are rated one notch below Murphy's Ba2 CFR, reflecting the revolver's size and priority position in the capital structure. Murphy's Ba2 CFR reflects its diversified asset base with moderate debt balances and supportive financial policies. Murphy benefits from a diversified portfolio of onshore production from the Eagle Ford shale and Canada, while its offshore production is predominately in the US Gulf of America (US Gulf). Roughly 54% of production was liquids in the first nine months of 2025. There are higher exploration and regulatory risks associated with developing deep water US Gulf assets compared to onshore Eagle Ford shale and Canadian onshore assets. Some of the company's highest return investments have been in the US Gulf, which accounted for about 35% of the company's production volumes, but a much lower portion of its proved developed reserves. The onshore Canadian assets, that accounted for over 40% of production year-to-date 2025, are predominately natural gas and those assets would likely generate lower investment returns compared to the US Gulf assets. Moody's expects Murphy's debt balances to rise in 2026 at Moody's base case commodity price assumptions of $55/barrel WTI and $3.00 per MMBtu Henry Hub natural gas. The company's relatively high capital spending will cause free cash flow to be negative at Moody's price assumptions, although Moody's would expect the company to make some adjustments to capital spending in lower oil price scenarios. Murphy's stable outlook reflects the company's solid credit metrics with an ability to generate meaningful free cash flow at mid-cycle commodity prices. But the company's debt balances are rising, and credit metrics could be pressured if oil prices remain lower for an extended period while the company executes on its capital spending plans for 2026. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Murphy's ratings could be upgraded if the company's production rises above 200,000 barrels of oil equivalent (boe) per day on a sustained basis and debt is reduced to $1 billion, while maintaining retained cash flow (RCF) to debt above 40% and achieving a leveraged full cycle ratio (LFCR) of around 2x in a mid-cycle environment. The ratings could be downgraded if production volumes decline meaningfully, RCF to debt falls below 30% or the LFCR falls below 1.25x. Murphy Oil Corporation, headquartered in Houston, Texas, is an independent E&P company with producing and/or exploration activities in the US and Canada, as well as in other countries including Vietnam, Côte d'Ivoire and Brunei. The principal methodology used in this rating was Independent Exploration and Production published in December 2022. MURPHY OIL: S&P Rates Proposed $500MM Senior Unsecured Notes 'BB' ----------------------------------------------------------------- S&P Global Ratings assigned its 'BB' issue-level rating and '3' recovery rating to U.S.-based oil and gas exploration and production company Murphy Oil Corp.'s proposed $500 million senior unsecured notes due 2034. The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 65%) recovery of principal to creditors in the event of a payment default. The company intends to use the proceeds from this offering to fully redeem its 5.875% senior unsecured notes due 2027 (about $79 million outstanding as of Sept. 30, 2025) and 6.375% senior unsecured notes due 2028 (about $149 million outstanding as of Sept. 30, 2025), repay the outstanding borrowings under its $2.0 billion senior unsecured credit facility due 2031 (about $150 million outstanding as of Sept. 30, 2025), as well as for general corporate purposes. S&P's 'BB' issuer credit rating and stable outlook on Murphy are unchanged. Issue Ratings--Recovery Analysis Key analytical factors -- S&P's simulated default scenario for Murphy assumes a period of sustained low commodity prices, which is consistent with the conditions of past defaults in this sector. -- S&P bases its valuation of Murphy's reserves on an estimated PV-10 as of year-end 2024 using its recovery price deck assumptions of $50 per barrel for West Texas Intermediate and $2.50 per million Btus for Henry Hub. -- S&P said, "Our recovery analysis incorporates the company's recently upsized $2.0 billion senior unsecured facility due January 2031. We assume the facility is 85% drawn at the time of our hypothetical default. Obligations under the revolving credit facility are guaranteed by substantially all of Murphy's assets. In our default scenario, we expect the claims on the unsecured notes to be subordinated to the claims relating to the unsecured guaranteed facility." Simulated default assumptions -- Simulated year of default: 2031 -- Jurisdiction (Rank A): The company is headquartered in the U.S. and most of its revenue/assets are located domestically. -- S&P adjusts its gross enterprise value (EV) to account for restructuring administrative costs (estimated at about 5% of gross value). Simplified waterfall -- Net EV (after 5% bankruptcy administrative costs): $2.87 billion -- Senior unsecured guaranteed claims: $1.79 billion --Recovery expectations: Not applicable -- Total value available to subordinated unsecured claims: $1.08 billion -- Senior unsecured debt claims: $1.61 billion --Recovery expectations: 50%-70% (rounded estimate: 65%) Note: All debt amounts include six months of prepetition interest. NATIONAL REALTY: Court Trims Claims in AIRN v. Bank of America Case ------------------------------------------------------------------- The Honorable John K. Sherwood of the United States Bankruptcy Court for the District of New Jersey granted Bank of America, N.A.'s motion to dismiss the adversary proceeding captioned as AIRN LIQUIDATION TRUST CO., LLC, Plaintiff, v. BANK OF AMERICA, N.A., Defendant, Adv. Pro. No. 25-01239 (Bankr. D.N.J.) as to Counts II, V, VII, VIII, XII, and XIII. The motion is denied as to all other counts. In this adversary proceeding, Plaintiff AIRN Liquidating Trust Co. LLC seeks a judgment against Defendant Bank of America, N.A. for its alleged role in a real estate Ponzi scheme carried out through the Debtors, National Realty Investment Advisors, LLC, and its affiliates ("NRIA"). The Bank performed banking services for NRIA from September 2016 to June 2022, during which time NRIA opened 32 accounts. The Plaintiff alleges that the Bank knowingly acted as an agent for the flow of funds from Investors to NRIA's fraudulent enterprise. The Complaint against the Bank contains thirteen (13) counts: Count I – Aiding and Abetting Fraud Count II – Aiding and Abetting Securities Fraud under New Jersey Law Count III – Aiding, Abetting, or Participation in Breach of Fiduciary Duty Count IV – Actual Fraudulent Transfers under 11 U.S.C. Secs. 548(a)(1)(A) and 544 Count V – Constructive Fraudulent Transfers under 11 U.S.C. Secs. 548(a)(1)(B) and 544(b) Count VI – Actual Fraudulent Transfers under New Jersey Law Count VII – Constructive Fraudulent Transfers under New Jersey Law Count VIII – Preferences under 11 U.S.C. Sec. 547 Count IX – Recovery of Avoided Transfers under 11 U.S.C. Sec. 550 Count X – Preservation of Avoided Transfers under 11 U.S.C. Sec. 551 Count XI – Aiding, Abetting, or Participation in Conversion Count XII – Unjust Enrichment Count XIII – Disallowance and Equitable Subordination of Any and All Claims The Bank filed a Motion to Dismiss based on two primary arguments that: (i) the Plaintiff lacks standing to assert tort claims on behalf of NRIA's creditors under New Jersey law; and (ii) the Plaintiff's aiding and abetting claims should be dismissed for failing to adequately allege that the Bank had actual knowledge of the Ponzi scheme or the Bank substantially assisted the Ponzi scheme. The Bank also argues that the rest of the Plaintiff's less significant claims should be dismissed on other grounds. The Plaintiff states that it has standing to assert tort claims on behalf of Contributing Investors because Sec. 1123(a)(5) of the Bankruptcy Code preempts New Jersey's prejudgment assignment restrictions, the Investor claims were liquidated and reduced to judgment as of the effective date, the prohibition on the assignability of tort claims under New Jersey law is not applicable, and the confirmed Chapter 11 Plan appointed the Plaintiff as representative of the Contributing Investors. Also, the Plaintiff argues it sufficiently pled the aiding and abetting claims in Counts I, II, III, and XI because it alleged that the Bank had actual knowledge of and substantially assisted the Ponzi scheme. In addition, the Plaintiff states it sufficiently pled its claims for aiding and abetting securities fraud (Count II), avoidance claims under the Bankruptcy Code and New Jersey law (Counts IV, V, VI, VII, VIII, IX, and X), unjust enrichment (Count XII), and disallowance and equitable subordination (XIII). According to the Court, the Plaintiff has standing to bring tort claims against the Bank on behalf of NRIA and consideration of the Bank's in pari delicto defense is premature. The Court finds the Plaintiff adequately pled that the Bank aided and abetted NRIA's fraud and Count I will not be dismissed. The Plaintiff has also plead that the Bank substantially assisted or encouraged NRIA's breach of fiduciary duty. The allegations regarding the Bank's substantial assistance of NRIA's fraud, also demonstrates the Bank's substantial assistance of NRIA's breach of fiduciary duty. For these reasons, the Court finds Plaintiff sufficiently pled aiding and abetting breach of fiduciary duty. Count III will not be dismissed. The Plaintiff did not adequately plead that the Bank aided and abetted securities fraud and Count II of the Complaint will be dismissed, the Court holds. The Court emphasizes that tort claims are the main event in this adversary proceeding and New Jersey does not recognize unjust enrichment as an independent tort cause of action. Count XII will be dismissed. The Bank has not filed a claim in the NRIA bankruptcy case that can be disallowed or equitably subordinated. Therefore, Count XIII is dismissed without prejudice. A copy of the Court's decision dated December 31, 2025, is available at https://urlcurt.com/u?l=HnVTVd from PacerMonitor.com. About National Realty Investment National Realty Investment Advisors, LLC is a luxury-homes developer based in Secaucus, N.J. National Realty Investment Advisors and 102 affiliates, including NRIA Partners Portfolio Fund I, LLC, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Lead Case No. 22-14539) on June 7, 2022. In the petition filed by its independent manager, Brian Casey, National Realty Investment Advisors listed up to $50,000 in both assets and debt. NRI Partners Portfolio listed assets between $50 million and $100 million and liabilities between $500 million and $1 billion. Judge John K. Sherwood oversees the cases. S. Jason Teele, Esq., at Sills Cummis & Gross P.C., is the Debtors' counsel. Omni Agent Solutions is the claims and noticing agent. The U.S. Trustee for Regions 3 and 9 appointed an official committee of unsecured creditors on June 30, 2022. The committee is represented by Ice Miller, LLP. NAVELLIER & ASSOCIATES: Seeks to Extend Plan Exclusivity to April 6 ------------------------------------------------------------------- Navellier & Associates Inc. asked the U.S. Bankruptcy Court for the District of Nevada to extend its exclusivity periods to file a plan of reorganization to April 6, 2026. The Debtor explains that it is seeking to extend the Exclusive Periods because the extensions will help move the case toward a fair and equitable resolution of Debtor's bankruptcy estate, and there is ample "cause." The current bar dates for all creditors are on the same day or after the deadline of the First Exclusivity Period. In addition, with more than 6,000 potential creditors, the Debtor needed to know the nature and extent of any claims filed, including any claim filed by the SEC, to properly propose a feasible plan. The Debtor's business revenues could have also been impacted by the chapter 11 filing, with the outcome unknown early in the case. The Debtor claims that the extensions the company sought are neither indefinite nor being used to force any creditor to accept an undesirable plan. The extension is sought primarily because of other critical deadlines that will impact the formulation of the Debtor's plan. The Debtor can propose the most informed and feasible plan after knowing the relevant facts. Given the foregoing, an extension of the Exclusive Periods makes legal and practical sense. The Debtor asserts that its creditors will not be prejudiced by extensions of the Exclusive Periods. Indeed, it would be premature for the Debtor to file a plan before knowing the amount of its claims or a better idea of Debtor's future revenues. The Debtor's case is potentially large and complex, and this is the first extension of exclusivity requested by the Debtor. The Debtor has shown that ample cause exists under the standards described by the Ninth Circuit B.A.P., thus supporting the requested extensions. Counsel to the Debtor: Stephen R. Harris, Esq. Harris Law Practice LLC 850 E. Patriot Blvd., Suite F Reno, NE 89511 Tel: (775) 786-7600 Fax: (775) 786-7764 Cell: (775) 690-9120 Email: steve@harrislawreno.com Sallie B. Armstrong, Esq. Jimmy F. Dahu, Esq. McDONALD CARANO LLP 100 West Liberty Street, Tenth Floor Reno, NV 89501 Telephone: (775) 788-2000 Email: sarmstrong@mcdonaldcarano.com Email: jdahu@mcdonaldcarano.com About Navellier & Associates Inc. Navellier & Associates Inc., based in Reno, Nevada, provides investment advisory services focused on growth investing strategies, offering portfolio management and financial planning to individual and institutional clients. The firm was founded by Louis G. Navellier and manages discretionary assets while employing a quantitative and fundamental approach to stock selection. Navellier & Associates Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev.Case No. 25-50820) on Sept. 5, 2025. In its petition, the Debtor estimated assets between $1 million and $10 million and estimated liabilities between $10 million and $50 million. Honorable Bankruptcy Judge Hilary L. Barnes handles the case. The Debtor is represented by Norma Guariglia, Esq. at HARRIS LAW PRACTICE LLC. NEUEHOUSE INC: Acquired by Convene Hospitality Group ---------------------------------------------------- Convene Hospitality Group (CHG), operator of a global portfolio of lifestyle meeting, event, and workspace brands, has completed the acquisition of NeueHouse. The Acquisition secures cultural hub NeueHouse following bankruptcy proceedings. The transaction marks the start of a new chapter for NeueHouse and ensures the continuation of the renowned lifestyle and workspace brand. "We've long been fans of the NeueHouse brand and wanted to preserve and nurture the incredible community it has cultivated," said Ryan Simonetti, president and CEO of Convene Hospitality Group. "CHG has been operating the NeueHouse Madison Square location for the past few months and we are committed to continuing its founding vision of bringing together people with a diverse set of backgrounds, united by a common curiosity. As CHG now takes full ownership of the brand, we are inspired by the opportunity to build upon this legacy." NeueHouse was founded in 2011 as a more collaborative alternative to the coworking zeitgeist and became the preeminent place to work, create, and be inspired--growing into a community for curious minds. Its commitment to timeless design, emotive experiences, and elevated hospitality cemented its position as a cultural home for creators, innovators, and thought leaders. NeueHouse Madison Square, located at 110 East 25th Street, was designed by renowned architect and designer David Rockwell, artfully blending an edgy, industrial aesthetic with the comfort and warmth of a designer residence. Spanning eight floors, the venue comprises special event spaces -- including a penthouse with 360-degree views of the city -- an 80-seat screening room, a fully equipped podcast studio, several membership lounges, private office suites, and a members-only restaurant and bar. Under the terms of the court-approved Asset Purchase Agreement, CHG has acquired the brand's intellectual property and the operations of the NeueHouse Madison Square location. There are no current plans to reopen the Los Angeles locations. About Convene Hospitality Group: Convene Hospitality Group (CHG) operates a global portfolio of lifestyle brands focused on creating places and experiences that bring people together. CHG designs, develops, and operates hospitality-driven destinations to host gatherings of all kinds -- ranging from small corporate meetings to immersive brand activations. Its portfolio includes: Convene, a premium meeting and event venue and flexible office space brand; NeueHouse, a cultural home for creators, innovators, and thought leaders; etc.venues, a select-service brand for small meetings and corporate trainings; and The Mallory, a special events venue in the heart of New York's West Chelsea. As the largest single provider of non-hotel meeting and event venues in the U.S. and UK, and with a growing footprint of membership clubs and flexible office space, CHG has a network of 39 locations across nine global cities. With over 60 years of combined experience, its brands bring hospitality and lifestyle into traditional commercial real estate assets, partnering with the industry's top landlords to increase building value. The company counts Ares and Brookfield among its investors, has made the Inc. 5000 list five times, and has been named one of America's 100 Most Promising Companies by Forbes, and a Best Workplace by Inc. magazine, Fortune magazine, and Built In. About NeueHouse Inc. Neuehouse Inc. provides property management services. The Company offers space for meeting, dinner, office, exhibition, and commercial purposes. Neuehouse serves customers worldwide. NEW ENGLAND MOTOR: Claims Objection Deadline Extended to Dec. 31 ---------------------------------------------------------------- The United States Bankruptcy Court for the District of New Jersey entered an order extending the claims objection deadline and trust dissolution date in the bankruptcy case of New England Motor Freight, Inc. and its affiliated debtors through and including December 31, 2026. The order is without prejudice to the liquidating trustee's right to seek further extensions of the claims objection deadline and trust dissolution date. A copy of the Court's Order dated December 31, 2025, is available at https://urlcurt.com/u?l=Zq8Kdk from PacerMonitor.com. Counsel to the Liquidating Trustee: Jeffrey Cohen, Esq. LOWENSTEIN SANDLER LLP 1251 Avenue of the Americas New York, NY 10020 Telephone: (212) 262-6700 E-mail: jcohen@lowenstein.com - and - Michael Papandrea, Esq. LOWENSTEIN SANDLER LLP One Lowenstein Drive Roseland, NJ 07068 Telephone: (973) 597-2500 E-mail: mpapandrea@lowenstein.com About New England Motor Freight New England Motor Freight, Inc. -- http://www.nemf.com/-- provides less-than-truckload (LTL) carrier services in the United States and Canada. Founded in 1977, the company is based in Elizabeth, N.J., and has terminals in the Northeast and Mid-Atlantic. New England Motor Freight and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D.N.J. Lead Case No. 19-12809) on Feb. 11, 2019. At the time of the filing, New England Motor estimated assets of $100 million to $500 million and liabilities of $50 million to $100 million. The cases are assigned to Judge John K. Sherwood. The Debtors tapped Gibbons P.C. as legal counsel; Whiteford, Taylor & Preston, LLP as special counsel; Phoenix Executive Services, LLC, as restructuring advisor; and Donlin Recano as claims agent. The Office of the U.S. trustee appointed an official committee of unsecured creditors on Feb. 21, 2019. The committee tapped Lowenstein Sandler LLP and Elliott Greenleaf as its legal counsel. NEXT GEN: Leon Jones Named Subchapter V Trustee ----------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Leon Jones, Esq., at Jones & Walden, LLC, as Subchapter V trustee for Next Gen Child Care, LLC. Mr. Jones will be paid an hourly fee of $500 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Jones declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Leon S. Jones, Esq. Jones & Walden, LLC 699 Piedmont Ave. NE Atlanta, GA 30308 Phone: (404) 564-9300 ljones@joneswalden.com About Next Gen Child Care LLC Next Gen Child Care, LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-50273) on January 6, 2026, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Brad Fallon, Esq. at Fallon Law, PC represents the Debtor as bankruptcy counsel. NEXT GEN: Seeks Chapter 11 Bankruptcy in Georgia ------------------------------------------------ Next Gen Child Care, LLC, filed for Chapter 11 bankruptcy protection on January 06, 2026, in the U.S. Bankruptcy Court for the Northern District of Georgia. Court records show the debtor reports between $100,001 and $1,000,000 in debt owed to approximately 1 to 49 creditors. About Next Gen Child Care, LLC Next Gen Child Care, LLC provides early childhood education and daycare services, offering supervised learning and care programs for children from infancy through preschool age. The company is focused on creating a safe and supportive environment that promotes child development and school readiness. Next Gen Child Care, LLC commenced its Chapter 11 case (Bankr. Case No. 26-50273) on January 06, 2026. The filing lists estimated assets and liabilities both ranging from $100,001 to $1,000,000. The case is being overseen by Honorable Bankruptcy Judge Jonathan W. Jordan. The debtor is represented by Brad Fallon, Esq. of Fallon Law PC. NOISA INC: Isano Unsecureds Will Get 6.56% of Claims in Plan ------------------------------------------------------------ Noisa, Inc., and affiliates filed with the U.S. Bankruptcy Court for the Western District of Pennsylvania a Joint Plan of Reorganization under Subchapter V dated January 5, 2026. Each of the Debtors operate restaurants located in Westen Pennsylvania. The Debtors were respectively formed by David Montanez, who continues to own and operate the entities. Each of the Debtors are corporations organized under the laws of the Commonwealth of Pennsylvania. Each Debtor is solely owned by David Montanez The Debtors each began to fall behind on tax obligations. To remedy these issues, the Debtors took out financing through MCAs to pay off the tax debt. While this helped short term, it caused cash flow issues related to servicing the MCAs. Additionally, as a restaurant, the Debtors have been impacted by the post-COVID 19 rise in costs of goods and reduced margins. The Debtor has continued to operate its business to further generate revenue and continuing to work with its vendors and customers to achieve favorable payment arrangements that will further foster its restructuring. The Debtor is also continuing to explore various other sales of assets that may generate additional income. The Plan will be implemented through the continued operations of the Debtor's business. The Plan proposes to pay administrative and priority claims in full unless otherwise agreed. The Debtors estimates approximately 7.25% (Noisa); 6.56% (Isano); 12.18% (Isano 3) will be paid on account of general unsecured claims pursuant to the Plan. The percentage is subject to change based on the allowance of claims, litigation proceeds, or the proceeds from any sales that may occur. Class A-2 consists of General Unsecured Claims of Noisa, Inc. The total amount for this Class is approximately $826,920.99, plus any Allowed Unsecured Claim held by an undersecured creditor that is to be determined. The Creditors in this Class will be paid by regular monthly payments made by the Debtor and distributed on a Quarterly basis. Beginning on the Plan Effective Date, the Debtor will pay the Disbursing Agent a fixed monthly payment of $1,000.00. Distributions to this Class will be made on a quarterly basis. Each creditor will receive a pro rata distribution of all funds distributed to the Class. Class A-2 will not be entitled to interest on their claims. The claims in this Class are not entitled to post-petition interest, attorney's fees, or costs. In addition to regular payments, this Class may receive payments through the proceeds of sale, if any, and through litigation proceeds. This Class is impaired. Class B-2 consists of General Unsecured Claims of Isano, Inc. The total amount for this Class is approximately $914,615.95, plus any Allowed Unsecured Claim held by an undersecured creditor that is to be determined. The Creditors in this Class will be paid by regular monthly payments made by the Debtor and distributed on a Quarterly basis. Beginning on the Plan Effective Date, the Debtor will pay the Disbursing Agent a fixed monthly payment of $1,000.00. Distributions to this Class will be made on a quarterly basis. Each creditor will receive a pro rata distribution of all funds distributed to the Class. Class B-2 will not be entitled to interest on their claims. The claims in this Class are not entitled to post-petition interest, attorney's fees, or costs. In addition to regular payments, this Class may receive payments through the proceeds of sale, if any, and through litigation proceeds. This Class is impaired. Class C-3 consists of General Unsecured Claims of Isano 3, Inc. The total amount for this Class is approximately $492,333.82, plus any Allowed Unsecured Claim held by an undersecured creditor that is to be determined. The Creditors in this Class will be paid by regular monthly payments made by the Debtor and distributed on a Quarterly basis. Beginning on the Plan Effective Date, the Debtor will pay the Disbursing Agent a fixed monthly payment of $1,000.00. Distributions to this Class will be made on a quarterly basis. Each creditor will receive a pro rata distribution of all funds distributed to the Class. Class C-3 will not be entitled to interest on their claims. The claims in this Class are not entitled to post-petition interest, attorney's fees, or costs. In addition to regular payments, this Class may receive payments through the proceeds of sale, if any, and through litigation proceeds. This Class is impaired. The Plan will be implemented through continued business operations. The restructuring reduces the Debtors respective debt service on a month to month basis and will allow the Debtors to continue to operate. A full-text copy of the Joint Plan dated January 5, 2026 is available at https://urlcurt.com/u?l=hKugzM from PacerMonitor.com at no charge. Counsel to the Debtors: David Z. Valencik, Esq. Andrew K. Pratt, Esq. CALAIARO VALENCIK 555 Grant Street, Suite 300 Pittsburgh, PA 15219 Telephone: (412) 232-0930 Facsimile: (412) 232-3858 E-mail: dvalencik@c-vlaw.com apratt@c-vlaw.com About Noisa Inc Noisa, Inc., doing business as Las Velas Mexican Restaurant, operates a full-service Mexican dining establishment, offering a range of traditional dishes and catering services in Pennsylvania. Its affiliate, Isano Inc., runs a Mexican restaurant in Murrysville, featuring tacos, burritos, enchiladas, and other regional fare. Meanwhile, Isano 3, Inc., doing business as La Cantina by Madero, manages a restaurant concept that combines Mexican staples with American casual items such as wings and burgers, operating as part of the same broader restaurant group in the state. Noisa and its affiliates filed Chapter 11 petitions (Bankr. W.D. Pa. Lead Case No. 25-22682) on October 6, 2025. In the petition signed by David Montanez, company owner, Noisa disclosed up to $500,000 in assets and up to $1 million in liabilities. Judge Carlota M. Bohm oversees the cases. David Z. Valencik, Esq., at Calaiaro Valencik, represents the Debtors as legal counsel. NOR-WES INC: Seeks Chapter 11 Bankruptcy in Louisiana ----------------------------------------------------- On December 19, 2025, Nor-Wes, Inc. filed for Chapter 11 protection in the Western District of Louisiana. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to between 1 and 49 creditors. About Nor-Wes, Inc. Nor-Wes, Inc., based in Shreveport, Louisiana, provides aerial application and aviation services for the agricultural sector, including crop dusting, and operates aircraft maintenance and management across several U.S. states for commercial agricultural customers. Nor-Wes, Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-11534) on December 19, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge John S. Hodge handles the case. The Debtor is represented by Robert W. Raley, Esq. NORCOLD LLC: Defends Sufficiency of Chapter 11 Plan Disclosures --------------------------------------------------------------- Emily Lever of Law360 Bankruptcy Authority reports that during the Friday, January 9, 2026, hearing, Norcold LLC defended its Chapter 11 disclosure statement in Delaware bankruptcy court, insisting the document fairly and transparently outlines projected creditor recoveries and should be approved. The RV refrigerator manufacturer said that the disclosure statement contains sufficient detail on how its plan of liquidation will affect creditors, countering objections from stakeholders who challenged the adequacy of its disclosures. Norcold's legal team told the court that the statement includes all material information necessary for creditor decision-making, including financial forecasts, claim treatment summaries, and asset disposition plans. By emphasizing the accuracy and completeness of its disclosures, the company urged the judge to approve the statement so that it can begin the solicitation process and move the Chapter 11 case forward, the report states. About Norcold LLC Norcold LLC is a recreational vehicle refrigerator manufacturer. Norcold LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11933) on November 3, 2025. In its petition, the Debtor reports more than $300 million. Honorable Bankruptcy Judge Thomas M. Horan handles the case. The Debtor is represented by Sean Matthew Beach, Esq., Simcha Trager, Esq., Matthew Barry Lunn, Esq., Roger Sharp, Esq., Rodney Square, Esq., and Jared W Kochenash, Esq. of Young Conaway. NORTH AMERICAN: Seeks to Tap Joel A. Schechter as Legal Counsel --------------------------------------------------------------- North American Builders Supply, Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Illinois to hire the Law Offices of Joel A. Schechter as counsel. The firm will render these services: (a) give the Debtor legal advice with respect to its powers and duties in the continued operation of the business and financial affairs; (b) prepare on behalf of the Debtor necessary legal papers; and (c) perform all other legal services for the Debtor which may be necessary in the prosecution of this proceeding. The firm shall receive a retainer in the amount of $25,000, plus filing fee. Joel Schechter, Esq., an attorney of the firm, disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Joel A. Schechter, Esq. Law Offices of Joel A. Schechter 53 W. Jackson Blvd., Suite 860 Chicago, IL 60604 Telephone: (312) 332-0267 Email: joel@jasbklaw.com About North American Builder's Supply North American Builders Supply, Inc., based in Yorkville, Illinois, supplies building materials including lumber, siding, millwork, cabinetry, windows, doors, decking, metal studs, ceiling systems, commercial windows and doors, and drywall, and offers design and delivery services. The Company serves builders, contractors, and homeowners through its showroom and product lines. North American Builder's Supply sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ill. Case No. 25-18572) on December 3, 2025. In its petition, the Debtor reports between $500,001 and $1 million in both estimated assets and liabilities. The Debtor is represented by Joel Schechter, Esq., of LAW OFFICES OF JOEL A. SCHECHTER. NOVA AT SUMMER: Bankruptcy Administrator Unable to Form Committee ----------------------------------------------------------------- The U.S. Bankruptcy Administrator for the Eastern District of North Carolina disclosed in a filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Nova at Summer Meadow Owner LLC. About Nova at Summer Meadow Owner Nova at Summer Meadow Owner, LLC is a Raleigh, North Carolina-based multifamily real estate holding company that owns the Nova at Summer Meadows apartment community. Nova at Summer Meadow Owner sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D.N.C. Case No. 25-03953) on October 7, 2025. In its petition, the Debtor reported assets and liabilities between $10 million and $50 million. Judge Pamela W. Mcafee oversees the case. The Debtor is represented by Joseph Z. Frost, Esq., at Buckmiller & Frost, PLLC. NUTRACAP HOLDINGS: Gets Extension to Access Cash Collateral ----------------------------------------------------------- Nutracap Holdings LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia to use cash collateral to fund operations. The court issued its 11th interim order granting the Debtor a 30-day extension from January 2 in accordance with its budget. Weekly spending may vary by up to 10% per line item so long as total monthly expenses do not exceed the overall budget by more than 10%. Certain essential expenses, including utilities and U.S. Trustee fees, are permitted regardless of budget limits, ensuring uninterrupted basic operations during the interim period. First Horizon Bank asserts liens on the Debtor's cash collateral based on a $5 million revolving loan and a $12 million term loan. To protect its interests, First Horizon Bank will be provided with adequate protection through post-petition liens on newly acquired assets, mandatory monthly payments of $15,000, and a super-priority administrative claim if the bank's collateral declines in value. The Debtor is barred from using cash collateral to challenge the bank's liens or pursue litigation against it. A final hearing is scheduled for January 29. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/zjqiR from PacerMonitor.com. About Nutracap Holdings Nutracap Holdings, LLC, is a manufacturer of nutraceuticals and dietary supplements in Norcross, Ga. Nutracap Holdings sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-50430) on January 14, 2025, with up to $50 million in both assets and liabilities. Marcos Fabio Lopes e Lima, chief executive officer of Nutracap Holdings, signed the petition. Judge Lisa Ritchey Craig oversees the case. William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC, is the Debtor's legal counsel. First Horizon Bank, as lender, is represented by: Erich N. Durlacher, Esq. BURR & FORMAN LLP 1075 Peachtree Street N.E., Suite 3000 Atlanta, Georgia 30309 Telephone: (404) 685-4313 Facsimile: (404) 214-7387 Email: edurlacher@burr.com OAK GROVE: Tamara Miles Ogier Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Tamara Miles Ogier, Esq., at Ogier, Rothschild & Rosenfeld, PC as Subchapter V trustee for Oak Grove Stor-All, LLC. Ms. Ogier will be paid an hourly fee of $475 for her services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Ms. Ogier declared that she is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Tamara Miles Ogier, Esq. Ogier, Rothschild & Rosenfeld, PC P.O. Box 1547 Decatur, GA 30031 Phone: (404) 525-4000 About Oak Grove Stor-All LLC Oak Grove Stor-All, LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20015) on January 5, 2026, with $500,001 to $1 million in assets and liabilities. Bethany Strain, Esq., at Jones & Walden, LLC represents the Debtor as legal counsel. OLIVER PARK: Court Extends Cash Collateral Access to Feb. 25 ------------------------------------------------------------ Oliver Park Apartments, LLC received another extension from the U.S. Bankruptcy Court for the Northern District of Georgia, Atlanta Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral from January 2 through February 25. This interim period may be extended by further order of the court. As adequate protection for the Debtor's use of their cash collateral, U.S. Bank, N.A. and the U.S. Small Business Administration will be granted a replacement lien on all property acquired by the Debtor after its Chapter filing that is similar to the lenders' pre-bankruptcy collateral. The Debtor must also make monthly payments of $3,406 to U.S. Bank on the 15th of each month and to provide monthly budget-to-actual financial comparisons by the 10th of each month. The order is entered without prejudice to the parties' rights to challenge the validity, priority, or extent of any liens or claims, and it allows for future modification after notice and hearing. The final hearing is set for February 25. The interim order is available at https://is.gd/goCP80 from PacerMonitor.com. Oliver Park Apartments filed for Chapter 11 bankruptcy aiming to preserve equity in its rental properties and reorganize its debts after experiencing severe financial hardship. The Debtor refinanced the property in March 2021, resulting in a loan now held by U.S. Bank, as trustee for holders of a JPMorgan mortgage-backed security. U.S. Bank claims a lien on rental income through an Assignment of Rents, while the SBA asserts a lien on cash under a UCC-1 financing statement. The outstanding debt is approximately $1.42 million to U.S. Bank and $21,000 to the SBA. The Debtor acknowledges that these lenders likely hold a secured interest in the rental revenue, qualifying it as "cash collateral" under 11 U.S.C. section 363. U.S. Bank is represented by: Colin M. Bernardino, Esq. Kilpatrick Townsend & Stockton LLP 1100 Peachtree Street, NE, Suite 2800 Atlanta, GA 30309-4530 Telephone: (404) 815-6500 Facsimile: (404) 815-6555 cbernardino@ktslaw.com About Oliver Park Apartments Oliver Park Apartments LLC leases residential real estate properties. Oliver Park Apartments sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-60028) on September 1, 2025. In its petition, the Debtor reported up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Sage M. Sigler oversees the case. The Debtor is represented by William Rountree, Esq., at Rountree, Leitman, Klein & Geer, LLC. OSAIC HOLDINGS: Planned Refinancing No Impact on Moody's B1 Rating ------------------------------------------------------------------ Moody's Ratings said that the existing credit ratings of Osaic Holdings, Inc. (Osaic) remain unchanged following the company's planned refinancing transactions. These include the repricing of its senior secured bank credit facility, a $500 million increase in its 6.75% senior secured notes due 2032, and a $250 million add-on to its 8.00% senior unsecured notes due 2033. The stable outlook remains unchanged. Proceeds from the incremental senior secured notes will be used to repay Osaic's 6.25% senior secured notes due 2028, while the senior unsecured note add-on will refinance notes rolled over from Osaic's 2020 acquisition of Ladenburg Thalmann. Moody's views the transactions as credit positive as it extends the company's debt maturity profile, simplifies its capital structure, and is expected to reduce its weighted average cost of debt. The B1 rating on Osaic's senior secured debt reflects its priority ranking within the capital structure, pro forma for the refinancing transactions. The Caa1 rating on the senior unsecured notes reflects their lower ranking and smaller proportion within the new capital structure. The stable outlook on Osaic's ratings reflects Moody's expectations that it will not materially increase its debt leverage beyond current levels despite its acquisitive strategy. It also reflects the benefits of the company's recent expansion into the fee-only wealth management channel, which, given its more favorable economics, is expected to support EBITDA growth. OUT THE GATE: Hires Kennedys CMK LLP as Bankruptcy Counsel ---------------------------------------------------------- Out the Gate, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to Kennedys CMK LLP as bankruptcy counsel. The firm will render these services: a. perform all necessary services as the Debtor's bankruptcy counsel; b. take all necessary actions to protect and preserve the Debtor's estate during this chapter 11 proceeding; c. prepare, coordinate, and make preparations on behalf of the Debtor, as debtor in possession, the necessary motions, applications, answers, orders, reports and papers in connection with administering this chapter 11 proceeding; d. counsel the Debtor with regard to their rights and obligations as debtor in possession; e. coordinate with the Debtor's other professionals in representing the Debtor in connection with this case; and f. perform all other necessary legal services in connection with this chapter 11 proceeding. The firm received a retainer in the total amount of $160,000. Separately, Kennedys was also provided with a payment of $2,500 on November 10, 2025, which was intended to cover the Debtor's filings fees and costs. Kennedys provides the following statements in response to the request for additional information set forth in Part D.1. of the Appendix B Guidelines: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Response: No. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Response: No. Question: If you represented the client in the 12 months prepetition, disclose your billing rates and material financial terms for the prepetition engagement, including any adjustments during the 12 months prepetition. If your billing rates and material financial terms have changed postpetition, explain the difference and the reasons for the difference. Response: In line with industry practice, Kennedys increases the hourly rates of its attorneys beginning January 1 of each year. Otherwise, except for agreeing not to treat the Post-Petition Retainer as a depleting retainer as work is performed, the material terms of the prepetition engagement are substantially the same. For the work performed for the Debtor in 2025, Kennedys' hourly rates are as follows: Partners $675 to 850 Special Counsel $595 to 750 Associates $495 to 595 Law Clerks $325 to 445 Paralegals $265 Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Response: Kennedys and the Debtor have agreed on a budget and staffing plan for this chapter 11 case. As disclosed in the court filings, Kennedys does not hold or represent any interest adverse to the Debtor's estate or their creditors, and is a "disinterested person," as defined in section 101(14) of the Bankruptcy Code. The firm can be reached through: Philip W. Allogramento III, Esq. Kennedys CMK LLP 222 Delaware Avenue, Suite 710 Wilmington, DE 19801 Tel: (908) 605-2953 Email:Phil.Allogramento@kennedyslaw.com About Out the Gate Inc. Founded on February 8, 2021, Out The Gate, Inc. is a privately held gaming and entertainment company that offers electronic sports betting services in the United States. It operates licensed sportsbooks in Kentucky, New Jersey, and Ohio, providing wagering platforms under state-regulated gaming frameworks. Out The Gate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12023) on November 12, 2025. In its petition, the Debtor reported estimated assets of $1 million to $10 million and estimated liabilities between $50 million and $100 million. Honorable Bankruptcy Judge Karen B Owens handles the case. The Debtor is represented by Marc S. Casarino, Esq., at Kennedys CMK LLP. PAL ROYALTY: Seeks Chapter 11 Bankruptcy in Georgia --------------------------------------------------- On January 5, 2026, Pal Royalty Homestead Irrevocable Trust filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Northern District of Georgia. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1 to 49 creditors. About Pal Royalty Homestead Irrevocable Trust Pal Royalty Homestead Irrevocable Trust is a legal trust entity created to own and manage homestead real estate and related royalty interests. It operates separately from its beneficiaries, allowing the trust to hold property, collect income, and handle financial obligations in its own name. Pal Royalty Homestead Irrevocable Trust sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-50160) on January 5, 2026. In its petition, the Debtor reports estimated assets and estimated liabilities in the range of $100,001 to $1,000,000. Honorable Bankruptcy Judge James R. Sacca handles the case. PHYSICAL INVESTMENTS: To Sell Palm Valley Property to Robert Kanode ------------------------------------------------------------------- Physical Investments, Inc., seeks permission from the U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 5433 Palm Valley Road, Roanoke, VA 24019. The lienholders of the Property are: i. Inchoate real estate tax lien in favor of the Treasurer of Roanoke County, Virginia; ii. Deed of Trust in favor of Fay Servicing, LLC. The balance currently owed to Fay is approximately $110,000.00;. Per the Amended Motion for Relief From Stay filed on December 11, 2025, the loan is currently being serviced by U.S. Bank Trust Co., NA. As of the time of the filing of the Chapter 11 case, the Debtor was unaware that the Property was actually owned by Vanguard Holdings Group, LLC, an affiliated entity. The Property was transferred to Vanguard on June 2, 2025 in an effort to facilitate its refinance as an alternative to the eventual Chapter 11 filing for the Debtor. The refinance efforts were unsuccessful and the Debtor's principal, who also owns and controls Vanguard, believed that he directed the Property to be deeded back to the Debtor prior to the July 18, 2025 petition date. The Debtor and Vanguard both agree that the Debtor is the beneficial owner of the Property. The Debtor is not aware of any other liens on the Property. The Debtor proposes that any liens on the Property attach to the proceeds of the Property to the same extent, with the same validity and priority, as the liens have in the Property. The purchaser of the property is Robert Kanode in the purchase price of $205,000. The Debtor requests that the Court authorize it to pay the Realtor a commission at closing in accordance with the terms of the Purchase Agreement. The Debtor further submits that the services of the Realtor are necessary and beneficial to the bankruptcy estate. About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PHYSICAL INVESTMENTS: To Sell Stewart Avenue Property to Z. Hill ---------------------------------------------------------------- Physical Investments, Inc., seeks permission from the U.S. Bankruptcy Court for the Western District of Virginia, Roanoke Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor's Property is located at 1224 Stewart Avenue, SE, Roanoke, VA 24013. The lienholders of the Property are: i. Inchoate real estate tax lien in favor of the Treasurer of Roanoke City, Virginia; ii. Deed of Trust in favor of Blue Ocean Mortgage, LLC. The balance currently owed to Blue Ocean is approximately $170,000 (this debt is also secured by a lien on 813 30 Street, Roanoke, Va, which has an approximate value of $115,000.00); iii. Deed of Trust in favor of Stephen and Ona Allen. The balance currently owed to the Allens is approximately $65,000.00. The Debtor is not aware of any other liens on the Property. The Debtor proposes that any liens on the Property attach to the proceeds of the Property to the same extent, with the same validity and priority, as the liens have in the Property. The purchaser of the property is Fast Track Flip/Zachary Hill in the purchase price of $30,000. The amount of the purchase price is less than the aggregate secured debt. The real estate is in considerable disrepair due to recent asbestos remediation. Blue Ocean will agree to accept the net purchase price in satisfaction of its lien. The Allens will agree to the sale free and clear of liens even though their lien will get no proceeds; they will agree that their debt will become unsecured. The Debtor submits that adequate business and other justifications exist which merit judicial approval of the sale of the Property. About Physical Investments Inc. Physical Investments Inc. operates as a real estate lessor. Physical Investments Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Va. Case No. 25-70650) on July 18, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. Honorable Bankruptcy Judge Paul M. Black handles the case. The Debtor is represented by Andrew S. Goldstein, Esq. at MAGEE GOLDSTEIN LASKY & SAYERS, P.C. PINE GATE: Nofar USA Wins Bid for 979 MW Solar Portfolio -------------------------------------------------------- Nofar USA has been designated the successful bidder, subject to bankruptcy court approval, for the acquisition of a nearly 1-gigawatt utility-scale solar portfolio developed by Pine Gate Renewables, according to filings in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. We are honored to acquire these high-quality assets from Pinegate Renewables. We believe that our ability to act quickly with our financial flexibility make us a strong candidate for investment opportunities expected to emerge in the market in the next few years. The transaction is being pursued through a court-supervised Chapter 11 process under Section 363 of the U.S. Bankruptcy Code. A hearing to consider approval of the sale is scheduled for January 5. In addition to approval by the Bankruptcy Court, closing of the transaction also remains subject to satisfaction of customary closing conditions, including governmental approvals. This acquisition showcases Nofar group's confidence in continuing to develop high-quality grid assets to serve the U.S. market. Under the terms of the asset purchase agreement, Nofar USA would acquire nine solar projects totaling approximately 1-gigawatt across Alabama, North Carolina, South Carolina, and Texas for $285 million. The transaction contemplates the assumption of existing project-level debt of $260 million and additional costs and investments totaling approximately $30 million, resulting in an implied enterprise value of approximately $575 million, subject to certain adjustments. The portfolio comprises utility-scale solar assets at various stages, including 650 MWdc currently in operation. An additional 100 MWdc is in advanced construction and 225 MWdc is in an early construction stage and expected to reach commercial operation during 2027. The entire portfolio is contracted under long-term power purchase agreements. The projects are geographically diversified across the Southeastern United States and ERCOT, providing exposure to multiple regulatory regimes and load centers with minimal merchant price risk. This transaction represents a key milestone in building Nofar USA into a scaled, institutional-grade platform in the U.S. power market. It adds to Nofar USA's existing portfolio of over 1.3 GW of solar and over 1 GWh of storage assets under development. Allon Raveh, Chairman and CEO of Nofar USA, said: "We are honored to acquire these high-quality assets from Pinegate Renewables. We believe that our ability to act quickly with our financial flexibility make us a strong candidate for investment opportunities expected to emerge in the market in the next few years." BNP Paribas is acting as exclusive financial advisor to Nofar USA. Clifford Chance is acting as legal advisor to Nofar USA. Latham & Watkins LLP and Hunton Andrews Kurth LLP are serving as legal counsel, Alvarez & Marsal is serving as restructuring advisor, Lazard is serving as investment banker, and Joele Frank, Wilkinson Brimmer Katcher is serving as strategic communications advisor to Pine Gate. The transaction is subject to court and FERC approval, as well as other customary consents from lenders and tax-equity investors. About Nofar Nofar Energy is a global renewable energy independent power producer active in Israel, Europe, and the United States. The company develops, owns, and operates solar and battery storage projects across multiple markets and is publicly listed on the Tel Aviv Stock Exchange. As of December 31st, 2025, Nofar has a market capitalization of approximately $1.3 billion. Nofar USA serves as the company's U.S. platform and has focused on building a diversified portfolio across regulated and deregulated power markets through a combination of organic development and acquisitions. Media Contact About Pine Gate Renewables, LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-90669) on November 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, the Debtor disclosed 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. One hundred nineteen affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- Pine Gate Renewables, LLC (Lead Case) 25-90669 BF Dev Holdco Pledgor, LLC 25-90691 BF Dev Holdco, LLC 25-90694 Blue Northern Power, LLC 25-90697 Blue Ridge Power Holding Company, LLC 25-90703 Blue Ridge Power, LLC 25-90707 Blue Ridge Solar, LLC 25-90713 BRP Construction, Inc. 25-00008 BRP HBC Guarantor, LLC 25-00009 BRP HBC Holdco, LLC 25-00010 Cascade Dev Holdco, LLC 25-00011 Cascade NTP Holdco, LLC 25-00012 Cascade Pledgor, LLC 25-00013 Catalina Solar Borrower, LLC 25-00014 Catalina Solar Holdings, LLC 25-00015 FP 2021 Dev Holdco, LLC 25-00016 GA Solar 5, LLC 25-00017 GH Pledge Borrower, LLC 25-00018 Grande Holdco Borrower II, LLC 25-00019 Grande Holdco Borrower, LLC 25-00020 Grande Holdco, LLC 25-00021 Limewood Bell Renewables LLC 25-00022 Lotus Solar, LLC 25-00023 Magnolia Solar Development LLC 25-00024 NPA 2023 Holdco, LLC 25-90671 NPA PGR Blocker Holdco, LLC 25-90673 NPA Polaris DevCo Holdco, LLC 25-90675 NPA Polaris DevCo Pledgor, LLC 25-90678 NPA Polaris OpCo Holdco, LLC 25-90682 Old Hayneville Solar, LLC 25-00030 PG Dev Carver Holdco, LLC 25-90686 PGC Solar Holdings Holdco I, LLC 25-90698 PGC Solar Holdings Holdco II, LLC 25-90702 PGC Solar Holdings I Managing Member, LLC 25-90705 PGC Solar Holdings I, LLC 25-90708 PGR 2020 Lessor 7, LLC 25-90711 PGR 2021 Fund 13, LLC 25-00037 PGR 2021 Fund 17, LLC 25-00038 PGR 2021 Fund 18, LLC 25-00039 PGR 2021 Fund 4, LLC 25-00040 PGR 2021 Fund 9, LLC 25-00041 PGR 2021 Holdco 11, LLC 25-00042 PGR 2021 Holdco 12, LLC 25-00043 PGR 2021 Holdco 13, LLC 25-00044 PGR 2021 Holdco 15, LLC 25-00045 PGR 2021 Holdco 17, LLC 25-90670 PGR 2021 Holdco 18, LLC 25-90674 PGR 2021 Holdco 19, LLC 25-90676 PGR 2021 Holdco 4, LLC 25-00049 PGR 2021 Holdco 9, LLC 25-00050 PGR 2021 Manager 13, LLC 25-00051 PGR 2021 Manager 17, LLC 25-90685 PGR 2021 Manager 18, LLC 25-90687 PGR 2021 Manager 4, LLC 25-90679 PGR 2021 Manager 9, LLC 25-90680 PGR 2022 Fund 1, LLC 25-90689 PGR 2022 Fund 2, LLC 25-90690 PGR 2022 Fund 4, LLC 25-90693 PGR 2022 Fund 5, LLC 25-90695 PGR 2022 Fund 8, LLC 25-90696 PGR 2022 Fund 9, LLC 25-90699 PGR 2022 Holdco 1, LLC 25-90700 PGR 2022 Holdco 2, LLC 25-90704 PGR 2022 Holdco 8, LLC 25-90706 PGR 2022 Holdco 9, LLC 25-90709 PGR 2022 Manager 1, LLC 25-90712 PGR 2022 Manager 2, LLC 25-00067 PGR 2022 Manager 4, LLC 25-00068 PGR 2022 Manager 5, LLC 25-00069 PGR 2022 Manager 8, LLC 25-00070 PGR 2022 Manager 9, LLC 25-90672 PGR 2022 Sponsor Holdco, LLC 25-90677 PGR 2023 Fund 1, LLC 25-90681 PGR 2023 Fund 6, LLC 25-90688 PGR 2023 Holdco 1, LLC 25-90692 PGR 2023 Lessee 6, LLC 25-90701 PGR 2023 Manager 1, LLC 25-90710 PGR 2023 Manager 6, LLC 25-00078 PGR 2024 Sponsor Holdco, LLC 25-00079 PGR Blocker Holdco, LLC 25-00080 PGR Blue Ridge Power Holdings, LLC 25-00081 PGR Carver Holdco, LLC 25-00082 PGR CC Affiliate Purchaser LLC 25-00083 PGR Guarantor, LLC 25-00084 PGR Holdco GP, LLC 25-00085 PGR Holdco, LP 25-00086 PGR MS Affiliate Purchaser LLC 25-00087 PGR Procurement, LLC 25-00088 PGR Signature Fund 1 Manager, LLC 25-00089 Pine Gate Asset Management, LLC 25-00090 Pine Gate Assets, LLC 25-00091 Pine Gate Carver Holdings, LLC 25-00092 Pine Gate Dev Holdco, LLC 25-00093 Pine Gate Development, LLC 25-00094 Pine Gate Energy Capital, LLC 25-00095 Pine Gate EPC, LLC 25-00096 Pine Gate Fund Management, LLC 25-00097 Pine Gate O&M, LLC 25-00098 Polaris DevCo Borrower A, LLC 25-00099 Polaris DevCo Borrower B, LLC 25-00100 Polaris DevCo Pledgor A, LLC 25-00101 Polaris DevCo Pledgor B, LLC 25-00102 Polaris OpCo Borrower B, LLC 25-00103 Polaris OpCo Pledgor A, LLC 25-00104 Polaris OpCo Pledgor B, LLC 25-00105 PW Blocker Holdco, LLC 25-00106 PW Revolver Borrower, LLC 25-00107 Rio Lago Solar, LLC 25-90668 Solar Carver 1, LLC 25-00109 Solar Carver 3, LLC 25-00110 Stowe Solar, LLC 25-00111 Sunstone Solar 1, LLC 25-00112 Sunstone Solar 2, LLC 25-00113 Sunstone Solar 3, LLC 25-00114 Sunstone Solar 4, LLC 25-00115 Sunstone Solar 5, LLC 25-00116 Sunstone Solar 6, LLC 25-00117 Sunstone Solar, LLC 25-00118 West River Solar, LLC 25-00119 The Judge is Hon. Christopher M. Lopez. The Debtors' Bankruptcy Co-Counsel is Timothy A. Davidson II, Esq., at Hunton Andrews Kurth LLP, in Houston, Texas, and LATHAM & WATKINS LLP. The Debtors' Financial Advisor is ALVAREZ & MARSAL NORTH AMERICA, LLC. The Debtors' Investment Banker is LAZARD FRERES & CO. LLC. The Debtors' Claims, Noticing & Solicitation Agent is OMNI AGENT SOLUTIONS, INC. PINE GATE: Unsecureds to Get Share of GUC Trust Net Assets ---------------------------------------------------------- Pine Gate Renewables LLC and its affiliates submitted a First Amended Joint Chapter 11 Plan and Disclosure Statement dated January 4, 2026. This Plan reflects the terms of the Committee Settlements to be implemented in conjunction with the consummation of the 363 Sale Transactions, as applicable. The Plan provides for the distribution of cash, the appointment of a plan administrator that will administer and liquidate certain property of the Debtors, including the Retained Causes of Action, and make the making of certain distributions, and the establishment of the GUC Trust that will liquidate the GUC Trust Assets and distributions to Holders of Allowed General Unsecured Claims. Prior to, and as a condition precedent to, the Effective Date, the 363 Sale Transactions for the Brookfield Assets and the Carlyle Assets and the Fundamental Credit Bid Transaction shall have closed; and, except as stated in this Article 2.3, any DIP Facility Claims shall be cancelled, released, and extinguished and the DIP Facilities shall be deemed mutually terminated as of such time and any Holders of such DIP Facility Claims shall permanently waive the right to recover on account of any deficiency claim against the Debtors or their estates (and the GUC Trust) on account of such DIP Facility Claims on the Effective Date. As contemplated by the Fundamental Committee Settlement, the Fundamental DIP Secured Parties shall be deemed to have retained their Liens or Claims (including, but not limited to, entitlement to proceeds) relating to (w) PGR Blue Ridge Power Holdings, LLC and its direct and indirect subsidiaries (collectively, "BRGH"), and each of its and their respective assets, to the extent such Liens and Claims exist under the Fundamental DIP Facility or the Fundamental Prepetition Documents, (x) any sale of projects or project companies securing and/or guaranteeing the obligations under the Fundamental DIP Facility or Fundamental Prepetition Loan Documents if not yet consummated, (y) the ACT Sale Proceeds in excess of $500,000, and (z) 50% of the proceeds of the Fundamental/Committee Shared Causes of Action (collectively, clauses (w) through (z), the "Fundamental Remaining Claims"). As contemplated by the Fundamental Committee Settlement, Fundamental shall receive payment of the Fundamental Remaining Claims as and when proceeds are available to be distributed, including in accordance with the mandatory prepayment provision of the DIP Documents, as applicable. Notwithstanding anything in the Plan to the contrary, as contemplated by the Brookfield Committee Settlement, the Carlyle Committee Settlement, and the Fundamental Committee Settlement, the applicable DIP Facility shall not be terminated in the event that there is a purchase price adjustment under the applicable Purchase Agreement, and no such DIP Facility Claim shall be waived if such Claim is on account of a purchase price adjustment for any asset to be acquired pursuant to the applicable Purchase Agreement that is not sold to or at the direction of the applicable DIP Secured Parties (i.e., on account of a project lender exercising remedies as to project assets prior to closing). Class 3 consists of Fundamental Secured Claims. On the Effective Date, in full and final satisfaction, compromise, settlement, and release of its Claim (unless the applicable Holder agrees to a less favorable treatment), each Holder of a Fundamental Secured Claim shall receive the right to a distribution of (1) its Pro Rata Share of the CT Sale Proceeds in excess of $500,000, (2) fifty percent of the net proceeds of the Fundamental/Committee Shared Causes of Action, and (3) its Pro Rata Share of Remaining Claims against BRGH; provided, for the avoidance of doubt, that n no event shall the Holder of a Fundamental Secured Claim receive any other GUC Trust Assets or any Committee Settlement Consideration; provided, further, that Fundamental shall receive no other recovery on account of any Claims, whether secured or unsecured, under the Plan. Class 4 consists of all General Unsecured Claims. In full and final satisfaction, compromise, settlement, and release of its Claim (unless the applicable Holder agrees to a less favorable treatment), each Holder of an Allowed General Unsecured Claim shall receive GUC Trust Interests, entitling it to receive its Pro Rata Share of the GUC Trust Net Assets; provided, that the GUC Trustee may allocate the GUC Trust Net Assets, in its reasonable business judgement, among the Debtors. Class 4 is Impaired under the Plan. Holders of General Unsecured Claims are entitled to vote on the Plan and shall receive Ballots. On the Effective Date, the Plan Administrator shall sign the Plan Administration Agreement and accept the Wind-Down Reserve, the Professional Fee Escrow Account, and the Cash therein, and all other assets of the Estates except assets sold by the Estates pursuant to the 363 Sale Orders and GUC Trust Assets (the "Plan Administration Assets"). As of the Effective Date, all Plan Administration Assets and all assets dealt with in this Plan shall be free and clear of all Liens, Claims, and Interests except as otherwise further provided in this Plan or in the Confirmation Order. On or prior to the Effective Date, the GUC Trust shall be established, and the GUC Trust Assets shall vest directly in, and be transferred, including pursuant to section 1123(a)(5)(B) of the Bankruptcy Code, to the GUC Trust automatically, without further action of the Bankruptcy Court or any Person, free and clear of all Claims and Liens. Under no circumstance shall the Debtors or any other party be required to contribute any assets to the GUC Trust other than the GUC Trust Assets, except as set forth in the Plan, the Confirmation Order, the Committee Settlements, or agreed to by the applicable parties. The GUC Trust will be administered by the GUC Trustee. The GUC Trustee shall be selected by the Committee and identified in a notice to be filed along with the final form of GUC Trust Agreement in the Plan Supplement. The GUC Trust, acting by and through the GUC Trustee, shall be the exclusive administrator of the GUC Trust Assets for purposes of 31 U.S.C. section 3713(b) and 26 U.S.C. section 6012(b)(4), as well as a party in interest under section 1109(b) of the Bankruptcy Code and representative of the Estates under section 1123(b)(3)(B) of the Bankruptcy Code, solely for purposes of carrying out the GUC Trustee's duties under the GUC Trust Agreement with respect to General Unsecured Claims. A full-text copy of the First Amended Plan and Disclosure Statement dated January 4, 2026, is available at https://urlcurt.com/u?l=dnXL75 from Omni Agent Solutions, Inc., claims agent. Counsel for the Debtors: LATHAM & WATKINS LLP Ray C. Schrock, Esq. Andrew M. Parlen, Esq. Alexander W. Welch, Esq. 1271 Avenue of the Americas New York, NY 10020 Telephone: (212) 906-1200 Email: ray.schrock@lw.com andrew.parlen@lw.com alex.welch@lw.com Jason B. Gott, Esq. Jonathan C. Gordon, Esq. 330 N. Wabash Avenue Suite No. 2800 Chicago, IL 60611 Telephone: (312) 876-7700 Email: jason.gott@lw.com jonathan.gordon@lw.com HUNTON ANDREWS KURTH LLP Timothy A. (â€œTadâ€) Davidson II, Esq. Philip M. Guffy, Esq. Brandon Bell, Esq. 600 Travis Street, Suite 4200 Houston, TX 77002 Telephone: (713) 220-4200 Email: taddavidson@Hunton.com pguffy@Hunton.com bbell@Hunton.com About Pine Gate Renewables LLC Pine Gate Renewables, LLC develops, finances, constructs, and operates renewable energy projects across the United States. Founded in 2016, the Company manages an operational portfolio of more than two gigawatts of solar and storage assets and maintains a development pipeline exceeding 30 gigawatts. It has arranged and secured roughly $10 billion in project financing and capital investment and, through its wholly owned subsidiary ACT Power Services, provides operations and maintenance support for over seven gigawatts of third-party solar and storage facilities. Pine Gate Renewables and 118 affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 25-90669) on Nov. 6, 2025. In the petition signed by Ray Shem as president and chief financial officer, Pine Gate estimated assets on a consolidated basis of $1 billion to $10 billion and liabilities on a consolidated basis of $1 billion to $10 billion. The Hon. Christopher M. Lopez is the case judge. The Debtors tapped HUNTON ANDREWS KURTH LLP and LATHAM & WATKINS LLP as counsel. ALVAREZ & MARSAL NORTH AMERICA, LLC, is the Debtors' financial advisor, and LAZARD FRERES & CO. LLC is the investment banker. OMNI AGENT SOLUTIONS, INC., is the claims agent. POLUS US III: S&P Assigns BB- (sf) Rating on Class E Notes ---------------------------------------------------------- S&P Global Ratings assigned its ratings to Polus US CLO III Ltd./Polus US CLO III LLC's floating-rate debt. The debt issuance is a CLO securitization governed by investment criteria and backed primarily by broadly syndicated speculative-grade (rated 'BB+' or lower) senior secured term loans. The transaction is managed by Polus Capital Management (US) Inc. The ratings reflect S&P's view of: -- The diversification of the collateral pool; -- The credit enhancement provided through subordination, excess spread, and overcollateralization; -- The experience of the collateral manager's team, which can affect the performance of the rated debt through portfolio identification and ongoing management; and -- The transaction's legal structure, which is expected to be bankruptcy remote. Ratings Assigned Polus US CLO III Ltd./Polus US CLO III LLC Class A, $256.0 million: AAA (sf) Class B, $48.0 million: AA (sf) Class C, $24.0 million: A (sf) Class D-1, $24.0 million: BBB (sf) Class D-J, $4.0 million: BBB- (sf) Class E, $12.0 million: BB- (sf) Subordinated notes, $41.6 million: NR NR--Not rated. PRAESUM HEALTHCARE: Plan Exclusivity Period Extended to April 10 ---------------------------------------------------------------- Judge Erik P. Kimball of the U.S. Bankruptcy Court for the Southern District of Florida extended Praesum Healthcare Services, LLC and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 10, 2026 and June 9, 2026, respectively. As shared by Troubled Company Reporter, the Debtors claim that the companies have multiple secured creditors with differing priorities depending as to certain groups of Debtors. Over the first four months of these cases, the Debtors have focused on transitioning their 28 businesses to operate as debtors-in-possession, cutting costs, and seeking to obtain post petition financing to keep the businesses alive. The Debtors assert that they seek an extension of the Exclusive Periods to ensure smooth operations and equitable treatment for creditors as they have been consumed by these activities. While the Debtors initially filed these cases with an eye towards reorganization, they have pivoted to a sale process and recently sought approval of the employment of an investment banker. The Debtors further assert that they currently have two potential purchasers for their assets (the "Property") and have received expressions of interest from dozens more parties. The results of the sale of the Property will determine the Debtors' next steps in crafting a comprehensive chapter 11 plan for the 28 Debtors. The Debtors expect to present a viable plan for distributing the proceeds of the sale, and the sale is an unresolved contingency necessary to propose a viable plan. The Debtors' Counsel: Bradley S. Shraiberg, Esq. SHRAIBERG PAGE PA 2385 NW Executive Center Dr Suite 300 Boca Raton, FL 33431 Tel: 561-443-0800 E-mail: bss@slp.law About Praesum Healthcare Services Praesum Healthcare Services LLC operates a network of behavioral health and addiction treatment facilities across the United States, offering a full continuum of care that includes medical detoxification, residential rehabilitation, and outpatient counseling. The Company's brands include Sunrise Detox, which provides medically supervised detox services, Evolve Recovery Center, which delivers residential treatment programs, and The Counseling Center, which offers outpatient and intensive outpatient therapy, with locations in multiple states including New Jersey, New York, Massachusetts, Georgia, and Florida. Founded in 2004, Praesum Healthcare manages more than two dozen centers under these brands, serving individuals with substance use disorders and co occurring mental health conditions. Praesum Healthcare Services LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla. Lead Case No. 25-19335) on August 13, 2025. In its petition, the Debtor reports estimated assets between $50 million and $100 million and estimated liabilities between $10 million and $50 million. Bankruptcy Judge Erik P. Kimball handles the case. The Debtor is represented by Bradley S. Shraiberg, Esq., at Shraiberg Page, PA. City National Bank of Florida, as lender, is represented by: Alexandra D. Blye, Esq. Carlton Fields, P.A. 525 Okeechobee Boulevard, Suite 1200 West Palm Beach, FL 33401 Telephone: (561) 659-7070 ablye@carltonfields.com PREPAID WIRELESS: Court Confirms Second Amended Chapter 11 Plan --------------------------------------------------------------- The U.S. Bankruptcy Court for the District of Maryland confirmed the Second Amended Plan of Reorganization under Chapter 11 of the Bankruptcy Code proposed by Prepaid Wireless Group, LLC. The objections to confirmation of the Plan filed by T-Mobile USA, Inc. are overruled, and the Plan, as modified by this Order, is confirmed pursuant to Section 1129 of the Bankruptcy Code. The Plan is modified as follows: a. Article 8.3 of the Plan is deleted in its entirety. b. For the reasons set forth in greater detail in the Oral Ruling, the Court has determined that, as a condition to confirmation of the Plan and assumption of the Wholesale Supply Agreement, as amended from time to time, between the Debtor and T-Mobile, the Debtor shall provide T-Mobile with adequate assurance of future performance in the form of a cash security deposit in the amount of $3,000,000, which shall be made pursuant to and subject to, Section 7.6(a)(iii) of the WSA and the Thirteenth Amendment, which amount has been determined by the Court to be reasonable in light of the Debtor's financial position (including the Plan funding commitments from its affiliates), its prepetition payment history with T-Mobile (excluding the three months that were the subject of the billing dispute), as well as the Debtor's postpetition payment history (which was timely every month), which security deposit shall be delivered to T-Mobile within 30 days after the Effective Date of the Plan. Subject to the Plan modifications, the Court approves the Debtor's assumption of the WSA in accordance with Article 8.2(b) of the Plan. As reported by the Troubled Company Reporter March 4, 2025, Prepaid Wireless Group, LLC, filed with the U.S. Bankruptcy Court for the District of Maryland a Disclosure Statement to accompany Plan of Reorganization dated February 18, 2025. The Debtor is a limited liability company formed under the laws of the State of Maryland. The Debtor operates, through its subsidiaries, a mobile network aggregator ("MVNA"), which over the years has been one of the Country's preeminent MVNAs. The Debtor, prior to bankruptcy, through its wholly-owned subsidiary, Prepaid Wireless Wholesale, LLC ("PWW"), has been providing mobile telephone service to more than 4.5 million Americans in 42 states, over 80% of whom are low income individuals. As of the Petition Date, the Debtor has continued to manage and operate its business as a profitable MVNA and, through this Plan, intends to emerge from bankruptcy and assume the WSA, with hopes of returning to the symbiotic relationship conducted between the Debtor and T-Mobile prior to September 2024 for the remainder of the term of the WSA. As of the Petition Date, the Debtor estimated that unsecured claims held by creditors of the Debtor, total approximately $4,326,853.71, excluding amounts owed to T-Mobile. These unsecured claims include (i) accrued and unpaid trade and other unsecured debt incurred in the ordinary course of the Debtor's business and (ii) unpaid amounts owing to certain state taxing authorities. The Plan will be funded by Cash from the Debtor's operations as a going concern as well as additional funds from PWW and X Wireless. The Plan provides for distributions on account of secured claims, priority claims, general unsecured non-priority claims, and administrative claims, in priority of payment set forth under the Bankruptcy Code. It is expected that all creditors will receive payment in full, and T-Mobile and holders of general unsecured claims will also receive interest at a rate to be determined by the Bankruptcy Court to meet the requirements for confirmation. In addition, holders of Equity Interests will retain 100% of their respective Equity Interests. The Plan categorizes Allowed Claims against, and Equity Interests in, the Debtor into various classes that the Debtor believes are in accordance with the classification requirements established by the Bankruptcy Code. All Claims against the Debtor arising prior to the Petition Date will be paid and discharged under the Plan. Class 4 consists of General Unsecured Claims excluding the Class 1 Claim. Except to the extent that a holder of an Allowed Class 4 Claim agrees to a different and lesser treatment of such Claim, the holder shall receive an amount in Cash equal to the Allowed amount of such Claim, plus interest, in four equal quarterly payments over a one year period, with interest, commencing thirty days following the later to occur of (i) the Effective Date (or as soon as reasonably practicable thereafter) and (ii) the date on which such Claim is determined to be an Allowed Class 4 Claim. The Debtor may make payments sooner on account of the Class 4 Allowed Claims so long as payments to the Class 1 Claim are current and the Debtor, in its sole discretion, determines it may do so in its business judgment. This Class will receive a distribution of 100% of their allowed claims. Class 4 Claims are impaired under the Plan. Class 5 consists of the holders of membership interests in the Debtor. Upon the Effective Date, the holders of Class 5 Interests shall retain 100% of such Equity Interests. Class 5 Interests are unimpaired and deemed to accept the Plan. Except as otherwise provided in the Plan or any agreement, instrument or other document incorporated in the Plan, on the Effective Date, the Debtor shall continue to exist, pursuant to its organizational documents in effect prior to the Effective Date, without any prejudice to any right to terminate such existence (whether by merger or otherwise) in accordance with applicable Law after the Effective Date. To the extent such documents are amended on or prior to the Effective Date, such documents are deemed to be amended pursuant to the Plan without any further notice to or action, order or approval of the Bankruptcy Court. A full-text copy of the Disclosure Statement dated February 18, 2025 is available at https://urlcurt.com/u?l=Rv24Hb from PacerMonitor.com at no charge. A copy of the Court's Order dated December 29, 2025, is available at https://urlcurt.com/u?l=Z4LrKX from PacerMonitor.com. About Prepaid Wireless Group Prepaid Wireless Group, LLC is a provider of wireless telecommunications services in Rockville, Md. Prepaid Wireless Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Md. Case No. 24-18852) on October 21, 2024, with $10 million to $50 million in both assets and liabilities. Paul Greene, chief executive officer, signed the petition. Judge Maria Ellena Chavez-Ruark oversees the case. The Debtor is represented by: Counsel for the Debtor: Irving E. Walker, Esq. Gary H. Leibowitz, Esq. Cole Schotz, P.C. 1201 Wills Street, Suite 230 Baltimore, MD 21231 Telephone: (410) 230-0660 Facsimile: (410) 230-0667 Email: iwalker@coleschotz.com - and - Michael A. Solimani, Esq. 1325 Avenue of the Americas, 19th Floor New York, NY 10019 Telephone: (212) 752-8000 Facsimile: (212) 752-8393 (fax) Email: msolimani@coleschotz.com PSYCARE LLC: Todd Hennings Named Subchapter V Trustee ----------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Todd Hennings, Esq., at Macey, Wilensky & Hennings, LLP as Subchapter V trustee for Psycare LLC. Mr. Hennings will be paid an hourly fee of $450 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Hennings declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Todd E. Hennings, Esq. Macey, Wilensky & Hennings, LLP 5500 Interstate North Parkway, Suite 435 Sandy Springs, GA 30328 Phone: (404) 584-1222 Email: info@joneswalden.com About Psycare LLC Psycare LLC sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-10022) on January 5, 2026. PURE LLC: 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 Pure LLC, according to court dockets. About Pure LLC Pure LLC is a single-asset real estate entity under the definition provided in 11 U.S.C. Section 101(51B). It is based in Miami Beach, Fla. Pure sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Fla., Case No. 25-23858) on November 21, 2025. In its petition, the Debtor reported between $1 million and $10 million each in both assets and liabilities. Judge Robert A. Mark handles the case. The Debtor is represented by Richard R. Robles, Esq. RDL SOLUTIONS: Case Summary & 13 Unsecured Creditors ---------------------------------------------------- Debtor: RDL Solutions LLC 5190 Dominion Drive Dublin, VA 24084 Business Description: RDL Solutions LLC provides modification, rework, and paint and collision services for medium- and heavy-duty trucks in Dublin, Virginia. Chapter 11 Petition Date: January 8, 2026 Court: United States Bankruptcy Court Western District of Virginia Case No.: 26-70023 Debtor's Counsel: Richard D Scott, Esq. LAW OFFICE OF RICHARD D SCOTT PC 2727 Electric Road, Suite 204 Roanoke, VA 24018 Tel: (540) 400-7997 Fax: (540) 491-9465 E-mail: richard@rscottlawoffice.com Estimated Assets: $500,000 to $1 million Estimated Liabilities: $1 million to $10 million The petition was signed by D. Dwayne Linkous as member/manager. A full-text copy of the petition, which includes a list of the Debtor's 13 unsecured creditors, is available for free on PacerMonitor at: https://www.pacermonitor.com/view/OQUAVFI/RDL_Solutions_LLC__vawbke-26-70023__0001.0.pdf?mcid=tGE4TAMA REAL MCCOY: $200K Sale to Will Fobbs to Fund Plan Payments ---------------------------------------------------------- Real McCoy Tea Company filed with the U.S. Bankruptcy Court for the Western District of Washington a Plan of Reorganization dated January 5, 2026. The Debtor, also known as Kombucha Town, was formed in 2011 and operates as a premier manufacturer and seller of fermented, ready-to-drink beverages. To meet the demands and prepare for the expansion, the Debtor scaled up operations and expanded the team with national sales and marketing professionals. The Debtor had plans to announce the transformative growth at Expo West, in March, 2020. Unfortunately, the day Expo West began, a state of emergency was declared in Los Angeles due to the COVID-19 pandemic. The planned national rollout was canceled and the Debtor experienced an over 80% drop in expected revenue within 3 months. As the Debtor worked to stabilize, tragedy struck in November, 2020 when the long-time controller passed away during surgery for the removal of a benign brain tumor. Her sudden passing caused significant operational disruption as she managed all of the finances and accounts of the Debtor. In an effort to continue operating the business, the Debtor obtained a COVID-19 disaster and PPP loan. In an effort to continue operations, the Debtor continued to incur debt. Facing mounting collection pressure, a Petition under Chapter 11, Subchapter V was filed on July 30, 2025 (herein the "Petition Date"), in an effort to reorganize the outstanding debt and to allow the Debtor to continue operating. This Plan of Reorganization proposes to pay creditors of the Debtor in the manner and consistent with the terms contained herein. Class 5 consists of General unsecured claims. No funds will be available for distribution to Class 5 Claims. This Class is impaired. The Plan will be funded with the proceeds from the sale of assets to Will Fobbs ("Buyer") for the sum of $200,000.00 pursuant to the terms of a Purchase and Sale Agreement ("Agreement"). The parties are in the process of finalizing the terms of the Agreement. As set forth in the anticipated agreement, no later than March 1, 2026, the Buyer will remit payment to the trust account of Neeleman Law Group, P.C. for distribution to Whatcom County Treasurer, Savi Bank, First Citizens Bank, the secured claim of Internal Revenue Service, the Subchapter V Trustee and Neeleman Law Group, P.C. A full-text copy of the Plan of Reorganization dated January 5, 2026 is available at https://urlcurt.com/u?l=i9YMEc from PacerMonitor.com at no charge. Counsel to the Debtor: Jennifer L. Neeleman, Esq. Thomas D. Neeleman, Esq. NEELEMAN LAW GROUP, P.C. 1403 8th Street Marysville, WA 98270 Telephone: (425) 212-4800 Facsimile: (425) 212-4802 E-mail: jennifer@neelemanlaw.com About Real McCoy Tea Company Real McCoy Tea Company, doing business as Kombucha Town, Cascade Craft Consulting, Live Seltzer, McCoy Teas, Real McCoy Teas, LLC, and The Culture Cafe, manufactures beverages under brands including Kombucha Town, Live Seltzer, McCoy Teas, and Real McCoy Teas, LLC. The Company produces organic kombucha and raw seltzer beverages in flavors such as Original Ginger, Blood Orange, Guayusa Mint, and Cucumber. The Company operates from Bellingham, Washington, and distributes its products through retail and online channels across multiple U.S. states. Real McCoy Tea Company sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Wash. Case No. 25-12110 on July 20, 2025. In its petition, the Debtor reports total assets of $204,937 and total liabilities of $2,637,424. Bankruptcy Judge Christopher M. Alston handles the case. The Debtor is represented by Thomas D. Neeleman, Esq. at NEELEMAN LAW GROUP, P.C. REDFISH PROPERTY: Hires Wilson Friery PLLC as Bankruptcy Counsel ---------------------------------------------------------------- Redfish Property Holdings LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Wilson Friery PLLC as counsel. The firm will render these services: a. render legal advice with respect to the Debtor's powers and duties in the continued operation of the Debtor's business as a debtor-in-possession; b. take all necessary action to protect and preserve the Debtor's bankruptcy estates; c. prepare all necessary schedules, statements, motions, answers, orders, reports, and other legal papers in connection with the administration of the Debtor's bankruptcy estates; d. assist in preparing and filing a plan of reorganization, and if necessary, a disclosure statement; and e. perform any and all other legal services reasonably necessary or otherwise requested by the Debtor in connection with this chapter 11 case and the formation and implementation of a Chapter 11 plan. The hourly rates for Broocks 'Mack' Wilson and Michelle Friery are $450 per hour. The Debtor paid Wilson Friery $11,738 on December 1, 2025, $10,000 for a retainer and $1,738 for a chapter 11 filing fee. Wilson Friery does not represent any interest adverse to the Debtor or its estate in this Chapter 11 case, according to court filings. The firm can be reached through: Broocks M. Wilson, Esq. WILSON FRIERY PLLC 708 Main Street 10th Floor Houston TX 77002 Tel: (281) 938-0896 E-mail: mack@wilsonfriery.com About Redfish Property Holdings LLC Redfish Property Holdings LLC engages in the ownership and leasing of real estate properties. Redfish Property Holdings LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-80614) on December 1, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Ron Larson as manager. Judge Alfredo R. Perez presides over the case. Broocks M. Wilson, Esq. at WILSON FRIERY PLLC serves as the Debtor's counsel. REGISTER MEAT: Jerrett McConnell Named Subchapter V Trustee ----------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed Jerrett McConnell, Esq., at McConnell Law Group, P.A. as Subchapter V trustee for Register Meat Company, Inc. Mr. McConnell will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. McConnell declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Jerrett M. McConnell, Esq. McConnell Law Group, P.A. 6100 Greenland Rd., Unit 603 Jacksonville, FL 32258 Phone: (904) 570-9180 info@mcconnelllawgroup.com About Register Meat Company Inc. Register Meat Company, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-50003) on January 06, 2026. Judge Karen K. Specie presides over the case. Michael Howard Moody, Esq. at Michael H. Moody Law P.A. represents the Debtor as legal counsel. RELATIVITY INTERMEDIATE: S&P Assigns 'B' ICR on Debt Refinancing ---------------------------------------------------------------- S&P Global Ratings assigned its 'B' issuer credit rating to legal software-as-a-service (SaaS) provider Relativity Intermediate Holdco LLC. At the same time, S&P assigned its 'B' issue-level rating and '3' recovery rating to the proposed revolver and term loan B maturing in 2031 and 2033. The positive outlook reflects S&P's expectation that sustained growth in enterprise data volumes, annual price increases, and a significant market position will support growth around 10% in 2026 and continued positive free cash flow generation. Relativity plans to issue a $200 million revolving credit facility and a $720 million term loan B to refinance its existing debt and for general corporate purposes. Relativity has a well-established market position in the legal technology industry in North America. However, it lacks a track record of consistent positive EBITDA and free cash flow generation (FOCF). Relativity benefits from its entrenched market position in the legal technology industry, although it derives a substantial portion of its revenue from one product stream. S&P said, "Although the company's revenue base is relatively small in scale, we expect significant growth as it benefits from persistent expansion in enterprise data volumes industrywide. We think annual price escalators and a deeply rooted position in the legal services industry will support robust growth in 2026 despite the roll-off of license revenue from customers transitioning from Relativity's server offering to its native cloud offering RelativityOne." Relativity focuses on an organic growth strategy and benefits from a highly recurring revenue base with significant visibility from long-term contracts, which enables the company to sustain business operations through macroeconomic downturns. Still, the company's track record of generating EBITDA and positive free cash flow (on an S&P Global Ratings-adjusted basis) is limited. It experienced weak EBITDA and cash flow deficits in 2022 and 2023, which S&P's attribute to large investments in R&D as the company developed its RelativityOne platform. Subsequent improvement in operating trends resulted from a more disciplined focus on costs and a natural wind-down of certain investments. There is some geographic concentration risk as Relativity generates the majority of its revenues in North America. The company has limited product diversification, with a majority of revenues generated from sales of RelativityOne. S&P said, "We expect the company will improve leverage despite private-equity ownership. Although we typically expect financial-sponsor-owned companies to exhibit a more aggressive financial policy and use debt to fund acquisitions and dividends, the company and sponsor have conveyed their intention to maintain leverage at or below leverage at the close of the refinancing (company-reported 3.5x, which is about one and a half turns lower than S&P Global Ratings-adjusted leverage), with further deleveraging on profit growth." The company is focused on growing its business organically and has not pursued any transformational, inorganic growth in its recent history, instead investing towards shifting its business model to cloud offerings from on-premise. S&P said, "We consider the proposed refinancing transaction to be leverage neutral, which supports our thesis that the company is committed to maintaining leverage consistent with its financial policy. We expect S&P Global Ratings-adjusted leverage of 4.9x at the end of 2025, improving to 4.7x in 2026. "We believe top-line revenue will benefit from customers transitioning to RelativityOne. In January 2025, Relativity announced a strategic shift: effective Jan. 1, 2028, all new Relativity matters will be hosted in RelativityOne with limited exceptions, gradually transitioning out its on-premise offering, Relativity Server. We believe this strategic move positions Relativity to capitalize on the growing demand for cloud-based solutions and aligns with industry trends toward greater agility and scalability, ultimately strengthening its market position. The transition will likely drive revenue growth given the platform's premium pricing relative to Relativity Server. The company also indicated plans for annual price increases, which we think is achievable given its entrenched market position. We project continued exponential growth in enterprise data volumes, which will naturally increase RelativityOne usage and, consequently, revenue. We are not expecting any meaningful customer losses from this business shift. We understand the majority of its customers have transitioned to RelativityOne and believe the remaining customers will likely follow suit given the company's market position and high switching costs. "We expect positive FOCF generation to persist in 2026 . We think earnings growth and benefits from working capital management should drive cash flow improvement. While the company has not committed to the use of excess cash flows, we believe there are opportunities for future business investments that could solidify the company's market position. We are not anticipating any large discretionary dividends but continue to anticipate tax distributions given the company's status as a limited liability company. We expect FOCF to debt of 6% in 2025 and high-teens percent in 2026, representing a large improvement in credit metrics compared to recent historical levels. "The positive outlook reflects our expectation that sustained growth in enterprise data volumes, annual price increases, and significant market position will support robust growth in profit and cash flow for 2026." S&P could revise the outlook to stable if Relativity's performance fails to improve in line with its base-case assumptions such that leverage remains high-4x and FOCF to debt stays around 5%. This could occur if: -- The company encounters execution issues transitioning customers to the RelativityOne platform; -- Customer losses or increased competition lead to sustained EBITDA declines; or -- Financial policy is more aggressive than expected, which could include large, debt-funded shareholder returns or acquisitions. S&P said, "We could raise our rating if Relativity lengthens its track record of increasing EBITDA and cash flows. This could occur if the company successfully transitions customer to RelativityOne with minimal customer attrition and benefits from price and data volume increases such that credit metrics improve in line with our expectations. In this scenario we would see leverage sustained below 5x." RENAISSANCE UNION: Case Summary & One Unsecured Creditor -------------------------------------------------------- Debtor: Renaissance Union LLC 30 Amherst Street Brooklyn, NY 11235 Business Description: Renaissance Union LLC is a real estate company that owns and is developing a 10-unit residential building at 535 30th Street in Union City, New Jersey. Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court Eastern District of New York Case No.: 26-40082 Debtor's Counsel: Charles Wertman, Esq. LAW OFFICES OF CHARLES WERTMAN P.C. 100 Merrick Road Suite 304W Rockville Centre, NY 11570-4807 Tel: (516) 284-0900 Email: charles@cwertmanlaw.com Total Assets: $1,500,000 Total Liabilities: $6,878,148 The petition was signed by Marc Taub as chief restructuring officer. 1S REO Opportunity 1 LLC, represented by DR Lavoie Law PLLC, New York, NY 10022, is listed as the sole unsecured creditor of the Debtor, holding a claim of $5.38 million. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FOCYY4Y/Renaissance_Union_LLC__nyebke-26-40082__0001.0.pdf?mcid=tGE4TAMA RENHURST HOLDINGS: Refinance & Business Income to Fund Plan ----------------------------------------------------------- Renhurst Holdings, Inc. and affiliates filed with the U.S. Bankruptcy Court for the Northern District of Texas a Disclosure Statement for the Joint Plan of Reorganization dated January 5, 2026. The Debtors are engaged in the gas station, convenience store, and fast-food franchise businesses in Johnson County, Texas. Renhurst was organized in February 2019 and acquired property in December 2019 located on the northeast corner of South Hurst Road and East Renfro Street in Burleson, Texas; more precisely 817 East Renfro Street, Burleson, Texas 76028 (the "Property"). The Property is the principal asset of Renhurst and the sole source of its income. After acquiring the Property in December 2019, Renhurst was able to obtain financing from Golden Bank, N.A. to fund the construction project on the Property in February 2022. However, construction of the improvements on the Property went far from smoothly. In total, Golden Bank extended three loans to the Debtors for the construction project in the total principal amount of $3,199,300.00 (the "Loans"). However, due to the lengthy delay in the completion of the construction, principal payments began to be due well before the businesses had been stabilized, causing the Debtors to miss payments on the Loans. The Debtors sought to reach an agreement with Golden Bank to restructure the payments to account for this delayed ramp-up, but no agreement was reached. This ultimately resulted in Golden Bank seeking to foreclose on the Property and required that the Debtors file the Chapter 11 Cases. The Plan restructures the obligations owed to Golden Bank, N.A., among others. When located, the Debtors will obtain a refinance of the secured debt on the Property (the "Refinance Date"), use the refinancing to pay Golden Bank and any remaining amounts owed to M&M Lien Claimants, and then the Debtors will continue operations, paying the remaining unsecured creditors. All valid pre-petition liens and security interests against the Property that secure Allowed Claims will remain in full force and effect, until the associated Claimant is paid under the terms of the Plan. The Plan does not contemplate a reduction in the total amount of indebtedness secured against the Property. The Plan includes two plan periods: the initial plan period provides interest-only payments to certain classes of creditors, with a balloon payment to certain classes of creditors to be made on the Refinance Date, no more than one year after the Plan's Effective Date. After the Refinance Date, the secondary plan period will involve the repayment of unsecured creditor classes over a two-year term. This structure is premised upon the Debtors' sincere belief that a refinancing transaction will occur within twelve months of the Plan Effective Date. When such a refinancing transaction does occur, mandatory prepayment of allowed claims in certain classes must occur. On its Schedules, Renhurst estimates that, as of the Petition Date, it owed $150,007.07 of general unsecured claims, owed to various vendors in relation to operations of the Property and construction of the same. $45,897.80 of those unsecured claims is scheduled as owed to Trinity Marketing, however, the amount of Trinity Marketing's claim is disputed. The Debtors in each of their Schedules also acknowledge that an unknown amount is owed on unsecured loans from Qasim Saeed, President of the Debtors. Class 5 consists of General Unsecured Claims. Except to the extent that a Holder of a General Unsecured Claim agrees to a less favorable treatment of its Allowed Claim, in full and final satisfaction, settlement, release, and discharge of and in exchange for each Allowed General Unsecured Claim, each such Holder shall receive payments in Cash in the amount of the Allowed General Unsecured Claim over the course of three annual payments, with the first of these payments to occur on the Refinance Date, subject to prepayment in full at the Reorganized Debtors' discretion. Class 7 consists of the Holders of Allowed Interests of the Debtors. The Holders of an Allowed Class 7 Interest shall retain their interest in the Reorganized Debtors. To fund all required Plan Payments, the Reorganized Debtors shall refinance the Golden Bank Loans to pay the secured claims against the Debtors during the Initial Plan Period. The Reorganized Debtors will fund the Remaining Plan Payments during the Secondary Plan Period by making use of their business income. A full-text copy of the Disclosure Statement dated January 5, 2026 is available at https://urlcurt.com/u?l=rWx3M9 from PacerMonitor.com at no charge. Counsel for the Debtors: Joseph F. Postnikoff, Esq. ROCHELLE MCCULLOUGH, LLP 300 Throckmorton, Suite 520 Fort Worth, TX 76102 Telephone: (817) 347-5260 Facsimile: (817) 347-5269 E-mail: jpostnkoff@romclaw.com Michael Pipkin, Esq. 901 Main Street, Suite 3200 Dallas, TX 75202 Telephone: 214.580.2570 Facsimile: 888.467.5979 E-mail: mpipkin@romclaw.com 12345678901234567890123456789012XX56789012345678901234567890123456 About Renhurst Holdings Renhurst Holdings, Inc. manages real estate for others and provides property appraisal services and is classified as a single-asset real estate debtor under 11 U.S.C. Section 101(51B). Renhurst Holdings, Inc. and its affiliates filed their voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Tex. Case No. 25-43905) on Oct. 7, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Qasim Saeed as president. Judge Edward L Morris presides over the case. Joseph Fredrick Postnikoff, Esq. at ROCHELLE MCCULLOUGH, LLP represents the Debtor as counsel. RIZO-LOPEZ FOODS: Seeks to Extend Plan Exclusivity to April 13 -------------------------------------------------------------- Rizo-Lopez Foods, Inc. asked the U.S. Bankruptcy Court for the Eastern District of California to extend its exclusivity periods to file a plan of reorganization and obtain acceptance thereof to April 13 and June 15, 2026, respectively. The Debtor explains that this Bankruptcy Case is complex. Formulating a chapter 11 plan will require substantial time and effort. If the Debtor remains in chapter 11, there is ongoing litigation, the result of which will have a substantial effect on the amount of claims the Debtor must address in a plan. In addition, the Debtor is actively seeking to sell substantially all of its assets pursuant to Section 363 of the Bankruptcy Code. This factor supports extension of the Exclusivity Periods. The Debtor claims that there are thousands of potential claimants and significant exposure due to the listeria outbreak that precipitated this bankruptcy case, and outstanding litigation concerning the same with multiple parties. This litigation must be finalized or the claims addressed through a global mediation, so that the extent of claims against the estate can be determined. Accordingly, this factor supports extension of the Exclusivity Periods. The Debtor notes that since the Petition Date, the company has paid its debts as they become due. The Debtor anticipates continuing to pay its debts in the future, including through payment of U.S. Trustee Quarterly Fees, with the exception of ongoing postpetition lease payments to its lessors, who are insiders and have consented to defer rent. This factor supports extension of the Exclusivity Periods. The Debtor expects to file a motion to sell its assets pursuant to Section 363 of the Bankruptcy Code. If that occurs, the Debtor may propose a plan with a liquidating trust. There are too many dynamic factors that preclude conversion to chapter 7 entirely until such time a sale of the assets can occur. Accordingly, this factor supports extension of the Exclusivity Period, or at a minimum does not outweigh the other factors. The Debtor asserts that it is negotiating with parties in interest to sell its assets. If a sale occurs, the Debtor will be able to file a liquidating plan or convert the case to chapter 7. This factor supports extension of the Exclusivity Periods. The Debtor further asserts that it is not seeking to extend the Exclusivity Periods to pressure creditors. Rather, the Debtor has been working diligently to resolve key issues in this case for the benefit of its creditors and to allow for negotiations towards a just settlement of claims and a consensual plan of reorganization, which may include a sale of all its assets. Rizo-Lopez Foods, Inc. is represented by: Hagop T. Bedoyan, Esq. Garrett R. Leatham, Esq. Garrett J. Wade, Esq. McCormick, Barstow, Sheppard, Wayte & Carruth LLP 7647 North Fresno Street Telephone: (559) 433-1300 Facsimile: (559) 433-2300 Email: hagop.bedoyan@mccormickbarstow.com About Rizo-Lopez Foods Rizo-Lopez Foods, Inc. produces Mexican-style dairy products including cheeses, sour creams, and desserts under the Tio Francisco and Don Francisco brands. Rizo-Lopez Foods, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-25004) on Sept. 15, 2025. At the time of filing, the Debtor estimated $10 million to $50 million in assets and $50 million to $100 million in liabilities. The petition was signed by Edwin Rizo as chief executive officer. Judge Christopher M. Klein presides over the case. Hagop T. Bedoyan, Esq., at McCormick, Barstow, Sheppard, Wayte & Carruth, LLP represents the Debtor as legal counsel. Donlin, Recano & Company, LLC is the Debtor's claims and noticing agent and administrative advisor. ROGA PROPERTIES: Voluntary Chapter 11 Case Summary -------------------------------------------------- Debtor: Roga Properties, LLC 5704 E Rio Verde Vista Dr. Tucson, AZ 85750 Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court District of Arizona Case No.: 26-00155 Judge: Hon. Brenda Moody Whinery Debtor's Counsel: Charles Richard Hyde, Esq. THE LAW OFFICES OF C.R. HYDE, PLC 2810 N Swan Rd. #150 Tucson, AZ 85712 Tel: 520-270-1110 Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Rolando Verduzco as member-manager. The Debtor did not submit the required list of its 20 largest unsecured creditors when filing the petition. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/WWE6G2I/ROGA_PROPERTIES_LLC__azbke-26-00155__0001.0.pdf?mcid=tGE4TAMA ROLLING HILLS: Behrooz Vida Named Subchapter V Trustee ------------------------------------------------------ The U.S. Trustee for Region 6 appointed Behrooz Vida, Esq., at the Vida Law Firm, PLLC as Subchapter V trustee for Rolling Hills Food & Beverage, Inc. Mr. Vida will be paid an hourly fee of $495 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Vida declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Behrooz P. Vida, Esq. The Vida Law Firm, PLLC 3000 Central Drive Bedford, TX 76021 Telephone: (817) 358-9977 Facsimile: (817) 358-9988 behrooz@vidalawfirm.com About Rolling Hills Food & Beverage Inc. Rolling Hills Food & Beverage, Inc., a company based in San Marcos, Texas, owns and operates Green Parrot, a restaurant and bar venue offering casual dining and drink services. It primarily serves local residents and college communities in the San Marcos area through this downtown establishment. The Debtor filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. N.D. Texas Case No. 25-44970) on December 22, 2025, with $100,000 to $500,000 in assets and $10 million to $50 million in liabilities. Eric White, president, signed the petition. Judge Edward L. Morris presides over the case. Robert T. DeMarco, Esq., at DeMarco Mitchell, PLLC represents the Debtor as legal counsel. ROSSLYN2016 LLC: Taps Restoration Claims LLC as Insurance Adjuster ------------------------------------------------------------------ Rosslyn2016 LLC and affiliate seek approval from the U.S. Bankruptcy Court for the Southern District of Texas to employ Zerubbabel Wotila of Restoration Claims LLC as insurance adjusters. The firm will assist the Debtors in calculating damages and presenting property insurance claims for hail, wind and storm damage that occurred at the Debtors' real properties. Restoration Claims, LLC is a disinterested person as that term is defined in section 104(14) of the Bankruptcy Code and does not represent or hold an interest adverse to the Debtors or their estates, according to court filings. The firm can be reached through: Zerubbabel Wotila Restoration Claims, LLC Southlake, Texas Phone: (817) 532-7238 About Rosslyn2016 LLC ROSSLYN2016 LLC is the owner and operator of The Retreat on Rosslyn Apartments, a residential apartment complex located at 5801 North Houston Rosslyn Rd. in Houston, Texas. ROSSLYN2016 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. S.D. Tex. Case No. 25-31817) on March 31, 2025. In its petition, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. Honorable Bankruptcy Judge Jeffrey P. Norman handles the case. The Debtor is represented by James Q. Pope, Esq. at The Pope Law Firm. SABER INTERMEDIATE: S&P Withdraws 'B-' Issuer Credit Rating ----------------------------------------------------------- S&P Global Ratings withdrew its 'B-' issuer credit rating on Saber Intermediate Corp. following the company's full repayment of its rated debt. At the same time, S&P discontinued all its ratings on Saber's senior secured credit facilities. At the time of the withdrawal, its outlook on the company was stable. SANCHEZ ENERGY: Lenders Propose Deal to Resolve Ch.11 Lien Dispute ------------------------------------------------------------------ Vince Sullivan of Law360 reports that the reorganized equity owners of Sanchez Energy proposed a settlement in Texas bankruptcy court Friday intended to end lingering lien-related litigation by agreeing to cover $8.5 million in fees for unsecured creditor counsel. The dispute has its roots in post-confirmation challenges over how equity and claim recoveries were allocated after the company's Chapter 11 exit, as unsecured creditor representatives pursued contentious litigation over the validity and impact of certain liens under the company's plan. The fee payment is designed to close out those fights. By offering to satisfy the legal fees incurred by opposing counsel, the equity holders hope to secure releases and end prolonged litigation that has extended years beyond the bankruptcy plan's effective date. If accepted, the deal would mark a step toward resolving complex creditor disputes and concluding a major chapter in Sanchez Energy's reorganization process, clearing the way for a more stable post-bankruptcy operational phase, the report states. About Sanchez Energy Corp. Sanchez Energy Corporation and its affiliates -- https://sanchezenergycorp.com/ -- are independent exploration and production companies focused on the acquisition and development of U.S. onshore oil and natural gas resources. Sanchez Energy is currently focused on the development of significant resource potential from the Eagle Ford Shale in South Texas, and holds other producing properties and undeveloped acreage, including in the Tuscaloosa Marine Shale (TMS) in Mississippi and Louisiana. As of Dec. 31, 2018, the companies had approximately 325,000 net acres of oil and natural gas properties with proved reserves of approximately 380 million barrels of oil equivalent and interests in approximately 2,400 gross producing wells. Sanchez Energy and 10 affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Lead Case No. 19-34508) on Aug. 11, 2019. As of June 30, 2019, the companies disclosed $2,159,915,332 in assets and $2,854,673,930 in liabilities. The cases have been assigned to Judge Marvin Isgur. The companies tapped Akin Gump Strauss Hauer & Feld LLP and Jackson Walker L.L.P. as bankruptcy counsel; Moelis & Company LLC as financial advisor; Alvarez & Marsal North America LLC as restructuring advisor; and Prime Clerk LLC as notice and claims agent. The Office of the U.S. Trustee appointed a committee of unsecured creditors on Aug. 26, 2019. The committee tapped Milbank LLP and Locke Lord LLP as its co-counsel. SARASOTA SEAFOOD: Claims to be Paid from Future Income ------------------------------------------------------ Sarasota Seafood, Inc. filed with the U.S. Bankruptcy Court for the Middle District of Florida a Plan of Reorganization for Small Business dated January 5, 2026. The primary factor which made this Chapter 11 filing necessary was the use by the debtor of multiple merchant cash advance loans. The use of the merchant cash advances (hereafter "MCA(s)"), with their associated high interest rates, resulted in extremely high weekly payments. The debtor began struggling to maintain the high MCA payments. The debtor's cash flow difficulty was exacerbated by a particularly slow summer season in 2025. The debtor engaged in multiple efforts to obtain conventional financing but those efforts failed. Due to the financial difficulties the company was having keeping up with the MCA payments, a lawsuit was filed against the company and the company's Door Dash account was garnished. The combined factors made this Chapter 11 filing necessary. Distributions to unsecured creditors under the Plan will commence on the Distribution Date. The final Plan payment is expected to be paid on or about April 1, 2031. This Plan proposes to pay the creditors of the Debtor from the future income of the Debtor. This Plan provides for twelve classes of secured claims; one class of priority unsecured claims; one class of unsecured non-priority claims; and one class for the equity interests of the Debtor. Non-priority unsecured creditors holding allowed claims will receive distributions from the Debtor's net cash flow from operations over the life of the Plan. This Plan also provides for the payment of administrative and priority claims in full. Class 3 consists of Non-Priority Unsecured Claims. Holders of allowed unsecured claims against the Debtor shall receive a pro rata share of a fund created by payment of its projected disposable income from operations for sixty months, with the first monthly payment commencing on the Distribution Date. Pro rata means the entire amount of the fund divided by the entire amount owed to creditors with allowed claims in this class. The total amount of the claims in this class is expected to be between $900,000.00 to $1.2 million. The projected disposable income from operations during the sixty-month payment period is projected to fluctuate between a range of $17,500.00 a month to $20,000.00 a month depending on the net cash flow of the Debtor and, therefore, the monthly payments will range from $17,500 a month to $20,000.00 a month. All Class 4 interests, upon the effective date, shall be modified so as to deprive the holders thereof of any rights in respect of the Debtor to any distribution upon liquidation of the corporation, or upon sale of all or substantially all the Debtor's assets, and shall be further modified to provide that no dividends shall be paid by reason of such equity interests. Such modification or limitation of equity interests shall remain effective until such time as all the payments contemplated to be made by the terms of the Plan have been made, at which time such modification or limitations shall be removed, and the holders of Class 4 interests shall retain in full such interests without further limitation or restriction. The Debtor shall retain all of its property and operate its business, and the funds necessary for the satisfaction of creditors' claims shall be paid from cash on hand, from the future income of the Debtor, or from the sale of any of Debtor's assets as may be practical and necessary in order to make the payments required by the Plan. Except as otherwise provided in the Plan, on and after the Effective Date, all assets of the estate or the Debtor shall vest in the Debtor free and clear of all claims, liens, interests or other encumbrances. On and after the Effective Date, the Debtor may operate its business and may use, acquire and dispose of assets and compromise or settle any claims and causes of actions without supervision of or approval of the Bankruptcy Court and free and clear of any restrictions of the Bankruptcy Code or Rules, other than restrictions expressly imposed by the Plan or the Confirmation Order. A full-text copy of the Plan of Reorganization dated January 5, 2026 is available at https://urlcurt.com/u?l=OH3tHm from PacerMonitor.com at no charge. Counsel to the Debtor: Benjamin G. Martin, Esq. 3131 S. Tamiami Trail, Suite 101 Sarasota, Florida 34239 Tel: (941) 951-6166 E-mail: skipmartin@verizon.net About Sarasota Seafood Inc. Sarasota Seafood, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07398) on Oct. 7, 2025, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Catherine Peek Mcewen oversees the case. Benjamin G. Martin, Esq., at the Law Offices of Benjamin Martin represents the Debtor as bankruptcy counsel. SMART COMMUNICATIONS: Case Summary & 20 Top Unsecured Creditors --------------------------------------------------------------- Debtor: Smart Communications Collier, Inc. 10491 72nd Street Seminole, FL 33777 Business Description: Smart Communications Collier, Inc. is a privately-held company that operates in the telecommunication services industry. Chapter 11 Petition Date: January 8, 2026 Court: United States Bankruptcy Court Middle District of Florida Case No.: 26-00146 Debtor's Counsel: Ericc D. Jacobs, Esq. VENABLE LLP 100 N. Tampa Street, Suite 2600 Tampa, FL 33602 Tel: 813-439-3100 E-mail: EJacobs@venable.com Estimated Assets: $0 to $50,000 Estimated Liabilities: $50 million to $100 million The petition was signed by Jonathan D. Logan as president. A copy of the Debtor's list of its 20 largest unsecured creditors is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FOOIMGY/Smart_Communications_Collier_Inc__flmbke-26-00146__0002.0.pdf?mcid=tGE4TAMA A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/FAQUK7Y/Smart_Communications_Collier_Inc__flmbke-26-00146__0001.0.pdf?mcid=tGE4TAMA SOUTH FLORIDA: Voluntary Chapter 11 Case Summary ------------------------------------------------ Debtor: South Florida Pulmonary & Critical Care, LLC 8600 S.W. 92nd Street Suite 204B Miami, FL 33156 Business Description: South Florida Pulmonary & Critical Care, LLC provides pulmonary and critical care medical services in Miami, Florida, including the diagnosis and treatment of respiratory and lung-related conditions through outpatient offices and affiliated physician practices. Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court Southern District of Florida Case No.: 26-10131 Judge: Hon. Corali Lopez-Castro Debtor's Counsel: Megan Murray, Esq. UNDERWOOD MURRAY, P.A. 100 N. Tampa St. Tampa, FL 33602 Tel: (813) 540-8403 E-mail: mmurray@underwoodmurray.com Estimated Assets: $1 million to $10 million Estimated Liabilities: $1 million to $10 million The petition was signed by Raymond L. Parker as authorized agent for the Debtor. The petition was filed without the Debtor's list of its 20 largest unsecured creditors. A full-text copy of the petition is available for free on PacerMonitor at: https://www.pacermonitor.com/view/2IE63UY/South_Florida_Pulmonary__Critical__flsbke-26-10131__0001.0.pdf?mcid=tGE4TAMA STRIPE A LOT: Gets Extension to Access Cash Collateral ------------------------------------------------------ Stripe A Lot of America II, Corp. received another extension from the U.S. Bankruptcy Court for the Middle District of Florida, Tampa Division, to use cash collateral. The Debtor is authorized to use cash collateral under the court's third interim order to pay the amounts authorized by the court; the operating expenses set forth in its budget (with up to a 10% variance per line item); and additional amounts with approval from its secured creditors. The third interim order granted Commercial Credit Group, Inc. and other secured creditors post-petition replacement liens on cash collateral, with the same validity, priority, and extent as their pre-bankruptcy liens. The court approved adequate protection payments to Commercial Credit Group of $2,500 per month from November 2025 through January, increasing to $4,340 per month starting February 15, until further order or the debt is paid. The next hearing is scheduled for January 22. A copy of the court's order and the Debtor's budget is available at https://shorturl.at/KH2zV from PacerMonitor.com. The claims of creditors against the Debtors are secured by $9,515 in cash and $616,362.50 in collectible accounts receivable, which may constitute cash collateral. Aside from Commercial Credit Group, the other secured creditors with interest in the cash collateral are BMO Harris Bank, N.A., Deutsche Leasing USA, Inc., John Deere Construction & Forestry Company, PNC Bank, N.A., Wells Fargo Bank, N.A., Wells Fargo Equipment Finance, Inc., First Citizens Bank, and the U.S. Small Business Administration. About Stripe a Lot of America II Corp. Stripe a Lot of America II Corp. provides asphalt paving, resurfacing, and repair services across Florida. The Company offers full-service commercial solutions including asphalt and concrete installation, sealcoating, striping, crack filling, ADA-compliant ramps, and drainage work. It also performs milling, full-depth reclamation, and parking lot maintenance projects for property owners and contractors. Stripe a Lot of America II Corp. sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Fla. Case No. 25-07715) on October 20, 2025. In its petition, the Debtor reports total assets of $633,127 and total liabilities of $4,028,903. Honorable Bankruptcy Judge Roberta A. Colton handles the case. The Debtor is represented by Buddy D. Ford, Esq., at Ford & Semach, P.A. TERRASTRAT GROUP: Section 341(a) Meeting of Creditors on January 27 ------------------------------------------------------------------- On December 24, 2025, Terrastrat Group LLC filed for Chapter 11 protection in the U.S. Bankruptcy Court for the Southern District of Ohio. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1 to 49 creditors. A meeting of creditors under Section 341(a) to be held on January 27, 2026 at 10:00 AM. The meeting will be held telephonically. Please dial 1-888-330-1716 and enter the code 3475860# to join. About Terrastrat Group LLC Terrastrat Group LLC provides consulting and analytics services to financial institutions in the United States, focusing on optimizing branch networks and ATM placement. The Columbus, Ohio-based company delivers data-driven growth strategies that leverage predictive modeling, market analysis, and micromarket optimization to inform decisions on branch consolidation, expansion, and investment prioritization. Its services are tailored to each client's needs, helping banks improve efficiency, reach, and customer retention within their retail footprint. Terrastrat Group LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-55664) on December 24, 2025. In its petition, the Debtor reports estimated assets of $100,001 to $1 million and estimated liabilities of $1 million to $10 million. Honorable Bankruptcy Judge Tiffany Strelow Cobb handles the case. The Debtor is represented by Tami Hart Kirby, Esq. of Porter Wright Morris & Arthur LLP. THRILL INTERMEDIATE: Seeks to Extend Plan Exclusivity to May 26 --------------------------------------------------------------- Thrill Intermediate LLC and its affiliates asked the U.S. Bankruptcy Court for the District of Nevada to extend their exclusivity periods to file a plan of reorganization and obtain acceptance thereof to May 26 and July 27, 2026, respectively. The Debtors submit there is ample cause to grant the extension of the Exclusive Periods to allow them to seek to file their plan and obtain the requisite acceptances of their plan before incurring the costs, in terms of distraction, time, and expense, of responding to any competing plan of reorganization. The Debtors explain that weighing in favor of the first and second factors, these Chapter 11 Cases are not only large in terms of the amount of money at stake but also extraordinarily complex and contentious. The Debtors were forced to file emergency petitions in order for Debtors to protect their primary and significant asset as a result of the Ad Hoc Lenders' hostile takeover attempt. The ramifications of the Ad Hoc Lenders' pre-petition actions, followed by the contentious postpetition litigation and their dismissal efforts have left Debtors with little time or ability to develop a plan to reorganize. The Debtors claim that weighing in favor of the third factor, the Debtors' diligent actions to this point evidences their good faith progress toward reorganization. The Debtors, along with their professionals, have taken the necessary steps to prosecute the Chapter 11 Cases, fashion a process of asserting claims against the Debtors, and ensure Debtors are ready, willing and able to perform under their contracts, as necessary. The Debtors assert that weighing in favor of the fourth factor, while the Debtors do not have the type of postpetition expenses that would typically be incurred in business operations, the Debtors have diligently worked with the Ad Hoc Lenders to ensure they have funding to take necessary actions. As revealed in their MORs, they are not at risk of administrative insolvency in view of the value of their assets. The Debtors further assert that weighing in favor of the fourth factor, while the Debtors do not have the type of postpetition expenses that would typically be incurred in business operations, the Debtors have diligently worked with the Ad Hoc Lenders to ensure they have funding to take necessary actions. As revealed in their MORs, they are not at risk of administrative insolvency in view of the value of their assets. The Debtors cite that weighing in favor of the fifth and six factors, they are optimistic they can now make substantial progress in negotiating with the Ad Hoc Lenders and other parties and have good prospects for filing a viable plan. Notwithstanding the parties previously having general conversations and attempting negotiations, until the Motion to Dismiss was resolved, the Ad Hoc Lenders were generally unwilling to meaningfully engage with Debtors. Now that the Motion to Dismiss has been denied without prejudice and the Adversary will proceed, Debtors can make expeditious progress on formulating their plan. Counsel to the Debtors: Gregory Garman, Esq. Garman Turner Gordon LLP 7251 Amigo Street, Suite 210 Las Vegas, NV 89119 Telephone: (725) 777-3000 Facsimile: (725) 777-3112 About Thrill Intermediate LLC Thrill Intermediate, LLC, a Las Vegas-based holding company, through its direct and indirect wholly owned subsidiaries, creates and produces television content and has at times produced live entertainment events, most notably the MTV show Ridiculousness, a 30-minute studio clip show where host Rob Dyrdek and co-hosts comment on viral videos featuring stunts, mishaps, and everyday chaos, which constitutes roughly half of MTV's programming. The Company also manages subsidiaries involved in media production, digital marketing, event management, and intellectual property. Thrill Intermediate and its affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Nev. Case No. 25-15714) on September 28, 2025. In its petition, Thrill Intermediate disclosed estimated assets between $50 million and $100 million and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Mike K. Nakagawa handles the cases. The Debtors tapped Gregory E. Garman, Esq., at Garman Turner Gordon, LLP as counsel and Force Ten Partners, LLC as restructuring advisor. Stretto, Inc. is the Debtors' claims, noticing, and solicitation agent. TPI COMPOSITES: Plan Exclusivity Period Extended to April 8 ----------------------------------------------------------- Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas extended TPI Composites, Inc. and affiliates' exclusive periods to file a plan of reorganization and obtain acceptance thereof to April 8 and June 9, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that ample cause exists to grant their requested extension of the Exclusive Periods. * First, the scale and complexity of the Debtors' business and industry, which require the Debtors to navigate complex issues during these chapter 11 cases, support the need for the extension of the Exclusive Periods. In addition, the Debtors have a complex capital structure with over $600 million in total funded debt, which includes the Senior Secured Term Loan and Convertible Notes. Accordingly, the Debtors' size, the complexity of these chapter 11 cases, and the breadth of financial and legal issues involved therein warrant the requested extension of the Exclusive Periods. * Second, the Debtors require additional time to negotiate a chapter 11 plan. In tandem with their marketing and sale process, the Debtors have continued to negotiate with the Customers, Oaktree, the Creditors' Committee, and other key stakeholders regarding a potential plan of reorganization that will best maximize the value of the Debtors' estates. Accordingly, the Debtors require additional time to continue negotiating a confirmable chapter 11 plan. * Notwithstanding the significant progress that has been made to date, the administration of these chapter 11 cases and the potential confirmation and implementation of a chapter 11 plan will require additional time and effort. Under these circumstances, the requested extension of the Exclusive Periods is necessary and appropriate to afford the Debtors the opportunity to achieve the objectives of chapter 11 as contemplated by section 1121 of the Bankruptcy Code. * The Debtors are not seeking an extension of the Exclusive Periods as a tactic. Rather, the Debtors seek an extension of the Exclusive Periods so they have sufficient time to continue negotiations with their creditors and forge a path forward towards a comprehensive reorganization. Additionally, an extension of the Exclusive Periods will not harm or prejudice any of the Debtors' creditors. The Debtors' Counsel: Gabriel A. Morgan, Esq. Clifford W. Carlson, Esq. WEIL, GOTSHAL & MANGES LLP 700 Louisiana Street, Suite 3700 Houston, Texas 77002 Tel: (713) 546-5000 Fax: (713) 224-9511 Email: gabriel.morgan@weil.com Clifford.Carlson@weil.com - and - Matthew S. Barr, Esq. Lauren Tauro, Esq. Ryan C. Rolston, Esq. WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, New York 10153 Tel: (212) 310-8000 Fax: (212) 310-8007 Email: matt.barr@weil.com Lauren.Tauro@weil.com Ryan.Rolston@weil.com About TPI Composites, Inc. TPI Composites -- https://tpicomposites.com/ -- is a leading wind-blade manufacturer and the only independent wind blade manufacturer with a global footprint. TPI Composites Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-34655) on August 11, 2025. The company listed $500 million to $1 billion in estimated assets, along with $1 billion to $10 billion in estimated liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the case. The Debtor is represented by Gabriel Adam Morgan, Esq. at Weil, Gotshal & Manges LLP. Oaktree Capital Management L.P., as DIP agent, is represented by William A. (Trey) Wood III, Esq. at Bracewell, LLP. TRENTON BRIDGE: Hires Bernstein Shur Sawyer & Nelson as Counsel --------------------------------------------------------------- Trenton Bridge Lobster Pound, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Maine to hire Bernstein, Shur, Sawyer & Nelson, P.A. as counsel. The firm's services include: (a) advise the Debtor with regard to the requirements of the Bankruptcy Court, Bankruptcy Code, Bankruptcy Rules, Local Rules, and the Office of the United States Trustee; (b) advise the Debtor with regard to certain rights and remedies of the bankruptcy estate and rights, claims, and interests of creditors and bring such claims as the Debtor, in its business judgment, decides to pursue; (c) represent the Debtor in any proceeding or hearing in the Bankruptcy Court involving the estate; (d) conduct examinations of witnesses, claimants, or adverse parties, and represent the Debtor in any adversary proceeding; (e) review and analyze various claims of the Debtor's creditors and treatment of such claims and prepare, file, or prosecute any objections thereto or initiate appropriate proceedings regarding leases or contracts to be rejected or assumed; (f) prepare and assist the Debtor with the preparation of reports, applications, pleadings, motions, and orders; (g) assist the Debtor in the analysis, formulation, negotiation, and preparation of all necessary documentation relating to the sale of its assets, as appropriate; (h) assist the Debtor in the negotiation, formulation, preparation, and confirmation of a plan; and (i) perform any other services that may be appropriate in the firm's representation of the Debtor as general bankruptcy counsel in the case. The firm will be paid at these hourly rates: 2025 2026 D. Sam Anderson, Shareholder $650 $665 Adam R. Prescott, Shareholder $495 $545 Kenny Laughton, Associate $295 $320 Laura Unfricth, Paralegal $225 $235 Katherine Flynn, Paralegal $175 $180 The firm's rates for shareholder and of counsel attorneys generally range from $350-$800/hour, and associate attorney rates generally range from $300-$400/hour. The firm received a retainer in the amount $10,000. In addition, the firm will seek reimbursement for expenses incurred. Mr. Anderson disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: D. Sam Anderson, Esq. Adam R. Prescott, Esq. BERNSTEIN, SHUR, SAWYER & NELSON, P.A. 100 Middle Street, PO Box 9729 Portland, ME 04104 Telephone: (207) 774-1200 Email: sanderson@bernsteinshur.com aprescott@bernsteinshur.com About Trenton Bridge Lobster Pound, Inc. Trenton Bridge Lobster Pound, Inc. operates a seasonal seafood eatery and online retail business based in Trenton, Maine, offering Maine lobsters, clams, mussels, oysters, scallops, crabmeat, and lobster meat sourced from local harvesters. Trenton Bridge Lobster Pound, Inc. filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Maine Case No. 25-10246) on December 4, 2025, listing $1 million to $10 million in both assets and liabilities. The petition was signed by Josette G. Pettegrow as authorized party. Judge Peter G Cary presides over the case. Sam Anderson, Esq. at BERNSTEIN SHUR SAWYER & NELSON, P.A. serves as the Debtor's counsel. TTF LOWER INTERMEDIATE: S&P Alters Outlook to Neg, Affirms 'B' ICR ------------------------------------------------------------------ S&P Global Ratings revised its outlook on TTF Lower Intermediate LLC (dba Soliant) to negative from stable and affirmed the 'B' issuer credit rating. S&P's 'B' issue-level rating and '3' recovery rating on the company's revolving credit facility and first-lien term loan are unchanged. The '3' recovery rating continues to indicate its expectation for meaningful (50%-70%; rounded estimate: 50%) recovery in the event of a default. The negative outlook reflects the uncertainty around Soliant's business prospects and its limited opportunities to materially improve its operating performance until the third quarter of 2026. While S&P views the company's leverage as high, S&P expects it will generate commensurate cash flow for the 'B' rating level. Soliant underperformed our expectations as of the third quarter of 2025 due to unexpected competitive pressures in its education segment paraprofessional offering. Given that its contracts with school districts primarily run through the school year ending in the second quarter of 2026, S&P anticipates the company's leverage could remain above 8.0x (its downgrade threshold for the current rating) if management's cost-cutting measures and sales-improvement efforts do not yield results. The negative outlook reflects the increased pricing pressure in Soliant's education segment. Over the nine months ended September 2025, the company's total revenue decreased by 5.5% year over year on a 0.2% increase in its education segment (which accounted for about 88% of its nine months ended September 2025 revenue) and a 33% decline in its health care segment (about 12% of revenue). The decline in Soliant's education revenue reflects the greater-than-expected competitive pressures it faced in some of its largest districts, where its competitors successfully won contracts for paraprofessional staffing. The company's primary selling season is during the summer, given that the school year typically beginning in August/September. In June 2025, the Department of Education (DOE) froze approximately $6.8 billion of congressionally approved federal funding that was due to be dispersed on July 1. While the funds were ultimately released and did not lead to cuts to any of the specialized programs that Soliant offers, the disruption caused some school districts to embrace lower-cost staffing providers despite the company's strong reputation as a leader in education staffing. For example, large school districts in California that account for approximately one-third of Soliant's education revenue and faced cuts of nearly $1 billion under the funding freeze elected to utilize alternative staffing companies for paraprofessionals. S&P said, "We believe these competitors include the company's health care staffing peers as well as generalized staffing companies. Given that staffing contracts typically begin in August and run through June, we don't expect to gain greater clarity into Soliant's success in competing with these providers until the 2026-2027 school year." S&P said, "We expect the revenue from the company's education segment will decrease by 1% in 2025 and 2% in 2026, which assumes that the 5% decline in the segment's third-quarter revenue continues at least through the second quarter of 2026. This compares with our prior expectation for a 10% increase in Soliant's education revenue in 2025. At the same time, we expect continued softness in the company's health care segment because health systems continue to limit their use of temporary staffing. Therefore, we assume Soliant's health care revenue falls about 34% in 2025 and 5% in 2026. On a combined basis, we expect the company's total revenue will decline by about 6% in 2025 and 2%-3% in 2026, though this will depend on its success in winning back lost customers, expanding existing relationships, or selling into new school districts. "We expect Soliant's softer revenue and weaker margins will pressure its leverage. We anticipate the company's S&P Global Ratings-adjusted EBITDA margins will contract to about the 19.0%-19.5% range in 2025 and the 17.5%-18.0% range in 2026 from 20.4% in 2024. We forecast Soliant's margins will be pressured by increased pay rates and weaker bill rates and its elevated investment in IT, facilities, and management, which will be partially offset by a reduction in its salesforce (producer) headcount. Therefore, we expect the company's S&P Global Ratings-adjusted leverage will rise to about 8.0x in 2025 and 9.0x in 2026 (in the 6.5x-7.0x and 7.0x-7.5x ranges, respectively, when excluding its preferred equity with debt-like features). Additionally, Soliant had prepaid approximately $50 million of its first-lien term loan as of the third quarter of 2025. Although we view prepayments favorably, they provide only a limited benefit to the company's leverage, given the decline in its EBITDA and the high payment-in-kind (PIK) interest rate on its preferred equity. "We anticipate Soliant will continue to generate strong free operating cash flow (FOCF). This is supported by the company's above-average margins, limited capital expenditure (capex), and more-predictable working capital trends relative to traditional health care staffing companies. We forecast Soliant's S&P Global Ratings-adjusted FOCF to debt will be in the 5%-6% range in 2025 and 2026, which compares with 8.3% in 2024. We view this level of cash flow relative to debt as appropriate for the current rating. However, given the company's modest barriers to entry, intensified competition, and lower bill rates, its cash flow could weaken further, especially if school districts continue to use lower-cost competitors or insource certain roles. Furthermore, additional pressure on school budgets could lead some districts to prioritize price over reputation and expertise, which have traditionally been Soliant's strengths. "The negative outlook reflects the uncertainty around Soliant's business prospects and its limited opportunities to materially improve its operating performance until the third quarter of 2026. While we view the company's leverage as high, we expect it will generate commensurate cash flow for the 'B' rating level. "We could lower our rating on Soliant if the profitability of its education segment declines further during the summer 2026 selling season or its competition intensifies. We could also lower our ratings if we expect the company's S&P Global Ratings-adjusted FOCF to debt will decline below 3% on a sustained basis. "We could revise our outlook on Soliant to stable if it improves its profitability in the 2026-2027 school year. This could occur if the company regains lost business from its largest school districts or sells into new districts or significantly improves the performance of its health care segment." TURTLE LANE: Amended Disclosure Statement Due on January 21 ----------------------------------------------------------- Judge Christopher J. Panos of the United States Bankruptcy Court for the District of Massachusetts ordered Turtle Lane LLC to file an amended disclosure statement by Jan. 21, 2026. As reported by the Troubled Company Reporter on Nov. 25, 2025, Turtle Lane LLC filed with the U.S. Bankruptcy Court for the District of Massachusetts a Disclosure Statement with respect to Plan of Reorganization dated Nov. 18, 2025. The Debtor is a Massachusetts limited liability company formed on or about Jan. 10, 2014, to engage in real estate transactions including, without limitation, acquiring, owning, operating, constructing, and financing such real estate. The Debtor purchased the real property located at 283 Melrose Avenue, Newton, Massachusetts, for $2,000,000 from Foxpath LLC, an unrelated entity, on Feb. 14, 2014, with an aim to redevelop the Property. The Property is located in a high-traffic area, just north of the Massachusetts Turnpike and directly adjacent to the Auburndale MBTA commuter rail stop. The Debtor financed the acquisition and development of the property with advances from Dedham Institute for Savings. The delays in the development of the Project led to disputes between the Debtor and the Bank. The Bank ultimately commenced a state court action against the Debtor and others on June 20, 2023, captioned as Dedham Institute for Savings v. Turtle Lane LLC, et al., Civ. A. No. 23CV1807. The Bank scheduled a foreclosure auction for the Project for Aug. 21, 2025. The Debtor commenced this Chapter 11 proceeding on the day of the scheduled foreclosure to preserve the value of the Property and its other assets while it sought strategic or financial partners to recapitalize its business, refinance its operations, or acquire its assets. The Debtor is marketing the Property for sale which may obviate the need for further consideration of the motion for relief. In order to locate potential purchasers for the property, the Debtor filed an application to retain Coldwell Banker Realty as broker. The Broker is licensed in Massachusetts and has significant experience in refinancing and marketing properties like the Property for sale. The Debtor plans to refinance or sell the Property to fund payments to creditors under the Plan. The Debtor believes the value of the Property substantially exceeds the amount of Allowed Claims. After payment of Secured, Administrative, Priority Claims, General Unsecured Claims, and payment of, or reservation for, the amounts necessary to administer the Plan, the balance of the proceeds will be distributed to the Debtor. Class 3 consists of General Unsecured Claims. The Debtor estimates that the total amount of Allowed Class 3 claims is less than $200,000 based upon the schedules of assets and liabilities filed in the case. In addition, there is the claim of the DIP Lender for amounts advanced to the Debtor during its chapter 11 case, which claim is subordinated to the claims of all other creditors and receive a distribution only after all other allowed claims against the Debtor are paid in full. Allowed Class 3 Claims may be impaired and the holder of such Allowed General Unsecured Claims are entitled to vote to accept or reject the Plan. Commencing upon the later of the 30th day following the Effective Date or such date as the Claim becomes an Allowed Claim, in full and complete satisfaction, settlement, release and discharge of the Allowed General Unsecured Claims, the holders of Allowed General Unsecured Claims shall receive payment of their Allowed General Unsecured Claims: (i) in Cash, (ii) from the Net Proceeds of the sale of the Property, (iii) in equal monthly installments for a period of six months following the Effective Date, (iv) upon such terms as is agreed to in writing between the Debtor and the holder of an Allowed Class 3 Claim, or (v) upon such terms as may be determined by the Bankruptcy Court. Class 4 consists of Equity Interests. The Debtor retains its equity interests under the Plan and receives the remainder of the Assets, if any, after payment in full of all Allowed classified and unclassified claims in the Debtor's chapter 11 case. Confirmation of the Plan shall constitute authorization for the Debtor or the Reorganized Debtor to: (i) effectuate the Plan and to enter into all documents, instruments and agreements reasonably necessary to effectuate the terms of the Plan, and (ii) liquidate any Assets remaining after the Effective Date. The Debtor shall remain in existence as the Reorganized Debtor until dissolved pursuant to the Plan. In order to confirm the Plan, the Debtor must demonstrate that he can make the payments called for under the Plan. The Plan calls for the sale or other use of the Property to generate proceeds to pay creditors. The Property is capable of generating sale proceeds sufficient to satisfy the Claims against the Debtor. The Plan is therefore feasible and confirmation of the Plan is not likely to be followed by liquidation or the need for further financial reorganization by the Debtor. A full-text copy of the Disclosure Statement dated Nov. 18, 2025 is available at https://urlcurt.com/u?l=8QsX1O from PacerMonitor.com at no charge. A copy of the Court's Proceeding Memorandum and Order dated Dec. 30, 2025, is available at https://urlcurt.com/u?l=IEFSfB from PacerMonitor.com. About Turtle Lane LLC Turtle Lane LLC focuses on real estate operations, primarily offering property-related services. Turtle Lane LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-11733) on Aug. 21, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. Honorable Judge Christopher J. Panos oversees the case. The Debtor is represented by Christopher M. Condon, Esq., at BOWDITCH & DEWEY, LLP. UBA BROCKTON: Gets Court OK to Obtain $250,000 Line of Credit ------------------------------------------------------------- UBA Brockton, LLC received approval from the U.S. Bankruptcy Court for the District of Massachusetts to obtain credit under Section 364. The Debtor is authorized to obtain a priming non-revolving line of credit with Thomas Ng in the amount of $250,000. A copy of the Court's Proceeding Memorandum and Order dated December 30, 2025, is available at https://urlcurt.com/u?l=TJZgIr from PacerMonitor.com. About UBA Brockton LLC UBA Brockton, LLC doing business as Urban Air Trampoline & Adventure Park, operates an indoor entertainment center at 435 Westgate Drive in Brockton, Massachusetts, featuring trampolines, climbing walls, obstacle and warrior courses, laser tag, and slides. The facility provides recreational and amusement services for families, parties, and group events, with ticketed access and membership options. It is part of the Urban Air Adventure Park franchise network offering active indoor attractions across the United States. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 25-12422) on Nov. 7, 2025. In the petition signed by Thomas Ng, manager, the Debtor disclosed up to $10 million in both assets and liabilities. Rion M. Vaughan, Esq., at RUBIN AND RUDMAN LLP, represents the Debtor as legal counsel. UPSTREAM NEWCO: S&P Downgrades ICR to 'D' on Debt Restructuring --------------------------------------------------------------- S&P Global Ratings downgraded Upstream Newco Inc. to 'D' (default) from 'CCC'. S&P will soon reassess its ratings on the company to reflect its new debt structure and updated business plan. Upstream has completed a debt restructuring, through which it extended the maturities of its revolver and term loans and amended its credit agreement. S&P views the transaction as distressed and tantamount to a default because the company's lenders received less than they were promised under the original securities. S&P views the restructuring transaction as distressed and tantamount to a default. Through the restructuring, Upstream extended the maturities of its revolving credit facility and first- and second-lien term loans and amended its credit agreement. As part of the transaction, the company repaid 75% of its $50 million revolver balance using the proceeds from $80 million of new senior secured Holdco debt, while the remaining 25% remains outstanding and will mature three years later (November 2029). At the same time, Upstream extended the maturity of its $906 million first-lien term loan by three years (to November 2029) and the maturity of its $140 million second-lien term loan by two and a half years (to May 2030). S&P said, "We view this restructuring as distressed and tantamount to a default because--in our view--the company's lenders received less than they were promised under the original securities without adequate compensation for the maturity extensions. For example, the lenders of the $13 million of outstanding revolving debt received no compensation for the maturity extension. In addition, we do not believe the addition of 150 basis points (bps) of payment-in-kind (PIK) interest was sufficient compensation for the first-lien lenders to account for the maturity deferral and elimination of amortization payments. Furthermore, we consider the additional 100 bps of PIK interest the second-lien lenders will receive to be inadequate compensation for the three-year maturity extension and replacement of cash interest with PIK interest. "We will reassess our issuer credit rating and issue-level ratings in the coming days. We plan to review Upstream's still-highly leveraged credit profile, cash flow prospects, and updated operating plan, including the improvement in its liquidity stemming from the transaction, as part of our assessment. We will also reevaluate our recovery ratings on the company's restructured debt." UPTOWN PHARMACY: Hires Bankruptcy Legal Center as Counsel --------------------------------------------------------- Uptown Pharmacy of Kingman, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ Bankruptcy Legal Center as counsel. The firm will provide these services: a. provide the Debtor general legal advice with respect to its powers and duties as debtor-in-possession and the continued operation of its business and management of its property; b. prepare, on behalf of the Debtor, necessary applications, answers, orders, reports, and other legal papers including, without limitation, emergency orders for the operation of the business, including applications and orders for use of cash collateral; and c. perform all other legal services for the Debtor as debtor-in-possession which may be necessary. The firm will be paid at these rates: James F. Kahn, Esq. $525 per hour Krystal M. Ahart, Esq $450 per hour Paralegals $195 per hour The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Kahn disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached at: James F. Kahn, Esq. Krystal M. Ahart, Esq. Kahn & Ahart, PLLC Bankruptcy Legal Center 301 E. Bethany Home Rd., Suite C-195 Phoenix, AZ 85012-1266 Tel: (602) 266-1717 Fax: (602) 266-2484 Email: James.Kahn@azbk.biz Krystal.Ahart@azbk.biz About Uptown Pharmacy of Kingman, Inc. Uptown Pharmacy of Kingman, Inc. filed a Chapter 11 bankruptcy petition (Bankr. D. Ariz. Case No. 0:25-bk-12678-PS) on Dec. 1, 2025. The Debtor hires Bankruptcy Legal Center as counsel. VERSACE DOMINICAN: Hires Keck Legal LLC as Bankruptcy Counsel ------------------------------------------------------------- Versace Dominican Restaurant 1 y Mas Inc. seeks approval from the U.S. Bankruptcy Court for the Northern District of Georgia to hire Keck Legal, LLC as counsel. The firm's services include: a. giving the Debtor legal advice with respect to its powers and duties as debtor-in-possession in the management of its property; b. preparing on behalf of the Debtor as debtor-in-possession necessary schedules, applications, motions, answers, orders, reports and other legal matters; c. assisting in examination of the claims of creditors; d. assisting with formulation and preparation of the disclosure statement and plan of reorganization and with the confirmation and consummation thereof; and e. performing all other legal services for Debtor as debtor-in-possession that may be necessary. The firm will be paid at these hourly rates: Benjamin R. Keck $465 Jonathan Clements $350 Marie A. Witte $300 Anna Claire Bowman $250 Selah Owusu $125 Ciara Clemons $105 Miguel Quinonez $105 Silvia Laguado $95 The firm received a retainer in the total amount of $20,000. The firm will also be reimbursed for reasonable out-of-pocket expenses incurred. Mr. Keck disclosed in a court filing that the firm is a "disinterested person" as the term is defined in Section 101(14) of the Bankruptcy Code. The firm can be reached through: Benjamin Keck, Esq. Keck Legal, LLC 2801 Buford Highway NE, Suite 115 Atlanta, GA 30329 Tel: (470) 826-6020 Email: bkeck@kecklegal.com About Versace Dominican Restaurant 1 y Mas Inc Versace Dominican Restaurant 1 y Mas, Inc. operates a restaurant. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 25-64759) on December 18, 2025. In the petition signed by Leonor Romero, chief executive officer, the Debtor disclosed up to $500,000 in assets and up to $10 million in liabilities. Benjamin Keck, Esq., at Keck Legal, LLC, represents the Debtor as bankruptcy counsel. WATER'S EDGE: Disclosure Statement Has Interim Approval ------------------------------------------------------- The United States Bankruptcy Court for the District of Massachusetts issued a proceeding memorandum and order approving the disclosure statement of Water's Edge Limited Partnership on an interim basis. As shared by Troubled Company Reporter, since the filing of the Chapter 11 case, the Debtor has engaged in extensive negotiations with multiple parties interested in acting as a plan sponsor and/or joint venture partner to fund payment to creditors under a Plan and the necessary repairs and renovations to the Property. The Debtor continues to engage with this potential partner and is in discussions with several other interested parties. The various proposals under consideration by the Debtor provide for creditors to be paid the allowed amounts of their claims in full except as otherwise agreed and for the capital needed to repair and renovate the Property. The Debtor explains that it has made substantial progress with respect to the formulation of its plan of reorganization. The Debtor's revenues from the rent collected have been as projected and its operating expenses have been with few exceptions at or below projections and are below budget on a cumulative basis. Water's Edge Limited Partnership is represented by: Kathleen R. Cruickshank, Esq. MURPHY & KING Professional Corporation 28 State Street, Suite 3101 Boston, MA 02109 Tel: (617) 423-0400 A copy of the Court's Proceeding Memorandum and Order dated December 30, 2025, is available at https://urlcurt.com/u?l=kgZAb9 from PacerMonitor.com. About Water's Edge Limited Partnership Water's Edge Limited Partnership is primarily engaged in renting and leasing real estate properties. Water's Edge Limited Partnership sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Mass. Case No. 24-12445) on December 5, 2024. In the petition filed by Evelyn M. Carabetta, authorized representative, the Debtor reports estimated assets and liabilities between $10 million and $50 million each. The Honorable Bankruptcy Judge Christopher J. Panos handles the case. The Debtor tapped David Frye, Esq., at Russo, Frye & Associates, LLP as counsel; Verdolino & Lowey, PC as financial advisor; and Bradford Carlson at Gray, Gray & Gray, LLP as accountant. Counsel to DIV OA Lender, LLC, the Debtor's previous DIP lender, are: John J. Monaghan, Esq. Lynne B. Xerras, Esq. Kathleen M. St. John, Esq. HOLLAND & KNIGHT 10 St. James Avenue, 11th Floor Boston, MA 02116 Tel: (617) 523-2700 Fax: (617) 523-6850 E-mail: Bos-Bankruptcy@hklaw.com Lynne.Xerras@hklaw.com Kathleen.StJohn@hklaw.com Fairbridge Credit, LLC, as DIP lender, is represented by: Kate E. Nicholson, Esq. NICHOLSON DEVINE, LLC 21 Bishop Allen Dr. Cambridge, MA 02139 Tel: (857) 600-0508 E-mail: kate@nicholsondevine.com WESTRIDGE CORPORATE: Voluntary Chapter 11 Case Summary ------------------------------------------------------ Three affiliates that concurrently filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code: Debtor Case No. ------ -------- WestRidge Corporate Park Investments LLC 26-00008 310 Lawless Road Suite 130 Morgantown, WV 26501 WestRidge Commons Development LLC 26-00009 310 Lawless Road Suite 130 Morgantown, WV 26501 WestRidge Corporate Park 3 LLC 26-00010 310 Lawless Road Suite 130 Morgantown, WV 26501 Business Description: WestRidge Corporate Park Investments LLC, WestRidge Commons Development LLC, and WestRidge Corporate Park 3 LLC are Morgantown, West Virginia–based commercial real estate companies involved in the development, ownership, and management of office, retail, and mixed-use properties within the WestRidge master-planned business and retail park. Chapter 11 Petition Date: January 7, 2026 Court: United States Bankruptcy Court Northern District of West Virginia Judge: Hon. David L Bissett Debtors' General Bankruptcy Counsel: Stephen L. Thompson, Esq. BARTH & THOMPSON P.O. Box 129 Charleston, WV 25321 Tel: 304-342-7111 Email: sthompson@barth-thompson.com Each Debtor's Estimated Assets: $10 million to $50 million Each Debtor's Estimated Liabilities: $10 million to $50 million John D. Lynch signed WestRidge Corporate Park Investments LLC's petition as manager. Ryan Lynch signed the petitions of WestRidge Commons and WestRidge Corporate as authorized officer. The Debtors failed to attach the lists of their 20 largest unsecured creditors to the petitions. Full-text copies of the petitions are available for free on PacerMonitor at: https://www.pacermonitor.com/view/3LIZUSI/WestRidge_Corporate_Park_Investments__wvnbke-26-00008__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/YAJTDIQ/WestRidge_Commons_Development__wvnbke-26-00009__0001.0.pdf?mcid=tGE4TAMA https://www.pacermonitor.com/view/Y7TPCDA/WestRidge_Corporate_Park_3_LLC__wvnbke-26-00010__0001.0.pdf?mcid=tGE4TAMA WILSON & ASSOCIATES: Seeks Chapter 11 Bankruptcy in Maryland ------------------------------------------------------------ On January 7, 2026, Wilson & Associates Insurance & Financial Services filed for Chapter 11 protection in the District of Maryland. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to between 1 and 49 creditors. About Wilson & Associates Insurance & Financial Services Wilson & Associates Insurance & Financial Services sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10199) on January 7, 2026. In its petition, the Debtor reports estimated assets between $0 and $100,000 and estimated liabilities between $100,001 and $1,000,000. Honorable Bankruptcy Judge Lori S. Simpson handles the case. The Debtor is represented by Geri Lyons Chase, Esq. of the Law Office of Geri Lyons Chase. ZYNEX INC: U.S. Trustee Appoints Creditors' Committee ----------------------------------------------------- The U.S. Trustee for Region 7 appointed an official committee to represent unsecured creditors in the Chapter 11 cases of Zynex Inc. and its affiliates. The committee members are: 1. U.S. Bank Trust Company, N.A. Attn: Michael Patiuk 60 Livingston Ave., EP-MN-S3MP Saint Paul, MN 55107 michael.patiuk@usbank.com 2. Savant Labs, Inc. Attn: Joshua Moss 1119 The Dalles Ave. Sunnyvale, CA 94087 919-475-3736 jmoss@savantlabs.io 3. Allstate Insurance Company c/o Carlton Fields, P.A. Attn: Ryan Yant 4221 W Boy Scout Blvd., Ste. 1000 Tampa, FL 33611 813-229-4925 ryant@carltonfields.com 4. Dr. Raelynn Maloney c/o Sam Sheronick Law Firm, P.C. 4125 Glass Road NE Cedar Rapids, IA 52402 319-366-8193 sam@samlawpc.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 Zynex Inc. Zynex Inc. is a medical technology firm in Englewood, Colorado, which specializes in non-invasive devices for pain management and rehabilitation. Zynex sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Texas Case No. 25-90810) on December 15, 2025. In its petition, the Debtor reported between $50 million and $100 million in both assets and liabilities. Honorable Bankruptcy Judge Alfredo R. Perez handles the case. The Debtor is represented by Omar Jesus Alaniz, Esq., at Reed Smith, LLP. [] Angeion Group Named American Bankruptcy Institute Partner ------------------------------------------------------------ Angeion Group, a leading provider of legal notice and administration services, announced on January 6, 2026, that it has been named a Capital Partner of the American Bankruptcy Institute (ABI). The Capital Partner designation reflects Angeion's support of ABI's mission to deliver nonpartisan education, research, and professional development for the restructuring and insolvency community. "ABI plays an essential role in educating practitioners and strengthening standards across the restructuring ecosystem," said Roland Tomforde, Executive Vice President, Bankruptcy Services, Angeion Group. "Our participation as a Capital Partner reflects our commitment to supporting that mission and engaging with professionals responsible for administering some of the most complex matters in the legal system." As an ABI Capital Partner during the 2026 program year, Angeion will support ABI's national conferences and educational programming and contribute thought leadership focused on disciplined administration, compliance, and operational rigor across complex matters. About Angeion Group Angeion Group is a leading provider of class action and mass tort settlement administration services, including legal noticing, and bankruptcy administration. Known for its innovation, precision, and client service, Angeion supports complex litigation through technology-driven, transparent solutions. Angeion also provides strategic guidance and comprehensive distribution capabilities, helping clients seamlessly manage all administrative functions. About the American Bankruptcy Institute The American Bankruptcy Institute is the largest multi-disciplinary, nonpartisan organization dedicated to research and education on matters related to insolvency. ABI provides educational programming, resources, and analysis for attorneys, financial advisors, judges, academics, and restructuring professionals worldwide. [] U.S. Distillery Bankruptcies Surge in 2025 --------------------------------------------- A growing list of U.S. distillery bankruptcies in 2025 is reshaping how restaurants and bars manage liquor programs, supplier relationships and risk exposure. New filings, combined with falling alcohol consumption, shrinking exports and rising inventory pressure, signal a structural shift -- not a short-term disruption. Analysis by OysterLink, a hospitality jobs and market insights platform, shows that these bankruptcies have direct downstream effects on cocktail menus, distributor contracts and guest expectations, forcing operators to rethink how they source, price and position alcohol. A Growing List of Distillery Bankruptcies Several U.S. spirits producers filed for Chapter 11 protection in 2025, including: -- A.M. Scott Distillery (Ohio) -- December 2025 -- Dented Brick Distillery (Utah) -- July 2025 -- Devils River Distillery LLC (Texas) -- May 2025 -- JJ Pfister Distilling Co. (California) -- May 2025 -- House Spirits Distillery LLC (Oregon, Westward Whiskey) -- April 2025 -- Boston Harbor Distillery (Massachusetts) -- March 2025 These filings come as overall U.S. spirits supplier sales slipped from $37.7 billion in 2023 to $37.2 billion in 2024, a 4% decline when adjusted for inflation, according to the Distilled Spirits Council of the United States. Why Distilleries Are Struggling Multiple pressures are converging at once: -- Americans are drinking less. Only 54% of U.S. adults report consuming alcohol, the lowest level Gallup has recorded in nearly 90 years. -- Exports are shrinking. U.S. spirits exports fell 9% year over year, with double-digit declines in American whiskey (-13%), vodka (-14%), brandy (-12%) and cordials (-15%). -- Inventory pressure is rising. American whiskey inventories have tripled since 2012, reaching nearly 1.5 billion proof gallons by the end of 2024. -- Craft spirits are contracting. The number of active U.S. craft distillers fell to 2,282. In contrast, employment in the craft spirits sector declined for the first time since the pandemic, dropping to 28,628 workers, according to the American Craft Spirits Association. Trade tensions and retaliatory tariffs, particularly in Canada, where exports briefly fell 85%, have further reduced international demand, leaving producers exposed to excess supply and tightening cash flow. What This Means for Restaurants and Bars: When a spirits brand collapses, the impact goes far beyond missing bottles on shelves: -- Cocktail menus must be reworked when a default pour disappears -- Distributor contracts may change with little notice -- Guests are increasingly told, "We no longer carry that," which affects brand trust and ordering behavior "A single spirits bankruptcy can disrupt dozens of menu items across a restaurant group, especially when that brand is embedded as a standard pour," said Milos Eric, co-founder and general manager of OysterLink. "Operators who treat liquor sourcing as static are now exposed to unnecessary risk." What Restaurants and Bars Should Do Now 1. Audit menus for brand dependency Start by identifying cocktails, call pours and well spirits that rely on a single brand or distillery. This is especially important for default pours, signature cocktails and high-volume menu items. If a spirits producer halts production or files for bankruptcy, these items are the first to break. Restaurants should test alternative brands in advance and adjust specs so drinks can be swapped without retraining staff, reprinting menus, or changing price points. The goal is menu continuity even if a supplier disappears. 2. Diversify suppliers, not just distributors Many operators assume they are protected because they work with multiple distributors. In reality, different distributors often carry the same vulnerable producers. Bars should map which distilleries sit behind their top-selling SKUs and confirm that backup producers are approved, priced and available. This is particularly critical for house spirits, whiskey pours and craft brands that are exposed to export declines and inventory pressure. True diversification happens at the producer level, not the delivery level. 3. Renegotiate contracts with flexibility clauses Supplier and pouring agreements should account for financial instability in the spirits market. Contracts that lock restaurants into a single producer without substitution clauses increase risk when a brand files for bankruptcy or faces prolonged shipping delays. Operators should revisit terms to allow equivalent replacements without penalties and ensure pricing protections remain in place during transitions. Flexibility clauses can prevent sudden cost spikes and last-minute menu changes. 4. Track category risk, not just pricing Pricing alone no longer tells the full story. Categories like American whiskey and craft spirits are under sustained pressure from falling consumption, declining exports and record-high inventories. Restaurants should balance these with lower-risk or growing segments such as ready-to-drink cocktails, lower-ABV spirits and versatile base liquors that have broader supplier support. Monitoring category-level risk helps operators avoid overexposure to segments most likely to experience future disruptions. The Bigger Signal The spirits industry's struggles mirror broader shifts in consumer behavior toward moderation, health awareness and selective spending. For restaurants, the lesson is clear: Alcohol programs now require the same contingency planning as food supply chains. "This isn't about panic--it's about preparation," Eric added. "Restaurants that adapt their sourcing strategy now will be far better positioned if more suppliers exit the market." About OysterLink OysterLink is a job platform for restaurant and hospitality professionals, reaching over 400,000 monthly visitors. The platform connects talent with opportunities across the U.S., including top-paying bartender jobs in New York City and restaurant manager jobs in New York City. OysterLink also publishes data-driven trend reports, industry insights and interviews with hospitality leaders. To explore more labor market data or post a job, visit www.oysterlink.com. ********* Monday's edition of the TCR delivers a list of indicative prices for bond issues that reportedly trade well below par. Prices are obtained by TCR editors from a variety of outside sources during the prior week we think are reliable. Those sources may not, however, be complete or accurate. The Monday Bond Pricing table is compiled on the Friday prior to publication. Prices reported are not intended to reflect actual trades. Prices for actual trades are probably different. Our objective is to share information, not make markets in publicly traded securities. Nothing in the TCR constitutes an offer or solicitation to buy or sell any security of any kind. 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 2026. 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. The single-user TCR subscription rate is $1,400 for six months or $2,350 for twelve months, delivered via e-mail. Additional e-mail subscriptions for members of the same firm for the term of the initial subscription or balance thereof are $25 each per half-year or $50 annually. For subscription information, contact Peter A. Chapman at 215-945-7000. *** End of Transmission ***