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260114.mbx T R O U B L E D C O M P A N Y R E P O R T E R Wednesday, January 14, 2026, Vol. 30, No. 14 Headlines 1600 E BUTLER: $9.5M Sale to 42 LLC to Fund Plan Payments 18841 QUENCER: Seeks Chapter 7 Bankruptcy in New York AARTI WESTERN: Taps Law Office of Jeremy T. Wood as Counsel ACADIA HEALTHCARE: Moody's Alters Outlook on 'Ba3' CFR to Negative AETIUS COMPANIES: Trustee Taps Ward and Smith as Legal Counsel AFB RESTAURANTS: Unsecureds Will Get 40% of Claims in Plan AIX VENTURES: Employs Fortune International Realty as Broker ALPINE CORP: Seeks to Hire Kogan Law Firm as Legal Counsel APPLE TREE: Employs Quinn Emanuel Urquhart as Co-Counsel APPLE TREE: Hires B. Riley Restructuring Services as CRO APPLE TREE: Hires Wachtell Lipton Rosen & Katz as Special Counsel APPLE TREE: Retains Kurtzman Carson Consultants as Advisor APPLE TREE: Retains Murphy & King as Bankruptcy Co-Counsel APPLE TREE: Seeks to Hire Potter Anderson as Co-Counsel ATARA BIOTHERAPEUTICS: Adjusts Milestone Payments With Pierre Fabre BAUSCH HEALTH: Bausch + Lomb Refinances Outstanding Term B Loans BELDEN INC: Moody's Rates New Senior Subordinated Notes 'Ba3' BELDEN INC: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable BIRD & CRONIN: Seeks Chapter 7 Bankruptcy in Minnesota BOY SCOUTS: SCOTUS Declines to Review $2.46B Abuse Deal Plan BROADBAND INFRASTRUCTURE: U.S. Trustee Unable to Appoint Committee CARPENTER FAMILY: Seeks to Extend Plan Exclusivity to March 11 CCSL BILOXI: Seeks to Hire The Little Law Firm as Counsel CELEBRATION POINTE: Unsecureds to Get Share of Liquidating Trust CENTER CITY HEALTHCARE: Unsecureds Will Get 2.7% to 5.8% in Plan CHAPMAN CBC: Seeks Continued Cash Collateral Access CHC901 LLC: Seeks to Hire Teel & Gay as Legal Counsel CONSCIOUS CONTENT: U.S. Trustee Appoints Creditors' Committee CREATIVE REALITIES: Four Key Proposals Approved at Annual Meeting CTL-AEROSPACE: Court OKs Bid Rules for Asset Sale at Auction D RAIL TRANSPORT: Plan Exclusivity Period Extended to January 25 D WOOD HOTEL: Seeks to Use Cash Collateral DETROIT PIZZA: Seeks Subchapter V Bankruptcy in Michigan DIGITAL MEDIA: Hires RHM LAW LLP as Legal Counsel DYCOM INDUSTRIES: S&P Lowers $500 Million Unsecured Notes to 'BB-' DYNATRONICS CORP: Seeks Chapter 7 Bankruptcy in Minnesota EDWARD MENDES: Seeks Chapter 11 Bankruptcy in Massachusetts ELDER CONTRACTING: Income & Insider Contribution to Fund Plan ELETSON HOLDINGS: NY Court Vacates $102MM Arbitral Award EVANGELINE HOSPITALITY: Unsecureds Will Get 5% of Claims in Plan FAITH FAMILY: Moody's Confirms 'Ba3' Rating on Revenue Bonds FAZELI PROPERTIES: Taps GRE Land & Commercial as Real Estate Agent FIRST BRANDS: Faces $60MM Receivables Sale Lawsuit FOOD52 INC: Seeks to Retain Ordinary Course Professionals FOOD52 INC: U.S. Trustee Appoints Creditors' Committee FOUNDATION REALTY: Seeks Chapter 7 Bankruptcy in Florida FRED HAMILTON: Gets Interim OK to Use Cash Collateral FREE SPEECH: Jones Trustee Gets OK to Transfer $4MM to Receiver FRIDLEY ISD 14: Moody's Lowers Issuer & GOULT Ratings to Ba3 GENESIS HEALTHCARE: Genie 3 Partners Ok'd as Stalking Horse Bidder GRIT PRODUCTIONS: Committee Retains Thompson Coburn LLP as Counsel H-FOOD HOLDINGS: Court Narrows Claims in LOF 3333 Adversary Case HERTZ GLOBAL: Supreme Court Refuses to Hear Ch. 11 Interest Dispute INCREDIBLE ESCAPE: Gets Interim OK to Use Cash Collateral JEAN ANN: James Cross Named Subchapter V Trustee JERRY'S PLACE: Seeks Subchapter V Bankruptcy in Mississippi LUTHERAN HOME: Amends Plan to Include Insured Tort Claims MAXIMILLIAN KOLBE: Hires Law Office of Jeremy T. Wood as Counsel MIDCAP FINCO: Fitch Withdraws 'BB+' LongTerm IDR MOUNTAIN LIFE: A.M. Best Cuts Fin. Strength Rating to B-(Fair) MURPHY OIL: Fitch Rates Proposed Sr. Unsecured Notes 'BB+' NELKIN & NELKIN: Court Tosses Claims Against Two Rivers, et al. NORTH COUNTRY: Employs Gust Rosenfeld as Special Counsel NORTHEASTERN ILLINOIS UNIV: Moody's Raises Issuer Rating from Ba1 OAK GROVE: Gets Interim OK to Use Cash Collateral Until Feb. 10 OAKLAND PHYSICIANS: Subchapter V Trustee's Fee Application Okayed OAKTREE OCALA: Plan Exclusivity Period Extended to January 31 ONE GATEWAY: Section 341(a) Meeting of Creditors on February 6 ORANGE COURIER: Taps J.S. Held as Advisor and Bookkeeper OROVILLE HOSPITAL: Reaches Deal to Tap Funds to Pay Rent in Ch. 11 PETCO HEALTH: Moody's Rates New $850MM First Lien Term Loan 'B3' PETCO HEALTH: S&P Rates Proposed $850 Million Extended Term Loan B PHYSICAL INVESTMENTS: Taps Damon J. Gettier & Associates as Realtor PINE GATE: Court OKs Fundamental Asset Sale to FR Acquisition PINE GATE: Secures OK to Sell Solar Project to Amazon, Fundamental PLEW PROPERTIES: Retains Quinn & Associates as Financial Advisor PLEW PROPERTIES: Seeks to Hire Quinn & Associates as Advisor PRAIRIE EYE: Hires Ophthalmic AR Specialists as Financial Advisor PRAIRIE EYE: Hires Rafool & Bourne as Bankruptcy Counsel PRESLEIGH BRITAN: Seeks to Hire Tim McCoy Law as Legal Counsel PSYCHOSOCIAL BOUTIQUE: Seeks Chapter 7 Bankruptcy in Mississippi QHSLAB INC: Issues 421,827 Shares in Partial Note Conversion QT HAU: To Sell Baltimore Property to NSR LLC for $2.1MM QUALITY FORCE: Seeks Chapter 7 Bankruptcy in Minnesota RECEPTION PURCHASER: S&P Lowers ICR to 'D' on Bankruptcy Filing RED RIVER: Beasley Allen's Role in Talc Cases Raises "Bad Signal" REGISTER MEANT: Gets Interim OK to Use Cash Collateral ROGA PROPERTIES: Employs Law Offices of C.R. Hyde as Counsel S&J DATA: Hires Weinberg Gross & Pergament as Legal Counsel SAND TRAP: Seeks Chapter 7 Bankruptcy in Florida SASH GROUP: Seeks to Use Cash Collateral Until May 30 SCIENTIFIC GAMES: S&P Lowers ICR to 'B-' on Slower Debt Repayment SKYX PLATFORMS: Raises $500K via Sale of Series A-2 Preferred Stock SNO LIFE: Seeks Chapter 7 Bankruptcy in Florida SOH HOLDINGS: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable SOLUSCIENCE LLC: Kevin Neiman Named Subchapter V Trustee STG LOGISTICS: Seeks Chapter 11 Bankruptcy with Over $1B Debt STROOCK & STROOCK: Court Clears Distribution of Excess Client Funds STYX LOGISTICS: Unsecureds to Get 5.4 Cents on Dollar in Plan SUNPOWER CORP: Top Ex-Execs Reaches $11MM Investor Deal Amid Ch.11 TALENIQUE INC: Seeks Chapter 7 Bankruptcy in Massachusetts TATTI VINO: To Sell Liquor License at Auction TECH RABBIT: Unsecureds Will Get 20% of Claims over 36 Months TESTAMATTA LLC: L. Todd Budgen Named Subchapter V Trustee THRILL INTERMEDIATE: 1L Lenders Fail to Dismiss Ch.11 Case TIMBER PROS: July 1 Governmental Claims Bar Date TRACY LEE HURST-CASTL: Court Dismisses Chapter 11 Bankruptcy Case TRICOLOR AUTO: Court Pauses Ex-CEO's Request to Access D&O Policy UNIQUE THIRD: Appointment of Patient Care Ombudsman Necessary UNITED PROPERTY: Court OKs Deal on Cash Collateral Access US MAGNESIUM: Creditors Oppose Sole Shareholder Bid VECTOR WP: S&P Alters Outlook to Negative, Affirms 'B' ICR VILLAGE HOMES: To Sell Fort Worth Property to Kalpit & Nikhil Patel [] Trump to Consider Bankruptcy Fee and Judgeship Expansion Bill ********* 1600 E BUTLER: $9.5M Sale to 42 LLC to Fund Plan Payments --------------------------------------------------------- 1600 E. Butler Ave, LLC filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement in support of Plan of Reorganization dated January 7, 2026. The Debtor is a Delaware limited liability company whose sole member is 1600 E Butler Ave Owner LLC ("Butler Owner") which in turn is owned 60% by Reich Bros 1, LLC and 40% by RC 1600 E Butler LLC. The Debtor's sole assets consist of an approximate 12.71-acre vacant industrial and commercial real property site located at the northwest corner of the intersection of East Butler Avenue and South Babbitt drive in Flagstaff, Arizona (the "Property") and a cash account related to the Property. The Debtor purchased the Property, a former shuttered paper mill, for $3,440,000 in 2019 with the ultimate goal of developing it for mixed retail and industrial use. Shortly after the Debtor purchased the Property, Kohl's Inc., a well-known national department store retailer, approached the Debtor regarding its desire for a prospective "build to suit" (the "Project"). Within a few months of the execution of the SDA, construction costs due to supply chain and other Covid-related issues skyrocketed by over seventy percent over what was originally anticipated and virtually eliminated any economic practicality of continuing the Project. Although the Debtor attempted to remain engaged with Kohl's representatives, Kohl's refused to agree to a consensual termination of the SDA and the Lease. The Debtor's only real alternative at that point was to orchestrate a sale of the Property. After Lyfe notified the Debtor that it was unable to proceed with its purchase, the Debtor immediately initiated new efforts to sell the Property. In mid-October the Debtor began serious negotiations with representatives of the Purchaser, a prominent local developer who will develop the Property for a globally recognized logistics company. On December 1, 2025 (the "42 LLC PSA Effective Date"), the Debtor entered into the 42 LLC PSA for the Purchase Price that is $1,250,000 higher than the sale price to Lyfe. The Plan proposes a sale of the Property to 42, LLC, a Texas limited liability company d/b/a 42 Real Estate, LLC and/or its assigns (the "Purchaser") for the purchase price of $9,500,000 (the "Purchase Price") in cash (the "42 LLC Sale"). The fully executed Purchase and Sale Agreement ("42 LLC PSA") is attached as Exhibit C. The Debtor anticipates the transaction will close in late June of 2026 (the "Closing"). The proceeds of the 42 LLC Sale will be sufficient to pay all Allowed Claims in full and provide a substantial return to the Interest Holder. However, in the event the Closing does not occur by October 27, 2026, the Debtor will initiate a capital call or obtain other financing in an amount sufficient to pay Allowed Unsecured Claims in full plus any accrued interest. Class 3 consists of the Allowed Claims of general unsecured creditors identified herein Article IIC totaling $140,050.08. Allowed Claims in this Class will be each be paid on the earlier of Closing or 30 days after the Termination Date the total amount of their debt plus accrued interest calculated at 10 percent per annum from the Petition Date until payment. The Debtor does not believe that any of the Unsecured Creditors have agreements providing for a rate of interest on any unpaid debt. Therefore, the Debtor relies on Ariz Rev. Stat. 44-1201 that provides for a 10% interest rate when a rate is not specified in writing. Class 4 consists of the Allowed Interest of Butler Owner. Butler Owner will retain its interest and if Closing occurs, it will be paid the proceeds of the 42 LLC Sale after all Allowed Administrative Claims, Allowed Priority Tax Claims, and Classes 1, 2 and 3 have been paid in full. As demonstrated, the Sale will generate sufficient proceeds to pay all Allowed Claims in full and provide a significant distribution to equity. The 42 LLC PSA provides for a commission split of 6 percent to be paid to the Debtor's broker Cushman & Wakefield and the Purchaser's broker Fischer & Company. The 42 LLC PSA allows for a 180-day due diligence period (the "Examination Period") that will expire on May 30, 2026 although the Purchaser has the right to extend with the payment of an extension fee. The Closing is to occur 30 days after the Examination Period which, if there is no extension, would occur on June 29, 2026. The Sale will be free and clear of all Liens, claims and interests with the Allowed Claims of the County and Danley to attach to the proceeds of the Sale and paid at Closing. The Debtor is aware that Go AZ, Yam Properties, and Central AZ Supply each may claim or have claimed an interest in the Property in the past. The Debtor disputes any such claim or claims. The 42 LLC Sale will extinguish any claimed interest in the Property. A full-text copy of the Disclosure Statement dated January 7, 2026 is available at https://urlcurt.com/u?l=iIH8YM from PacerMonitor.com at no charge. Counsel to the Debtor: Carolyn J. Johnsen, Esq. DICKINSON WRIGHT PLLC 1850 North Central Avenue, Suite 1400 Phoenix, Arizona 85004 Phone: (602) 285-5000 Fax: (844) 670-6009 Email: cjjohnsen@dickinsonwright.com Ashley Jericho, Esq. DICKINSON WRIGHT PLLC 2600 W. Big Beaver Road, Suite 300 Troy, Michigan 48084 Phone: (248) 631-2023 Fax: (844) 433-7200 Email: ajericho@dickinsonwright.com About 1600 E. Butler Ave 1600 E. Butler Ave, LLC, a company in Flagstaff, Ariz., filed Chapter 11 petition (Bankr. D. Ariz. Case No. 23-08129) on Nov. 10, 2023, with $8,483,336 in total assets and $6,172,068 in total liabilities. Adam Reich, manager, signed the petition. Judge Paul Sala oversees the case. Carolyn J. Johnsen, Esq., at Dickinson Wright PLLC serves as the Debtor's legal counsel. 18841 QUENCER: Seeks Chapter 7 Bankruptcy in New York ----------------------------------------------------- On January 8, 2026, 18841 Quencer LLC filed for Chapter 7 protection in the Eastern District of New York. According to court filings, the debtor reports between $0–$100,000 in assets, $100,001–$1,000,000 in liabilities, and 1–49 creditors. About 18841 Quencer LLC 18841 Quencer LLC is a single asset real estate company. 18841 Quencer LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40094) on January 8, 2026. In its petition, the debtor reported estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The bankruptcy case is handled by the Honorable Judge Nancy Hershey Lord. AARTI WESTERN: Taps Law Office of Jeremy T. Wood as Counsel ----------------------------------------------------------- Aarti Western LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to hire Jeremy T. Wood of the Law Office of Jeremy T. Wood, PLLC to serve as bankruptcy counsel. Mr. Wood will provide these services: (a) advise the Debtor with respect to its powers and duties as a debtor-in-possession; (b) prepare and file all necessary pleadings, motions, applications, and other legal documents; (c) represent the Debtor in cash collateral and DIP financing matters; (d) prepare and prosecute a plan of reorganization and disclosure statement; (e) commence and prosecute any adversary proceedings or contested matters as necessary; (f) assist with general estate administration and compliance with court orders; (g) negotiate with creditors and address claim objections; (h) ensure compliance with monthly operating report requirements and other statutory obligations; (i) represent the Debtor at all hearings and proceedings before the Court; and (j) perform all other legal services necessary for the Debtor to fulfill its duties under the Bankruptcy Code. Mr. Wood will receive an hourly rate of $350. The Debtor paid a $5,000 initial retainer, and the Chapter 11 filing fee of $1,738 was paid separately. The Law Office of Jeremy T. Wood, PLLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Jeremy T. Wood, Esq. LAW OFFICE OF JEREMY T. WOOD, PLLC 2950 North Loop West, Suite 500 Houston, TX 77092 Telephone: (713) 366-1288 Facsimile: (281) 954-3277 E-mail: Jeremy@jeremywoodlaw.com About AARTI Western AARTI Western is a single asset real estate company. AARTI Western sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-37297) on December 2, 2025. In its petition, the Debtor reports estimated assets between $10 million and $50 million and estimated liabilities between $1 million and $10 million. The Honorable Bankruptcy Judge Eduardo V. Rodriguez handles the case. ACADIA HEALTHCARE: Moody's Alters Outlook on 'Ba3' CFR to Negative ------------------------------------------------------------------ Moody's Ratings affirmed the ratings of Acadia Healthcare Company, Inc. ("Acadia"), including its Corporate Family Rating at Ba3 and Probability of Default Rating at Ba3-PD. Moody's also affirmed Acadia's senior unsecured ratings at B1. There is no change to Acadia's Speculative Grade Liquidity Rating at SGL-2. Moody's revised the outlook to negative from stable. The revision of outlook to negative reflects Moody's expectations that the company's credit metrics will remain weak for the rating category and that leverage will remain elevated for the next 12-18 months. Moody's expects debt to EBITDA to remain around 4.5x in the next 12-18 months. The high financial leverage is primarily driven by rising legal expenses and softness in volumes attributable to a change in referral patterns among managed Medicaid plans and heightened payor scrutiny around authorizations. Social risk considerations are material in this rating action as responsible production and customer relations have impacted Acadia's performance. The company remains susceptible to government investigations and patient-related litigation which have impacted volumes and patient referrals. RATINGS RATIONALE Acadia's Ba3 CFR is supported by its large scale and good business and geographic diversity within the domestic behavioral healthcare industry. Acadia benefits from the attractive industry fundamentals including growing demand for services. The rating is constrained by Acadia's reliance on government reimbursement from Medicare and Medicaid and risks associated with the rapid pace of growth through acquisitions and opening of new facilities and expanding existing facilities. The rating is also pressured by higher spend on legal expenses and softness in volumes related to the referral patterns affected by payor scrutiny around authorizations. Moody's expects debt to EBITDA to remain around 4.5x in the next 12-18 months. The Speculative Grade Liquidity Rating, SGL-2, considers Moody's expectations that Acadia will generate negative free cash flow in 2025 due to its heightened capital investment in its operations and costs related to government investigations and legal fees. Moody's expects that Acadia will be able to return to positive free cash flow in 2026 as it reduces its capital expenditures and costs for independent consultants related to the investigations decline. Acadia has about $210 drawn on its revolving credit facility. As of September 30, 2025, Acadia had about $119 million of cash and availability of about $787 million under its $1 billion revolving credit facility. The company has no near-term debt maturities, with its revolving credit facility set to expire in February 2030. Acadia has a good mix of fixed to variable debt. The senior unsecured notes are rated B1, or one notch below the CFR. The senior unsecured notes provide first loss absorption for the senior secured classes in the event of a default. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS The ratings could be downgraded if debt to EBITDA is expected to be sustained above 4.0 times, or if Moody's do not expect Acadia to produce consistently positive free cash flow. Adverse reimbursement developments could also result in a ratings downgrade. Moody's could also downgrade the ratings if Acadia resumes more aggressive financial policies with respect to the use of leverage for acquisitions or shareholder returns. The ratings could be upgraded if the company reduces and sustains debt/EBITDA below 3.0 times while generating substantially higher levels of free cash flow and balancing expansion opportunities and acquisitions with debt reduction. Reduced reliance on Medicaid would also support an upgrade. Acadia is a provider of behavioral health care services. Acadia provides psychiatric and chemical dependency services to its patients in a variety of settings, including inpatient psychiatric hospitals, residential treatment centers, outpatient clinics and therapeutic school based programs. Acadia operates behavioral health facilities spanning across the US and Puerto Rico. As of September 30, 2025, Acadia generated LTM revenue of approximately $3.3 billion. 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. AETIUS COMPANIES: Trustee Taps Ward and Smith as Legal Counsel -------------------------------------------------------------- Cole Hayes, Liquidating Trustee of Aetius Companies, LLC, et al., seeks approval from the U.S. Bankruptcy Court for the Western District of North Carolina to retain Ward and Smith, P.A. as litigation counsel. Ward and Smith will provide these services: (a) represent the Liquidating Trustee as litigation counsel solely with respect to preference, claw back, and avoidance actions and claims acquired by or assigned to the Liquidating Trust; (b) perform all legal services requested by the Liquidating Trustee and reasonably necessary to efficiently and expeditiously maximize recoveries for the Bankruptcy Estates; and (c) conduct litigation-related services, including document review, within the approved scope of engagement. The firm's agreed discounted hourly rates are: Senior Attorneys at $450; Junior Attorneys at $250 to $350; Paralegals at $150 to $225; and Vicki Spillane, Paralegal and Data Management Specialist, at $205. According to court filings, Ward and Smith is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code and holds no actual conflict of interest under 11 U.S.C. Sec. 327(c). The firm can be reached at: Paul A. Fanning, Esq. WARD AND SMITH, P.A. 120 West Fire Tower Road Winterville, NC 28590 About Aetius Companies, LLC Aetius Companies, LLC and affiliates operate a restaurant chain. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. N.C. Lead Case No. 23-30470) on July 19, 2023. In the petition signed by Mark Cote, president, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Laura T. Beyer oversees the case. Robert A. Cox, Jr., Esq., at Hamilton Stephens Steele + Martin, PLLC, represents the Debtor as legal counsel. Judge Craig Whitley, upon recommendation of the U.S. Bankruptcy Administrator for the Western District of North Carolina, issued an order appointing an official committee to represent unsecured creditors in the Chapter 11 cases of Aetius Companies, LLC and its affiliates. Brinkman Law Group, P.C. as counsel, and Cole Hayes, Esq. as local counsel. AFB RESTAURANTS: Unsecureds Will Get 40% of Claims in Plan ---------------------------------------------------------- AFB Restaurants, Inc. submitted a Third Amended Plan of Reorganization for Small Business dated January 7, 2026. The Debtor's financial projections show that the Debtor will have projected disposable income of $590,800. The final Plan payment is expected to be paid on January 15, 2031, which is anticipated to be 60 months after the effective date. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations and from indemnity payments from AFBM Restaurants, Inc. Non-priority unsecured creditors holding allowed claims will receive distributions, which the proponent of this Plan has valued at approximately 40 cents on the dollar, consistent with the liquidation analysis and projected disposable income. This Plan also provides for the payment of administrative and priority claims. Class 3.1 consists of non-priority unsecured claims allowed under Section 502 of the Code: Total $115,656.44, consisting of: (1) $64 Non Priority Portion of FTB Filed Claim ($64); (2) $300 Non-Priority Portion of IRS Filed Claim; (3) $27,011.12 NonPriority Portion of CDTFA Filed Claim; (4) Parafin Filed Claim ($36,459.32); Rewards Network Scheduled Claim ($10,000); and (5) American Express Scheduled Claim ($31,822). Non-priority unsecured non shareholder creditors will receive 40% of their Claim. Beginning no later than Month 45 of the Plan, monthly payments totaling at least $3,084 will be paid pro rata to the non-priority unsecured creditors in Class 3.1 until 40% of each claim is paid. Unsecured Creditor Parafin has voted in favor of this treatment. Class 3.1 is impaired. Class 3.2 consists of non-priority unsecured Claim of Abdullah Taleb ($560,000 Shareholder Loan). Beginning no later than Month 45 of the Plan, Class 3.2 will be paid $1,415 through month 60. In addition, Class 3.2 shall receive: (1) any amounts remaining in the Disputed Claim Reserve after month 45; and (2) any net recovery against Ferass Abughaban and/or AFBM after payments to other classes are completed, specifically, Classes 1 and 3.1. The plan will be implemented as required under Section 1123(a)(5) of the Code. It will be funded by cashflow from the operations of Debtor's operation of Manakish Oven & Grill in Walnut Creek, California. Debtor may also seek to fund the Plan through the operations of Manakish Grill in San Jose, California. A full-text copy of the Third Amended Plan dated January 7, 2026 is available at https://urlcurt.com/u?l=vgYJP1 from PacerMonitor.com at no charge. Attorney for the Debtor: John Gregory Downing, Esq. Downing Law Offices, P.C. 2021 The Alameda, Suite 200 San Jose, CA 95126 Tel: (408) 564-7020 Email: john@downinglaw.com About AFB Restaurants AFB Restaurants Inc., doing business as Manakash Oven & Grill, is a celebrated Walnut Creek restaurant. AFB Restaurants Inc. sought relief under Subchapter V Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 24-41235) on August 16, 2024. In the petition filed by Ferass Nabil bughan, as CEO, the Debtor reported total assets of $32,470 and total liabilities of $1,103,058. The Debtor is represented by John G. Downing, Esq. of DOWNING LAW OFFICES, P.C. AIX VENTURES: Employs Fortune International Realty as Broker ------------------------------------------------------------ AIX Ventures LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Florida to employ Doug Kinsley, Realtor-Associate, of Fortune International Realty, to serve as real estate broker for the debtor. Mr. Kinsley will provide these services: (a) advertise and market the property; (b) show the property; and (c) attract the highest and best bidder either as a stalking horse for auction or for a private sale. According to court filings, neither the Broker nor the firm represent any interest adverse to the debtor or the estate, and the proposed Broker is disinterested as required by 11 U.S.C. Sec. 327(a). The Broker can be reached at: Doug Kinsley FORTUNE INTERNATIONAL REALTY 260 Crandon Blvd., Suite 25 Key Biscayne, FL 33149 Mobile: (305) 215-5900 E-mail: doug@fir.com About AIX Ventures LLC AIX Ventures LLC operates as an investment-focused company involved in venture development and portfolio management. AIX Ventures LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10001) on January 1, 2026. In its petition, the Debtor reports estimated assets between $1 million and $10 million and estimated liabilities in the same range. Honorable Bankruptcy Judge Robert A. Mark handles the case. The Debtor is represented by Joel M. Aresty, Esq. of Joel M. Aresty, P.A. ALPINE CORP: Seeks to Hire Kogan Law Firm as Legal Counsel ---------------------------------------------------------- Alpine Corporation seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire Kogan Law Firm, APC to serve as bankruptcy counsel. The firm will provide these services: (a) advise the Debtor regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; (b) advise the Debtor with respect to its rights, powers, duties and obligations as a debtor-in-possession in the administration of this case, the management of its business affairs and the management of its properties or other assets; (c) advise and assist the Debtor with respect to compliance with the requirements of the United States Trustee; (d) represent the Debtor in any proceedings or hearings in the Bankruptcy Court or before the United States Trustee; (e) prepare and file pleadings, applications, motions and other papers and conduct examinations incidental to administration of the Chapter 11 case; (f) advise and assist the debtor-in-possession in the negotiation, formulation, presentation, confirmation and implementation of a chapter 11 plan of reorganization and any and all matters relating thereto; and (g) perform any and all other legal services as requested by the Debtor in connection with this Chapter 11 case. Kogan Law Firm, APC received a retainer from the Debtor in the total amount of $75,000, of which $40,000 was applied to prepetition fees, leaving $35,000 as an advance against fees in this bankruptcy case. Michael S. Kogan's billing rate is $700 per hour, and the associate billing rate is $400 per hour. According to court filings, Kogan Law Firm, APC does not represent any entity having an adverse interest to the Debtor and does not have any connection with the Debtor, debtor in possession, creditors of the estate, or any other party in interest. The firm can be reached at: Michael S. Kogan, Esq. KOGAN LAW FIRM, APC 11500 W. Olympic Blvd., Suite 400 Los Angeles, CA 90064 Telephone: (310) 954-1690 E-mail: mkogan@koganlawfirm.com About Alpine Corporation Alpine Corporation, founded in 1999 and based in California, designs, imports, and distributes home, garden, and holiday products, offering a range that includes outdoor lighting, fountains, planters, garden decor, seasonal items, and innovative new products such as Bluetooth speakers. The Company operates an in-house design team known for producing decorative and functional pieces, and maintains a global sourcing operation to ensure quality, competitive pricing, and timely delivery. Alpine serves both retail stores and online customers through its platform, positioning itself in the home and garden products industry. Alpine Corporation sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Cal. Case No. 2:26-bk-10067-NB) on January 5, 2026. At the time of the filing, the Debtor had estimated assets of $10,000,001 to $50 million and estimated liabilities of $10,000,001 to $50 million. Honorable Judge Neil W. Bason oversees the case. Kogan Law Firm, APC is the Debtor's proposed legal counsel. APPLE TREE: Employs Quinn Emanuel Urquhart as Co-Counsel -------------------------------------------------------- Apple Tree Life Sciences, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Quinn Emanuel Urquhart & Sullivan, LLP to serve as their co-counsel. Quinn Emanuel will provide these services: (a) provide the Debtors with legal advice and representation with respect to restructuring and litigation matters in these Chapter 11 Cases; (b) coordinate with other restructuring professionals to avoid duplication of services; (c) assist the Debtors in prosecuting the Chapter 11 Cases effectively and efficiently; and (d) comply with the requests for information and additional disclosures as set forth in the US Trustee Guidelines. Quinn Emanuel will receive hourly rates for attorneys ranging from $885 to $2,290 in 2025, and $905 to $2,565 effective January 1, 2026, and paraprofessionals from $585 to $760 in 2025, and $655 to $850 effective January 1, 2026. The firm will provide a 10% discount on all fees throughout the life of the engagement. Quinn Emanuel is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to paragraph D, section 1 of the Revised U.S. Trustee Guidelines, Quinn Emanuel responds to the questions set forth therein as follows: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Yes. Quinn Emanuel and the Debtors have agreed to retain Quinn Emanuel at the same hourly rates that they billed the Debtors pre-petition, including a 10% discount on all fees throughout the life of the engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: 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 post-petition, explain the difference and the reasons for the difference. Answer: Quinn Emanuel was first retained by the Debtors in August 2024. The hourly rates billed pre-petition are the same as those billed in December 2025. Rates are scheduled to increase on January 1, 2026. Question: Has your client approved your prospective budget and staffing plan, and, if so, for what budget period? Answer: Quinn Emanuel will soon develop a budget and staffing plan. Quinn Emanuel is proposed to serve as co-counsel for the Debtors with Potter Anderson & Corroon LLP and Murphy & King PC and will coordinate responsibilities to avoid duplication of efforts. The firm can be reached at: Andrew M. Berdon, Esq. Patricia B. Tomasco, Esq. Rachel E. Epstein, Esq. Alain Jaquet, Esq. Rachel Harrington, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 295 5th Avenue, 9th Floor New York, NY 10016 Telephone: (212) 849-7000 Facsimile: (212) 849-7100 Email: andrewberdon@quinnemanuel.com pattytomasco@quinnemanuel.com rachelepstein@quinnemanuel.com alainjaquet@quinnemanuel.com rachelharrington@quinnemanuel.com - and - Eric D. Winston, Esq. Razmig Izakelian, Esq. Benjamin Roth, Esq. QUINN EMANUEL URQUHART & SULLIVAN, LLP 865 S. Figueroa Street, 10th Floor Los Angeles, CA 90017 Telephone: (213) 443-3000 Facsimile: (213) 443-3100 Email: ericwinston@quinnemanuel.com razmigizakelian@quinnemanuel.com benroth@quinnemanuel.com About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. APPLE TREE: Hires B. Riley Restructuring Services as CRO -------------------------------------------------------- Apple Tree Life Sciences, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire B. Riley Restructuring Services, LLC designating Perry M. Mandarino as the CRO and appointing an additional staff. The firm will provide these services: (a) oversee, advise, and recommend decisions to the Debtors with respect to strategy; (b) provide weekly and other Cash Flow Forecasts; (c) analyze and acquire DIP financing, including negotiation and documentation, if applicable; (d) evaluate the Debtors' business plan and related forecasts required in connection with the restructuring process; (e) assist the Debtors in preparing for and filing bankruptcy petitions, coordinating administrative support, and developing (i) a disclosure statement and plan of reorganization, (ii) a liquidation analysis, (iii) statements of financial affairs and schedules of assets and liabilities, (iv) claims analyses, and (v) monthly operating reports; (f) render testimony as requested; (g) review and analyze, from a financial perspective, the general business, operations, financial condition, and prospects of the Debtors; (h) formulate and review with the Debtors a strategic plan involving a restructuring transaction and DIP financing, including timelines and milestones; (i) assist the Debtors in the preparation of documentation required to support their plan of reorganization; (j) assist the Debtors with other schedules, analyses, and communications related to a restructuring transaction; (k) participate under the Debtors' direction in negotiations regarding a restructuring transaction; and (l) assist the Debtors with other mutually agreeable matters as requested. Mr. Perry M. Mandarino will receive an hourly rate of $1,050. Additional staff hourly rates are: Managing Director/Senior Managing Director $1,000-$1,050; Vice President/Director $750-$950; Analyst/Associate $450-$650; and Intern $225. B. Riley 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: Perry M. Mandarino B. Riley Restructuring Services, LLC 11100 Santa Monica Blvd., Suite 800 Los Angeles, CA 90025 Telephone: (310) 966-1444 Website: www.brileysecurities.com About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. APPLE TREE: Hires Wachtell Lipton Rosen & Katz as Special Counsel ----------------------------------------------------------------- Apple Tree Life Sciences, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to retain Wachtell, Lipton, Rosen & Katz as special counsel, effective as of the December 9, 2025 petition date. The firm will provide these services: (a) represent the Debtors in connection with certain corporate, financing, structuring, restructuring and strategic matters that may arise during these Chapter 11 cases; (b) advise the Debtors on matters for which the firm has particular expertise or historical familiarity with the Debtors' affairs; (c) assist with corporate aspects of the restructuring plan to be effectuated through these proceedings; and (d) provide legal services that are complementary to, and not duplicative of, the services provided by the Debtors' general bankruptcy counsel and other retained professionals. Wachtell, Lipton, Rosen & Katz will be compensated on an hourly basis in accordance with its standard billing practices. The current hourly rates range from $2,350 to $2,800 for partners, $1,450 to $2,800 for of counsel and counsel, $975 to $1,800 for associates, and $495 to $715 for paralegals. According to court filings, Wachtell, Lipton, Rosen & Katz does not represent or hold any interest adverse to the Debtors or their estates with respect to the matters on which it is to be employed and is disinterested with respect to the engagement. The firm can be reached at: Mark Gordon, Esq. WACHTELL, LIPTON, ROSEN & KATZ 51 West 52nd Street New York, NY 10019 Telephone: (212) 403-1000 Facsimile: (212) 403-2000 About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. APPLE TREE: Retains Kurtzman Carson Consultants as Advisor ---------------------------------------------------------- Apple Tree Life Sciences, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to hire Kurtzman Carson Consultants, LLC dba Verita Global to serve as Administrative Advisor. Verita Global will provide these services: (a) assisting with, among other things, the preparation of the Debtors' schedules of assets and liabilities, schedules of executory contracts and unexpired leases, and statements of financial affairs; (b) assisting with, among other things, solicitation, balloting, tabulation and calculation of votes, as well as preparing any appropriate reports required in furtherance of confirmation of any chapter 11 plan; (c) generating an official ballot certification and testifying, if necessary, in support of the ballot tabulation results for any Chapter 11 plan(s) in the Chapter 11 Cases; (d) generating, providing and assisting with claims objections, exhibits, claims reconciliation, and related matters; and (e) providing such other claims processing, noticing, solicitation, balloting, and administrative services. Verita agrees to submit its invoices to the Company monthly and the Company agrees that the amount invoiced is due and payable upon the Company's receipt of the invoice. Verita's invoices will contain reasonably detailed descriptions of charges for both hourly (fees) and non-hourly (expenses) case specific charges. Where total invoice amounts are expected to exceed $10,000 in any single month and Verita reasonably believes it will not be paid, Verita may require advance payment from the Company due and payable upon demand and prior to the performance of services hereunder. If any amount is unpaid as of 30 days from the receipt of the invoice, the Company further agrees to pay a late charge, calculated as two and one-half percent of the total amount unpaid every 30 days. Kurtzman Carson Consultants, LLC dba Verita Global 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: Evan Gershbein Kurtzman Carson Consultants, LLC dba Verita Global 222 N. Pacific Coast Highway, 3rd Floor El Segundo, CA 90245 Telephone: (310) 823-9000 E-mail: dfoster@veritaglobal.com About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. APPLE TREE: Retains Murphy & King as Bankruptcy Co-Counsel ---------------------------------------------------------- Apple Tree Life Sciences, Inc. and its affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to retain Murphy & King, Professional Corporation as bankruptcy co-counsel, effective as of the December 9, 2025 petition date. The firm will provide these services: (a) advising the Portfolio Debtors as to their rights, powers, and duties as debtors-in-possession under chapter 11 of the Bankruptcy Code, preparing documents and pleadings on behalf of the Portfolio Debtors as necessary; (b) assisting with the Portfolio Debtors' negotiations with key constituents, including affiliates, as well as prosecution of actions on the Portfolio Debtors' behalf, defense of actions commenced against the Portfolio Debtors and preparation of objections to claims; (c) assisting the Portfolio Debtors in connection with any plan, strategic sale transactions or foreclosure proceedings, or out of court recapitalization or financial restructuring; (d) taking all necessary actions to protect and preserve the Portfolio Debtors' estates during these Chapter 11 Cases; and (e) performing such other legal services for the Debtors that are necessary and proper in these proceedings as requested by the Debtors. Murphy & King proposes to render its postpetition services on an hourly fee basis in accordance with its customary rates. The current standard hourly rates are $725 to $795 for shareholders, $360 to $450 for associates, and $295 for paraprofessionals. Murphy & King is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. Pursuant to Part D.1 of the U.S. Trustee Guidelines for larger Chapter 11 cases, Murphy & King provides the following disclosures: Question: Did you agree to any variations from, or alternatives to, your standard or customary billing arrangements for this engagement? Answer: Murphy & King has not agreed to a variation of its standard or customary billing arrangement for this engagement. Question: Do any of the professionals included in this engagement vary their rate based on the geographic location of the bankruptcy case? Answer: None of Murphy & King's professionals included in this engagement have varied their rate based on the geographic location of these Chapter 11 Cases. Question: If you represented the client prepetition, disclose your billing rates and material financial terms and whether they have changed post-petition. Answer: The billing rates and material terms of the representation prior to the December 9, 2025 petition date are the same as the rates and terms described in the application, except for normal and customary billing rate adjustments that took effect on January 1, 2026. Question: Has your client approved your prospective budget and staffing plan? Answer: The Debtors and Murphy & King expect to develop a prospective budget and staffing plan for the post-petition period, which may be amended as necessary in accordance with the U.S. Trustee Guidelines. The firm can be reached at: Murphy & King, Professional Corporation 28 State Street, Suite 3101 Boston, MA 02109 About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. APPLE TREE: Seeks to Hire Potter Anderson as Co-Counsel ------------------------------------------------------- Apple Tree Life Sciences, Inc. and affiliates seek approval from the U.S. Bankruptcy Court for the District of Delaware to retain Potter Anderson & Corroon LLP as co-counsel. Potter Anderson will provide these services: (a) taking all necessary action to protect and preserve the estates of the Debtors; (b) providing legal advice with respect to the Debtors' powers and duties as debtor in possession as the Debtors move forward with the Chapter 11 Cases; (c) negotiating, preparing, and pursuing a plan and disclosure statement of the Debtors and the approval of the same; (d) preparing, on behalf of the Debtors, as debtor-in-possession, necessary motions, applications, answers, orders, pleadings, reports, and other legal papers in connection with the continued administration of the Debtors' estates; (e) appearing in Court on behalf of the Debtors; (f) assisting with any disposition of the Debtors' assets, by sale or otherwise; and (g) performing all other legal services in connection with the Chapter 11 Cases as may reasonably be required. The firm's current standard hourly rates range from $890 to $1,100 for partners, $850 for counsel, $515 to $590 for associates, and $405 for paraprofessionals. Prior to the Petition Date, Potter Anderson received a $100,000 payment from the Debtors. According to court filings, Potter Anderson is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. Pursuant to Part D.1 of the United States Trustee Guidelines, Potter Anderson disclosed the following: –-Potter Anderson has not agreed to a variation of its standard or customary billing arrangement for this engagement; –-none of Potter Anderson's professionals included in this engagement have varied their rate based on the geographic location of these Chapter 11 Cases; –-the billing rates and material terms of the representation prior to the Petition Date are the same as those described post-petition; and –-the Debtors and Potter Anderson expect to develop a prospective budget and staffing plan for the post-petition period, which may be amended as necessary. The firm can be reached at: L. Katherine Good, Esq. Brett M. Haywood, Esq. Shannon A. Forshay, Esq. Ethan H. Sulik, Esq. POTTER ANDERSON & CORROON LLP 1313 N. Market Street, 6th Floor Wilmington, DE 19801 Telephone: (302) 984-6000 Facsimile: (302) 658-1192 E-mail: kgood@potteranderson.com bhaywood@potteranderson.com sforshay@potteranderson.com esulik@potteranderson.com About Apple Tree Life Sciences Apple Tree Life Sciences, Inc., legally known as Apple Tree Life Sciences, Inc., is a life sciences venture capital firm that forms and invests in healthcare and biotechnology companies from early-stage concepts through public market offerings. The firm provides flexible capital and works with venture partners and entrepreneurs-in-residence to develop research-driven enterprises in the therapeutics sector. Its activities span company creation at stages ranging from pre-intellectual-property ideas to asset spinouts. Apple Tree Life Sciences, Inc. and affiliates sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Lead Case No. 25-12177) on December 9, 2025. In its petition, Apple Tree Life Sciences reports estimated liabilities between $1 billion and $10 billion estimated liabilities between $100,000 and $500,000. Honorable Bankruptcy Judge Laurie Selber Silverstein handles the cases. The Debtors tapped Potter Anderson & Corroon LLP and Quinn Emanuel Urquhart & Sullivan, LLP as counsel; B. Riley as financial and restructuring advisor; and Walkers as Cayman law counsel. Kurtzman Carson Consultants, LLC, doing business as Verita Global, is the Debtors' claims and noticing agent. ATARA BIOTHERAPEUTICS: Adjusts Milestone Payments With Pierre Fabre ------------------------------------------------------------------- Atara Biotherapeutics, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it entered into the Fourth Amendment to the Amended and Restated Commercialization Agreement dated October 31, 2023, with Pierre Fabre Medicament. Under the terms of the Amendment, the Company has agreed to reduce the aggregate amount of potential milestone payments payable by Pierre Fabre to the Company upon achieving certain regulatory milestones relating to the approval by the FDA of a BLA for tab-cel from $40 million to $31 million for the right to receive an additional $15 million potential milestone payment from Pierre Fabre to the Company upon achieving a certain commercial milestone. A full text copy of the Amendment is available at https://tinyurl.com/2879mt5z About Atara Biotherapeutics Atara Biotherapeutics, Inc. -- atarabio.com -- is a biotechnology Company focused on developing off-the-shelf cell therapies that harness the power of the immune system to treat difficult-to-treat cancers and autoimmune conditions. With cutting-edge science and differentiated approach, Atara is the first Company in the world to receive regulatory approval of an allogeneic T-cell immunotherapy. The Company's advanced and versatile T-cell platform does not require T-cell receptor or HLA gene editing and forms the basis of a diverse portfolio of investigational therapies that target EBV, the root cause of certain diseases, in addition to next-generation AlloCAR-Ts designed for best-in-class opportunities across a broad range of hematological malignancies and B-cell driven autoimmune diseases. Atara is headquartered in Southern California. San Francisco, Calif.-based Deloitte & Touche LLP, the Company's auditor since 2013, issued a "going concern" qualification in its report dated March 7, 2025, attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing that the Company's recurring losses from operations raises substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $30.2 million in total assets, $66.8 million in total liabilities, and $36.6 million in total stockholders' deficit. BAUSCH HEALTH: Bausch + Lomb Refinances Outstanding Term B Loans ---------------------------------------------------------------- Bausch Health Companies Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that Bausch + Lomb Corporation, a subsidiary of the Company, entered into a Fourth Amendment to the Credit and Guaranty Agreement, dated as of May 10, 2022 (as amended by the First Incremental Amendment, dated as of September 29, 2023, by the Second Incremental Amendment, dated as of November 1, 2024, by the Third Amendment, dated as of June 26, 2025, and as further amended, restated, supplemented or otherwise modified, refinanced or replaced from time to time, the "Credit Agreement"), by and among Bausch + Lomb, certain its subsidiaries as subsidiary guarantors, the lenders and other persons party thereto, and JPMorgan Chase Bank, N.A., as administrative agent, collateral agent, swingline lender and an issuing bank. The Fourth Amendment provides for a new $2,802,125,000 tranche of term loans maturing in 2031, the proceeds of which were used to refinance all of Bausch + Lomb's outstanding term B loans due 2031 and term B loans due 2028. The amortization rate for the Replacement Term Loans is 1.00% per annum and the first installment shall be payable on June 30, 2026. Pursuant to the Fourth Amendment, the applicable margin is: (i) 3.75% per annum for Replacement Term Loans with an interest rate determined by reference to term SOFR and (ii) 2.75% per annum for Replacement Term Loans with an interest rate determined by reference to the alternate base rate. The margin applicable to the Replacement Term Loans represents a 0.50% per annum reduction from the applicable margin that applied to the Third Amendment Term Loans and a 0.25% per annum reduction from the applicable margin that applied to the First Incremental Term Loans. The Replacement Term Loans will mature on January 15, 2031, which is the same maturity date that applied to the Third Amendment Term Loans and which represents an effective maturity extension of the First Incremental Term Loans from September 29, 2028. A full text copy of the Fourth Amendment is available at https://tinyurl.com/zra59av2 About Bausch Health Companies Inc. Bausch Health Companies Inc. develops drugs for unmet medical needs in central nervous system disorders, eye health, and gastrointestinal diseases, as well as contact lenses, intraocular lenses, ophthalmic surgical equipment, and aesthetic devices. As of September 30, 2025, the Company had $26.82 billion in total assets, $26.47 billion in total liabilities, and $356 million in total equity. The Company had an accumulated deficit of $9.56 billion as of September 30, 2025. * * * In May 2025, Fitch Ratings has affirmed and withdrawn Bausch Health Companies Inc.'s (BHC) and Bausch Health Americas, Inc.'s (BHA) Company Default Ratings (IDRs) at 'CCC+'. Prior to the withdrawal, the ratings remained in the 'CCC' category reflecting the long-term refinancing risk, non-zero risk of a distressed debt exchange for later maturities, and a weakening balance sheet when XIFAXAN revenues decline and if BHC separates Bausch + Lomb Corporation. Fitch has also affirmed and withdrawn the instrument ratings including the first lien debt issued by 1261229 B.C. Ltd and BHC at 'B' with a Recovery Rating of 'RR2', the second lien debt (issued by BHC) at 'CCC-'/'RR6' and the unsecured notes (issued by BHC and BHA) at 'CC'/'RR6'. BELDEN INC: Moody's Rates New Senior Subordinated Notes 'Ba3' ------------------------------------------------------------- Moody's Ratings assigned a Ba3 rating to Belden Inc.'s (Belden) proposed senior subordinated note. Belden's existing ratings including the Ba2 corporate family rating, Ba2-PD probability of default rating, Ba3 senior subordinate rating and stable outlook are unchanged. The speculative grade liquidity rating of SGL-1 is also unchanged. The net proceeds of the new euro note and cash on hand will be used to repay the existing euro note due in 2027. The transaction is leverage neutral with leverage remaining at 3.2x as of Q3 2025, including Moody's standard adjustments. Moody's expects Belden to continue to benefit from positive trends within the automated solutions division driven by higher levels of investment in manufacturing and infrastructure from its customer base, offset by more tepid growth in the smart infrastructure solutions division. Belden is likely to maintain a balanced financial policy and maintain a strong liquidity position. RATINGS RATIONALE The Ba2 CFR reflects Belden's good position within segments of the enterprise and industrial cabling, connectivity, and networking product markets, which enable the company to produce healthy operating margins and free cash flow. The company's strategy to become a leading solutions provider has helped Belden strengthen customer relationships and led to additional sales opportunities. Leverage is moderate (3.2x as of Q3 2025, including Moody's standard adjustments) and has declined significantly over the past several years (6.8x leverage in 2020) driven by higher EBITDA and debt repayment. Leverage is slightly above the company's target net debt leverage ratio of 1.5x (at about 2.0x as of Q3 2025 as calculated by the company). Moody's expects financial policy will be focused on reducing net leverage from free cash flow (FCF) and EBITDA growth. While the company is not directly exposed to data center spending, Moody's expects Belden will benefit as AI enhanced automation expands within the manufacturing industry. The strong credit profile is tempered by the potential for additional modest sized acquisitions and sensitivity to cyclical economic conditions, including inventory destocking by distributors and original equipment manufacturers. Some of Belden's acquisitions have been funded with cash, but other acquisitions have been paid in part with debt that led to temporary increases in leverage. Acquisitions increase integration risk, but also enhance growth, diversify operations, support higher margin business lines, and increase scale. Belden will also continue to invest in additional organic opportunities to drive growth. The SGL-1 rating reflects Belden's strong liquidity based on a cash balance of $314 million as of Q3 2025, access to a undrawn $400 million ABL revolving credit facility due July 2030 ($10 million in L/Cs outstanding). The revolver is periodically drawn for modest amounts to manage peak working capital needs but is quickly repaid. Free cash flow was $206 million LTM Q3 2025 after $8 million in dividends and Moody's expects FCF will increase towards $220 million in 2026. Belden spent $207 million in share buybacks as of LTM Q3 2025, and Moody's expects a meaningful portion of FCF to continue to be directed to stock repurchases. Capex was $155 million LTM Q3 2025 and is likely to remain in this range in 2026. The ABL revolver is subjected to a springing fixed charge coverage ratio covenant of 1x, triggered when availability is less than the greater of 10% of the aggregate borrowing base and $27,000,000. For the next twelve to eighteen months, Moody's projects the company will remain in compliance with ample headroom under its covenant compliance calculation. The stable outlook accommodates a wide range of economic conditions, including a moderate level of acquisition activity. Positive trends from manufacturing (including onshoring and AI related investments in automation), and infrastructure investments will support operating performance. Moody's expects organic revenue growth in the mid single digits to lead to a decline in leverage to the 3x range in 2026, absent future debt funded acquisitions or significant disruptions to global trade. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Belden's rating could be upgraded if the company increases its scale and leverage is sustained in the low 3x range through most economic cycles with positive organic revenue growth. A strong liquidity profile with high cash balances, good revolver availability and free cash flow as a percentage of debt well above 10% would also be required. A stable supply chain environment would also be needed. Belden's rating could be downgraded if leverage was expected to exceed 4.5x on a sustained basis due to negative economic conditions, market share losses, or leveraging transactions. A significant deterioration in the liquidity position could also lead to negative rating pressure. Headquartered in St. Louis, Missouri, Belden Inc. is a leading designer and manufacturer of connectivity and signal transmission products for the global network communication and specialty electronic marketplaces. The company is organized with two global businesses that include smart infrastructure solutions and automation solutions. Manufacturing capabilities are located in North America, Europe, Asia, and Africa. Belden generated revenues of about $2.7 billion LTM Q3 2025. The principal methodology used in this rating was Manufacturing published in September 2025. BELDEN INC: S&P Affirms 'BB' Issuer Credit Rating, Outlook Stable ----------------------------------------------------------------- S&P Global Ratings affirmed its 'BB' issuer credit rating and 'BB-' issue-level ratings on Belden Inc.'s notes due in 2028 and 2031, based on an unchanged '5' recovery rating. S&P also assigned a 'BB-' rating to the proposed pari passu notes, based on the same '5' recovery rating. S&P said, "The stable outlook considers our expectation of mid-single-digit percent revenue growth and modest earnings margin improvement over the next 12-24 months, supported by increasing digitization and automation, demand for greater connectivity, and increasing solutions-focused revenue. We expect healthy free operating cash flow (FOCF) of over $250 million annually and relatively low leverage that provides cushion for opportunistic mergers and acquisitions (M&A)." Belden Inc. is raising new senior subordinated notes due in 2033 to redeem its outstanding 3.375% notes due in 2027. S&P views the debt-for-debt transaction as largely credit neutral. S&P said, "We view the proposed refinancing as largely credit neutral. Belden is raising EUR450 million (about $528 million) in senior subordinated notes due in 2033 to exchange its outstanding 3.375% notes due in 2027 ($528.3 million outstanding at the end of the third quarter of 2025). Since the transaction is debt-for-debt, it does not materially affect our adjusted debt forecast for 2026. We note, however, regular changes in currency conversion rates may lead to fluctuations from our current base case. We project about $1.29 billion in reported debt and $954 million in S&P Global Ratings-adjusted debt at the end of 2026. The transaction extends the maturity of Belden's capital structure, increasing the weighted average maturity to roughly 4.9 years from 2.4 years. Belden's next debt maturity will be in 2028. "Belden will likely incur higher financing costs because the interest rate environment was more favorable when the existing notes were issued in 2017. However, we don't expect this will substantially affect FOCF. We project FOCF will remain healthy and above $250 million annually, demonstrating decent conversion of about 50% (calculated as adjusted FOCF to adjusted EBITDA) in 2026. "Our 'BB' rating balances some business-related headwinds with good growth prospects over time. Belden's exposure to hardware and cyclical cable and telecommunications end markets, as well as its modest scale and diversity, increase earnings volatility in demand weakness. We expect the gradual recovery in Belden's key end markets will support mid-single-digit percent revenue growth and modest margin expansion over the next 12-18 months. Belden returned to sequential quarter-over-quarter revenue improvement in the third quarter of 2024 as key geographies started to recover from industrywide customer inventory destocking and ordering normalized. Belden has also been consistently exceeding its published quarterly revenue guidance. On its third-quarter 2025 earnings call, management highlighted indicators of improving growth, namely in quarter 4% year-over-year organic revenue increases and a healthy 1x book-to-bill ratio; recent solutions-enabled wins; and reinforced its outlook for solid performance. This is driven by increasing digitization and automation, demand for greater connectivity, and support from a strengthened market backdrop. We expect ordering momentum to extend into 2026, primarily led by continued strength in the Automation Solutions segment's discrete manufacturing end market. We also expect ramping up demand for broadband infrastructure products, on the heels of recent Broadband Equity, Access, And Deployment (BEAD) Program approvals, to also moderately lift sales. "Belden's earnings margins have remained resilient despite copper and tariff headwinds as the company has successfully passed through incremental costs to customers. (Management stated the impact is not very extensive, a combined 30-40 basis points.) Belden's margins have strengthened by approximately 80 basis points for the rolling 12 months ended Sept. 28, 2025, to 18.1% over the same prior-year period. We expect additional margin improvement to stem from the execution of its updated strategy that aims to provide end-to-end customer solutions and allows for new customer touchpoints and visibility. We assume similar year-over-year earnings margin improvement in 2026. "Belden's low leverage provides cushion for opportunistic M&A. Since peaking at 4.7x in 2020, leverage has hovered near 2x, broadly coinciding with the company's long-term target of 1.5x (about 1.8x on an S&P Global Ratings adjusted basis, using 2026 as a proxy). We project S&P Global Ratings-adjusted debt to EBITDA of 1.8x in 2026 and 1.4x in 2027, barring major currency fluctuations, debt paydown, and debt raises to finance M&A. While we expect adjusted leverage will likely improve below our upside trigger over the next 12-24 months, we believe it is not sufficiently low to absorb M&A and business volatility. We also believe M&A capital allocation priorities may prevent sustained deleveraging. We expect management will seek bolt-on opportunities that close technology gaps and advance capabilities, support IT and operational technology convergence, and/or develop software capabilities. "The stable outlook on Belden reflects our expectation of relatively low leverage of about 1.8x in 2026, supported by a meaningful cash balance (forecast to increase to about $480 million from $314 million at the end of the third quarter of 2025) that provides nearly a turn of cushion. It also considers our expectation for steady end-market recovery and favorable long-term demand from higher spending on automation, 5G, broadband, and other connectivity products that contribute to mid-single-digit percent organic revenue growth and healthy FOCF of over $250 million." S&P could lower its rating on Belden if: -- Revenue expansion and operating performance are significantly weaker than expected due to a deteriorating macroeconomic environment and/or reduced industrial capital spending; or -- Management adopts a more aggressive financial policy such that S&P expects leverage to be maintained above 4x even accounting for large-scale share repurchases, debt-funded acquisitions, and demand cyclicality. S&P could raise its rating on Belden if it believes the company will sustain S&P Global Ratings-adjusted leverage below 2x and FOCF to debt above 25% while achieving its acquisition and shareholder return goals. BIRD & CRONIN: Seeks Chapter 7 Bankruptcy in Minnesota ------------------------------------------------------ On January 09, 2026, Bird & Cronin, LLC, filed for Chapter 7 protection in the District of Minnesota Bankruptcy Court. Court records show the Debtor owes between $1 million and $10 million to 50–99 creditors. About Bird & Cronin, LLC Bird & Cronin, LLC is a limited liability company. Bird & Cronin, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30077) on January 09, 2026. Its petition lists estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Mychal A. Bruggeman presides over the case. The Debtor is represented by Robert J. Haupt, Esq. of Haupt Law PC. BOY SCOUTS: SCOTUS Declines to Review $2.46B Abuse Deal Plan ------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that the U.S. Supreme Court on Monday, January 5, 2026, declined to hear an appeal challenging the Boy Scouts of America's bankruptcy plan and $2.46 billion child sex abuse settlement, unlocking funds reserved for survivor payments. The denial brings long-sought finality to one of the largest abuse settlements in U.S. history. The appeal was brought by 75 former scouts from Guam who sought to undo the nearly three-year-old Chapter 11 plan that covers roughly 82,000 abuse claimants. By refusing to take the case, the high court left the plan in place. As a result, about $1.65 billion in insurance settlement proceeds can now be released from escrow to bolster distributions to survivors. Those funds represent a major portion of the total compensation package, according to report. The decision leaves standing a May ruling by the Third Circuit approving the plan, even though the Supreme Court in 2024 barred bankrupt companies from forcing third parties to release claims. The appeals court said the Boy Scouts agreement was insulated from attack because it had already been confirmed and implemented, the report cites. Although the plan took effect in April 2023 with support from 85% of voting claimants, a minority continued to object to provisions shielding local councils and sponsors from future lawsuits. The case is Lujan Claimants v. Boy Scouts of America, U.S., No. 25-490, according to Bloomberg Law. About Boy Scouts of America The Boy Scouts of America -- https://www.scouting.org/ -- is a federally chartered non-profit corporation under title 36 of the United States Code. Founded in 1910 and chartered by an act of Congress in 1916, the BSA's mission is to train youth in responsible citizenship, character development, and self-reliance through participation in a wide range of outdoor activities, educational programs, and, at older age levels, career-oriented programs in partnership with community organizations. Its national headquarters is located in Irving, Texas. The Boy Scouts of America and affiliate Delaware BSA, LLC, sought Chapter 11 protection (Bankr. D. Del. Lead Case No. 20-10343) on Feb. 18, 2020, to deal with sexual abuse claims. Boy Scouts of America was estimated to have $1 billion to $10 billion in assets and at least $500 million in liabilities as of the bankruptcy filing. The Debtors have tapped Sidley Austin LLP as their bankruptcy counsel, Morris, Nichols, Arsht & Tunnell LLP as Delaware counsel, and Alvarez & Marsal North America, LLC, as financial advisor. Omni Agent Solutions is the claims agent. The U.S. Trustee for Region 3 appointed a tort claimants' committee and an unsecured creditors' committee on March 5, 2020. The tort claimants' committee is represented by Pachulski Stang Ziehl & Jones, LLP, while the unsecured creditors' committee is represented by Kramer Levin Naftalis & Frankel, LLP. The Debtors obtained confirmation of their Third Modified Fifth Amended Chapter 11 Plan of Reorganization (with Technical Modifications) on September 8, 2022. The Order was affirmed on March 28, 2023. The Plan was declared effective on April 19, 2023. The Hon. Barbara J. House (Ret.) has been appointed as trustee of the BSA Settlement Trust. BROADBAND INFRASTRUCTURE: U.S. Trustee Unable to Appoint Committee ------------------------------------------------------------------ The U.S. Trustee for Region 4 disclosed in a court filing that no official committee of unsecured creditors has been appointed in the Chapter 11 case of Broadband Infrastructure, Inc. About Broadband Infrastructure Inc. Broadband Infrastructure, Inc. provides turnkey telecommunications infrastructure solutions for inside and outside plant projects across the eastern United States, offering services including fiber optic splicing and terminations, structured cabling, security and access control, 5G, DAS and Small Cell, long-haul, and overbuild fiber construction. It serves industrial, commercial, education, government, and healthcare markets, working alongside general and electrical contractors to deliver integrated network solutions. Managed by industry veterans with over 100 years of combined experience, Broadband Infrastructure designs, builds, and activates networks that connect end users through service providers. Broadband Infrastructure sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. S.C. Case No. 25-04610) on November 21, 2025, listing up to $10 million in both assets and liabilities. Braddock Cunningham, president of Broadband Infrastructure, signed the petition. Judge Helen E. Burris oversees the case. Robert Pohl, Esq., at Pohl Bankruptcy, LLC, represents the Debtor as legal counsel. CARPENTER FAMILY: Seeks to Extend Plan Exclusivity to March 11 -------------------------------------------------------------- Carpenter Family Farms, LLC and affiliates asked the U.S. Bankruptcy Court for the Southern District of Indiana to extend their exclusivity periods to file a plan of reorganization to March 11, 2026. The Debtors explain that they are working toward liquidating some of their assets. Once those assets are sold, the Debtors will be able to propose a plan of reorganization together with a disclosure statement. The Debtors claim that the interests of all parties are best served by allowing the companies an extension of time for the exclusivity period so as to be able to submit a feasible plan of reorganization. The Debtors believe that they need an additional sixty days authorized by Section 1121 of the Bankruptcy Code, or to and including March 11, 2026, to make the necessary changes to their business operations to submit a disclosure statement and plan of reorganization. Carpenter Family Farms, LLC is represented by: Jeffrey M. Hester, Esq. Allman Kight Hester LLC One Indiana Square, Suite 1330 Indianapolis, IN 46204 (317) 833-3030 Fax: (317) 833-3031 Email: jhester@akhlaw.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. CCSL BILOXI: Seeks to Hire The Little Law Firm as Counsel --------------------------------------------------------- CCSL Biloxi, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Mississippi to employ The Little Law Firm, PLLC to serve as legal counsel. The firm will provide these services: (a) advise and consult with the Debtor concerning questions arising in the conduct and administration of the estate and concerning the Debtor's rights and remedies with regard to the estate's assets and claims of secured, preferred, and unsecured creditors and other parties in interest; and (b) assist in the preparation of pleadings, motions, notices, and orders required for the orderly administration of the estate. The hourly billing rate of the Little Law Firm, PLLC for cases of this complexity is $300. According to court filings, the firm has experience in bankruptcy and debtor-creditor matters and is qualified to render the requested services. The firm's employment is subject to the Bankruptcy Code requirements governing disinterestedness. The firm can be reached at: W. Jarrett Little, Esq. THE LITTLE LAW FIRM, PLLC 2505 14th Street, Suite 212 Gulfport, MS 39501 Telephone: (228) 867-6050 E-mail: jarrett@thelittlelaw.com About CCSL Biloxi, LLC CCSL Biloxi, LLC, based in Gulfport, Mississippi, provides commercial laundry and linen services, primarily serving hotels and casinos in the Gulf Coast region. The Company manages a fleet of vehicles for transporting laundered goods and maintains facilities for washing, drying, and handling linens. CCSL Biloxi, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Miss. Case No. 25-51843-KMS). At the time of the filing, the Debtor had estimated assets of $1,000,001 to $10 million and estimated liabilities of $1,000,001 to $10 million. Honorable Judge Katharine M. Samson oversees the case. The Little Law Firm, PLLC serves as the Debtor's legal counsel. CELEBRATION POINTE: Unsecureds to Get Share of Liquidating Trust ---------------------------------------------------------------- Celebration Pointe Holdings, LLC and its affiliates filed with the U.S. Bankruptcy Court for the Northern District of Florida a Disclosure Statement describing Joint Plan of Liquidation dated January 7, 2026. The Debtors manage, own, or participate in a large mixed-use development project in Gainesville, Florida, known as Celebration Pointe (the "Project"). The Project is comprised of over 2,000,000 SF of retail, restaurant, office, and residential development. As regular development activities were able to recommence after the pandemic, the Debtors were hit with a series of interest rate increases under which prime rate almost tripled, which coincided with unprecedented inflation surges. While most of the Project's lenders cooperatively worked with the Debtors on reaching forbearance or alternative payment arrangements, some integral lenders refused to negotiate in good faith and even attempted to extract commercially unreasonable terms from the Debtors. The Debtors have actively pursued avenues for debt restructuring and stakeholder negotiations; however, despite these efforts to restructure debts and negotiate with lenders, certain lenders were unwilling to restructure and indicated a desire to liquidate the Project. For the protection of all creditors and interest holders, the Debtors determined that it was in the best interests of all parties to seek reorganization through chapter 11. After initial phase of the Chapter 11, Debtors engaged in negotiations with lenders and Ms. Shively in respect of a plan of reorganization under which Ms. Shively would become the 99% owner of all entities and, in return, contribute significant funds at confirmation and be responsible for future operating shortfalls until the Project became self-sustaining. The Plan provides for payment of Allowed Secured Claims in Classes 1 through 29, through either the liquidation of real estate which is ultimately controlled by Debtors or from recoveries by the Liquidating Trust. In return for releases set forth herein, the Allowed Unsecured Claims of Insiders in Class 31 shall not receive any distribution under the Plan. Allowed General Unsecured Claims in Class 30 shall be entitled to a pro rata distribution from the Liquidating Trust. In addition, the Plan further provides that the respective Holders of Allowed Administrative Claims and Holders of Allowed Priority Claims will be paid in full on the Effective Date from the Shively Contribution. Holders of Allowed Priority Tax Claims will be paid from the Shively Contribution. The Allowed Interests in Class 32 will be extinguished. The Plan is premised on the Shively Contribution. Through the Shively Contribution: (a) mortgage holders will receive some satisfaction of deficiency claims; (b) the Liquidating Trust will be vested with funds to pursue Causes of Action; and (c) Ms. Shively will waive substantial Claims and interests. Without the Shively Contributions, the Debtors would be forced to file a motion to dismiss the case and much of the community would likely go dark resulting in substantially lower distributions and significant job losses. Class 30 consists of all Allowed General Unsecured Claims against the Debtors in an approximate amount of $100,000,000.00. In full satisfaction of the Allowed Class 30 Claims, each Holder of such Claims shall become a beneficiary of the Liquidating Trust. Allowed Class 30 Claims shall be paid in Cash by the Liquidating Trustee from the liquidation of assets of the Debtors or Extraordinary Income derived from the sources. Due to the uncertainties surrounding the recovery of Extraordinary Income in terms of both the amount ultimately recovered and the time required to cover such amount, it is not possible to project exactly either the aggregate amount of such payments or when they will be received by Holders of Allowed Claims. Based on the information developed by the CRO to date, however, it is believed that the Extraordinary Income recovery process will take several years to complete. To date, the CRO has identified several potential litigation targets and the CRO continues to review documents and transactions anticipating additional targets. The CRO has sent 2004 request to certain potential targets and is also in discussion to employ special litigation counsel in respect of actions against financial institutions or insurance related suits. The Liquidating Trustee will continue its investigation and pursue all parties except the Related Parties, who received improper transfers and seek claims against any officers, directors, owners, or professional who directly, or indirectly, contributed to the claims and losses. In addition to, and potentially in connection with, the recovery of Extraordinary Income through litigation and attendant settlements, the Liquidating Trustee will also attempt to generate Extraordinary Income through the liquidation, through sale or otherwise, of the existing unencumbered assets of the Debtor. It is not anticipated the sale of assets will provide a material recovery. Payments to Holders of Allowed Class 30 Claims shall be made from time to time in Cash by the Liquidating Trustee. There shall not be any fixed intervals or payment dates for such Payments; instead, such Payments shall be made by the Liquidating Trustee anytime: (i) the estate has at least $1,500,000 in cash; and (ii) at least $1,000,000 can be distributed. Funds generated from operations through the Effective Date will be used for Plan Payments; however, the Debtors cash on hand as of Confirmation will be available for payment of Administrative Expenses. The Plan provides for the creation of the Liquidating Trust, responsible for the recovery of Extraordinary Income for the benefit of unsecured creditors with Allowed Unsecured Claims. The Liquidating Trust will be vested with all the estate and have a maximum life of five years unless extended pursuant to court order. The Liquidating Trust will also own 100% of the equity of Debtors and will determine how and when to terminate the existence of Debtor. A full-text copy of the Disclosure Statement dated January 7, 2026 is available at https://urlcurt.com/u?l=bvj3ep from PacerMonitor.com at no charge. Counsel for the Debtors: R. Scott Shuker, Esq. Mariane L. Dorris, Esq. Lauren L. Stricker, Esq. Shuker & Dorris, P.A. 121 S. Orange Avenue, Suite 1120 Telephone: (407) 337-2060 Facsimile: (407) 337-2050 E-mail: rshuker@shukerdorris.com About Celebration Pointe Holdings Celebration Pointe Holdings, LLC and its affiliates filed voluntary petitions for relief under Chapter 11 of the Bankruptcy Code (Bankr. N.D. Fla. Lead Case No. 24-10056) on Mar. 14, 2024. The case is jointly administered in Case No. 24-10056. In the petitions signed by Svein H. Dyrkolbotn, manager, the Debtors disclosed $100 million to $500 million in both assets and liabilities. The Debtors tapped R. Scott Shuker, Esq., at Shuker & Dorris, PA as bankruptcy counsel and Latham, Luna, Eden & Beaudine, LLP as special counsel. CENTER CITY HEALTHCARE: Unsecureds Will Get 2.7% to 5.8% in Plan ---------------------------------------------------------------- Center City Healthcare, LLC, and affiliates, and the Official Committee of Unsecured Creditors submitted a Second Amended Disclosure Statement relating to the Joint Second Amended Plan of Liquidation dated January 7, 2026. In the present case, because there is only one Class of Impaired Claims, a rejection of the Plan by such Class would prevent the Plan from satisfying the requirements for confirmation. With the Stalking Horse Bids in hand to set a floor for the Real Estate, the Debtors believed that a public marketing process will permit the Debtors to finalize the sale of the Real Estate on an expeditious timeframe and in a manner that maximizes value. As a result, on May 7, 2025, the Debtors filed the Debtors' Motion for Entry of (I) an Order (A) Scheduling a Hearing to Consider Approval of the Sale of Certain Real Estate, (B) Approving Bidding Procedures and the Form and Manner of Notice Thereof, (C) Approving Bid Protections, and (D) Granting Related Relief; and (II) an Order (A) Approving the Sale of Certain Real Estate, Free and Clear of Certain Liens, Claims and Encumbrances, and (B) Granting Related Relief (with respect to the relief sought in the Motion for approval of the Bidding Procedures, the "N/S Tower and Race Street Bid Procedures and Sale Motion") pursuant to which the Debtors sought approval of certain bidding procedures in connection with the sale of the North and South Towers and the Race Street Assemblage, approval of the proposed bid protections for Dwight, and authority to sell the North and South Tower and Race Street Assemblage to Dwight or a higher and better bidder, free and clear of all liens claims and encumbrances. An order granting the N/S Tower and Race Street Bid Procedures and Sale Motion was entered on July 30, 2025. The bid deadline in connection with the N/S Towers and Race Street Assemblage Sale was September 12, 2025. No additional bids (qualified or otherwise) were received by the bid deadline. On September 22, 2025, the Court entered an order approving the N/S Towers and Race Street Assemblage Sale. Closing on the N/S Towers and Race Street Assemblage Sale occurred on December 3, 2025. Class 2 consists of General Unsecured Claims. The allowed unsecured claims total $191 million to $199 million. This Class will receive a distribution of 2.7% to 5.8% of their allowed claims. Subject to Article III(B): * On the Initial Distribution Date, if a Class 2 General Unsecured Claim is Allowed at least thirty days prior to the Initial Distribution Date, the Holder of such Allowed Claim shall receive, from the Debtors’ Distribution Account, Cash equal to (i) the amount of its Allowed Class 2 General Unsecured Claim, as applicable, multiplied by (ii) the Initial Distribution Percentage. * On each Subsequent Distribution Date, if a Class 2 General Unsecured Claim is Allowed at least thirty days prior to such Subsequent Distribution Date, the Holder of such Allowed Claim shall receive, from the Debtors' Distribution Account (i) a Catch Up Distribution, if applicable, and (ii) Cash equal to (a) the amount of its Allowed Class 2 General Unsecured Claim, as applicable, multiplied by (b) the then-current Interim Distribution Percentage. * On the Final Distribution Date, each Holder of an Allowed Class 2 General Unsecured Claim shall receive, from the Debtors' Distribution Account (i) a Catch-Up Distribution, if applicable, and (ii) Cash equal to (a) the amount of its Allowed Class 2 General Unsecured Claim, as applicable, multiplied by (b) the Final Distribution Percentage. * Until Holders of Allowed General Unsecured Claims other than the Tenet/Conifer Subordinated Claim receive, in the aggregate, the lesser of (i) $25 million or (ii) 50% of the amount of their Allowed General Unsecured Claims (the "Tenet/Conifer Subordinated Recovery Threshold"), (A) the Tenet/Conifer Subordinated Claim shall not be considered in calculating the Initial Distribution Percentage, any Subsequent Distribution Percentage or the Final Distribution Percentage and (B) no distribution shall be made on account of the Tenet/Conifer Subordinated Claim. If and to the extent the Tenet/Conifer Subordinated Recovery Threshold is reached, the Tenet/Conifer Subordinated Claim shall be included in the calculation of any Subsequent Distribution Percentage and the Final Distribution Percentage, as applicable, and shall be entitled to receive Distributions (including any Catch-Up Distributions to the extent exceeding the Tenet/Conifer Subordinated Recovery Threshold except to the extent that including such Catch-Up Distributions is inconsistent with the provisions of the Tenet/Conifer Settlement) under the Plan as a Class 2 General Unsecured Claim for any amounts exceeding the Tenet/Conifer Subordinated Recovery Threshold. For the avoidance of doubt, the Tenet/Conifer Subordinated Claim shall not be entitled to any Catch-Up Distribution relating to amounts up to the Tenet/Conifer Subordinated Threshold, but shall be entitled to receive (a) pro rata distributions for any amounts distributed above the Tenet/Conifer Subordinated Recovery Threshold, and (b) after all other Allowed Class 2 General Unsecured Claims have been paid in full, payment in full from Cash remaining in the Debtors' Distribution Account, if any. The Plan provides that pursuant to section 1123 of the Bankruptcy Code and Bankruptcy Rule 9019, the Plan incorporates a compromise and settlement of numerous inter-Debtor issues. The Plan is designed to achieve an economic settlement of Claims against the Debtors and an efficient, just and equitable resolution of these Chapter 11 Cases. This global settlement constitutes a settlement of a number of potential litigation issues, including issues regarding substantive consolidation between and among the Debtors, the validity and enforceability of Intercompany Claims, the allocation of borrowings (and use of such borrowings) from the DIP Agent and from the Debtors' pre-Petition Date lenders, and the allocation of expenses and sale proceeds among the Debtors' Estates. The Plan provides notwithstanding anything to the contrary set forth therein, any Real Estate not sold prior to the Effective Date shall be managed, marketed, and sold in accordance with Schedule 3(b) of the MOU. For the avoidance of doubt, the net proceeds of any sale of Real Estate shall be distributed in the manner set forth in Schedule 3(b) to the MOU. The Plan provides that on and after the Effective Date, without further approval of the Bankruptcy Court, the Debtors' Representative will, in accordance with the Plan but subject to Schedule 3(b) of the MOU with respect to the Real Estate, liquidate the remaining property of the Debtors (the "Remaining Assets"), including without limitation all Causes of Action, the HPP Assets and the Real Estate, and in connection therewith, may use, sell, assign, transfer, abandon or otherwise dispose of at a public or private sale any of the Remaining Assets for the purpose of liquidating or converting such assets to Cash; provided, however, that nothing in the Plan restricts the right of the Debtors' Representative to seek Bankruptcy Court approval for the sale, assignment, transfer or other disposal of the Remaining Assets after the Effective Date. A full-text copy of the Second Amended Disclosure Statement dated January 7, 2026 is available at https://urlcurt.com/u?l=Sjl3oZ from Omni Management Group, Inc., claims agent. Attorneys for the Debtors: Mark Minuti Monique B. DiSabatino SAUL EWING ARNSTEIN & LEHR LLP 1201 North Market Street, Suite 2300 P.O. Box 1266 Wilmington, DE 19899 Telephone: (302) 421-6800 Facsimile: (302) 421-5873 E-mail: mark.minuti@saul.com monique.disabatino@saul.com - and - Jeffrey C. Hampton Adam H. Isenberg 1500 Market Street, 38th Floor Philadelphia, PA 19102 Telephone: (215) 972-7777 Facsimile: (215) 972-7725 E-mail: jeffrey.hampton@saul.com adam.isenberg@saul.com Attorneys for the Official Committee of Unsecured Creditors: Andrew H. Sherman, Esq. Boris Mankovetskiy, Esq. Sills Cummis & Gross P.C. One Riverfront Plaza Newark, NJ 07102 Telephone: (973) 643-6982 Email: asherman@sillscummis.com bmankovetskiy@sillscummis.com -and- Thomas M. Horan, Esq. Fox Rothschild LLP 919 North Market Street, Suite 300 Wilmington, DE 19801 Tel: 302-480-9412 Fax: 302-656-8920 Email: thoran@foxrothschild.com About Center City Healthcare, LLC d/b/a Hahnemann University Hospital Center City Healthcare, LLC is a Delaware limited liability company that operates Hahnemann University Hospital. Its parent company is Philadelphia Academic Health System, LLC, which is also the parent company of St. Christopher's Healthcare, LLC and its affiliated physician groups. Center City Healthcare and its affiliates sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Del. Lead Case No. 19-11466) on June 30, 2019. At the time of the filing, the Debtors listed $100 million to $500 million in both assets and liabilities. Judge Kevin Gross oversees the cases. The Debtors tapped Saul Ewing Arnstein & Lehr LLP as legal counsel; EisnerAmper LLP as restructuring advisor; SSG Advisors, LLC as investment banker; and Omni Management Group, Inc. as claims and noticing agent. CHAPMAN CBC: Seeks Continued Cash Collateral Access --------------------------------------------------- Chapman CBC, LLC asks the U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, for authority to continue using cash collateral and provide adequate protection. The Debtor filed for bankruptcy on May 13, 2025, after experiencing an industry-wide slowdown and entering into unsustainable prepetition merchant cash advance agreements. Despite these challenges, the Debtor continues to operate as a family-owned, community-focused brewery with a taproom and regional distribution network across Southern California, Northern California, and Oregon. The Debtor seeks interim and final authority to use cash collateral, which consists of cash and post-petition revenues, subject to Kapitus' security interest. It proposes a detailed 90-day operating budget reflecting ordinary and necessary expenses required to preserve the business as a going concern, with permission to deviate from budgeted amounts by up to 15 percent on a cumulative and line-item basis without further court approval. The Debtor outlines its history of cash collateral arrangements with Kapitus, including two prior court-approved stipulations covering periods through October 31, 2025, and February 1, 2026. To continue operations beyond that date, the Debtor seeks authority either to enter into a new stipulation with Kapitus or, if Kapitus does not consent, to use cash collateral subject to court-imposed adequate protection. Proposed adequate protection includes replacement liens on cash collateral with the same priority as prepetition liens and monthly payments of $1,000 to Kapitus. A hearing on the matter is set for January 27 at 2:30 p.m. A copy of the motion is available at https://urlcurt.com/u?l=h99Ey6 from PacerMonitor.com. About Chapman CBC Chapman CBC, LLC, a California-based craft brewery, sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Calif. Case No. 25-11286) on May 14, 2025, listing up to $1 million in assets and up to $10 million in liabilities. Wil Dee, president of Chapman CBC, signed the petition. Judge Mark D. Houle oversees the case. Gregory K. Jones, Esq., at Stradling Yocca Carlson & Rauth, LLP, represents the Debtor as legal counsel. CHC901 LLC: Seeks to Hire Teel & Gay as Legal Counsel ----------------------------------------------------- CHC901, LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Tennessee to hire C. Jerome Teel, Jr. of Teel & Gay, P.L.C. to serve as legal counsel. Mr. Teel will provide these services: (a) consult with the Debtor-in-Possession relative to the duties; the preparation and filing of the statement of affairs, schedules and executory contracts (b) assist in the formulation of the Debtor's plan, and (c) perform all other legal services for the Debtor(s)-in-Possession which may be necessary or appropriate in the case According to the application, the normal hourly billing rate of C. Jerome Teel, Jr. is $350 per hour for attorney time and $55 per hour for administrative assistant working time under his supervision and control. The normal hourly attorney's rate for associate attorneys is $200 per hour. Court filings state that Mr. Teel does not represent any interest adverse to the Debtor, the Debtor-in-Possession, or the estate, does not hold an adverse interest, and is a disinterested party within the meaning of the Bankruptcy Code. The firm can be reached at: C. Jerome Teel, Jr., Esq. TEEL & GAY, P.L.C. 79 Stonebridge Blvd., Suite B Jackson, TN 38305 Telephone: (731) 424-3315 Facsimile: (731) 424-3501 E-mail: bankruptcy@tennesseefirm.com About CHC901, LLC CHC901, LLC, based in Memphis, provides medical and non-medical transportation services, including ambulance transport with advanced life support, basic life support, critical care on the ground, dialysis, event medical support, wheelchair and stretcher transport, and ambulatory assistance. CHC901, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. W.D. Tenn. Case No. 26-20114) on January 7, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Honorable Judge Denise E. Barnett oversees the case. Teel & Gay, P.L.C. is Debtor's legal counsel. CONSCIOUS CONTENT: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------------- The U.S. Trustee for Region 3 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Conscious Content Media, Inc. The committee members are: 1. Stella Ma, stellakwma@gmail.com 2. Solomon Liou 106 W 32nd Street, Suite 182 New York, NY 10001 liouventures@gmail.com 3. Grant Hosford 2361 Rosecrans Ave, No. 348 El Segundo, CA 90245 ccmbeginbk@google.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 Content Media Inc. Conscious Content Media Inc. is an education technology company focused on teaching children coding and digital skills. The company develops interactive learning platforms and curriculum for students as young as three, combining technology with educational content to enhance early childhood learning. Content Media sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-12231) on December 17, 2025. In its petition, the Debtor reported between $100 million and $500 million in assets and liabilities. Honorable Bankruptcy Judge Brendan Linehan Shannon handles the case. The Debtor tapped Bayard P.A. and Reitler, Kailas & Rosenblatt, LLP as legal counsel. Stretto, Inc. is the claims and noticing agent and administrative advisor. CREATIVE REALITIES: Four Key Proposals Approved at Annual Meeting ----------------------------------------------------------------- Creative Realities, Inc. held its annual meeting of shareholders. As of November 26, 2025, the record date for the Annual Meeting, 10,518,932 shares of Common Stock of the Company and 30,000 shares of Series A Preferred Stock of the Company were issued and outstanding. Each share of Common Stock entitled its holder to cast one vote. The holders of Preferred Stock are entitled to vote as a single class with the holders of Common Stock, on an as converted to Common Stock basis, equaling 2,102,734 shares of Common Stock, subject to certain voting and conversion restrictions. The items voted on at the Annual Meeting and the results of such voting are: Proposal 1: The Company's shareholders reelected its six directors to serve on the Board of Directors of the Company. The shareholders present in person or by proxy cast the following number of votes in connection with the election of directors, resulting in the reelection of all six nominees: 1. David Bell * Votes For: 5,598,914 * Votes Withheld: 31,076 * Broker Non-Votes: 2,372,907 2. Thomas B. Ellis * Votes For: 5,611,037 * Votes Withheld: 18,953 * Broker Non-Votes: 2,372,907 3. Donald A. Harris * Votes For: 5,610,982 * Votes Withheld: 19,008 * Broker Non-Votes: 2,372,907 4. Daniel McGrath * Votes For: 5,411,673 * Votes Withheld: 218,317 * Broker Non-Votes: 2,372,907 5. Richard Mills * Votes For: 5,349,411 * Votes Withheld: 280,579 * Broker Non-Votes: 2,372,907 6. Stephen Nesbit * Votes For: 5,549,471 * Votes Withheld: 80,519 * Broker Non-Votes: 2,372,907 Proposal 2: The Company's shareholders ratified the engagement of Grant Thornton LLP as the Company's independent registered public accounting firm for the fiscal year ending December 31, 2025. * There were 7,978,511 votes cast for the proposal * 17,160 votes cast against the proposal * 7,226 votes abstained, and there were no broker non-votes Proposal 3: The Company's shareholders ratified the compensation of the Company's executive officers. * There were 5,451,493 votes cast for the proposal * 111,453 votes cast against the proposal * 67,044 votes abstained * there were 2,372,907 broker non-votes Proposal 4: The Company's shareholders ratified the issuance of Common Stock upon conversion of shares of Preferred Stock issued and sold to affiliates of North Run Capital, LP in excess of the existing "Beneficial Ownership Limitation" and the "Exchange Cap" limitation provided for in the Certificate of Designations, Preferences and Rights of Series A Convertible Preferred Stock, and the approval of the corresponding change of control under Nasdaq rules. As previously disclosed, on October 15, 2025, Creative Realities entered into a Securities Purchase Agreement with North Run Strategic Opportunities Fund I, LP and NR-SOF I (Co-Invest I), LP, pursuant to which the Company agreed to provide the Lead Investor with continuing director designation rights based on the Lead Investor and its affiliates' beneficial ownership of Company common stock on an as-converted basis, subject to certain limitations. The Lead Investor previously designated, and the Board of Directors of the Company appointed, Michael Bosco and Thomas Ellis to the Board effective November 6, 2025. Following such appointments, Nasdaq advised the Company that it considered the Lead Investor's rights to appoint directors representing 20% or more of the Board's voting power to be a "change of control" under Nasdaq Rule 5635(b). In order to maintain compliance with such rule, Mr. Bosco resigned as a director effective as of November 19, 2025, the Company reduced the size of the Board to six directors, and the Buyers agreed not to exercise their right to designate a second director for appointment or nomination to the Board unless and until the Company's shareholders approve the "change of control" as a result of the transactions contemplated by the Securities Purchase Agreement in accordance with Nasdaq Listing Rule 5635(b). The Company obtained the Shareholder Approval at the Company's annual meeting held on December 29, 2025. * There were 3,371,229 votes cast for the proposal * 138,780 votes cast against the proposal * 17,247 votes abstained, * there were 2,372,907 broker non-votes. Effective December 30, 2025, the Board approved an increase in the size of the Board from six to seven directors, and appointed Michael Bosco to the Board to fill the resulting vacancy. Mr. Bosco was designated by, and is affiliated with, the Buyers. No other items were presented for shareholder approval at the Annual Meeting. About Creative Realities Headquartered in Louisville, Ky., Creative Realities -- https://cri.com/ -- designs, develops and deploys digital signage-based experiences for enterprise-level networks utilizing its Clarity, ReflectView, and iShowroom Content Management System (CMS) platforms. The Company is actively providing recurring SaaS and support services across diverse vertical markets, including but not limited to retail, automotive, digital-out-of-home (DOOH) advertising networks, convenience stores, foodservice/QSR, gaming, theater, and stadium venues. In addition, the Company assists clients in utilizing place-based digital media to achieve business objectives such as increased revenue, enhanced customer experiences, and improved productivity. This includes the design, deployment, and day to day management of Retail Media Networks to monetize on-premise foot traffic utilizing its AdLogic and AdLogic CPM+ programmatic advertising platforms. As of September 30, 2025, the Company had $61.3 million in total assets, $39.4 million in total liabilities, $21.9 million in total stockholders' equity. The independent registered public accounting firm's report on the Company's Consolidated Financial Statements for the fiscal year ended Dec. 31, 2024, included a note stating that there is significant uncertainty regarding the Company's ability to continue as a going concern within one year from the date the Consolidated Financial Statements are issued. Grant Thornton LLP, the Company's auditor since 2014 and based in Cincinnati, Ohio, emphasized that the Company is facing challenges in generating adequate cash flow to meet its contingent consideration obligations, which raises considerable doubt about its ability to remain a going concern. CTL-AEROSPACE: Court OKs Bid Rules for Asset Sale at Auction ------------------------------------------------------------ The U.S. Bankruptcy Court for the Southern District of Ohio, Western Division, has granted CTL-Aerospace Inc. to sell substantially all Assets at auction, free and clear of liens, claims, interests, and encumbrances. The Court held that the Debtor has articulated good and sufficient reasons for authorizing entry into the SHA, which was negotiated in good faith, is fair, reasonable, and appropriate under the circumstances, and is reasonably designed to promote a competitive and robust bidding process to generate the greatest level of interest in the Assets, as determined by the Debtor in an exercise of its business judgment. The Stalking Horse Bidder is not an "insider" or "affiliate" of the Debtor, as those terms are defined in section 101 of the Bankruptcy Code, and no common identity of incorporators, directors, or controlling stakeholders exist between the Stalking Horse Bidder and the Debtor. The Bid Protections payable under the SHA provide substantial benefit to the Debtor's estates by eliciting the Stalking Horse Bid, are reasonable under the circumstances and reflect the Debtor's sound business judgment. The Stalking Horse Bidder shall be deemed a Qualified Bidder, and the Stalking Horse Bid contemplated by the SHA shall be deemed a Qualified Bid. The Bid Protections, as set forth in the SHA, shall, subject to the Carve Out (as defined in the final order approving provision of postpetition financing. Except for the Bid Protections provided in the SHA, no person or entity participating in the Debtor's sale process under the Bidding Procedures shall be entitled to any expense reimbursement, break-up fees, “topping” fees, termination fees, or other fees, payments, or reimbursements whatsoever in connection with any Bid, preparation thereof, or participation at the Auction or generally under the Bidding Procedures. The Debtor is authorized to take all steps necessary or appropriate to carry out the Order. About CTL-Aerospace Inc. CTL-Aerospace, Inc. is a family-owned composites manufacturer based in West Chester, Ohio, specializing in advanced fiber-reinforced polymer structures and component repair and overhaul. Founded in 1946, the Company operates as a full-service NADCAP- and AS9100D-certified facility supplying the U.S. government and major aerospace firms. Its products serve aerospace and industrial markets, leveraging its location in the Cincinnati aerospace corridor for cost and supply chain advantages. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Ohio Case No. 25-12226) on September 8, 2025. In the petition signed by Scott Crislip, president and COO, the Debtor disclosed up to $50 million in both assets and liabilities. Judge Beth A. Buchanan oversees the case. Patricia Friesinger, Esq., at Coolidge Wall Co., L.P.A., represents the Debtor as legal counsel. DKOF VI Trading Subsidiary LP, as DIP lender, is represented by Cozen O'Connor. D RAIL TRANSPORT: Plan Exclusivity Period Extended to January 25 ---------------------------------------------------------------- Judge Robert Matson of the U.S. Bankruptcy Court for the Middle District of Georgia extended D Rail Transport, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 25 and March 27, 2026, respectively. As shared by Troubled Company Reporter, the Debtor explains that its case is relatively complex because of the number of secured creditors and volume of collateral. Debtor's case involves 19 different secured creditors, with claims spread across 90 different pieces of collateral. Debtor has spent a significant portion of the first 120 days of this case communicating and negotiating with its secured creditor body. Additionally, since the commencement of this case, Debtor has also been focused on other important activities, including, among other things, (a) conducting the day-to-day operations of Debtor's business; (b) preparing Debtor's schedules and statement of financial affairs; (c) evaluating and prioritizing its funding requirements; (d) testifying at the 341 meeting; and (e) preparing monthly operating reports. The Debtor believes its efforts will have a significant impact on its ability to successfully reorganize. Debtor believes it has reasonable prospects for filing a viable plan. However, it needs additional time to formulate and negotiate a plan and prepare the required adequate information. Additionally, given the current uncertainty in the over-the-road freight market, Debtor is evaluating its current and future asset needs, including possible liquidation of a significant portion of its truck fleet. Such a decision to liquidate will require significant secured creditor input. Accordingly, Debtor's request for additional time is warranted as Debtor has proven to be an active and effective debtor-in-possession. Debtor should be entitled to retain control over the reorganization process. D Rail Transport LLC is represented by: G. Daniel Taylor, Esq. E. Tate Crymes, Esq. Stone & Baxter, LLP 577 Third Street Macon, GA 31201 Tel: (478) 750-9898 Fax: (478) 750-9899 Email: dtaylor@stoneandbaxter.com tcrymes@stoneandbaxter.com About D Rail Transport D Rail Transport LLC provides flatbed freight transportation services across the eastern United States. The Company operates a small fleet of trucks and trailers and is based in Climax, Georgia. D Rail Transport LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. M.D. Ga. Case No. 25-10689) on July 29, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 million and $10 million each. The Debtor is represented by G. Daniel Taylor, Esq. at STONE & BAXTER, LLP. D WOOD HOTEL: Seeks to Use Cash Collateral ------------------------------------------ D Wood Hotel, LLC asks the U.S. Bankruptcy Court for the Eastern District of Texas, Sherman Division, for authority to use cash collateral and provide adequate protection. The Debtor owns and operates a Super 8 hotel located in Woods Cross, Utah, and its revenues constitute cash collateral subject to liens held by Northwest Bank and GreenLake Real Estate Finance LLC. The Debtor asserts an immediate need to use this cash collateral to pay ordinary operating expenses, maintain hotel operations, and preserve going-concern value. Continued operations are essential to generating income, meeting post-petition obligations, and maximizing value for the estate. The Debtor states that it has conferred with both secured lenders regarding the requested relief. Northwest Bank, the first lienholder, has consented to the use of cash collateral subject to the proposed budget and conditions outlined in the motion and proposed order, although it continues to dispute venue and has filed a separate motion to transfer venue. Meanwhile, GreenLake has indicated that it does not object to the Debtor's use of cash collateral. As adequate protection, the Debtor proposes granting post-petition replacement liens, providing a priority administrative claim, and making cash flow payments to the secured lenders, all as detailed in the proposed order. A copy of the motion is available at https://urlcurt.com/u?l=fxoUS5 from PacerMonitor.com. About D Wood Hotel LLC D Wood Hotel, LLC owns and operates the Super 8 by Wyndham Woods Cross/Salt Lake City North at 2433 South 800 West, Woods Cross, Utah, providing economy-style lodging services in the hospitality industry. The property functions as a motel offering accommodations, basic amenities, and guest services to travelers in the Salt Lake City metropolitan area. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Tex. Case No. 25-43559) on November 24, 2025. In the petition signed Larry Williams, corporate representative, the Debtor disclosed up to $10 million in assets and up to $100 million in liabilities. Judge Brenda T. Rhoades oversees the case. John Paul Stanford, Esq., at Quilling, Selander, Lownds, Winslett & Moser, P.C., represents the Debtor as legal counsel. DETROIT PIZZA: Seeks Subchapter V Bankruptcy in Michigan -------------------------------------------------------- On December 31, 2025, The Detroit Pizza Bar filed for Chapter 11 protection in the Eastern District of Michigan Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About The Detroit Pizza Bar The Detroit Pizza Bar is dedicated to crafting high-quality, handcrafted pizzas with a signature thick, square crust and generous toppings. Since its founding, the restaurant has become known for its distinctive flavor, friendly service, and commitment to local culinary traditions. The Detroit Pizza Bar filed a petition under Subchapter V of Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-53182) on December 31, 2025, listing up to $50,000 in assets and $500,001 to $1 million in liabilities. Judge Paul R. Hage presides over the case. Akunna Olumba, Esq. represents the Debtor as legal counsel. DIGITAL MEDIA: Hires RHM LAW LLP as Legal Counsel ------------------------------------------------- Digital Media Chain, LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire RHM LAW LLP to serve as legal counsel. The firm will provide these services: (a) advice and assistance regarding compliance with the requirements of the United States Trustee; (b) advice regarding matters of bankruptcy law, including the rights and remedies of the Debtor in regard to its assets and with respect to the claims of creditors; (c) advice regarding cash collateral matters; (d) examinations of witnesses, claimants or adverse parties and to prepare and assist in the preparation of reports, accounts and pleadings; (e) advice concerning the requirements of the Bankruptcy Code and applicable rules; (f) assistance with the negotiation, formulation, confirmation and implementation of a Chapter 11 plan of reorganization; and (g) appearances in the Bankruptcy Court on behalf of the Debtor; and to take such other action and to perform such other services as the Debtor may require. The firm will be paid at these rates: Matthew D. Resnik Partner $725 Roksana D. Moradi-Brovia Partner $650 Russell J. Stong III Associate $450 M. Jonathan Hayes Senior Associate $750 W. Sloan Youkstetter Associate $475 Rosario Zubia Paralegal $175 Gabriela Hansen Paralegal $175 Priscilla Bueno Paralegal $175 Rebeca Benitez Paralegal $135 Alejandra Coronado Paralegal $135 Susie Segura Paralegal $135 The Debtor has agreed to pay an initial retainer of $41,738, with $26,738 paid prepetition and $15,000 requested postpetition. RHM LAW LLP 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: Roksana D. Moradi-Brovia, Esq. Matthew D. Resnik, Esq. RHM LAW LLP 17609 Ventura Blvd., Suite 314 Encino, CA 91316 Telephone: (818) 285-0100 Facsimile: (818) 855-7013 E-mail: roksana@RHMFirm.com matt@RHMFirm.com About Digital Media Chain, LLC Digital Media Chain, LLC is a media and technology company focused on developing, managing, and distributing digital content across online platforms. The company operates within the digital media ecosystem, offering content delivery, platform management, and audience engagement solutions designed for brands and media partners. Digital Media Chain, LLC filed its Chapter 11 petition (Case No. 25-12297) in the U.S. Bankruptcy Court for the Central District of California on December 9, 2025. The filing lists assets ranging from $100,001 to $1 million and liabilities in the range of $1 million to $10 million. The case is handled by Honorable Bankruptcy Judge Martin R. Barash. The Debtor is represented by Matthew D. Resnik, Esq. of Rhm Law LLP. DYCOM INDUSTRIES: S&P Lowers $500 Million Unsecured Notes to 'BB-' ------------------------------------------------------------------ S&P Global Ratings assigned its 'BBB-' issue-level rating to Dycom Industries Inc.'s proposed term loan B, one notch above its issuer credit rating, based on its expectations for substantial recovery in a hypothetical default scenario. At the same time, S&P lowered its rating on the outstanding $500 million unsecured notes to 'BB-' from 'BB+' on its expectations for negligible recovery. S&P said, "We affirmed our 'BB+' issuer rating on Dycom. Its acquisition of Power Solutions boosts growth prospects, expands its addressable market, and improves margin and cash flow. "The stable outlook reflects that we expect S&P Global Ratings-adjusted debt to EBITDA will trend back toward 2x in 2026 following a temporary increase due to the debt-funded transaction. "Dycom's secured debt is rated above the issuer rating due to strong collateral support. Dycom incurred $1.7 billion in incremental senior secured debt to fund its acquisition of Power Solutions, which will include the proposed $600 million term loan B. We have updated our enterprise valuation of the company in our recovery analysis, which incorporates the meaningful expansion of its prospective EBITDA from the combined entity. As a result, we estimate a substantial likelihood of recovery for senior secured creditors, which have a secured claim on substantially all of the company's assets, in our simulated default scenario. We estimate a rounded estimate of 75% for these claims. Conversely, we estimate that the remaining value available for unsecured lenders is negligible. See the recovery analysis section below for details. "The acquisition positions Dycom solidly to capture growth opportunities. The booming data center infrastructure sector makes the Power Solutions transaction a credit positive for Dycom's highly complementary digital and data center infrastructure platform, which we think enhances its competitive advantage. The acquisition will broaden Dycom's addressable market to inside-the-fence work and presents cross-selling opportunities with hyperscalers and other technology companies. It will be accretive to Dycom's margins, substantially expand scale, and increase manpower by 2,800 to over 18,000 skilled workers, substantially exceeding that of key peers catering to this end market. We see this as a core competitive advantage with project owners increasingly focused on securing labor to meet project timelines. "In fiscal 2027 (ending Jan. 31, 2027), we estimate Dycom's revenue will reach about $6.8 billion and S&P Global Ratings-adjusted EBITDA margins will expand to 15% from 14.6% estimated for 2026 and 13.3% in 2025. The combined backlog is $9.2 billion and provides good visibility for top-line and margin expansion over the next 12-18 months. "EBITDA expansion and solid cash flow will reduce leverage toward 2x in the next 12 months. We estimate S&P Global Ratings-adjusted debt to EBITDA of 3.3x in fiscal 2026, which is high for the rating, but for this measure to materially improve to 2.2x in 2027 upon the full-year earnings and cash flow accretion of Power Solutions. We expect leverage will remain just above our downside threshold (above 2x) but consider the positive merits of the acquisition to its business, and capacity for further deleveraging as key supporting factors for the issue rating affirmation and stable outlook. Dycom's operating results in fiscal 2026 are stronger than our previous estimates. We consider data center work a notable potential source of expansion. Higher earnings, driven by operating margin expansion from both legacy Dycom and Power Solutions, and free cash flow underpin our forecast. We anticipate that the cash tax benefit, Power Solutions' faster cash-conversion cycle, and lighter capital expenditure (capex) model will further strengthen cash flow in fiscal 2027. "The stable outlook reflects our expectation that Dycom will generate sustained revenue and margin expansion, led by strong demand for fiber-to-the-home and digital infrastructure services. The outlook incorporates our expectation of S&P Global Ratings-adjusted debt to EBITDA below 2x and free operating cash flow (FOCF) to debt in the low- to mid-teens percent area in the next 12-18 months following close of its Power Solutions acquisition." S&P could lower its ratings on Dycom if credit metrics deteriorate such that debt to EBITDA increases to and remains above 2x without a clear path for deleveraging. This could occur if: -- Earnings contributions from Power Solutions are weaker than expected, which extends the expected pace of deleveraging; -- Dycom's largest customers sustain capex reductions that could pressure its top line and profitability, sustaining S&P Global Ratings-adjusted EBITDA margin below 10%; or -- A more aggressive financial policy includes additional debt-funded acquisitions or shareholder distributions. S&P could raise its ratings on Dycom if cash conversion improves on a sustained basis, with FOCF to debt increasing above 25% and debt to EBITDA remains firmly below 2x. This could occur if: -- S&P Global Ratings-adjusted EBITDA margins expand above 15%; -- Materially tighter working capital management with DSO (Days Sales Outstanding) approaches those of higher rated peers; or -- The company adopts a more conservative financial policy that prioritizes debt reduction over shareholder returns. DYNATRONICS CORP: Seeks Chapter 7 Bankruptcy in Minnesota --------------------------------------------------------- On January 9, 2026, Dynatronics Corporation filed for Chapter 7 protection in the District of Minnesota Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. About Dynatronics Corporation Dynatronics Corporation is a U.S.-based medical technology company that develops, manufactures, and markets rehabilitation and physical therapy products, including therapeutic ultrasound devices, electrotherapy equipment, and mobility tools. Dynatronics Corporation sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30073) on January 09, 2026. In its petition, the Debtor reports estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Mychal A. Bruggeman handles the case. The Debtor is represented by Robert J. Haupt, Esq. of Haupt Law PC. EDWARD MENDES: Seeks Chapter 11 Bankruptcy in Massachusetts ----------------------------------------------------------- On January 09, 2026, Edward Mendes III Estate filed for Chapter 11 protection in the District of Massachusetts Bankruptcy Court. According to filings, the Debtor reports liabilities ranging from $1 million to $10 million owed to 1–49 creditors. About Edward Mendes III Estate Edward Mendes III Estate is a Tyngsboro-based entity managing the affairs and assets of Edward Mendes III. The estate oversees financial, property, and business interests and ensures compliance with relevant legal and administrative obligations. Edward Mendes III Estate sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10050) on January 09, 2026. Its petition lists estimated assets of $100,001–$1,000,000 and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Christopher J. Panos oversees the case. ELDER CONTRACTING: Income & Insider Contribution to Fund Plan ------------------------------------------------------------- Elder Contracting, LLC, filed with the U.S. Bankruptcy Court for the District of Arizona a Disclosure Statement describing Plan of Reorganization. The Debtor is a construction company that provides residential and commercial construction. Ramon Patino apprenticed with Joe Jobe, Sr., a developer, for three years to learn how to operate a construction company. Elder filed for Chapter 11 protection because of a problem with a Small Business Administration ("SBA") Revolving Line of Credit. In December, 2024, the Debtor obtained a $3 million revolving line of credit to consolidate prior debt (including a previous SBA loan) and to provide operating capital. In October of this year, a person at Stearns Bank determined that for the last 10 months Stearns Bank had been lending the Debtor money based on the total of the Debtor's accounts receivable, Commercial and Residential. Under the SBA loan, Stearns Bank was supposed to lend based only on the amount of the Debtor's Commercial Accounts and disregard Residential Accounts. Stearns Bank was using the wrong formula The automatic stay stops Stearns Bank from taking further collection activities. However, because Stearns Bank still holds a lien on all accounts, the Debtor could not collect on any accounts without Stearns Bank's consent, approved by the Court. On December 6, 2025, the Court issued an Order approving the Debtor's use of cash collateral. The Debtor may use cash collateral for regular operations, but only as approved by the Bankruptcy Court. The Plan has nine classes of creditors and equity interest holders and allows for the payment of creditors' claims through the debtor's future operations and new value contribution from Ramon Patino. Class 9 consists of General Unsecured Creditors. Among other claimants, these include trade creditors, any damages from rejected executory contracts, and amounts that may be due to persons as a result of disputes, which are set forth in paragraph seven of the Debtor's Statement of Financial Affairs. Claims in this Class will receive a pro rata share of the proceeds to be paid to this Class as set forth in the schedule on page two of this plan. Class 9 is impaired and is entitled to vote. Class 10 consists of the Allowed Interests in the Debtor as of the Petition Date. 100% of the Allowed Interests are held by Ramon Patino. The Debtor may request the Bankruptcy Court's consent to borrow money from Ramon Patino. To the extent that Ramon Patino forgives that debt, then the debt shall be considered New Value Contribution. Ramon Patino will receive nothing on account of his pre-petition equity interests in Debtor. Ramon Patino may also waive post-petition salary depending on the Debtor's needs. All waived post-petition salary shall be considered New Value Contribution. Class 10 is not entitled to vote. All payments required by the Plan shall be funded with (i) operating income of the Debtor and (ii) insider new value contribution. The Debtor will also seek to recover $16,000 from Adaptive Software Job Costing. $15,000 is recoverable as preference payments pursuant to Section 547 of the Bankruptcy Code. Adaptive Software Job Costing also took money from the Debtor's account post-petition, in violation of the automatic stay. A full-text copy of the Disclosure Statement dated January 7, 2026 is available at https://urlcurt.com/u?l=x8KyzG from PacerMonitor.com at no charge. Counsel to the Debtor: Michael G. Tafoya, Esq. Law Office of Michael G. Tafoya 17535 N. Costa Brava Ave. Maricopa, AZ 85139 Telephone: (520) 450-0537 Email: michael.tafoya@gmail.com About Elder Contracting LLC Elder Contracting, LLC, is a construction company that provides residential and commercial construction. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 25-11296) on Nov. 24, 2025. In the petition signed by Ramon J. Patino, member, the Debtor disclosed up to $10 million in both assets and liabilities. Judge Eddward P. Ballinger Jr oversees the case. Michael Tafoya, Esq., at Law Office of Michael G. Tafoya, is the Debtor's legal counsel. ELETSON HOLDINGS: NY Court Vacates $102MM Arbitral Award -------------------------------------------------------- Emily Sawicki of Law360 Bankruptcy Authority reports that a federal judge in Manhattan has overturned a $102 million arbitral award awarded to Eletson Holdings Inc., citing evidence that the shipping company engaged in fraudulent actions during the arbitration. The court concluded that the evidence presented met the "clear and convincing" standard, supporting claims that Eletson intentionally deceived the arbitrators. The case was adjudicated in the U.S. District Court for the Southern District of New York. By vacating the award, the court removed the financial relief previously granted to Eletson and reinforced judicial oversight of arbitration processes. The case serves as a cautionary example of how courts may intervene in international commercial disputes where fraudulent behavior undermines the integrity of arbitration, the report states. 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. EVANGELINE HOSPITALITY: Unsecureds Will Get 5% of Claims in Plan ---------------------------------------------------------------- Evangeline Hospitality LLC filed with the U.S. Bankruptcy Court for the Western District of Louisiana a Disclosure Statement with respect to Chapter 11 Plan dated January 7, 2026. The Debtor owns and operates a 117-room hotel in Opelousas, Louisiana, that is next to the Evangeline Downs Racetrack and Casino. The land underneath the hotel is owned by Boyd Gaming, which also owns the casino. Ever since the Great Financial Crisis and the Deepwater Horizon oil spill in 2010, customer visits to the casino have been declining. Consequently, occupancy at the Debtor's hotel has declined as well. The Debtor has attempted to make up at least some of the decrease in occupancy by marketing to conventions and other events taking place in Opelousas as well as oil and gas and other corporate visitors to the area, but these actions only had limited success. The Debtor was not able to continue making payments to Washington State Bank as a result. The Debtor worked diligently with Washington State Bank in order to re-work the payments in a manner that would satisfy the USDA. However, Washington State Bank and the Debtor were not able to come to a feasible agreement as to the repayment of the debt. The Debtor could not afford to make the full mortgage payments, so Washington State Bank filed a petition for foreclosure. The sheriff's sale was set for September 10, 2025. As a result of the pending sheriff's sale, the Debtor had no choice but to file a petition for relief under Chapter 11 of the Bankruptcy Code. The Debtor will continue to operate the Hotel in order to generate income which will allow the Debtor to make payments under this Plan. The Class 1 claim of Washington State Bank will be paid its secured claim over 30 years. The Class 2 deficiency claim will be paid a dividend of 7.4% over 10 years. The Class 3 claim of Choice Hotels to cure the default of the franchise agreement will be paid over 12 months. Unsecured creditors will be paid a dividend of 5% on the Effective Date. The Equity Security Holders will pay $50,000 in new value to provide the Debtor additional working capital and to assist with making plan payments. Class 4 consists of the claims of the Unsecured Creditors. The total amount of undisputed unsecured claims is $35,399.47. All of the Allowed Claims of this class will be paid a dividend of 5% of their Allowed Claims on the Effective Date. If any disputed claim is allowed and not paid by insurance proceeds, then that creditor will receive a pro rata share of the dividend payments and the payments on all other allowed claims will be reduced accordingly. Class 4 is impaired by the Plan. Class 5 consists of the claims of Member Interests. The Debtor's members shall retain their membership interests in the Debtor. The members shall pay in $50,000.00 in new value in order to retain their membership interests. Class 5 is unimpaired by the Plan and is not entitled to vote. As of the Effective Date, the Debtor's property will be revested in the Debtor free and clear of any claims, liens, mortgages, ownership interests, or any other encumbrances, other than those mortgages that shall continue as specified in the Plan. A full-text copy of the Disclosure Statement dated January 7, 2026 is available at https://urlcurt.com/u?l=aUTAPG from PacerMonitor.com at no charge. Counsel to the Debtor: Tom St. Germain, Esq. Weinstein & St. Germain, LLC 1103 W. University Ave Lafayette, LA 70506 Tel: (337) 235-4001 About Evangeline Hospitality LLC Evangeline Hospitality LLC owns and operates the Evangeline Downs Hotel in Opelousas, Louisiana, under a franchise agreement with Choice Hotels International's Ascend Hotel Collection. The Company provides lodging services and amenities at its property located at 2235 Creswell Lane Extension. Evangeline Hospitality LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. La. Case No. 25-50805) on September 9, 2025. In its petition, the Debtor reports total assets of $3,318,119 and total liabilities of $7,103,959. Honorable Bankruptcy Judge John W. Kolwe handles the case. The Debtor is represented by Tom St. Germain, Esq. at WEINSTEIN & ST. GERMAIN. FAITH FAMILY: Moody's Confirms 'Ba3' Rating on Revenue Bonds ------------------------------------------------------------ Moody's Ratings has confirmed Faith Family Academy, TX's Ba3 revenue bond rating. The outlook is negative. The rating action concludes the review for possible downgrade initiated on September 29, 2025. The charter school academy currently has $17.4 million in outstanding revenue debt. These revenue bonds also carry an enhanced Aaa rating based on the guarantee provided by the Texas Permanent School Fund (Aaa stable). RATINGS RATIONALE The Ba3 rating reflects the academy's consistently weak operating performance, characterized by slim annual EBIDA margins and narrow spendable liquidity. The rating also considers the academy's variable state academic accountability ratings from the Texas Education Agency (TEA), which elevate the risk of charter revocation, although this risk has been mitigated by a successful appeal of its 2025 rating. However, further improvement to the academy's academic performance is needed to prevent increased risk of charter revocation or non-renewal in the future. The academy continues to maintain solid student enrollment trends and remains in good standing with the TEA's Financial Integrity Rating System of Texas (FIRST). Academy management expects improved operating performance in fiscal 2026, aided by additional per-pupil state funding and other anticipated receivables, though year-end available liquidity is expected to remain below 45 days cash on hand. Governance remains a key rating driver as management will continue to be tasked with improving academic outcomes and financial performance to remain in good standing with its state level charter authorizer. Moody's credit view further incorporates the academy's moderate debt leverage and fairly low fixed cost burden, inclusive of annual debt service and retirement plan contributions. RATING OUTLOOK The negative outlook reflects the likelihood of further weakening of the school's financial profile absent a material bolstering of the charter school's nominal liquidity and days cash on hand position. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATING -- Consistent academic progress that substantially lowers the risk of charter revocation or non-renewal -- Improved financial performance resulting in annual EBIDA margins above 10% -- Sustained maintenance of spendable liquidity in excess of 75 days cash on hand FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATING -- Decline in the academy's competitive standing, marked by decreasing enrollment or deteriorating academic performance -- Breach of bond covenants resulting from inadequate debt service coverage or year-end working capital dropping below 45 days PROFILE Faith Family Academy is a non-profit charter school authorized by the Texas Education Agency (TEA). The academy is governed by a four member Board of Directors and operates two campuses located in the cities of Dallas (A1 negative) and Waxahachie (Aa2 stable) under a consolidated charter that expires on July 31, 2033. The academy offers preK-12th grade education based on the Texas Essential Knowledge and Skills (TEKS) curriculum model and enrolls approximately 2,950 students for the fiscal 2026 school year. METHODOLOGY The principal methodology used in this rating was US Charter Schools published in April 2024. FAZELI PROPERTIES: Taps GRE Land & Commercial as Real Estate Agent ------------------------------------------------------------------ Fazeli Properties LLC seeks approval from the U.S. Bankruptcy Court for the Central District of California to hire GRE Land & Commercial Real Estate, Inc. to serve as its real estate agent. GRE Commercial will provide these service: (a) market and sell the property located at 37320 De Portola Rd., Temecula, CA 92590, generally described as approximately 11.49 acres of land, vineyards, 24,000 sf buildings, and 16,000 sf covered patios. GRE Commercial will receive a commission of 2.5% for listing broker only. GRE Commercial 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: Terri Delhamer GRE Land & Commercial Real Estate, Inc. 999 N. Pacific St., Suite D23 Oceanside, CA 92054 41911 5th Street, Suite 103 Temecula, CA 92590 Telephone: (951) 252-7889 Facsimile: (951) 602-6688 E-mail: terridelhamer@gmail.com About Fazeli Properties LLC Fazeli Properties LLC is a single-asset real estate entity under 11 U.S.C. Section 101(51B) that engages in property management, real estate appraisal, and related support functions within the real estate services sector. Fazeli Properties LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-18771) on December 5, 2025. In its petition, the Debtor reports estimated assets of $10 million-$50 million and estimated liabilities of $1 million-$10 million. Honorable Bankruptcy Judge Magdalena Reyes Bordeaux handles the case. The Debtor is represented by James E. Till, Esq. of Till Law Group. FIRST BRANDS: Faces $60MM Receivables Sale Lawsuit -------------------------------------------------- Angelica Serrano-Roman of Bloomberg Law reports that Evolution Credit–affiliated funds have taken bankrupt First Brands Group to court, seeking a declaration that they have a first-priority lien on receivables tied to more than $60 million in invoices. The debtors contend those receivables were fabricated, triggering the legal fight. The funds say they bought the accounts under a 2023 factoring deal with eight First Brands subsidiaries. But First Brands now maintains that its pre-bankruptcy records and factoring practices were unreliable or fraudulent, which the funds argue is an attempt to strip them of secured status and relegate them to unsecured creditors, 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: Seeks to Retain Ordinary Course Professionals --------------------------------------------------------- Food52, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Delaware to retain, employ, and compensate certain professionals utilized by the Debtor in the ordinary course of business. The Ordinary Course Professionals and their respective compensation caps, calculated on average over a rolling three-month period, are as follows: -- KPMG LLP -- services for income tax matters -- Monthly OCP Cap: $10,000; -- Littler Mendelson P.C. -- -- legal services for employment matters -- Monthly OCP Cap: $20,000; -- PricewaterhouseCoopers LLP -- services for accounting and auditing matters -- Monthly OCP Cap: $20,000; and -- Troutman Pepper Locke LLP -- legal services for litigation and corporate matters -- Monthly OCP Cap: $40,000. Under the approved procedures, the Debtor is authorized to pay 100% of the fees and expenses of each Ordinary Course Professional without filing a formal fee application, subject to the applicable OCP Cap. If fees and expenses exceed the applicable OCP Cap, the Ordinary Course Professional must file a fee application in compliance with sections 330 and 331 of the Bankruptcy Code and applicable rules. According to court filings, the Debtor does not believe that any of the Ordinary Course Professionals represent or hold an interest materially adverse to the Debtor, its creditors, or other parties in interest. 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. FOOD52 INC: U.S. Trustee Appoints Creditors' Committee ------------------------------------------------------ The U.S. Trustee for Regions 3 and 9 appointed an official committee to represent unsecured creditors in the Chapter 11 case of Food52, Inc. The committee members are: 1. Target Lighting/Thrive Value Attn: Kenneth "Scott" Wisner NITS 4301A & 4301B, 43rd Floor Metroplaza Tower II No. 223 Hing Fong Road Kwai Chung, NT Hong Kong Email: scott@kwisner.com 2. Janel Group Attn: Frank Auriemma 233rd Seventh Street, Suite 100 Garden City, NY 11530 Phone: (631) 327-7440 Email: fauriemma@janelgroup.com 3. Bradshaw International Holdings Hong Kong Ltd. Attn: Marcus Farley Units A-C, 25F, Seabright Plaza 9-23 Shell Street North Point Hong Kong Email: marcus.farley@bradshaw-group.com 4. Pendleton Woolen Mills, Inc. Attn: Alex McEntee 220 NW Broadway Portland, OR 97209 Phone: (503) 535-5722 Fax: (503) 535-5502 Email: alex.mcentee@penwool.com 5. Raj Overseas Plot #8, Sector-25 Industrial Estate, Huda Panipat-132103 Haryana Phone: +91-81989-04200 Email: payments@rajgroup.in 6. Obeetee Inc. Attn: Vimal Kumar 137 West 25th Street, 12th Floor New York, NY 10001 Phone: (212) 633-9744 Email: vimal.kumar@obeetee.com 7. VistaVu Solutions Ltd Attn: Jason James Suite D3-170, 15015 Westheimer Pkwy Houston, TX 77082 Phone: 1 (888) 300-2727 ext. 232 Email: jason.james@vistavusolutions.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 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. FOUNDATION REALTY: Seeks Chapter 7 Bankruptcy in Florida -------------------------------------------------------- On January 08, 2026, Foundation Realty Services Inc. filed for Chapter 7 protection in the Northern District of Florida. According to court filing, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1-49 creditors. About Foundation Realty Services Inc. Foundation Realty Services Inc. is a real estate services company specializing in property management, brokerage, and consulting services for residential and commercial clients. Foundation Realty Services Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-30012) on January 08, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Karen K. Specie handles the case. The Debtor is represented by Shiraz Ali Hosein, Esq. of Anchors Smith Grimsley, Esq. FRED HAMILTON: Gets Interim OK to Use Cash Collateral ----------------------------------------------------- Fred Hamilton Contracting Inc. received interim approval from the U.S. Bankruptcy Court for the Western District of Texas, Austin Division, to use cash collateral to fund operations. The court authorized the Debtor to use cash collateral in accordance with its five-week budget, subject to a 10% variance per category and a 5% variance overall. As adequate protection for the Debtor's use of their cash collateral, the U.S. Small Business Administration and the junior lienholders, Broadview Federal Credit Union and Forward Financing USA, LLC, will be granted post-petition liens on all assets of the Debtor similar to their pre-bankruptcy collateral. These replacement liens do not apply to Chapter 5 causes of action. The rights of the Debtor, the SBA and the junior lienholders to contest the validity, priority, or extent of the liens and claims of any party are expressly reserved pending the final hearing on February 5. The interim order is available at https://is.gd/dLtxhJ from PacerMonitor.com. The cash collateral consists primarily of cash, cash equivalents, and proceeds from the Debtor's property, which is subject to a senior security interest held by the SBA. The SBA provided a loan of $60,100 on May 30, 2020, and as of the petition date, the outstanding balance was approximately $60,120, while the value of the Debtor's property was only $5,722, rendering the SBA undersecured. Broadview Federal Credit Union holds a second lien through a loan of $65,000 and a $25,000 line of credit, with balances of approximately $31,812 and $24,999, respectively. Meanwhile, Forward Financing USA provided a third loan of $32,500, with an outstanding balance of $29,973, though it had not filed a UCC-1 to perfect its security interest. About Fred Hamilton Contracting Inc. Fred Hamilton Contracting, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. W.D. Texas Case No. 26-10001) on January 2, 2026, listing up to $50,000 in assets and up to $500,000 in liabilities. Alfred Emery III, vice president of Fred Hamilton Contracting, signed the petition. Judge Shad M. Robinson oversees the case. An Nguyen, Esq., at Nguyen Law, PLLC, represents the Debtor as bankruptcy counsel. FREE SPEECH: Jones Trustee Gets OK to Transfer $4MM to Receiver --------------------------------------------------------------- James Nani of Bloomberg Law reports that the bankruptcy trustee handling the estate of conspiracy theorist Alex Jones received court approval to release nearly $4 million in cash to a Texas court-appointed receiver overseeing the liquidation of Infowars' parent company. In a January 9, 2026 order, U.S. Bankruptcy Judge Christopher Lopez authorized trustee Christopher Murray to transfer funds held in two Free Speech Systems LLC bank accounts to the receivership created to benefit the families of victims of the Sandy Hook Elementary School shooting, whom Jones repeatedly defamed, the report states. About Free Speech Systems Free Speech Systems LLC is a broadcast media production and distribution company that provides broadcasting aural programs by radio to the public. Free Speech Systems is a family-run business founded by Alex Jones. FSS is presently engaged in the business of producing and syndicating Jones' radio and video talk shows and selling products targeted to Jones' loyal fan base via the Internet. Today, FSS produces Alex Jones' syndicated news/talk show (The Alex Jones Show) from Austin, Texas, which airs via the Genesis Communications Network on over 100 radio stations across the United States and via the internet through websites including Infowars.com. Due to the content of Alex Jones' shows, Jones and FSS have faced an all-out ban of Infowars from mainstream online spaces. Shunning from financial institutions and banning Jones and FSS from major tech companies began in 2018. Conspiracy theorist Alex Jones has been sued by victims' family members over Jones' lies that the 2012 Sandy Hook Elementary School shooting was a hoax. Jones' InfoW LLC and affiliates, IWHealth, LLC and Prison Planet TV, LLC, filed petitions under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. S.D. Texas Lead Case No. 22-60020) on April 18, 2022. FRIDLEY ISD 14: Moody's Lowers Issuer & GOULT Ratings to Ba3 ------------------------------------------------------------ Moody's Ratings has downgraded Fridley Independent School District 14, MN's issuer and general obligation unlimited tax (GOULT) ratings to Ba3 from Baa3. Moody's have also placed the ratings under review for possible downgrade. As of June 2025, the district had about $53 million in GOULT debt outstanding. The downgrade to Ba3 reflects the inability of the district to make upcoming debt service without cash flow borrowing, a sharp and unexpected decline in reserves during fiscal 2025 (June 30, 2025), which is a material deviation from what was expected from May 2025. The district's financial position will remain challenged at least through fiscal 2027. Weak budget management and internal controls are currently contributing to uncertainty around fiscal 2025 financial results, and the district is now in the process of completing a short-term borrowing to support cash flow for operations and debt service. RATINGS RATIONALE The Ba3 issuer rating reflects the district's materially eroding financial position driven by multiyear operating deficits and weak financial management, which will prompt state oversight given a projected negative fund balance in fiscal 2025. Unaudited fiscal 2025 (year-end June 30) financials show the available fund balance ratio sharply and unexpectedly declining to an unsustainable negative 20%, a material deviation from the negative 2% expected as of May. However, the exact magnitude of the deficit remains uncertain due to recent finance office turnover and record-keeping inconsistencies, which is delaying the completion of the audit. The district expects the audit to be finalized in late January. Given the recent liquidity challenges, the district is planning to issue about $11.5 million in aid anticipation certificates in late January 2026 to help meet operating expenditures and debt service partway through fiscal 2027, including the upcoming debt service payment due on February 01, 2026. The district's ability to effectively manage its budget is challenged by the uncertainty of its financial records and ability to articulate its current financial position which will likely remain challenged for several years. The district previously planned to begin balancing operations in fiscal 2026 through additional revenue from a voter-approved operating levy increase, expenditure reductions and with state oversight to develop a fiscal recovery plan, the expectation is now continued deterioration of liquidity. Recent salary increases from negotiated union contracts will negate revenue gains from the additional levy, and a financial recovery plan is not yet in place. Governance is a key driver of the rating action because of weak budget management and internal controls that contributed to recent operating deficits and uncertainty around fiscal 2025 financial results. New management is currently taking steps to review internal controls, finalize the fiscal 2025 audit, and begin the process of structurally balancing operations. The economic base is solid and benefits from its proximity to the Twin Cities, with a median resident income at just above 90% of the US and a strong full value per capita around $130,000. Enrollment has been declining with a three-year CAGR of negative 2.1%, though the district did realize a modest gain in the current school year. The long-term liabilities ratio is moderate at around 230%, but will likely increase because of the district's plans to issue $15.5 million in remaining voter-approved referendum debt in fiscal 2027. The Ba3 GOULT rating is equivalent to the Ba3 issuer rating based on the district's general obligation full faith and credit pledge and authority to levy an unlimited property tax dedicated to debt service. RATING OUTLOOK The ratings are under review for possible downgrade given the district's imminent February 01, 2026 debt service payment which, according to the district, relies on the closing and receipt of aid anticipation certificates proceeds. The review will focus on whether the district is able to successfully execute the cash flow borrowing and obtaining greater clarity on the financial position, including the magnitude of the fiscal 2025 deficit and fiscal 2026 first-half performance. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Given the magnitude of the financial disclosure and budget management challenges, an upgrade is unlikely in the near-term. However, sustained balance in financial operations that support the recovery of the available fund balance ratio to levels that are positive, coupled with satisfactory internal controls and budget oversight, could warrant an upgrade FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Inability to either secure cash flow borrowing or maintain a sufficient cash position to meet expenditures through fiscal 2026 and 2027, including the upcoming debt service payment at the beginning of February 2026 -- Failure to develop and adhere to a fiscal recovery plan that enables the district to quickly stabilize its financial operations -- Inability to materially improve the financial oversight and internal controls PROFILE Fridley Independent School District 14, MN is situated in Anoka County (Aa1), located about 10 miles north of Minneapolis (Aaa stable) and 20 miles northwest of St. Paul. The district provides kindergarten to twelfth grade education to just above 2,700 students. METHODOLOGY The principal methodology used in these ratings was US K-12 Public School Districts published in December 2025. GENESIS HEALTHCARE: Genie 3 Partners Ok'd as Stalking Horse Bidder ------------------------------------------------------------------ The U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division, has permitted Genesis Healthcare Inc. and its affiliates to designate Genie 3 Partners LLC as replacement stalking horse bidder, for the sale of substantially all of the Debtors’ assets, free and clear of liens, claims, interests, and encumbrances. Since the Court’s ruling at the conclusion of the sale hearing on December 11, 2025, the Debtors have worked tirelessly with the Estate Broker and the Committee to reach consensus on as many matters as feasible in connection with the upcoming Second Auction scheduled for January 13, 2026. In designating a stalking horse bidder for the Second Auction and as previewed to this Court, the primary goals of the parties are to (a) preserve the approximately $125 million in incremental value achieved through the Initial Auction, (b) maximize the probability, to the extent possible, that a competitive auction amongst potential bidders will occur on January 13, 2026, and (c) ensure that there is a Back-Up Bidder for the Debtors' Assets, to the extent there are overbids at the Second Auction. Replacement stalking horse proposals were solicited by the Estate Broker and two proposals were received by the Estate Broker from Genie 3 and CPE 88988, LLC. The Court has authorized the Debtor to designate Genie 3 Partners LLC as replacement stalking horse bidder. The Bid Protections, comprising the Break-Up Fee and the Expense Reimbursement, are approved. Any amounts that become due and payable pursuant to the Bid Protections shall be in accordance with the Replacement Stalking Horse APA. No person or entity, other than the Replacement Stalking Horse Bidder, shall be entitled to any expense reimbursement, breakup fees, "topping," termination, or other similar fee or payment, and by submitting a bid, such person or entity is deemed to have waived their right to request or to file with this Court any request for expense reimbursement or any fee of any nature. All objections to the relief requested in the Motion that have not been withdrawn, waived, or settled prior to or at the Hearing are overruled. The Debtors are authorized to take all actions necessary to implement the relief granted in this Order. About Genesis Healthcare Inc. Based in Culver City, Calif., Genesis Healthcare Inc. is a medical group that provides physician services in Southern California. Genesis Healthcare has operated under the names Daehan Prospect Medical Group and Prospect Genesis Healthcare. Genesis Healthcare Inc. and several affiliated debtors sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Tex. Lead Case 25-80185) on July 9, 2025. In its petition, Genesis Healthcare Inc. listed between $1 billion and $10 billion in estimated assets and liabilities. The Hon. Bankruptcy Judge Stacey G. Jernigan handles the jointly administered cases. The Debtors employed McDermott Will & Schulte LLP as counsel; Jefferies LLC as investment banker; and Ankura Consulting Group, LLC, as restructuring advisors, and designated Louis E. Robichaux IV and Russell A. Perry as co-chief restructuring officers. Katten Muchin Rosenman LLP serves as special counsel at the sole direction of Jonathan Foster and Elizabeth LaPuma in their capacity as independent directors and members of the special investigation committee. The U.S. Trustee appointed an official committee of unsecured creditors in the Chapter 11 cases of Genesis Healthcare Inc. and affiliates. The Committee retained Proskauer Rose LLP and Stinson LLP as its co-counsel; FTI Consulting, Inc., as its financial advisors; and Houlihan Lokey Capital, Inc. as its investment banker. The U.S. Trustee also appointed: * Melanie Cyganowski of Otterbourg, PC as patient care ombudsman for the healthcare facilities listed at https://is.gd/uSxEBx She tapped Otterbourg as her counsel. * Susan Goodman of Pivot Health Law as PCO for the healthcare facilities listed at https://is.gd/M5zlls. She is represented by Kane Russell Coleman Logan PC as counsel. * Suzanne Koenig of SAK Healthcare as PCO for the healthcare facilities listed at https://is.gd/qv5SwV. She is represented by Greenberg Traurig, LLP, as counsel. SAK Management Services, LLC d/b/a SAK Healthcare serves as her medical operations advisor. Brown Rudnick LLP and Stutzman, Bromberg, Esserman, & Plifka, PC represent an ad hoc group of holders of personal injury and wrongful death claims. Whitaker Chalk Swindle & Schwartz represents a personal injury claimant and six wrongful death claimants. GRIT PRODUCTIONS: Committee Retains Thompson Coburn LLP as Counsel ------------------------------------------------------------------ The Official Committee of Unsecured Creditors of Grit Productions, LLC and its affiliates seeks approval from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to retain Thompson Coburn LLP as legal counsel. The firm will provide these services: (a) advising the Committee with respect to its rights, duties, and powers as set forth in the Bankruptcy Code, Bankruptcy Rules, or other applicable law in the Chapter 11 Cases; (b) providing legal advice and services regarding local rules, practices, and procedures, including Fifth Circuit law; (c) representing the Committee at all hearings and other proceedings before the Court; (d) assisting the Committee in its investigation of the acts, conduct, assets, liabilities, and financial condition of the Debtors and the operation of the Debtors' business; (e) advising the Committee with respect to any proposed sale of the Debtors' assets or business operations; (f) advising the Committee with respect to any proposed plan of reorganization or liquidation and the prosecution of claims against third parties, if any; (g) assisting the Committee in requesting the appointment of a trustee or examiner pursuant to section 1104 of the Bankruptcy Code, if necessary and appropriate; and (h) performing such other legal services as may be required in the best interests of the unsecured creditors represented by the Committee. According to court filings, Thompson Coburn LLP will be compensated at its customary hourly rates. As of January 2025, hourly rates ranged from $610 to $910 for Partners, $380 to $720 for Counsel and Associates, and $315 to $385 for Paralegals and Legal Assistants, plus reimbursement of actual and necessary expenses. Court filings further state that Thompson Coburn LLP is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code. The firm can be reached at: Katharine Battaia Clark, Esq. Alexandra E. Rossetti, Esq. Donald A. Bell, Esq. THOMPSON COBURN LLP 2100 Ross Avenue, Suite 3200 Dallas, TX 75201 Telephone: (972) 629-7100 Facsimile: (972) 629-7171 E-mail: kclark@thompsoncoburn.com arossetti@thompsoncoburn.com dbell@thompsoncoburn.com - and - Joseph Orbach, Esq. THOMPSON COBURN LLP 488 Madison Avenue, 14th Floor New York, NY 10022 Telephone: (212) 478-7200 Facsimile: (212) 478-7400 E-mail: jorbach@thompsoncoburn.com About Grit Productions LLC Grit Productions, LLC, Grit Expositions, LLC, Grit Transportation Services, LLC, and Grit Holding Company, LLC operate as an integrated group providing event-industry services that include general services contracting, event production, video production, content development, studio services, logistics support, and event freight transportation. The companies offer single-source solutions for live events, meetings, and expositions across their production, planning, and transportation segments. They also engage in community-focused initiatives related to industry development, sustainability, and local outreach. Grit Productions and its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Texas Lead Case No. 25-44447) on November 13, 2025. At the time of the filing, Grit Productions listed between $1 million and $10 million in assets and between $10 million and $50 million in liabilities. Judge Mark X. Mullin oversees the case. Bryan C. Assink, Esq., at Bonds Ellis Eppich Schafer Jones, LLP, represents the Debtors as legal counsel. H-FOOD HOLDINGS: Court Narrows Claims in LOF 3333 Adversary Case ---------------------------------------------------------------- Judge Alfredo R Perez of the United States Bankruptcy Court for the Southern District of Texas denied in part and granted in part the motion of LOF 3333, LLC to dismiss Hearthside Food Solutions, LLC's amended complaint in the adversary proceeding captioned as HEARTHSIDE FOOD SOLUTIONS, LLC, et al., Plaintiffs, VS. LOF 3333, LLC, Defendant, ADVERSARY NO. 25-3316 (Bankr. S.D. Tex.). On May 31, 2017, Peacock Engineering Company, LLC entered into a lease agreement with landlord LSREF4 Turtle, LLC, predecessor in interest to Defendant LOF. The lease was for an office space on the eighth floor of 3333 Finley Road, Downers Grove, Illinois 60515. Later, in 2018, Hearthside acquired Peacock and succeeded as the tenant under the Office Lease Agreement. The parties entered into a Letter of Intent on March 7, 2025. On March 11, 2025, the Court entered an order confirming the Debtors' Third Amended Joint Chapter 11 Plan of Reorganization of H-Food Holdings, LLC and its Affiliated Debtors. In accordance with the plan, Hearthside assumed the Office Lease Agreement it had with LOF. The plan became effective on March 31, 2025. Following the effective date, the parties continued to negotiate an amendment to the Office Lease Agreement but never finalized an amended agreement. Hearthside contends that on April 11, 2025, LOF notified MP Midco Holdings, LLC, a newly formed parent entity of the Reorganized Debtors, that it would reject the proposed lease amendment and rent would be governed by the original Office Lease Agreement. On April 29, 2025, Hearthside filed its initial complaint in the adversary proceeding which was dismissed without prejudice on August 14, 2025. On September 2, 2025, Hearthside filed its Amended Complaint alleging a claim for fraudulent inducement and seeking damages for excess rent payments and rescission of its assumption of the Office Lease Agreement. In the alternative, Hearthside seeks a declaratory judgment that the assumption of the letter of intent under the Plan obligates LOF to negotiate in good faith to execute an amended Office Lease Agreement consistent with the letter of intent. LOF filed a Motion to Dismiss the Amended Complaint on October 2, 2025. In it, LOF asserts that the fraudulent inducement claim in Count I should be dismissed under Rule 12(b)(6) because Hearthside fails to state a claim upon which relief could be granted. LOF further contends that the Court lacks jurisdiction to grant the declaratory relief requested in Count II and the claim should be dismissed pursuant to Rule 12(b)(1). As to Count I of the Amended Complaint, the Court finds that the Plaintiff has stated a plausible claim for relief. When viewed in the light most favorable to the Plaintiff, the complaint contains sufficient facts that point to allegations of Defendant's specific, objective manifestations of fraudulent intent. The Defendant's Motion to Dismiss Count I of the Amended Complaint is denied. The Court finds that it does not have subject matter jurisdiction to order the relief requested in Count II. According to the Court, the Amended Complaint makes it clear that the parties' core dispute is not about the assumption of the letter of intent and is instead related to post-confirmation enforcement of the rights Plaintiff believes it has under the letter of intent. That is, a declaration that LOF is obligated to negotiate a lease amendment. The pleadings reflect a post-petition contractual dispute that does not affect plan implementation and execution. Therefore, under the Fifth Circuit's approach to post-confirmation jurisdiction, the Court does not have jurisdiction to grant the declaratory relief requested. Because the Plaintiff has failed to meet its burden, the Court grants Defendant's Motion to Dismiss Plaintiff's declaratory judgment claim and Count II is dismissed. A copy of the Court's Memorandum Opinion and Order dated January 7, 2026, is available https://urlcurt.com/u?l=BnYcaE from PacerMonitor.com. About H-Food Holdings H-Food Holdings, LLC, formerly known as Matterhorn Merger Sub, LLC, was founded in 2009 in Grand Rapids, Mich. The company and its affiliated debtors are a contract manufacturer of food products, producing and supplying, among other things, nutrition bars, frozen packaged foods, meal kits, snacks, sauces, refrigerated trays, overwrap, custom packaging solutions, and more to customers. As the largest food co-manufacturer in North America, the Debtors manufacture some of the most valued and recognizable brands, and the Debtors' key customers include many of the leading consumer packaged goods customers in North America. The Debtors filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 24-90586) on Nov. 22, 2024, listing $1 billion to $10 billion in both assets and liabilities. Robert M. Caruso, chief restructuring officer, signed the petitions. Judge Alfredo R. Perez presides over the cases. The Debtors tapped Ropes & Gray, LLP as general bankruptcy counsel; Porter Hedges, LLP as co-bankruptcy counsel; Evercore Group, LLC as investment banker; and Alvarez & Marsal North America, LLC as financial advisor. HERTZ GLOBAL: Supreme Court Refuses to Hear Ch. 11 Interest Dispute ------------------------------------------------------------------- James Nani of Bloomberg Law reports that the U.S. Supreme Court declined to hear Hertz Corp.'s bid to overturn an appeals court ruling that it must pay hundreds of millions of dollars more to unsecured bondholders after becoming solvent during its bankruptcy. The justices on Monday rejected the company’s petition, which sought review of whether creditors can recover make-whole and other interest-like payments when a debtor's finances improve in Chapter 11. In September 2024, the U.S. Court of Appeals for the Third Circuit ruled that Hertz is required to pay more than $270 million to its unsecured bondholders, concluding that the payments were owed once the company emerged from bankruptcy with the ability to satisfy its debts, the report states. About Hertz Corp. Hertz Corp. and its subsidiaries -- http://www.hertz.com/-- operate a worldwide vehicle rental business under the Hertz, Dollar, and Thrifty brands, with car rental locations in North America, Europe, Latin America, Africa, Asia, Australia, the Caribbean, the Middle East, and New Zealand. They also operate a vehicle leasing and fleet management solutions business. On May 22, 2020, The Hertz Corporation and certain of its U.S. and Canadian subsidiaries and affiliates filed voluntary petitions for reorganization under Chapter 11 in the U.S. Bankruptcy Court for the District of Delaware (Bankr. D. Del. Case No. 20-11218). Judge Mary F. Walrath oversees the cases. The Debtors have tapped White & Case LLP as their bankruptcy counsel, Richards, Layton & Finger, P.A., as local counsel, Moelis & Co. as investment banker, and FTI Consulting as financial advisor. The Debtors also retained the services of Boston Consulting Group to assist the Debtors in the development of their business plan. Prime Clerk LLC is the claims agent. The U.S. Trustee for Regions 3 and 9 appointed a Committee to represent unsecured creditors in Debtors' Chapter 11 cases. The Committee has tapped Kramer Levin Naftalis & Frankel LLP as its bankruptcy counsel, Benesch Friedlander Coplan & Aronoff LLP as Delaware counsel, UBS Securities LLC as investment banker, and Berkeley Research Group, LLC, as financial advisor. Ernst & Young LLP provides audit and tax services to the Committee. * * * Hertz Global and its subsidiaries emerged from Chapter 11 bankruptcy at the end of June 2021. Hertz won approval of a Plan of Reorganization that unimpaired all classes of creditors (who are legally deemed to have accepted it) and was approved by more than 97% of voting shareholders. The Plan provided for the existing shareholders to receive more than $1 billion of value. Recovery by shareholders of close to $8 a share was made possible after a fierce competition among bidders for control in the company. Initial offers from potential bidders for Hertz in its bankruptcy offered nothing for equity. Hertz in May 2021 selected investment firms Knighthead Capital Management LLC and Certares Management LLC, joined by other investors including Apollo Global Management Inc. and a group of existing shareholders, as the winning bidders for control of the bankrupt company. A rival group that included Centerbridge Partners LP, Warburg Pincus LLC and Dundon Capital Partners LLC was outbid at auction. Hertz's Plan eliminated over $5 billion of debt, including all of Hertz Europe's corporate debt, and will provide more than $2.2 billion of global liquidity to the reorganized Company. Hertz also emerged with (i) a new $2.8 billion exit credit facility consisting of at least $1.3 billion of term loans and a revolving loan facility, and (ii) an $7 billion of asset-backed vehicle financing facility, each on favorable terms. INCREDIBLE ESCAPE: Gets Interim OK to Use Cash Collateral --------------------------------------------------------- Incredible Escape Rooms, LLC got the green light from the U.S. Bankruptcy Court for the District of Arizona to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral until the final hearing on February 3 in accordance with its budget. As adequate protection for any diminution in the value of their collateral, secured creditors Capital Community Bank and Assn Company will be granted a replacement lien on their pre-bankruptcy collateral. This replacement lien is not subject or subordinate to any lien arising after the petition date. Capital Community Bank will receive a monthly payment of $500 starting January 16 as additional protection. The interim order is available at https://is.gd/fGwBUd from PacerMonitor.com. Formed in 2018, Incredible Escape Rooms operates five entertainment venues offering escape room experiences in Arizona, Oregon, and California, and employs approximately 21 workers, including its principals. It currently holds about $17,013 in cash and generates revenue solely from ongoing customer operations, making immediate access to cash collateral essential to fund payroll, rent, and other operating expenses. Two creditors -- Capital Community Bank and Assn Company -- may assert blanket liens on the Debtor's assets and revenues, with CC Bank believed to hold a first-priority lien. About Incredible Escape Rooms LLC Incredible Escape Rooms, LLC operates five entertainment venues offering escape room experiences in Arizona, Oregon, and California. Incredible Escape Rooms sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ariz. Case No. 26-00038) on January 5, 2026. In the petition signed by Robert Trombatore, managing member, the Debtor disclosed up to $50,000 in assets and up to $500,000 in liabilities. Judge Madeleine C. Wanslee oversees the case. Patrick Keery, Esq., at Keery McCue, PLLC, represents the Debtor as legal counsel. JEAN ANN: James Cross Named Subchapter V Trustee ------------------------------------------------ The U.S. Trustee for Region 14 appointed James Cross, Esq., at Cross Law Firm, PLC as Subchapter V trustee for Jean Ann Schwark MS, FNP-C, PLLC. Mr. Cross will be paid an hourly fee of $525 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Cross declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: James E. Cross, Esq. Cross Law Firm, PLC P.O. Box 45469 Phoenix, AZ 85064 Phone: 602-412-4422 Email: jcross@crosslawaz.com About Jean Ann Schwark MS, FNP-C PLLC Jean Ann Schwark MS, FNP-C, PLLC, doing business as Serenity Women's Care, is a Scottsdale, Arizona-based practice providing women's healthcare and medical aesthetic services. It offers gynecology care including well-woman exams and patient education, alongside aesthetic treatments such as body contouring, laser therapy, skin rejuvenation, dermal fillers, and Botox. The practice uses modern technology and continuing practitioner training to provide preventive, therapeutic, and aesthetic care. Jean Ann Schwark MS, FNP-C filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. Case No. 26-00059) on January 5, 2026. In its petition, the Debtor reported between $100,001 and $1 million in assets and between $1 million and $10 million in liabilities. The Debtor is represented by Grant L. Cartwright, Esq., at May, Potenza, Baran & Gillespie, P.C. JERRY'S PLACE: Seeks Subchapter V Bankruptcy in Mississippi ----------------------------------------------------------- On December 23, 2025, Jerry's Place Cleveland, LLC filed for Chapter 11 protection in the Northern District of Mississippi Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Jerry’s Place Cleveland, LLC Jerry’s Place Cleveland, LLC is a restaurant and hospitality company based in Cleveland, Mississippi, offering casual dining with a focus on local cuisine and community engagement. The company provides dine-in and takeout services to local residents and visitors. Jerry’s Place Cleveland, LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-14357) on December 23, 2025. 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 Selene D. Maddox handles the case. The Debtor is represented by Craig M. Geno, Esq. of Law Offices of Craig M. Geno, PLLC. LUTHERAN HOME: Amends Plan to Include Insured Tort Claims --------------------------------------------------------- Lutheran Home and Services for the Aged, Inc., and affiliates submitted a First Amended Disclosure Statement describing First Amended Joint Plan of Reorganization dated January 7, 2026. The Debtors continue to receive new residents at the Communities and have entered into new Option Agreements with respect to 10 units during the pendency of these Chapter 11 Cases. Additionally, since the Petition Date, the Debtors have had sixty Residents depart from their Communities. The Debtors are engaged in negotiations with Caring Communities regarding the insurance coverage provided for the Insured Tort Claims under the Caring Communities Policies. The Debtors believe that they may reach a resolution through which Caring Communities will fund, in full or in part, taking into account the Debtors' self-insured retention obligation, the defense and/or payment of Insured Tort Claims in satisfaction of its obligations under the Caring Communities Policies. If an Insurance Settlement Agreement is reached, the Debtors expect to submit such agreement to the Court for approval pursuant to Rule 9019. If approved, the proceeds of an Insurance Settlement Agreement will be contributed to the Unsecured Creditor Trust as an Insurance Trust Asset and made available for Insurance Trust Interests in accordance with the Plan and Unsecured Creditor Trust Agreement. Class 7A consists of all General Unsecured Claims against Obligated Group Debtors. Each Holder of a Class 7A claim shall receive its Pro Rata share of the General Unsecured Trust Interests to be distributed upon the terms and in accordance with the Unsecured Creditor Trust Agreement. Class 7B consists of all General Unsecured Claims against Non Obligated Group Debtors. On the Effective Date (or as soon thereafter as practicable), each Holder of a Class 7B claim shall receive payment in Cash in the amount of its Allowed General Unsecured Claim Against Non-Obligated Group Debtors. Class 8 consists of all Insured Tort Claims against the Debtors. Tort Claims in Class 8 shall be treated in accordance with one of the following alternatives: * If the Bankruptcy Court approves an Insurance Settlement Agreement on or before the Effective Date, each Holder of an Insured Tort Claim in Class 8 shall receive, in full satisfaction, settlement, release and discharge of and in exchange for its Claim, its Pro Rata share of the Insurance Trust Interests to be distributed upon the terms and in accordance with the Unsecured Creditor Trust Agreement. In no event shall a Holder of an Insured Tort Claim be entitled to any other or further recovery from or against any of the Debtors, the Unsecured Creditor Trust, or Caring Communities or any of their respective property or assets; or * If the Bankruptcy Court does not approve an Insurance Settlement Agreement on or before the Effective Date, then (A) no Insurance Trust Assets shall be contributed to the Unsecured Creditor Trust and no Insurance Trust Interests shall be distributed to Holders of Insured Tort Claim in Class 8, (B) any terms of this Plan that reference the Insurance Settlement Agreement, the Insurance Trust Assets, or the Insurance Trust Interests shall be of no force and effect, and (C) notwithstanding the injunction contained in Section VII.C of the Plan and the Plan Confirmation Order, sixty days after the Effective Date (or such late date as determined by the Bankruptcy Court following notice and a hearing), Holders of Insured Tort Claims in Class 8 shall be permitted to pursue their Insured Tort Claims against the Obligated Group Debtors solely to the extent of available insurance, if any, and solely to obtain a judgment that can be enforced against available insurance. The Debtors and the Reorganized Debtors, as applicable, shall fund distributions under the Plan with Cash on hand, and such funds released from the Entrance Fee Escrow pursuant to the Plan. With respect to the Entrance Fee Escrow, prior to and during these Chapter 11 Cases, new prospective Residents were permitted to pay an Option Deposit into the Escrow Account pursuant to an Option Agreement. The funds held by the Escrow Agent are not property of the Debtors and each Resident that is a party to the Option Agreement (an Option Agreement Party) has the opportunity to seek the return of their funds prior to the occurrence of a Termination Event. As discussed herein, this escrow arrangement was implemented to address the Debtors' financial distress. Confirmation of the Plan will constitute a Termination Event under the Option Agreements and each Option Agreement Party shall be provided with a Notice of Termination Event, which shall provide such party with (i) notice of the occurrence of a Termination Event (as defined in the Option Agreement) and (ii) the Refund Request Deadline by which such Resident must submit a request to the applicable Obligated Group Debtor to terminate their Residency Agreement and refund their Option Deposit. A full-text copy of the First Amended Disclosure Statement dated January 7, 2026 is available at https://urlcurt.com/u?l=kvU52U from Stretto, claims agent. Counsel to the Debtors: Stephen D. Lerner, Esq. SQUIRE PATTON BOGGS (US) LLP 201 E. Fourth St., Suite 1900 Cincinnati, OH 45202 Tel: (513) 361-1200 Fax: (513) 361-1201 E-mail: stephen.lerner@squirepb.com - and - Jeffrey R. Rothleder, Esq. 2550 M Street, NW Washington, DC 20037 Tel: (202) 457-6000 Fax: (202) 457-6315 E-mail: jeffrey.rothleder@squirepb.com - and - Maura P. McIntyre, Esq. 1000 Key Tower 127 Public Square Cleveland, OH 44114 Tel: (216) 479-8715 Fax: (216) 479-8780 E-mail: maura.mcintyre@squirepb.com - and - David A. Agay, Esq. Marc Carmel, Esq. Nicholas M. Miller, Esq. Maria G. Carr, Esq. Ashley Jericho, Esq. MCDONALD HOPKINS LLC 300 North LaSalle Street, Suite 1400 Chicago, Illinois 60654 Tel: (312) 280-0111 E-mail: dagay@mcdonaldhopkins.com mcarmel@mcdonaldhopkins.com nmiller@mcdonaldhopkins.com mcarr@mcdonaldhopkins.com ajericho@mcdonaldhopkins.com About Lutheran Home and Services for the Aged Lutheran Home and Services for the Aged, Inc., is a non-profit, mission-driven community offering a range of services including assisted living, memory care, skilled nursing, and short-term rehabilitation, along with extensive outpatient rehabilitation therapy. Lutheran Home and its affiliates filed Chapter 11 petitions (Bankr. N.D. Ill. Lead Case No. 25-01705). At the time of the filing, Lutheran Home reported between $100 million and $500 million in both assets and liabilities. The Debtors tapped Squire Patton Boggs (US), LLP as bankruptcy counsel; McDonald Hopkins, LLC as Illinois counsel; and one point Partners, LLC, as financial advisor. Stretto is the claims, noticing, solicitation, balloting, and tabulation agent. MAXIMILLIAN KOLBE: Hires Law Office of Jeremy T. Wood as Counsel ---------------------------------------------------------------- Maximillian Kolbe Investment Capital, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, to hire Jeremy T. Wood of the Law Office of Jeremy T. Wood, PLLC to serve as legal counsel. Mr. Wood will provide these services: (a) advise the Debtor with respect to its powers and duties as a debtor-in-possession; (b) prepare and file all necessary pleadings, motions, applications, and other legal documents; (c) represent the Debtor in cash collateral and DIP financing matters; (d) prepare and prosecute a plan of reorganization and disclosure statement; (e) commence and prosecute any adversary proceedings or contested matters as necessary; (f) assist with general estate administration and compliance with court orders; (g) negotiate with creditors and address claim objections; (h) ensure compliance with monthly operating report requirements and other statutory obligations; (i) represent the Debtor at all hearings and proceedings before this Court; and (j) perform all other legal services necessary for the Debtor to fulfill its duties under the Bankruptcy Code. Mr. Wood will receive an hourly rate of $350. Spencer Fane LLP 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: Jeremy T. Wood, Esq. LAW OFFICE OF JEREMY T. WOOD, PLLC 2950 North Loop West, Suite 500 Houston, TX 77092 Telephone: (713) 366-1288 Facsimile: (281) 954-3277 E-mail: Jeremy@jeremywoodlaw.com About Maximillian Kolbe Investment Capital LLC Maximillian Kolbe Investment Capital LLC is an investment-focused company that manages and develops financial assets across multiple sectors. The firm is involved in capital investment, strategic asset management, and portfolio optimization initiatives designed to enhance overall returns. The company filed its Chapter 11 petition (Bankr. S.D. Tex., Case No. 25-37298) on December 2, 2025. In the filing, the Debtor lists estimated assets in the range of $10 million to $50 million and estimated liabilities between $1 million and $10 million. Honorable Bankruptcy Judge Eduardo V. Rodriguez presides over the case. MIDCAP FINCO: Fitch Withdraws 'BB+' LongTerm IDR ------------------------------------------------ Fitch Ratings has withdrawn the 'BB+' Long-Term Issuer Default Rating of MidCap FinCo Intermediate LLC (MidCap) and its debt-issuing subsidiary, MidCap Financial Issuer Trust, along with the 'BB' senior unsecured debt rating. Fitch has withdrawn the ratings as MidCap has chosen to stop participating in the rating process. Fitch will therefore no longer have sufficient information to maintain the ratings. Accordingly, Fitch will no longer provide ratings (or analytical coverage) for MidCap. Key Rating Drivers Not applicable, as the ratings have been withdrawn. N/A RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade Not applicable, as the ratings have been withdrawn. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade Not applicable, as the ratings have been withdrawn. MOUNTAIN LIFE: A.M. Best Cuts Fin. Strength Rating to B-(Fair) -------------------------------------------------------------- AM Best has downgraded the Financial Strength Rating to B- (Fair) from B (Fair) and the Long-Term Issuer Credit Rating to "bb-" (Fair) from "bb" (Fair) of Mountain Life Insurance Company (Mountain Life) (headquartered in Lexington, KY). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with developing implications. The ratings reflect Mountain Life's balance sheet strength, which AM Best assesses as adequate, as well as its marginal operating performance, limited business profile and marginal enterprise risk management (ERM). The ratings were placed under review with developing implications following the finding of pending litigation between the holding company's ultimate controlling party (UCP) and its other shareholders over ownership of the organization. Should the litigation against the UCP succeed, the existing capital maintenance agreement (CMA) would be rendered null and void as it is supported by the UCP. It is expected that in this event, the new owners will implement a new CMA with their backing. The ratings will remain under review with developing implications until the resolution of the ownership dispute. The rating downgrades reflect an ERM program that has not evolved in line with the increased risk profile of the company since its acquisition by MeM Capital LLC. Based on the unanticipated ownership dispute, as well as the elevated financial leverage and high interest expense, AM Best assesses the company's ERM as marginal. MURPHY OIL: Fitch Rates Proposed Sr. Unsecured Notes 'BB+' ---------------------------------------------------------- Fitch Ratings has assigned Murphy Oil Corporation's proposed senior unsecured notes issuance a 'BB+' rating with a Recovery Rating of 'RR4'. Proceeds from the notes are expected to be used to refinance the company's existing notes due 2027 and 2028, repay a portion of revolver borrowings, and for other general corporate purposes. Murphy's ratings reflect its strong credit metrics, with leverage below 2.0x, abundant liquidity, production diversification between onshore and offshore opportunities, and a solid maturity profile. These considerations are balanced by the significant environmental remediation costs of operating in the Gulf of Mexico (Gulf of America) compared with U.S. onshore peers, execution risk in new developments, dependence on Gulf output for the majority of its revenue, and a minimal hedge book. Key Rating Drivers Shift in Capital Allocation Priorities: Fitch expects Murphy to focus more on exploration spending and shareholder returns rather than debt repayment in 2026. Murphy accelerated its capital allocation policy in 2024, allowing the company to allocate a minimum of 50% of its FCF after dividends to share repurchases and potential dividend hikes, before achieving its gross debt target. Fitch expects share repurchases to slow compared to recent years given market volatility. Although the current allocation strategy prioritizes exploration spending and shareholder returns, significant debt reduction since 2020 has improved credit metrics, resulting in a stronger capital structure. Fitch forecasts leverage to remain below 2.0x. Offshore Development Opportunity; Execution Risk: Murphy's production levels are currently at the lower end of Fitch's investment-grade oil and gas portfolio, a key credit rating driver. Increased production visibility, in line with the company's capital allocation strategy, could positively impact the rating. Opportunities exist for long-term production growth through offshore development and exploration projects in Vietnam and Cote d'Ivoire, with 10-15 mboepd net oil production expected to begin in Vietnam by 4Q26. Fitch believes the size of discoveries in these offshore opportunities will shape how the company's portfolio evolves in the long term. Although these development and exploration projects could benefit the credit by increasing production scale and diversifying Murphy's offshore production beyond the Gulf, they carry execution and cost overrun risks in the coming years. The company currently anticipates 10%-15% of capex to be allocated for exploration; however, Fitch expects exploration and overall capex spend could increase if current projects become more promising. Existing infrastructure and positive discoveries by peers in the regions where Murphy operates may alleviate some of these risks. Gulf Remains a Core Driver: Fitch expects the Gulf's offshore operations to remain central to Murphy's portfolio, driving future earnings due to its significant production share and strong liquids mix. Fitch anticipates flat to low single-digit production growth here, as Murphy pursues offshore opportunities in Vietnam and Cote d'Ivoire. Fitch expects Murphy to continue prioritizing offshore growth, given its inventory of approximately 193 mmboe of total resources with a breakeven oil price of less than $40 per barrel. Onshore Production Optionality: While Fitch expects most organic growth to come from offshore assets, the company has over 50 years of low breakeven inventory in the Eagle Ford, Kaybob Duvernay, and Tupper Montney. These assets provide flexibility and the option to increase onshore production across various price environments. Fitch forecasts stable production in the Eagle Ford at 30 to 35 mboepd and gross production in the Tupper Montney to remain near the 500 mmcfd plant capacity. Murphy's Tupper Montney assets have favorable well economics with breakeven pricing of $1.65/mcf or lower and are well-positioned to benefit from new Canadian LNG projects. Potential Regulatory Considerations: Similar to other offshore peers, Murphy's remediation obligations remain high due to its Gulf exposure. Asset retirement obligations (AROs) totaled $1,048 million as of Sept. 30, 2025. Other regulatory risks include downtime risk from storms and related environmental activity. Changes in the regulatory environment around federal lease sales have had minimal impact on Murphy's operations in the Gulf. Peer Analysis Murphy's production of 207mboe/d (including NCI) for 3Q25 is at the low end of the range of most investment-grade issuers and high 'BB' issuers, such as Occidental Petroleum Corp. (BBB-/Positive; 1,468mboe/d), Ovintiv Inc. (BBB-/Positive; 630mboe/d), APA Corporation (BBB-/Stable; 464mboe/d), Permian Resources Corporation (BBB-/Stable; 410mboe/d), and Civitas Resources, Inc. (BB+/Stable; 336mboe/d). Murphy's levered netbacks are middling compared to its investment-grade and high 'BB' peers. Murphy's Fitch-calculated netback of $22.5/bbl for 3Q25 is lower compared to APA ($26.1/bbl) and Permian Resources ($23.2/bbl). Murphy's 3Q25 netback is higher than Occidental ($21.5/bbl), Civitas ($21.7/bbl), and Ovintiv ($14.7/bbl). Murphy's leverage metrics compare favorably to its investment-grade and high 'BB' peers. Murphy's approximately $1,048 million of asset retirement obligations as of Sept. 30, 2025, are significant and larger than comparable onshore peers given the offshore exposure. The obligations are lower than Occidental ($3,856 million) and APA ($2,750 million), but significantly higher than onshore peers such as Ovintiv ($433 million), Civitas ($424 million), and Permian ($177 million). Fitch's Key Rating-Case Assumptions -- West Texas Intermediate oil prices of $64/bbl in 2025, $58/bbl in 2026 and 2027 and $57/bbl thereafter; -- Henry Hub natural gas prices of $3.50/mcf in 2025 and 2026, $3.00/mcf in 2027, and $2.75/mcf thereafter; -- Neutral to slightly positive production growth in 2025 and 2026 and mid-single-digit increases in later years; -- Fitch assumes a gradual contribution from Vietnam production in later years of its rating case; -- Capex in line with management expectations; -- Dividends of $1.30/share annually; -- At least 50% of FCF is allocated to stock buybacks or dividend increases in line with Murphy's 3.0 capital allocation policy. RATING SENSITIVITIES Factors that Could, Individually or Collectively, Lead to Negative Rating Action/Downgrade -- A change in financial policy that results in material weaker credit metrics; -- Midcycle EBITDA leverage above 2.5x and EBITDA sustained below $1 billion; -- Major operational issue or loss of momentum across key plays, or failure to maintain adequate drilling inventory; -- Deviation from management's stated policy of no more than 15% of the capital budget in exploratory projects. Factors that Could, Individually or Collectively, Lead to Positive Rating Action/Upgrade -- Increasing net production above 200 mboepd while maintaining reserve life; -- Sustained reduction of gross debt to below $1 billion; -- Continued clear and conservative capital allocation and financial policy that demonstrates capex, shareholder returns and M&A discipline; -- Midcycle EBITDA leverage below 2.0x. Liquidity and Debt Structure Murphy had $426 million in cash as of Sept. 30, 2025, and approximately $1.2 billion available under its revolving credit facility (RCF), after $150 million of borrowings and $0.4 million of letters of credit. On Jan. 2, 2026, the company raised elected RCF commitments to $2 billion, increasing available liquidity. Pro forma for the notes issuance, Murphy plans to repay the $150 million drawn on the RCF, which further increases liquidity. The maturity profile is extended after the notes issuance, with the next maturity being the RCF in 2031. Issuer Profile Murphy Oil Corporation is a global oil and natural gas exploration and production company. It primarily operates in the Gulf, Canadian onshore regions and U.S. onshore regions. Murphy had total proved reserves of 713 mmboe as of Dec. 31, 2024. NELKIN & NELKIN: Court Tosses Claims Against Two Rivers, et al. --------------------------------------------------------------- Judge Eduardo V. Rodriguez of the United Sates Bankruptcy Court for the Southern District of Texas dismissed with prejudice all claims brought by Nelkin & Nelkin P.C. against Steven Schreiber, Eugene Schreiber, and Two Rivers Coffee, LLC in the adversary proceeding captioned as NELKIN & NELKIN P.C., Plaintiff, VS. TWO RIVERS COFFEE, LLC, STEVEN SCHREIBER, EUGENE SCHREIBER, and SARAH SCHREIBER, Defendant, ADVERSARY NO. 23-2005 (Bankr. S.D. Tex.). In its Complaint, Debtor brings two causes of action: (1) a declaratory judgment regarding certain personal property (the "Declaratory Judgment Claim"); and (2) extension of the automatic stay to Carol Nelkin and Jay Nelkin pursuant to Sec. 105(a) (the "Stay Extension Claim"). As to the Declaratory Judgment Claim, Debtor seeks a declaratory judgement as to who owns certain "boxes of documents and items of furniture -- file cabinets, a desk, and a copy machine that were delivered to the Two Rivers' warehouse for storage." As to the Stay Extension Claim, Debtor seeks extension of the stay to the Nelkins on the basis that the Nelkins are involved in three lawsuits and decisions in those lawsuits may bind the Debtor. The three lawsuits in question are: (1) Scheiber, et al. v. Friedman, et al., Cause No. 15-cv-06861, District Court, Eastern District of New York ("Fee Collection Case"); (2) Schreiber, et al. v. Nelkin & Nelkin, PC, et al., Cause No. BER-L-003407- 20, Superior Court of New Jersey, Bergen County ("Malpractice Case"); and (3) Nelkin, et al. v. Two Rivers Coffee, LLC, et al., Cause No. MID-C-107-19, Superior Court of New Jersey, Middlesex County Chancery Division ("Replevin Action"). Steven Schreiber, individually and on behalf of the Estate of Eugene Schreiber, and Two Rivers Coffee, LLC filed a motion for summary judgment and motion for judgment on the pleadings, seeking to dismiss this adversary proceeding. The TRC Parties seek summary judgment pursuant to Federal Rule of Civil Procedure 56 alleging that since the estate's property has revested in the reorganized Debtor and the automatic stay has terminated: (1) there is not a sustainable "controversy" of sufficient immediacy to warrant the issuance of a declaratory judgment; and (2) this Court lacks jurisdiction over this adversary proceeding. The Court finds that the evidence and record shows there is no genuine dispute between Debtor and the TRC Parties as to what was property of the estate that vested into the reorganized Debtor. As such, the Declaratory Judgment Claim against the TRC Parties fails as a matter of law for lack of an underlying case or controversy. The Debtor, in their Complaint, requests that the Court extend the automatic stay to the Nelkins individually. According to the Court, because confirmation of the plan both revests estate property into the debtor and discharges the debtor from all dischargeable debts, the automatic stay no longer exists after confirmation unless otherwise noted by the plan. Judge Rodriguez explains, "Here, the Plan was confirmed on February 14, 2025, and does not limit the revesting and discharge under Secs. 1141(b) and 1141(d). As such, there is no genuine dispute of material fact that the automatic stay in this bankruptcy case no longer exists. Therefore the TRC Parties are entitled to judgment as a matter of law as to the Stay Extension Claim because the protections of the automatic stay cannot be extended to the Debtor's principals when the automatic stay no longer exists." The Court finds that there is no genuine dispute of material fact left for trial in this adversary proceeding and that Two Rivers Coffee, LLC, Steven Schreiber, and Eugene Schreiber are entitled to judgment as a matter of law as to all claims brought against them by Nelkin & Nelkin P.C. in this adversary proceeding. A copy of the Court's Memorandum Opinion dated January 12, 2026, is available https://urlcurt.com/u?l=JNgf6O from PacerMonitor.com. About Nelkin & Nelkin, P.C. Nelkin & Nelkin P.C. is a Houston, Texas based law firm that was founded in 1975. The Debtor filed Chapter 11 petition (Bankr. S.D. Texas Case No. 23-20245) on Aug. 25, 2023, with $10 million to $50 million in assets and $1 million to $10 million in liabilities. Carol Nelkin, president, signed the petition. Judge David R. Jones oversees the case. Miriam Goot, Esq., at Walker & Patterson, P.C., is the Debtor's legal counsel. Nelkin & Nelkin P.C. won confirmation of a Chapter 11 plan on Feb. 14, 2025. NORTH COUNTRY: Employs Gust Rosenfeld as Special Counsel -------------------------------------------------------- North Country Healthcare, Inc. seeks approval from the U.S. Bankruptcy Court for the District of Arizona to hire Gust Rosenfeld, PLC to serve as special counsel and outside general counsel. The firm will provide these services: (a) perform outside general counsel services for the Debtor; (b) advise on internal regulatory matters at the Debtor's board and operational levels; (c) provide advice related to the ERISA Litigation as necessary. The firm will be paid at these hourly rates: --Joseph Williams, Partner: $250 --Melissa San Angelo, Partner: $250 --Peter Collins, Partner: $250 --Robert Stultz, Partner: $250 --Haley Stewart, Associate: $225 --Paraprofessionals: $150 Gust Rosenfeld, PLC 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: Joseph Williams, Esq. GUST ROSENFELD, PLC One South Church Ave Tucson, AZ 85701 Telephone: (520) 205-4740 Facsimile: (520) 624-3849 E-mail: jwilliams@gustlaw.com About North Country Health Care Inc. North Country HealthCare is a federally qualified community health center in Flagstaff, Ariz., which provides comprehensive primary and preventive healthcare services, including medical, dental, behavioral health, and specialty care, to patients across Northern Arizona. The organization operates clinics in 11 communities along the I-40 corridor and surrounding rural and underserved areas, offering services such as family medicine, pediatrics, obstetrics and gynecology, telemedicine, and health screenings. Founded in 1991 as the Flagstaff Community Free Clinic, it has since expanded into the region's primary community health center and also supports education and clinical training for healthcare students. North Country Health Care, Inc. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Ari. Case No. 25-12293) on December 19, 2025, listing between $10 million and $50 million in both assets and liabilities. Judge Hon. Paul Sala oversees the case. The Debtor is represented by Philip J. Giles, Esq., at Allen, Jones & Giles, PLC. NORTHEASTERN ILLINOIS UNIV: Moody's Raises Issuer Rating from Ba1 ----------------------------------------------------------------- Moody's Ratings has upgraded Northeastern Illinois University's issuer rating to Baa3 from Ba1 and the Certificates of Participation rating to Ba1 from Ba2. Total pro forma outstanding debt, inclusive of the unrated Series 2025 bonds, is approximately $77.8 million. The outlook is revised to stable from positive. The upgrade of Northeastern Illinois University's (NEIU) issuer rating to Baa3 reflects the strengthening of the State of Illinois' (A2 stable) fiscal condition which will continue to have positive downstream effects to the university amid an improving operating environment. RATINGS RATIONALE The Baa3 issuer rating incorporates sustained state support for NEIU, combined with prudent fiscal management and risk controls, underpinning expectations for maintaining adequate EBIDA margins. The university's expanded strategic partnerships and targeted investments to boost enrollment and manage expenses are anticipated to keep EBIDA margins in the high single digits, with liquidity and overall wealth remaining stable. Moderate capital plans, absence of significant near-term debt, ongoing state support for active projects, and amortizing debt all support a manageable leverage profile. However, persistent demographic challenges and competitive pressures continue to weigh on enrollment and net tuition revenue, the university's second-largest source of revenue. The rating remains constrained by the credit quality of the state. The upgrade of the Certificates of Participation to Ba1 from Ba2 reflects the issuer rating and the availability of non-appropriated funds for debt service if state appropriations are insufficient. RATING OUTLOOK The stable outlook reflects Moody's expectations of increasing support and on-time payments from the State of Illinois, resulting in steady EBIDA margins over the outlook period. It also reflects expectations that management will continue to prudently manage expenses as the university faces enrollment pressures. FACTORS THAT COULD LEAD TO AN UPGRADE OF THE RATINGS -- Improvement in EBIDA margins to the low double digits over a multi-year period -- Stabilization of enrollment combined with growth of net tuition revenue -- Maintenance of total cash and investments above $150 million FACTORS THAT COULD LEAD TO A DOWNGRADE OF THE RATINGS -- Material sustained reductions in state support resulting in weakening of EBIDA margins below current levels -- Weakening of liquidity and inability to maintain at least 150 monthly days cash on hand -- Failure to stabilize net tuition revenue PROFILE NEIU is a regional comprehensive public university with multiple campuses in the Chicago metropolitan area. It is designated by the US Department of Education as a Hispanic-Serving Institution. METHODOLOGY The principal methodology used in these ratings was Higher Education published in July 2024. OAK GROVE: Gets Interim OK to Use Cash Collateral Until Feb. 10 --------------------------------------------------------------- Oak Grove Stor-All, LLC got the green light from the U.S. Bankruptcy Court for the Northern District of Georgia, Gainesville Division, to use cash collateral to fund operations. The court issued an interim order authorizing the Debtor to use cash collateral through February 10 in accordance with its budget, subject to a 15% variance. As adequate protection for the Debtor's use of its cash collateral, the U.S. Small Business Administration will be granted a replacement lien on the Debtor's post-petition assets similar to its pre-bankruptcy collateral, with the same validity and priority as its pre-bankruptcy lien. The replacement lien does not apply to causes of action. A court hearing is set for February 10. The interim order is available at https://is.gd/i1CezG from PacerMonitor.com. Oak Grove Stor-All identifies potential lienholders, including the U.S. Small Business Administration, Bank of the Ozarks (now Bank OZK), Teal Holdings, LLC, and Access to Capital for Entrepreneurs, which may assert security interests primarily in its real property, though no UCC financing statements appear to have been filed for some parties and no other perfected liens in cash collateral are known. About Oak Grove Stor-All LLC Oak Grove Stor-All, LLC operates a storage facility in Dahlonega, Georgia. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Ga. Case No. 26-20015) on January 5, 2026. In the petition signed by Blair Housley, chief executive officer, the Debtor disclosed up to $1 million in both assets and liabilities. Bethany Strain, Esq., at Jones & Walden LLC, represents the Debtor as legal counsel. OAKLAND PHYSICIANS: Subchapter V Trustee's Fee Application Okayed ----------------------------------------------------------------- The Honorable Maria L. Oxholm of the United States Bankruptcy Court for the Eastern District of Michigan granted the first and final fee application of Oakland Physicians Medical Center, L.L.C.'s Chapter 11 Subchapter V Trustee for allowance of compensation for professional services rendered from November 25, 2024 to present. The Trustee is awarded a Chapter 11 administrative fee for professional services in the amount of $71,137.50 and expenses in the amount of $96.70 for a total amount of $71,234.20. A copy of the Court's Order dated January 6, 2026, is available at https://urlcurt.com/u?l=WdILy1 from PacerMonitor.com. About Oakland Physicians Medical Center Oakland Physicians Medical Center, L.L.C. sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Mich. Case No. 24-51134) on November 23, 2024. Judge Maria L. Oxholm presides over the case. The Debtor tapped Robert N. Bassel, Esq. at Robert Bassel, Attorney At Law as bankruptcy counsel and Brandon M. Dalziel, Esq., at Bodman PLC as special counsel. Deborah L. Fish is the patient care ombudsman appointed in the Debtor's case. OAKTREE OCALA: Plan Exclusivity Period Extended to January 31 ------------------------------------------------------------- Judge Sean H. Lane of the U.S. Bankruptcy Court for the Southern District of New York extended Oaktree Ocala JV, LLC and ASAP Highline Ocala, LLC's exclusive periods to file a plan of reorganization and obtain acceptance thereof to January 31 and April 1, 2026, respectively. As shared by Troubled Company Reporter, the Debtors explain that they have reached an agreement in principle with CPIF MRA, LLC ("CPIF") as to the allowance and treatment of CPIF's claim. That resolution resolves complicated issues with respect to CPIF's claims and ASAP's counterclaims. While Debtors have circulated to CPIF a draft plan and disclosure statement, the parties are still addressing issues addressed in the plan, as well as in ancillary documents that that will be incorporated into the plan. The Debtors claim that they are also in discussions with other parties in interest, including interest holders, as to the treatment of such interests under the plan. As Debtors wish to file and seek confirmation of a consensual plan, both Debtors and CPIF have agreed to an extension of the Exclusivity Periods to avoid filing a plan prematurely. The Debtors' Counsel: Kenneth M. Lewis, Esq. Paul M. Nussbau, Esq. WHITEFORD, TAYLOR & PRESTON L.L.P. 444 Madison Avenue, 4th Floor New York, NY 10022 Tel: (914) 761-8400 E-mail: klewis@whitefordlaw.com pnussbaum@whitefordlaw.com About Oaktree Ocala JV LLC Oaktree Ocala JV, LLC is a real estate lessor operating under NAICS code 5311. It is based in Suffern, N.Y., with apparent operations in Ocala, Florida. It operates as a joint venture in the real estate leasing sector. Oaktree Ocala JV and ASAP Highline Ocala, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D.N.Y. Lead Case No. 25-22701) on July 29, 2025. In its petition, the Debtor reported between $10 million and $50 million in assets and liabilities. Judge Sean H. Lane oversees the case. The Debtor is represented by Kenneth M. Lewis, Esq., at Paul M. Nussbau, Esq. ONE GATEWAY: Section 341(a) Meeting of Creditors on February 6 -------------------------------------------------------------- On January 6, 2026, One Gateway Blvd., LLC filed for Chapter 11 protection in the Southern District of Georgia. According to court filings, the debtor reports between $1 million and $10 million in assets, $1 million and $10 million in liabilities, and 1–49 creditors. A meeting of creditors under Section 341(a) to be held on 2/6/2026 at 11:00 AM at (UST - USA Toll Free Call in number: 888-330-1716, Access Code: 6397709). About One Gateway Blvd., LLC One Gateway Blvd., LLC is a single-asset real estate company that owns and operates a hospitality property located at 1 East Gateway Boulevard in Savannah, Georgia, with operations focused on the ownership and management of a hotel property serving the local traveler accommodation market. One Gateway Blvd., LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40010) on January 6, 2026. In its petition, the debtor reported estimated assets and liabilities each in the range of $1 million to $10 million. The case is overseen by the Honorable Bankruptcy Judge [Insert Judge Name]. The debtor is represented by Jon Levis, Esq., of Levis Law Firm, LLC. ORANGE COURIER: Taps J.S. Held as Advisor and Bookkeeper -------------------------------------------------------- Orange Courier, Inc. seeks approval from the U.S. Bankruptcy Court for the Central District of California to employ and retain J.S. Held LLC to serve as financial advisor and bookkeeper in the ordinary course of business. J.S. Held will provide these services: (a) assist the Debtor in organizing and maintaining accounting records, supporting the Debtor's bookkeeping functions, and preparing or reviewing transaction level cash receipts and disbursements reporting, including supporting schedules required for stakeholder review and Court filings; (b) assist the Debtor in reconciling bank accounts, tracking cash activity, and preparing account summaries and reconciliations that explain balances, deposits, and disbursements as of relevant dates; and (c) assist the Debtor in preparing and updating cash flow forecasts, including rolling forecasts as needed, and assist with variance analysis and related explanations that compare actual performance to projected figures. J.S. Held will bill the Debtor for its services on an hourly basis plus reimbursement of reasonable and necessary out of pocket expenses. J.S. Held's current hourly rates are: Senior Managing Directors, $825; Managing Directors, $550; Directors, $435; Associate Directors, $395; Senior Consultants, $350; Consultants, $295; and Project Assistants, $195. Travel time will be billed at 50 percent of the applicable hourly rate. J.S. Held represents that it is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code and that it currently represents no interest adverse to the Debtor or the estate, according to court filings. The firm can be reached at: J. S. Held 2700 N Central Avenue, Suite 1275 Phoenix, AZ 85004 Telephone: (480) 595-0943 About Orange Courier Inc. Orange Courier, Inc. provides same-day delivery, trucking, warehousing, and logistics services from its base in La Mirada, California. It operates as a for-hire interstate motor carrier handling property freight under federal transportation authority. It serves commercial customers across Southern California and surrounding regions through courier, distribution, and freight transport operations. Orange Courier sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-20443) on November 21, 2025, listing up to $10 million in both assets and liabilities. Evell Tara Stanley, president of Orange Courier, signed the petition. Judge Deborah J. Saltzman oversees the case. Eric Bensamochan, Esq., at The Bensamochan Law Firm, Inc., represents the Debtor as bankruptcy counsel. OROVILLE HOSPITAL: Reaches Deal to Tap Funds to Pay Rent in Ch. 11 ------------------------------------------------------------------ Rick Archer of Law360 Bankruptcy Authority reports that Oroville Hospital on Monday, January 12, 2026, finalized a lease payment agreement with its landlords that permits the hospital to draw from its available cash to meet its next two months of rent while pursuing a sale in its Chapter 11 bankruptcy case. The deal in the Eastern District of California bankruptcy court provides immediate financial flexibility for the struggling hospital as it works through the sale process. The move underscores the challenges faced by the nonprofit hospital as it seeks to balance creditor interests, maintain operations and attract a buyer amid ongoing restructuring. By securing landlord consent to access cash for rent, the hospital aims to minimize disruptions to its services and position itself for a successful sale or reorganization under Chapter 11, the report states. About Oroville Hospital Oroville Hospital is a full-service community healthcare provider located in Oroville, California. The hospital offers a broad range of medical services, including emergency care, inpatient and outpatient treatment, surgical procedures, diagnostic imaging, and specialty care programs. Committed to patient-centered care, Oroville Hospital focuses on quality outcomes, compassionate service, and maintaining strong community health partnerships. Oroville Hospital sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. E.D. Cal. Case No. 25-26876) on December 8, 2025. In its petition, the Debtor reports estimated assets between $500 million and $1 billion and estimated liabilities between $100 million and $500 million. Honorable Bankruptcy Judge Christopher M. Klein oversees the case. The Debtor is represented by Nicholas A. Koffroth, Esq. PETCO HEALTH: Moody's Rates New $850MM First Lien Term Loan 'B3' ---------------------------------------------------------------- Moody's Ratings assigned a B3 rating to Petco Health and Wellness Company, Inc.'s ("Petco") proposed $850 million senior secured first lien term loan B. All other ratings are unchanged including the company's B3 Corporate Family Rating, B3-PD probability of default rating and B3 senior secured first lien term loan rating. Petco's speculative grade liquidity score (SGL) remains at SGL-1. The outlook is stable. Proceeds from the transaction will be used to repay a portion of Petco's existing senior secured first lien bank credit facility due 2028. Moody's expects additional secured debt (to be raised in the near term), along with the proposed $850 million term loan and balance sheet cash to fully repay the senior secured first lien bank credit facility due 2028. RATINGS RATIONALE Petco's B3 CFR reflects its weakened credit metrics caused by an abatement of the pandemic related pet adoption boom and a further slowing of demand. Consumers have been cutting back on discretionary pet supplies purchases and shifting to value assortments for the more essential consumables in response to a strained wallet. These trends were exacerbated by Petco's operational missteps on product assortment, customer experience and promotions. The CFR also reflects governance considerations, particularly Petco's majority private equity ownership which can result in financial strategies that favor shareholders over creditors. Its profile is supported by Petco's large scale and its position as the third largest pet focused retailer in the United States in a relatively fragmented industry. Moody's projects performance improvement over the next 12-18 months as management executes on its turnaround plans with debt/EBITDA to moderate to below 4.0x and EBITA/Interest in excess of 1.0x. Moody's also expects the company to have very good liquidity through positive free cash flow, ample cash balances and full availability on its ABL. The stable outlook reflects Moody's expectations of improving credit metrics, ample positive free cash flow and very good liquidity over the next 12-18 months. FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATING Petco's ratings could be upgraded if the company's operating performance improves, while maintaining very good liquidity supported by positive free cash flow, and continued commitment to conservative financial policies. Quantitatively, ratings could be upgraded if the company maintains lease-adjusted debt/EBITDA below 5.75x and EBITA/interest expense over 1.5x. Petco's ratings could be downgraded if operating trends and credit metrics do not recover as expected, financial policies become more aggressive, or if liquidity erodes. Specifically, ratings could be downgraded if operating margins deteriorate, free cash flow becomes negative or if EBITA/interest expense is sustained below 1.0x. Petco Health and Wellness Company, Inc. is a national specialty retailer of premium and value pet consumables, supplies and companion animals and services with over 1,500 retail locations across the US, Mexico and Puerto Rico. Revenue was about $6.0 billion for the LTM period ending November 01, 2025. The company remains majority owned by CVC Capital Partners and Canada Pension Plan Investment Board following its January 2021 IPO. The principal methodology used in this rating was Retail and Apparel published in September 2025. PETCO HEALTH: S&P Rates Proposed $850 Million Extended Term Loan B ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issue-level rating and '3' recovery rating to Petco Health And Wellness Co. Inc.'s proposed $850 million extended term loan B maturing in 2031. The '3' recovery rating reflect its expectations for meaningful (50%-70%; rounded estimate: 55%) recovery for lenders in the event of a payment default. The company plans to use the proceeds of the extended term loan, along with $650 million in other secured debt and cash from its balance sheet, to repay its existing term loan B due in 2028. PHYSICAL INVESTMENTS: Taps Damon J. Gettier & Associates as Realtor ------------------------------------------------------------------- Physical Investments, Inc. seeks approval from the U.S. Bankruptcy Court for the Western District of Virginia to employ Damon J. Gettier of Damon J. Gettier & Associates to serve as realtor for the Trustee. Mr. Gettier will provide these services: (a) value the Property; (b) market the Property; (c) secure a buyer for the Property at the highest and best sale price possible given the condition of the Property; and (d) take any other action necessary to perform the foregoing actions. Mr. Gettier will be compensated pursuant to a contract providing for a commission equal to 6 percent of the selling price, as summarized in the application. According to court filings, Mr. Gettier is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code. The professional can be reached at: Damon J. Gettier, Esq. DAMON J. GETTIER & ASSOCIATES 1615 East Main Street Salem, VA 24153 Telephone: (540) 384‑4088 E-mail: damon@damongettier.com 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: Court OKs Fundamental Asset Sale to FR Acquisition ------------------------------------------------------------- The U.S. Bankruptcy Court for the Southern District of Texas, Houston Division, has permitted Pine Gate Renewables LLC and its affiliates, to sell Fundamental Assets to FR Acquisition Holdings LLC, free and clear of liens, claims, interests, and encumbrances. The Fundamental Assets are Generally, and subject to the terms of the Fundamental Asset Purchase Agreement (APA) including customary exclusions, the direct and indirect subsidiaries of the Equity Sellers and substantially all assets of the Asset Sellers to the extent relating to the Purchased Entities and their business. The credit bid of $624 million of DIP Obligations and costs, fees expenses, premiums and other amounts under the Fundamental DIP Credit Agreement, subject to a reduction of up to $5 million based on the removal of any purchased assets, plus the assumption of certain liabilities, less the purchase price by a third-party purchaser that is not the Buyer for any Purchased Assets or Purchased Equity Interests in accordance with the Bidding Procedures Order. The Court has authorized the Debtor to sell the Property to FR Acquisition Holdings LLC as the highest or otherwise best bid for the Purchased Assets pursuant to the Purchase Agreement, subject to the modifications, including with respect to the Sunstone Assets. The Debtors gave due and proper notice of the proposed Sale Transaction and the Sale Hearing on November 11, 2025. The Bidding Procedures were substantively and procedurally fair to all parties and all potential bidders and afforded notice and a full, fair, and reasonable opportunity for any person to make a higher or otherwise better offer to purchase the Purchased Assets. The Buyer is the designated Successful Bidder, and the Purchase Agreement is designated the Successful Bid for the Purchased Assets enumerated therein in accordance with the Bidding Procedures Order. The Purchased Assets that are owned by the Debtor entities constitute property of the Debtors' estates and title thereto is vested in the Debtors’ estates within the meaning of section 541 of the Bankruptcy Code. The Debtors and the Fundamental Parties have complied, in good faith, in all respects with the Bidding Procedures Order and the Bidding Procedures. The Buyer is a good faith buyer within the meaning of section 363(m) of the Bankruptcy Code, and the Buyer and the other Fundamental Parties otherwise have proceeded in good faith in all respects in connection with this proceeding. About Pine Gate Renewables 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 its affiliates filed Chapter 11 petitions (Bankr. S.D. Texas Lead Case No. 25-90669) on November 6, 2025. In their petitions, Pine Gate Renewables reported between $1 billion and $10 billion in assets and liabilities. Honorable Bankruptcy Judge Christopher M. Lopez handles the cases. The Debtors tapped Timothy A. Davidson II, Esq., at Hunton Andrews Kurth, LLP and Latham & Watkins LLP as bankruptcy counsel; Alvarez & Marsal North America, LLC as financial advisor; Lazard Freres & Co., LLC as investment banker; and Omni Agent Solutions, Inc. as claims, noticing and solicitation agent. PINE GATE: Secures OK to Sell Solar Project to Amazon, Fundamental ------------------------------------------------------------------ Alex Wolf of Bloomberg Law reports that a bankruptcy court has cleared Pine Gate Renewables LLC to proceed with an $83 million transaction selling a large solar project to Amazon while it unloads additional collateral backing more than $600 million in loans from Fundamental Renewables. Judge Christopher Lopez of the U.S. Bankruptcy Court for the Southern District of Texas said he would approve three agreements, including Amazon Energy LLC's purchase of Pine Gate's marquee project, subject to final documentation. The deal also brings in Gallatin Power Partners LLC as Amazon's development partner, the report stfates. 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. PLEW PROPERTIES: Retains Quinn & Associates as Financial Advisor ---------------------------------------------------------------- Plew Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain Quinn & Associates, LLC to serve as financial advisor, effective as of November 23, 2025. The firm will provide these services: (a) supervise, and if necessary, assist the Debtor in the development and administration of its short-term cash flow forecasting and related methodologies, as well as its cash management planning; (b) provide such assistance as is reasonably may be required by management of the Debtor in connection with (i) development of its business plan, (ii) any restructuring plans and strategy alternatives intended to maximize value and (iii) any related forecasts that may be required by creditor constituencies in connection with negotiation or by the Debtor; (c) supervise, and if necessary, assist the Debtor's other professionals in the restructuring process or who are working for the Debtor's various stakeholders to coordinate their effort and individual work produce to be consistent with the Debtor’s overall restructuring goals; (d) assist, if required, the Debtor in communications and negotiations with its outside constituents, including creditors, trade vendors and their respective advisors; (e) provide such other services as are reasonable and customary for a financial advisor in connection with an engagement of this nature; and (f) monitor and manage the Debtor's cash management, including bank accounts containing the Debtor's funds, including the addition or removal of signatories to the Debtor's account, authorization of fund transfers, and delegation of such authority to others. Quinn & Associates, LLC will receive an initial retainer in the amount of $25,000. Fees for the services of Christopher Quinn, who will provide services on behalf of Quinn & Associates, will be based on actual hours incurred at a reduced hourly rate for 2026 of $450 per hour. Quinn & Associates, LLC is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Christopher Quinn QUINN & ASSOCIATES, LLC 26414 Cottage Cypress Lane Cypress, TX 77433 About Plew Properties, LLC Plew Properties, LLC is a real-estate holding company headquartered in Bloomington, Illinois, which owns property assets at 15900 Schank Road in Conroe, Texas. Plew Properties, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37423) on December 5, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 to $10 million and liabilities of between $1,000,001 to $10 million. Judge Christopher M. Lopez oversees the case. Tran Singh LLP is Debtor's legal counsel. PLEW PROPERTIES: Seeks to Hire Quinn & Associates as Advisor ------------------------------------------------------------ Plew Properties, LLC seeks approval from the U.S. Bankruptcy Court for the Southern District of Texas to retain Quinn & Associates, LLC as its financial advisor. Quinn & Associates, LLC will provide financial advisory services and restructuring oversight to assist the Debtor throughout the chapter 11 process. The services include: (a) supervising, and if necessary assisting, the Debtor in the development and administration of short-term cash flow forecasting and related methodologies, as well as cash management planning; (b) providing assistance to the Debtor's management in connection with (i) development of its business plan, (ii) restructuring plans and strategy alternatives intended to maximize value, and (iii) related forecasts required by creditor constituencies or the Debtor; (c) supervising, and if necessary assisting, the Debtor's other professionals in the restructuring process to coordinate their efforts consistent with the Debtor's overall restructuring goals; (d) assisting the Debtor in communications and negotiations with creditors, trade vendors, and their respective advisors; (e) providing other reasonable and customary services for a financial advisor in an engagement of this nature; and (f) monitoring and managing the Debtor's cash management, including bank accounts, authorization of fund transfers, and delegation of authority. Quinn & Associates, LLC will receive an initial retainer of $25,000. Fees for the services of Christopher Quinn will be billed at a reduced hourly rate for 2026 of $450 per hour. The firm may also seek reimbursement of reasonable, necessary, and documented out-of-pocket expenses, including travel costs. According to court filings, Quinn & Associates, LLC is a "disinterested person" within the meaning of section 101(14) of the Bankruptcy Code and does not hold or represent an interest adverse to the Debtor or its estate. The firm can be reached at: Chris Quinn QUINN & ASSOCIATES, LLC 26414 Cottage Cypress Lane Cypress, TX 77433 About Plew Properties, LLC Plew Properties, LLC is a real-estate holding company headquartered in Bloomington, Illinois, which owns property assets at 15900 Schank Road in Conroe, Texas. Plew Properties, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. S.D. Tex. Case No. 25-37423) on December 5, 2025. At the time of the filing, the Debtor's estimated assets and liabilities were not disclosed in the application. Judge Christopher M. Lopez oversees the case. The Debtor is represented by Susan Tran Adams of Tran Singh LLP. PRAIRIE EYE: Hires Ophthalmic AR Specialists as Financial Advisor ----------------------------------------------------------------- Prairie Eye Center, Ltd. seeks approval from the U.S. Bankruptcy Court for the Central District of Illinois, Springfield Division to hire Ophthalmic AR Specialists, LLC to serve as financial advisor. OARS will provide these services: (a) provide Best Practice consulting services related to Practice and Revenue Management; (b) consult as needed, either remotely by the hour or on site by the day for items outside routine revenue cycle activities, such as assistance with CMS compliance initiatives, internal processes, credentialing, EDI enrollment, direct deposit and ERA enrollment, payer contracting and credentialing; (c) provide medical and/or vision billing, collection, aging services and coding/compliance analytics; (d) scrub for coding, submit medical and surgical claims, work rejections, review patient invoices and submit for printing/mailing; (e) post remittance and reconcile to deposit and charge logs; (f) follow up on unpaid claims and work aging to ensure appropriate reimbursement; and (g) send patient statements if client opts in to OARS handling patient receivables. OARS provides consulting/practice management services at an hourly rate that ranges from $31 to $125, with a daily rate of $950 for onsite consulting. Ophthalmic AR Specialists, LLC is a "disinterested person" within the meaning of Section 101(14) of the Bankruptcy Code, according to court filings. The firm can be reached at: Ann Marie Giuliano Ophthalmic AR Specialists, LLC 2400 NW Tulip Way Jensen Beach, FL 34957 Telephone: (772) 485-6335 E-mail: annmarie@greaterfast.com About Prairie Eye Center, Ltd. Prairie Eye Center, Ltd. owns and operates the Prairie Eye and LASIK Center, an eye care provider in Springfield, Illinois, offering comprehensive optometry services, including eye exams, LASIK procedures, and emergency care. Led by Dr. Sandra Yeh, the Center is committed to providing personalized, professional care with a focus on patient comfort and education. The Center also offers vision financing options and works with insurance providers to ensure access to quality eye health and vision care. Prairie Eye Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-71020) on December 29, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Honorable Judge Mary P. Gorman oversees the case. Rafool & Bourne, P.C. is the Debtor's proposed legal counsel. PRAIRIE EYE: Hires Rafool & Bourne as Bankruptcy Counsel -------------------------------------------------------- Prairie Eye Center, Ltd. seeks approval from the United States Bankruptcy Court for the Central District of Illinois, Springfield Division, to employ Sumner A. Bourne of Rafool & Bourne, P.C. as its bankruptcy counsel. Mr. Bourne will provide these services: (a) give Debtor legal advice with respect to its rights, powers and duties as Debtor-In-Possession in connection with the administration of its bankruptcy estate and the disposition of its property; (b) take such action as may be necessary with respect to claims that may be asserted against the Debtor and property of its estate, including but not limited to motions and adversary proceedings to determine secured status and avoidance actions pursuant to 11 U.S.C. Secs. 544, 547, 548 and 549; (c) prepare applications, motions, complaints, orders and other legal documents as may be necessary in connection with the appropriate administration of this case; (d) represent Debtor with respect to inquiries and negotiations concerning creditors of its estate and property; (e) initiate, defend or otherwise participate on behalf of the Debtor in all proceedings before this Court or any other court of competent jurisdiction; and (f) perform any and all other legal services on behalf of Debtor which may be required to aid in the proper administration of its bankruptcy estate. Mr. Bourne will receive compensation at an hourly rate of $300. Prior to filing, the Debtor paid a $25,000 retainer, of which $18,042 remains held in trust as a security retainer. Neither Mr. Bourne nor Rafool & Bourne, P.C. has any connections with the Debtor, its creditors, or other parties in interest, and Mr. Bourne 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: Sumner A. Bourne, Esq. RAFOOL & BOURNE, P.C. 401 Main Street, Suite 1130 Peoria, IL 61602 Telephone: (309) 673-5535 Facsimile: (309) 673-5537 E-mail: notices@rafoolbourne.com About Prairie Eye Center, Ltd. Prairie Eye Center, Ltd. owns and operates the Prairie Eye and LASIK Center, an eye care provider in Springfield, Illinois, offering comprehensive optometry services, including eye exams, LASIK procedures, and emergency care. Led by Dr. Sandra Yeh, the Center is committed to providing personalized, professional care with a focus on patient comfort and education. The Center also offers vision financing options and works with insurance providers to ensure access to quality eye health and vision care. Prairie Eye Center sought protection under Chapter 11 of the Bankruptcy Code (Bankr. C.D. Ill. Case No. 25-71020) on December 29, 2025. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Honorable Judge Mary P. Gorman oversees the case. Rafool & Bourne, P.C. is the Debtor's proposed legal counsel. PRESLEIGH BRITAN: Seeks to Hire Tim McCoy Law as Legal Counsel -------------------------------------------------------------- Presleigh Britan 2 LLC seeks approval from the U.S. Bankruptcy Court for the Western District of Oklahoma to hire Tim McCoy of Tim McCoy Law Center LLC to serve as legal counsel in its Chapter 11 case. Mr. McCoy will provide these services: (a) give advice to the debtor with respect to its powers and duties as a debtor in possession and the continued management of its business operations; (b) advise the debtor with respect to its responsibilities in complying with the U.S. Trustee's Operating Guidelines and Reporting Requirements and with the rules of the court; (c) prepare motions, pleadings, orders, applications, adversary proceedings, and other legal documents necessary in the administration of the case; (d) protect the interest of the debtor in all matters pending before the court; and (e) represent the debtor in negotiations with its creditors in the preparation of a plan. Tim McCoy and Tim McCoy Law Center Inc. are "disinterested persons" within the meaning of Section 327(a) of the Bankruptcy Code, according to court filings, and do not hold or represent any interest adverse to the debtor. The firm can be reached at: Tim McCoy, Esq. TIM MCCOY LAW CENTER LLC 3801 NW 63rd Street Ste 100 Oklahoma City, OK 73116 Telephone: (405) 319-0000 E-mail: tim@timmccylawfirm.com About Presleigh Britan 2 LLC Presleigh Britan 2 LLC operates as a real estate-focused entity, primarily involved in the acquisition, ownership, and administration of property assets. The company functions as a special-purpose or holding entity for real estate investments. Presleigh Britan 2 LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 25-13878) on December 16, 2025. In its petition, the Debtor reports estimated assets of $0 to $100,000 and estimated liabilities ranging from $100,001 to $1,000,000. Honorable Bankruptcy Judge Janice D. Loyd handles the case. The Debtor is represented by Timothy D. McCoy, Esq. of McCoy Law Firm. PSYCHOSOCIAL BOUTIQUE: Seeks Chapter 7 Bankruptcy in Mississippi ---------------------------------------------------------------- On December 23, 2025, Psychosocial Boutique, PLLC filed for Chapter 7 protection in the Northern District of Mississippi Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Psychosocial Boutique, PLLC Psychosocial Boutique, PLLC is a healthcare and wellness services provider based in Mississippi, offering mental health counseling, therapy, and psychosocial support programs to individuals and communities. The company focuses on promoting mental well-being and providing personalized care to clients. Psychosocial Boutique, PLLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-14345) on December 23, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. Honorable Bankruptcy Judge Jason D. Woodard handles the case. The Debtor is represented by John F. Hughes, Esq. of Hughes Law Group, PLLC. QHSLAB INC: Issues 421,827 Shares in Partial Note Conversion ------------------------------------------------------------ QHSLab, Inc. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that the Company entered into a Promissory Note Modification and Partial Conversion Agreement with Alex Mirakian MD PA, in connection with a previously issued convertible promissory note dated May 7, 2021. On May 7, 2021, the Company issued a convertible promissory note to the Holder in the original principal amount of $100,000, bearing interest at 10% per annum, with a stated maturity date of December 31, 2025. As of December 31, 2025, the outstanding balance of the Original Note, including accrued interest, was $146,548. Under the terms of the Modification Agreement, the Holder converted $126,548 of the outstanding principal and accrued interest into shares of the Company's common stock, par value $0.0001 per share, at a conversion price of $0.30 per share. As a result of the conversion, the Company issued an aggregate of 421,827 shares of its common stock to the Holder. Following the partial conversion, a balance of $20,000 remains outstanding under the Original Note. The Company and the Holder agreed to extend the maturity date of the remaining balance to December 31, 2026. The remaining balance continues to be subject to the original conversion provisions of the note, which provide for conversion at the option of the Holder at a price equal to the greater of: (i) a 25% discount to the fifteen-day average market price of the Company's common stock immediately preceding conversion or (ii) $0.50 per share. The Company also retains the right to prepay the remaining balance, in whole or in part, at any time prior to the extended maturity date without penalty. The conversion shares were issued in reliance on exemptions from registration under Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 of Regulation D promulgated thereunder. In connection with the partial conversion of indebtedness described above, on December 31, 2025, the Company issued 421,827 shares of its common stock to Alex Mirakian MD PA in exchange for the conversion of $126,548 of principal and accrued interest under the Original Note. The shares were issued at an effective price of $0.30 per share. The shares were issued in a transaction exempt from registration under the Securities Act of 1933, as amended, pursuant to Section 4(a)(2) and Rule 506 of Regulation D thereunder. The securities issued are restricted securities and were issued without registration under the Securities Act. No underwriters were involved in the transaction, and no commissions or finder's fees were paid. About QHSLab, Inc. Beach, Fla.-based QHSLab, Inc. is a medical device technology and software-as-a-service company focused on enabling primary care physicians to increase their revenues by providing them with relevant, value-based tools to evaluate and treat chronic disease as well as provide preventive care through reimbursable procedures. Tampa, Fla.-based Astra Audit & Advisory LLC, the Company's auditor since 2024, issued a "going concern" qualification in its report dated Mar. 28, 2025, citing that the Company has only recently operated profitably, is highly leveraged and has only recently begun to generate cash from operations. These conditions raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $1,734,624 in total assets, $2,345,536 in total liabilities, and $610,912 in total stockholders' deficit. QT HAU: To Sell Baltimore Property to NSR LLC for $2.1MM -------------------------------------------------------- QT Hau LLC seeks approval from the U.S. Bankruptcy Court for the District of Maryland, Baltimore Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor intends to sell the real property and improvements located at 3226-3228 Greenmount Avenue, Baltimore, Maryland 21218 to NSR LLC, as assignee of Joseph Rollakanty and Nerup Joseph Rollakanty. The Debtor owns the Property. The Property is improved by the Waverly Shopping Center, containing 17,779 square feet of rentable space and eight rentable units. The Debtor also owns certain personal property located at or used in connection with the Property, including the Debtor's interest in furniture, fixtures, equipment and certain intangible personal property. The Property is encumbered by a first priority with Open Bank. There are no other liens against the Property. On May 31, 2025, the Debtor entered into an Exclusive Right to Sell Commercial Real Estate Listing Agreement with Century 21 Commercial New Millennium. ENTURY 21 Commercial New Millenium has aggressively marketed the Property and ultimately determined that the best way to sell the Property was through a private auction conducted by Ten-X, LLC. The Court approved the Debtor’s employment of Ten-X, LLC as auctioneer by its order entered on December 2, 2025. As a result of the broker’s and the auctioneer's efforts, the Debtor and the Purchaser entered into the Sale Agreement. The Debtor has not performed an appraisal of the Property. The Property has a scheduled value of $3,500,000.00, based on the Debtor's opinion. The Purchaser is a limited liability company whose members are Joseph Rollakanty and Nerup Joseph Rollakanty. There is no relationship between the Purchaser and any party in interest. The purchase price is $2,188,750.00, which includes a Ten-X, LLC transaction fee of $63,750.00. At closing on the sale, the Debtor will use the sale proceeds to pay all closing costs, including past-due real property taxes, and to pay Debtor's legal fees and expenses of its counsel with the remainder to be paid to Open Bank on account of its first priority lien on the Property. The Purchaser is not an insider of the Debtor. The Purchaser has no agreements with management or key employees of the Debtor. No entity is being released, but the claim of the first lienholder will be partially satisfied from the sale proceeds. No auction is contemplated of the Property. The Purchaser has deposited $218,875.00 under the Sale Agreement. Open Bank consents to the sale under the Sale Agreement. About QT Hau LLC QT Hau, LLC is a single-asset real estate debtor, as defined in 11 U.S.C. Section 101(51B). QT Hau sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr.) on May 29, 2025. In its petition, the Debtor reported between $1 million and $10 million in assets and liabilities. David Simson Musgrave, Esq., at Gordon Feinblatt, LLC is the Debtor's legal counsel. Open Bank, as secured creditor, is represented by Owen Hare, Esq., at Cohn, Goldberg & Deutsch, LLC, in Linthicum Heights, Maryland. QUALITY FORCE: Seeks Chapter 7 Bankruptcy in Minnesota ------------------------------------------------------ On December 23, 2025, Quality Force, Inc. filed for Chapter 7 protection in the District of Minnesota Bankruptcy Court. According to court filings, the Debtor reports between $100,001 and $1,000,000 in debt owed to 1–49 creditors. About Quality Force, Inc. Quality Force, Inc. offers flexible staffing options, including temporary, temp-to-hire, and direct-hire placements. Quality Force, Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 25-34115) on December 23, 2025. In its petition, the Debtor reports estimated assets of $0–$100,000 and estimated liabilities of $100,001–$1,000,000. The Debtor is represented by John D. Lamey, III, Esq. of Lamey Law Firm, P.A. RECEPTION PURCHASER: S&P Lowers ICR to 'D' on Bankruptcy Filing --------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Reception Purchaser LLC (doing business as STG Logistics) to 'D' from 'CCC'. S&P also lowered its issue-level rating on all the company's rated debt instruments to 'D'. STG Logistics filed for Chapter 11 bankruptcy protection on Jan. 12, 2026. The downgrade reflects STG's filing for bankruptcy protection under Chapter 11 of the U.S. bankruptcy code. The company filed for bankruptcy on Jan. 12 following persistently weak operating performance and continued free cash flow shortfalls. This was amid a multi-year freight slowdown that eroded its liquidity, rendering it unable to sustain operations and meet its debt service obligations. The company announced that the bankruptcy filing will not affect its operations, and it will continue to support its employees, drivers, and vendors until it emerges from the proposed restructuring. The transaction follows a debt restructuring transaction it undertook in October 2024, wherein it received $136.5 million of new money from its lenders. STG has entered into a transaction support agreement with lenders that have pledged their support for the in-court recapitalization. The company announced that the prearranged transaction will provide $150 million of new debtor-in-possession financing to fund its operations as it works through bankruptcy proceedings. STG will be eliminating about 91% (approximately $952 million) of its existing debt of about $1.05 billion. S&P expects to assign new ratings to the company and its debt once it exits bankruptcy. RED RIVER: Beasley Allen's Role in Talc Cases Raises "Bad Signal" ----------------------------------------------------------------- George Woolston of Law360 Bankruptcy Authority reports that Johnson & Johnson's talc unit, Red River Talc, told a New Jersey appeals panel on Tuesday, January 13, 2026, that a lower court's ruling allowing attorneys from the Beasley Allen Law Firm to continue representing plaintiffs in multicounty litigation over its talc-based baby powder "sends a very bad signal" to the state bar. The company argued that the decision undermines ethical standards by permitting lawyers to remain on the case despite alleged ethical concerns related to their involvement in related matters. The talc maker urged the Superior Court of New Jersey Appellate Division to overturn the ruling, asserting that maintaining Beasley Allen's role could erode confidence in the legal profession and New Jersey's ethics rules. Opponents have emphasized that the lawyers in question have worked on coordinated litigation challenging J&J's talc products amid thousands of claims alleging health harms, and J&J wants stricter oversight of counsel ethics in these complex proceedings, the report states. About J&J Talc Units LLT Management, LLC (formerly known as LTL Management LLC) was a subsidiary of Johnson & Johnson that was formed to manage and defend thousands of talc-related claims and oversee the operations of Royalty A&M. Royalty A&M owns a portfolio of royalty revenue streams, including royalty revenue streams based on third-party sales of LACTAID, MYLANTA/MYLICON and ROGAINE products. LTL Management first filed a petition for Chapter 11 protection (Bankr. W.D.N.C. Case No. 21-30589) on Oct. 14, 2021. The case was transferred to New Jersey (Bankr. D.N.J. Case No. 21-30589) on Nov. 16, 2021. The Hon. Michael B. Kaplan is the case judge. At the time of the filing, the Debtor was estimated to have $1 billion to $10 billion in both assets and liabilities. In the 2021 case, LTL Management tapped Jones Day and Rayburn Cooper & Durham, P.A., as bankruptcy counsel; King & Spalding, LLP and Shook, Hardy & Bacon LLP as special counsel; McCarter & English, LLP as litigation consultant; Bates White, LLC as financial consultant; and AlixPartners, LLP as restructuring advisor. Epiq Corporate Restructuring, LLC, served as the claims agent. On Dec. 24, 2021, the U.S. Trustee for Regions 3 and 9 reconstituted the talc claimants' committee and appointed two separate committees: (i) the official committee of talc claimants I, which represents ovarian cancer claimants, and (ii) the official committee of talc claimants II, which represents mesothelioma claimants. The official committee of talc claimants I tapped Genova Burns LLC, Brown Rudnick LLP, Otterbourg PC and Parkins Lee & Rubio LLP as its legal counsel. Meanwhile, the official committee of talc claimants II is represented by the law firms of Cooley LLP, Bailey Glasser LLP, Waldrep Wall Babcock & Bailey PLLC, Massey & Gail LLP, and Sherman Silverstein Kohl Rose & Podolsky P.A. Re-Filing of Chapter 11 Petition On Jan. 30, 2023, a panel of the Third Circuit issued an opinion directing this Court to dismiss the 2021 Chapter 11 Case on the basis that it was not filed in good faith. Although the Third Circuit panel recognized that the Debtor "inherited massive liabilities" and faced "thousands" of future claims, it concluded that the Debtor was not in financial distress before the filing. On March 22, 2023, the Third Circuit entered an order denying the Debtor's petition for rehearing. The Third Circuit entered an order denying LTL's stay motion on March 31, 2023, and, on the dame day,issued its mandate directing the Bankruptcy Court to dismiss the 2021 Chapter 11 Case. The Bankruptcy Court entered an order dismissing the 2021 Case on April 4, 2023. Johnson & Johnson on April 4, 2023, announced that its subsidiary LTL Management LLC (LTL) has re-filed for voluntary Chapter 11 bankruptcy protection (Bankr. D.N.J. Case No. 23-12825) to obtain approval of a reorganization plan that will equitably and efficiently resolve all claims arising from cosmetic talc litigation against the Company and its affiliates in North America. In the new filing, J&J said it has agreed to contribute up to a present value of $8.9 billion, payable over 25 years, to resolve all the current and future talc claims, which is an increase of $6.9 billion over the $2 billion previously committed in connection with LTL's initial bankruptcy filing in October 2021. LTL also has secured commitments from over 60,000 current claimants to support a global resolution on these terms. In August 2023, U.S. Bankruptcy Judge Michael Kaplan in Trenton, New Jersey, ruled that the second bankruptcy case should be dismissed. 3rd Try In May 2024, J&J announced its subsidiary LLT Management LLC is soliciting support for a consensual prepackaged bankruptcy plan to resolve its talc-related liabilities. Under the terms of the plan, a trust would be funded with over $5.4 billion in the first three years and more than $8 billion over the course of 25 years, which J&J calculates to have a net present value of $6.475 billion. If the Plan is accepted by at least 75% of voters, a bankruptcy was to be filed under the case name In re Red River Talc LLC. Epiq Corporate Restructuring, LLC is serving as balloting and solicitation agent for LLT. On Sept. 20, 2024, Red River Talc LLC filed a Chapter 11 bankruptcy petition (Bankr. S.D. Tex. Case No. 24-90505). Porter Hedges LLP and Jones Day serve as counsel in the new Chapter 11 case. Epiq is the claims agent. Paul Hastings LLP is counsel to the Ad Hoc Committee of Supporting Counsel. Randi S. Ellis is the proposed prepetition legal representative of future claimants. REGISTER MEANT: Gets Interim OK to Use Cash Collateral ------------------------------------------------------ Register Meant Company, Inc. got the green light from the U.S. Bankruptcy Court for the Northern District of Florida, Tallahassee Division, to use cash collateral. At the January 8 hearing, the court approved the Debtor's interim use of cash collateral and scheduled a final hearing for February 25. The Debtor's cash collateral consists of accounts receivable, chattel paper, and general intangibles pledged to ServisFirst Bank. The Debtor's pre-bankruptcy obligations to ServisFirst Bank arose from two primary loans: a November 24, 2025, Corporate Resolution to Borrow/Grant Collateral for $50,000, and an amended promissory note from March 25, 2021, for $369,062. ServisFirst Bank's security interests were properly perfected through multiple UCC filings between 2016 and 2021, granting the bank a first-priority lien on all assets, including receivables. The Debtor estimates that the accounts receivable exceed $48,000, sufficient to cover the amount owed to ServisFirst Bank, and intends to use the cash collateral to fund essential post-petition operational expenses, including payroll, inventory, equipment maintenance, and taxes, to ensure continuity of business operations. To protect ServisFirst Bank's interests, the Debtor offers to grant post-petition replacement liens on all cash collateral arising after the petition date. About Register Meant Company Inc. Register Meant Company, Inc sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Fla. Case No. 26-50003-KKS) on January 6, 2026. In the petition signed by Al Kaempfer, the Debtor disclosed up to $1 million in assets and upto $500,000 in liabilities. Judge Karen K. Specie oversees the case. Michael Moody, Esq., at Michael H. Moody Law, P.A., represents the Debtor as legal counsel. ROGA PROPERTIES: Employs Law Offices of C.R. Hyde as Counsel ------------------------------------------------------------ Roga Properties, LLC seeks approval from the U.S. Bankruptcy Court for the District of Arizona to employ The Law Offices of C.R. Hyde, PLC to serve as counsel. The firm will provide these services: (a) providing the Debtor with legal advice and assistance as to its powers and duties as debtor-in-possession in the continued operation of its affairs; (b) providing legal advice and assistance as necessary to preserve and protect assets, arrange for continuation of working capital and other financing, and prepare all necessary applications, answers, orders, reports, and other legal documents; (c) appearing before the Bankruptcy Court to represent and protect the interests of the Debtor and the bankruptcy estate; (d) negotiating with the Debtor's creditors and taking the necessary legal steps to confirm and consummate a plan of reorganization; (e) providing other legal services as may be necessary during the course of the bankruptcy proceedings; and (f) formulating a plan that has a reasonable prospect of being confirmed under Subchapter V of Chapter 11 of the Bankruptcy Code. Charles R. Hyde, Esq. of The Law Offices of C.R. Hyde will be paid an hourly rate of $450 and paralegal will have an hourly rate of $150. To the best of the Debtor's knowledge, information, and belief, The Law Offices of C.R. Hyde, PLC has no interest adverse to the estate and is a disinterested person within the meaning of Section 101(14) of the Bankruptcy Code. The firm can be reached at: Charles R. Hyde, Esq. THE LAW OFFICES OF C.R. HYDE, PLC 2810 N Swan Rd., Suite 150 Tucson, AZ 85712 Telephone: (520) 270-1110 About Roga Properties, LLC Roga Properties, LLC sought protection under Chapter 11 of the Bankruptcy Code (Bankr. D. Ariz. Case No. 4:26-bk-00155-BMW) on January 7, 2026. At the time of the filing, the Debtor had estimated assets of between $1,000,001 and $10 million and liabilities of between $1,000,001 and $10 million. Judge Brenda Moody Whinery oversees the case. The Law Offices of C.R. Hyde, PLC is Debtor's legal counsel. S&J DATA: Hires Weinberg Gross & Pergament as Legal Counsel ----------------------------------------------------------- S&J Data Technologies, Inc. seeks approval from the U.S. Bankruptcy Court for the Eastern District of New York to hire Weinberg, Gross & Pergament LLP to serve as legal counsel. The firm will provide these services: (a) preparing legal advice with respect to the powers and duties of the Debtor-in-Possession in the continued management of its business and property; (b) representing the Debtor before the Bankruptcy Court and at all hearings on matters pertaining to its affairs, as Debtor-in-Possession, including prosecuting and defending litigated matters that may arise during the Chapter 11 case; (c) advising and assisting the Debtor in the preparation and negotiation of a Plan of Reorganization with its creditors; (d) preparing all necessary or desirable applications, answers, orders, reports, documents and other legal papers; and (e) performing all other legal services for the Debtor which may be desirable and necessary. The firm's standard billing charges are between $650-$675 per hour for partners, $450-$550 per hour for associates, and $120 per hour for paralegals. According to court filings, Weinberg, Gross & Pergament LLP has no connection with the Debtor, its creditors, or any other party in interest and does not hold or represent any interest adverse to the Debtor or its estate. The firm is a disinterested person within the meaning of Section 101 of the Bankruptcy Code. The firm can be reached at: Marc A. Pergament, Esq. WEINBERG, GROSS & PERGAMENT LLP 400 Garden City Plaza, Suite 309 Garden City, NY 11530 Telephone: (516) 877-2424 About S&J Data Technologies, Inc. S&J Data Technologies, Inc. sought protection under Chapter 11 of the Bankruptcy Code (Bankr. E.D.N.Y. Case No. 826-70046) on January 5, 2026. At the time of the filing, the Debtor had estimated assets of between $500,001 and $1 million and liabilities of between $500,001 and $1 million. Judge Sheryl P. Giugliano oversees the case. Weinberg, Gross & Pergament LLP is Debtor's proposed legal counsel. SAND TRAP: Seeks Chapter 7 Bankruptcy in Florida ------------------------------------------------ On January 8, 2026, Sand Trap Jax, LLC, filed for Chapter 7 protection in the Middle District of Florida. According to court filings, the Debtor reports liabilities between $100,001 and $1,000,000 owed to 1-49 creditors. About Sand Trap Jax, LLC Sand Trap Jax, LLC is a Florida-based company that provides services related to recreational facilities and golfing operations. The company has been involved in property management and hospitality operations within the region. Sand Trap Jax, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00053) on January 08, 2026. In its petition, the Debtor reported estimated assets of $0-$100,000 and estimated liabilities of $100,001-$1,000,000. Honorable Bankruptcy Judge Jacob A. Brown handles the case. The Debtor is represented by Kevin B. Paysinger, Esq. of Lansing Roy, P.A. SASH GROUP: Seeks to Use Cash Collateral Until May 30 ----------------------------------------------------- Sash Group, Inc. asks the U.S. Bankruptcy Court for the Southern District of California for authority to continue using cash collateral and provide adequate protection. Sash Group, which manufactures and sells Sash Bags and related retail products, has operated continuously post-petition. Since April 2025, the Debtor has repeatedly sought and obtained interim court authorization to use cash collateral, initially limited to payroll and taxes and later expanded through a series of six interim orders extending authority successively through January 30. Each extension followed supplemental motions, creditor objections -- primarily from Manufactured Networks Inc. (MFD) -- and court hearings. Throughout this period, the Debtor has remained within approved budgets overall, though revenues were lower than projected, requiring significant cost reductions to remain cash-flow positive and resulting in projected deviations of more than 15% in total operating expenses. Budget-to-actual reports and profit-and-loss statements for fall 2025 are provided to support this position. The Debtor now requests authority to continue using cash collateral from January 31 through May 30, on an interim basis, consistent with a new projected budget and the terms of the Sixth Interim Order. It assumes that the SBA and MFD maintain liens on substantially all tangible and intangible personal property, rendering revenues cash collateral. The proposed use is limited to ordinary operating expenses necessary to maintain business operations, including purchasing and shipping inventory and paying merchant processing fees, which are essential to generating sales revenue. Without access to cash collateral for these purposes, the Debtor argues it would be unable to sell products, pay employees or contractors, and would be forced to shut down, eliminating value for the estate and creditors. The Debtor, therefore, seeks flexibility to deviate up to 15% from total operating expenses or by category, provided no new expense categories are introduced, without further court approval. The Debtor asserts that creditors are adequately protected through ongoing operations, replacement liens with the same priority as prepetition liens, continued contractual payments of $731 per month to the SBA, and $5,000 monthly adequate protection payments to MFD, as well as reimbursement to MFD for unit costs and related out-of-pocket expenses pursuant to existing agreements. A hearing on the matter is set for January 26, at 2 pm. A copy of the motion is available at https://urlcurt.com/u?l=aoJfIH from PacerMonitor.com. About Sash Group Inc. Sash Group Inc. is the San Diego-based company behind 'The Sash Bag' brand of crossbody handbags and accessories. Sash Group sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. Cal. Case No. 25-01150) on March 25, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 milliion and $10 million each. Judge Christopher B. Latham oversees the case. The Debtor is represented by Matthew D. Resnik at Rhm Law LLP. Manufactured Networks is represented by: Steven N. Kurtz, Esq. J. Alexandra Rhim, Esq. Levinson Arshonsky Kurtz & Komsky, LLP 15303 Ventura Blvd., Suite 1650 Sherman Oaks, CA 91403 Telephone: (818) 382-3434 Facsimile: (818) 382-3433 arhim@lakklawyers.com SCIENTIFIC GAMES: S&P Lowers ICR to 'B-' on Slower Debt Repayment ----------------------------------------------------------------- S&P Global Ratings lowered its issuer credit rating on Scientific Games Holdings L.P. to 'B-' from 'B' and lowered all issue ratings on the company's debt by one notch. The stable rating outlook reflects S&P's expectation that Scientific Games has sufficient liquidity to support planned investments in 2026 and new contracts, good lottery demand, and cost mitigation will drive EBITDA growth. S&P said, "We anticipate Scientific Games' S&P Global Ratings-adjusted leverage will remain above 8x into 2027. We estimate the company ended 2025 with S&P Global Ratings-adjusted leverage of 8.8x, about 1x higher than we previously forecast and above our 8x downgrade threshold." Weaker leverage resulted from lower EBITDA and higher debt balances. Despite Scientific Games' outperformance in its instant games business relative to overall instant games sales, unfavorable draw sales hurt revenue and EBITDA due in part to fewer large jackpots in 2025 compared with 2024. Additionally, a large number of nonrepeating terminal sales in 2024 hurt product sales. Lastly, delays in the start of new contracts compared with S&P's previous expectations delayed cash flow growth. S&P anticipates benefits to Scientific Games from new contracts, including a full year of its UK systems contract in 2026 and its Ohio systems contract starting in 2027, combined with cost savings, will materially grow EBITDA about 8%-10% in each of 2026 and 2027. However, investments in those new contracts as well as a possible cash outflow for a new Italian Scratch & Win concession in 2027 (if the timeline is similar to the last cycle) will drive negative cash flow available for debt repayment over that time period. S&P said, "This will likely delay Scientific Games' deleveraging below our 8x leverage threshold for the prior 'B' issuer credit rating until 2028. (In our measure of leverage, we do not make a pro forma adjustment for the full run-rate earnings impact of new contract wins; do not add back transaction and other restructuring costs; include cash distributions from joint ventures rather than joint venture EBITDA; and do not net cash.) "Despite higher-than-anticipated leverage and negative discretionary cash flow, we expect new contract wins will ultimately help Scientific Games reduce leverage, albeit slower than we previously expected. Furthermore, we believe the company has sufficient liquidity from increasing operating cash flow generation and revolver availability to support planned investments for new contracts this year and that it will be able to extend the maturity of its revolving credit facility before it is becomes current in April 2026, which supports the stable outlook." Scientific Games' competitive position benefits from its leading position in instant tickets and long contracts with high renewal rates, which support fairly predictable recurring revenue. It maintains a leading position in the global instant ticket market with an approximately 70% global market share of instant game retail sales and a second-place position in the lottery systems market behind Brightstar Lottery PLC. Scientific Games benefits from recurring revenue from long-term contracts with jurisdictions for instant tickets, lottery systems, and iLottery. Together with stability of demand for lottery contracts, these provide the company with good revenue and cash flow visibility. Long-term contracts can result in operators becoming entrenched in governments' lottery ecosystems, resulting in high switching costs for governments and generally high contract renewal rates. Scientific Games has long-standing customer relationships with approximately 150 government and nongovernment lottery entities in over 50 countries. Its top 10 customers have an average relationship length exceeding 30 years with the company and U.S. renewal rates exceed 95%. Despite these long-term and entrenched relationships, Scientific Games does not have material revenue concentration. One customer accounted for more than 10% of total revenue in 2024, but its top 10 customers account for less than half of its total revenue. Aside from its largest customer, remaining customers in its top 10 account for 5% or less of revenue. The company's good geographic and customer diversity can help mitigate some of the negative impact of a potential sales decline in a particular region or potential contract loss. The lottery industry is resilient over economic cycles. S&P views the lottery industry favorably given its long history of global revenue growth and resiliency in periods of economic stress, leading to less volatility compared with other leisure and gaming alternatives over an economic cycle. Relatively low price points of lottery products and ease of access support stability. Customers can purchase lottery products at grocery stores, gas stations, and convenience stores, compared with having to drive to a casino to gamble. These outlets were also considered essential businesses in most countries and remained open during the pandemic. The lottery industry's growth is likely to continue over time, driven by the habitual purchasing patterns of many consumers and state and local governments' reliance on lottery revenue as an important source of funding for education, health care, and other public programs. S&P expects more jurisdictions will legalize iLottery over the next few years, further supporting continued good revenue growth. While Scientific Games benefits from high barriers to entry in its markets, competition for lottery contracts and renewals can cause upfront costs and pricing pressure. Lottery operators face complex regulatory and licensing requirements and require substantial upfront capital investment and expertise to establish infrastructure and quality control measures to deliver lottery products with an extremely high degree of accuracy, including the ability to print millions of different tickets. This limits the threat of new entrants. Notwithstanding high barriers to entry in the industry, competition for new lottery contracts and renewals remains high among a small number of competitors, including Scientific Games, Brightstar, Intralot, and Pollard. Intense competition for contracts, as well as governments' needs for additional funding to support their budgets, can result in pricing pressure. While lottery operators typically incur relatively modest levels of capital expenditure (capex) for maintenance, securing new contracts or renewals can be capital intensive because jurisdictions may require upfront payments to secure new contracts or renew existing ones, and lottery operators typically incur new contract or renewal capex to install or upgrade any required technology equipment. Nevertheless, S&P expects Scientific Games will continue to maintain its good position in the industry and its particularly strong position in instant games. This is because of additional value it offers customers through its Scientific Games Enhanced Partnership (SGEP) program, which uses analytics based on many years of data to customize and distribute a higher yielding product suite for a given contract. Scientific Games focuses on continuing to convert existing customers to the SGEP program, which S&P believes could drive higher-than-average instant ticket revenue growth. SGEP customers generate substantially higher per capita sales on average than non-SGEP customers, which benefits Scientific Games because of increased revenue participation under these contracts and benefits governments because of increased sales. S&P said, "The stable rating outlook reflects our expectation that, despite very high leverage, Scientific Games has sufficient liquidity to support planned investments in new contracts this year and maintenance capex. We expect new contracts, good lottery demand, and cost mitigation efforts to drive the company's EBITDA growth, improving its S&P Global Ratings-adjusted leverage below 8.5x in 2026 from an estimated 8.8x at the end of 2025. "We could lower the rating if weaker-than-expected lottery demand because of a weakening economy, lower contributions from new contracts, higher expenses to pursue new contracts, and the inability to mitigate input cost inflation and realize the benefits of cost-savings initiatives impairs liquidity. This could cause us to question the sustainability of the company's capital structure. Additionally, sustained negative discretionary cash flow after upfront contract payments and term loan amortization beyond 2027---due to operating missteps or incremental macroeconomic or other risks--could increase refinancing risk ahead of its 2029 term loan maturities and potentially lead to a downgrade. "We could raise the ratings if new contract wins, extensions, and conversions support greater cash flow that drives leverage below 8x, including potential upfront payments for an extension of the Italian Scratch & Win concession. We would also need to believe the company's financial sponsor's policy is aligned with maintaining leverage below that level." SKYX PLATFORMS: Raises $500K via Sale of Series A-2 Preferred Stock ------------------------------------------------------------------- SKYX Platforms Corp. disclosed in a Form 8-K Report filed with the U.S. Securities and Exchange Commission that it signed and closed on Securities Purchase Agreements from an existing and a new strategic investor for gross proceeds of $500,000. Pursuant to the Purchase Agreements, the investors purchased 20,000 shares of the Company's Series A-2 Preferred Stock, no par value per share, at a purchase price of $25.00 per share with no price protection. The Purchase Agreement contains customary representations, warranties, agreements and indemnification rights and obligations of the parties, and provides the purchasers with certain registration rights. The Company intends to use the proceeds for working capital and other general corporate purposes. A full text of the form of Purchase Agreements is available at https://tinyurl.com/2acejnmm The representations, warranties and covenants contained in the Purchase Agreement were made solely for the benefit of the parties to the Purchase Agreement and may be subject to limitations agreed upon by the contracting parties. Accordingly, the Purchase Agreement is incorporated herein by reference only to provide investors with information regarding the terms of the Purchase Agreement, and not to provide investors with any other factual information regarding the Company or its business, and should be read in conjunction with the disclosures in the Company's periodic reports and other filings with the Securities and Exchange Commission. Amendment to the Certificate of Designation: Effective December 23, 2025, the Company filed an Articles of Amendment to the Certificate of Designation of Rights, Preferences and Privileges of Series A-2 Preferred Stock, having an original issue price of $25.00 per share, with the Division of Corporations of the Florida Department of State. Pursuant to the Amendment, the Company increased the number of shares designated as Series A-2 Preferred Stock from 40,000 shares to 160,000 shares. A full text copy of the Amendment is available at https://tinyurl.com/4aadsvr3 About SKYX Platforms Corp. Headquartered in Pompano Beach, Florida, SKYX Platforms Corp. develops advanced platform technologies focused on enhancing safety, quality, and ease of use in homes and buildings. With nearly 100 patents and pending applications, the Company's products are designed to improve safety and lifestyle in residential and commercial spaces. In 2023, Sky expanded by acquiring an online retailer specializing in home lighting, ceiling fans, and furnishings. The Company's technologies enable quick and safe installation of light fixtures and ceiling fans without the need to handle hazardous wires. In its report dated March 24, 2025, the Company's auditor, M&K CPAS, PLLC, issued a "going concern" qualification attached to the Company's Annual Report on Form 10-K for the year ended Dec. 31, 2024, citing the Company's accumulated deficit, negative cash flows from operations, and recurring net losses, which raise substantial doubt about its ability to continue as a going concern. As of September 30, 2025, the Company had $58.4 million in total assets, $57.3 million in total liabilities, and $3.8 million in total stockholders' deficit. SNO LIFE: Seeks Chapter 7 Bankruptcy in Florida ----------------------------------------------- On January 8, 2026, SNO Life Jax, LLC filed for Chapter 7 protection in the Middle District of Florida. According to court filings, the debtor reports between $0–$100,000 in assets, $1 million–$10 million in liabilities, and 1–49 creditors. About SNO Life Jax, LLC SNO Life Jax, LLC operates in the food and beverage sector, offering shaved ice, frozen treats, and other refreshments. The company caters to both walk-in customers and event-based sales. SNO Life Jax, LLC sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-00055) on January 8, 2026. In its petition, the debtor reports estimated assets of $0–$100,000 and estimated liabilities of $1 million–$10 million. The bankruptcy case is handled by the Honorable Judge Jacob A. Brown. The Debtor is represented by Kevin B. Paysinger, Esq. of Lansing Roy, PA. SOH HOLDINGS: S&P Assigns 'B' Issuer Credit Rating, Outlook Stable ------------------------------------------------------------------ S&P Global Ratings assigned its 'B' issuer credit rating to engineering, professional, and consulting services firm SOH Holdings Inc. (dba Salas O'Brien, Inc.) and its 'B' issue-level and '3' recovery ratings to its proposed term loan B and delayed draw term loan (DDTL). The '3' recovery rating indicates its expectation for meaningful (50%-70%; rounded estimate: 55%) recovery in the event of default. The stable outlook reflects our expectation for Salas to increase S&P Global Ratings-adjusted EBITDA margins to about 16% in 2026 as it integrates its recent higher-margin acquisitions. The stable outlook incorporates our expectation that the company's leverage will be in the high-6x area, inclusive of preferred shares, and improve to the low-6x area in 2027, supported by healthy free cash flow generation in 2026 and 2027. Salas O'Brien, Inc. plans to issue a new $600 million term loan B due 2033, a new $100 million delayed draw term loan (DDTL) B due 2033, and a new $175 million revolving credit facility due 2031 (undrawn at close; not rated) to refinance its existing capital structure and fund future acquisitions. Following the transaction, the company ("Salas") will be highly leveraged with S&P Global Ratings-adjusted debt to EBITDA in the high-6x area at the end of 2026. S&P said, "We anticipate the company will continue to generate healthy free cash flows supportive of the rating in 2026 and 2027. We expect the company to generate $50 million-$60 million in reported free cash flow in 2026, growing to $60 million-$70 million in 2027. This is driven by a capital-light business model and working capital needs of $30 million-$40 million per year based on the company's growth trajectory. "The company's manageable working capital requirements are supported by its project-based business model, characterized by short durations and relatively small project sizes. As a result, the company's free cash flow generation is stronger than that of many peers with similar debt levels. We anticipate S&P Global Ratings-adjusted free cash flow to debt will be 5.5%-6.5% in 2026 and 2027, burdened by preferred shares. We note we expect the company to exhibit strong cash conversion (free operating cash flow [FOCF]/EBITDA) in 2026 and 2027 in the high-30% to low-40% range. This level of cash conversion is in line with the average for other 'B'-rated peers in the low-40% area in 2026. "Additionally, we note that despite high levels of debt, we expect the company's EBITDA to cash interest coverage to be in the mid-3x area in 2026, growing to the low-4x area in 2027. This is in line with our average across 'B' peers within the engineering and construction portfolio over the next couple of years. "The company is majority employee owned, which presents potential for cash outflows for stock redemptions. We do not currently view material stock redemptions as a significant risk to its cash flow profile given the low level of projected redemptions on an annual basis and the company's flexibility with timing on these redemptions if needed. "Salas' stable revenue stream, strategic focus on high-growth end markets, and sticky blue chip customer base are key credit strengths. The company derives about 70% of revenue from renovations, upgrades, and maintenance services in existing buildings, which provide it with a steady revenue stream due to the recurring nature of the required life cycle and scheduled services it provides. We expect the company will benefit from tailwinds in its higher-growth end markets, including data centers, which currently account for 18% of the company's backlog. We expect data center investment will continue to be robust in the U.S. and project strong demand for the company's services in health care, education, and life sciences, which account for an additional 33% of the backlog, resulting in solid organic growth for the company in the mid-single-digit percent area. "The company has a solid reputation, demonstrated by its long-tenured relationships with blue chip customers, which drive repeat business and wallet share gains. Also, we believe its deep understanding of its client-built environments provide it with a competitive advantage due to potentially high switching costs. Salas' jobs are relatively small and of short duration, with the median project size at approximately $35,000, the majority of which is completed over two to three weeks. This limits the potential for cost overruns despite being structured under fixed-price contracts (about 80%). However, its relatively small scale and market share can result in intense competition, pricing pressure, and margin degradation or muted revenue growth. "The company's revenue and EBITDA base are much smaller than those of its rated engineering and construction (E&C) peers. Salas' rated peers are materially larger in scale given their international presence and greater breadth of service offering. The company's operations are primarily focused in the U.S., with a limited presence in Canada and India. A key element underpinning our favorable credit profile assessment, however, is the strength and reliability of its engineering workforce. The company maintains a network of over 4,500 engineers, and approximately 20% of these personnel are licensed with final sign-off authority, ensuring a consistent capacity to deliver engineering projects. "We believe Salas will remain highly leveraged over the next few years. The company will use the proposed $600 million term loan B to refinance its existing capital structure, which consists of approximately $568 million in existing term loans and incremental issuances, as well as finance approximately $10 million in transaction fees. We expect the company to use the proposed $100 million DDTL in 2026 to fund acquisitions. "Additionally, the company issued preferred shares to Blackstone in January 2024 with a paid-in-kind (PIK) rate, which we include in our debt calculation. We expect the value of these shares to grow to a value by the end of 2026 that adds approximately two turns to its S&P Global Ratings-adjusted debt to EBITDA. We expect its leverage will be in the high-6x area at the end of 2026 following the transaction and improve to about 6x through 2027. "We expect acquisitions will remain a core part of Salas' growth strategy and, as such, forecast $150 million-$200 million of acquisition spend annually. We expect it to fund acquisitions mainly through incremental debt or cash on the balance sheet, with a minority portion funded by equity. "We expect margins will improve toward the high-15% to low-16% area by the end of 2026. Salas reported S&P Global Ratings-adjusted EBITDA of 13.7% as of September 2025 on a year-to-date basis, and we expect incremental expansion to the high-13% area for the full year 2025. We project margins will further expand to the high-15% to low-16% range in 2026, largely due to the integration of higher-margin acquisitions. The average margin of its 2025 acquisitions was significantly higher than its existing business, and we expect this trend to continue with future acquisitions. "We also anticipate incremental organic margin improvements from enhanced pricing optimization, operating efficiencies, and cost efficiencies gained through increased scale. The company will receive incremental revenue benefits in 2026 from full-year contributions of acquisitions completed in 2025 in addition to forecasted acquisitions in 2026. Given these assumptions, we expect gross revenue will expand 20%-22% in 2026. "The stable outlook reflects our expectation for Salas to increase S&P Global Ratings-adjusted EBITDA margins to about 16% in 2026 as it integrates its recent higher-margin acquisitions. The stable outlook incorporates our expectation that the company's leverage will be in the high-6x area, inclusive of preferred shares, and improve to the low-6x area in 2027, supported by healthy free cash flow generation in 2026 and 2027. "We could lower our ratings on Salas over the next 12 months if the company's cash flows weaken such that we do not consider its cash conversion and coverage metrics to be commensurate with the current rating, in particular, S&P Global Ratings-adjusted debt to EBITDA increasing to 7.0x or S&P Global Ratings-adjusted FOCF to debt below 5% on a sustained basis. This could occur if the operating environment for Salas deteriorates such that margins fail to improve, working capital needs grow, or there are unexpected uses of liquidity sources such as share repurchases from employee departures. Also, debt-financed acquisitions beyond our base case would pressure the ratings. "We see limited ratings upside in the near term. However, we could raise our ratings on the company if it exhibits a sustained track record of S&P Global Ratings-adjusted debt to EBITDA below 4x in conjunction with S&P Global Ratings-adjusted FOCF to debt sustained above 10%." This could occur if the preferred shares convert to common equity without materially increasing debt. To consider raising the ratings, Salas should achieve a larger revenue base closer to that of higher-rated peers while maintaining sound profitability measures. SOLUSCIENCE LLC: Kevin Neiman Named Subchapter V Trustee -------------------------------------------------------- The Acting U.S. Trustee for Region 19 appointed Kevin Neiman as Subchapter V trustee for SoluScience, LLC. Mr. Neiman will be paid an hourly fee of $375 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Neiman declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: Kevin S. Neiman PO Box 100455 Denver, CO 80250 Tel: (303) 996-8637 Fax: (877) 611-6839 Email: trustee@ksnpc.com About SoluScience LLC SoluScience LLC filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. D. Colo. Case No. 26-10022) on January 3, 2026. Judge Joseph G. Rosania Jr. presides over the case. Lawrence N. Rogak, Esq., at Lawrence N. Rogak, LLC represents the Debtor as legal counsel. STG LOGISTICS: Seeks Chapter 11 Bankruptcy with Over $1B Debt ------------------------------------------------------------- STG Logistics Inc. and several of its affiliates filed for Chapter 11 protection in New Jersey bankruptcy court on Monday, January 12, 2026, reporting up to $10 billion in liabilities and entering into a restructuring support agreement with a majority of its lenders aimed at significantly trimming its debt load. The filings reflect a pre-negotiated plan to reduce the company's outstanding indebtedness and secure fresh capital to support operations as it proceeds through the Chapter 11 process. Under the agreement, STG Logistics expects to work with its secured lenders and equity sponsors to implement a court-supervised reorganization that will strengthen its balance sheet and allow the business to continue operating during the restructuring. The move comes as the port-to-door logistics provider navigates challenges in the freight market and seeks to reposition itself for long-term stability, the report states. About STG Logistics Inc. STG Logistics Inc. is a leading North American logistics and supply chain solutions provider, known as the largest fully integrated port-to-door service provider in the United States and Canada. STG Logistics Inc. sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D.N.J. Case No. 26-10258) on January 12, 2026. In its petition, the Debtor reports up to $10 billion in liabilities. Honorable Bankruptcy Judge Mark Edward Hall handles the case. The Debtor is represented by Michael D. Sirota, Esq. of Cole Schotz P.C. STROOCK & STROOCK: Court Clears Distribution of Excess Client Funds ------------------------------------------------------------------- Justin Henry of Bloomberg Law reports that a judge has approved Stroock & Stroock & Lavan's plan to transfer nearly $500,000 in unclaimed client funds to New York state as part of the firm's dissolution process. The approval comes amid warnings that delays could cause "significant negative impacts" for remaining partners, according to the firm's counsel. The 150-year-old law firm abruptly announced in October 2023 that it would close after a series of partner departures and failed merger negotiations. Under state rules of professional conduct, unclaimed client funds must be forwarded to the Lawyers' Fund for Client Protection, which reimburses clients harmed by lawyer misconduct, according to report. The funds include retainers and other monies belonging to clients and third parties that could not be returned directly. Stroock has already refunded an estimated $2.2 million to clients, and the court's order allows for a deposit of $256,678.81 in unused retainers, marking a key step in the firm's wind-down process, the report states. About Stroock & Stroock & Lavan Stroock & Stroock & Lavan LLP -- http://www.stroock.com/-- is a law firm providing transactional and litigation guidance to leading multinational corporations, investment banks and private equity firms in the U.S. and abroad. Stroock's practice areas include capital markets/securities, commercial finance, mergers and acquisitions and joint ventures, private equity, private funds, derivatives and commodities, employment law and benefits, energy and project finance, entertainment, environmental law, financial restructuring, financial services litigation, insurance, intellectual property, investment management, litigation, personal client services, real estate, structured finance and tax. STYX LOGISTICS: Unsecureds to Get 5.4 Cents on Dollar in Plan ------------------------------------------------------------- STYX Logistics LLC filed with the U.S. Bankruptcy Court for the District of Nevada a Plan of Reorganization for Small Business dated January 7, 2026. The Debtor, a Nevada limited liability company, is a logistics company providing contracted delivery services for Amazon. Mr. Nikola Tersiev is the manager of Debtor and owns 100% of the membership units in Debtor with his wife, Ms. Lissette Tersiev. The Debtor will fund the Plan by contributing his "Disposable Income" for a period of 36-months. The Plan Proponent's financial projections show Debtor will have projected disposable income of $2,568 per month. The final Plan payment is expected to be paid on March 31, 2029. This Plan of Reorganization proposes to pay creditors of the Debtor from cash flow from operations of Debtor's businesses. Non-priority unsecured creditors holding allowed claims in Debtor's case will receive distributions, which the proponent of this Plan has valued at 5.4 cents on the dollar. This Plan also provides for the payment of administrative and priority claims. Class 4 consists of Non-Priority General Unsecured Creditors. Each holder of a Class 4 non-priority unsecured Allowed Claim shall receive their pro rata share of Debtor's Disposable Income, after the payment in full of Administrative Claims, through the end of the Plan Term (the "Class 4 Plan Dividend"). Any portion of a Class 4 nonpriority general unsecured claim in excess of the Class 4 Plan Dividend shall be discharged in accordance with Article 9 of this Plan. This Class is impaired. Class 5 Equity security holders of Debtor shall retain their interests in the Debtor, but shall receive no disbursement on account of such equity interest during the Plan Term. The Debtor will use its Disposable Income during the Plan Term, cash on hand, and profits from the operation of its business to fund the Plan. Commencing on the Effective Date of this Plan, Debtor's Disposable Income will be disbursed on a monthly basis and first used to fund Debtor's required Plan payments to allowed administrative expense claims and then Class 4 non-priority general unsecured creditors in the order and manner set forth in Section 7.02 of this Plan. A full-text copy of the Plan of Reorganization dated January 7, 2026 is available at https://urlcurt.com/u?l=REcW1u from PacerMonitor.com at no charge. Counsel to the Debtor: Kevin A. Darby, Esq. Darby Law Practice, Ltd. 499 W. Plumb Lane, Suite 202 Reno, NV 89509 Telephone: (775) 322-1237 Facsimile: (775) 996-7290 E-mail: kevin@darbylawpractice.com About STYX Logistics LLC STYX Logistics, LLC provides delivery services as an independent Delivery Service Partner for Amazon, supporting the fulfillment of Amazon Prime deliveries. STYX Logistics LLC filed its voluntary petition for relief under Chapter 11 of the Bankruptcy Code (Bankr. D. Nev. Case No. 25-50941) on October 9, 2025, listing $50,000 to $100,000 in assets and $1 million to $10 million in liabilities. The petition was signed by Nikola Tersiev as manager. Judge Hilary L Barnes presides over the case. Kevin A. Darby, at DARBY LAW PRACTICE, represents the Debtor as counsel. SUNPOWER CORP: Top Ex-Execs Reaches $11MM Investor Deal Amid Ch.11 ------------------------------------------------------------------ Emlyn Cameron of Law360 reports that a group of former top executives of SunPower, the once‑prominent solar power equipment company now in bankruptcy, has entered into a settlement with investors who accused them of concealing the company's weak financial condition in federal court in California. The deal was reached in the U.S. District Court for the Northern District of California and is intended to bring an end to lawsuits alleging that the executives' public statements misrepresented the company's finances for an extended period. The investor claims were tied to SunPower's insolvency and asserted that key financial information was withheld, obscuring the seriousness of the company's problems. By settling, the executives will pay an agreed sum and the litigation will be dismissed, subject to court approval. The resolution comes as part of the broader fallout from SunPower’s bankruptcy, in which creditors and shareholders alike have sought compensation for losses linked to the company's collapse, the report states. About SunPower Corp. Headquartered in Richmond, California, SunPower (NASDAQ: SPWR) -- https://www.sunpower.com/ -- is a residential solar, storage, and energy services provider in North America. SunPower offers solar + storage solutions that give customers control over electricity consumption and resiliency during power outages while providing cost savings to homeowners. SunPower Corporation and nine of its affiliates sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del., Lead Case No. 24-11649) on August 5, 2024. In the petition signed by Matthew Henry as chief transformation officer, the Debtors disclosed total assets of $1,219,276,283 and total debts of $1,119,141,312 as of December 31, 2023. The Debtors have engaged Richards, Layton & Finger, P.A. and Kirkland & Ellis LP as bankruptcy counsel. Alvarez & Marsal NorthAmerica, LLC serves as financial advisor to the Debtors. Moelis & Company LLC acts as investment banker to the Debtors, and Epiq Systems Inc. acts as notice and claims agent. TALENIQUE INC: Seeks Chapter 7 Bankruptcy in Massachusetts ---------------------------------------------------------- Talenique Inc. filed for Chapter 7 protection in the District of Massachusetts. According to court filings, the Debtor reports between $0 and $100,000 in assets and $1 million to $10 million in debt owed to 1-49 creditors. About Talenique Inc. Talenique Inc. is a Tyngsboro-based staffing agency, [Company Name] provides temporary, temp-to-hire, and direct-hire services across Boston, Massachusetts, and the New England region. Talenique Inc. sought relief under Chapter 7 of the U.S. Bankruptcy Code (Bankr. Case No. 26-40025) on January 09, 2026. In its petition, the Debtor reports estimated assets of $0-$100,000 and estimated liabilities of $1MM-$10MM. Honorable Bankruptcy Judge Elizabeth D. Katz handles the case. The Debtor is represented by Louis S. Robin, Esq. of Law Offices of Louis S. Robin. TATTI VINO: To Sell Liquor License at Auction --------------------------------------------- Tatti Vino Inc. seeks permission from the U.S. Bankruptcy Court for the Eastern District of Michigan, to sell Property in an auction, free and clear of liens, claims, interests, and encumbrances. The Debtor intends to sell the liquor license, goodwill, other intangibles, equipment, and inventory associated with the Debtor's location in Saginaw– commonly known as Sullivan's Food and Spirits. The Debtor will not be selling the remaining assets, which will be the subject of the Debtor's plan of reorganization. The Debtor believes that a going-concern auction sale of the Assets is in the best interests of Debtor’s estate. A sale as a going concern will allow Debtor to maximize the value of the Assets, where disorderly liquidation would almost certainly lead to a scenario where no distributions are made in excess of secured claims. Charles Mouranie has been appointed as the Subchapter V Trustee in this case. The Debtor filed the case primarily to resolve issues arising from a significant accrued tax obligation. The past due taxes accumulated while the Debtor suffered the impacts of the COVID-19 pandemic and the subsequent rounds of inflation which have significantly increased the Debtor's costs and lowered the spending appetite of the Debtor’s customers. The Debtor does not expect that it will be able to negotiate a consensual sale of these assets with its secured creditor – the State of Michigan. The Debtor expects the State to take the position that the valuable assets, including but not limited to the liquor license, cannot be transferred until the Debtor’s tax obligations are satisfied. The proposed Sale will also avoid the significant decline in the going concern value of these assets which is what would occur in the absence of a significant infusion of outside funding. The Debtor, through its counsel and upon its own initiative, intends to continue to market the assets for sale until the deadline for submission of qualified bids established below. The Debtor’s marketing efforts have produced a potential buyer. The Debtor believes that the bid of this potential buyer should be treated as a "stalking horse bidder" for the purposes of the Sale. The proposed stalking horse bidder is willing to pay $200,000.00 for the Assets. The Debtor believes that the most valuable asset to be sold is the Class C liquor license associated with the Sullivan's operation. See Exhibit 2 at https://urlcurt.com/u?l=G4jgGs. The Debtor's Sullivan's location does hold an additional off-premises sales liquor license, commonly referred to as an SDM license. However, the license is not transferrable as it was issued under MCL 436.1533(5)(a). A Saginaw County Class C Liquor license in Saginaw County appears to be on the market for $70,000.00. See Exhibit 3 at https://urlcurt.com/u?l=M7Vr4x Although this may be overly generous, the Debtor thus assumes that the class C license has a value of $70,000.00. In addition to the liquor license, the purchase will receive several equipment, with the aggregate value of $20,848.00. The purchaser will also receive the Sullivan's trade name and other goodwill and intangibles associated with the location. The value of the intangible assets has not been formally appraised, but the Debtor believes that $109,152.00 is a fair price for this portion of the Assets, especially since the purchaser must negotiate an arrangement to allow operations to continue in the existing location. The Debtor believes that the $200,000.00 offer is fair. The offer represents a considerable premium as compared to the sale of the license alone, which is the only realistic result in a disorderly liquidation. The Debtor is soliciting and intends to continue to solicit offers for the purchase of the Assets. The Debtor, subject to Court approval, intends to establish a minimum bid of $210,000.00 which represents the purchase price proposed by the Stalking Horse Bidder plus the proposed minimum bid amount. The Debtor has received a bid from potential Stalking Horse Bidder which wishes to purchase the Assets. The proposed Asset Purchase Agreement has a purchase price of $200,000.00. As a result of the Stalking Horse Bidder's bid, the Debtor proposes that the minimum bid at any auction be $200,000.00 plus the amount of $10,000.00 as described in the Bidding Procedures order. Following entry of the Bidding Procedures Order, Debtor will continue to market the Assets by publishing advertisements in the newspapers distributed near the location of the Assets in an effort to obtain the highest possible offer for the Assets. Specifically, the Debtor will publish advertisements in the following papers: The Saginaw Daily and The Saginaw News. The Debtor proposes to offer and market the Assets for sale as a whole. The Assets and the Sullivan’s Food and Spirits operation would thus be sold as a going concern. The bid submitted by the Stalking Horse Bidder pursuant to the APA will establish the baseline bid for the Assets, which Debtor will use to solicit Qualified Bids from other bidders. The Debtor will entertain competing bids which are in excess of $210,000.00 from any Qualified Bidders. A deposit of $10,000.00 shall be required from all bidders. The highest or otherwise best Qualified Bid submitted before the Auction will serve as the opening bid at the Auction. The Debtor believes that the Bidding Procedures will result in fair and reasonable consideration being realized for the Assets because they are designed to maximize the value of the Assets. The proposed Sale will also maximize the value of the liquor license and convert it into cash proceeds which will reduce the State of Michigan’s secured claim. About Tatti Vino Inc. Tatti Vino, Inc. filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. E.D. Mich. Case No. 25-32478) on November 14, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. Judge Joel D. Applebaum presides over the case. Zachary R. Tucker, Esq. represents the Debtor as legal counsel. TECH RABBIT: Unsecureds Will Get 20% of Claims over 36 Months ------------------------------------------------------------- Tech Rabbit Inc. filed with the U.S. Bankruptcy Court for the Northern District of California a Plan of Reorganization for Small Business dated January 7, 2026. The Debtor is a corporation. Since December 27, 2016, the Debtor has been in the business of providing computer software consulting, management, and staffing. The Debtor's financial projections show that the Debtor will have projected disposable income of $52,740.72. The final Plan payment is expected to be paid on March 1, 2029 which is anticipated to be 36 months after the effective date. Class 3 consists of non-priority unsecured creditors. Class 3 is impaired by this Plan. The allowed unsecured claims total $2,479,728.07. This Class will receive a distribution of 20% of their allowed claims. Class 4 consists of equity security holders of the Debtor. Class 4 is unimpaired by this Plan. Each holder of an equity interest in the Debtor shall retain his membership interest. The Debtor will pay unclassified claims and any Class 1 claims on the effective date of the Plan. The Debtor will pay Class 2 secured claim without impairment. The Debtor will pay a dividend of 10% on Class 3 claims on the effective date of the Plan. The Debtor will pay an additional dividend of 10% on Class 3 claims over 36 months, at the rate of $7,638.00 per month to the class, commencing April 1, 2026 and continuing until 36 monthly payments have been made. Jonathan Yee, the current chief executive officer, will continue to serve in such capacity. The shareholder derivative claim which is property of the estate will be dismissed on the effective date of the plan. A full-text copy of the Plan of Reorganization dated January 7, 2026 is available at https://urlcurt.com/u?l=kWzu5t from PacerMonitor.com at no charge. Counsel to the Debtor: David C. Johnston, Esq. 1600 G Street, Suite 102 Modesto, CA 95354 Tel: (209) 579-1150 Fax: (209) 900-9199 About Tech Rabbit Inc. Tech Rabbit Inc. has been in the business of providing computer software consulting, management, and staffing. The Debtor sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D. Calif. Case No. 25-51562) on October 10, 2025, with $100,001 to $500,000 in assets and $500,001 to $1 million in liabilities. David C. Johnston, Esq., at the Law Offices of David C. Johnston represents the Debtor as bankruptcy counsel. TESTAMATTA LLC: L. Todd Budgen Named Subchapter V Trustee --------------------------------------------------------- The Acting U.S. Trustee for Region 21 appointed L. Todd Budgen, Esq., a practicing attorney in Longwood, Fla., as Subchapter V trustee for Testamatta, LLC. Mr. Budgen will be paid an hourly fee of $400 for his services as Subchapter V trustee and will be reimbursed for work-related expenses incurred. Mr. Budgen declared that he is a disinterested person according to Section 101(14) of the Bankruptcy Code. The Subchapter V trustee can be reached at: L. Todd Budgen, Esq. P.O. Box 520546 Longwood, FL 32752 Tel: (407) 232-9118 Email: Todd@C11Trustee.com About Testamatta LLC Testamatta, LLC, a company in Longwood, Fla., filed a petition under Chapter 11, Subchapter V of the Bankruptcy Code (Bankr. M.D. Fla. Case No. 26-00067) on January 06, 2026, listing up to $50,000 in assets and between $1 million and $10 million in liabilities. Judge Grace E. Robson presides over the case. Kenneth D. Herron, Jr., Esq., at Herron Hill Law Group, PLLC represents the Debtor as bankruptcy counsel. THRILL INTERMEDIATE: 1L Lenders Fail to Dismiss Ch.11 Case ---------------------------------------------------------- The Honorable Mike K. Nakagawa of the United States Bankruptcy Court for the District of Nevada denied without prejudice the motion of the Ad Hoc Group of First Lien Lenders and the Administrative Sub-Agent for First Lien Lenders for an order dismissing the Chapter 11 cases of Thrill Intermediate LLC and its affiliated debtors and declaring the purported debtors' Chapter 11 petitions void ab initio. These Chapter 11 proceedings originate from three separate agreements, each dated May 27, 2022. Each agreement was subsequently amended, supplemented, or joined. One of the Chapter 11 petitioners is Thrill Intermediate, LLC, the sole member of a separate limited liability company formed as Thrill Holdings LLC, which executed a Credit Agreement to borrow funds from a number of lenders described as the Ad Hoc Group. Under the Credit Agreement, U.S. Bank Trust Company, National Association, was designated as the agent to administer the transaction. Concurrently, Holdings and other related entities entered into a Security Agreement. Additionally, Holdings and other related parties entered into a Pledge Agreement. That pledge apparently included Thrill Intermediate's membership interest in Holdings. On September 29, 2025, Thrill Intermediate commenced Adversary Proceeding No. 25-01215. The complaint commencing the adversary proceeding named members of the Ad Hoc Group as defendants, as well related entities. The complaint raises four claims for relief: (1) declaratory judgment; (2) enforcement of the automatic stay; (3) breach of contract; and (4) breach of implied covenant of good faith and fair dealing. On October 1, 2025, two days after the nine voluntary Chapter 11 petitions were filed, the Ad Hoc Group filed the Case Dismissal Motion. The Ad Hoc Group maintains that there was an event of default under the Credit Agreement that authorized its Administrative Agent to exercise voting rights under the Pledge Agreement. It argues that those voting rights were properly exercised by proxy on September 23, 2025, resulting in the removal of every member of Holdings' board of managers, and the election of Steve Strom as the sole manager of Holdings. As a result, the Ad Hoc Group maintains that the board of managers had no authority to commence the Chapter 11 proceedings on September 28, 2025. Accordingly, the Ad Hoc Group argues that the Chapter 11 proceedings must be dismissed for cause under Section 1112(b)(1). Consistent with the allegations of the Thrill Complaint, Debtor argues that the Ad Hoc Group failed to provide proper notice of its intent to exercise voting rights in compliance with the language of the Credit Agreement and the Pledge Agreement. Consistent with its opposition to the Ad Hoc Group's request for an expedited hearing on the Case Dismissal Motion made two days after the Chapter 11 petitions were filed, Debtors maintain that an opportunity to conduct discovery must be afforded on, inter alia, whether the Ad Hoc Group and its Administrative Agent complied with the notice provisions of the Pledge Agreement and Credit Agreement. Under the procedural posture of these Chapter 11 cases, the court concludes that dismissal under Section 1112(b) is premature and that the Debtors should be allowed a limited but sufficient time to engage in discovery. A copy of the Court's Amended Order dated January 8, 2026, is available https://urlcurt.com/u?l=u3PXpW from PacerMonitor.com. 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., Talitha B. Gray Kozlowski, Esq., and William M. Noall, 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. The Debtor's chief restructuring officer is Jeremy Rosenthal. David M. Hillman, Esq., and Michael T. Mervis, Esq., at Proskauer Rose LLP; and Ryan J. Works, Esq., at McDonald Carano, advise the Ad Hoc Group of First Lien Lenders. David J. Cohen, Esq., at Weil, Gotshal & Mangese LLP; and Matthew C. Zirzow, Esq., at Larson & Zirzow, assist Estremo LLC. Jeanette E. McPherson, Esq., at Fox Rothschild LLP, represents Brett A. Dyrdek Machine, LLC and Rob A. Dyrdek. TIMBER PROS: July 1 Governmental Claims Bar Date ------------------------------------------------ On January 02, 2026, Timber Pros Logging, LLC filed for Chapter 11 protection in the Northern District of Mississippi Bankruptcy Court. According to court filings, the Debtor reports between $1 million and $10 million in debt owed to 1–49 creditors. The deadline to submit government claims is on July 1, 2026. About Timber Pros Logging, LLC Timber Pros Logging, LLC is a Mississippi-based forestry and logging company specializing in timber harvesting, land management, and sustainable logging practices. The company provides services to commercial and industrial clients across the region. Timber Pros Logging, LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. Case No. 26-10008) on January 02, 2026. In its petition, the Debtor reports estimated assets of $1 million–$10 million and estimated liabilities of $1 million–$10 million. Honorable Bankruptcy Judge Selene D. Maddox handles the case. The Debtor is represented by Craig M. Geno, Esq. of Law Offices of Craig M. Geno, PLLC. TRACY LEE HURST-CASTL: Court Dismisses Chapter 11 Bankruptcy Case ----------------------------------------------------------------- The Honorable Gary Spraker of the United States Bankruptcy Court for the District of Nevada denied Tracy Lee Hurst-Castl's request for an extension of time to file an amended plan and disclosure statement in her Chapter 11 bankruptcy case. The bankruptcy case is dismissed under Sec. 1112(b)(4)(J) and for bad faith. In 2007, the debtor, Tracy Lee Hurst-Castl, borrowed $2,857,500 from Washington Mutual Bank, FA and secured the loan with a deed of trust to encumber her real property at what is now known as 3910 White Fir Way, Mt. Charleston, NV 89124. The court dismissed her 2023 subchapter V bankruptcy case in December 2023 pursuant to 11 U.S.C. Sec. 1112(b)(4) based on its finding that there was a substantial or continuing loss or diminution to the estate with no reasonable likelihood of reorganization. Less than a year later, Ms. Hurst-Castl filed her current chapter 11. Ms. Hurst-Castl filed the bankruptcy on the first day of trial in a long-standing state court action brought by the Law Offices of Kristina Wildeveld against the debtor, and days before the scheduled foreclosure on the White Fir property. In neither the 2023 bankruptcy, nor this chapter 11, has Ms. Hurst-Castl sought to provide adequate protection or make any payments on the secured debt. Since the current bankruptcy filing, the court granted relief from stay to Long Term Capital Partnership VI, LLC, the current entity holding the promissory note and entitled to foreclose on the deed of trust. Long Term foreclosed on its deed of trust in April 2025. Additionally, Wildeveld was allowed to liquidate its claims against the debtor in state court resulting in the entry of a default judgment against Ms. Hurst-Castl. Despite these events, Ms. Hurst-Castl continues to challenge the debts to Long Term and Wildeveld in this court and others. Ms. Hurst-Castl failed to file her amended disclosure statement and plan of reorganization by the latest deadline set forth in the court's current scheduling order. The court does not find it appropriate to appoint a chapter 11 trustee to shepherd Ms. Hurst-Castl's bankruptcy case to completion. Judge Spraker explains, "The White Fir property has been foreclosed. Ms. Hurst-Castl's income appears insufficient to fund plan payments or administrative expenses. There is no business to reorganize. Appointment of a chapter 11 trustee appears to be of no benefit to the estate or the debtor's creditors." Ms. Hurst-Castl urges the court to indefinitely delay her obligation to file a confirmable chapter 11 plan in light of her ongoing litigation outside of bankruptcy and her objections to the Long Term and Wildeveld claims. The court finds neither pending litigation nor undecided claim objections constitute unusual circumstances weighing against conversion or dismissal in an individual chapter 11 case. Ms. Hurst-Castl's refusal to acknowledge the foreclosure of the White Fir property in her chapter 11 plan and disclosure statement bolsters the court's conclusion regarding her bad faith. A copy of the Court's Memorandum Decision dated January 8, 2026, is available https://urlcurt.com/u?l=8IXRQk from PacerMonitor.com. Tracy Lee Hurst-Castl filed for Chapter 11 bankruptcy protection (Bankr. D. Nev. Case No. 24-14610) on September 3, 2024, listing under $1 million in both assets and liabilities. TRICOLOR AUTO: Court Pauses Ex-CEO's Request to Access D&O Policy ----------------------------------------------------------------- Alex Wittenberg of Law360 reports that on Monday, January 12, 2026, a Texas bankruptcy judge refused to immediately grant former Tricolor Holdings CEO Daniel Chu's request to access his former company's directors and officers insurance to pay for his defense costs in pending legal proceedings. The judge in the Northern District of Texas indicated she would provide a more detailed ruling later, effectively putting Chu's coverage bid on hold amid objections from creditors and other stakeholders. Chu's legal team had sought access to the subprime lender's D&O policy to cover mounting legal fees as he faces fraud allegations connected to Tricolor's financial collapse. Opposing parties argued that allowing the payment would deplete assets that could otherwise benefit the estate's creditors and that the coverage should not be used for personal defense expenses, the report states. About Tricolor Auto Acceptance Tricolor Auto Acceptance is an Irving, Texas-based subprime auto lender. Tricolor Auto Acceptance, together with its parent Tricolor Auto Group and other affilites sought relief under Chapter 7 of the U.S. Bankruptcy Code(Bankr. N.D. Tex. Case No. 25-33497) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $1 billion and $10 billion each. The Debtor is represented by Thomas Robert Califano, Esq. at Sidley Austin LLP. UNIQUE THIRD: Appointment of Patient Care Ombudsman Necessary ------------------------------------------------------------- The Honorable John P. Mastando III of the United States Bankruptcy Court for the Southern District of New York denied the motion of Unique Third Avenue LLC and its affiliated debtors seeking a determination that the appointment of a patient care ombudsman is unnecessary in the bankruptcy case. The Debtors contend that an ombudsman is unnecessary because the Debtors' operations present no risk to patient health or safety, emphasizing that their imaging process is non-invasive, brief, performed by licensed technologists under established protocols, and do not involve anesthesia, controlled substances, or emergency procedures. The Debtors argue that appointing an ombudsman would impose unnecessary administrative expense with no discernable corresponding benefit to patient welfare. The United States Trustee filed an objection. The Trustee argues that, absent an ombudsman, the quality of the Debtors' healthcare services may deteriorate to the detriment of patients, and that the Debtors have failed to demonstrate the existence of a substitute program to safeguard patient welfare. The Court finds the Debtors have failed to carry their burden of demonstrating that they possess the requisite facilities or personnel to safeguard the patients' rights. As to the level of dependency of the patients on the Debtors' facilities, the Court finds that appointment of an ombudsman is necessary. With regards to the cost of appointment, the Court finds the Debtors have likewise failed to carry their burden. The Debtors assert in general terms that appointment of an ombudsman would impose unnecessary administrative costs, but they provide no quantification, no projected budget impact, and no explanation of how the expense would impair their reorganization efforts. On this record, the Court cannot find that the expense of an ombudsman would meaningfully impair the Debtors' reorganization prospects, particularly where the Debtors already filed a proposed reorganization plan on November 13, 2025. The Court finds that the appointment of a patient care ombudsman is necessary. A copy of the Court's Memorandum Opinion and Order dated January 8, 2026, is available https://urlcurt.com/u?l=cCrxco from PacerMonitor.com. Counsel for the Debtors: Mark A. Frankel, Esq. BACKENROTH FRANKEL & KRINSKY, LLP 488 Madison Ave., 23rd Floor New York, NY 10022 E-mail: mfrankel@bfklaw.com Counsel for Creditor Bank of America, N.A.: J. Alex Kress, Esq. CHAPMAN AND CUTLER LLP 1270 Avenue of the Americas, 30th Floor New York, NY 10020 E-mail: akress@chapman.com About Unique Third Avenue Unique Third Avenue, LLC and affiliates are a group of affiliated companies engaged in medical imaging and real estate operations in the Bronx, New York. The group includes Third Avenue Imaging LLC and Unique Imaging Services LLC, which operate diagnostic laboratories equipped with MRI, CT, mammography, and ultrasound systems; Distinguished Diagnostic Imaging, P.C., which provides outpatient radiology services across two accredited centers at Williamsbridge Road and East Fordham Road; and Unique Third Avenue LLC, which owns the real estate properties at 2772, 2774, and 2777-2781 Third Avenue that house the medical operations. Together, the companies maintain integrated clinical, equipment, and property assets under common beneficial ownership, offering comprehensive diagnostic imaging services to patients and referring physicians. The Debtors sought protection under Chapter 11 of the U.S. Bankruptcy Code (Bankr. S.D. N.Y. Lead Case No. 25-12461) on November 4, 2025. In the petition signed by Nick Lavrinoff, chief restructuring officer, Unique Third Avenue disclosed $3,261,747 in assets and $11,429,935 in liabilities. Judge John P. Mastando oversees the case. Mark Frankel, Esq., at Backenroth Frankel & Krinsky, LLP, represents the Debtor as legal counsel. UNITED PROPERTY: Court OKs Deal on Cash Collateral Access --------------------------------------------------------- United Property Maintenance Corporation obtained court approval to access the cash collateral of First Internet Bank of Indiana. The U.S. Bankruptcy Court for the Central District of California, Santa Ana Division, approved a second stipulation allowing the Debtor to use cash collateral through March 15 or until default or full repayment to the secured creditor. As protection, First Internet Bank of Indiana was granted a first priority security interest in and lien on the Debtor's property similar to its pre-bankruptcy collateral, subject only to any existing valid and non-avoidable liens of other secured creditors. Events of default under the stipulation include missed payments, failure to maintain insurance or utilities, cessation of ordinary business operations, unauthorized liens, or insufficient cash to continue operations. Upon default, the Debtor has seven days to cure or obtain the bank's consent; failure to do so terminates cash collateral use. All liens and security interests under the stipulation are deemed effective and perfected as of the petition date, and the stipulation does not constitute the bank's approval of any plan of reorganization or liquidation. The stipulation and court order are available at https://shorturl.at/pKaAI from PacerMonitor.com. United Property Maintenance had previously executed three promissory notes with First Internet Bank of Indiana: a first loan of $555,000 and a second loan of $75,000 in January 2022, later increased to $350,000, and a Third Loan of $809,000 in September 2024. First Internet Bank of Indiana holds first-priority liens on substantially all of the Debtor's assets, perfected via UCC filings. In April, the Debtor obtained a $250,000 high-interest loan from Fora, which asserts a blanket lien on the Debtor's assets. First Internet Bank of Indiana, as secured creditor, is represented by: Rebecca L. Matthews, Esq. Frost Brown Todd, LLP 1 MacArthur Place, Suite 200 Santa Ana, CA 92707 Telephone: (714) 852-6800 Facsimile: (714) 852-6899 rmatthews@fbtlaw.com About United Property Maintenance United Property Maintenance Corporation, doing business as California Construction Superior, provides residential and commercial water damage restoration services in San Diego County, California. The Company offers 24/7 emergency flood response, water extraction, drying, mold prevention, and full-service rebuilding of damaged areas including drywall, paint, and cabinetry. Its operations include certified technicians, insurance consultations, and the use of specialized equipment and virtual project tracking technology. United Property Maintenance Corporation sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. C.D. Cal. Case No. 25-12226) on August 11, 2025. In its petition, the Debtor reports total assets of $470,779 and total liabilities of $2,271,035. Honorable Bankruptcy Judge Mark D. Houle handles the case. The Debtor tapped David A. Wood, Esq., at Marshack Hays Wood, LLP as legal counsel, and Grobstein Teeple, LLP as financial advisor. US MAGNESIUM: Creditors Oppose Sole Shareholder Bid --------------------------------------------------- Randi Love of Bloomberg Law reports that US Magnesium LLC's junior creditors are pushing back against a lead bid from the company's sole equity owner, arguing the offer does little to improve recoveries in the Chapter 11 case. The creditors say the proposal fails to deliver meaningful value for anyone beyond the senior lender. In a January 9, 2026 filing in the U.S. Bankruptcy Court for the District of Delaware, the unsecured creditors’ committee said Renco Group Inc.'s bid offers only vague consideration that primarily benefits Wells Fargo Bank NA while leaving the estate administratively insolvent. Renco, which has poured more than $400 million into the business over the past decade and guaranteed Wells Fargo’s debt, is seeking to buy the assets itself, the report states. About US Magnesium LLC US Magnesium LLC is a magnesium producer based in Salt Lake City, Utah. US Magnesium LLC sought relief under Chapter 11 of the U.S. Bankruptcy Code (Bankr. D. Del. Case No. 25-11696) on September 10, 2025. In its petition, the Debtor reports estimated assets and liabilities between $100 million and $500 million each. Judge Brendan Linehan Shannon oversees the case. The Debtor tapped Michael Busenkell, Esq., at Gellert Seitz Busenkell & Brown, LLC as counsel; Carl Marks Advisory Group LLC as restructuring advisor; and SSG Advisors, LLC as investment banker. Stretto, Inc. is the Debtor's claims and noticing agent. VECTOR WP: S&P Alters Outlook to Negative, Affirms 'B' ICR ---------------------------------------------------------- S&P Global Ratings revised the outlook on Vector WP Midco Inc. to negative from stable and affirmed its 'B' issuer credit rating on the company. At the same time, S&P affirmed its 'B' issue-level rating, with a '3' recovery rating, on the company's revolving credit facility (RCF) and term loan. The negative outlook on Vector reflects minimal credit cushion going into 2026 and the potential for lower lumber prices and production this year, which could impair the company's credit metrics and FOCF. The outlook revision to negative is driven by weaker operating conditions that have pressured credit measures, eroding cushion relative to our downside threshold. The company is entering 2026 with limited cushion and a more reduced liquidity position. Vector's revenues are highly correlated with cyclical lumber market dynamics. Automation projects and capital equipment demand is spurred by lumber prices, which, in part, drives profitability levels for lumber mills, and translates to the need for automation projects and capital equipment. Higher levels of lumber production require greater equipment maintenance, servicing, and consumable usage, which create demand for the company's aftermarket parts and consumables. S&P expects Vector's profitability to fluctuate with demand and exhibit relatively high volatility. S&P said, "We believe 2025 was a cyclical low, and conditions could be slow to recover in 2026. North American lumber prices are at their lowest since 2019, and slightly below our estimate of average industry breakeven levels this year, due to a mix of supply and demand dynamics. There is an oversupply in the North American lumber market, and since 2022 demand has dwindled caused by the higher interest rate environment that limits housing affordability. If excess capacity remains and demand is weaker than we assume, this could lead to lower lumber prices next year. Housing affordability remains a constraint on U.S. housing demand, and we expect housing starts will remain pressured in 2026. "Given this pressure on housing starts, we forecast Vector's revenue to decline around 17% in 2025, and muted growth in 2026. We forecast that the lower orders placed in the automation projects and capital equipment segment in 2025 will affect Vector's 2026 revenue, as there is a lag between when the orders are placed and when the company receives revenue. In addition, as lumber production remains low, we forecast lower volume in the aftermarket parts and consumables segment. "S&P Global Ratings-adjusted EBITDA margins have compressed in 2025, resulting in elevated leverage. We forecast leverage will remain elevated in the low-5x area through the end of 2025, leaving limited cushion to our 5.5x downside threshold. As of LTM Sept. 30, 2025, leverage has increased to 5.3x compared with 3.9x as of the prior-year period. Although we forecast leverage will improve in 2026 with the slight pickup in industrial activity and housing construction, we believe there are risks to our forecast, particularly if there is not an improvement in lumber prices or production curtailments. If demand is weaker than we anticipate, S&P Global Ratings-adjusted leverage will increase above our downside threshold and liquidity could become pressured under our forecast." Lower lumber volumes continued to pressure Vector's EBITDA margins (S&P Global Ratings-adjusted) through the first three quarters of 2025. S&P said, "There has been a mix shift to the company's higher-margin aftermarket parts and consumables segment, which we view positively; however, as lumber production remains low, we forecast lower volume in this segment in 2025. Customers have reduced aftermarket orders and risk remains that they will continue to push out orders amid macroeconomic uncertainty, and with housing construction remaining weak. S&P Global Ratings-adjusted EBITDA margins compressed to 12% as of LTM Sept. 30, 2025, down from 14.1% in the prior-year period. To offset compressed margins, Vector continues to focus on managing costs, such as reducing headcount, manufacturing rationalization, and consolidation. We forecast that the cost-savings initiatives will improve S&P Global Ratings-adjusted EBITDA margins to the 12%-13% range in 2025, and the low-13% area in 2026." Lower customer deposits within the automation projects and capital equipment segment continue to dampen FOCF. Vector's working capital is affected by levels of customers deposits in its automation projects and capital equipment segment. S&P said, "Given lower customer deposits, we expect the company's working capital to be a use of cash this year. With lower EBITDA, and capital expenditure (capex) elevated at about 2.5%-3.0% of sales, we forecast S&P Global Ratings-adjusted FOCF will be slightly negative for 2025. We also forecast S&P Global Ratings-adjusted FOCF will improve to $5 million-$10 million in 2026 on modest EBITDA growth and lower capex. However, we note risks to our forecast for a potentially weaker operating environment. Under our forecast, liquidity would be pressured in a scenario where EBITDA declines modestly in 2026 or working capital is a greater use of cash than we are currently forecasting." The negative outlook on Vector reflects minimal credit cushion going into 2026 and the potential for lower lumber prices and production this year, which could impair the company's credit metrics and FOCF. S&P could lower its rating on Vector if it believes: -- Operating performance weakens such that its S&P Global Ratings-adjusted debt to EBITDA trends above 5.5x; -- FOCF generation turns negative; or -- It is unable to refinance its debt maturities in a timely manner. S&P could revise its outlook on Vector to stable if: -- A stronger-than-expected operating performance sustains S&P Global Ratings-adjusted debt to EBITDA of well under 5.5x;0 -- The company generates sustained positive FOCF; and -- It successfully addresses its debt maturities in a timely manner. VILLAGE HOMES: To Sell Fort Worth Property to Kalpit & Nikhil Patel ------------------------------------------------------------------- Village Homes LP seeks permission from the U.S. Bankruptcy Court for the Northern District of Texas, Fort Worth Division, to sell Property, free and clear of liens, claims, interests, and encumbrances. The Debtor is a Texas limited partnership formed in 1996. The Debtor's general partner is DH Management, Inc., a Texas corporation, which holds a 1% general partner interest. The Debtor has two limited partners: Michael Dike and James R. Harris. The Debtor is engaged in the construction of single-family homes, the acquisition and disposition of lots and options to acquire lots, and in the marketing and sale of completed homes. The Debtor's real properties are located in various subdivisions in Tarrant and Parker Counties, Texas. To finance its homebuilding operations, the Debtor maintains various credit and borrowing facilities with several financial institutions, including Worthington Bank. On October 2024, the Debtor entered into a Real Estate Sales Contract with VilHom FW Holdings LLC, f/k/a/ Olerio Development, LLC. The Debtor agreed to sell and VilHom agreed to purchase approximately 100 vacant Lots, the Debtor's name, and related intellectual property from the Debtor. Pursuant to the terms of the Contract, VilHom was required to close by the end of February 2025, but VilHom failed to close. A dispute between the parties subsequently arose and the Debtor initiated a lawsuit in the District Court of Tarrant County, Texas, seeking declaratory relief related to VilHom's default under the Contract for failing to close the transaction. VilHom responded by filing notices of lis pendens in the Official Real Property Records of Tarrant County and Parker County, Texas, clouding the titles of the Lots proposed to be sold under the Contract. The Debtor asserts that the Debtor validly terminated the Contract prepetition, and consequently, as of the Petition Date, VilHom has no rights or claims to the Contract Lots. But to the extent the Court determines in the Adversary Proceeding that the Contract was not terminated prepetition, the Contract has been rejected under section 365(a). The rejection of the Contract makes clear that VilHom has no valid or equitable interest in the Contract Lots and will support the expungement of the Lis Pendens, clearing the way for value-maximizing dispositions. The Debtor entered into a Village Homes Purchase Agreement for the sale of a completed townhome with an address of 3412 Vista Highlands Lane, Fort Worth, Texas 76135. The proposed purchaser, Kalpit Patel and Nikhil Patel, of the VHL Property as identified in the VHL Agreement is not an insider of the Debtor. The purchase price is $299,000. The VHL Property is not one of the Contract Lots and thus is not listed in the Lis Pendens of VilHom. The closing date for the sale of the VHL Property is scheduled for February 15, 2026. The Debtor proposes to sell the VHL Property free and clear of the lien asserted by Worthington Bank. Worthington Bank holds a first priority lien on the VHL Property, subject only to the liens securing real property taxes. Worthington Bank requires a payoff of the funds it advanced, along with any accrued interest, costs and fees, related to the VHL Property at closing of the Proposed Transaction in exchange for releasing its lien on the VHL Property. The Debtor seeks the authority to allow the closing agent to pay Worthington Bank the Release Price for the VHL Property at closing in exchange for a release of Worthington Bank's lien on the VHL Property. The Debtor believes the Release Price for the VHL Property is approximately $240,903.21. The Debtor also seeks leave for the title company to pay, from the sale proceeds, the ordinary and necessary cost of sale, including commissions, tax prorations, make-ready costs, and homeowners' warranty premium costs. The Deed of Trust covering the VHL Property provides for cross collateralization of all obligations owed by the Debtor to Worthington Bank. About Village Homes for Fort Worth Village Homes for Fort Worth was established in 1996 and has grown into a trusted homebuilder in Fort Worth, Texas, known for its inspired designs and dedication to quality. With almost three decades of experience, the company has fulfilled the dreams of over 1,500 homeowners while collaborating closely with the region's top architects, craftsmen, and vendors. KC 117 LLC sought relief under Subchapter V of Chapter 11 of the U.S. Bankruptcy Code (Bankr. N.D.Tex. Case No. 25-43782-mxm) on October 1, 2025. Jeff P. Prostok at Vartabedian Hester & Haynes LLP, represents as legal counsel of the Debtor. [] Trump to Consider Bankruptcy Fee and Judgeship Expansion Bill ---------------------------------------------------------------- James Nani of Bloomberg Law reports that legislation to reform bankruptcy practice by raising trustee fees and extending temporary judges' terms has passed the House and will be presented to President Donald Trump. The Bankruptcy Administration Improvement Act of 2025 (S. 3424) sailed through the House on Monday with a voice vote, advancing federal bankruptcy policy updates. The bill's changes include increasing the fee for Chapter 7 trustees handling no‑asset cases from $60 to $120 and lengthening the terms of certain temporary bankruptcy judges from five to 10 years. The House counterpart, H.R. 3867, was introduced by Rep. Ben Cline (R‑Va.) last June, and its provisions track those in the Senate's measure. ********* 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. 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